February 18, 2025 | "Irreverent, but never irrelevant" | | | John Lothian Publisher John Lothian News | |
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Hits & Takes John Lothian & JLN Staff The VOO is bigger than the SPY, which means that Vanguard has unseated State Street for the title of the world's biggest exchange-traded fund, Bloomberg reported. Bloomberg said, "The Vanguard S&P 500 ETF (ticker VOO) now commands nearly $632 billion in assets after raking in some $23 billion so far in 2025, according to data compiled by Bloomberg. That haul has vaulted VOO past the $630 billion SPDR S&P 500 ETF Trust, known as SPY, which previously held the title of largest ETF." It is a shame there is not an ETF with the ticker "DOO." That way we could trade the VOO-DOO spread. The Financial Times editorial board is not a fan of Donald "Trump's reckless experiment with financial deregulation." The editorial board said the Trump administration's aggressive push for financial deregulation is raising concerns about market stability and the risk of future crises. Lessons from the 2023 regional bank failures, including Silicon Valley Bank's collapse, highlight the dangers of loosening oversight, yet Trump's team appears set on cutting regulations for its own sake. Key regulatory leaders are being replaced with pro-deregulation figures, such as Paul Atkins at the SEC and Travis Hill at the FDIC, signaling a weaker approach to capital requirements and fintech oversight. The Consumer Financial Protection Bureau has paused regulatory efforts, and Trump's embrace of cryptocurrencies, including proposals for a national strategic reserve, is further unsettling financial experts. Former SVB CEO Ken Wilcox warns that gutting financial oversight is a "huge mistake," increasing the risk of banks taking excessive risks. With global markets watching the U.S. closely, this deregulation push could spark a race to the bottom, jeopardizing financial stability in the years ahead. The LegalEagle podcast takes on the issue of the attorneys resigning from the Department of Justice rather than drop the corruption case against New York Mayor Eric Adams and how this is "Worse than Watergate: Thursday Night Massacre." A powerful winter storm will bring record-breaking cold to the central and southern U.S. this week, straining infrastructure and disrupting travel. Dallas is set to plummet to 15°F, while Houston will see 29°F, with subzero wind chills reaching Texas, Arkansas, and Kentucky. The Electric Reliability Council of Texas (ERCOT) expects to meet surging electricity demand, despite lingering concerns over grid stability after the 2021 crisis, Bloomberg reported. PJM Interconnection LLC issued a cold weather alert for the Midwest and East Coast, urging power plants to delay maintenance. Up to 10 inches of snow is forecast for Missouri and Arkansas, while Kentucky, still recovering from severe flooding, could see 6 inches. The cold, driven by a stretched polar vortex, will push temperatures 15°F below normal across the Great Plains and Texas. However, a pattern shift by the weekend will bring a dramatic warm-up, with temperatures soaring into the 40s and 50s across the northern Great Plains. Here are the headlines from in front of FOW's paywall from some recent stories: FCA shuts cum-ex probe after Mako fine takes total over £30m, ANALYSIS: Euribor likely to remain dominant European benchmark, ANALYSIS: Euronext to expand repo clearing across Europe, LSEG hires Morgan Stanley exec to focus on Asian post-trade, FCA flexes its MiFIR reporting muscles and Euronext says nothing 'off the table' after fixed income launch. A restaurant south of the Chicago Board of Trade Building, Boni Vino Restaurant, at 111 West Van Buren Street, closed suddenly a couple of days ago, the owner's wife posted to a CBOT Facebook group. The owner reportedly has had a stroke and the restaurant is being closed down and the equipment sold off. The owner and his family own most, if not all, of the block that the restaurant is part of, so it will be interesting to see what becomes of the real estate as a whole. Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL ***** ++++ Blockfills Expands Crypto Services, Eyes Institutional Growth Amid Regulatory Shifts JohnLothianNews.com Blockfills, a digital asset trading and technology firm, is expanding its services to meet growing demand in the cryptocurrency market, according to Blockfills Co-Head of Digital Exotics Paul Sacks. In an interview with John Lothian News at the FIA EXPO in November, Sacks highlighted the firm's focus on institutional clients and qualified professional traders globally. "We post massive volumes in Bitcoin and Ether," Sacks said, noting that most clients trade spot through the company's front-end platform, Vision Trader, or via API. Watch the video » Andrej Bolkovic - OCC Watch Video » Paul Hamill - ICE Watch Video » ++++ YouTuber Is Closing His ETF After Performance Woes, Soaring Costs; Meet Kevin's ETF PP charged big fees but lagged the S&P 500; Founder opened up about the 'downsides' of the ETF industry Vildana Hajric - Bloomberg A popular YouTuber is closing down his actively-managed exchange-traded fund after it underperformed the market and ran up against the costs of doing business in the competitive ETF industry. Kevin Paffrath, a financial influencer who goes by the online moniker "Meet Kevin," said in a video on his channel that his fund, the Meet Kevin Pricing Power ETF, would be closing at the end of this month some two years after its inception and with just $32 million in assets. /jlne.ws/3X5PlHu ***** It sounds so easy to grow an ETF. Guess what? It isn't.~JJL ++++ Venture Capital Kills 'More Value Than It Creates,' Author Says; In a new book, World Eaters, tech activist Catherine Bracy says Silicon Valley needs to focus more on solving real-world problems and less on fast profit. Sonali Basak - Bloomberg Go Big or go home. Move fast and break things. Winner takes all. In a new book, Catherine Bracy argues that this ethos underpins much of what's wrong with venture capital. In search of grand slam investment opportunities, VC investors choose startups according to what's known as nature's "power law," the tendency for outliers to have undue impact-in investing, astronomical returns. (And the vast majority of startups fail miserably.) Despite their oft repeated, and much ridiculed, claims to "make the world a better place," VCs either avoid addressing societal problems or, in their push for breakneck growth, make them worse, according to World Eaters: How Venture Capital Is Cannibalizing the Economy, out in March. /jlne.ws/4i3xh8V ***** I will not be buying any cookbooks from any venture capitalists anytime soon.~JJL ++++ Monday's Top Three Our top story Monday was the ICE House podcast EPISODE 458: Novartis CEO Vas Narasimhan on Drug Development & AI's Role in Disease Treatment, from the Intercontinental Exchange. Second was the FIA's letter to the China Securities Regulatory Commission titled Administrative Regulations on Programme Trading in the Futures Markets (Trial Implementation) (Consultation Draft) in both Chinese and English, from the FIA. Third was a three-way tie among CFTC appoints enforcement director amid Trump shake-up and FIA calls for nine-month implementation of Chinese trading rules from FOW and Autocall curbs hit long-dated Nikkei and HSCEI options, from Risk.net. ++++
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Lead Stories | At the 'Wall Street of Eggs,' Demand Is Surging; The Egg Clearinghouse connects large-volume buyers with sellers, providing a crucial service at a time avian flu is limiting supplies Patrick Thomas - The Wall Street Journal The nation's biggest egg marketplace doesn't own hens, farms or processing plants. From an office building in New Hampshire, roughly a dozen people facilitate the trading of billions of eggs a year, a task that shapes what Americans pay per dozen at the supermarket or for omelets at diners. The Egg Clearinghouse, or ECI, is little known outside the industry: It operates an online marketplace that allows participants to place bids on eggs listed for sale and see the results of trades. Only ECI members-farmers and egg buyers-are allowed to trade. /jlne.ws/4hZxZE8 The World's Most Important Market Sends a Warning; US Treasury securities have no ideology, which is why the signal they're sending about faster inflation ahead is so worrisome. Matthew A. Winkler - Bloomberg Opinion Financial markets are neither ideological nor do they have an agenda. They're dispassionate observers, indispensable for helping to discern whether assets are cheap, expensive or fair based on current and historical relative values. So it's worth taking notice when the $30 trillion market for US government securities - the one that guides every other and helps set the cost of money worldwide - is sending an alarming message about the outlook for inflation. /jlne.ws/3X6TF9p Trump's reckless experiment with financial deregulation; Mindless slashing of red tape poses a threat to market stability Editorial Board - Financial Times Two years ago, the US was on the brink of its most serious set of bank failures since the financial storm of 2008. A clutch of regional banks, some the size of Europe's larger lenders, hit the skids, including Silicon Valley Bank, whose demise came close to sparking a full-blown crisis. SVB's crash had several immediate causes. Its bond holdings were crumbling in value as US interest rates pushed higher. With just a few taps on an app, the bank's spooked and interconnected tech customer base yanked out deposits at an unsustainable pace, leaving multimillionaires crying out for federal assistance. The swift crisis-cauterising skills regulators forged in the fire of 2008 helped avert a broader financial contagion. The grim episode should loom large in the minds of US President Donald Trump's trigger-happy, anti-regulation financial sheriffs. After all, the US Federal Reserve identified the lighter supervisory burden placed on smaller banks like SVB in his first term in 2018 as a key ingredient in its failure. /jlne.ws/415RyUo Top European Central Bankers Push for Simpler Banking Rules; Four governors seek 'holistic' assessment of regulations; Some EU nations have boosted lobbying for an urgent review Laura Noonan and Nicholas Comfort - Bloomberg Four of the European Union's top central bankers urged the bloc's regulatory arm to simplify the mass of rules that commercial lenders blame for increasingly putting them at a disadvantage to international competitors. A "comprehensive analysis" of the requirements could help ensure a "level playing field with other major jurisdictions," the governors of the Spanish, German, Italian and French central banks wrote to the European Commission in a letter seen by Bloomberg News. /jlne.ws/4k515UA Vanguard Overtakes State Street as World's Biggest ETF; Vanguard's VOO has raked in $23 billion so far this year; It's not the first time that SPY's crown has slipped Katie Greifeld - Bloomberg Vanguard has unseated State Street for the title of the world's biggest exchange-traded fund, ushering in a new world order for the $11 trillion industry. The Vanguard S&P 500 ETF (ticker VOO) now commands nearly $632 billion in assets after raking in some $23 billion so far in 2025, according to data compiled by Bloomberg. That haul has vaulted VOO past the $630 billion SPDR S&P 500 ETF Trust, known as SPY, which previously held the title of largest ETF. /jlne.ws/42ZWGfm ETFs in the US Reach New Record MarketsMedia ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported that assets invested in the ETFs industry in the United States reached a new record of US$10.73 trillion at the end of January. During January the ETFs industry in the United States gathered net inflows of US$90.25 billion, according to ETFGI's January 2025 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) /jlne.ws/3QniiuF Hedge funds target quick profit from obscure corporate bond clause; Guy Hands' Annington, Just Eat Takeaway and Tennet among borrowers under pressure from investors over asset sales Euan Healy - Financial Times Hedge funds are trying to exploit a unique clause in the bond documentation of some of Europe's safest companies, forcing borrowers to buy back debt at above-market prices following asset sales or corporate break-ups. Companies including Guy Hands' property firm Annington, Just Eat Takeaway and Dutch state-owned electricity grid operator Tennet have been targeted by creditors arguing that, by selling large chunks of their business or splitting into multiple entities, the companies have defaulted on their debt. /jlne.ws/4b7mvw5
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Trade War and Tariffs | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Trump Trade Uncertainty Is Hitting EU Economy, Dombrovskis Says Jorge Valero and Kamil Kowalcze - Bloomberg Trade uncertainty over US President Donald Trump's plans to hit the European Union with tariffs is already affecting the bloc by putting a lid on investment, according to EU Economy Commissioner Valdis Dombrovskis. A fresh rise in energy prices in recent months has also put a drag on output, he told a news conference following a meeting of euro-area finance ministers in Brussels on Monday. Still, a resilient labor market and disinflation that "remains on track" should help to bring a gradual pick-up in growth momentum, though less than previously thought, Dombrovskis said. /jlne.ws/411RxkA Trump tariffs are already causing this 1 unfortunate consequence Brian Sozzi - Yahoo Finance The self-described tariff man may already be causing a rethink inside the C-suite about how much long-term capital is invested in building property, plants, and equipment - more formally known to investors as capital expenditures. A new analysis of fourth quarter earnings reports from Goldman Sachs chief economist Jan Hatzius found that S&P 1500 companies hiked 2025 capital expenditure expectations by 5% sequentially. But the revision drops to only 2% for a basket of companies Goldman tracks with broad exposure to tariffs. Capital expenditure plans were revised down 1% for companies with a high reported share of sales to Canada, Mexico, and China. /jlne.ws/3XuqVrx Republican Senators Try to Curb Influence of Trump Tariff Hawk; White House trade adviser Peter Navarro has had a major influence on punitive levies as Trump's trade team awaits Senate confirmation Gavin Bade - The Wall Street Journal President Trump has peppered the first month of his presidency with trade actions even before the bulk of his trade team is in place. U.S. Trade Representative nominee Jamieson Greer still doesn't have a slot for a confirmation vote before the full Senate. Commerce Secretary nominee Howard Lutnick, who Trump has said will lead the trade agenda, is likely to be confirmed this week, but likewise hasn't been in office for the major trade decisions so far. In their absence, a singular figure has risen as a leader of the trade agenda: Peter Navarro, the president's special counselor on trade and manufacturing, known for his pugnacious personality and maximalist approach to tariffs. /jlne.ws/41vsLuF Ever-Evolving Trade War Is a Recipe for Disaster; Disrupt global commerce, turn friends into enemies, punish US consumers and make investment planning impossible. What could go wrong? The Editorial Board - Bloomberg The US has opened new fronts in the trade war it seems determined to wage on its own economic partners. Last week, executive orders imposed 25% tariffs on all imports of steel and aluminum, including supplies from allies such as Australia, Canada, Japan, Mexico, the UK and the European Union. The administration then announced a much broader initiative aimed at imposing "reciprocal tariffs" across the board. /jlne.ws/3X6Zrb5
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World Conflicts | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion US and Russia agree to 'lay the groundwork' for ending Ukraine war; Negotiations were first high-level talks on the conflict since early months of Vladimir Putin's invasion Felicia Schwartz and Max Seddon - Financial Times Russia and the US have agreed to "lay the groundwork for future co-operation" on bolstering ties and ending the Ukraine war, after holding the first high-level talks on the conflict since the early months of Vladimir Putin's invasion. Following four-and-a-half hours of negotiations in Riyadh on Tuesday, the US state department said the two sides would appoint "high-level teams" to seek to end the war and establish a diplomatic channel to resolve bilateral issues. /jlne.ws/3CKedhb US presented Ukraine with a document to access its minerals but offered almost nothing in return Emma Burrows - Associated Press Ukrainian President Volodymyr Zelenskyy says he directed his ministers not to sign off on a proposed agreement to give the United States access to Ukraine's rare earth minerals because the document was too focused on U.S. interests. The proposal, which was a key part of Zelenskyy's talks with U.S. Vice President JD Vance on the sidelines of the Munich Security Conference on Friday, did not offer any specific security guarantees in return, according to one current and one former senior Ukrainian official familiar with the talks. /jlne.ws/4gR2FX3 Revealed: Trump's confidential plan to put Ukraine in a stranglehold; Panic in Kyiv as US president demands higher share of GDP than Germany's First World War reparations Ambrose Evans-Pritchard - The Telegraph Donald Trump's demand for a $500bn (£400bn) "payback" from Ukraine goes far beyond US control over the country's critical minerals. It covers everything from ports and infrastructure to oil and gas, and the larger resource base of the country. The terms of the contract that landed at Volodymyr Zelensky's office a week ago amount to the US economic colonisation of Ukraine, in legal perpetuity. It implies a burden of reparations that cannot possibly be achieved. The document has caused consternation and panic in Kyiv. /jlne.ws/4i1Rn3w Trump 'not ruling out sending troops to Ukraine' Joe Barnes - The Telegraph Donald Trump has not ruled out sending peacekeeping troops to Ukraine, the US President's peace envoy said on Monday. "The policy has always been that you take no options off the table," General Keith Kellogg told reporters after meeting with European Nato allies in Brussels. "You don't want to get into a negotiating position where options are taken up." /jlne.ws/41kgR6I Russia fines Google for YouTube clip telling Russian troops how to surrender, TASS says Reuters A Russian court has fined Alphabet's (GOOGL.O), opens new tab Google 3.8 million roubles ($41,530) for hosting content on YouTube that included videos instructing Russian soldiers how to surrender, Russia's TASS news agency reported on Monday. Russia has for several years ordered foreign technology platforms to remove content it deems illegal, such as what it calls "fakes" about the war in Ukraine, issuing small but persistent fines when it sees failures to comply. /jlne.ws/4b488so US and Russia Agree to More Talks on Ukraine, Set No Summit Date Iain Marlow - Bloomberg The US and Russia agreed to more talks on resolving the war in Ukraine and finding ways to work together on other international issues, but set no date for a summit meeting between Donald Trump and Vladimir Putin. The two sides ended more than 4 hours of negotiations in Saudi Arabia's capital, Riyadh, on Tuesday with a pledge to appoint high-level teams to work "on a path to ending the conflict in Ukraine as soon as possible in a way that is enduring, sustainable, and acceptable to all sides," according to a US State Department readout. /jlne.ws/43067vx Middle East Conflict Florida man charged with attempted murder, accused of shooting tourists he thought were Palestinian Chelsea Bailey - CNN A Florida man is expected to be arraigned on two felony counts of attempted murder Tuesday after he allegedly shot and injured two men he thought were "Palestinian," according to Miami Beach police. Officer Christopher Bess, a spokesman for the Miami Beach police department, told CNN the victims were tourists from Israel. Mordechai Brafman, 27, was arrested in Miami Beach, Florida, late Saturday after allegedly firing 17 times into the victims' car, injuring both the driver and a passenger, according to a police affidavit. /jlne.ws/3EDdGhm Israel to Start New Ceasefire Talks With Aim of Disarming Hamas; Foreign minister says negotiations on 'phase 2' truce to start; Initial six-week deal paused hostilities in 16-month conflict Dan Williams and Alisa Odenheimer - Bloomberg Israel will start negotiations on a second phase of the ceasefire with Hamas as early as this week, aiming for the complete dismantling of the Palestinian group in Gaza. Discussions to extend the initial six-week truce and secure the rest of the hostages held by Hamas will start in coming days, Israeli Foreign Affairs Minister Gideon Sa'ar told reporters on Tuesday. Should the next stage of talks prove constructive, the current ceasefire framework may be extended when it expires in early March, he said. /jlne.ws/3EHDNE1
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Exchanges, OTC & Clearing | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext launches fixed income derivatives on European government bonds; Specifically, the offering introduces the first mini futures cash-settled on European government bonds. Claudia Preece - The Trade Euronext has launched fixed income derivatives on main European government bonds as it looks to further bolster its derivatives presence. In the first instance, futures contracts will be introduced on the Euronext Derivatives Milan market - with contracts focused on European government bonds including: Italy's 10-year and 30-year BTPs, France's OAT, Germany's Bund, and Spain's Bono. Specifically, the offering introduces the first mini futures cash-settled on European government bonds - specially designed with retail investors in mind. /jlne.ws/42UY2bo Euronext expands into fixed income derivatives with an innovative offering on European government bonds Euronext Euronext, the leading European capital market infrastructure, is pleased to announce the launch of fixed income derivatives on main European government bonds, marking the most significant innovation in financial derivatives in recent years. This innovative offering introduces the first-ever mini futures cash-settled on European government bonds, delivering unparalleled accessibility and flexibility to investors. Designed to meet the needs of retail investors, these instruments also provide asset managers and private investors with the granularity required for hedging or taking exposure to government bonds. /jlne.ws/4gH8TJe ICE Bonds Sees Record Trading for Corporate, Municipal and Agency Bonds in 2024 FEB 18, 2025 Intercontinental Exchange Intercontinental Exchange (NYSE: ICE), a leading global provider of technology and data, today announced record 2024 trading volume for corporate bonds, municipal bonds and agencies trading on ICE Bonds. ICE Bonds attributes this strong growth to increased usage of its corporate bond sweeps protocol and the expansion of its global liquidity network of traders and portfolio managers. Trading on ICE Bonds reached record notional volume of $212 billion for corporate bonds in 2024, up 40% from 2023. Municipal bond trading reached record notional volume of $178 billion in 2024, up 5% from 2023, while Agencies, or bonds issued by government-sponsored enterprises or federal agencies, had record notional trading volume of $28 billion in 2024, up 20% from 2023. /jlne.ws/4b2c117 OCC Appoints Matt Rathbun as Chief Security Officer-Elect; Former Two Sigma executive Rathbun will succeed current CSO Mark Morrison, who is set to retire in 2025 OCC OCC, the world's largest equity derivatives clearing organization, today announced that Matt Rathbun has joined OCC as Chief Security Officer-Elect and will succeed current CSO Mark Morrison following his upcoming retirement. Rathbun has more than 25 years of experience in information technology and systems engineering, most recently as CSO for Two Sigma. /jlne.ws/4b7y8mB Haynes steps down as Aquis chief executive; David Stevens, current COO of Aquis Exchange is set to take over as chief executive with immediate effect, The TRADE understands. Claudia Preece - The Trade Alasdair Haynes, chief executive and founder of Aquis Exchange is stepping down from his role, and instead assuming the position of president. Announcing his departure on social media, industry heavyweight Haynes cited health reasons as the reason behind the decision. David Stevens, current COO of Aquis Exchange is set to take over as chief executive with immediate effect, The TRADE understands, while Richard Fisher will step into the joint role of CFO and COO. /jlne.ws/431Xel8 Initial Listing of the HLS (Argus) vs. WTI Trade Month Futures Contract CME Group /jlne.ws/3X0p25h Navigating volatility: trading European volatility markets in a year of macro events and elections Eurex Ahead of this year's Eurex Derivatives Forum in Frankfurt, we caught up with Davide Silvestrini, Head of EMEA Equity Derivatives Strategy at J.P. Morgan, to discuss the volatility outlook for this year and the opportunities available for trading the European markets. /jlne.ws/3ELBUGn The innovation imperative: balancing progress and stability in finance Eurex As financial markets embrace rapid technological advancements, regulatory frameworks, cybersecurity, and systemic stability are key concerns. Ahead of Derivatives Forum Frankfurt 2025, Efthimia Kefalea, Director, Collateral & Repo Clearing Design at Eurex Clearing, shares her insights on how the industry can balance innovation with market integrity. /jlne.ws/436hH8t Hiroki Tomiyasu Joins LSEG As Head Of Post Trade Japan And Head Of Post Trade Solutions APAC LSEG via Mondovisione London Stock Exchange Group (LSEG) today announces that Hiroki Tomiyasu joined the Group on 17 February as Head of Post Trade, Japan, and Head of Post Trade Solutions, APAC. He will report to both Rohit Verma, Head of Post Trade, APAC, LSEG, and Andrew Williams, Global Head of Post Trade Solutions, LSEG. The newly created position further reinforces LSEG's strong commitment to servicing Japan and APAC's dynamic markets, enabling customers to benefit from the risk management solutions and capital, margin and operational efficiencies that our services deliver. /jlne.ws/4k55J4J Net One Systems to be removed from JPX-Nikkei Index 400; Deletion comes as Japanese network integrator designated as 'to be delisted' - Nikkei Asia Nikkei and JPX Market Innovation & Research will remove Net One Systems, a Japanese network integrator, from the JPX-Nikkei Index 400 on Feb. 25 due to the company being designated as a stock "to be delisted" by the Tokyo Stock Exchange. No company will be added to the JPX-Nikkei Index 400 to replace Net One Systems that day. The number of constituents of the index will return to 400 in August when the next periodic review is to be conducted. /jlne.ws/4hYeQ5s Beware of Sites, Social Media, or Investment Scams Posing as J-Quants JPX Please beware. We have confirmed cases of websites, social media, and investment scams falsely claiming to be related to the "J-Quants" data service provided by JPX Market Innovation & Research. JPX group companies have no relation whatsoever to these activities. Furthermore, excluding cases where a user has a subscription to or has made a request for market data or other paid services provided by JPX group companies, JPX group companies will never instruct individuals to make wire transfers. You are advised to treat all such approaches with caution. /jlne.ws/3EIjoyx Caution for Investors MCX This concerns the news titled "Fraud Allegations Against MCX City Organization in Sambalpur," published by certain local news channels, blogs as well as online portals. MCX would like to clarify that it has no office or subsidiary operating under the name "MCX City Organization" / "MCXCT" / "MCX Commodities Trading Co." in Odisha or any other state in India. /jlne.ws/4hEbAN5 Tehran Securities Exchange Invites Issuers Publishing Sustainability Reports TSE via Mondovisione Tehran Securities Exchange (TSE) published its sustainability report 2024 and invited its listed issuers to proceed with this initiative and the global trends. "Sustainability has become one of the fundamental pillars of the economic activities and investment communities. A sustainability report is a document that organizations and companies prepare to clarify their performance in the areas of their economic, social, environmental and corporate governance. The sustainability report provides a clearer picture regarding companies' commitment to sustainable development to their stakeholders, including investors and shareholders", TSE wrote in a letter to the executives of its listed companies. /jlne.ws/4hEX2wE
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Fintech | A roundup of today's market tech news and a look at tomorrow's disruptors | WhatsApp Faces Tougher EU Rules as Monthly Users Top 45 Million Gian Volpicelli - Bloomberg Meta Platforms Inc.'s messaging service WhatsApp reached a crucial user milestone likely to bind it to more stringent rules under the European Union's Digital Services Act. WhatsApp's open channels, which are feeds affiliated with news outlets or public figures that under the DSA are comparable to a social network, averaged about 46.8 million monthly average users in the second half of 2024, Meta said in a filing on Feb. 14 that hasn't previously been reported. /jlne.ws/3EDekeM Devexperts targets institutional firms with new single-dealer platform launch; New offering will help address the legacy system update needs of banks, hedge funds, market-makers, and asset managers. Wesley Bray - The Trade Devexperts has launched a fully customisable, single-dealer multi-asset platform, designed for banks, hedge funds, asset managers, and market makers seeking to update front-end legacy systems. Named DXtrade Institutional, the offering will be built on a bespoke basis using customers' existing platforms, contrasting Devexperts' ready-to-use DXtrade variants. DXtrade Institutional aims to provide a scalable, multi-asset solution with back-end integration, enabling institutions to execute trades directly while maintaining full control over pricing, risk management, and liquidity distribution. /jlne.ws/3QmTZwT Steve Cohen's Point72 Leads $75 Million Round in Legal AI Startup Luminance Yazhou Sun - Bloomberg Billionaire Steve Cohen's Point72 Private Investments led a $75 million financing round in Luminance Technologies Ltd., a startup that uses artificial intelligence to draft and review legal documents. The company, which was created with support from the late British tycoon Mike Lynch, announced the financing in a statement on Tuesday. Other backers include Forestay Capital and existing investors March Capital and National Grid Partners. /jlne.ws/41lo0Uc 'Two-tier' AI economy is emerging between startups and corporations, with large organizations falling behind, AWS EMEA chief says Beatrice Nolan - Fortune Large companies are not adopting AI as quickly as start-ups, AWS managing director Tanuja Randery says. The gap is leading to a "two-tier" AI economy as startups outpace corporations. As companies race to incorporate AI into their day-to-day operations, a "two-tier" economy is emerging between startups and larger corporations, Tanuja Randery, the managing director of Amazon Web Services in EMEA told Fortune. Citing a new report from AWS, Randery said that European startups had integrated AI at pace over the last year while larger enterprises in the region were falling behind. /jlne.ws/3ELCggb With AI Friends Like These, Who Needs Humans? Digital companions offer constant empathy. That could profoundly change the relationships we have over the course of our lives. Parmy Olson - Bloomberg Grok looks like any plush toy you'd find in a kid's bedroom. Its round body is shaped like a rocket, and my two kids have been playing with it for months. It's different from other toys they're used to. For one thing, Grok is heavy. Inside it is a plastic box containing a small computer, so that whenever it detects human speech it can respond in a high-pitched voice with things like, "I'm having the best time with you!" Grok is the most enthusiastic and agreeable playmate my kids have ever had. But there's something disconcerting about that, as more AI companions like Grok flood the market, targeting kids, teens and adults alike. Over time, we may start to expect a level of compliance that human interactions can never match. /jlne.ws/3CHZe7q How AI Can Protect Vital Pipelines and Cables Deep in the Ocean; Militaries and startups use artificial intelligence to sift through vast amounts of data and power autonomous underwater vehicles, boosting efforts to surveil the seabed William Boston - The Wall Street Journal Deep under the sea, pipelines and cables carrying fuel, power and communications are strewn on the ocean floor like a central nervous system for the global economy. Huge stretches of these critical connectors lie unprotected in the murky depths-and vulnerable to attacks such as the 2022 sabotage of the Nord Stream pipelines that carry Russian natural gas to Europe under the Baltic Sea. /jlne.ws/3X5mN0E oneZero picks up automation business Autochartist; Through the deal, Autochartist's cloud-based analytics and data engine is set to be integrated into oneZero's offering. Claudia Preece - The Trade /jlne.ws/4gJ9hH3 AI Data Center With Up to 3 Gigawatts of Power Is Envisioned for South Korea; Few global facilities possess more than a gigawatt of power, making electricity for artificial-intelligence computing increasingly scarce Asa Fitch and Timothy W. Martin - The Wall Street Journal /jlne.ws/4gPOrps
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Cybersecurity | Top stories for cybersecurity | Cybersecurity pros are preparing for a new adversary: AI agents Christian Vasquez - Fortune The tech industry is abuzz over the business potential of AI "agents," which can execute tasks on their own. For those tasked with protecting organizations against cybercriminals however, the influx of AI agents will mean preparing for a challenging new adversary to contend with. Security experts now view "agentic" AI tools that engage in multi-step problem solving and act on them autonomously as one of 2025's biggest threats.And while the explosion of AI-enabled hacks powered by generative tools like OpenAI's GPT models may not have been as bad as some feared, AI agents present cybercriminals with a powerful new upgrade to their arsenal, changing the tool from a basic assistant to an active and eager co-worker that never needs to sleep. /jlne.ws/3CXg7uG Another Cybersecurity Flaw: Automakers Still Risking Too Much Steve Tengler - Forbes In the 1959 novel, Endurance, Alfred Lansing recounts the two-year (1914-1916), failed voyage of twenty-eight men attempting to cross the Antarctic continent. Without spoiling more than is exposed in the first few pages, the tale weaves together the journals kept by the survivors, which detail a seemingly never-ending string of unfathomable risks, painful impediments, and improbable outcomes. While navigating these icy waters, one of the more memorable quotes came from the captain, Frank Worsley, "Hope tells a flattering tale." /jlne.ws/42XO60D Ransomware: The $270 Billion Beast Shaping Cybersecurity-Insights from Cyentia's Latest Kirsten Doyle - Tripwire Ransomware has evolved into one of the most devastating cyber threats of modern times, creating previously unimaginable financial and operational hardships for entities in every sector. As malicious actors employ increasingly sophisticated tools, honing their tactics and spreading their tentacles, understanding the key trends, targeted industries, and financial impact is at the heart of successfully mitigating risks. /jlne.ws/4gL0x3o
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Cryptocurrencies | Top stories for cryptocurrencies | Robinhood Expects to Launch Crypto Products in Singapore in 2025; The crypto offerings will be launched through Bitstamp Robinhood plans to expand throughout the Asia-Pacific region Teresa Xie - Bloomberg Robinhood Markets Inc. plans to launch Singapore crypto offerings in 2025 through an entity of European digital-assets exchange Bitstamp Ltd., which it recently acquired. The company intends to roll out the services with guidance from local regulators by late 2025, although it hasn't yet set a launch date, said Johann Kerbrat, vice president and general manager of Robinhood Crypto, in an interview with Bloomberg News. /jlne.ws/43040aM HK comments leave the door open to use of cryptocurrencies as proof of wealth Summer Zhen - Reuters The Hong Kong government has responded for the first time to questions about the use of cryptocurrencies as proof of wealth for an immigration scheme after a local accountant talked publicly about two cases that had accepted the digital assets. Clement Siu, a Hong Kong-based certified public accountant, told media he had handled two cases where bitcoin and ether were used as proof of clients' assets. /jlne.ws/41j39Ru Hudson River, Amber Crypto Quant Vets Want to Take on Solana; Altius Labs raised $11 million in a pre-seed funding round; Thiel's Founders Fund and Pantera co-led the funding round Muyao Shen - Bloomberg A pair of veterans from the quantitative trading world have launched a blockchain startup that wants to help other crypto projects seeking to replicate the success of the Solana network. Anit Chakraborty, who was most recently a software engineer at proprietary trading firm Hudson River Trading for over 15 years, has joined Annabelle Huang, former managing partner at crypto market maker Amber Group to form Altius Labs. They've raised $11 million in a pre-seed funding round co-led by Peter Thiel's Founders Fund and digital-asset investment firm Pantera through an instrument know as a SAFE, or a simple agreement for future equity, as well as token warrants, Chakraborty and Huang said in an interview. /jlne.ws/3EIl7E1 Memecoin scandal rocks Argentina's Javier Milei; Opposition calls for president's impeachment after he promoted a cryptocurrency that plunged in value Ciara Nugent - Financial Times Argentina's libertarian president Javier Milei has been buffeted by a scandal over his promotion of a memecoin that soared in value before collapsing, triggering impeachment calls and lawsuits. Milei promoted a cryptocurrency called $LIBRA on X on Friday night, which had begun trading minutes earlier. Its value quickly soared above $4 before falling below 50 cents. /jlne.ws/3QqbTit
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Politics | An overview of politics as it relates to the financial markets | Trump Isn't Playacting When He Invokes Napoleon; The president is fawning over strongmen past and present because he wants to emulate them. Timothy L. O'Brien - Bloomberg President Donald Trump invoked Napoleon over the weekend, inspired, it would appear, by Rod Steiger's portrayal of the military dictator and reformer in a 1970 film, Waterloo (shot in part, by the way, on location in Ukraine and jointly produced with the Soviet Union). Trump, possibly on the verge of abandoning Ukraine amid his own joint production with Vladimir Putin's Russia, took to his social media account on Saturday to note: "He who saves his Country does not violate any Law." The origins of the quotation aren't clear, but the closest proximity is a similar Steiger line from Waterloo. I can't imagine a book inspired the post. Trump doesn't read. But he's an avid movie fan who thinks about himself cinematically - and he also shared another post featuring the quotation and an image of Napoleon. /jlne.ws/4i2Ydp8 US judges are the last line of resistance against Donald Trump; The president's radical policies are increasingly being stalled or blocked by the courts Stefania Palma - Financial Times In a New York court on Friday, Donald Trump and billionaire ally Elon Musk suffered another setback to their plan to overhaul the US government by sacking workers, slashing spending, and dismantling the bureaucracy of the world's most powerful economy. Judge Jeannette Vargas extended an order denying Musk access to the Treasury system that disburses trillions of dollars in payments. The ruling was the latest evidence that the biggest check to Trump and his executive power is not Congress or the Democratic party, but America's courts. "The only institutional backstop is the courts," said Noah Bookbinder, president of Citizens for Responsibility and Ethics in Washington, an advocacy group that has sued the Trump administration over plans to fire government workers. /jlne.ws/3X5qIL6 Trump live: Elon Musk is not a DOGE employee and has no decision-making authority, White House filing reveals Oliver O'Connell, Joe Sommerlad and Gustaf Kilander - The Independent Donald Trump's White House has revealed in a court filing that billionaire Elon Musk is not an employee of the Department of Government Efficiency (DOGE) and has no decision-making authority, Musk's role in the administration is limited to that of an employee and senior adviser to the president, according to the filing. /jlne.ws/3QkHm5H NYC Mayor Under Growing Pressure to Quit as City Hall in Crisis Ben Steverman and Nacha Cattan - Bloomberg The crisis surrounding New York Mayor Eric Adams intensified after four top deputies said they were resigning, the speaker of the city council called for him to step down and the state's Governor Kathy Hochul said she has "serious questions" about the future of his administration. Hochul, a fellow Democrat with the power to remove Adams from office, called allegations of a 'quid pro quo' between the mayor and the Trump administration "extremely concerning and serious" and said she would hold a meeting in Manhattan on Tuesday with "key leaders" to discuss a path forward. /jlne.ws/41lO3dK Washington Post Cancels Ad From Groups Calling for Trump to Fire Musk; The newspaper told Common Cause, an advocacy group, that it was pulling its special ad, which would have covered the front and back pages of some Tuesday editions. Julie Creswell - The New York Times An advertisement that was set to run in some editions of The Washington Post on Tuesday calling for Elon Musk to be fired from his role in government was abruptly canceled, according to one of the advocacy groups that had ordered the ad. Common Cause said it was told by the newspaper on Friday that the ad was being pulled. The full-page ad, known as a wraparound, would have covered the front and back pages of editions delivered to the White House, the Pentagon and Congress, and was planned in collaboration with the Southern Poverty Law Center Action Fund. /jlne.ws/3X7KYvr Don't dismiss Donald Trump's idea of a Maga SWF; Proposal for a sovereign wealth fund should be taken seriously Stephen Jen - Financial Times Donald Trump's proposal to create a "Maga SWF" has attracted some scepticism since its announcement in the rush of executive orders on his return to the White House. But it should be taken seriously - it could become the largest and the most strategically important sovereign wealth fund in the world. SWFs have been in existence since the 1950s but have grown rapidly as a global force in markets and economies in recent years since I started tracking them in the mid-2000s at Morgan Stanley. Their collective size has swelled from $2.5tn in 2007 to more than $13tn now. /jlne.ws/4gGLTKt UK Plans FTSE Firm-Style Unit for £20 Billion Defense Spending; John Healey announces plans to shake up Ministry of Defense; Britain says it's willing to send troops to Ukraine if needed Ellen Milligan - Bloomberg /jlne.ws/3X9548O The Simple Start to Ending the EU Security Nightmare: Bonds; Jointly issued defense debt is low-hanging fruit for even ardent skeptics. Marcus Ashworth - Bloomberg /jlne.ws/4b1KYmx Milei Denies Wrongdoing in His First Defense of Crypto Debacle Manuela Tobias and Ignacio Olivera Doll - Bloomberg /jlne.ws/3X467qm
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Regulation & Enforcement | Stories about regulation and the law. | Elon Musk's newest target is the regulator that fined him $20m and is still investigating him John Bowden - The Independent DOGE overlord Elon Musk is now aiming his crosshairs at the Securities Exchange Commission (SEC), a move that flies in the face of Donald Trump's denials claiming that the Tesla CEO had no conflicts of interest as he embarks on a federal firing and cost-cutting crusade. This time Musk is investigating the exact same agency that is currently targeting him - and fined him $22 million for security violations in a past case. The news was revealed on a "DOGE SEC" X account with a gray Twitter badge marking it as a legitimate site of Musk's Department of Government Efficiency operation. The account issued its first tweet on Monday, asking the public's help to report any SEC "waste, fraud and abuse." /jlne.ws/4b9m4RV UK Fines Eighth London Broker Over Sanjay Shah's Tax Trades; Mako accepted findings and qualified for a discount in fine; FCA decision marks end of eighth probe linked to tax scandal Jonathan Browning - Bloomberg UK authorities completed their eighth investigation into Cum-Ex trades, fining a London brokerage firm £1.6 million ($2 million) for its involvement in executing the notorious tax deals that have cost European treasuries billions of euros. Mako Financial Markets Partnership LLP was hit with the penalty for trading £68.6 billion in Danish equities and £23.6 billion in Belgian stocks on behalf of hedge fund chief Sanjay Shah's Solo Group. The penalty takes the total number of fines to more than £30 million and marks the end of the UK investigations, the Financial Conduct Authority said Tuesday. /jlne.ws/3X62osw Looming US Basel endgame redraft sparks calls to save IRB; Experts say 20 years of data makes credit risk models more appropriate than standardised approach Menghan Xiao - Risk.net Large banks in the US are contemplating a last-ditch effort to save regulatory capital models for credit risk, as the new Republican presidential administration sets the stage for a potentially far-reaching review of draft capital rules proposed by Democratic regulators. When the US prudential agencies set out their suggested version of the Basel Committee on Banking Supervision's post-crisis framework in July 2023 - dubbed the Basel III endgame - they advocated removing the internal ratings /jlne.ws/3Qmb3TF SEC Seeks Candidates for Investor Advisory Committee SEC via MarketsMedia The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC's Investor Advisory Committee, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the interests of senior citizens, as provided in the Act.The purpose of the Investor Advisory Committee is to advise the Commission, protect investor interests and promote the integrity of the securities marketplace. /jlne.ws/4ilU9kn ASIC proposes further relief for licensees under the reportable situations regime ASIC ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC's proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. /jlne.ws/3CYqizg FCA fines Mako for failings relating to cum-ex trading FCA The FCA has fined Mako Financial Markets Partnership LLP (Mako) £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime. Mako also failed to adequately apply the policies and procedures it did have in place. This eighth enforcement case brought by the FCA, concludes its investigations into cum-ex trading. Working closely with EU and global law enforcement agencies, the FCA has imposed fines of more than £30m in relation to this trading. Between December 2013 and November 2015, Mako executed purported over-the-counter equity trades on behalf of clients of the Solo Group, worth approximately £68.6bn in Danish equities and £23.6bn in Belgian equities. Mako received commission of approximately £1.45m. /jlne.ws/3ELziZe SFC issues restriction notices to Money Concepts (Asia) Holdings Limited and Money Concepts Asset Management Limited SFC The Securities and Futures Commission (SFC) has issued restriction notices to Money Concepts (Asia) Holdings Limited (MCAH) and Money Concepts Asset Management Limited (MCAM) because of doubts over their honesty, reliability, integrity and ability to carry on regulated activities competently, honestly and fairly, and hence, their fitness and properness to remain licensed (Notes 1 and 2). The restriction notices prohibit them, without prior written consent from the SFC, from carrying on any business, whether directly or through agents, which constitutes regulated activities for which they are licensed under the Securities and Futures Ordinance (SFO) until further notice. /jlne.ws/4hZtvxi Deutsche Bank went on hiring spree while failing to deliver on costs; German lender has bulked up on back-office staff who do not generate revenue Florian Muller and Olaf Storbeck - Financial Times Deutsche Bank has undertaken a three-year hiring spree that has reversed almost all of the steep cuts to jobs imposed by chief executive Christian Sewing at the start of his tenure, underlining the scale of the challenge the bank faces in reducing costs. The increase in staff was concentrated in back-office roles that do not generate revenue, a Financial Times analysis shows, even as the German lender has invested billions of euros in IT to help automate some of those functions and streamline workflows. /jlne.ws/4i15HJx
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Investing & Trading | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | No, Elon Musk Hasn't 'Discovered' Fraud at Social Security; Any that takes place appears to be of the small change, one-person-at-a-time sort, not the larger-scale continuing issues at Medicaid and Medicare. Justin Fox - Bloomberg Last year, it suddenly fell to me to manage the affairs of a couple of ailing and now deceased elderly people (my parents-in-law). As anyone who has been through this ordeal knows, it involves spending lots and lots of time on the phone and online communicating with banks, insurers, medical billing departments and other service providers. The experience offers a useful perspective on the efficiency and responsiveness of various institutions. The worst were, big surprise, a cable company and a health-plan administrator. Banks varied in their customer service, with small banks generally more pleasant to deal with than big ones, although I did find it endearing of big bank Capital One that I could always tell my question was about to be answered or problem solved when my call was finally transferred to someone with a Southern accent. /jlne.ws/4hDKHIU OpenAI seeks new powers to fend off hostile takeover from Elon Musk; Start-up in talks over ways to allow its non-profit board to maintain control after conversion to a for-profit business George Hammond and Cristina Criddle and John Foley - Financial Times OpenAI is considering granting special voting rights to its non-profit board in order to preserve the power of its directors, as the $157bn start-up fends off an unsolicited takeover bid from Elon Musk. Chief executive Sam Altman and other board members are weighing a range of new governance mechanisms after OpenAI converts into a more conventional for-profit company, according to people with direct knowledge of the discussions. /jlne.ws/4b1tG9f Anglo American sells nickel business for up to $500mn; Miner seeks to focus on copper and iron as it restructures after rebuffing BHP takeover attempt Camilla Hodgson - Financial Times Anglo American has sold its nickel business for up to $500mn in cash as it works to restructure itself radically after rebuffing rival BHP's £39bn takeover attempt last year. Anglo said on Tuesday that it had agreed to sell its nickel assets, located in Brazil, to MMG Singapore Resources, part of China-backed MMG. /jlne.ws/40WaOna
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Environmental, Social and Corporate Governance | Stories about environmental, social and governance investing | Ex-Pimco Executive to Run World's First Catastrophe-Bond ETF; Fund is scheduled to start trading next month on NYSE; Cat-bond returns have exceeded other high-yield debt markets Gautam Naik - Bloomberg Catastrophe bonds, whose returns have consistently trounced those of high-yield debt markets in recent years, are about to become accessible to a wider group of investors. An exchange-traded fund based on a portfolio of as many as 75 of the 250 so-called cat bonds outstanding is due to start trading on the New York Stock Exchange next month, marking a world first. /jlne.ws/4gNb7GQ 'The path forward is clear': how Trump taking office has 'turbocharged' climate accountability efforts; 'Make polluters pay' laws, led by blue states AGs, and accountability suits will be a major front for climate litigation for the coming years Dharna Noor - The Guardian Donald Trump's re-election has "turbocharged" climate accountability efforts including laws which aim to force greenhouse gas emitters to pay damages for fueling dangerous global warming, say activists. These "make polluters pay" laws, led by blue states' attorneys general, and climate accountability lawsuits will be a major front for climate litigation in the coming months and years. They are being challenged by red states and the fossil fuel industry, which are also fighting against accountability-focused climate lawsuits waged by governments and youth environmentalists. /jlne.ws/3QpM9mq Japan's $1.5bn bet on ultra-thin solar cells in challenge to China; Tokyo aims to disrupt Beijing's dominance of renewables and reduce fossil fuel dependence Harry Dempsey - Financial Times Japan is betting $1.5bn on a breakthrough in next-generation ultra-thin, light and bendy solar panels, subsidising the commercialisation of a technology that analysts say could disrupt China's dominance of renewable energy and reduce Tokyo's dependence on fossil fuels. Perovskite cells are 20 times thinner than regular solar panels and could be plastered over stadiums, airports and office buildings, enabling mass adoption of solar in a mountainous country that lacks the open space needed for more conventional solar farms. /jlne.ws/43k2UHp California's Push for Electric Trucks Sputters Under Trump; The state will no longer require some truckers to shift away from diesel semis but hopes that subsidies can keep dreams of pollution-free big rigs alive. Peter Eavis - The New York Times President Trump's policies could threaten many big green energy projects in the coming years, but his election has already dealt a big blow to an ambitious California effort to replace thousands of diesel-fueled trucks with battery-powered semis. The California plan, which has been closely watched by other states and countries, was meant to take a big leap forward last year, with a requirement that some of the more than 30,000 trucks that move cargo in and out of ports start using semis that don't emit carbon dioxide. /jlne.ws/41kggBJ America's $412 Billion Green Bank Was Gutted Years Ago; The failure of the Biden administration to match lofty rhetoric about decarbonization with actual projects was a gift for Trump. David Fickling - Bloomberg Opinion Another day, another US government agency ransacked by the incoming administration of President Donald Trump. If only the inaction of his predecessor hadn't turned it into such a juicy target. The Loan Programs Office, a $412 billion clean energy fund set up in 2005 by a Republican-controlled Congress, is the latest object lesson in how the unholy alliance of Trump and Elon Musk has driven a Cybertruck through disfavored government departments. In truth, the LPO gutted itself long before the current round of robber barons drove into town. /jlne.ws/41lLn03 Japan Sets 2035 Emissions Target Seen as Missing Global Goal; Nation aims to cut greenhouse gas pollution by 60% by 2035; Further reductions are required to meet Paris Agreement: BNEF Aaron Clark and Shoko Oda - Bloomberg Japan will aim to cut greenhouse gas emissions 60% by 2035 from 2013 levels under a revised climate target, a policy seen as falling short of action required to meet Paris Agreement goals. Prime Minister Shigeru Ishiba's cabinet has approved the new strategy and submitted it to the United Nations, the environment ministry said Tuesday. The world's fifth-biggest carbon dioxide polluter has an existing target to reduce emissions by 46% by 2030. /jlne.ws/4323BF4 As Activists Mobilize Against Drilling, Oil and Gas Operators Sour on Colorado; Emboldened residents organize to halt Big Oil's march toward the Rocky Mountain suburbs. Jennifer Oldham - Inside Climate News /jlne.ws/3X5ksmD Diamondback Expands Permian Oil Assets in Double Eagle Deal Mitchell Ferman and James Herron - Bloomberg /jlne.ws/3EFW6JH Trump Lacks a Lightbulb Moment on Energy Efficiency; LEDs can help accommodate AI's hunger for power. Liam Denning - Bloomberg /jlne.ws/41k9E6o Modi-Trump energy pledge signals bonanza for US gas exporters; Indian companies make clear demand for fresh supplies in world's fastest-growing major economy Andres Schipani and Jamie Smyth - Financial Times /jlne.ws/41hCIvs US private equity diversity project for Black students affirms commitment; AltFinance to continue mentorship mission even as some companies cancel DEI programmes Sujeet Indap and Antoine Gara - Financial Times /jlne.ws/4gKyzVq White House Changes Federal Contracting Rules to Eliminate DEI Considerations; The new policy reverses a Biden administration initiative Michelle Hackman - The Wall Street Journal /jlne.ws/4hGnxl9
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Banks, Brokers & Managed Funds | The latest from banks, brokers, hedge funds and managed futures | Development banks team up for FX hedging push; Banks such as EBRD and World Bank club together to improve emerging market funding tools Cole Lipsky - Risk.net A group of multilateral development banks are planning to collaborate on identifying and creating foreign exchange hedging tools to help fund projects in emerging market nations. The 10-strong group, which includes the World Bank, Inter-American Development Bank (IDB), and European Bank for Reconstruction and Development (EBRD), outlined plans in December to boost private capital investment in these economies by increasing the availability of local currency lending and FX hedging mechanisms. /jlne.ws/3X5wsoe Commerzbank Set to Shrink Frankfurt Office Space on Job Cuts Laura Malsch and Steven Arons - Bloomberg Commerzbank AG is planning to exit several buildings in Frankfurt as it sets out to reduce office space in its home city after announcing deep job cuts. The German lender said Tuesday it will rent more than 73,000 square meters (786,000 square feet) in a 52-story high-rise currently under construction in the city center. The move will ultimately allow Commerzbank to give up three other office buildings it's currently using with a combined space of roughly 100,000 square meters, a person familiar with the matter said. /jlne.ws/3ELDb0g JPMorgan Axed About Nine Workers in Paris for 'Economic Reasons'; America's largest bank employs almost 1,000 people in Paris; Political turmoil in France has been weighing on investments Claudia Cohen - Bloomberg JPMorgan Chase & Co. has dismissed around nine workers including traders in its Paris office since November, citing "economic reasons," according to people familiar with the matter. Among the staffers let go were some who came to Paris after Brexit burnished France's appeal as an attractive financial hub in Europe, two people said, asking not to be identified discussing private information. America's largest bank, which is led by Jamie Dimon, has now almost 1,000 people in Paris. /jlne.ws/4i2N4EX BofA Survey Shows Investors Haven't Been This Risk-On Since 2010; Fund managers' cash levels slump to the lowest since 2010; Most respondents see no recession, expect Fed to cut rates Sagarika Jaisinghani - Bloomberg Global stocks have become the most popular asset class with investors, who are showing the biggest willingness to take risk in 15 years, according to a survey by Bank of America Corp. Fund managers' cash levels fell to the lowest since 2010, while 34% of participants said they expect world equities to be the best-performing asset in 2025, the survey showed. A net 11% indicated they were underweight bonds. Investors are "long stocks, short everything else," strategist Michael Hartnett wrote in a note. The bullishness was underpinned by expectations of robust economic growth and lower US interest rates this year, he said. /jlne.ws/3CW93OY Ex-Pimco Executive Readies World's First Catastrophe-Bond ETF Gautam Naik - Bloomberg Catastrophe bonds, whose returns have consistently trounced those of high-yield debt markets in recent years, are about to become accessible to a wider group of investors. An exchange-traded fund based on a portfolio of as many as 75 of the 250 so-called cat bonds outstanding is due to start trading on the New York Stock Exchange next month, marking a world first. "It's a very nuanced asset class and our goal is to demystify it," Rick Pagnani, co-founder and chief executive of King Ridge Capital Advisors Inc., which will manage the ETF, said in an interview. The fund will be overseen by Texas-based Brookmont Capital Management LLC. Pagnani, who until last year was running the insurance-linked securities desk at Pacific Investment Management Co., said it's "challenging to build a diversified catastrophe-bond portfolio for a typical investor on their own." By packaging cat bonds into an ETF, "we aim to lower some of the barriers to entry," he said. /jlne.ws/3CYQ8Dd Norway Central Bank Gets 82 Applicants for Wealth Fund; CEO Job Current chief Nicolai Tangen has applied for a second term; Norway's $1.8 trillion fund is built on oil, gas revenue Kari Lundgren and Stephen Treloar - Bloomberg Norges Bank received 82 applications for the job to run Norway's $1.8 trillion sovereign wealth fund, as current chief Nicolai Tangen's first period comes to an end. Tangen, 58, who is approaching the end of his first five-year term, reapplied for the position along with a slew of other applicants with backgrounds ranging from asset management to electricians and environmental campaigners, according to a list obtained from the central bank. /jlne.ws/3QjPsLQ Fidelity Investments Reports Record Annual Profit, Revenue; Stock market's rally drew more money into the firm's funds and spurred trading activity by its customers Hannah Erin Lang - The Wall Street Journal /jlne.ws/4hNz95Z These Managers Pick Stocks Once a Year. Here's What Keeps Them Busy; For the annual rebalance of Hennessy Cornerstone Mid Cap Fund, its overseers turn to a formula. The strategy has outpaced the S&P 500 for more than two decades. Jon Asmundsson - Bloomberg /jlne.ws/42XMx2L Goldman launches high-yield active ETFs in Europe; Funds will add to Goldman's existing offering of an active investment grade corporate bond ETF launched last month Sandra Heistruvers - Financial Times /jlne.ws/4hHHGHJ
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Wellness Exchange | An Exchange of Health and Wellness Information | Our Wellness Editors' Best Hacks for Surviving Cold and Flu Season; Trying to avoid getting sick this cold and flu season? Here is what our wellness experts are doing to protect their health. Anna Gragert - CNet Cold and flu season is in full swing, many people are getting sick right now, The Center for Disease Control, the rate of seasonal influenza is higher than it's been all season, and that people are seeking healthcare for respiratory illness at a high level this month. Redditors have also been sharing that the cold and flu season has felt especially bad this year, with many commenters sharing that their illness symptoms have felt more debilitating than usual this year or looking for ways to avoid getting sick. /jlne.ws/3X2HKcE First Cows, Now Cats. Is Bird Flu Coming for Humans Next? With so much H5N1 virus circulating across the U.S., scientists worry we are a few mutations away from a potential human pandemic Sumathi Reddy - The Wall Street Journal Bird flu is here to stay. The H5N1 avian influenza is proliferating among U.S. cows and there are now two strains circulating among mammals and birds. Though there are only 68 confirmed cases in people-largely dairy workers-public-health officials think bird flu is likely more widespread. Last week, a Centers for Disease Control and Prevention report documented three asymptomatic cases in veterinarians who took care of cattle they didn't know had H5N1. /jlne.ws/3QnjPkt Cambridge To Halt Funding for Transition Wellness Center Shelter as American Rescue Plan Funds Run Out Diego Garcia Moreno and Summer E. Rose - The Harvard Crimson The City of Cambridge plans to halt funding to the Transition Wellness Center Shelter in June, removing the shelter's 58 beds as the city struggles to accommodate its unhoused population. The center - which is funded by the American Rescue Plan Act - opened in December 2020 as a response to the Covid-19 pandemic and was originally intended to close in 2023. The city extended funding of the program to June 2025, but will not extend it again when the lease expires. /jlne.ws/4hGvabq Doctors and Hospitals Look to Drones to Deliver Drugs, Supplies-and Even Organs; Healthcare providers are testing the technology, hoping it will allow them to transport medications and other supplies more quickly and cheaply William Boston - The Wall Street Journal If you need a prescription filled in the coming years, don't be surprised if it flies in and lands in your backyard. Hospitals and doctors are increasingly experimenting with the use of drones to deliver medications, lab tests and supplies to patients being treated at home. Some are testing whether drones can be used to deliver organs for transplant more quickly and cheaply. And in some cities, a 911 call today could set off a drone carrying a defibrillator, Narcan spray or tourniquet to the scene of an emergency ahead of the arrival of paramedics. /jlne.ws/4hEhxtp
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Regions | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Talent crunch pushing Singapore's financial sector to rewrite operations playbook to retain staff; In the race for talent, some banks are re-thinking their operating models, or redefining seniority by performance, not tenure Ranamita Chakraborty - The Business Times AMID high-profile layoffs that have hit some global banks, financial-services firms are still grappling with a shortage of good talent. And increasingly, they are looking at hiring from within, reskilling their employees and using more flexible leadership structures, market players say. "Banks are increasingly opting for alternative strategies to retain experienced talents," Charnele Tan, assistant director at recruitment-services provider The GMP Group, told The Business Times. /jlne.ws/4313VUr Australia's Iron Ore Hub Reopens, Rio Mines Resume After Cyclone Peter Vercoe - Bloomberg Australia's biggest iron ore port reopened and Rio Tinto Plc mines resumed operations after being spared any major damage from Tropical Cyclone Zelia. Port Hedland, which handled almost 760 million tons of commodities last fiscal year, reopened late Saturday following inspections of channels and berths, according to a statement from Pilbara Ports Authority. /jlne.ws/3EF6tgJ 18 Hong Kong banks join forces to help SMEs weather financial storm South China Morning Post A dozen banks have joined six major lenders in Hong Kong to provide financial support for small and medium-sized enterprises (SME), which account for 98 per cent of the enterprises in the city, to help resolve cash-flow issues. The Hong Kong Association of Banks (HKAB) said on Monday that a total of 18 banks on the SME lending task force agreed to join the customer financial arrangements negotiation mechanism, with the goal of "helping customers resolve financial difficulties". /jlne.ws/3XurEcf Former Staffers Say India's Biggest IT Firm Was Gaming the US Visa System; New data show how TCS makes heavy use of employment visas reserved for managers. Ex-staffers say it was to get around H-1B rules. Newley Purnell and Eric Fan - Bloomberg The first time Donald Trump took over the White House, Anil Kini alleges that executives at India's biggest outsourcing firm ordered him to take part in what he describes as a coverup. Kini, who was an IT manager working in Denver for Mumbai-based Tata Consultancy Services Ltd, or TCS, says his superiors ordered him to falsify internal organizational charts - to make them appear more top-heavy with managers than they really were. /jlne.ws/3CWEdFU The Ukrainian mineral riches in Donald Trump's sights; Vast estimated deposits of lithium, titanium and rare earths such as gallium have yet to be significantly developed Christopher Miller, Polina Ivanova, Camilla Hodgson and Henry Foy - Financial Times Donald Trump's "minerals-for-aid" offer to Ukraine last week has put the spotlight on the country's vast and rare mineral resources, to which Washington wants rights as payback for past military support. Ukraine has large underground deposits worth up to $11.5tn of critical minerals, including lithium, graphite, cobalt, titanium and rare earths such as gallium, that are essential for an array of industries from defence to electric vehicles. /jlne.ws/3EBYpxh Anti-Americanism Is Gaining New Life in Latin America; Trump's effort to talk loudly and carry a big stick in the region is bound to backfire spectacularly. Juan Pablo Spinetto - Bloomberg Opinion With anti-US rallies on the streets and the star-spangled banner in flames, Panama hasn't taken well to President Donald Trump's vow to repossess its famous canal. Since Trump's surprising proclamation, Panamanian President José Raúl Mulino has been doing a delicate balancing act, trying to appease the new US administration while containing domestic furor over its expansionist demands. Public disagreements on the canal transits of US government vessels are just one sign of how hard it is for Mulino to please both sides. /jlne.ws/4i3TJ1O
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Miscellaneous | Stories that don't quite fit under the other sections | When Rupert Murdoch dies, James Murdoch says he may rein in Fox News Jim Edwards - Fortune Rupert Murdoch is 93 years old. When he dies, control of News Corp - including Fox News - goes equally to his four children, James, Lachlan, Prudence and Elisabeth. In 2020, James resigned from the company in disgust at Fox airing conspiracy theories and fake news. When his father passes, he may press the board to reform the news channel, according to a new interview. When Rupert Murdoch dies, his son James and his sisters may move to reform Fox News to prevent it from spreading false information or unfounded conspiracy theories, according to a lengthy series of interviews James Murdoch gave to McKay Coppins for The Atlantic. /jlne.ws/4k57BKN One of Britain's Most Dominant Sportsmen Has Stiff Joints and Works in Finance; Tom Dunbar ruled Eton Fives for decades before losing the title last year. He wants it back. Max Colchester - The Wall Street Journal Perhaps the most dominant British athlete in recent history is 42 years old, has a sore knee and spends his days behind a desk in central London helping run a $1.5 billion finance company. For nearly a quarter of a century, Tom Dunbar has ruled the game of Eton Fives. The sport, a form of handball which is largely the preserve of Britain's top private schools, is played on a court modeled after the medieval chapel wall at Eton College. Think squash but played with your hands and with a gothic buttress jutting into the middle of the court. /jlne.ws/4k5yq1K
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