| ​ December 27, 2024 ​ | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
We had two obvious editing errors or typos at the top of yesterday's newsletter for which I apologize. Obviously, the miracle of burning oil celebrated by Hanukkah runs until January 2, 2025, not until January 22, 2025, as we stated. Although, I am all for greater modern miracles.
Secondly, Kwanzaa does not time travel backward to January 2, 2024. The correct end of Kwanzaa is January 2, 2025. I will not be the only one to make the mistake of writing 2024 instead of 2025 at the first of the year, but did so very publicly. Luckily, you are all smart enough to have figured out my obvious mistakes/typos and read on with a wry smile.
Today's lead story from Bloomberg titled "Bets on CEO Murder Suspect's Fate Test Rules on Event Contracts" just takes the whole event contracts too far. The listing of event contracts related to criminal cases, such as the alleged murder of UnitedHealthcare CEO Brian Thompson, raises serious ethical concerns and I believe will undermine the integrity of futures markets. These contracts lack a genuine economic purpose and instead capitalize on tragedy for profit, which can be seen as exploitative and insensitive to the victims and their families.
Furthermore, allowing such contracts on regulated exchanges blurs the line between legitimate financial instruments and pure gambling. This not only trivializes serious criminal matters but also risks desensitizing the public to violent crimes. The rapid proliferation of these types of contracts, enabled by the current self-certification process, threatens to flood the market with products that serve no real economic function and may ultimately bring disrepute to the financial industry as a whole. Regulators at the CFTC should consider stricter oversight and clearer guidelines to ensure that event contracts maintain a legitimate economic purpose and do not devolve into mere speculation on human tragedy.
While Singapore had good news the other day in a Bloomberg story reporting it was ahead of Hong Kong in approving more crypto licenses this year, company listings on the Singapore Exchange hit a 20-year low, the Financial Times reported. "The number of companies on the Singapore Exchange fell to 617 in October, the lowest since September 2004," the FT said.
Meanwhile, on Christmas, the FT reported that India has surged past China as Asia's top IPO market in 2024, driven by buoyant stock prices and strong domestic investment. Companies like Swiggy and Hyundai Motor propelled India to become the world's second-largest equity fundraising market, behind the U.S., with the National Stock Exchange of India leading in primary listings. China, once dominant, saw an 86% drop in IPO value due to tighter regulations and economic slowdown, while Hong Kong gained traction as a listing hub.
Manmohan Singh, India's first Sikh prime minister and architect of transformative economic reforms, died at 92 in New Delhi, The New York Times reported. Renowned for liberalizing India's economy as finance minister in 1991, Singh's policies propelled India into a global economic powerhouse. As prime minister from 2004 to 2014, he sought reconciliation with Pakistan and strengthened India's international stature by joining BRICS and signing a landmark nuclear deal with the U.S. Despite economic growth and improved ties with nations like China, his tenure faced criticism over corruption scandals, a slowing economy, and handling of the 2008 Mumbai attacks. Post-politics, Singh warned against rising authoritarianism under India's current government.
Missile strikes near conflict zones have become the leading cause of commercial aviation fatalities, marking a troubling shift in an otherwise safer industry, The Wall Street Journal reported. This week's Azerbaijan Airlines crash in Kazakhstan, suspected to result from Russian anti-aircraft fire, highlights the growing risk to civilian planes near war zones. Over 500 deaths have occurred from similar shootdowns since 2014, including that of Malaysia Airlines Flight MH17 in Ukraine and Ukraine International Airlines Flight PS752 in Iran. Aviation experts warn of the challenges in safeguarding flights amid rising global conflicts and powerful anti-aircraft weaponry. Efforts to standardize safety protocols for war-zone flights remain inconsistent.
Mark Phelps of RJ O'Brien has a totally not tempting offer: a 3-5 month gig in London-if you can handle his relentless emails, desk visits, and puzzling over why he's in position "5" in a photo. Got solid STIR Options, Compliance Monitoring, and Trade Surveillance skills? Buckle up; this might be your ride.
Kevin J. P. O'Hara posted an update to LinkedIn: Back to the Future: Starting new position as Founder at LitFinMetrics. O'Hara, a seasoned executive and attorney with experience at CBOT, NYSE, and Archipelago, is now the "Chief Adventure Officer" of LitFinMetrics, a firm he founded in 2023. LitFinMetrics specializes in creating analytical tools for the litigation finance industry, offering standardized frameworks for pricing, transparency, and reporting to enhance liquidity and drive better financial insights.
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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From Microsoft to Nvidia, the AI agents are coming in 2025
Daniel Howley - Bloomberg
If 2024 was the year of artificial intelligence chatbots becoming more useful, 2025 will be the year AI agents begin to take over. You can think of agents as super-powered AI bots that can take actions on your behalf, such as pulling data from incoming emails and importing it into different apps. You've probably heard rumblings of agents already. Companies ranging from Nvidia (NVDA) and Google (GOOG, GOOGL) to Microsoft (MSFT) and Salesforce (CRM) are increasingly talking up agentic AI, a fancy way of referring to AI agents, claiming that it will change the way both enterprises and consumers think of AI technologies.
/jlne.ws/3BNM3RS
***** You will now be able to talk to John Lothian 24 hours a day. You will now be able to talk to John Lothian 24 hours a day. You will now be able to talk to John Lothian 24 hours a day. You will now be able to talk to John Lothian 24 hours a day...~JJL
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Researchers study impact of singing on wellbeing
Jasmine Ketibuah-Foley - BBC News
People took part in the Sing For Happiness project in the run up to Christmas
More than 300 people have taken part in an experiment to discover if singing can improve mental health and wellbeing. Researchers invited people to take part in Sing for Happiness which saw participants take part in choir sessions where data on mood was collected, culminating in a festive performance.
/jlne.ws/4gCbuFe
***** I can tell you that I met my wife through singing. We were both in a youth choir, though at slightly different times. Then she was in the adult choir at our church, waiting to process into the sanctuary one Sunday in 1988 when I was the Deacon of the Day and we met for the second time. I joined the choir and found love and a life partner.~JJL
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Thursday's Top Three
Our most read story yesterday was Jump Trading Raked In Crypto Profits. Now It's Paying a $123 Million Penalty. from The Wall Street Journal (it's never made clear how much money they made). Our second most read story was, The Global Hunt for Putin's 'Sleeper Agents' also from The Wall Street Journal. Interesting and scary. Third was, Grand duke of Luxembourg abdicates after 24 years on throne in Christmas Eve speech. Is Luxembourg a real place? (kidding)
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| Lead Stories | Bets on CEO Murder Suspect's Fate Test Rules on Event Contracts
Lydia Beyoud - Bloomberg
One week after the Dec. 4 murder of UnitedHealth Group Inc. (UNH) executive Brian Thompson, Americans were able to bet on the fate of his alleged killer. Some people, including financial regulators, may have a problem with that. Contracts offered by Kalshi Inc., a New York-based exchange, allow retail traders to put money on the outcome of nearly anything. Kalshi listed wagers on Dec. 11 related to Thompson's death that included whether the suspect, Luigi Mangione, would be extradited to New York from Pennsylvania, whether he acted alone and whether he'll be convicted or plead guilty.
/jlne.ws/4gTTfdQ
Singapore's stock exchange hits 20-year low in listed companies; Regulator aims to encourage more listings to stem trend of companies opting for US IPOs
Owen Walker - Financial Times
The number of companies listed on Singapore's stock exchange has hit a two-decade low after just four companies went public this year and several delisted, with the city-state's regulator investigating how to halt the equity market's slide. The number of companies on the Singapore Exchange fell to 617 in October, the lowest since September 2004. The figure has been in steady decline since hitting a high of 782 in 2013, with domestic companies attracted to overseas listings, especially in larger and more heavily traded markets such as the US.
/jlne.ws/3DyUaSR
Tokenization Has Become Wall Street's Latest Favorite Crypto Buzzword; 'It may even be bigger than the internet,' proponent says; BlackRock, Trump's election win have re-energized efforts
Olga Kharif and Yizhu Wang - Bloomberg
Bitcoin's record-breaking rally is rekindling hope that the digital-ledger technology that underpins cryptocurrencies will revolutionize everything from recording the ownership of houses to bonds. Tokenization, or the process of creating digital representations of real-world assets on a blockchain, has become one of this year's buzzwords in both conventional and crypto finance circles. The excitement is reminiscent of the hype of a few years ago surrounding the use of blockchains for everything from tracking lettuce at Walmart Inc. to digitizing stocks that proved to be premature.
/jlne.ws/4fB7eV3
What the Record Wave of New 65-Year-Olds Means for Wall Street; Financial institutions will profit from the shifting of retirement assets, but also face repayment risk from some seniors
Telis Demos - The Wall Street Journal
More Americans than ever will turn 65 in 2025. That will be a dominant theme for financial stocks in the years ahead. About 4.2 million people in the U.S. are forecast to cross that age threshold next year, according to a report by the Alliance for Lifetime Income's Retirement Income Institute, citing Social Security Administration figures. This could represent the height of what is termed the "peak 65" zone, a period of years from 2024 to 2027 in which more than 4.1 million will hit that age level each year.
/jlne.ws/4gSOphe
The AI Boom May Be Too Good to Be True; Pending copyright-infringement lawsuits could derail the industry's economic potential.
Josh Harlan - Bloomberg
Investors rushing to capitalize on artificial intelligence have focused on the technology-the capabilities of new models, the potential of generative tools, and the scale of processing power to sustain it all. What too many ignore is the evolving legal structure surrounding the technology, which will ultimately shape the economics of AI. The core question is: Who controls the value that AI produces? The answer depends on whether AI companies must compensate rights holders for using their data to train AI models and whether AI creations can themselves enjoy copyright or patent protections.
/jlne.ws/49Rc3IF
OpenAI Wants to Create a 'Public Benefit Corporation.' Here's What That Means.
Emily Dattilo - Barron's
OpenAI announced plans to refresh its corporate structure, indicating that though the year may be drawing to a close, the artificial intelligence battle is not. The company-which developed AI chatbot ChatGPT-says it wants to transform its current for-profit arm into a public-benefit corporation, or PBC. "The PBC is a structure used by many others that requires the company to balance shareholder interests, stakeholder interests, and a public benefit interest in its decision making," OpenAI wrote in a blog post on Thursday. "It will enable us to raise the necessary capital with conventional terms like others in this space." The company also wants to make its nonprofit segment sustainable. PBCs are also known as B-corps to differentiate them from C-corps, which are focused on shareholder value.
/jlne.ws/3BJvBC4
***** Here is a version of this story from Reuters.
New York to fine fossil fuel companies $75 billion under new climate law
Jonathan Allen - Reuters
New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers to oil, gas and coal companies that the law says are liable. The money raised will be spent on mitigating the impacts of climate change, including adapting roads, transit, water and sewage systems, buildings and other infrastructure.
/jlne.ws/41WPCQp
Wall St. Is Minting Easy Money From Risky Loans. What Could Go Wrong? Everyone from Jamie Dimon to the International Monetary Fund is ringing alarms about the shadowy world of private credit. But the money keeps rolling in.
Rob Copeland and Maureen Farrell - The New York Times
In the fall of 2015, in the back booth of the retro Putnam Restaurant in Greenwich, Conn., Craig Packer, a partner at Goldman Sachs, sat across from Doug Ostrover and listened to an audacious pitch. Mr. Ostrover, then 52, had recently left the investment colossus Blackstone and was mulling a dramatic midcareer effort to build a firm from scratch, one that would take on some of the biggest names in global finance. Quit your job, the billionaire financier told the 48-year-old Mr. Packer, and join me.
/jlne.ws/3PdV2yE
The great wealth transfer; Big inheritances are set to transform economies, markets and society
The editorial board
No festive family gathering would be complete without elder relatives waxing lyrical over "the good old days" as millennials mumble anxiously about their future. Baby boomers were indeed a lucky bunch. After the Second World War, many were able to accumulate substantial fortunes as fast-growing economies propped up earnings, real estate values, and stock markets. By contrast, younger generations today have been hit by low productivity growth and several economic crises, from the 2008 financial crash to the Covid-19 pandemic. Many young adults cannot afford their own digs. And to top it off, there is the threat of climate change and geopolitical instability. But mum, dad and the grandparents' good fortune - and, of course, their hard work - means millennials and Gen-Z do have something to look forward to: a decent inheritance. In the next 25 years, over $100tn in assets - ranging from property, aged wines and artwork - will be transferred from the boomers and older generations to their heirs in the US alone, according to Cerulli Associates, a wealth manager. Vanguard - another such firm - recently projected that over $18tn in wealth will be handed down globally by 2030. It will be the largest intergenerational transfer of assets in history.
/jlne.ws/4gOrMKE
The Celebrity Activist Investor Is Going Extinct; Turns out you don't need a tough activist reputation to spur change at companies anymore
Lauren Thomas - The Wall Street Journal
An era of big-name activists with fiery personalities waging noisy proxy battles and wielding brash tactics to win board seats is over. Carl Icahn, facing attacks on how he manages his own publicly traded firm, has slowed his fire. Nelson Peltz, fresh off losing a battle with Disney, is planning to hand his firm to his less pugnacious son and others. Bill Ackman and Jeff Ubben have walked away from fights. Dan Loeb hasn't had a big proxy war in years. In their stead is a newer crop of activists who are smaller in size, less well known and often less eager to brawl.
/jlne.ws/3VQYToX
FTX executives shave serious time off their sentences
David Goldman - CNN
Ryan Salame and Caroline Ellison, FTX executives convicted for their roles in the notorious crypto fraud led by their former boss Sam Bankman-Fried, have both shaved time off their lengthy prison sentences. Salame, a former top executive of FTX, the now-bankrupt cryptocurrency trading platform, pleaded guilty to criminal fraud charges in September 2023, and was sentenced in May to 7 1/2 years in federal prison. He began his sentence in October. But the Federal Bureau of Prisons currently lists his release date as March 1, 2031, more than a year earlier than his initial release date in April 2032. Business Insider first reported Salame's new release date. Ellison, Bankman-Fried's former girlfriend and the former CEO of FTX's hedge fund arm, Alameda Research, was sentenced to 2 years in prison after she pleaded guilty to seven federal counts of fraud and conspiracy and was a key witness against Bankman-Fried. Her current release date is listed as July 20, 2026, three months earlier than her initial release date.
/jlne.ws/4gwNEua
Roaring Debuts Mark End to Bumper Year for IPOs in India; Shares of six companies debuted on Friday averaging 45% gain; India is set for record year of listings with over 330 IPOs
Ashutosh Joshi and Dave Sebastian - Bloomberg
Over 330 initial public offerings, $20 billion of proceeds and more than $160 billion addition in country's market value, sums up a bumper year for India that is set to further strengthen its position among top global destinations for capital raising. With six firms debuting on the bourses Friday and at least three more lined up for listing over the last two days of the year, India is set to close 2024 with a record number of IPOs and proceeds, according to data compiled by Bloomberg.
/jlne.ws/3BJWhCK
Bezos' Miami Neighbor Seeks $200 Million for Empty Lot
Felipe Marques - Bloomberg
A mystery seller is asking $200 million for an empty waterfront lot next door to the properties Jeff Bezos bought in South Florida. The roughly 1.84 acre lot (0.74 hectare) is located at Indian Creek, a man-made barrier island that's been dubbed "Billionaire Bunker." Ilya Reznik, who's brokering the transaction, declined to identify the seller but said they are "willing to negotiate" on price. "I've already had a couple of showings and obviously the buyer is going to be a billionaire," Reznik said.
/jlne.ws/3Pcxs5q
Books We Read in 2024 to Prepare Us for the Future; Reading and writing isn't something to be surrendered to AI. Here are six books written by humans to give insight into a world changed rapidly by technology.
Dave Lee, Parmy Olson, and Catherine Thorbecke - Bloomberg (opinion)
Earlier this year I came across a two-frame comic strip that I enjoyed so much I printed it out and taped it to the corner of my desk. In the first frame, an office worker delightedly tells a colleague: "AI turns this single bullet point into a long email I can pretend I wrote." In the second, the recipient of that email responds: "AI makes a single bullet point out of this long email I can pretend I read."
/jlne.ws/3Dz3Exh
Former Citigroup chair Richard Parsons dies; Executive who navigated US bank through 2008 financial crisis also sparred with Carl Icahn when leading Time Warner
Patrick Temple-West - Financial Times
Richard "Dick" Parsons, an influential US corporate executive who led two troubled companies through their most dire periods, has died. Parsons died on Thursday according to an announcement from investment bank Lazard, where he had been a board member. The New York Times reported the cause of death was bone cancer, citing Ronald Lauder, the heir to the beauty company Estée Lauder, where Parsons had also served on the board of directors. Parsons, one of America's highest-ranking Black executives for two decades, was 76.
/jlne.ws/4iUGEJb
Opinion | Kash Patel as FBI Director Could Mean an American 'KGB'
Avery Rollins - Mississippi Free Press (opinion)
If the Senate confirms Kash Patel to be the next director of the FBI, we could be bearing witness to a changed FBI that acts as internal security, akin to national political police-similar to the reputations accredited to Russia's KGB or Hitler's Gestapo. Should he go unchecked, Patel may end up redesigning and using the FBI to violate First Amendment rights and target political opposition, thus infringing on the freedoms of those who speak against Donald Trump or his actions. From the rhetoric Trump and his allies have regularly used, I expect the upcoming president to use the FBI, or at least attempt to, to prosecute his naysayers. I believe Petel would fire any FBI personnel who oppose him and subsequently replace them with those who are more primed to fall in line. Petel has already identified nine former and present FBI employees as targets of investigation and possible prosecution.
/jlne.ws/4fGBRIC
Researchers study impact of singing on wellbeing
Jasmine Ketibuah-Foley - BBC News
People took part in the Sing For Happiness project in the run up to Christmas. More than 300 people have taken part in an experiment to discover if singing can improve mental health and wellbeing. Researchers invited people to take part in Sing for Happiness which saw participants take part in choir sessions where data on mood was collected, culminating in a festive performance.
/jlne.ws/4gCbuFe
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine's military intelligence says North Korean troops are suffering heavy battlefield losses
Samya Kullab - Associated Press
North Korean troops are suffering heavy losses in the fighting in Russia's Kursk region and facing logistical difficulties as a result of Ukrainian attacks, Ukraine's military intelligence said Thursday. The intelligence agency, known under its acronym GUR, said Ukrainian strikes near Novoivanovka inflicted heavy casualties on North Korean units. It said North Korean troops also faced supply issues and even shortages of drinking water.
/jlne.ws/4j7VdcP
Russia is intensifying its air war in Ukraine. A secretive factory is ramping up drone production to fuel the offensive
Clare Sebastian, Vasco Cotovio, Allegra Goodwin, Victoria Butenko and Darya Tarasova-Markina - CNN
On a Kyiv rooftop in late November, a small group of volunteers in mismatched fatigues keep anxious watch. By day, all are judges in Ukraine's highest courts, but once a fortnight they come together as a makeshift air defense unit, armed only with a pair of Soviet-era machine guns to shoot down swarms of drones. It's "the cheapest way," said Yuriy Chumak, one of the volunteers and a serving Supreme Court justice, highlighting Ukraine's reluctance to use expensive, Western-supplied missiles against comparatively low-cost unmanned aerial vehicles (UAVs). Chumak and his comrades shrug off the risk, keeping their spirits up with tea and jokes to while away a 24-hour shift. But it's clear their work has grown exponentially more dangerous in recent months as Russia has ramped up its drone offensive, terrorizing Ukrainian cities on an almost daily basis.
/jlne.ws/4gSBoE9
Russian producers of Oreshnik supermissile used western tools; Weapons engineering groups advertised for workers familiar with German and Japanese metalworking systems
Chris Cook - Financial Times
Vladimir Putin's experimental "Oreshnik" missile fired against Ukraine last month was made by Russian companies that still rely on advanced western manufacturing equipment, according to FT analysis. Two top Russian weapons engineering institutes, named as developers of the Oreshnik missile by Ukrainian intelligence, have both been advertising for workers familiar with metalworking systems made by German and Japanese companies.
/jlne.ws/40aLISn
Ukraine Ships 500 Tons of Flour to Syria as Humanitarian Aid
Volodymyr Verbianyi - Bloomberg
Ukraine has sent 500 tons of wheat flour to Syria as humanitarian aid, seeking to build ties with the nation after the ouster of its Russian-backed government. The shipment was announced by President Volodymyr Zelenskiy on the social media platform X on Friday.
/jlne.ws/3ZTIIJ1
Ukraine Slows Firing of Missiles Into Russia as Trump Prepares to Take Office; The long-range missiles provided by the United States and Britain were used to strike inside Russian territory, despite concerns that their use would escalate the conflict. Kyiv's stockpiles are running out.
Kim Barker, Lara Jakes, Eric Schmitt, Helene Cooper and Julian E. Barnes - The New York Times
With much fanfare, Ukraine was granted permission to fire Western long-range missiles at Russian military targets more than a month ago. But after initially firing a flurry of them, Ukraine has already slowed their use. Kyiv is running out of missiles. It also might be running out of time: President-elect Donald J. Trump has said publicly that allowing U.S.-made long-range missiles inside Russia was a big mistake.
/jlne.ws/4a2mpW3
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel Hits the Houthis in Yemen After Their Slow Escalation; Israel strikes airport, power stations among other targets; The Iran-backed rebels have sought to calibrate their attacks
Dan Williams and Alisa Odenheimer - Bloomberg
Israel struck multiple targets in Yemen it said were controlled by Houthis, the last of the Iran-backed groups still fully engaged in the regional war that began 14 months ago. Targets hit Thursday included military infrastructure at the Sanaa International Airport and in the Hezyaz and Ras Kanatib power stations, according to the Israel Defense Forces. They also struck military infrastructure in the Hodeidah, Salif and Ras Kanatib ports on the western coast. At least six people died and 40 were injured in the airport and Hodeidah strikes, according to the Houthi health ministry.
/jlne.ws/41SDTCm
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Changes to the Madrid Stock Exchange's General Index for the first half of 2025
BME-X
The Management Committee of the Madrid Stock Exchange General Index (IGBM) has decided at the ordinary review meeting of the Index that both the IGBM and the Total Index will consist of 111 listed companies in the first half of 2025, following the additions of Cox, Inmocemento and Inmobiliaria del Sur and the exits of Arima Real Estate, Prisa and Soltec. Cox, which went public on November 15, and Inmocemento, which did the same on November 12, meet the requirements to belong to the index, as do Inmobiliaria del Sur and Lingotes Especiales. Arima Real Estate was removed from the index due to the takeover bid made by JSS Real Estate SOCIMI and the positive outcome of the takeover bid, while Prisa does not meet the requirements for index membership and Soltec has been suspended from trading by the CNMV since September 26.
/jlne.ws/4fF4PIO
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Meta envisages social media filled with AI-generated users; US tech group is rolling out a range of artificial intelligence tools to drive engagement
Cristina Criddle and Hannah Murphy - Financial Times
Meta is betting that characters generated by artificial intelligence will fill its social media platforms in the next few years as it looks to the fast-developing technology to drive engagement with its 3bn users. The Silicon Valley group is rolling out a range of AI products, including one that helps users create AI characters on Instagram and Facebook, as it battles with rival tech groups to attract and retain a younger audience.
/jlne.ws/3VS4pbe
Four AI predictions for 2025; While the momentum behind the development of large models might fade, there will be other advances
Richard Waters - Financial Times (opinion)
There was nothing new in artificial intelligence in 2024 that matched the sheer "wow" factor of using ChatGPT for the first time, but rapid improvements in the underlying technology still kept the field humming. For 2025, this is how I see things panning out. Will AI development hit a wall? In 2025, that momentum will fade. Even some of the tech industry's biggest optimists have conceded in recent weeks that simply throwing more data and computing power into training ever-larger AI models - a reliable source of improvement in the past - is starting to yield diminishing returns. In the longer term, this robs AI of a dependable source of improvement. At least in the next 12 months, though, other advances should more than take up the slack.
/jlne.ws/3Pcvty0
Microsoft Is Forcing Its AI Assistant on People-and Making Them Pay; The tech company has made Copilot part of its 365 subscription service in several markets and raised prices
Tom Dotan - The Wall Street Journal
Microsoft is trying a new approach to build excitement for its artificial-intelligence assistant Copilot: Give it to customers whether they want it or not. The tech company recently added Copilot to its consumer subscription service for software including Word, Excel and PowerPoint in Australia and several Southeast Asian countries. Along with the AI feature, it raised prices for everyone who uses the service, called Microsoft 365, in those countries. What about people who don't want to pay for an AI assistant to spruce up their documents and summarize emails? They are out of luck.
/jlne.ws/4grj1q6
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| Cybersecurity | | Top stories for cybersecurity | Security leaders don't want to be held personally liable for attacks
Craig Hale - TechRadar
Amid ongoing skills shortages, new research has revealed why many IT experts are unwilling to take up roles in cybersecurity despite healthy earning potentials. Seven in 10 IT security decision-makers surveyed by BlackFog said stories of CISOs being held personally liable for cybersecurity incidents have negatively impacted how they see the role, putting them off wanting to progress into managerial and leadership positions.
/jlne.ws/3VZjCY2
CISA's 2024 Review Highlights Major Efforts in Cybersecurity Industry Collaboration
Kevin Poireault - Infosecurity Magazine
The past year marked a year of "growth and transition" for the US Cybersecurity and Infrastructure Security Agency (CISA), according to its departing Director, Jen Easterly. In the foreword of the Agency's 2024 Year in Review, Easterly's final report before she steps down in January, she highlighted how CISA has focused on "working collaboratively to win and maintain the trust of our myriad partners, including industry, state and local officials and the election stakeholder community."
/jlne.ws/4iQdJWT
Mastercard to acquire cybersecurity giant Recorded Future
Rick Steves - FinanceFeeds
Mastercard has agreed to acquire global threat intelligence firm Recorded Future from Insight Partners for $2.65 billion. The acquisition strengthens Mastercard's cybersecurity capabilities, enhancing the intelligence used to safeguard the digital economy, including the payments ecosystem. Recorded Future leverages AI and data analytics to provide real-time visibility into potential threats, helping customers mitigate risks. This expertise complements Mastercard's suite of fraud prevention, identity, and real-time decisioning tools. The merger of technology and talent will drive innovation, expanding threat intelligence for Mastercard's network of financial institutions and merchants.
/jlne.ws/4gPD954
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| Cryptocurrencies | | Top stories for cryptocurrencies | Trump's crypto embrace overshadows new EU digital assets rules; US approach to digital currencies will draw business from Europe, industry executives say
Nikou Asgari - Financial Times
Donald Trump's embrace of cryptocurrencies risks undermining Europe's incoming rules on digital assets as companies overlook the continent in favour of a friendlier US market, industry executives have warned. Companies such as Binance, the world's largest cryptocurrency exchange, have indicated they will look to refocus their attention on the US after Trump promised to make the country "the crypto capital of the planet".
/jlne.ws/41Sxoj0
The Bitcoin National Strategic wha? Is Trump really planning a national strategic reserve for crypto?
Financial Times Podcast
The US government owns many billions of dollars worth of bitcoin, confiscated from bad actors such as the Silk Road marketplace. Donald Trump said on the campaign trail that he would not be selling it. Senator Cynthia Lummis has introduced a bill suggesting the government buy more and create a national strategic reserve of crypto currency. Today on the show, Katie Martin asks FT contributor Toby Nangle if any of this makes any sense at all. Also, we go long Christmas stuffing and long dinosaurs.
/jlne.ws/41MOT47
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| Politics | | An overview of politics as it relates to the financial markets | Panama President Refutes Trump's Claim of Chinese Meddling in Canal
Michael McDonald - Bloomberg
Panama President Jose Raul Mulino said China has no stake in the Panama Canal and US warships pay the same toll rates as other nations, pushing back against Donald Trump's threats over the key waterway. Trump's remarks alleging growing influence from the world's second-largest economy over the canal may be due to "geopolitical fears that might be valid from their perspective, but in terms of Panama, have absolutely no veracity," Mulino said at a Thursday press conference.
/jlne.ws/3PeQhou
Greenland and the Panama Canal aren't for sale. Why is Trump threatening to take them?
Kayla Epstein - BBC News
President-elect Donald Trump ran on a platform of isolating the US from foreign conflicts like the Ukraine war, increasing tariffs on foreign trade partners, and rebuilding domestic manufacturing. But in recent days he has suggested a more outwardly aggressive approach for his foreign policy.
/jlne.ws/4gJ5z0C
How we were deepfaked by election deepfakes; The panic over AGI disinformation in this year's political cycle seems to have been overblown
Clara Murray - Financial Times
Around this time last year, you probably read dozens of dire warnings about generative artificial intelligence's impact on 2024's bumper crop of global elections. Deepfakes would supercharge political disinformation, leaving muddled voters unable to tell fact from fiction in a sea of realistic, personalised lies, the story went. Leaders from Sadiq Khan to the Pope spoke out against them. A World Economic Forum survey of experts ranked AI disinformation as the second-most pressing risk of 2024.
/jlne.ws/4gVIJDb
Hochul Signs Law That Penalizes Companies for Greenhouse Gas Emissions; The measure will seek to raise funds to pay for some of the damage caused by extreme weather events, which are becoming more frequent because of the combustion of fossil fuels.
Hilary Howard - The New York Times
Gov. Kathy Hochul of New York on Thursday signed a law that requires companies that are big fossil fuel polluters to help pay to repair damage caused by extreme weather, which is becoming more common because of greenhouse gas emissions. The legislation, called the Climate Change Superfund Act, mandates that the companies responsible for the bulk of carbon emissions buildup between 2000 and 2024 pay about $3 billion each year for 25 years.
/jlne.ws/4gS7uzR
Jennifer Granholm on What Will Survive of Biden's Energy Legacy; The political durability of the energy transition.
Tracy Alloway and Joe Weisenthal - Bloomberg
The Biden administration made energy and climate a centerpiece of its administration, most notably through the Inflation Reduction Act. At the same time, we've seen a boom in US oil and gas production the last four years, alongside the novel use of the Strategic Petroleum Reserve as a price and supply stabilization tool. Meanwhile, investments in batteries and other clean technologies have been framed as crucial from the perspective of strategic and economic competition with China. So what was accomplished? And what will persist after the Trump administration comes into office? On this episode, we speak with US Energy Secretary Jennifer Granholm about her transformation of the department, and how she thinks about the future of existing energy strategies and policies under Trump.
/jlne.ws/3ZVaxjT
Finland Says Vessel Suspected of Cutting Cable May Be Part of Russia's 'Shadow Fleet'; Finland seized an oil tanker after the latest in a series of disruptions to undersea infrastructure.
Johanna Lemola and Lynsey Chutel - The New York Times
The Finnish authorities seized an oil tanker on Thursday on the suspicion that it was involved in cutting vital undersea cables and said the ship might have been part of Russia's "shadow fleet," aimed at evading Western sanctions. In a statement, the police in Finland said the authorities had boarded the Eagle S tanker in Finnish waters. The ship, which is registered in the Cook Islands in the South Pacific, had been sailing from St. Petersburg, Russia, to Port Said, Egypt, when it was detained.
/jlne.ws/3PdA9DL
Argentina's world-beating currency rally puts pressure on Javier Milei; Peso allowed to rise sharply this year in real terms, fuelling competitiveness concerns
Ciara Nugent - Financial Times
The Argentine peso strengthened more in real terms than any other currency in 2024, boosting the popularity of libertarian President Javier Milei even as economists question the sustainability of high prices in Argentina. The peso strengthened 44.2 per cent in the first 11 months of the year against a basket of trading partners' currencies, adjusting for Argentina's triple digit annual inflation, according to data from the Bank for International Settlements analysed by Argentine consultancy GMA Capital. That far outpaces the 21.2 per cent gain for the Turkish lira in second place.
/jlne.ws/4gPYDyP
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| Regulation & Enforcement | | Stories about regulation and the law. | Top Bank Watchdog Isn't Worried About His Trump-Era Successor; Departing Comptroller of the Currency Michael Hsu, who helped shepherd institutions through a period of bank failures and crypto turmoil, says he's confident his agency will stay on mission
Richard Vanderford - The Wall Street Journal
A new administration means a host of new regulator bosses looking over the nation's banks and other financial institutions. Michael Hsu, who has served as acting comptroller of the currency since 2021, has been one of the key federal regulators overseeing banks, and an advocate for keeping an eye on risks even amid the push for profit. Notably, none of the four major banks that failed in the spring of 2023-Silvergate, Silicon Valley Bank, Signature Bank and First Republic-were overseen by the Office of the Comptroller of the Currency.
/jlne.ws/3VZm5lg
Business Ownership Reporting Deadline Extended Following Appeals Court Reversal; The ruling comes as the Corporate Transparency Act has faced a roller-coaster ride in recent weeks
Mengqi Sun - The Wall Street Journal
The January 2025 deadline for existing companies to file their beneficial ownership information to U.S. regulators is back on, but the Treasury Department is giving a short reprieve to many entities following a brief period when the filing date was in doubt. The Fifth Circuit Court of Appeals, in a ruling Monday, reversed an injunction issued by a Texas district court judge earlier this month that blocked the national implementation of the Corporate Transparency Act. That ruling put the Jan. 1, 2025, deadline back on for millions of small businesses and certain corporate entities to report information about their ownership.
/jlne.ws/3BUhA4o
Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services
FSA
/jlne.ws/3Pf0jpW
SFC reprimands and fines Ever-Long Securities Company Limited $3 million for sponsor failures
SFC
The Securities and Futures Commission (SFC) has reprimanded and fined Ever-Long Securities Company Limited (Ever-Long) $3 million for failing to discharge its duties as the sole sponsor in the application of Coastal Corporation Limited (Coastal) in 2016 to list on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited (SEHK) (Notes 1 to 3). At the material times, Coastal and its subsidiaries (Coastal Group) were providers of vessel chartering services based in Singapore (Note 4).
/jlne.ws/4fvZPq0
Wealth of US private capital chiefs boosted by $56bn; Inclusion in S&P 500 index and growth in operations drove share prices at Blackstone, KKR and Apollo to record highs
Antoine Gara - Financial Times
The wealth of US private capital bosses jumped by more than $56bn in 2024 as shares of Blackstone, Apollo and KKR hit new highs, fuelled by rapid growth and their addition to the main US stock index. The share surge has enriched private equity pioneers such as Blackstone chief executive Stephen Schwarzman and KKR co-founders Henry Kravis and George Roberts, and spawned a new set of billionaire dealmakers in the industry ahead of expected deregulation from the incoming Trump administration that could fuel dealmaking and asset growth in 2025.
/jlne.ws/4gR8apo
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | What's the biggest financial mistake you've ever made? FT writers and readers confess their money blunders, bad investments and inane purchases
FT reporters
I became a schoolboy bookmaker. Andrew Hill, senior business writer. My mother is a keen follower of horseracing and still enjoys a modest flutter. As a child, Saturday afternoons were often spent in front of the television cheering on the horses she had backed. Visits to race meetings and familiarity with bookies' odds and betting habits instilled a false confidence. When I was 13, I organised a book on an end-of-year school table tennis tournament, offering odds on the contestants to fellow pupils, in return for pocket-money stakes.
/jlne.ws/4gtqIfx
US law firms hand junior lawyers 'special' bonuses after dealmaking revival; Senior associates in line to take home more than $550,000 at top New York firms
Suzi Ring - Financial Times
US law firms have handed out a bumper round of bonuses to junior lawyers for 2024, as a pick-up in dealmaking lined the industry's coffers and stoked a renewed war for talent. Top New York law firms including Milbank and Cravath, Swaine & Moore paid out year-end bonuses worth between $15,000 and $115,000 for the second year running.
/jlne.ws/4iV2Lzu
How the stock market defied expectations again this year, by the numbers
The Associated Press
What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn't just Apple, Nvidia and the like. Bitcoin, gold and other investments also drove higher.
/jlne.ws/3BUfX6M
How to Avoid Costly Tax Blunders in 2025; Make a New Year's resolution for your taxes. Here are five to consider.
Laura Saunders - The Wall Street Journal
It's time to make New Year's resolutions-and that goes for taxes, too. Taxes touch every part of our lives, including our work, saving for college or retirement, home buying and selling, charitable giving and paying for healthcare. Investors know that taxes have a major impact on a holding's rate of return. So it's good to make smart tax moves and avoid dumb ones. Here are useful tax resolutions for 2025.
/jlne.ws/3ZUPb6l
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The E.P.A. Promotes Toxic Fertilizer. 3M Told It of Risks Years Ago.; The agency obtained research from 3M in 2003 revealing that sewage sludge, the raw material for the fertilizer, carried toxic "forever chemicals."
Hiroko Tabuchi - The New York Times
In early 2000, scientists at 3M, the chemicals giant, made a startling discovery: High levels of PFAS, the virtually indestructible "forever chemicals" used in nonstick pans, stain-resistant carpets and many other products were turning up in the nation's sewage. The researchers were concerned. The data suggested that the toxic chemicals, made by 3M, were fast becoming ubiquitous in the environment. The company's research had already linked exposure to birth defects, cancer and more.
/jlne.ws/4iM5ZFr
After a Year of Hard Climate Talks, 'Minilateralism' Is an Alternative; From protecting biodiversity to tackling plastic pollution, meeting after meeting this year ended in disappointment.
Aaron Clark - Bloomberg
Protecting the planet is a global endeavor that only works if countries agree to take collective action. Judging by how the most important climate negotiations went this year, things aren't going well. In 2024, talks to halt plastic pollution, protect biodiversity and end desertification all failed. Meanwhile, a deal at the COP29 summit left developing nations unhappy with the amount of money agreed upon to help them battle global warming and avoided mentioning the need to move away from fossil fuels.
/jlne.ws/3Pki4DX
How to Buy a Piece of a Lawsuit and Impoverish a Country; Investors buying into claims against governments are winning huge payouts. Developing nations, and the environment, are losing big.
Katie Surma, Nicholas Kusnetz - Inside Climate News
When a foreign mining company sued Greenland in 2022, the government's lead lawyer thought he was prepared. Paw Fruerlund had handled similar cases before, and he believed the law and facts were on his side. When he arrived at one of the first hearings, however, Fruerlund stared across the table at 12 corporate lawyers from two firms representing his opponent, an Australian company called Greenland Minerals. There were so many, they spilled across two rows of seating, Fruerlund recalled. He fretted that his own three-person team, now greatly outmatched, might strain the budget of Greenland, a semi-autonomous nation of mostly Indigenous Inuit people.
/jlne.ws/3PcvAJW
Ukraine receives first US gas shipments via Greece; Kyiv's purchase comes before expiry of Russian gas transit deal and Trump's inauguration
Shotaro Tani - Financial Times
Ukraine has received its first shipment of liquefied natural gas from the US, as the war-torn country joins broader European efforts to fully wean themselves off Russian fossil fuels in preparation for Donald Trump's return to the White House. The country's largest private energy company, DTEK, received the shipment via the Mediterranean, with a vessel arriving at a Greek LNG terminal on Friday. "Cargoes like this are not only providing the region with a flexible and secure source of power, but are further eroding Russia's influence over our energy system," said Maxim Timchenko, chief executive of DTEK.
/jlne.ws/3PdHVh6
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | 'Russian nesting doll' of problems tops worst US ETF list; One offering from Defiance added structural flaws on to a leveraged bitcoin ETF play, according to Morningstar
Brian Ponte - Financial Times
In a year that has seen 650 US ETF launches, shattering 2023's record by 150 launches, Morningstar has branded two leveraged ETFs as the worst of the bunch. The $2.2bn Defiance Daily Target 2X Long MSTR ETF took the crown of the year's worst ETF, according to Bryan Armour, Morningstar's director of passive strategies research, in an article published earlier this month.
/jlne.ws/4hb7Hi3
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Working Well: Returning to the office can disrupt life. Here are some tips to navigate the changes
Cathy Bussewitz - Associated Press
Jason LaCroix felt privileged to work from home, especially as a father to two young children. He needed flexibility when his son, then 6, suffered a brain injury and spent 35 days in intensive care. LaCroix, a senior systems engineer based in Atlanta, took time off and then worked from home while managing his son's care and appointments. But LaCroix was laid off last February from that job, where he'd been working remotely for five years. His new role requires him to spend four days a week in a company office and commute for three hours a day.
/jlne.ws/4a2lrcn
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Are Wellness Festivals the New Music Festival?; Biohacking, workouts, and brain science are all on the itinerary-from Ibiza to Thailand.
Caitlin Gunther - Conde Nast Traveler
I was recently invited to a festival in Ibiza, the Balearic island known for its turquoise waters, untamed coastlines, and electronic music-fueled parties. But this invite wasn't to Mike Posner's Ibiza-the pills would instead be homeopathic ones touting health and wellbeing, and the headliners included biohacker Ben Greenfield, Los Angeles-based trainer Kim Strother, and women's health and menopausal expert Dr. Jessica Shepard. Hosted at Six Senses Ibiza, a secluded resort on the island's northern tip, the event blended music, healing practices, and communal experiences. Called Alma (Spanish for "soul"), its themes span psychedelic breath work and sex chats to sound healing and biohacking. "Longevity is a key pillar of what we do," Alma Festival founder Talana Bestall tells Traveler.
/jlne.ws/3DvgLPX
It's Not Just Sunscreen. Toxic Products Line the Drugstore Aisles; US regulators say they're taking the issue seriously. Reports of contaminated items keep coming
Anna Edney - Bloomberg
Dory 'Braylan' Hux was a competitive middle-school soccer player from North Carolina with vigilant parents who started putting Neutrogena sunscreen on their freckle-faced son at a young age to protect his skin. It was easy for them to apply thanks to the propellant used in spray-on sunscreens. They had no way of knowing the gas, derived from fossil fuel, wasn't properly purified and contaminated the sunscreen with benzene, a potent carcinogen. Braylan died in 2021, just months before the sunscreen's maker would recall the product because it contained the toxic chemical.
/jlne.ws/3VYizHP
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Launches Probe Into Beef Imports as Farmers Struggle
Hallie Gu - Bloomberg
China is starting a probe into beef imports to decide if a surge in shipments from overseas has hurt the domestic industry, the Ministry of Commerce said Friday. The investigation, launched at the request of domestic industry associations, is likely to end within eight months, but may be extended under special circumstances, according to a statement on the ministry's website.
/jlne.ws/49WD3qf
Japan's Nikkei index heads for best year-end close since 1989; Equity markets have finally surpassed bubble-era levels during rally led by domestic investors
Leo Lewis - Financial Times
Japan's benchmark Nikkei 225 stock index is on track for a record year-end close, finally surpassing a mark reached 35 years ago during the country's 1980s economic bubble. The index closed the year's penultimate trading session on Friday 1.8 per cent higher at 40,281 points, with gains led by Toyota, Sony and Uniqlo parent Fast Retailing. Japan's final trading session of the year is on Monday.
/jlne.ws/3BONCin
South Korea Impeaches Two Leaders in Two Weeks as Crisis Deepens; Acting President Han is suspended from power along with Yoon; Political turmoil hurts won, adds to risks for slowing economy
Sam Kim and Heejin Kim - Bloomberg
South Korea's parliament impeached Acting President Han Duck-soo, dealing another blow to a government already reeling after President Yoon Suk Yeol's suspension less than two weeks ago for his brief martial law decree. Lawmakers voted 192-0 in favor of Prime Minister Han's impeachment on Friday, according to National Assembly Speaker Woo Won-shik. He said before the vote that a simple majority in the 300-seat parliament was needed for the motion to pass, instead of the two-thirds required to suspend a president.
/jlne.ws/4iVGT6M
Buybacks Surge in Brazil as High Rates Drain Stock Market; High rates, fiscal outlook lessen appeal of Brazilian equities; Tax changes fueling dividend payments, hitting currency
Barbara Nascimento and Rachel Gamarski - Bloomberg
Brazilian companies are buying back stocks at the fastest pace in almost two decades as higher interest rates sink the outlook for equities in Latin America's largest economy. Companies listed in the benchmark Ibovespa index announced at least 54 stock buybacks this year, almost double the amount seen in each of the previous two years and the most since 2008, according to data compiled by Bloomberg.
/jlne.ws/3ZRVwQ8
China and Nigeria Renew Currency Swap to Boost Bilateral Trade; Deal cuts reliance on dollar transactions between the nations; China was Nigeria's biggest trade partner in 2023, ahead of US
Anthony Osae-Brown and Phila Siu - Bloomberg
China and Nigeria have renewed a 15 billion yuan ($2 billion) currency-swap arrangement designed to boost trade and investment between the two countries. The facility will help strengthen financial cooperation and expand the use of the two currencies, the People's Bank of China said in statement on Friday. "The agreement is valid for three years and can be renewed upon mutual consent," it said.
/jlne.ws/3DsAWhu
China's Local-Finance Cleanup Opens New Chapter With State Firms; Central SOEs sell special bonds to aid economy for first time; Move sparks discussion on potential rise of CGFVs for stimulus
Bloomberg News
China's latest measures to deal with the financial risks of local officials have centered on a massive debt-swap plan, but a companion step is now drawing attention as a possible new tool. Ever since China unleashed a massive wave of credit to stoke its domestic economy in the depths of the global financial crisis, policymakers have been dealing with the dangers posed by a structure on which that wave relied - the so-called local government financing vehicles (LGFVs). Now, economists see potential for "central government financing vehicles" to displace some of that activity, with greater oversight by national authorities.
/jlne.ws/3BB1blx
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. | INT. MIKES MOTHERS APARTMENT HALLWAY
Carter bangs on the door with the baseball bat. The sound echoes through the building.
Mike's mother rises from the table, stuffing a stack of twenties into her housecoat pocket as she wheels her oxygen tank toward the door. She opens it to find Rex Carter standing there.
REX CARTER
Is your son here?
MOTHER
Who the hell are you?
REX CARTER
I'm his boss. It's urgent I speak
to him.
MOTHER
He's not here. Get the hell out of
here.
Carter is starting to lose his patience. He pushes at the door. Mom holds her ground.
See today's complete entry of Auditions HERE and the complete script to date HERE.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Florida condo owners look at higher costs as new regulations take effect in the new year
Stephany Matt and David Fischer - Associated Press
Florida condominium owners are looking at higher costs from condo associations in the new year, a consequence of a safety law passed by state lawmakers in 2022. It requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Because of the law, older condos - found largely in South Florida, according to state records - are facing hefty increases to association payments to fund the reserves and repair costs.
/jlne.ws/3ZV8NXR
'Old money' look is hot in China as nouveau riche glitz gets the cold shoulder amid slump;Call it old money fashion or quiet luxury style, minimalist design and simplicity stay timeless for Chinese consumers
Cao Li - South China Morning Post
Not many parts of China's economy have been able to withstand the post-pandemic slump. The housing market remains in the doldrums and bank lending has shrivelled. Yet, the appeal of "old money fashion" has endured, even in the face of recession in consumer spending. Discussions on how to define the style, or how to dress like it, are trending on popular social media platforms, from Douyin to Xiaohongshu. Items tagged with the style, ranging from 20-yuan (US$2.70) jumpers and belts to luxury European brands associated with the aesthetic, are flooding e-commerce platforms and recording brisk sales.
/jlne.ws/49Rcpit
An AI started 'tasting' colours and shapes. That is more human than you might think
David Robson - BBC
The brain often blurs the senses - a fact that marketers often use in the design of food packaging. And AIs appear to do the same. What is the flavour of a pink sphere? And what is the sound of a Sauvignon Blanc? Such questions may sound ridiculous, but a huge body of literature shows us that the human brain naturally merges sensory experiences. We may not be conscious of the phenomenon, but we associate different colours, shapes and sounds with different flavours in ways that can subtly shape our perceptual experience, for example.
/jlne.ws/3DvbQ1z
***** Synesthesia is a real thing where people might "taste" colors and so on. It's rare but far from unheard of. Weird that AI is doing the same. ~JB
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