| December 30, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Thank you to Exchange Analytics and Jim Downs of Connamara Tech and an anonymous donor who gave an amount yesterday to the JLN MarketsWiki Education GoFundMe campaign that exceeded the amount Trading Technologies needed to make their final matching donation to meet their $20,000 pledge. Exchange Analytics gave $250, Downs contributed $500, and the mystery donor chipped in $1000 to prompt a $1474 contribution from Trading Technologies.
The GoFundMe campaign stands at $73,002 via the GoFundMe.com website.
Trading Technologies completed their pledge despite the company being sold and the management changing, which is a testament to the character of both the old and new management and the strength of the historical and continuing relationship between John Lothian News and TT.
TT has long been a supporter of JLN, but has always made us work to earn it. TT was not an early sponsor of MarketsWiki, but did become one just before the launch of the site after they saw all the work we did to make my vision a viable reality. And likewise with the support for our historical video work, TT did not just make a large donation, but rather a challenge pledge, which encouraged us to find support among our readers and beyond.
TT brings out the best in us, which I greatly appreciate and respect. The history of JLN and TT goes all the way back to when I broke the news of two separate TT layoffs before TT even put the news out, back when I was just a one-man show writing the newsletter when I was a broker with The Price Futures Group.
Thank you to Harris Brumfield, Tim Geannopulos, Keith Todd and Elise Fleischaker for their support at TT for the GoFundMe campaign. And thank you to Exchange Analytics, Jim Downs and one of my favorite anonymous people for putting us over the top so TT could max out.
The best soccer player of all time passed away, Bloomberg and many other publications reported. Bloomberg's headline is "Pele, Brazilian Who Made Soccer the 'Beautiful Game,' Dies at 82." The New York Times story on their front page is titled "Pelé Was an All-Too-Human God."
The Wall Street Journal did not want to be left off of publications offering lists of books to read. Thus, they came out today with a story titled: "A Year in Reading: Our Favorite Books of 2022." The subheadline is: "Before we bid the year goodbye, a guide to all of the end-of-the-year features from The Wall Street Journal's books section."
The headline of the day is from The Wall Street Journal. The headline is about the Ukraine war and is: "The Bravery and the Recklessness of Ukraine's Improvised Army; It has repelled the Russian invasion, but the effort is depleting its ranks."
This is the last newsletter of 2022, except for the one tomorrow, the Weekend Update. It has been a pleasure to keep you informed and hopefully occasionally amused during 2022. We at JLN wish you a happy and safe New Year's celebration. We wish you a prosperous and healthy 2023 and beyond.
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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MWE SHORT: Ben Van Vliet - The Nature of Competition
JohnLothianNews.com
Ben Van Vliet, Assistant Professor and Associate Director at the Illinois Institute of Technology, discusses the nature of competition in the financial industry and the impact of deception in the markets. Van Vliet also discusses the importance of ethics and its relationship to professional success. With an increase of competition, Van Vliet believes better systems will be built that will be less gullible to deception.
Watch the video »
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No, Advisors, Crypto Is Not a Ponzi Scheme
Christopher Robbins - CoinDesk
Since crypto exchange FTX collapsed into bankruptcy and its Ponzi-like shell game with investor money was revealed, many commentators have doubled down on their criticism of cryptocurrencies as a type of Ponzi scheme. For those who need a review, Ponzi schemes start with an initial investment from an early round of investors, and the money is then used (and spent) for the purposes of the general partners or issuers of the investment product.
/jlne.ws/3vs5tES
******This story is a bunch of Pooh!~JJL
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India joins EU in mandating USB-C charging port on smartphones, as Americans still have to deal with 3 different types of ports and cables
Britney Nguyen - Business Insider
India will require mobile devices in the country to have the USB Type-C standard charging port by March 2025, Business Standard reported. The Bureau of Indian Standards is setting standards for two common types of chargers - one for mobile devices and possibly another one for wearable electronics, like smartwatches, Rohit Kumar Singh, secretary to the Ministry of Consumer Affairs said.
/jlne.ws/3Q1bsdc
****** Imagine a world in which you don't have to ask, "Which one is the mini USB again?"~JJL
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Unlikely Parallels in a Year of Momentous Deaths; The deaths of luminaries like Queen Elizabeth II and Bill Russell did not necessarily surprise. Others, though, inscrutably departed seemingly in tandem.
William McDonald - The New York Times
When Buckingham Palace announced the death of Queen Elizabeth II on Sept. 8, the news, notwithstanding the worldwide outpouring of grief it set off, did not come as a complete surprise - not to anyone who had been following the reports of her end-of-days decline. She was 96, after all.
/jlne.ws/3YWVMvL
*****At the Lothian family Christmas party on December 27, we had a Facetime chat with my niece Tori, who is currently in the U.K. She asked each of us what we were most proud of in 2022. My answer was still being alive. I don't know if I would make any newspaper's notable death lists, but this year was a challenge and I am grateful for being healthy and having survived the challenges of 2022. ~JJL
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Thursday's Top Three
Most clicked on Thursday was our MarketsWiki Education GoFundMe page, where you can "Help John Lothian News Capture Industry History with GoFundMe Campaign." Second was The Iconic French Pastry You Should Bake for a New Year's Party, a recipe for Paris-Brest from The New York Times. Third was Gold buyers binge on biggest volumes for 55 years, from the Financial Times.
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MarketsWiki Stats
27,109 pages; 242,124 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | Case for blockchain in financial services dented by failures; Despite high-profile experiments going awry in 2022, some banks are still committed to the technology
Martha Muir - Financial Times
A number of high-profile blockchain experiments in banking and finance have ended in failure this year, undermining the case for the technology's future in financial services. The biggest blunder came from the Australian Stock Exchange, which in November abandoned a plan announced seven years ago to upgrade clearing and settlement of shares to a blockchain-based platform. The exchange booked a A$250mn ($168mn) charge and apologised after admitting it needed to start the project again from scratch.
/jlne.ws/3hWMlvP
Wall Street wants capital rules eased to unblock $22tn Treasury market; The Fed will embark on a review of requirements blamed by banks for reducing liquidity
Kate Duguid, Colby Smith and Joshua Franklin - Financial Times
Wall Street analysts and lobbyists are calling for the Federal Reserve to ease capital requirements to improve liquidity in the $24tn Treasury market as part of an ongoing review of rules governing the nation's largest banks.
/jlne.ws/3G83UB5
How Elon Musk, Mark Zuckerberg and the World's 500 Richest Billionaires Lost $1.4 Trillion in a Year
Devon Pendleton - Bloomberg
For the vast majority of the world's wealthiest people, 2022 was a year to forget. It's not just the money that was lost, though it was staggering - almost $1.4 trillion was wiped from the fortunes of the richest 500 alone, according to the Bloomberg Billionaires Index. Plenty of the pain, it turns out, was self-inflicted: The alleged fraud by onetime crypto wunderkind Sam Bankman-Fried; the devastating war waged by Russia on Ukraine that spurred crippling sanctions on its business titans; and, of course, the antics of Elon Musk, the new owner of Twitter who's worth $138 billion less than he was on Jan. 1.
/jlne.ws/3C7lFiE
Race for 2022's Top Stock Market Goes Down to Final Trading Day; India, Indonesia and Singapore gauges are up over 3% this year; Markets may lose steam into 2023 as North Asia gains appeal
Ishika Mookerjee - Bloomberg
Three equity markets in Asia are competing to become the biggest gainers in the world this year, even as a stronger dollar hurt the appeal of the region. Measures for Indonesia, India and Singapore are closing on Brazil's Ibovespa Index, which has climbed 5.2% in local currency terms, according to data of major stock benchmarks compiled by Bloomberg. The Asian gauges are up at least 3.5% each, which means a single-day gain could make up the difference. The rankings are mostly similar in dollar terms although the gains differ.
/jlne.ws/3vtK1zv
Beware Crypto Billionaires Boasting Of Audits; Regulators are rightly taking a closer look at the external gatekeepers of the virtual-currency frenzy.
Lionel Laurent - Bloomberg
"Where were the lawyers and accountants?" That was the withering assessment of one US judge after years of fraud and deception went undetected during the 1980s savings and loan crisis, despite a well-stocked entourage of audit, legal and compliance professionals who might have been expected to raise the alarm.
/jlne.ws/3Q2LC8K
Bahamas Seized $3.5 Billion FTX Assets on Custody Concerns; Regulator says assets seized on information by Bankman-Fried; Bahama regulator to return tokens to owners once court allows
Suvashree Ghosh - Bloomberg
Bahamian authorities took control of $3.5 billion worth of digital assets at FTX Digital Markets shortly after it filed for Chapter 11 bankruptcy protection based on information provided by founder Sam Bankman-Fried, according to a statement on Dec. 29.
/jlne.ws/3WUCAgl
Sharp fall in global dealmaking brings pandemic-era frenzy to a halt; M&A suffers record decline in second half of 2022 as interest rate rises hit financing
Ivan Levingston, Ortenca Aliaj and Kaye Wiggins - Financial Times
Global dealmaking suffered a record fall during the second half of this year, as rising interest rates and economic uncertainty brought a period of frenzied activity to an abrupt close. Mergers and acquisitions worth $1.4tn were announced during the six months to December, according to data provider Refinitiv, down from the $2.2tn agreed in the first half of 2022. It was the biggest swing, from one six-month period to the next, since records began in 1980.
/jlne.ws/3jDUrdh
Deal-making Thrived, Then Hit a Road Bump; Mergers and acquisitions activity plunged in the second half of 2022, but there are signs that it could pick up again next year.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Stephen Gandel, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
Heading into 2022, Wall Street's deal-makers thought it would be hard to maintain last year's record-breaking pace for mergers and acquisitions. Still, few thought their businesses would fall by too much. But the M.&A. business hit turbulence in the middle of the year and hasn't recovered.
/jlne.ws/3Gchkw2
The Year the Long Stock Market Rally Ended; How fast inflation and high interest rates upended markets across the globe.
Joe Rennison (Graphics by Karl Russell and John-Michael Murphy) - The New York Times
Jan. 3, the first day of market trading in 2022, looked like just another day in a stock rally that began when Barack Obama was still president. The S&P 500 hit a record high. Tesla, the company that upturned the auto industry and made many investors rich, rose 13.5 percent and came close to its own all-time peak.
/jlne.ws/3Ibjoqw
Regulators in the Bahamas Are Holding $3.5 Billion in FTX Customer Assets
Sam Reynolds - CoinDesk
The Bahamian Securities Commission has taken custody of FTX deposits valued at more than $3.5 billion as of Nov. 12, according to a media release published late Thursday by the BSC. Shortly after FTX filed for bankruptcy, about $372 million worth of tokens were stolen from the exchange by an unknown actor thought to be an external hacker. Given media reports of a cyberattack on FTX, and possible looting of FTX-controlled wallets by former employees, the Commission said in its media statement it "determined that there was a significant risk of imminent dissipation as to the digital assets under the custody or control of [FTX] to the prejudice of its customers and creditors."
/jlne.ws/3CcCSHy
China to Extend the Onshore Yuan's Trading Hours in Global Push; PBOC tweaks trading period as yuan climbs on reopening hopes; Trading in onshore currency to close at 3 a.m. local time
Bloomberg News
China will extend the trading hours for the onshore yuan as the government pushes ahead with plans to internationalize the currency. Onshore yuan trading will close at 3 a.m. local time the next day rather than 11:30 p.m., effective from Jan. 3, according to the People's Bank of China. Opening hours will remain unchanged at 9:30 a.m., the PBOC said.
/jlne.ws/3IcNUAd
FTX Customers Want Identities Redacted From Bankruptcy Filings; Customers owed $1.9 billion oppose efforts by government lawyers and media organizations to unseal FTX usernames
Andrew Scurria - The Wall Street Journal
A group of FTX's international customers asked for a court order shielding their names from the public, spotlighting a privacy issue that has divided bankruptcy courts in other crypto-related cases.
/jlne.ws/3Z0CxBl
US Ignored Own Scientists' Warning in Backing Atlantic Wind Farm
Jennifer A Dlouhy - Bloomberg
US government scientists warned federal regulators the South Fork offshore wind farm near the Rhode Island coast threatened the Southern New England Cod, a species so ingrained in regional lore that a wooden carving of it hangs in the Massachusetts state house. The Interior Department approved the project anyway. The warnings were delivered in unpublished correspondence weeks before Interior's Bureau of Ocean Energy Management authorized the 12-turbine South Fork plan in November 2021.
/jlne.ws/3WCprce
Here are the Five Benefits US Employees Want Most; In the ongoing war for talent, these perks will be even more important in 2023.
Jo Constantz - Bloomberg
Despite the headlines of massive layoffs in the tech industry, the job market is still running hot. Americans are dropping out of the labor force as an aging population and a lack of immigration mean that the competition for workers will remain fierce. Of course, pay is paramount for most people - but beyond an attractive salary, in the current environment companies need to find new ways to distinguish themselves as an employer of choice, experts say.
/jlne.ws/3jEsfH9
Boerse Stuttgart Group launches Easy Euwax trading segment for securitised derivatives; High trading quality and transparency without exchange transaction fees
Boerse Stuttgart Group via Mondo Visione
On 2 January, 2023, Boerse Stuttgart Group will launch Easy Euwax, a new segment for trading in securitised derivatives, thus complementing its proven and tested offering for retail investors in this asset class. Exchange transaction fees are not charged on any of the products listed in the Easy Euwax segment. "By launching Easy Euwax, Boerse Stuttgart Group is continuing its strategic entry into the zero-fee space in securities trading. 2022 has already seen the introduction of an offering on our subsidiary exchange BX Swiss and our zero-fee platform TradeREBEL for equities and exchange-traded products (ETPs). Now, trading without exchange fees becomes also possible for securitised derivatives, the most important asset class for our group," said Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group.
/jlne.ws/3C7Ebr1
China Covid Wave Sparks Scramble for Vital Drugs Across Region; Pharmacies in Japan, Taiwan, South Korea, HK see demand surge; Drugstores, couriers impose limits as medicine prices shoot up
Jennifer Creery - Bloomberg
A tsunami of coronavirus infections in China is causing shortages of key drugs across the region as relatives and friends living overseas ship painkillers and antivirals from abroad, driving up prices and forcing some stores to cap purchases. South Korea's health ministry warned Wednesday that it would punish the sale of "excessive amounts" of cold medicine to an individual patient, after local media reported that a Chinese customer had bought 6 million won ($4,760) worth of drugs in Hanam city in Gyeonggi Province. Some pharmacies in Taiwan are running low on Panadol cold and flu tablets, while Bloomberg News visited 20 dispensaries in Hong Kong that were out of Panadol and Coltalin pills.
/jlne.ws/3CcEmBt
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Latest: Russia Holds 3,000 POWs, Zelenskiy Adviser Says
Bloomberg
An adviser to Ukrainian President Volodymyr Zelenskiy said Russia had confirmed that it was holding more than 3,000 prisoners of war. She added that 15,000 people were missing, many of them civilians. Russia unleashed one of the most intense missile barrages of the war, targeting major Ukrainian cities including the capital, Kyiv, and Lviv in the west near Poland.
/jlne.ws/3Ibzz7p
Biden Signs $1.7 Trillion Funding Bill That Includes Ukraine Aid; Must-pass bill adds $47 billion in fresh aid for Ukraine; Democrats worried incoming GOP House could force spending cuts
Akayla Gardner - Bloomberg
President Joe Biden signed a $1.7 trillion government funding bill that includes $47 billion in additional aid for Ukraine in a victory for Democrats who feared that Republicans who will have control of the House in January could force deeper spending cuts and block assistance to Kyiv. Biden, who is on St. Croix in the US Virgin Islands, signed the bill on Thursday. Staff sent the bill to the president for his signature on a regularly scheduled commercial flight, according to the White House.
/jlne.ws/3Q3WvaD
Putin says Russia now one of China's leading oil and gas suppliers
Reuters
Russian President Vladimir Putin said on Friday that Russia had become one of China's leading suppliers of oil and gas, with 13.8 billion cubic metres of gas shipped to China via the Power of Siberia pipeline in the first 11 months of 2022. In remarks at the start of a video conference with Chinese President Xi Jinping, Putin said: "According to the results of this year, Russia has become one of the leaders in oil exports to China."
/jlne.ws/3jDXdPw
Russia's Oil Ban Accelerates Shift in Global Energy Flows; Russian crude is increasingly heading to China and India, while Middle East producers are trying to sell more oil to Europe
Benoit Faucon and Summer Said - The Wall Street Journal
Western sanctions on Russian fossil fuels are accelerating the shift in global energy flows, with China and India increasingly taking advantage of Russian oil discounts and Middle Eastern suppliers redirecting their crude to Europe.
/jlne.ws/3Z3pIpZ
The Bravery and the Recklessness of Ukraine's Improvised Army; It has repelled the Russian invasion, but the effort is depleting its ranks
James Marson - The Wall Street Journal
The messages arriving on Viktor Yatsunyk's phone were vague and worrisome. Somewhere nearby, Ukrainian soldiers had triggered a land mine and lay dead or injured. The onetime carpenter and his teammates, who included a store-sign maker, a boxing enthusiast and a computer-science student, converged on a map reference in a beat-up crossover and a pickup truck. When other army units needed something hazardous done on the eastern front, they called this group.
/jlne.ws/3CaJXID
Russia Set to Export Large Amounts of Diesel Before EU Sanctions; Baltic, Black Sea flows set to reach at least three-year high; EU will ban imports of Russian oil products from Feb. 5
Bloomberg News
Russia's seaborne diesel exports are set to boom next month as the nation races to get cargoes into the market before a European Union embargo begins in February. Shipments of the fuel from Russia's key Baltic and Black Sea ports, including some that originated in Belarus, are set to surge to 2.68 million tons in January, a 8% hike on December's planned flows and the highest export rate since at least January 2020, according to industry data seen by Bloomberg.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The TRADE predictions series 2023: Data, part two; Participants across Sarasin & Partners, FINBOURNE Technology, IRESS and Nasdaq, deep dive into the data trends for 2023.
Editors - The Trade
Mohammed Sohail, head of trading, Sarasin & Partners: The top theme for 2023, will be around optimising automation, focused on the whole trade cycle. Development of transaction cost analysis (TCA) will become more important as we look to extract as much data to make analysis more in-depth. Along with this the regulatory changes especially with the US moving to T+1 will be important in terms of how we solve problems this may create.
/jlne.ws/3IgNQzx
Euronext confirms its position as the leading equity listing venue in Europe and debt listing worldwide in 2022; 83 new equity listings on Euronext markets in 2022, representing an aggregated market capitalisation at listing of Euro 23 billion, and Euro 3.8 billion in new capital raised; Simplification of listing rules in Italy to facilitate access for issuers; 7,800+ new bond listings on Euronext markets in 2022; 310+ new ESG bond listings on Euronext markets in 2022, bringing all-time money raised through ESG bonds to Euro 1.0 trillion; 450+ new clients for Euronext Corporate Services in 2022.
Euronext
Euronext, the leading pan-European market infrastructure, confirmed the attractiveness of its primary markets activity in 2022, remaining the leading venue for equity listing in Europe and debt listing worldwide.
/jlne.ws/3VtoZLS
Trading Overview in Year 2022 & December 2022
JPX
Japan Exchange Group released Trading Overview in Year 2022 & December 2022. Cash Equity Market: In 2022, annual trading value for the Prime Market (domestic common stocks) was JPY 605.4162 trillion. For domestic ETFs, annual trading value was JPY 70.0212 trillion, the second-highest on record. In the REIT market, annual trading value was JPY 14.9986 trillion, the fourth-highest on record.
/jlne.ws/3vKUnv7
Rent And FOT Charges 1 April 2023 - 31 March 2024
LME
Summary
1. This notice sets out the maximum rents and FOT charges applicable to LME-listed warehouse warrants for the period 1 April 2023 to 31 March 2024.
/jlne.ws/3vimcfa
BBR Bank connected to the Finuslugi platform
MOEX
BBR Bank joined the personal finance platform Finuslugi of the Moscow Exchange. Especially for the clients of the platform, the bank offers to issue a deposit "Our first" with a maximum rate of 8.2% per annum. The "Our First" deposit allows Finuslug clients to place from 10 thousand to 3 million rubles with a choice of placement period: 91, 181, 367 or 730 days. The interest rate depends on the term of the deposit, and interest is paid at the end of the placement of funds.
/jlne.ws/3WBvVrA
Delisting of Securities of Tuscan Holdings Corp. II; Clovis Oncology, Inc.; ZyVersa Therapeutics, Inc.; Otonomy, Inc., and Forward Pharma A/S from The Nasdaq Stock Market
Nasdaq
The Nasdaq Stock Market announced today that it will delist the common stock, unit, and warrant of Tuscan Holdings Corp. II. Tuscan Holdings Corp. II's securities were suspended on November 21, 2022, and have not traded on Nasdaq since that time.
/jlne.ws/3IeOe1w
Changes in Nifty fixed income indices
NSE
On December 26, 2022, the Index Maintenance Sub-Committee (Debt) had announced changes in various fixed income indices as part of its periodic review. On account of revision in the conservative issuer rating for Greater Hyderabad Municipal Corporation (downgraded from AA to AA-) and merger of Shriram City Union Finance Limited (AA) with Shriram Transport Finance Limited (AA+), the Index Maintenance Sub-Committee (Debt) of NSE Indices Limited, announces the following revision in Nifty fixed income indices.
/jlne.ws/3Z2e6DC
SGX Group marks the concurrent listing of two ETFs in Singapore and Shenzhen via SZSE-SGX ETF Link
SGX Group
New CSOP CSI Star and ChiNext 50 Index ETF listed in Singapore offers exposure to companies in China's innovative and emerging sectors; Chinese domestic investors gain access via SZSE to world's first APAC-focused low carbon ETF listed on SGX. Singapore Exchange (SGX Group) today marked the concurrent listing of two ETFs in Singapore and Shenzhen as part of the ETF link between SGX and Shenzhen Stock Exchange (SZSE), garnering combined assets under management (AUM) of over S$270 million.
/jlne.ws/3WX9mh1
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Big Banks Will Show Fintech Who's the Big Boss; JPMorgan Chase and other established players are no longer staying on the sidelines.
Paul J. Davies - Bloomberg
What to Expect in 2023:
The health of borrowers is the key concern for all of finance in the coming year. An optimistic view would be that inflation is quickly brought under control without interest rates rising too much higher; and any recessions will be short and shallow. In that world, only the riskiest borrowers will likely get into trouble. That, however, still spells losses and it's the optimistic view!
/jlne.ws/3vq4VPV
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| Cybersecurity | | Top stories for cybersecurity | CIO 2023 Priorities: Cybersecurity
Belle Lin - WSJ
Technology executives in a recent CIO Journal end-of-year survey shared their priorities for 2023. While recruiting and retaining talent and leading through a tightening economy topped many to-dos, the long tail of priorities encompassed everything from modernization to sustainability.
/jlne.ws/3IcAIeI
Bringing Special Operations Values To Cybersecurity
Jeffrey Engle - Forbes
War is no longer fought only on a battlefield. It happens everywhere, at any moment in the devices we carry in our back pockets and wear on our wrists. Cybersecurity was unheard of until 50 years ago-years before personal computers became commonplace. Now, with technology everywhere you look, cybersecurity is crucial to our daily lives and the function of our country's critical infrastructure.
/jlne.ws/3VI0QBy
The Five Stories That Shaped Cybersecurity in 2022
Ryan Naraine - SecurityWeek
As we looked back at the security incidents, events and stories that demanded attention over the past year, it became crystal clear that high-profile data breaches and zero-day attacks would continue to dominate the headlines. It seemed that hardly a week went by without some sort of cybersecurity incident making headlines, stretching spending budgets to the limits as CISOs and defenders navigated a worsening economy and staff cuts that hurt security programs.
/jlne.ws/3IgHvnJ
US passes the Quantum Computing Cybersecurity Preparedness Act - and why not? - Naked Security
Paul Ducklin - Naked Security
Remember quantum computing, and the quantum computers that make it possible? Along with superstrings, dark matter, gravitons and controlled fusion (hot or cold), quantum computing is a concept that many people have heard of, even if they know little more about any of these topics than their names.
/jlne.ws/3VurY6F
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX customers are reportedly taking huge losses on their outstanding investments so they don't have to wait months for bankruptcy claims
Morgan Chittum - Business Insider
FTX customers whose funds are stuck on the embattled crypto exchange are selling their credit claims at steep discounts amid an uncertain and potentially lengthy bankruptcy process. Customers holding roughly $1 billion in credit claims have expressed interest in selling their claims through Cherokee Acquisition, an investment banking firm and claims buyer, according to the Wall Street Journal. Elsewhere, bankruptcy claims trading platform Xclaim has listed nearly $92 million in FTX user claims after pivoting its business to focus on crypto-related claims.
/jlne.ws/3GtUuRy
FTX customers ask bankruptcy court to keep their names secret
Dietrich Knauth - Reuters
A group of FTX customers from outside the United States have asked a U.S. bankruptcy judge to keep their names secret during the cryptocurrency exchange's bankruptcy case, saying that revealing their identities could expose them to identity theft and other scams. Bankrupt companies typically reveal the names and amounts of debt held by their creditors, including individual customers. But in a late Wednesday night court filing, a group of non-U.S. FTX customers who say they are owed $1.9 billion told U.S. Bankruptcy Judge John Dorsey that this case is different.
/jlne.ws/3C6n2OH
Galaxy Digital Shines As Star While FTX Collapse Spoils Industry Appetite, Analyst Says
Anusuya Lahiri - Benzinga
Rosenblatt analyst Andrew Bond initiated Galaxy Digital Holdings Ltd (OTC: BRPHF) coverage with a Buy and a C$6.30 price target. While GLXY's stock price is likely to be highly correlated to the market capitalization of crypto assets in the near term, Bond believes it has built a business model that can withstand volatility and, in some instances, thrive on it.
/jlne.ws/3jyt9Vv
Despite the Frost of Crypto Winter, The Wrapture Holders Kept Their Cool
Rosie Perper - CoinDesk
It's been a tough year to be a non-fungible token (NFT) holder. While 2021 welcomed high-value NFT sales, soaring cryptocurrency prices and an influx of new entrants into the space, this past year has seen trading slow and crypto prices drown in the sludge of an extended crypto winter.
/jlne.ws/3WReHq3
FTX customer assets worth more than $3.5 billion have been seized by Bahamian regulators until they can be returned
Zahra Tayeb - Business Insider
FTX customer assets worth more than $3.5 billion have been temporarily seized by Bahamian authorities, according to the country's markets regulator. The assets were transferred to digital wallets under the control of regulators on November 12, shortly after FTX filed for bankruptcy, per a statement on Thursday from the Securities Commission of the Bahamas.
/jlne.ws/3C7octh
China Is Launching a State-Backed NFT Marketplace: Report
CoinDesk
China is launching its first state-backed non-fungible token (NFT) marketplace, according to a report by the Chinese state media outlet China Daily. It's the latest sign of the country embracing a technology that has occupied a legal gray area. "The Hash" panel discusses China entering the NFT scene and what this means for the state of crypto.
/jlne.ws/3Q08sOu
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| Politics | | An overview of politics as it relates to the financial markets | Bankman-Fried Met With White House Aides on Crypto Policy Before FTX Collapse; Bankman-Fried met senior Biden aide Ricchetti on Sept. 8; FTX mogul held other White House meetings in spring, logs show
Josh Wingrove and Allyson Versprille - Bloomberg
Sam Bankman-Fried, the now-disgraced cryptocurrency mogul, held at least four meetings with senior White House officials this year - part of a push to influence crypto policy and build connections in Washington before his FTX empire ultimately collapsed. Bankman-Fried met Sept. 8 with Steve Ricchetti, one of President Joe Biden's senior advisers, White House officials familiar with the matter said. The meeting, previously unreported, was the latest in a handful of sessions.
/jlne.ws/3G3RnhV
Republicans plan more attacks on ESG. Investors still plan to focus on climate risk
Michael Copley - NPR
Republicans are planning to use their control of the House of Representatives in 2023 to intensify attacks on companies that account for climate-related risks when they're making investment decisions. GOP officials in Washington and more than a dozen states say they're focusing on firms that are using their financial power to push a so-called woke political agenda, rather than trying to maximize profits. As part of the campaign, Florida, Louisiana and Missouri have collectively pulled more than $3 billion from BlackRock over the investment firm's consideration of environmental, social and governance (ESG) issues.
/jlne.ws/3VAJczr
EU Advises Tighter Covid Surveillance Amid Concern Over China; Bloc closely watching 'alarming' surge in Chinese infections; Health commissioner says new variants must be detected early
Katharina Rosskopf - Bloomberg
The European Commission has asked EU member states to review Covid testing and sequencing procedures and to consider scaling them back up amid increased concern about the virus spreading from China.
/jlne.ws/3Gw6suh
Joe Biden's green subsidies may backfire, warns EU commissioner; Dombrovskis warning on Inflation Reduction Act comes as EU sees shift on clean vehicle tax credits as first step
Sam Fleming and Andy Bounds - Financial Times
America's massive green subsidies plan risks backfiring by driving European companies closer to China, a top EU policymaker warned as he said that talks with the Biden administration are unlikely to solve all the issues Europe has with the legislation.
/jlne.ws/3WBGRpl
India Finance Minister Sitharaman Discharged From Hospital
Ruchi Bhatia - Bloomberg
India's Finance Minister Nirmala Sitharaman was discharged from a hospital in New Delhi on Thursday, government officials said. A key ally of Prime Minister Narendra Modi, the 63-year-old minister was in a private ward at the premier state-run All India Institute of Medical Sciences since Dec. 26 with symptoms of viral fever, they added. Official details were scant on her condition.
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| Regulation & Enforcement | | Stories about regulation and the law. | Climate risks gain corporate acknowledgment after SEC prodding; New disclosures look likely to strengthen US regulator's case for imposing controversial climate rule
Patrick Temple-West - Financial times
At least 10 companies including General Dynamics, Halliburton and EOG Resources have added climate change risks to their regulatory disclosures following demands from the US Securities and Exchange Commission, which could use this information to defend its climate rule in court next year.
/jlne.ws/3C7Jdnp
Making Comprehensive Crypto Policy Out of Regulatory Patchwork
Aitan Goelman - CoinDesk
Even as cryptocurrency and other digital assets resident on blockchain have increasingly permeated the public consciousness, the question of regulatory authority has largely gone unanswered. Often, seismic events in the financial industry, like the collapse of FTX, lead to clarity. Here, unfortunately, instead of leading to any kind of consensus, the early signs indicate that the demise of FTX and its repercussions on other crypto companies have only reinforced the disagreements between the different stakeholders on how, or even whether, to regulate crypto.
/jlne.ws/3Gq4HPa
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Great Liquidity Debate: Top Wall Street Traders Size Up the 2022 Fallout; Don't blame bad liquidity for every ill in a year of central bank-spurred market fireworks.
Justina Lee and Denitsa Tsekova - Bloomberg
In the telling of investors lashed by soaring interest rates and runaway inflation, Wall Street trading went from bad to worse this year -- all thanks to vanishing liquidity. Stock and bond markets are now supposedly so broken that money managers were unable to buy and sell in size without moving prices along the way, making the great 2022 selloff even worse. Cue violent swings in everything from Treasuries and small-cap equities to commodities.
/jlne.ws/3WACPxt
Hindsight Capital II: Weed and Truss Went Up in Smoke; The world's most perfect hedge fund closes out 2022 with more trades you could have seen coming, but were probably safer not to make.
John Authers - Bloomberg
Investing in the Rearview Mirror
On this last trading day of 2022, it's time to reveal the final trades placed by Hindsight Capital LLC. If you read yesterday's Points of Return, you'll find all the rules laid out for this strange and unfortunately non-existent hedge fund. It invests at the beginning of the year knowing that it will be judged over the next 12 months alone, and in full knowledge of how markets are going to perform. The managers do, however, need to be able to show that they had a sensible rationale for placing their chips as they did at the beginning of January.
/jlne.ws/3GvE0J2
Global stocks set to post worst year since 2008 financial crisis; Central bank rate rises send equities prices tumbling almost 20% while also knocking bonds
Adam Samson and Tommy Stubbington - Financial Times
Global stocks were on Friday set to close out the worst year since the 2008 financial crisis after the battle by central banks to tame inflation and the war in Ukraine sent powerful waves rushing across asset markets. The broad MSCI All-World index of developed and emerging market equities has shed nearly a fifth of its value in 2022, with bourses from Wall Street to Shanghai and Frankfurt all notching up significant losses.
/jlne.ws/3vtukbm
Wealth managers grapple with one of their worst years in a century; Inflation presents a challenge to preserving wealth in real terms that has not been faced in decades
Joshua Oliver - Financial Times
Wealth managers are grappling with one of their worst years in a century after high inflation and a sell-off in stocks and bonds hammered returns. The threat of stubbornly higher inflation presents a challenge to preserving wealth in real terms that has not been faced in decades, while the pain in markets over the past 12 months has undermined conventional wisdom around balancing portfolios between equities and fixed income.
/jlne.ws/3WxjqgI
Companies Spend Record Amounts on Dividends, Despite Looming Downturn; Businesses in the S&P 500 allocated an estimated $561 billion toward dividends in 2022. Some companies resumed payments for the first time since the pandemic.
Mark Maurer - The Wall Street Journal
S&P 500 companies spent a record amount on dividends this year, a trend that is expected to continue in 2023 despite a slowing economy as more of the companies that had suspended or cut their dividends early in the pandemic resume payouts.
/jlne.ws/3Ih6bwm
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Sponges, snakes and snowy landscapes: Age of Extinction's year in pictures - international
The Guardian
Guardian photographers travelled across the globe to capture the work of nature lovers and conservationists. Here are some of their best shots.
/jlne.ws/3WSW1pL
Environmental review of 2022: another mile on the 'highway to climate hell'; Deadly floods in Pakistan and record heat in the UK were just two symptoms this year of the global crisis
Damian Carrington - The Guardian
Two events in 2022 symbolised the climate breakdown that humanity is careering towards and the real, though fast-fading, hope that the world can still be steered away from calamity. The first was the apocalyptic floods that submerged a third of Pakistan, the world's fifth most populous country, affecting 33 million people. Scientists found that the climate crisis had made the deluge up to 50% more intense.
/jlne.ws/3hVTJYp
How to Turn (Almost) Any Bicycle Into an E-Bike; Swytch Bike sells a DIY e-bike conversion kit complete with motorized wheel and battery pack. The startup can barely keep them in stock.
Ira Boudway - Bloomberg
A decade ago, I bought a single-speed bicycle in New York City for about $300. I don't remember the brand, and the frame's lone decal has long since faded; when I moved to the suburbs a few years ago, the bike went into the garage for indefinite hibernation. But this October I wheeled it out with plans to execute an extreme makeover: Using a kit made by the London-based startup Swytch Bike, I would convert my rusty old bicycle into a motor-assisted electric ride.
/jlne.ws/3WX5pcb
Shale Bosses Worried About US Labor Shortages Going Into 2023; Energy executives surveyed by Dallas Fed focus on cost issues; Most see WTI oil ending next year at $80 a barrel or higher
Mitchell Ferman - Bloomberg
US shale executives remain concerned about the outlook for rising costs going into 2023 as they continue to struggle with hiring and retaining workers, according to the Federal Reserve Bank of Dallas. A majority of respondents polled in the bank's latest quarterly energy survey, which was released Thursday, said they expect to increase capital spending slightly or significantly next year compared with 2022 levels. And while most also see West Texas Intermediate oil at $80 per barrel or higher at the end of next year - levels that are above the current price - underlying inflation and supply chain issues punctuated by labor shortages also make major production hikes unlikely.
/jlne.ws/3Cd6tAu
How ocean wind power could help the US fossil fuel industry; The government wants to lease offshore wind in the Gulf of Mexico - but the oil industry wants it for its own needs
Terry L Jones and Pam Radtke - The Guardian
Offshore wind farms in the Gulf of Mexico proposed by the Biden administration could generate enough electricity for 3.1m homes in Texas and Louisiana. But industry is eyeing the potential for offshore wind farms to instead power oil refining, steel and fertilizer manufacturing and other industrial processes. The administration has committed to building 30 gigawatts of offshore wind to power 10m homes nationally by 2030 to help boost renewable energy in the country. But multiple companies interested in leasing offshore parcels in the Gulf of Mexico want to use that energy to make renewable hydrogen to power industrial processes to reduce their carbon footprint.
/jlne.ws/3vtcxRE
The U.S. Will Need Thousands of Wind Farms. Will Small Towns Go Along? In the fight against climate change, national goals are facing local resistance. One county scheduled 19 nights of meetings to debate one wind farm.
David Gelles - The New York Times
Depressed property values. Flickering shadows. Falling ice. One by one, a real estate appraiser rattled off what he said were the deleterious effects of wind farms as a crowd in an agricultural community in central Illinois hung on his every word.
/jlne.ws/3Cbb5qZ
Conservationists turn to glue to make seeds stick on windy Yorkshire moor; Project has been planting grass to help restore vital peatland but found some of it was not taking
Robyn Vinter - The Guardian
Green sludge pours out of thick hosepipes wielded by two Welshmen in a bog in the north of England. It is not many people's vision of cutting-edge technology. But although the goop splattering messily on to bare patches of moorland may not look much, it is the first of its kind - a special type of glue designed to help restore vital peatland, which has been disappearing at rapid rates.
/jlne.ws/3WMjHwg
ESG Regulations Increased in 2022, But That's Not Bad News
ETF Trends via Nasdaq opinion
Environmental, social, and governance (ESG) investing remained in focus in 2022, and one reason for the extension of the trend is that this style of market participation is, increasingly, a point of emphasis for regulators. The good news is that isn't a negative for investors. Enhanced regulatory protocols could serve a positive long-term aim of bringing clarity to ESG definitions while preventing companies and fund issuers from engaging in inaccurate branding.
/jlne.ws/3jFEaEA
Is ESG a threat to capitalism? Live with Samuel Gregg, Russ Greene, and Zach Weissmueller
ReasonTV via YouTube
"The social responsibility of business is to increase its profits," proclaimed Milton Friedman in a famous 1970 New York Times essay. The view that the primary aim of a business is to increase profits and shareholder value is one that's been challenged in business schools and by economists, politicians and in the marketplace. The rise of the theory of "stakeholder capitalism," which posits that business should also aim to achieve certain environmental and social goals, has led to the increasingly widespread adoption of Environmental, Social, and Governance (ESG) investing in the financial sector. The SEC has proposed regulating ESG standards, a move that would allow the federal government to further define what constitutes a "socially responsible" company.
/jlne.ws/3Zcnm8D
2022 In Review: Leadership Lessons From Connected Risks, The Great Resignation, Inflation, Recession, Quiet Quitting, Hybrid Work, ESG, Stewardship, And More
John M. Bremen - Forbes Contributor
As leaders close the books on another highly disruptive year, they have learned to be more flexible, adaptable, and creative. Effective leaders were agile navigators and enterprise stewards in an environment of uncertainty that likely will last for the foreseeable future. Following are key leadership lessons learned during 2022.
/jlne.ws/3IcBoRx
ESG Is Not About Ethical Standards And Ethical Values
Robert G. Eccles - Forbes contributor
Over the past year I've certainly had some fun banging on about those in the GOP who are ranting about ESG. Their flawed reasoning and fiery rhetoric made this an easy thing to do. They say, quoting the immortal words of former Vice President Mike Pence in his May 26, 2022 letter to the Wall Street Journal, that "ESG is a pernicious strategy, because it allows the left to accomplish what it could never hope to achieve at the ballot box or through competition in the free market. ESG empowers an unelected cabal of bureaucrats, regulators and activist investors to rate companies based on their adherence to left-wing values." I say, "Gosh, it's nothing nearly as exciting as that. It's simply about companies and investors managing material risk factors to ensure long-term value creation."
/jlne.ws/3Q4YjQH
UNEP FI Global Roundtable 2022
UNEP FI
Highlights and recordings from the UNEP FI Global Roundtable 2022 are now available! Find out what leaders from the finance industry said about climate target-setting, nature-positive insurance, tackling plastic pollution and much more. All recordings are available using this link or in the "Agenda" section. The event summary is available here. The event highlights are available here.
/jlne.ws/3Z3jUNw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Turkey Pushes Ahead With Digital Lira
Mathew Di Salvo - Decrypt
Turkey's central bank announced today that it had completed the first set of tests for its long-planned digital currency. The Central Bank of the Republic of Turkey (CBRT) said that it plans to continue running tests for its digital lira next year. "The CBRT will continue to run the limited, closed-circuit pilot tests with technology stakeholders in the first quarter of 2023," the statement read. "Findings obtained from these tests will be shared with the public via a comprehensive evaluation report."
/jlne.ws/3VrRQAg
Japan's Banks Get a Shot in the Arm; Anemic Japanese bank shares are showing new signs of vigor after the Bank of Japan's policy shift
Jacky Wong - The Wall Street Journal
A 0.25 percentage point tweak to Japan's "yield curve control" interest-rate policy has lit a fire under the country's financial stocks. A sustained shift in monetary policy could add further fuel to the rally. Shares of Japanese banks and insurers have surged since the Bank of Japan 8301 0.00%increase; green up pointing triangle unexpectedly raised its effective cap on 10-year government bond yields to 0.5% from 0.25% about two weeks ago. The BOJ has long intervened in the bond market to keep yields of that tenor within a specific trading range around zero.
/jlne.ws/3WxGwnF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China is now the perfect breeding ground for new Covid variants - and Britain must act
Sarah Knapton - The Telegraph
China is on the move again, and the world is understandably nervous. From next week, people flying into the country will no longer need to quarantine in state facilities - a restriction that has discouraged Chinese citizens from travelling abroad. But the opening comes just as China is experiencing an unprecedented surge in cases, brought about by the widespread lifting of Xi Jinping's strict Zero Covid measures. Health experts are worried that the new mixing, coupled with hundreds of thousands of new cases, will create a perfect breeding ground for new variants, which will then be imported throughout the world.
/jlne.ws/3CdwakG
Australia says no change to rules regarding travellers from China
Reuters
Australia is making no change to its rules around allowing travellers from China into the country, despite measures by some countries to require mandatory COVID-19 tests, Australian Prime Minister Anthony Albanese said on Thursday. "We will take the appropriate advice from the health experts," Albanese told the Australian Broadcasting Corp (ABC). "There is no change in the travel advice at this point in time but we are continuing to monitor the situation, as we continue to monitor the impact of COVID here in Australia as well as around the world."
/jlne.ws/3i2B7Wo
China Faces Deluge of Covid Deaths in First Lunar New Year Without Pandemic Curbs; Infections, mortalities seen peaking later in January; Accurate post-Covid Zero data has been hard to obtain
Bloomberg
China could see as many as 25,000 deaths a day from Covid-19 later in January, casting a shadow over the start of the first Lunar New Year festivities without pandemic restrictions. Mortalities from the contagious respiratory illness will probably peak around Jan. 23, the second day of the annual holiday in the country of 1.4 billion, according to Airfinity Ltd., a London-based research firm that focuses on predictive health analytics. Daily infections will peak 10 days before at around 3.7 million cases, the researcher said.
/jlne.ws/3vr8uW7
China's Economic Activity Rebounds in Cities Where Covid Peaked; Subway passengers, traffic congestion rise in Beijing; Mobility continues to slump in places like Shanghai, Shenzhen
Bloomberg
Economic activity is rebounding in several Chinese cities where Covid infections likely already peaked, although many parts of the country are still grappling with soaring cases and mobility is still far below levels reached a few months ago. The number of passengers using subways in Beijing, Chongqing, Chengdu and Wuhan rose about 40% to 100% in the week through Wednesday, a sign that residents in those areas are returning to work, shopping and restaurants once again. A measure of traffic congestion in those cities increased about 150% to 240% over the period.
/jlne.ws/3WuAeVE
Americans Are Still Drinking Too Much; The pandemic might have been a reasonable excuse, but this has been going on for almost three years, and it's affecting our health.
Mark Gongloff - Bloomberg
In one of the most influential films of the 1970s, pre-med student and future president of the United States John Blutarsky tells a fellow college student suffering through hard times, "My advice to you is to start drinking heavily." It was terrible advice. But faced with soaring inflation, geopolitical tensions and bell-bottom jeans, many Americans embraced it at the time, as if they needed encouragement. The advice only got worse with age, yet many Americans took it again when hard times hit in 2020: Holed up in their Amazon-box forts, they drank heavily during the pandemic.
/jlne.ws/3jtuZH6
The Pandemic Drinking Binge Just Keeps Going; Americans are consuming a lot more alcohol than before Covid-19 arrived, and the collateral damage is rising.
Justin Fox - Bloomberg
The arrival of Covid-19 and the societal disruptions that accompanied it understandably drove a lot of Americans to drink. But even as life has returned to more or less normal this year, the drinking binge has continued - which isn't great news for anybody other than the makers and sellers of alcoholic beverages. The consumer spending statistics compiled by the US Bureau of Economic Analysis are the timeliest estimates of alcohol consumption available.
/jlne.ws/3vs9J7k
Sharp fall in global dealmaking brings pandemic-era frenzy to a halt; M&A suffers record decline in second half of 2022 as interest rate rises hit financing
Ivan Levingston, Ortenca Aliaj and Kaye Wiggins - Financial Times
Global dealmaking suffered a record fall during the second half of this year, as rising interest rates and economic uncertainty brought a period of frenzied activity to an abrupt close. Mergers and acquisitions worth $1.4tn were announced during the six months to December, according to data provider Refinitiv, down from the $2.2tn agreed in the first half of 2022. It was the biggest swing, from one six-month period to the next, since records began in 1980.
/jlne.ws/3jtwSUc
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | As Infrastructure Windfall Approaches, Transit Agencies Grapple With How to Spend It; More regions can build, but pandemic's changes to commuting make it harder to pick priorities
Ted Mann and Julie Bykowicz - The Wall Street Journal
Federal money for big transit projects is on its way, and with it a new problem for transit agencies: balancing the need to repair with demands to expand service, while ensuring a windfall doesn't go to waste. The $1 trillion infrastructure law has raised hopes among the agencies for new railcars, new buses and new lines stretching into underserved communities. But figuring out what to invest in could be harder than ever, with generations of neglect to address and commuter habits warped by the pandemic.
/jlne.ws/3VxGD11
In the Pacific, Outcry Over Japan's Plan to Release Fukushima Wastewater; The proposal has angered many of Japan's neighbors, particularly those with the most direct experience of unexpected exposure to dangerous levels of radiation.
Pete McKenzie - The New York Times
Every day at the Fukushima Daiichi nuclear plant in Japan, officials flush over a hundred tons of water through its corroded reactors to keep them cool after the calamitous meltdown of 2011. Then the highly radioactive water is pumped into hundreds of white and blue storage tanks that form a mazelike array around the plant. For the last decade, that's where the water has stayed. But with more than 1.3 million tons in the tanks, Japan is running out of room. So next year in spring, it plans to begin releasing the water into the Pacific after treatment for most radioactive particles, as has been done elsewhere.
/jlne.ws/3WB4IFo
At France's Oldest Christmas Market, Energy Crisis Dims Festive Spirits; Amid soaring gas prices and the war in Ukraine, Strasbourg's Christkindelsmärik, like holiday fairs across Europe, has faced a tough question: "How do you balance magic and responsibility?"
Constant Meheut - The New York Times
The noon church bell had just chimed on Strasbourg's vast Christmas market, briefly drowning out the sound of carols from speakers, and Franck Bodein was enveloped in fumes from a giant skillet of frying mushrooms. Steaming pots of mulled wine and pans overflowing with a gooey casserole known as tartiflette lined his stall, just as they have for the two decades he has been working at the market. One key feature, however, was conspicuously absent this year: the Christmas lights.
/jlne.ws/3Vtx4QI
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| Miscellaneous | | Stories that don't quite fit under the other sections | Special Report-Boy Scouts, Catholic dioceses find haven from sex abuse suits in bankruptcy
Kristina Cooke, Mike Spector, Benjamin Lesser, Dan Levine and Disha Raychaudhuri - Reuters
Lawmakers around the United States have tried to grant justice to victims of decades-old incidents of child sexual abuse by giving them extra time to file lawsuits. Now some of the defendants in these cases, including church and youth organizations, are finding a safe haven: America's bankruptcy courts.
/jlne.ws/3C7nJr1
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