| July 25, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Henry S. Shatkin's funeral will be tomorrow, July 26, at 11:00 a.m. at the Chicago Jewish Funerals in Skokie, 8851 Skokie Boulevard. The service will also be livestreamed. The burial is directly after the service. After the burial, the shiva will be held at Henry's home in Northfield, IL on Friday and Saturday.
Pat Arbor is in Italy and heartbroken that he will not be able to attend his long-time business partner's funeral Friday. Pat had this to say: "Henry Shatkin was a quiet giant at the CBOT. He helped, mentored, guaranteed, lent money and launched many traders on the floors. Yes, Shatkin Arbor suffered some losses, but they were cuts, not an arm or a leg. We built a huge trading house and backed hundreds of traders. He was a philanthropic man who helped many. I couldn't have done what I did at the CBOT as he guided and assisted me greatly. I will miss him.!!!!"
When Arbor first came to the CBOT, he bought a membership for $15K. He proceeded to trade himself into a $14K debit with his clearing firm, Shatkin. He decided to leave the exchange and sold his membership for $17K and presented Henry Shatkin with a check for his debit, telling him he had sold his membership to pay him. Shatkin said, "Why did you do that, everyone owes me money," Arbor recalled in his Open Outcry Traders History Project interview.
Arbor would go on to work at other jobs, including at JC Penny and as an ironworker, before deciding to return to the CBOT. Memberships had traded as high as $31K but then dipped back to $17K when Arbor decided to return. However, by the time Arbor bought his membership, prices had returned to $31K and he was $11K short after borrowing $20K from a trader named Fineberg. When he told this to Shatkin, Henry reached into his desk and wrote Arbor a check for $11K so he could buy his membership.
Arbor returned to the corn pit as a local and caught the long side of the 1970 corn fungus blight market rally and made enough money in a week and a half to pay Shatkin back. Shatkin and Arbor would go on to back hundreds of traders through the years.
Walt Lukken, president and CEO of FIA, testified at a US House Agriculture Committee subcommittee hearing on reauthorizing the Commodities Futures Trading Commission (CFTC). Lukken emphasized strong support for the CFTC's reauthorization, highlighting significant growth in futures and options markets, which saw volumes nearly double from 3.4 billion contracts in 2008 to 6.6 billion in 2023. He noted the markets' increased safety and resilience, especially during events like COVID-19 and the Russian invasion of Ukraine.
Lukken urged Congress to monitor the CFTC's enactment of strong conflict of interest rules, the impact of Basel III regulations, and the implementation of Treasury clearing mandates. He also recommended resolving legal uncertainties in FCM bankruptcies, expanding educational resources for small and mid-size farmers, and improving the CFTC's research and development capabilities.
Now that President Joe Biden has dropped out of the race for the Democratic nomination for President, USA Today informs us that this will be the first election since 1976 without a Bush, Clinton or Biden on the ballot. Forty-eight years is long enough.
Axoni was featured in a story in WatersTechnology by Nyela Graham titled "Once a blockchain cheerleader, Axoni changes its playbook." The subheadline is "The fintech whose origins can be traced back to the genesis of capital markets' complicated flirtation with DLT, has largely ditched the tech as the foundation of its data synchronization offering, opting for more familiar territory."
Once a prominent advocate for blockchain technology, the fintech firm Axoni has shifted its approach. Initially, Axoni aimed to solve post-trade data synchronization issues in capital markets using distributed ledger technology (DLT). However, the complexities and inefficiencies of DLT led the company to rethink its strategy. Axoni now integrates the valuable principles of DLT with more traditional software and database technologies to improve data coordination and operational efficiency.
Axoni's new data platform, deployed in 2023, uses familiar technologies like PostgreSQL and MongoDB to synchronize data across parties without relying on the distributed consensus process inherent in blockchain. This approach addresses the data consistency problems in securities lending and OTC derivatives, facilitating real-time updates and reducing the reliance on end-of-day batch reports. Axoni's pivot reflects a broader trend of adapting emerging technologies to better fit the practical needs of large financial institutions.
Here are some stories from FOW that are behind its paywall from June 24: CME Group reported a record quarterly revenue of $1.53 billion for Q2 2024, marking a 12.5% increase from the same period last year. Euronext has partnered with Cumulus9 to enhance its clearing margin model as it prepares to migrate its clearing business to its own clearing house. Baton Systems has expanded its collateral network by adding the Japanese Securities Clearing Corporation (JSCC), allowing JSCC members access to its Baton Core-Collateral ecosystem. Additionally, Indian equity index options are thriving, with Asian exchanges trading 40.7 billion contracts in Q2 2024, up 106% from the previous year and reaching a record high for the second busiest month in June. A study by Davies revealed that over a third of UK financial services firms have faced penalties for regulatory compliance failures in the past year. Broadridge Financial Solutions has appointed David Runacres as president of Asia-Pacific (APAC) after his 12-year tenure at the London Stock Exchange Group (LSEG) as head of Japan. Exberry praised the newly launched Abaxx Exchange for its innovative cloud-based trading and clearing offerings. CME's chairman and CEO, Terry Duffy, addressed concerns about competition from BGC Group's upcoming launch of US Treasury futures. Emirates Global Aluminium (EGA) has become the first primary aluminium brand producer to connect its digital certificates of analysis directly to the London Metal Exchange's LMEpassport platform
Bloomberg's Newsletter, Tech Daily, has a story titled "Introducing the Top 10 AI Startups to Watch This Year." "OpenAI, Perplexity, Suno and more-Bloomberg's second-annual leaderboard of AI upstarts" is the subheadline.
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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"State of the Climate" from Carbon Brief reports a 95% probability that this year will surpass 2023 as the warmest year on record in the Copernicus/ECMWF ERA5 dataset. The first half of 2024 was marked by a series of climate extremes that includes new temperature records, including July 22, the highest absolute global daily temperature on record. The quarterly state of the climate assessment from Carbon Brief analyzes records from five different research groups that report global surface temperature records: NASA, NOAA, Met Office Hadley Centre/UEA, Berkeley Earth and Copernicus/ECMWF. View the report HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Henry Shatkin from MarketsWiki.
- Pat Arbor from MarketsWiki.
- CME Group Inc. Reports All-Time Record Revenue of $1.5 Billion for Q2 2024 from CME Group. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Vermiculus CEO Envisions Future of Exchange Tech: Microservices and AI Lead the Way
JohnLothianNews.com
In a recent interview at London's Park Plaza Westminster Hotel during the FIA's International Derivatives Week, Nils-Robert Persson, CEO of the Swedish technology firm Vermiculus, shared insights into the company's innovative approach to financial technology and its vision for the future of exchange systems.
Watch the video »
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Coinbase fined £3.5mn by UK regulator over 'high-risk' customers; Penalty for exchange's payments unit is first enforcement action by FCA against a firm enabling crypto trading
Nikou Asgari and Maxine Kelly - Financial Times
Crypto exchange Coinbase has been fined £3.5mn by the UK's financial watchdog for providing payment services to more than 13,000 "high-risk" customers, in the first enforcement action by the regulator against a company that enables cryptocurrency trading. The Financial Conduct Authority fined Coinbase's subsidiary, CB Payments Ltd, for "repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers", it said on Thursday. High-risk customers included those on sanctions lists, politically exposed people and those who declared themselves unemployed.
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***** The marketing slogan, "Bad Guys Welcome," was the dead giveaway.~JJL
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Could the Field Museum get that Stegosaurus Ken Griffin just bought?
Brandon Dupre - Crain's Chicago Business
Hedge-fund billionaire Ken Griffin made headlines last week after paying $44.6 million for a nearly complete Stegosaurus fossil named "Apex," the most ever paid for a fossil at auction. Following the purchase, Griffin was quoted as saying he intended to keep it in the country. "Apex was born in America and is going to stay in America," he said after the sale of the fossil, which was excavated on private land in Moffat County, Colorado.
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***** Ken, Sue needs a friend.~JJL
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Your Cup of Coffee Is Already Expensive. It's About to Get Even Worse; Coffee shops around the world, pinching pennies to prevent another round of hikes, are running out of options as bean costs spike.
Ilena Peng - Bloomberg
Global coffee drinkers who'd hoped the price of their daily fix would soon stop rising are due for a bitter wake-up call: it's about to get even worse. Both the high-end arabica beans favored by coffee chains like Starbucks Corp. and the more budget-friendly robusta variety have spiked in price, thanks to major supply disruptions from Vietnam to Brazil. Up and down the supply chain, sellers have been raising prices and scrapping discounts to protect their margins, and many warn of more increases ahead.
/jlne.ws/3A8uOJu
****** The existence and success of Starbucks proves people don't care about the price of coffee. They need coffee. ~JJL
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CrowdStrike gave out $10 Uber Eats gift cards to say sorry for that global tech outage; "To express our gratitude, your next cup of coffee or late night snack is on us!" CrowdStrike said in an email to partners
Rocio Fabbro - Quartz
CrowdStrike, the cybersecurity company behind last week's massive global tech outage that caused entire industries to go dark, wants to apologize for giving its partners extra work - with a gift card.
/jlne.ws/3WEzper
******* How about a free t-shirt with a blue screen of death on it? That would be a fun gift.~JJL
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Wednesday's Top Three
Our top story Wednesday was the obituary notice for Gloria Melges, who passed away at the age of 93 on July 20, from Scuttlebutt Sailing News. Second was NYSE's Longtime IPO Pitchman, John Tuttle, to Leave After 17 Years, from The Wall Street Journal. Third was CME Group Inc. Reports All-Time Record Revenue of $1.5 Billion for Q2 2024, a CME Group press release.
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| Lead Stories | CME's Ether Futures Record Highest Ever Open Interest of 383K ETH After ETF Debut
Omkar Godbole - CoinDesk
Activity in Chicago Mercantile Exchange's (CME) ether {{ETH}} futures reached new heights on Tuesday as the debut of spot ETH exchange-traded funds (ETFs) in the U.S. galvanized investor interest in the second-largest cryptocurrency. The so-called open interest or the number of active bets in standard ether futures rose to a record of 7,661 contracts, equaling 383,650 ETH and $1.4 billion in notional terms, the exchange said in an email to CoinDesk. The previous peak of 7,550 contracts was set one month ago. The standard contract is sized at 50 ETH.
/jlne.ws/3y0e0Ec
Mt. Gox Creditors Get Crypto Repayments After Decade of Waiting; Kraken and Bitstamp exchanges have started to repay creditors; Pending distribution had weighed on prices in recent weeks
Benjamin Taubman - Bloomberg
Mt. Gox creditors are receiving a portion of the roughly $8 billion worth of cryptocurrency they've been owed since a hack drove the Tokyo-based exchange into bankruptcy a decade ago. Kraken has distributed Bitcoin and Bitcoin Cash from the Mt. Gox estate, according to a post on the X social media platform from the San Francisco-based exchange's chief executive. A Kraken spokesperson confirmed the distribution and declined to comment on the specific amount.
/jlne.ws/3WmQxoC
EU's Top ESG Fund Category Suffers Record Outflows; Investors pulled net EUR6.2 billion from Article 9 funds; Redemptions have now been reported for three straight quarters
Natasha White - Bloomberg
Investors pulled a record EUR6.2 billion ($6.7 billion) from the European Union's most sustainable fund class in the three months ended June 30, marking a third straight quarter of withdrawals, according to data compiled by Morningstar Inc. The funds, registered as Article 9, have set sustainable investment as their goal and must adhere therefore to the European Union's toughest ESG disclosure requirements. Funds can also register in the lighter green category of Article 8, or not lay claim to any sustainability characteristics, in which case they're considered Article 6.
/jlne.ws/3WmQHMK
Tech-Stock Selloff Threatens to Make IPOs an Even Harder Sell; Jefferies found that middling gains were sapping interest; 'Investors are looking for Goldilocks assets,' Steinthal says
Amy Or - Bloomberg
For Wall Street's investment bankers, the deepest tech-stock selloff in nearly two years is threatening to worsen a painful reality: Investors just aren't clamoring to get in on the industry's next big IPO. Even before Wednesday's slide - which sent the Nasdaq 100 Index down 3.7%, the most since October 2022 - there were already signs that interest in new stock offerings from tech companies was on the wane.
/jlne.ws/3yoosoS
Warnings Pile Up as Indian Authorities Seek to Curb Stock Frenzy; Regulator wants retail investors to avoid speculative trading; Loss of savings could affect consumption pattern: Lotusdew
Ashutosh Joshi - Bloomberg
The explosion in retail participation in India's booming stock market is raising alarms from both the government and the regulator as concerns grow about household savings being redirected to speculative activities. A study released by the Securities and Exchange Board of India on Wednesday revealed that seven out of 10 intraday trades in the cash equity market made losses in the year ended March 2023. These findings are consistent with the regulator's study last year, which found that nine out of 10 active retail traders lose money on derivatives.
/jlne.ws/3yl1or5
BlackRock leads as ether ETFs rack up $100mn on first day of US trading; Debut not as large as bitcoin ETF launch but in line with expectations
Will Schmitt - Financial Times
BlackRock, Bitwise Investments and Fidelity have emerged as the early leaders among the US exchange traded funds that invest directly in ether, the world's second largest cryptocurrency. The funds took in about $267mn, $204mn and $71mn respectively on their first day of trading Tuesday, while investors withdrew about $484mn from a better established but more expensive rival Grayscale Investments, according to data from Bloomberg Intelligence. The nine new ETFs that invest in the native token of the ethereum blockchain drew in about $108mn, generating about $1.1bn in overall volume.
/jlne.ws/3y8J8kR
Four big UK high street banks broke rules, says competition watchdog; HSBC handed more serious reprimand by Competition and Markets Authority for second time
Suzi Ring - Financial Times
HSBC has been reprimanded by the UK competition watchdog for a second time over failings in relation to overdraft fees, as the regulator wrote to four high street lenders for breaching its rules. HSBC, Lloyds, TSB and Allied Irish Bank had all received letters setting out breaches of the watchdog's banking order, the Competition and Markets Authority said on Thursday.
/jlne.ws/3WBJg5P
Ex-directors allege fraud at Tether-backed crypto group Northern Data; Sacked 'whistleblowers' launch California court action against Europe's biggest bitcoin-miner-turned-AI-datacentre-builder
Bryce Elder - Financial Times
Two former executives of Northern Data, a German-listed crypto and AI infrastructure company backed by Tether, say they were sacked after raising concerns about alleged fraud they claim was being perpetrated by its chief executive and chief operating officer. In a complaint filed last month at the California Central District court, Joshua Porter and Gulsen Kama allege that Northern Data was "falsely misrepresenting the strength of its financial condition to investors, regulators and business partners", and "was knowingly committing tax evasion to the tune of potentially tens of millions of dollars."
/jlne.ws/4d1aqJe
Jamie Dimon's Crack at Shadowy Proxy Firms Is Resonating; Regulatory interest in businesses advising on shareholder votes is picking up in the UK after easing in the US. The case for more direct supervision remains weak.
Chris Hughes - Bloomberg
Pressure is again mounting on the proxy advisory firms that recommend how investors should vote on executive pay and other corporate matters. Regulators need to remember who should be prioritized here - investors, not company management. The corporate sector has an enduring complaint that this niche industry, which is dominated by Institutional Shareholder Services Inc. and Glass Lewis & Co., is too opaque and too powerful. In 2022, the US Securities and Exchange Commission scrapped tighter regulation on proxy advisers. Now the debate is creeping into the UK regulatory conversation, with the British governance watchdog this week flagging plans for greater scrutiny.
/jlne.ws/4dgzDih
These Are the 10 AI Startups to Watch in 2024; OpenAI, Perplexity, Suno and more-Bloomberg's second-annual leaderboard of AI upstarts.
Rachel Metz, Shirin Ghaffary and Dina Bass - Bloomberg
Artificial intelligence is developing at a dizzying pace, with technology that can do everything from churning out pop ballads to writing code. And while it's still early days-even the best chatbots make things up-the implications for humans are good, bad and inescapable. A boom in innovation has led to more funding, with tens of billions of dollars put into AI companies in just the first half of this year. Here are 10 of the biggest, most important and best-funded startups to watch in 2024, plus six of the industry's most significant up-and-comers.
/jlne.ws/3zXphFQ
Will US companies keep faith in the 'Texas miracle'? The Lone Star state has attracted hundreds of corporations with its low-tax, light-touch approach, but the strains are starting to show
Myles McCormick - Financial Times
The Texas drawl rang out across the airwaves from San Diego to Sacramento: "I hear building a business in California is next to impossible. This is Texas Governor Rick Perry and I have a message for California businesses: come check out Texas." Broadcast in February 2013, the radio advert was Perry's boldest stunt in a campaign to lure companies from the west coast to Texas. Although it was dismissed as "barely a fart" by Jerry Brown, Perry's Californian counterpart, the following year carmaker Toyota announced it would move its US headquarters from Torrance, California to Plano, Texas.
/jlne.ws/4fjCI2X
ANZ fires staff as it investigates alleged bond trading irregularities; Australian bank's chief says senior executives including himself will face consequences where appropriate
Nic Fildes - Financial Times
ANZ, one of Australia's largest banks, said on Thursday it had fired, suspended or formally warned several employees and overhauled management of its markets division in response to alleged bond trading irregularities. The bank has been under scrutiny in recent months over allegations that it manipulated the sale of government bonds. The practice allegedly cost the government more to raise debt and triggered investigations into ANZ's behaviour amid accusations that the bank may have broken the law.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Kremlin says Russia is open to talks with Ukraine while Zelenskiy is in power but needs more details
Reuters
The Kremlin signalled on Thursday it was open to negotiations with Ukraine on ending the conflict while Ukrainian President Volodymyr Zelenskiy remains in power despite publicly doubting his legitimacy to rule. Ukrainian Foreign Minister Dmytro Kuleba said on Wednesday during a visit to China that Kyiv was prepared for talks with Russia provided Ukraine's sovereignty and territorial integrity were fully respected, though he said that Ukraine has seen no sign of that.
/jlne.ws/3SmLGT7
Russia's ticking prescription clause; Further adventures in fixed income T&C shenanigans
Mitu Gulati and Lee Buchheit - Financial Times
Sovereign bondholders don't generally rush to the courthouse after defaults. They don't have to. Under New York or English law, bondholders have six years to bring a claim before the statute of limitations runs out But a close look at the T&Cs of the bonds may reveal a buzzing fly in this otherwise placid buttermilk - the prescription clause. The prescription clause in defaulted Russian bonds, for example, reads as follows: Claims against the Russian Federation in respect of principal and interest shall become void unless made within a period of three years from the date following the Maturity Date or a relevant Interest Date, as applicable.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel Ready to Hit Houthis Again While Urging US to Take Lead; Countering last week's attack may be easier for US coalition; Hezbollah must back off from Lebanon border: foreign minister
Dan Williams - Bloomberg
Israel is prepared to attack Houthi-controlled parts of Yemen again following its air strike last week, the country's top diplomat said, though would prefer the US-led maritime security coalition to take the lead role. Foreign Minister Israel Katz said the Iran-backed militant group is planning fresh attacks after a long-distance Houthi drone killed a man in Tel Aviv on July 19, and is undeterred despite Israel's counter-strike on the Red Sea port of Hodeidah the following day.
/jlne.ws/3LEhQWw
The Middle East's problems extend far beyond Gaza; Nothing is resolved until everything is resolved
Kim Ghattas - Financial Times
News about the Middle East is dominated by all things Palestinian and Israeli these days. From Israeli Prime Minister Benjamin Netanyahu's controversial US Congress address to the International Court of Justice determining that Israel's continued occupation of Palestinian territories is a violation of international law, this is almost the sole topic discussed (with an occasional smattering of interest in a potential Saudi-US defence pact).
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Exchange operator CME's profit beats estimates on record trading volumes
Jaiveer Shekhawat - Reuters
CME Group on Wednesday beat analyst estimates for its second-quarter profit, as the exchange operator notched record trading volumes, with investors rushing to manage risks in the wake of ongoing geopolitical and economic uncertainties. mLatest economic data showing signs of easing inflation has fueled hopes of a possible rate cut in the current half of the year that has helped markets reach new highs.
/jlne.ws/3WCgDWb
First Initial Access Document on BME Scaleup from Wellder Senior Assets SOCIMI
BME
The Market Coordination and Listing Committee considers that Wellder Senior Assets SOCIMI will meet the requirements for listing on BME Scaleup. It is the fourteenth company to register a Initial Accesss Document on this BME market so far this year. The company's Board of Directors has taken a reference price of 1 euro per share as the starting point for trading in the shares, which represents a total value of the company of 93 million euros.
/jlne.ws/3LDNkfC
CME Group to Launch Adjusted Interest Rate S&P 500 Total Return (SOFR) Futures on August 26
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to launch Adjusted Interest Rate S&P 500 (AIR) Total Return (SOFR) futures on August 26, pending regulatory review. AIR Total Return futures on U.S. indices are designed to provide total return exposure with an overnight floating rate built in. The model for the new AIR S&P 500 Total Return futures remains the same; however, the new product will use the Secured Overnight Financing Rate (SOFR) as the embedded rate instead of the current Effective Federal Funds Rate (EFFR).
/jlne.ws/4djruKb
EBS Market on CME Globex Notice: July 25, 2024
CME Group
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Q2/2024: Deutsche Borse Group reports further significant earnings growth and raises its guidance
Deutsche Boerse
Deutsche Borse Group has just published its half-yearly financial report 2024 including the figures for the second quarter. Please scroll down for the link to the entire report.
/jlne.ws/4flXvmr
Nasdaq Reports Second Quarter 2024 Results; Strong Performance Across All Divisions with Double-Digit Solutions Growth
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2024.
/jlne.ws/3WzTiV4
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date July 15, 2024
Nasdaq
At the end of the settlement date of July 15, 2024, short interest in 3,044 Nasdaq Global MarketSM securities totaled 12,309,469,231 shares compared with 12,156,830,526 shares in 3,052 Global Market issues reported for the prior settlement date of June 28, 2024. The mid-July short interest represents 2.95 days compared with 3.37 days for the prior reporting period. Short interest in 1,687 securities on The Nasdaq Capital MarketSM totaled 2,046,452,681 shares at the end of the settlement date of July 15, 2024, compared with 2,040,351,094 shares in 1,685 securities for the previous reporting period. This represents a 1.43 day average daily volume; the previous reporting period's figure was 1.00.
/jlne.ws/3y2HKjN
Nasdaq Announces Quarterly Dividend of $0.24 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.24 per share on the company's outstanding common stock. The dividend is payable on September 27, 2024 to shareholders of record at the close of business on September 13, 2024. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/jlne.ws/3WD4xMc
Nasdaq Announces Semi-Annual Changes To The OMX Helsinki 25 Index
Mondovisione
Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki 25TM Index, (Nasdaq Helsinki: OMXH25), which will become effective at market open on Thursday, August 01, 2024. The OMX Helsinki 25TM Index measures the performance of a selection of the most traded securities listed on Nasdaq Helsinki Ltd. The index is reviewed semi-annually in February and August.
/jlne.ws/4bYaSGz
NSE Indices launches Nifty Rural Index
NSE
NSE's index services subsidiary, NSE Indices Limited today launched a new thematic index - Nifty Rural. The Nifty Rural index strategically tracks the performance of stocks from the Nifty 500 Index that derive their revenues from rural markets and hence capture the Indian rural theme. The index includes stocks from the relevant basic industries of the sectors such as Consumer Goods, Automobile and Auto Components, Power, Telecommunication, and Financial Services etc. The Nifty Rural index not only reflects the economic activities pertinent to rural areas but also highlights the sectors pivotal in enhancing rural livelihoods and infrastructure. It provides investors with a mechanism to gauge and engage with the economic progress within the rural segments of India, which house 64% of the nation's population, thereby playing a vital role in the broader economic landscape and offering insights into rural consumption patterns and investment opportunities. From an investment perspective, the rural economy plays a pivotal role in shaping consumer demand and influencing monetary policies.
/jlne.ws/3Wi0GmC
TMX Group CFO David Arnold To Present At The Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase
Mondovisione
TMX Group CFO David Arnold will present at the Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase on Wednesday, August 14, 2024 at 11:30 a.m. to 11:55 a.m. ET. A link to the webcast will be available and archived in TMX's shareholder events section.
/jlne.ws/3WCWbED
Tradeweb Reports Second Quarter 2024 Financial Results
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported financial results for the quarter ended June 30, 2024. $405.0 million quarterly revenues, an increase of 30.4% (30.8% on a constant currency basis) compared to prior year period.
/jlne.ws/3Wl3Gyp
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Digital and Real World Assets trading platform tanX hits billion dollar quarterly trading volume milestone; Real-World Assets and institutional trading platform tanX has processed 11m transactions and over $2B in trading volume over the past year.
tanX
Trading platform tanX recently processed a billion dollars in quarterly spot trading volume across 3 million transactions (Q2, 2024), marking a 70% increase from the previous quarter. This milestone underscores the growing confidence and trust in decentralized trading platforms. Several factors are attributed to tanX's growth in 2024. The platform has implemented various product upgrades, including strategic partnerships with numerous Layer 2 scaling solutions. This expands the range of networks users can import their assets from to trade on tanX while maintaining fast order execution and low fees. Additionally, tanX has leveraged strategic initiatives like trading competitions and the recent launch of their loyalty program, SALT points, to incentivize user participation.
(NOLINK)
Alibaba Backs $2.8 Billion Firm in Third Major AI Deal of 2024; Baichuan joins MiniMax and Moonshot in getting Alibaba support; China seeks to counter US curbs by investing in emerging tech
Bloomberg News
Alibaba Group Holding Ltd. has participated in new financing of 5 billion yuan ($691 million) for Chinese startup Baichuan, inking its third major AI deal this year as the e-commerce firm looks beyond its core business for growth. Baichuan is now valued at 20 billion yuan after securing funding recently from Beijing, Shanghai and Shenzhen governments, the startup said in a statement on Thursday. They were joined by existing investors include Tencent Holdings Ltd. and Xiaomi Corp.
/jlne.ws/4bWT7aQ
Revolut secures UK banking licence after 3-year battle; London-based fintech receives approval from regulators in boost to expansion plans
Akila Quinio - Financial Times
Revolut has secured a UK banking licence, ending a more than three-year tussle with regulators and delivering a boost to the fintech's expansion plans in its home market. The London-based company, which first applied for the licence in early 2021, said on Thursday it had received the permit from the Prudential Regulation Authority.
/jlne.ws/3WDdvsQ
IBM Reports Boost in AI Bookings, Better-Than-Expected Revenue
Brody Ford and Caroline Hyde - Bloomberg
International Business Machines Corp. reported a jump in bookings for its artificial intelligence business as customers work to implement the latest technology. Bookings for AI consulting and software have exceeded $2 billion since mid-2023, the company said Wednesday in a statement. That is double the $1 billion book-of-business IBM disclosed during its last quarterly earnings report in April. About three-fourths of the AI bookings are made up of consulting, with the rest from software, Chief Executive Officer Arvind Krishna said in an interview. Over time, the revenue share from software is likely to increase, he added.
/jlne.ws/4fjPZss
The problem of 'model collapse': how a lack of human data limits AI progress; Research suggests use of computer-made 'synthetic data' to train top AI models could lead to nonsensical results in future
Michael Peel - Financial Times
The use of computer-generated data to train artificial intelligence models risks causing them to produce nonsensical results, according to new research that highlights looming challenges to the emerging technology. Leading AI companies, including OpenAI and Microsoft, have tested the use of "synthetic" data - information created by AI systems to then also train large language models (LLMs) - as they reach the limits of human-made material that can improve the cutting-edge technology.
/jlne.ws/46jw8p2
Data Center Power Demand Pushes NextEra to Big Quarter
Tope Alake - Bloomberg
NextEra Energy Inc. added 3,000 megawatts - roughly akin to the capacity of three nuclear reactors - of new renewables and storage projects in the second quarter as demand from data centers continues to soar. The additions include an 860 megawatts agreement for Google data centers, Chief Financial Officer Brian Bolster said Wednesday on NextEra's earnings call. The company's renewables and storage origination has reached 22.6 gigawatts, which includes 1,600 megawatts of new projects placed in service since April.
/jlne.ws/4daQMdT
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| Cybersecurity | | Top stories for cybersecurity | CrowdStrike losses may be biggest test yet of cybersecurity insurance risk warning from Warren Buffett; Insurers know the unique challenges that cybersecurity poses for them, so the companies try to spread losses smartly by diversifying what is covered.
Kevin Williams - CNBC
At Berkshire Hathaway's annual investor meeting earlier this year, Warren Buffett and his top insurance executive Ajit Jain issued a headline-grabbing warning that Berkshire would exercise caution regarding cyber insurance - in fact, it advised insurance agents to only sell cyber policies if they absolutely had to do so to satisfy a client, and to expect losses. A primary reason cited is the difficulty in assessing the scale of losses possible from a single occurrence that spreads across technology systems, with Jain giving the hypothetical example of when a primary cloud provider's platform "comes to a standstill."
/jlne.ws/4cTeYRP
Start-ups like Wiz will have to learn the art of living longer; The decision of the Israeli-founded cyber security company and Google to call off their match has lessons for the tech sector
John Thornhill - Financial Times
The turquoise killifish, which splashes around in ephemeral rain pools in southern Africa, is the world record holder among vertebrates for living fast and dying young, being mature enough to mate just two weeks after hatching. The Israeli-founded cyber security company Wiz could perhaps be considered its corporate equivalent. Wiz, founded in 2020, claimed to be the fastest company in the world to reach a $10bn valuation when it raised $300mn of funding in 2023. And it seemed ready to mate with Google this month by selling out for $23bn in what would have been the US tech giant's biggest ever acquisition. That deal would have netted Wiz's four founders, who each own 9.5 per cent of the equity, a cool $2.2bn apiece. Not bad for four years' work.
/jlne.ws/3yehvqE
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Asset Management Plans Tokenized Money-Market Fund, a Hot Area After BlackRock's BUIDL Success: Sources
Ian Allison - CoinDesk
The asset management arm of U.S.-listed cryptocurrency exchange Coinbase (COIN) is creating a tokenized money-market fund, jumping into one of the hottest crypto-powered corners of finance, according to four people familiar with the plan. Tokenization, or representing ownership of real-world assets (RWAs) through blockchain-based products, has become one of the big trends in crypto of late. BlackRock, the world's biggest asset manager, introduced a fund called BUIDL that holds U.S. Treasuries. That fund quickly hit $500 million of assets following its introduction in March.
/jlne.ws/4c06czW
Michael Novogratz's Galaxy Raises $113 Million for a New Crypto Venture Fund; Firm will continue to fund raise to meet $150 million target; Will seek to build a portfolio of approximately 30 investments
Olga Kharif - Bloomberg
Billionaire Michael Novogratz's Galaxy Asset Management unit has raised $113 million for a venture fund investing in early-stage startups focused on crypto software, infrastructure and financial applications. The Galaxy Ventures Fund I LP will seek to build a portfolio of approximately 30 investments. It has already poured money into projects including Ethena, Monad and Plume. The fund expects to continue fundraising to reach a $150 million target next year at the latest, New York-based Galaxy Digital Holdings said in a statement Thursday.
/jlne.ws/4ffcuP9
Bitcoin, Ether Slide as Risk Aversion Spreads to Crypto Market; No. 2 token Ether extends retreat in wake of US ETF launches
Suvashree Ghosh and Ryan Weeks - Bloomberg
Ether, the second-largest token, paced a drop in digital assets following a slump in equities that spread unease in global markets. Ether slid about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market-leader Bitcoin was down approximately 3% to $64,260. Tumbling megacap technology shares consigned the US stock market to its worst day since 2022 on Wednesday as feverish support for the artificial intelligence theme began to fray. The retreat has soured investors' mood.
/jlne.ws/4flcKfq
Tribunal terminates Bitfarms' 'poison pill' against Riot
Reuters
Bitcoin miner Riot Platforms said on Wednesday the Ontario Capital Markets Tribunal terminated rival Bitfarms' attempt to adopt a "poison pill" to thwart its acquisition.
/jlne.ws/3Why9xq
Why the Crypto Crowd Is Excited About Spot-Ether ETFs
Isabelle Lee - Bloomberg
US regulators have approved the first US exchange-traded funds investing directly in Ether, the world's second-largest cryptocurrency - a step that seemed like a virtual impossibility just months ago. Eight issuers including BlackRock Inc., Invesco Ltd. and Fidelity Investments were among those receiving the green light from the US Securities and Exchange Commission. Many of them were players during the debut of spot Bitcoin ETFs in January. While crypto faithfuls have celebrated the milestone, many are not expecting blockbuster flows similar to that cohort of Bitcoin funds. Citigroup strategists in a note estimated that the Ether funds as a group could see inflows between $4.7 billion to $5.4 billion in the six months after they debut. By contrast, BlackRock's Bitcoin ETF crossed the $1 billion threshold by itself less than a week into trading.
/jlne.ws/4daXHnn
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| Politics | | An overview of politics as it relates to the financial markets | Ariel's John Rogers tapped for top post at Economic Opportunity Coalition
Mark Weinraub - Crain's Chicago Business
Ariel Investments founder John Rogers Jr. has joined the Economic Opportunity Coalition, a group focused on aligning public and private investments to grow opportunities in underserved communities, as chair of its management committee. The coalition, launched by Vice President Kamala Harris in 2022, is housed at the Rockefeller Foundation, a New York-based philanthropy.
/jlne.ws/3LCx3aB
Chicago business community unveils new political action committee
Justin Laurence - Crain's Chicago Business
When Mayor Brandon Johnson rode a wave of progressive support into City Hall last year he brought along enough City Council allies to quickly rack up legislative victories favoring workers that were opposed by the business community. Now, with over two years before the next municipal election, a group of veteran politicos with ties to former Mayor Rahm Emanuel and Chicago's civic institutions are launching a political action committee and affiliated nonprofit advocacy group they hope will give them a head start on fundraising to advance the policy goals of Chicago's business community.
/jlne.ws/4df4JXx
Trump's Vance Pick Is a Warning That M&A Won't Get an Easy Pass
Anna Edgerton and Leah Nylen - Bloomberg
Former President Donald Trump's selection of JD Vance as his running mate may signal that a second term could be far less business friendly than corporate dealmakers had hoped. The Ohio Senator - whom Trump chose as his vice presidential nominee last week - has opinions on antitrust regulation that run counter to the traditional light-touch Republican approach that is championed by groups including the US Chamber of Commerce.
/jlne.ws/3YhWZQf
'I will donate the maximum': Wall Street donors rush to fill Kamala Harris' campaign coffers
Amanda Gordon, Isis Almeida and Bloomberg - Fortune
Wall Street's Democratic donors have a clear mandate after several rudderless weeks fretting over President Joe Biden's drag on the party's chances of winning the White House and Congressional majorities.
/jlne.ws/3A0CmhK
Kamala Harris launches video to counter Trump's 'radical' attack; Republicans seek to define Democratic vice-president as hyper-liberal progressive
James Politi - Financial Times
Kamala Harris has released the first digital video of her White House bid, as her campaign team races to define her image as a moderate centrist in the face of a barrage of attacks from Donald Trump and Republican critics depicting her as a radical liberal. The video shows Harris at her first big rally in Milwaukee, Wisconsin, this week, combined with images of Trump and his running mate JD Vance to lay out the contrast Democrats see in the November election.
/jlne.ws/46lOOVh
Joe Biden says he is 'passing the torch' to save US democracy; President calls for Supreme Court reform in Oval Office address after dropping out of election race
Lauren Fedor - Financial Times
President Joe Biden cast his decision to "pass the torch to a new generation" as a bid to save US democracy in his first public remarks since he announced he would not seek a second term. In a speech to the nation on Wednesday night, Biden vowed to spend his remaining six months in the White House pressing ahead with his domestic and foreign policy agenda, as well as calling for significant reforms to the US Supreme Court.
/jlne.ws/3A8Czz6
California's anti-AI bill undermines the sector's achievements; Laws should not be written without collaboration from expert developers, investors and researchers
Anjney Midha - Financial Times
Artificial intelligence has given the US technology sector a shot of adrenaline and the world a jolt of excitement. Every day, we're interacting with tools that would've looked like science fiction only a few years ago. Generative AI can do everything from providing your child with a personalised tutor to designing novel medicines. Unfortunately, all this is at risk thanks to a new bill in California known as SB-1047, which threatens to stifle AI development.
/jlne.ws/3WmzUcy
Inside JD Vance's Short-Lived Career as a Venture Capitalist; Five years, three firms, two SPAC deals and a bankruptcy are the hallmarks of his stint in the tech industry
Angel Au-Yeung - The Wall Street Journal
JD Vance touted his career in venture capital last week in his address to the Republican National Convention. His foray in technology investing, though, was brief by industry standards. "I started businesses to create jobs in the kind of places that I grew up in," the vice presidential candidate said in his convention speech. "My work taught me there is still so much talent and grit in the American heartland."
/jlne.ws/4bXAxiL
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| Regulation & Enforcement | | Stories about regulation and the law. | Lex Greensill accused of misconduct and 'misrepresentations' by UK government; Details of the Insolvency Service's lawsuit emerged after High Court ordered partial release of document
Cynthia O'Murchu and Robert Smith - Financial Times
The UK Insolvency Service has accused Lex Greensill of misconduct in dealings that led to $440mn of losses for a Credit Suisse investment fund and of making "misrepresentations" in relation to his failed finance firm Greensill Capital's insurance contracts. The details of the agency's lawsuit against Greensill emerged for the first time on Tuesday after the High Court ordered the partial release of a court document following an application by the Financial Times.
/jlne.ws/3YgQ8H2
Coinbase Unit Fined in U.K. for Taking On Risky Clients
Patricia Kowsmann - The Wall Street Journal
The U.K.'s financial regulator fined an arm of Coinbase, saying the unit had enabled crypto trading by risky clients totaling hundreds of millions of dollars, stoking concerns about potential money laundering. The Financial Conduct Authority levied the penalty on Coinbase's CB Payments arm. CB takes in deposits from customers, who then use the money to buy and sell cryptocurrencies on Coinbase.
/jlne.ws/4dhOrx6
Episode 42: Managing Geopolitical Risk
ISDA
Geopolitical risk has become a focus for financial institutions, with the potential to cause extreme volatility in financial markets. How are banks thinking about this? Scott O'Malia talks to Citi's Brent McIntosh.
/jlne.ws/3LEyEN6
FINRA's Remote Inspections Pilot Program Begins; 741 Member Firms Opt-In to Participate
FINRA
A total of 741 member firms volunteered to participate in FINRA's Remote Inspections Pilot Program, FINRA announced today in a blog post. The pilot program provides eligible member firms with the flexibility to satisfy their inspection obligation without an on-site visit to the office or location, subject to terms that include conducting and documenting a risk assessment, and producing written supervisory procedures for conducting remote inspections and reporting inspection data to FINRA. The opt-in period for firms to participate in the initial phase of the pilot program ended on June 26, 2024. The initial phase of the pilot program started on July 1, 2024, and ends on Dec. 31, 2024.
/jlne.ws/3LBA3nR
SEC Obtains Judgment Against Former Broker Related to Hedge Fund Valuation Scheme
SEC
On July 8, 2024, the U.S. District Court for the Southern District of New York entered a final consent judgment against Frank Dinucci, Jr., a broker at formerly-registered New York-based broker-dealer AOC Securities LLC, permanently enjoining him from violating the antifraud and other provisions of the federal securities laws.
/jlne.ws/4bYBEyJ
ASIC sues COFCO International Australia Pty Ltd and COFCO Resources SA for futures market manipulation
ASIC
ASIC has launched civil penalty proceedings in the Federal Court against COFCO International Australia Pty Ltd and COFCO Resources SA alleging the companies manipulated the ASX24 market for Eastern Australia Wheat futures January 2023 (WMF3) contracts.
/jlne.ws/4cV8r9c
EuropeFX director Pedro Sasso banned for five years
ASIC
Pedro Eduardo Sasso, the director of Maxi EFX Global AU Pty Ltd (EuropeFX), has been banned by ASIC from being a director of or controlling an entity that carries on a financial services business.
/jlne.ws/4dgIbpg
New financial reporting and audit obligations for superannuation funds commence
ASIC
On 1 July 2023, the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 came into force, extending the financial reporting and auditing obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act) to most registrable superannuation entities (funds).
/jlne.ws/3WAQoiC
ASIC suspends Australian credit licence of John Adicho
ASIC
ASIC has suspended Melbourne-based credit licensee John Adicho from engaging in credit assistance activities for a period of six months until 18 December 2024. Mr Adicho had been expelled from the Australian Financial Complaints Authority due to non-payment of fees, had failed to lodge six annual compliance certificates, and had failed to pay industry funding levies owed to ASIC.
/jlne.ws/3zSklBU
Annual ASIC insolvency data reveals increase in companies failing
ASIC
ASIC's annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011-12 and 2012-13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012.
/jlne.ws/3WbzaXS
FCA takes first enforcement action against firm enabling cryptoasset trading
FCA
CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers but it acts as a gateway for customers to trade cryptoassets via other entities within the Coinbase Group. CBPL is not currently registered to undertake cryptoasset activities in the UK.
/jlne.ws/4ftAxdo
High Court approves plan to return WealthTek client assets and money
FCA
On 23 July 2024, Mr Justice Rajah in the High Court of Justice approved the Joint Special Administrators' (JSAs) plan for returning client money and custody assets to WealthTek clients. This follows action taken by the FCA last year to protect clients from further harm after discovering serious regulatory and operational issues.
/jlne.ws/3zXFaMs
FSA Weekly Review No.596
FSA
What's New on the FSA Website; Week of July 12, 2024 - July 18, 2024; This page contains the latest in events, developments, and updates to the FSA website.
/jlne.ws/46h8UzX
SFC warns public against unlicensed virtual asset trading platform CoinUnited.io
SFC
The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) known as "CoinUnited.io" (Note 1).
/jlne.ws/3ykcyfK
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Private Equity Puts Debt Everywhere; Also an X poll, debanking, more QXO and personalized pricing.
Matt Levine - Bloomberg
Web of debt
The Financial Times has a fun graphic feature titled "How private equity tangled banks in a web of debt," the essential point of which is that everything in finance is more fun with a bit of leverage:
/jlne.ws/3YeCsvZ
How the Hottest Hedge Funds on Wall Street Really Manage Risk; The software driving multi-strategy.
Joe Weisenthal and Tracy Alloway - Bloomberg
Multi-strategy hedge funds, also known as "pod shops," have become the hottest ticket on Wall Street. The business model is supposed to allow hedge funds to operate more efficiently. That includes deploying capital in a more productive manner and better managing risk. But how does risk management at some of the most sophisticated funds on Wall Street actually work? In this episode, we speak with Rich Falk-Wallace, formerly of Citadel and now the founder and CEO of Arcana, which provides risk management and portfolio software for multi-strat funds. We talk about how risk models are impacting investor behavior and wider markets, how multi-strat traders come up with their ideas, and the factors that go into sizing and evaluating their positions.
/jlne.ws/3SKPAWr
Corporate and Municipal CUSIP Request Volumes Fall in June; Slowdown Led by Lull in New Corporate Debt and Equity Issuance
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2024. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a slowdown in request volume for new corporate and municipal identifiers.
/jlne.ws/3YgjJ36
Yen's Sudden Gain Sparks 'Widespread Liquidation' Across Markets
Ruth Carson and Winnie Hsu - Bloomberg
The yen's stunning revival is upending global markets, dragging the yuan higher alongside it and hammering assets from Japanese stocks to gold and Bitcoin as investors reassess their leveraged bets. The currency rose to the highest in more than two months against the dollar Thursday, reflecting burgeoning wagers that the interest rate gap between Japan and the US will likely narrow. The stronger yen, which hurts Japanese exporters, helped send the Nikkei 225 index into a technical correction. It lifted the yuan to the highest in over a month, while battering the likes of the Australian dollar as carry trades fall out of favor.
/jlne.ws/3LBySor
Funding surge for blank cheque companies points to Spac bounceback; An investing class left for dead after early excesses and poor performance shows signs of life
Nicholas Megaw - Financial Times
Investors and bankers are lining up to raise billions of dollars for new special purpose acquisition companies, defying predictions the asset class would be wiped out after a series of scandals and a regulatory crackdown. Spacs, colloquially known as blank cheque companies, raise money in an initial public offering before searching for a company to acquire. New fundraising has been improving slowly this year, rising about 20 per cent over the same period of 2023 to $3.1bn, according to Dealogic, and advisers are expecting activity to pick up pace.
/jlne.ws/4flHX2m
Turquoise and Plato draw commercial partnership to a close; The reason behind the decision is unconfirmed; the move marks the end of an eight-year partnership focused on developing block trading in Europe.
Annabel Smith - The Trade
Turquoise and Plato Partnership have made the decision to bring their commercial relationship to a close in 2025. The pair have been in partnership since 2016. The deal brought the newly rebranded Turquoise Plato to market with the aim of developing efficiencies in the European equities block trading space. The reason behind the termination is unconfirmed. Plato and Turquoise declined to comment beyond their provided statements.
/jlne.ws/4ffi5VF
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Wall Street Banker Bought Coal Mine For $2 Million, Found $37 Billion In Rare Earth Elements
Adrian Volenik - Benzinga
In 2011, former Wall Street banker Randall Atkins made a bold move. He bought an old coal mine outside Sheridan, Wyoming, for about $2 million without even seeing it first. He hoped it might make a small profit, but what he found was extraordinary instead. As The Wall Street Journal reported, Atkins recently discovered that his Brook Mine contains one of the largest unconventional rare-earth deposits in the U.S., potentially worth a staggering $37 billion after government researchers tested the ground and found significant amounts of rare-earth elements.
/jlne.ws/4dhlcL8
I'm a commodities sceptic, but even I see an opportunity in the green transition; Returns have been dismal over the past decade, but investment banks are buying into cleaner energy
David Stevenson - Financial Times
Even for an adventurous investor, I'm ambivalent about commodities, despite many claiming the asset class is at the start of a new market super cycle. Over the past decade, returns have been anaemic at best. Look at the performance of various asset classes since 1915, and you'll see that commodities come near the bottom, with average annualised returns of less than 1 per cent a year.
/jlne.ws/4bXFDf0
Businesses are counting the likely cost of 'heatflation'; Some companies will be able to afford to mitigate the effects of climate change on their workforce - others won't
Leo Lewis - Financial Times
When the doors opened on Wednesday morning at Tokyo's 10th annual Heat Solution expo, the temperature outside was nudging 35C and heatstroke warnings were in place for much of Japan. Weather apps, compounding the sense of nature in extremis, cautioned that a tornado would shortly hit the capital.
/jlne.ws/46h9nSJ
Life at 115F: a sweltering summer pushes Las Vegas to the brink; Record heat is killing hundreds in Clark county. But one of America's fastest-growing metro areas just keeps getting bigger
Gabrielle Canon - The Guardian
Hot air wafted through the heavy, gold-lined doors of a Las Vegas casino as they opened, offering a reminder of a disaster quietly unfolding outside. Even though the sun had just set on an evening in mid-July, temperatures were yet to dip below 100F (37C). Spawned from a paved-over oasis in the Mojave, this desert metropolis has always been hot. But a string of brutal heatwaves this summer has pushed Sin City to a deadly simmer.
/jlne.ws/3yc2m9b
What the Temperature Doesn't Tell You About Extreme Heat's Hazards; The new color-coded HeatRisk tool doesn't just convey how hot it is. It aims to provide information about the relative danger that weather poses.
Alexander Battle Abdelal - Bloomberg
After its nationwide rollout on Earth Day, the HeatRisk forecasting tool is getting a real-world test as deadly temperatures stress much of the US. Created by the US Centers for Disease Control and Prevention and the National Oceanic and Atmospheric Administration, HeatRisk combines public health data and weather forecasts to create a map of threatening heat across the country. Similar to how tornadoes and hurricanes are categorized, the tool ranks heat waves on a scale of 0 to 4 based on how dangerous they are. This metric integrates local climatology - a 90F day in Seattle has more impact than in Las Vegas - the time of year, the forecast daily high and low temperature and the duration of heat.
/jlne.ws/4bTQ8zX
Old King Coal Remains Omnipotent and Omnipresent; The dirtiest fossil fuel still powers the world. Talk of its demise is greatly exaggerated.
Javier Blas - Bloomberg Opinion
Every second, the world burns 275 metric tons of coal - enough to fill 10 large dump trucks. That makes nearly 17,000 tons per minute, or one million tons an hour. Quickly, the mass becomes so large that it's difficult to comprehend its enormity, but I'll take a stab at putting it into context: Every six hours, the world consumes enough to build a coal replica of the Great Pyramid of Giza. Coal and the industrial revolution it fueled created the world we live in - and nearly two centuries after George Stephenson used his "Locomotion No. 1" coal-fired steam engine to haul a passenger car along rails for the first time, the dirtiest of all fossil fuels remains unquestionably central to the global economy.
/jlne.ws/4cVb62q
Explainer: How Germany's hydrogen economy could transform energy use
Vera Eckert - Reuters
/jlne.ws/3WbBYUU
Historic Investments and Accountability Push Chesapeake Bay Cleanup Efforts In Right Direction, Says EPA Mid-Atlantic Administrator
Aman Azhar - Inside Climate News
/jlne.ws/4dkclbv
Exclusive-Declining Mexican crude output could shatter energy independence dream
Stefanie Eschenbacher - Reuters
/jlne.ws/3y2KgGL
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Macquarie Shares Fall With Investors Let Down by Slow Dealmaking Activity levels in Australia haven't picked up yet: CEO Bank's profit supported by uptick in commodities business
Harry Brumpton - Bloomberg
Macquarie Group Ltd. shares lost the most in more than five months as dealmaking in Australia appeared slow to gather pace unlike the activity surge in the US. Shares in the Sydney-based investment bank and asset manager dropped as much as 4.2% on Thursday, the most since Feb. 13, as it fell short of investor expectations regarding asset sales by its investing arm and transaction advisory.
/jlne.ws/3WmRXiW
Julius Baer profits drop as Signa clean-up continues; Interim boss says Swiss bank is 'regaining momentum' after 'challenging start to the year'
Owen Walker - Financial Times
Julius Baer was hit with a 15 per cent drop in net profit in the first half of the year, in a period marked by the departure of its chief executive after the Swiss banking group wrote off its entire exposure to failed property group Signa. The bank and wealth manager reported SFr452mn ($514mn) in net profit on Thursday, blaming a drop in revenues for the decline. Its operating income was down 4 per cent, as higher interest expenses offset increased levels of client activity.
/jlne.ws/3Wg60a9
How Citi's error-riddled loan reports led to a $136mn fine; Penalty shows how chief executive Jane Fraser is struggling to resolve chronic issues plaguing the bank
Stephen Gandel and Ortenca Aliaj - Financial Times
Citigroup inaccurately reported to regulators the details of tens of billions of dollars of loans, errors that could complicate its ability to fund dividends and buybacks. The flawed loan files were a primary reason regulators slapped the Wall Street bank with a $136mn fine this month, said five people with direct knowledge of the matter. The previously unreported mistakes had also led to discord in the close relationship between Citi and McKinsey, the consulting firm the bank retained to help remedy shortcomings identified in a 2020 Federal Reserve consent order, three people said.
/jlne.ws/3WA2h8K
Blackstone's battered mortgage fund slumps as empty offices intensify pressure
Michelle Conlin and Matt Tracy - Reuters
Shares of commercial real estate finance company Blackstone Mortgage Trust fell 10% on Wednesday as the firm cut its dividend 24%, facing continued strains from vacant offices. It is the latest sign of mounting woes in commercial real estate. Analysts are predicting more weakness for lenders and owners in the sector as American workers maintain their pandemic-era remote work habits.
/jlne.ws/3LEl1NW
Quant Hedge Fund Veteran Nick Bird Starts New Japan Strategy
Bei Hu - Bloomberg
Former Macquarie Group Ltd. quantitative hedge fund chief Nick Bird is starting a new Japan strategy, tapping renewed interest in Asia's second-largest economy. The strategy is expected to begin trading as early as next month with about $100 million, said Bird, who now runs his own Hong Kong-based firm OQ Funds Management. It can accommodate double the amount, with that capacity already taken up by its two investors.
/jlne.ws/4cV73U0
JP Morgan taps Liquidnet for VP, equities e-trading coverage; Incoming London-based individual previously spent six years at Liquidnet.
Claudia Preece - The Trade
Lara Jacobs has been appointed vice president - equities electronic trading coverage at JP Morgan following six years with Liquidnet. She most recently served as head of international client trading, EMEA. Prior to this she worked as a market structure and strategy analyst before moving onto a role as equity trader. Prior to her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.
/jlne.ws/46gwcGh
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | What managers can learn from a former Olympic coach; Want your team to crush big, audacious goals? Here's what you can learn from Olympic coaches.
Stephanie Vozza - Fast Company
Behind every Olympic athlete competing in Paris this year is a team of coaches who helped them get there. From training plans to accountability and emotional support, coaches are a necessary part of successful performances in sports. The same is true of businesses. According to data analysis from DDI, a leadership development firm, companies with strong coaching cultures are 1.5 times more likely to be among the top 10% of organizations in financial performance. They're also 2.9 times more likely to be capable of engaging and retaining top talent.
/jlne.ws/3WzjFdA
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What to Know About Bird Flu and Fears of a New Pandemic
Riley Griffin, Ilena Peng, and Sophia Vahanvaty - Bloomberg
For influenza viruses, imperfection is a strength. They constantly mutate, producing new strains that challenge immune systems primed to fight earlier varieties. That's what makes flu a life-long threat to humans and the animal species - mainly birds - that are vulnerable to it. Since 2020, a strain of highly pathogenic avian influenza called H5N1 has been decimating both wild and domestic birds. Now it's spreading among US dairy cows, and has infected US farmworkers exposed to sick cattle and poultry. A man in Mexico died with a strain of bird flu, H5N2, that hasn't been seen in humans before. The US Centers for Disease Control and Prevention and the World Heath Organization say the overall risk to the general public remains low, but public-health officials remain on alert for any indication of the most feared outcome: human-to-human transmission that could trigger a pandemic.
/jlne.ws/46iZ4gW
How on Earth Is There a Syphilis Epidemic in 2024?
Ina Park - The New York Times (opinion)
Nobody should be dying of syphilis in 2024. That's the credo of Elizabeth Glaser, a public health nurse for the Indian Health Service, who drives thousands of miles throughout the Navajo Nation searching for community members with the infection. Once they're found, Dr. Glaser administers shots of penicillin as treatment, at people's homes, RVs, even in the back seat of her car. Yet despite the good work of those like Dr. Glaser and the availability of cheap and effective treatment, the United States is experiencing rampant increases in syphilis. Left untreated, infection can lead to devastating neurological consequences such as blindness, deafness, madness and death. While other reportable sexually transmitted infections declined or remained flat during the pandemic, over 207,000 cases of syphilis were reported in 2022, an 80 percent increase since 2018 and the highest number reported since 1950.
/jlne.ws/4dhLgWc
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore's Homegrown Farming Dream Is Beginning to Fade; Nation's local food campaign is faltering at the halfway mark; High costs, government red tape are hampering farming startups
Audrey Wan and Low De Wei - Bloomberg
By most measures, Karthik Rajan's farm in Singapore is a success story. Run from a two-hectare plot of land in the island's north, LivFresh has been supplying major supermarkets with spinach, lettuce and other Asian green vegetables since 2022. The firm turned profitable in March. It may still close down by the end of the year. Rajan is one of a small number of entrepreneurs attempting to farm in a country smaller than New York City. Like most of his peers, he's facing an uncertain future as funding runs dry, with investments in homegrown agricultural startups cratering over the past few years. Since the start of 2023, at least half a dozen large farms have shut down or scaled back operations.
/jlne.ws/3WD5wfI
Japanese Population Falls at Fastest Pace in Demographic Crisis; A diminishing population poses multiple challenges for the country, including a labor shortage.
Erica Yokoyama - Bloomberg
The number of Japanese citizens fell at the fastest clip last year since data collection began in the 1960s, adding pressure on the nation's social security system and shrinking labor market. The population of Japanese nationals dropped by more than 861,000 to 121.6 million over the year to January 1, extending a streak of decline to 15 years, according to the ministry of internal affairs on Wednesday. While the foreign population increased 11% to hit 3 million for the first time, it was not enough to make up for the shortfall in Japanese nationals. The overall population shrank by 0.4%.
/jlne.ws/4d7i5oS
German politicians demand better airport security after activist blockades
Andreas Rinke - Reuters
German politicians demanded better protection for the country's airports on Thursday after climate activists were able to breach fences and disrupt air traffic for the second day in a row. German Interior Minister Nancy Faeser, whose ministry wants to punish unauthorised airfield access with up to two years in jail, criticised the blockades as "dangerous, dumb and criminal" as well as airport operators for not better securing their sites.
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