| May 30, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Saturday, May 27, 2023, was the anniversary of my registration with the National Futures Association as an Associated Person, and after 35 years I have decided to withdraw from membership. I first became registered with the NFA on May 27, 1988, with First American Discount, a firm owned by Leslie Rosenthal and the children of William Mallers, Sr. John J. Lothian Managed Futures LLC has been registered since July 18, 2011, right before the problems with MF Global began. And it was the firm's bankruptcy, and my subsequent health problems, that kept me from restarting my Commodity Trading Advisor business.
After MF Global's bankruptcy, there was too much to do with the industry under attack, and the best use of my time was running John Lothian News. Also, 2011 was when I started having severe back and knee problems that ultimately caused me to have both my knees replaced the Tuesday after FIA Boca in 2013. A laminectomy and fusion on the lumbar region of my spine would follow in 2014 in April. That left me unable to give a positive response to "Would you give yourself money to trade?"
I stayed registered because I wanted to be, but also because the NFA was a sponsor of JLN. I calculated a low delta chance I might find the time and energy to restart my CTA business. When I became a member of the CFTC's Technology Advisory Committee, the CFTC listed my registration affiliation, not John Lothian News, next to my name. In March I left the TAC when a new committee was seated by Commissioner Christy Goldsmith Romero, the sponsor of the committee.
Of the nine firms I was registered with, including John J. Lothian & Company, Inc. and John J. Lothian Managed Futures LLC, five of the firms are no longer around. Gone are Gerald Metals, LIT America, First Options of Chicago and U.S. Futures & Options Company, as well as the aforementioned First American Discount Corporation. So it is time to move on. Thirty-five years is a good run.
Jason Billups is doing better, his family reported on his GoFundMe campaign page. The GoFundMe campaign has met the 50% level, raising over $90,000 so far. Thank you to all who have given to support Jason and his family during this time of need.
DRW's Don Wilson was a recent guest of the 1000x Podcast, where he was interviewed about "how to use probability distributions to make decisions, how he founded DRW, why BTC has negative convexity, how AI will change financial markets and more." This is a bit of an Open Outcry Traders History Project interview, as it deals a bit with his history of trading in the pits and his founding of DRW. It is not to be missed.
The Wall Street Journal has a video titled "How Jamie Dimon Turned Chase Into the Most Powerful Bank in the U.S." with the subheading "Dimon's 'fortress balance sheet' has helped Chase weather crises." Let's just say that PR professionals inside and outside of JP Morgan Chase are doing excellent work to get Dimon's story told.
While some people are worried about losing their jobs to AI, others are worried about the risk of global extinction from AI. The Wall Street Journal has a story titled "AI Threat Is on Par With Pandemics, Nuclear War, Tech Executives Warn." The Journal reports that more than 350 tech executives and artificial-intelligence scientists signed a statement released by the Center for AI Safety, an organization that said it works to reduce AI risks. I guess I would not be that worried about losing my job to AI then.
DTCC issued the following statement about the LIBOR cessation: "The June 30th LIBOR cessation compliance date is quickly approaching. In order to prepare, firms need to decide how they will identify and update securities that are impacted. Meeting this deadline could be challenging due to the volume of work which is required to update legacy contracts. According to DTCC's records, there could be over 150,000 contracts that may be impacted and require action."
Crain's Chicago Business is accepting nominations for its 2023 Crain's Chicago Business Notable Leaders. Specifically, Crain's is looking for nominations for Notable Leaders in Finance and nominations for Notable Leaders in sustainability.
Russia has issued an arrest warrant for South Carolina Sen. Lindsey Graham, who in an edited video with Ukrainian President Voldomyr Zelensky said some things the Russians did not like, the Associated Press reported. Graham for his part said he will wear the arrest warrant from Vladimir Putin's Russia as a badge of honor.
I was born in 1961, which makes me 62 years old. But what is interesting about 1961 is that you can use the same calendar for 1961 as you can for 2023. The exceptions to this are dates like Easter and other irregular holidays that are based on a lunisolar calendar.
Yesterday we sold my daughter's Honda Odyssey minivan to CarMax for the sum total of $300. I would have paid $300 for them to take the car off of my hands. Though the Honda only had 107K miles on it, it was a 2000 that we inherited from my wife's father. Kat has driven it the last eight years, mostly to and from school, or back and forth between home and West Virginia. The minivan broke down on her way back to West Virginia and had been stuck in Merrillville, IN until we received the title and a POA from Kat to sell it for her. She called the minivan her golden beast and was very attached to it. She has kept up a long tradition of driving cars until they were not worth fixing and selling them for less than $500. I have never sold a car I have owned for more than $500, though my wife has.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The top three stories last Friday in JLN Options were: US life insurer index options market hits $1trn mark and Hedge funds raise bets against US stocks as debt deadline nears and CFTC Orders a California Commodity Trading Advisor to Pay More Than $4 Million for Fraud and Registration Violations. ~JB
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NYSE's Meaghan Dugan talks tech and options market growth at OIC 2023
JohnLothianNews.com
John Lothian News interviewed NYSE Head of Options Meaghan Dugan at the 2023 Options Industry Conference in Nashville, TN about how the company is using data and technology to handle the growth in the options market, improvements to its Pillar platform, the future of the trading floor, and T+1.
Watch the video »
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Russians Relearn Black-Market Tricks to Get Their Money Out; Outflows have kept up the pace this year, fueled by a deteriorating economy and the departure of men avoiding conscription
Yuliya Chernova and Chelsey Dulaney - The Wall Street Journal
Russians plowed money into black-market dollars and filled bank accounts abroad in recent months, a response to persistent economic anxiety over the war in Ukraine and worries that the situation might only worsen in the months and years ahead. Money left Russia in the months after the invasion of Ukraine, even as the West cut off much of Moscow's access to dollars and euros. But rather than returning to prewar levels, the outflows have kept up this year, according to central bank data, fueled by on-the-ground worries about Russia's economic troubles and the departure of Russian men avoiding conscription.
/jlne.ws/3BZyXNI
****** The black market was where Leo Melamed learned about the currency market, which planted the seeds for him to create the IMM. Maybe this black market renaissance can bring some good to the Russian people.~JJL
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AI means everyone can now be a programmer, Nvidia chief says
Reuters
Artificial intelligence means everyone can now be a computer programmer as all they need to do is speak to the computer, Nvidia Corp (NVDA.O) CEO Jensen Huang said on Monday, hailing the end of the "digital divide". Nvidia has surged to become the world's most valuable listed semiconductor company as a major supplier of chips and computing systems for artificial intelligence.
/jlne.ws/3WIbjPy
****** You mean I learned Minnesota Fortran for nothing!~JJL
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Company Insiders Made Billions Before SPAC Bust; Executives and early investors sold shares worth $22 billion
Tom McGinty, Shane Shifflett and Amrith Ramkumar - The Wall Street Journal
The SPAC boom cost investors billions. Insiders in the companies that went public were on the other side of the trade. Executives and early investors in companies that went public via SPACs sold shares worth $22 billion through well-timed trades, profiting before share prices collapsed.
/jlne.ws/3C0EnrJ
***** If you don't know who the mark is in the game, you are the mark.~JJL
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Office Owners Dump Lesser Buildings for Whatever They Can Get; New York City developers start to unload least-viable properties at deep discounts
Peter Grant - The Wall Street Journal
Some of New York's best known real-estate developers are unloading their least viable office buildings at deep discounts, cracking open a sales market that had all but closed in the first quarter. RXR defaulted on the $240 million loan on its 33-story office tower in lower Manhattan. The developer, which owns and manages dozens of commercial and residential properties in the New York City area, has said that it will turn over ownership of the office tower at 61 Broadway to whoever buys the defaulted debt. That mortgage is being marketed by commercial real-estate services firm JLL and will likely go for about half the $440 million valuation of the building in 2016, market participants said.
/jlne.ws/42epUTC
****** When your stops get hit, you sell at the market.~JJL
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Friday's Top Three
Our top story Friday was Court system in Cook County is so bad: Terry Duffy, a video interview from FOX Business, which was also our top story Thursday. Second was America Has Too Much Pork, subtitled "Glut of pigs squeezes hog farmers and meat companies, but consumers aren't seeing lower prices," from The Wall Street Journal. Third was Ex-Jump Trading star says he can't hold secret code in his head to take to rival, from Crain's Chicago Business.
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| Lead Stories | AI Threat Is on Par With Pandemics, Nuclear War, Tech Executives Warn; More than 350 people signed a statement saying 'mitigating the risk of extinction from AI should be a global priority'
Alyssa Lukpat - The Wall Street Journal
Tech executives and artificial-intelligence scientists are sounding the alarm about AI, saying in a joint statement Tuesday that the technology poses an extinction risk as great as pandemics and nuclear war. More than 350 people signed a statement released by the Center for AI Safety, an organization that said it works to reduce AI risks.
/jlne.ws/43v5YNB
ETF share of US market turnover jumps to a record 31%; Surge reignites debate over ETF influence and underlines increasing use to rapidly change market exposure
Steve Johnson - Financial Times
Exchange traded funds accounted for a record 30.7 per cent of US stock market turnover last year, a jump of more than a fifth from their 25.3 per cent share in 2021, raising questions about their seemingly unstoppable rise. The data, revealed in the latest report from the Investment Company Institute, a US trade body, reignites concerns about their influence on the broader market and underlines their increasing use as shorter-term trading instruments for participants looking to rapidly change market exposure, analysts say.
/jlne.ws/3OOErm3
Why Are Markets So Calm? It's Revenge of the Quant Funds; Firms that use computers to determine buy and sell signals have been loading up while other investors sit back
Caitlin McCabe -The Wall Street Journal
The U.S. stock market is surprisingly calm right now, especially in the face of the debt-ceiling fight. A key reason: a growing divide between mainstream investors, who have largely been sitting out the 2023 stock rally, and the machines whose buying has been driving it. Only days remain until the U.S. blows past its debt-ceiling deadline. On Saturday, President Biden and Republican House Speaker Kevin McCarthy reached a tentative agreement to prevent a destabilizing default. But passage of the plan, which could face some opposition in the House or Senate, isn't yet assured and procedural hurdles could delay final legislation even if they don't scupper it.
/jlne.ws/43ywfL2
Wall Street banks re-enter junk debt market; Lenders return to funding leveraged buyouts after painful year in which fees were hit hard
Eric Platt - Financial Times
Wall Street is slowly revving back up its junk debt machine. Banks have agreed to lend billions of dollars to finance leveraged buyouts by Apollo Global, Elliott Management, Blackstone and Veritas Capital in recent months, as Wall Street re-enters a market that left it nursing painful losses over the past year.
/jlne.ws/3qfLmKQ
Brussels proposes tough targets for live trading database operators; Commission has suggested minimum turnover for companies running consolidated tape service
Nikou Asgari - Financial Times
Brussels is proposing to dump the companies running its live share trading database if they fail to meet revenue targets for two years, a move that has raised concerns among some industry participants about the effectiveness of the ambitious project. The European Commission has suggested setting minimum turnover targets for the companies running a database of live stock information, known as a consolidated tape, according to documents seen by the Financial Times. If the data provider fails to meet the target for two years, officials could withdraw its tender, according to a proposal circulated in Brussels.
/jlne.ws/3owdjOb
Cryptocurrency market struggles with transparency; Many of industry's biggest names refuse to supply information on corporate governance and custody of customer assets
Martha Muir - Financial Times
Many of the biggest names in the cryptocurrency market still dodge basic questions about their businesses even as investors step up their scrutiny of the industry, according to a survey by the Financial Times. Transparency on safeguarding customer assets and corporate governance arrangements have shot up the agenda after a number of failures and regulatory lawsuits focused on conflicts of interest and business practices.
/jlne.ws/3IKyYJf
ECB Finalizes Digital Euro Prototypes as Development Decision Looms
Jack Schickler - CoinDesk
The European Central Bank (ECB) has finalized prototypes for a digital euro as it prepares to take a decision later this year over whether to develop the EU's fiat currency in a new format, according to reports released on Friday. The ECB says its potential central bank digital currency (CBDC) can be designed to boost innovation - but appears more skeptical about using Web3-style distributed ledger technology and smart contracts.
/jlne.ws/3oFmJa8
Switzerland's Social Democrats propose shrinking UBS
John Revill - Reuters
Switzerland's Social Democratic Party has drawn up a proposal to shrink UBS assets after its takeover of Credit Suisse, the Aargauer Zeitung newspaper reported. The combined bank will have a balance sheet of around 1.5 trillion Swiss francs - roughly double the size of the Swiss economy, posing enormous risks to the country especially as it enjoys an implicit state guarantee, party member and lawmaker Samira Marti told the paper.
/jlne.ws/3C6LTkM
Ex-Trader Admits Tipping Friend in Second Insider Scheme Plea
Chris Dolmetsch - Bloomberg
A former trader at Canada's Polar Asset Management Partners who last year confessed to front-running his firm's trades has pleaded guilty to another crime - this one involving tips he provided to a friend at a New Jersey broker-dealer about confidential merger talks. Sean Wygovsky, 42, of Centreville, Virginia, entered his plea Thursday in a New Jersey federal court to one count of securities fraud as part of a deal with prosecutors.
/jlne.ws/43d5Mmc
Winklevoss twins' exchange seek dismissal of SEC lawsuit over Gemini Earn
Jonathan Stempel - Reuters
An exchange run by the twins Tyler and Cameron Winklevoss on Friday asked a U.S. judge to dismiss a Securities and Exchange Commission lawsuit claiming it illegally sold unregistered securities in a program that promised high interest rates to hundreds of thousands of investors. Gemini Trust Co's request was filed in Manhattan federal court, in response to the SEC's Jan. 12 civil lawsuit against the exchange and the cryptocurrency lender Genesis Global Capital LLC, a unit of Digital Currency Group.
/jlne.ws/3CjIakl
Winklevoss Twins Attempt Pivot After Gemini Loses Money and Employees; Mounting market, legal and regulatory challenges in the US cloud the firm's future as it seeks an overseas reset.
Olga Kharif and Emily Nicolle - Bloomberg
Since going all-in on Bitcoin over a decade ago, Tyler and Cameron Winklevoss have had their share of ups and downs. But these days, issues around the billionaire twins' Gemini crypto exchange just seem to keep piling up. The SEC is suing Gemini as regulators crack down on the industry. The exchange's market share has shrunk versus rivals even as crypto prices have rebounded.
/jlne.ws/3C3etnu
World's Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion Rally; Company debuts new supercomputer and a networking system; Nvidia also aims to make video game characters more realistic
Ian King and Debby Wu - Bloomberg
In a two-hour presentation in Taiwan, Nvidia Corp. Chief Executive Officer Jensen Huang unveiled a new batch of products and services tied to artificial intelligence, looking to capitalize on a frenzy that has made his company the world's most valuable chipmaker. The wide-ranging lineup includes a new robotics design, gaming capabilities, advertising services and a networking technology.
/jlne.ws/3WUXXQ5
Nvidia Short Sellers Lose $2.3 Billion in One Day as Stock Soars; Nvidia shares jumped to an all-time high after earnings; The gain pushed short seller 2023 paper losses to $8.1 billion
Carmen Reinicke - Bloomberg
Traders betting against Nvidia Corp. suffered massive losses as the chipmaker's stock surged to a record high after it forecasts sales that far surpassed the average analyst estimate. Short sellers are facing $2.3 billion in paper losses on Thursday alone amid the tech giant's 27% intraday jump, data from S3 Partners LLC show. That's pushed mark-to-market losses for the contrarian traders to $8.1 billion in 2023 as Nvidia's price has more than doubled this year.
/jlne.ws/3IOtLjz
UBS Analysts See Fake AI Content Feeding Market Disruptions; Analysts warn that deepfake videos could impact the markets; Using AI may become as commonplace as computers, printers: UBS
Lisa Pham - Bloomberg
The spread of artificial intelligence has the potential to be "highly disruptive" to financial markets as the technology aids the publication of false information, and makes leaks of intellectual property more likely, according to analysts at UBS Group AG. In an ESG investing op-ed published Friday, UBS analysts Annabel Willder, Victoria Kalb and Julie Hudson listed all the ways in which the increasing adoption of generative AI might results in a number of ethical issues.
/jlne.ws/3N4quis
LSEG and Murex expand connectivity via AWS to improve real time cloud data services; Expansion means Murex's risk platform MX.3 can now be directly connected to LSEG's real time market data service, Real-Time - Optimized (RTO), using AWS.
Claudia Preece - The Trade
The London Stock Exchange Group (LSEG) and capital markets trading and risk solutions provider Murex have expanded their connectivity to enhance real time data services for their clients. Following the expanded connectivity, Murex's MX.3 platform can now be integrated with the London Stock Exchange Group's (LSEG) Real-Time - Optimized (RTO) cloud-based data solution when hosted on Amazon Web Services.
/jlne.ws/3q886MI
The TRADE launches the EMS Survey for 2023; Buy-side users of execution management systems are invited to rate their vendors in the 2023 edition of The TRADE's annual survey.
Karen Delahoy - The Trade
The TRADE's annual Execution Management Systems (EMS) Survey is now open for submissions, allowing buy-side users to assess and rate their vendors. Buy-side clients are invited to rate their EMS providers across 13 functional categories, alongside the chance to detail what additional capabilities they would like to see from vendors in the future.
/jlne.ws/3qfd8Hw
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Launches Largest Drone Attack on Kyiv Since Start of War; Defense analysts suggest drone strikes are designed to deplete Ukrainian air defenses
Matthew Luxmoore - The Wall Street Journal
Russia launched a massive wave of suicide drones against targets across Ukraine including the capital Sunday, in what authorities said was its largest attack using the Iranian-supplied drones since the start of the war in February 2022. The drone strikes were part of a campaign of Russian shelling and artillery attacks against targets in 12 regions across Ukraine on Saturday and early Sunday, authorities said.
/jlne.ws/42btBts
Pilots Say F-16s Can Help Ukraine But Missiles Could Down Them; US-made fighters are vulnerable to latest Russian missiles; Veteran pilots say jets won't be game changer Ukraine claims
Marc Champion - Bloomberg
The F-16 jets that the Ukrainian military is touting as a potential gamechanger in its conflict with Russia will either be restricted to defense or deployed in very high-risk operations, according to people who've flown the planes in combat. The General Dynamics Corp fighter-bombers will be a significant upgrade on the Soviet-era planes that Ukrainian pilots have been flying so far.
/jlne.ws/3qcS842
Russia's Private Military Companies Expand at the Front as Moscow Seeks More Soldiers
Benoit Faucon and Thomas Grove - The Wall Street Journal
Security firms created by Russia's biggest state corporations, former military officers and businessmen have sent troops to the front lines in Ukraine in a bid to prove loyalty to the Kremlin as Moscow struggles to keep forces flowing to the conflict. Russian energy giant Gazprom has created private-security companies in recent months, while existing ones controlled by former Russian army officers have recruited new members.
/jlne.ws/43rR8XW
Russia Hits a Dead End in Bakhmut
Isabel Coles and Daniel Michaels - The Wall Street Journal
Russian forces have succeeded in taking control of the small eastern Ukrainian city of Bakhmut. Their costly 10-month assault has left them exhausted and hemmed in with little chance of advancing. Since the battle for Bakhmut began last summer, observers have puzzled over why Moscow expended lives and equipment to destroy and capture a city with limited strategic value.
/jlne.ws/43AxWYn
Russia Hits Ukraine Air Base, Kyiv Downs Ballistic Missiles
Kateryna Choursina and Olesia Safronova - Bloomberg
Russia hit an airbase in western Ukraine, damaging five aircraft and the runway, and targeted the nation's capital with ballistic missiles in the second massive rocket and drone attack in as many days. Rescue teams worked to extinguish a fire at the air base in the Khmelnytskyi region, where a fuel dump and military storage were hit along with the aircraft and runway, the regional governor's office said on Telegram.
/jlne.ws/45FGNcT
Moscow attacked by drones as Kyiv bombarded for third straight day; Assault on Russian capital highlights vulnerability to retaliation ahead of expected counteroffensive
Max Seddon and Christopher Miller - Financial Times
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | New Indexes Promise "Comprehensive Framework" on Biodiversity; Qontigo's ISS STOXX Biodiversity indexes uses four-step stock selection process to minimise negative impact.
Jack Grogan-Fenn - ESG Investor
The ISS STOXX Biodiversity Index Suite, launched this week, aims to take a more holistic approach to biodiversity than existing market offerings, Antonio Celeste, Director for Sustainability Product Management at index, analytics and risk solutions provider Qontigo, told ESG Investor.
/jlne.ws/3oweBbZ
SET Appoints Wijitar Pumichartpong As Executive Vice President
Stock Exchange of Thailand
The Stock Exchange of Thailand (SET) announced an appointment of Wijitar Pumichartpong as Executive Vice President (EVP) - Head of Accounting & Finance Group. SET President Pakorn Peetathawatchai said Wijitar's appointment will take effective from June 1, 2023 onwards.
/jlne.ws/3oFpx75
Clearstream and Proxymity create digital platform for the announcement of general meetings in Germany and Luxembourg
Deutsche Boerse Group
New central platform for the announcement of corporate events for issuers and commissioned third parties from Germany and Luxembourg for all asset classes. Proxymity, the leading digital communications platform for investors, and Clearstream, the global post-trading company, have expanded their partnership to create a digital solution for the announcement of AGMs.
/jlne.ws/3My5Plq
Eurex received CFTC approval for FTSE Bitcoin Index Futures; Trading for US participants started on 29 May 2023
Eurex
Eurex FTSE Bitcoin Index Futures have been approved by the U.S. Commodities Futures Trading Commission (CFTC). Trading for US-based investors started on 29 May 2023. The launch of FTSE Bitcoin Index Futures is an important milestone in Eurex's efforts to offer secure and trusted access to cryptocurrencies in a regulated market environment. Eurex is the first exchange in Europe to offer bitcoin index futures.
/jlne.ws/3N2Efyp
Adjustment of Weibo Structured Products, Futures and Options
Hong Kong Exchanges and Clearing Limited
Hong Kong Exchanges and Clearing Limited (HKEX) has announced the arrangements for the adjustment to Weibo Corporation (Weibo) structured products, futures and options to account for Weibo's special cash dividend distribution. The listing documents of all existing structured products with the shares of Weibo as underlying asset contain provisions that deal with a cash distribution including a special cash dividend.
/jlne.ws/3WUXnSp
ICE Reports Record Trading in SONIA as the Market Manages New Expectations for U.K. Interest Rates
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that a record 1.37 million SONIA futures and options contracts traded on May 24, 2023, as the market manages new expectations for U.K. interest rates. On May 24, 2023, over 1 million SONIA futures traded, with high levels of activity in the June, September and December 2023 SONIA contract months.
/jlne.ws/3P25CKv
Osaka Exchange Launches New Derivatives Products
Ryusuke Yokoyama - Japan Exchange Group
Today, I would like to announce that six new products have been listed and started trading on Osaka Exchange. The first is Nikkei 225 micro Futures and Nikkei 225 mini Options. In recent years, a trend toward smaller investments in the cash equity market has increased demand for more precise risk management tools. Therefore, we have decided to introduce these two products, whose contract units are one-tenth of the existing "Nikkei 225 mini" and "Nikkei 225 Options," to reduce the notional amount.
/jlne.ws/3qi75BZ
Collaboration between Osaka Exchange and Ueda Tradition Securities to Promote Trading of Short-Term Interest Rate Futures
Japan Exchange Group
Ueda Tradition Securities Ltd. (hereinafter "Ueda Tradition Securities") and Osaka Exchange, Inc. (hereinafter "Osaka Exchange") are collaborating to stimulate trading of 3-month TONA Futures, which are the first short-term interest rate futures contracts to be listed on Osaka Exchange today, May 29, 2023.
/jlne.ws/3ONJjbi
Position limits - Government of Canada bond listed products (spot month)
Montreal Exchange
The applicable position limits for the Government Of Canada bond futures and options on the Government Of Canada bond futures have been updated and are reflected in the position limit file. the position limit file is available in annex 1 and retrievable here. The position limits will apply as follows:
/jlne.ws/3ql1zhK
Moscow Exchange introduces a discrete auction for all shares and depositary receipts
MOEX
From June 5, 2023, discrete auctions on the Moscow Exchange will be able to be held for all traded shares and depositary receipts. Now the technology of discrete auctions is applied only to securities from the calculation base of the Moscow Exchange Index (IMOEX).
/jlne.ws/45DQR6s
Green bonds of Moscow for the population can be bought at Financial Services
MOEX
On May 30, the Moscow Government began placing the first issue of green bonds for the population exclusively on the Finuslugi platform. The purchase and sale service is available to Finuslug customers both on the website and in the mobile application, you just need to register on the platform by linking the account of the State Services portal.
/jlne.ws/3N20wMB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nvidia CEO Gets Rock Star Reception in Taiwan With AI Stock Surge
Debby Wu and Vlad Savov - Bloomberg
Jensen Huang, chief executive officer of chip phenom Nvidia Corp., is getting the kind of treatment usually reserved for celebrities and sports stars during a trip to Taiwan.
/jlne.ws/3N4tOKP
Nvidia chief Jensen Huang says AI is creating a 'new computing era'; Chip group's boss unveils new platform to help tech groups build generative artificial intelligence models
Eleanor Olcott - Financial Times
Nvidia's chief executive hailed a new era of computing in which "everyone is a programmer", as the world's most valuable semiconductor group unveiled a new supercomputer platform to stay at the forefront of the artificial intelligence revolution.
/jlne.ws/43d8wQu
South Street Securities appoints Ferber and VedBrat to board
Securities Finance Times
South Street Securities Holdings has appointed Laurie Ferber and Supurna VedBrat as the newest members of its board of directors. Both women bring extensive industry experience and strategic insights to the role, which will further strengthen the company's leadership and its ongoing growth initiatives. During a three-decade career, Ferber has acquired extensive legal and business expertise.
/jlne.ws/3WL2t3u
The benefits, perils of using AI to trade stocks and other financial instruments
Times Malta
Artificial Intelligence-powered tools, such as ChatGPT, have the potential to revolutionize the efficiency, effectiveness and speed of the work humans do. And this is true in financial markets as much as in sectors like health care, manufacturing and pretty much every other aspect of our lives. I've been researching financial markets and algorithmic trading for 14 years.
/jlne.ws/3N3fbHi
AI Needs Specialized Processors. Crypto Miners Say They Have Them; Previous Ethereum miners look to repurpose glut of GPUs for AI; Some miners snapped up high-end chips during boom in crypto
David Pan - Bloomberg
When the Ethereum blockchain moved away from using a technique for verifying transactions known as proof of work last September, crypto market demand for the specialized processors that performed these calculations disappeared virtually overnight. Companies that used and hosted GPUs, or graphics processing units, saw a key part of their once-booming business vanish against an increasingly difficult backdrop for crypto.
/jlne.ws/3N1aYUx
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| Cybersecurity | | Top stories for cybersecurity | US Navy Hit by Chinese Hacking Campaign, Report Says; China denies 'unprofessional' accusation from US, Microsoft; Hackers hit targets in US and Guam, a key military outpost
William Turton and Katrina Manson - Bloomberg
An alleged campaign by Chinese state-sponsored hackers on targets in the US and Guam has raised fears that Beijing is preparing to disrupt communications in the Pacific in the event of a conflict. The hacking campaign was first identified by Microsoft Corp. on Wednesday and quickly confirmed by authorities in the US, UK and other allied nations.
/jlne.ws/3C20PB2
Scammers using text messages to drain bank accounts in new ploy
Anna Werner Wernera - CBS News
In a stark reminder of the growing threat of financial scams, Deborah Moss, owner of a small catering business, found herself ensnared in a sophisticated bank scam that started with a seemingly harmless text message. Moss, who had dedicated over a decade to building her business, says she had finally accumulated enough savings to pursue a peaceful life in rural Guerneville, California.
/jlne.ws/3WCm6KS
Mike Lynch uses $50mn in Darktrace shares to secure US bail; The billionaire founder of Autonomy was extradited to face trial for fraud
Anna Gross - Financial Times
Mike Lynch, the billionaire founder of UK software group Autonomy, has used around $50mn worth of shares in British cyber security group Darktrace to pay for his bail as he awaits trial for fraud in the US. The British entrepreneur, who was extradited to the US earlier this month, has posted around 14.6mn shares in Darktrace.
/jlne.ws/3N3NVc1
Cyberweapon manufacturers plot to stay on the right side of US; Contrasting fates of Israeli spyware-makers Paragon and NSO reveal how American support is crucial in $12bn industry
Mehul Srivastava and Kaye Wiggins - Financial Times
In the summer of 2019, as Paragon Solutions was building one the world's most potent cyberweapons, the company made a prescient decision: before courting a single customer, best get the Americans on side. The Israeli start-up had watched local rival NSO Group, makers of the controversial Pegasus spyware, fall foul of the Biden administration and be blacklisted in the US.
/jlne.ws/3WCvq1e
Is ChatGPT creating a cybersecurity nightmare? We asked the experts
Alex Blake - Digital Trends
ChatGPT feels pretty inescapable right now, with stories marveling at its abilities seemingly everywhere you look. We've seen how it can write music, render 3D animations, and compose music. If you can think of it, ChatGPT can probably take a shot at it. And that's exactly the problem. There's all manner of hand-wringing in the tech community right now, with commenters frequently worrying that AI is about to lead to a malware apocalypse with even the most green-fingered hackers conjuring up unstoppable trojans and ransomware.
/jlne.ws/42igG94
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| Cryptocurrencies | | Top stories for cryptocurrencies | Paradigm broadening crypto-only focus to areas including AI
Yogita Khatri, Frank Chaparro, and Nathan Crooks - The Block
Crypto venture capital firm Paradigm, one of the most established and active players in the space, is going beyond just blockchain and highlighting a focus on a broader array of "frontier tech" that includes artificial intelligence, two sources with knowledge of the matter told The Block. The change is subtlety visible on the firm's website, with the company now calling itself a "research-driven technology investment firm" as opposed to one that specifically invested in "disruptive crypto/Web3 companies and protocols." The revision appears to have gone live around May 3, according to the Wayback Machine that's operated by the Internet Archive.
/jlne.ws/3OCGdXv
Hong Kong Web3 industry forms new associations to push crypto hub ambition
Pradipta Mukherjee - Forkast
Leaders in Hong Kong's Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday. Their shared debut took place at the Radical Finance Asia event and aims to promote growth and development of the virtual asset industry and decentralized internet.
/jlne.ws/3oCZwoR
DCG Shutters Tradeblock, Citing Crypto Winter and Regulatory Uncertainty
CoinDesk
Digital Currency Group (DCG), the parent company of CoinDesk, is sunseting its trade execution and prime brokerage services unit, TradeBlock. This comes as the crypto conglomerate reported a loss of $1.1 billion in 2022 as it suffered the effects of the crypto bear market. Gerber Kawasaki Director of Get Invested Brett Sifling reacts to the news, saying "it's never nice to see less competition in the space."
/jlne.ws/3MzcJXM
'It's a massive ask': is Binance capable of being regulated?
Dan Milmo - The Guardian
In 2021, the Financial Conduct Authority was adamant: Binance is not capable of being regulated in the UK. Executives at the world's largest cryptocurrency exchange are not taking no for an answer. This month, Binance vowed to do "everything" it possibly could to change the City regulator's mind, against a backdrop of deepening scepticism about digital assets.
/jlne.ws/3ozFwDw
4 Bitcoin Only Exchanges Reducing Risks With Securities Regulations
Mikal Koss - Forbes
The SEC has taken a number of enforcement actions against crypto exchanges in recent years. Some experts believe that the SEC is overstepping its authority and that the enforcement actions are stifling innovation in the crypto space. Others believe that the SEC is right to crack down on crypto exchanges that are not complying with the law.
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Singapore's Temasek Cuts Senior Managers' Pay After FTX Losses; State-investment company says management, an investment team took collective accountability for $275 million investment
Weilun Soon - The Wall Street Journal
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***** Here is the Financial Times version of this story.~JJL
Americans May Not Love Crypto, But These Top Brands Are Into It
Pedro Solimano - Decrypt
/jlne.ws/3oGhPcP
Crypto Storage Firm Qredo's Revamped Self-Custody Wallet Goes Live
Ian Allison - CoinDesk
/jlne.ws/3ILV3ac
Bitcoin and Ethereum: Two titans battle for NFT supremacy
Yohann Calpu - Forkast
/jlne.ws/3N4eQo8
Lawyer Behind FTX Lawsuit Weighs in on Celebrity Endorsements
CoinDesk
/jlne.ws/3oB55Eo
Binance to Launch New Platform for Japan Residents in Summer
Susanne Barton - Bloomberg
/jlne.ws/3CkUwbX
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| Politics | | An overview of politics as it relates to the financial markets | Martin Wolf on saving democratic capitalism; The FT's chief economics commentator is worried
Martin Wolf - Financial Times
In the first of this four-part series, the renowned FT columnist and economist Martin Wolf tells the FT's executive opinion editor Jonathan Derbyshire why he fears the marriage of liberal economics and democracy may be facing its toughest test in decades. Drawing on arguments in his latest book, The Crisis of Democratic Capitalism, Martin explains how his own life story and career have shaped his views.
/jlne.ws/3N1UR9j
Plan for 30% tax on Bitcoin mining appears dead under debt ceiling deal
Jeff John Roberts - Fortune
Bitcoin miners can breathe a sight of relief as a plan by the White House to impose stiff taxes on the sector appears dead in the water following a larger deal between President Biden and senior Republicans to prevent the U.S. from defaulting on its debt.
/jlne.ws/3N4sKWY
De-risking trade with China is a risky business; Security-driven approach to trade clashes with western corporate interests and environmental targets
Gideon Rachman - Financial Times
The contest for word of the year is already over. In the geopolitical category, the winner is "de-risking". This D-word has moved from obscurity to ubiquity in less than two months. It was the centrepiece of a speech about China made in late March by Ursula von der Leyen, the European Commission president. De-risking was then seized upon by the Biden administration. Then, last week, it was endorsed by a G7 summit.
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White House and G.O.P. Strike Debt Limit Deal to Avert Default
Jim Tankersley, Catie Edmondson and Luke Broadwater - The New York Times
President Biden and Speaker Kevin McCarthy on Saturday reached an agreement in principle to lift the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.
/jlne.ws/3qcRBPA
Inside Chicago's 2024 Democratic convention bid: $30 million line of credit deal was key
Lynn Sweet - Chicago Sun Times
In order to land the 2024 Democratic National Convention, the Democratic National Committee demanded bidders establish a line of credit - and that's why the city of Chicago created a $30 million credit agreement with the Amalgamated Bank in New York. A spokesperson for Mayor Brandon Johnson told the Chicago Sun-Times that the new mayor, sworn into office on May 15, is on board with the line of credit contract former Mayor Lori Lightfoot signed May 12, in the final days of her term.
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Debt-Limit Deal Sets Up Tough Battle for Passage in Congress; Conservatives, progressives set to oppose compromise measure; McCarthy, Jeffries face major challenge avoiding default
Erik Wasson and Billy House - Bloomberg
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MPs and retailers lambast UK plan to cap basic food prices; Initiative aims to curb rampant food price inflation but has split Tory party and angered supermarkets
Lucy Fisher, Delphine Strauss and Laura Onita - Financial Times
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Europe's green transition impossible without China, says Dutch minister; EU seeks to untangle some of its dependence on Asian powerhouse but remains more cautious than US
Alice Hancock and Andy Bounds - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | Prosecutors say Sam Bankman-Fried's arguments to dismiss cryptocurrency charges are meritless
Larry Neumeister - Associated Press
Sam Bankman-Fried's lawyers made meritless arguments in a bid to convince a judge to toss out criminal charges alleging that the FTX founder stole from investors in his multibillion dollar cryptocurrency fund, federal prosecutors said Monday.
/jlne.ws/43wo8yj
Rules that forced banks to help struggling customers during Covid could become permanent, as FCA reveals £47million redress payouts
Fran Ivens - This is Money
The Financial Conduct Authority has proposed making it a permanent requirement for lenders to support borrowers in financial difficulty. Temporary guidance for lenders on how to treat borrowers fairly was released during the Covid-19 pandemic but the regulator has now announced plans to make it permanent. The regulator also said it had forced 17 firms to pay out £47million to customers as redress when they broke the rules.
/jlne.ws/43cibHg
SEC Obtains Judgments Against the Hydrogen Technology Corp. and Its Former CEO in Market Manipulation of Crypto Asset Securities
SEC
The Securities and Exchange Commission announced that it obtained final consent judgments against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and Tyler Ostern, the CEO of Moonwalkers Trading Limited. The final consent judgments conclude the SEC's case against Hydrogen, Kane, and Ostern for their roles in effectuating the unregistered offers and sales of crypto asset securities called "Hydro" and perpetrating a scheme to manipulate the trading volume and price of those securities, which yielded more than $2 million for Hydrogen. Among other relief, the settlement requires Hydrogen and Kane to pay almost $3 million in disgorgement, prejudgment interest, and penalties.
/jlne.ws/3BZZP0b
SEC Charges Additional Social Media Influencer in Stock Manipulation Scheme
SEC
On May 25, 2023, the Securities and Exchange Commission brought partially settled charges against Francis Sabo (also known as "Ricky Bobby") in a $100 million securities fraud scheme in which Sabo, along with several other defendants previously charged by the Commission in December 2022, used social media platforms to manipulate exchange-traded stocks.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Canary Wharf Debt Downgrade Is Sign of Wider Property Woes
Jack Sidders - Bloomberg
Canary Wharf became the latest symbol of the global real estate downturn, with Moody's downgrading the debt of the landlord and forecasting a challenging funding environment for at least the next year.
/jlne.ws/3OM2rGG
Worldcoin and the Intellectual Decline of Venture Capital
David Z. Morris - CoinDesk
Yesterday, the company behind the Sam Altman-fronted Worldcoin project announced it had raised $115 million dollars in venture capital. The raise looks like an atavistic last gasp for the kind of prestige-driven, slot-machine structured Silicon Valley fundraising fostered by a decade of cheap money. Because whether on ethical or financial grounds, there seems little rational explanation for supporting the project.
/jlne.ws/3IJZMcu
Bunge-Viterra Deal Would Create $25 Billion Rival to Cargill; Bunge is in talks with Glencore over Viterra grain business; CEO Heckman has turned around once troubled crop merchant
Isis Almeida, Tarso Veloso Ribeiro and Michael Hirtzer - Bloomberg
Commodity markets are bracing for a long-awaited deal that would create a $25 billion behemoth capable of competing with the world's biggest agricultural players. US crop merchant Bunge Ltd. is in talks with commodities giant Glencore Plc over a potential tie-up with its Viterra grains business. Following years of on-off talks, this time Bunge's deal-making boss Greg Heckman, who oversaw a sharp turnaround at the once troubled crop trader, has the upper hand.
/jlne.ws/43tjpNZ
US default fears spark clearing house collateral scrutiny
John Mccrank, Laura Matthews and Michelle Price - Reuters
Clearing houses and their members are working out how to treat certain U.S. Treasury bills and bonds commonly used as collateral, as the United States nears a deadline that could see it default on its debt, according to four industry sources. U.S. President Joe Biden and top Republican lawmaker Kevin McCarthy on Thursday edged closer to an agreement to raise the U.S. debt ceiling, Reuters reported.
/jlne.ws/3qeTsDD
Robinhood Markets, Inc. To Present At The Bernstein Strategic Decisions Conference On June 2, 2023
Robinhood Markets
Today, Robinhood Markets, Inc. (NASDAQ: HOOD) announced that it will be participating in the upcoming Bernstein Strategic Decisions Conference on June 2, 2023. Robinhood CEO and Co-Founder Vlad Tenev is scheduled to present on Friday, June 2, 2023 at 11:00 AM ET / 8:00 AM PT. Interested parties may access a live audio webcast of the presentation by visiting the "Events" section of the company's investor relations website at investors.robinhood.com.
/jlne.ws/3N3NzCd
Carl Icahn, a star corporate raider brought down to earth; The veteran investor has seen bets against a fast-rising market turn sour
Antoine Gara - Financial Times
/jlne.ws/4272LCM
Traders Ready to Embrace Riskier Assets After Debt-Cap Deal; Greenback, yen will be closely watched as trading kicks off; Liquidity will be thin on Monday with US, UK markets closed
Carter Johnson - Bloomberg
/jlne.ws/3WDSQDr
Why Are Markets So Calm? It's Revenge of the Quant Funds
Caitlin McCabe - The Wall Street Journal
/jlne.ws/43ypB7y
Even Cathie Wood Can't Spot the Next Bull Market
Shuli Ren - Bloomberg
/jlne.ws/3BZMe92
De-risking trade with China is a risky business; Security-driven approach to trade clashes with western corporate interests and environmental targets
Gideon Rachman - The Financial Times
/jlne.ws/3qixmA9
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Insurance industry turmoil over climate alliance exodus; Departures come as anti-ESG campaigners claim group is anti-competitive
Ian Smith and Kenza Bryan - The Financial Times
Dark smoke billowing across the Richard Rogers-designed Lloyd's of London headquarters and the banner unfurled by climate protesters last week provided a visible reminder of the political war over the role of the insurance industry in global warming. On the same day in New York, another campaign group was pushing in the opposite direction, with the "anti-woke" group called Consumers' Research targeting the offices of European insurers with a mobile billboard.
/jlne.ws/3ME3ky5
Japan supercharges Scotland's green revolution
Jeremy Grant - The Scotsman
When my great-grandfather Evan Grant was church minister in Nigg in the 1890s, he and the souls he served would have had no inkling that this once-quiet corner of the east coast would be part of the re-industrialisation of Scotland over a century later. But this is what's in prospect, given some recent big developments in green energy, driven by Japan.
/jlne.ws/3qeIqhx
Compounding crises push more people into modern slavery, report warns
Laurin-Whitney Gottbrath and Alice Feng - Axios
The number of people living in modern slavery is growing, reaching 50 million in 2021 - an increase of 10 million in less than six years. Driving the news: Longstanding factors like conflict, repressive governments and supply chains are, in part, driving the worsening situation. But additional conditions - including the pandemic, climate-induced migration and rollbacks of women's rights - have also become major drivers as well, according to a new report from the human rights group Walk Free.
/jlne.ws/3oEpS9W
What's 'Climate Colonialism?' Typhoon Mawar's Carnage in Guam Offers Insight;Guam, like other colonial territories, largely relies on disaster aid in the wake of catastrophes. Some scholars say that aid, along with spiraling debt, is a new form of colonialism.
Kristoffer Tigue - Inside Climate News
Much of Guam remains without power or running water after Typhoon Mawar lashed the United States' second-largest territory Wednesday night. The Category 4 storm tore off roofs and mangled trees with fierce wind and rain. Gov. Lou Leon Guerrero gave the "all clear" Thursday evening, and officials have reported minor injuries but no deaths on the small Pacific island, located a couple thousand miles east of the Philippines. https://jlne.ws/3OOBTV0
BYD Outbids Tesla to Supply EVs for Indonesian Taxi Operator
Fathiya Dahrul - Bloomberg
Indonesia's largest taxi operator will turn to BYD Co. for 80% of its electric-vehicle fleet while reviewing its Tesla Inc orders as lower-cost models win out in the country. Most of the 500 EVs to be delivered to PT Blue Bird this year will be filled by BYD, especially the E6 and T3 models, as the vehicles are a better fit for the Indonesian market, said President Director Sigit Priawan Djokosoetono in interview.
/jlne.ws/3ILWVQd
Wall Street's Next Big Play Is Garbage; Landfill firms are investing in trash-gas production and recycling technology
Ryan Dezember and Will Feuer - The Wall Street Journal
/jlne.ws/3N3dBFI
Billion-Dollar 'Pink Hydrogen' Plan on Hold as US Weighs Rules; Constellation Energy has paused its efforts to make hydrogen using nuclear power as the Biden administration considers limiting tax credits.
Will Wade - Bloomberg
/jlne.ws/43dnDcU
SLBs Touted to Fund Nature Restoration
Vibeka Mair - ESG Investor
/jlne.ws/3P3qwcb
World's Largest Solar Manufacturer Is Fueling a Price War
Dan Murtaugh - Bloomberg
/jlne.ws/43yshlC
Philip Morris on path to becoming an ESG stock, says chief executive; Jacek Olczak argues that shift away from cigarettes should prompt a rethink after wave of exclusionary policies
Oliver Barnes and Harriet Agnew - Financial times
/jlne.ws/43eraHP
Goldman Partner Behind Viral 2020 Email on Combating Racism Is Leaving Firm; Fred Baba is one of the youngest partners at Goldman Sachs; Email about experience being Black resonated across industry
Sridhar Natarajan - Bloomberg
/jlne.ws/43zxs4q
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Funds Bet Against Copper for First Time in Three Years; Copper prices have tumbled this month as China disappoints; The shift is being led by momentum-driven CTAs, TD says
Eddie Spence and Yvonne Yue Li - Bloomberg
Hedge funds are betting against copper on the London Metal Exchange for the first time since the early months of the pandemic - a sharp reversal from just weeks earlier after China's disappointing recovery sent prices tumbling. LME data this week showed investment fund positioning in copper flipped to a net short - the first since June 2020, after bearish bets surged since mid-April and long positions have been unwound.
/jlne.ws/3oC2k5G
UBS Winds Down a US Trading Unit in Mortgages, Retains Financing
Sonali Basak - Bloomberg
UBS Group AG is winding down a business in its US mortgage unit that focuses on "to-be-announced" trading, which involves forward sales of such securities. The Swiss bank has been shifting its strategy for the business more toward financing mortgage originators, and the TBA move is part of that, according to a person familiar with the matter who asked not to be identified discussing non-public information.
/jlne.ws/3MZxxIn
JPMorgan's Dimon never met or communicated with Epstein -bank
Luc Cohen - Reuters
JPMorgan Chase & Co Chief Executive Jamie Dimon said in a deposition on Friday that he had never met or communicated with late sex offender and former bank client Jeffrey Epstein, the bank said. The largest U.S. bank faces lawsuits seeking damages by women who claim that Epstein sexually abused them, and by the U.S. Virgin Islands, where the late financier had a home. Epstein was a JPMorgan client from 2000 to 2013, remaining so after pleading guilty in 2008 to a Florida state prostitution charge.
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A Chinese Alternative to Bloomberg Terminals Quietly Limits Information Overseas; E-commerce shopping trends, satellite images are no longer available to foreign users of Wind
Rebecca Feng - The Wall Street Journal
A Chinese data provider has for years been an essential resource for banks, securities firms and money managers. It has started to limit international users' access to some information, making it harder for them to analyze how the world's second-largest economy is performing. Software made by Wind Information, a private Shanghai-based company, is widespread in mainland China and popular with financial analysts, investors and economists overseas.
/jlne.ws/3MHAD3i
Canada's big banks log 13-fold rise in loan loss provisions; North American commercial real estate lenders prepare for increase in defaults as economic outlook darkens
Jaren Kerr - Financial Times
Canada's big five banks this week collectively set aside the most money for loan losses since 2020, as concerns about an economic slowdown and higher defaults in commercial real estate mount. The country's top five lenders, which all reported earnings this week, logged a combined C$3.37bn (US$2.48bn) in credit loss provisions in the first three months of 2023, C$1bn more than the previous quarter and up almost 13-fold year on year.
/jlne.ws/45CuCxK
Peter Orszag: the 'scholar-banker' aiming to restore Lazard's fortunes; Appointment of wunderkind economist who served in Obama cabinet marks grand experiment for storied investment bank
Sujeet Indap - Financial Times
/jlne.ws/3WGuEAD
Verso Wealth hires new chief ahead of acquisition spree; Wealth manager with £1.8bn in assets prepares for more consolidation in an IFA sector facing regulatory upheaval
Emma Dunkley - Financial Times
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These Bank Alternatives Can Keep Cash Rolling In; Fundraising by managers of private-equity, real-estate and private-credit funds has slowed, and some look cheap
Telis Demos - The Wall Street Journal
/jlne.ws/3qkz0B0
Wall Street Deals Show Unfulfilled Ambition of Japan's Megabanks; Mizuho's Greenhill purchase comes month after rival's tieup; Japan's institutions have sought a break through for decades
Taiga Uranaka and Patrick Winters - Bloomberg
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Bank turmoil does not justify mission creep by deposit insurance; Higher levels of cover would increase implicit subsidies to reckless bankers
Jonathan Guthrie - Financial Times
/jlne.ws/43dIcpt
Centerview: the Wall St power brokers confronting a rare rupture; Boutique bank famed for its harmonious culture is dealing with a bitter lawsuit and the questions that come with success
Sujeet Indap and James Fontanella-Khan - Financial Times
/jlne.ws/3N1SKCn
Wall Street Deals Show Unfulfilled Ambition of Japan's Megabanks
Taiga Uranaka and Patrick Winters - Bloomberg
/jlne.ws/3WJorDN
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why Do Almost Half of Americans Leave Paid Time Off on the Table?
Lauren Hirsch, Ephrat Livni, Sarah Kessler and Bernhard Warner - The New York Times
Summer vacation season is here. But if you're like a surprising number of Americans, you're probably leaving some paid time off on the table. Among workers whose employer offers paid vacation or leave, 46 percent said they typically took less time off than was offered, a recent Pew survey found. Decisions that leaders make about work culture most likely play into several of these reasons, such as a fear of being retaliated against or missing a promotion.
/jlne.ws/43cTdr1
Nvidia CEO Says Those Without AI Expertise Will Be Left Behind; New technology will transform the corporate landscape; AI to create new jobs while making others obsolete: Huang
Vlad Savov and Debby Wu - Bloomberg
Firms and individuals should familiarize themselves with artificial intelligence or risk losing out, according to Nvidia Corp. co-founder and Chief Executive Officer Jensen Huang. Huang, whose chip design company reached an all-time high Friday fueled by huge demand from AI service providers, gave a commencement address on Saturday saying the new technology will transform the corporate landscape and change every single job.
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The AI Boom Runs on Chips, but It Can't Get Enough; 'It's like toilet paper during the pandemic.' Startups, investors scrounge for computational firepower.
Deepa Seetharaman and Tom Dotan - The Wall Street Journal
The artificial-intelligence revolution is being likened by Google's chief executive to humanity's harnessing of fire. Now if only the industry could secure the digital kindling to fuel it. A shortage of the kind of advanced chips that are the lifeblood of new generative AI systems has set off a race to lock down computing power and find workarounds.
/jlne.ws/45Ejlwy
OpenAI's CEO Says He Plans to Comply With EU Regulation; CEO is focused on building 'better, faster, cheaper' ChatGPT; Altman is on a world tour to meet regulators and customers
Benoit Berthelot - Bloomberg
OpenAI Inc. Chief Executive Officer Sam Altman - days after making comments that he might pull out of Europe if he didn't feel he could meet the EU's regulations - said he plans to comply with the bloc's rules. In discussions with EU regulators, OpenAI wants "to make sure it is able to comply," he said during a speech in Paris on Friday, his latest stop in a round-the-world tour that will take him to the Middle East and Asia.
/jlne.ws/3N500h7
American Cities Are Starting to Thrive Again. Just Not Near Office Buildings. Neighborhoods are benefiting from remote work
Konrad Putzier and Kate King - The Wall Street Journal
While office towers sit empty and nearby businesses struggle to pay their bills, residential neighborhoods in America's biggest cities are bustling again. The pandemic and remote work have done little to dent the overall appeal of cities such as New York, Chicago and Los Angeles, foot-traffic and rent data show. Instead, the pandemic has shifted the urban center of gravity, moving away from often sterile office districts to neighborhoods with apartments, bars and restaurants.
/jlne.ws/3C6RpUw
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Why Americans Are Having Fewer Babies; The U.S. birthrate is down sharply from 15 years ago, as women report that economic and social obstacles are causing them to have fewer children than they want.
Janet Adamy - The Wall Street Journal
The number of babies born in the U.S. started plummeting 15 years ago and hasn't recovered since. What looked at first like a temporary lull triggered by the 2008 financial crisis has stretched into a prolonged fertility downturn. Provisional monthly figures show that there were about 3.66 million babies born in the U.S. last year, a decline of 15% since 2007, even though there are 9% more women in their prime childbearing years.
/jlne.ws/3MwJXa4
Next Covid Boosters to Target New Strain; Shots aimed for fall vaccinations are expected to target an XBB variant
Jared S. Hopkins and Liz Essley Whyte - The Wall Street Journal
The outlines of the next Covid-19 booster are taking shape. Health authorities and vaccine makers are moving toward targeting the next shot on one of the newest forms of the virus now dominant in the U.S., according to people familiar with the matter. Under consideration for the next booster, the people said, are Omicron offshoots known as XBB.1.5 and XBB.1.16, which is nicknamed Arcturus.
/jlne.ws/3IKF10d
Doctors say this is the most important virus you've never heard of
Brenda Goodman - CNN
The past winter was a heavy one for respiratory viruses, dominated by surges of RSV, influenza and Covid-19. But just as it was winding down, a little-known virus that causes many of the same symptoms - a lower lung infection, hacking cough, runny nose, sore throat and fever - was just picking up steam. Cases of human metapneumovirus, or HMPV, spiked this spring, according to US Centers for Disease Control and Prevention's respiratory virus surveillance systems.
/jlne.ws/3ILY6iM
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | El Nino is coming. What that means for your morning coffee.
Allyson Chiu - The Washington Post
An El Nino that is predicted to develop in the coming months could trigger widespread extreme weather events, upending local economies, fish populations - and even your daily coffee fix. The naturally occurring weather phenomenon, which typically lasts nine months to a year, disrupts typical rain and temperature patterns, and, in certain locations, can create extreme conditions such as drought or exceptionally high rainfall.
/jlne.ws/3oCiSdS
Japan Is Reminding the World of Its Importance
Vlad Savov - Bloomberg
The Group of Seven summit in Hiroshima, Japan, over the weekend was a chance for the host country to reassert its influence on the global stage, and it didn't disappoint. Prime Minister Fumio Kishida brought together the heads of the world's biggest semiconductor companies and got Micron Technology Inc. to commit to a multibillion-dollar expansion.
/jlne.ws/3oGfRJt
Taiwan Rushes to Prevent China From Cutting Internet, Phones; Audrey Tang says island needs to bolster defenses by 2024; Matsu Islands lost internet after ships cut subsea cables
Jamie Tarabay and Cindy Wang - Bloomberg
Buffeted by earthquakes and the potential of conflict with China, Taiwan's leaders want to accelerate plans to make the island more resilient to communications breakdowns and direct attacks on its digital infrastructure. It could be an impossible task. Audrey Tang, who heads Taiwan's Ministry of Digital Affairs, says she wants the island's $740 billion economy to be able to handle the possible collapse of all its communications in the event of an emergency by the end of next year.
/jlne.ws/3ovcOnv
Saudi crown prince turns to 'state capitalism' after change in the guard; Companies backed by Public Investment Fund have risen to prominence as the kingdom's day-to-day ruler asserts control
Samer Al-Atrush - Financial Times
/jlne.ws/42eUnB0
Namibia Considers Taking Stakes in Mining and Petroleum Companies; Country joins nations considering resource nationalism; It's also contemplating setting up a minerals exploration fund
Kaula Nhongo - Bloomberg
/jlne.ws/3MEdfUA
Saudi Investment Enclaves Take Shape With Top Steelmaker's Entry
Matthew Martin - Bloomberg
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Saudi Flour Milling Company's IPO Pulls in $18 Billion of Orders
Julia Fioretti - Bloomberg
/jlne.ws/3N2EpWx
Saudi Aramco's $2 Trillion Valuation Is an Illusion; Too few shares trade for typical price discovery metrics to apply to the oil giant.
Javier Blas - Bloomberg
/jlne.ws/3My6wew
It's 'More Expensive to Live,' and Workers Are Tapping 401(k)s for Help
Martha C. White - The New York Times
/jlne.ws/3MFZBQF
The New Rules of Tipping, According to You
Madison Conte - The Wall Street Journal
/jlne.ws/438aDoO
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| Miscellaneous | | Stories that don't quite fit under the other sections | Why You're Losing More to Casinos on the Las Vegas Strip; Gambling companies shift betting further in their favor, raising minimums at blackjack tables and tipping the odds in roulette
Katherine Sayre - The Wall Street Journal
Casinos on the Vegas Strip are making it costlier to play and harder to win. Payouts are lower for winning blackjack hands. Bets on some roulette wheels are riskier. And it is taking more cash to play at many game tables. Blackjack players lost nearly $1 billion to casinos on the Strip last year, the second-highest loss on record, after 2007, according to data from the Nevada Gaming Control Board.
/jlne.ws/3oFvfG3
To Pay or Not To Pay Your Kid's University Tuition; If this is within your gift, it makes financial sense to give it.
Merryn Somerset Webb - Bloomberg
This is a tough month for parents of teenagers in England. Sixteen-year-olds are taking their GCSE exams and 18-year-olds have their A levels. The former are tough exams, the latter are really tough. And when they do well, things can get very expensive. If your children get into university with their hard-won As and Bs, their tuition fees are going to come in at £9,250 ($11,475), the maximum price universities can charge and therefore what most do. Living expenses come on top. There is a student loan scheme that allows students to borrow to cover most of it. But you won't like it at all.
/jlne.ws/3MGGBS3
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