| November 25, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The Wall Street Journal found an angle of the FTX and Sam Bankman-Fried story that is the anti-Thanksgiving story. The headline is "Sam Bankman-Fried Said He Would Give Away Billions. Broken Promises Are All That's Left." The sub-headline is "The FTX founder pledged to donate billions. His firm's swift collapse wiped out his wealth and ambitious philanthropic endeavors."
Non-profit organizations counting on those funds for initiatives are left hanging and now must find other ways to fund them at a time when reports of overall giving are down because of inflation and other factors. Talk about creating a lot of bad karma.
ABN AMRO Clearing Bank is celebrating 40 years of operations today. When they first started in the 1980s, they worked under such brands as "MeesPierson" and "Fortis" and then rebranded to ABN AMRO Clearing. Congratulations to the whole ABN AMRO Clearing Bank team and alumni on 40 great years.
The former CFTC head of enforcement, James McDonald, now with Sullivan & Cromwell, has been hired by FTX to investigate the firm's collapse, along with former SEC enforcement co-head Steven Peikin. Mr. McDonald, of course, was the CFTC enforcement head who persisted in the Jitesh Thakkar civil suit, despite Thakkar winning the criminal suit. Best of luck to the both of them in their investigation.
LME Business Readiness Lead Tahseen Syed has been shortlisted as Future Human Leader of the Year at the TLC Lions Being Human Awards 2023.
The incomparable Peter Borish is the guest in the latest episode of Yahoo Finance Uncut, joining "Jared Blikre to discuss the current market environment and tools and techniques investors can use to navigate it." The subject of the story is: Too many Americans are 'locked out of financial advice.'
Nicole Agopian has been promoted to head of technology partnership & senior sales manager at Euronext. She was previously head of technical relationship management & senior manager corporate sales center.
Joseph Massey started a new position as MD & CEO at Ticker. Massey was a managing director of the Multi Commodity Exchange of India when I met him.
It was a great Thanksgiving in Chicago, with lots of family, friends and colleagues gathered to eat turkey and all the tasty sides that go with it. Time to start fasting again.
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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Online registration for FIA Asia 2022 closes at 12 noon SGT on Monday November 28. The FIA's flagship Asia-Pacific conference will take place at The St. Regis Singapore in person for the first time in three years. This year's programme explores regional and international developments and trends that are shaping these markets. The exhibit area will feature 25 firms from around the region and the globe. If you do not register in advance, you can register in person starting at 8:00 a.m. on Wednesday 30 November at The St. Regis Singapore. You can find more information and register here.~SR
The IFRS Foundation is holding its inaugural Sustainability Symposium February 16-17, 2023, in Palais des congres de Montreal, Montreal. The event convenes global businesses, investors and policymakers for a discussion of progress toward a global baseline of sustainability disclosures. In addition, experts will discuss the use of IFRS sustainability disclosure standards and SASB standards by investors, businesses and regulators, as well as how the integrated reporting framework can be used to enable effective corporate reporting and communication. You can view the draft agenda and register for online and in person attendance here.~SAED
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Russell 2000 Index quarterly chartbook - Q3
Russell 2000: The premier investable small-cap US equity index. Explore our Chartbook: A complete interactive experience - Market performance, IPOs, sectors breakdown, risk characteristics.
Indexes driven by the market. Not picked by committee.
The Russell US equity indexes define the market, and year after year the Russell 2000 Index sets the standard for small cap measurement. The Index provides a pure and objective exposure to small cap stocks. Its transparent methodology, annual reconstitution and quarterly addition of IPOs ensures small cap stays small and perhaps more importantly, that it doesn't miss out on small cap opportunity.
Read Now: https://ftse-russell.foleon.com/ftserussell/russell-2000-index-chartbook-q3-2022
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Nick Baker's Big, Interesting and Weird Stories at CoinDesk Turn Consequential With FTX Scoops and CoinDesk's Comprehensive Coverage
JohnLothianNews.com
Nick Baker is the deputy editor-in-chief of CoinDesk, which has about 100 people in its content operation, of which about 50 are journalists. Most work remotely from home, though CoinDesk does have a New York office. Like cryptocurrency, CoinDesk is decentralized, Baker said.
Watch the video »
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FTX Crypto Bubble Really Is the Worst of Its Kind; Investment bubbles tend to leave behind something useful when they pop. Unfortunately, crypto looks like an outlier.
Merryn Somerset Webb - Bloomberg
Investment bubbles get a bad rap. Perhaps we should mock them a little less and express our gratitude to them a little more. Why? Because while they leave huge misery in their wake, they also eventually leave us with good things paid for by other people's capital. The bicycle bubble of 1896, for example, left us with better bicycles. It also led to a significant improvement in the quality of the roads in the US.
/jlne.ws/3Oyfidc
**** (Cough) Dutch Tulip Bulb market bubble (/Cough) ~JB
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Don't Trust Exchanges With Your Crypto? What About JPMorgan's Wallet?
Jack Denton - Barron's
A string of crypto business failures has stranded millions of dollars in customer funds this year, underscoring the level of trust needed for groups that are custodians of digital assets. JPMorgan Chase may see an opportunity. The U.S. Patent and Trademark Office on Nov. 15 approved a trademark for "J.P. Morgan Wallet," positioning the largest U.S. bank to possibly expand into crypto custody solutions. The trademark registration, published on Monday, came following a July 2020 filing by JPMorgan Chase (ticker: JPM).
/jlne.ws/3AJou8X
******* You should put your fake internet money under your mattress, just like your uncle Leroy had his extra cash.~JJL
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Penthouse on Billionaires' Row in New York City Sells for $72 Million; The full-floor unit at 220 Central Park South is one of the priciest homes to sell this year
E.B. Solomont - The Wall Street Journal
In one of the year's priciest real-estate deals, a penthouse at New York City's 220 Central Park South has sold for $72 million, records show. The full-floor unit is just over 5,000 square feet with three bedrooms and a roughly 312-square-foot terrace, according to the building's offering plan. The unit wasn't officially on the market. The identity of the buyer couldn't be determined. The buyer also paid $3 million for a smaller unit in the building.
/jlne.ws/3EyNb9f
****** It was nice of the buyer to get that smaller unit for the staff. It makes it easier for their commute.~JJL
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Thieves Steal Ancient Gold Coins in German Museum Heist
Iain Rogers - Bloomberg
German police are appealing for witnesses after thieves broke into a Bavarian museum on Tuesday night and made off with a horde of nearly 500 ancient gold coins worth several million euros. The coins, dating from around 100 BC, were discovered in 1999 during excavation work in the municipality of Manching north of Munich and are touted by the local museum as the largest Celtic gold find of the 20th century.
/jlne.ws/3AI6ewM
*****The suspects in the heist are Dick Van Dyke, Mickey Rooney and Bill Cobbs.
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Panic-buying seen in Beijing as government orders construction of COVID-19 quarantine centers
Associated Press
Residents of China's capital were emptying supermarket shelves and overwhelming delivery apps Friday as the city government ordered accelerated construction of COVID-19 quarantine centers and field hospitals. Uncertainty and scattered, unconfirmed reports of a lockdown on at least some Beijing districts have fueled the demand for food and other supplies, something not seen in the city for months.
/jlne.ws/3VjzPEM
******* Remember, in the panic buying times, you want to be a seller.~JJL
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Wednesday's Top Three
Our top story Wednesday was Sam Bankman-Fried issues mea culpa in letter to former FTX employees, from the Financial Times. Second was the On The Tape podcast, Cult of Personality with Terry Duffy of CME Group. Third was Who's Who in the FTX Inner Circle, from CoinDesk.
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MarketsWiki Stats
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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
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| Lead Stories | Crypto Firm FTX Landed in the Bahamas With a Bang, and Now the Bahamas Is Picking Up the Pieces; Island nation encouraged crypto companies to set up shop, but FTX's collapse has left many islanders feeling frustrated
Matt Grossman and Angel Au-Yeung - The Wall Street Journal
Last year, an FTX executive walked into a bank office here and put $4.5 million of the company's money behind an ambitious plan to buy an oceanside parcel of land and turn it into the crypto giant's new headquarters. The executive, Ryan Salame, closed the deal in short order, people familiar with the matter said, just part of the company's whirlwind real-estate shopping spree in and around Nassau. In April, the Bahamas prime minister appeared with FTX executives at a ceremonial groundbreaking on the new land. But construction never really got under way. FTX collapsed this month, its real-estate holdings now subsumed in bankruptcy.
/jlne.ws/3VtUk1A
FTX Hires Ex-Regulators to Investigate Firm's Collapse; Crypto exchange taps former SEC and CFTC enforcement chiefs to help figure out what went wrong and to communicate with regulators
Mengqi Sun - The Wall Street Journal
Cryptocurrency exchange FTX, whose recent collapse has led to questions about lacking regulatory oversight, has hired a fitting team to help untangle the mess: former senior U.S. regulators. In its first hearing in Delaware bankruptcy court on Tuesday, a lawyer representing FTX said the firm has hired former enforcement chiefs from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, now both partners at law firm Sullivan & Cromwell LLP, to help the company's new chief executive investigate what went wrong.
/jlne.ws/3U1Oovj
Binance's Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion
Sidhartha Shukla, Anna Irrera and Suvashree Ghosh - Bloomberg
Crypto mogul Changpeng "CZ" Zhao's vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector's contagion fears following the collapse of the FTX exchange. In an interview Thursday with Bloomberg Television's Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX's bankruptcy. Key to Zhao's plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.
/jlne.ws/3ie5kl2
Genesis meltdown: Why investors are worried about bigger problems for crypto
Frances Yue - MarketWatch
Investors are worried that liquidity problems for crypto financial-services firm Genesis could spill over to its parent company, Digital Currency Group, and damage the already battered crypto market even further, after Genesis's lending arm paused withdrawals last week. Genesis has been trying to raise at least $1 billion from investors and warned that it may need to file for bankruptcy if the efforts fail, according to a Bloomberg report Monday. The company has hired investment bank Moelis & Co. to explore potential options, Genesis said.
/jlne.ws/3ODaSSl
Fear of Quarantine Camps, Not Covid, Is Shutting Down Beijing; Stores are fully stocked but residents fear in-person shopping; People voluntarily stay home to reduce their risk of exposure
Bloomberg News
There are serious ramifications to being exposed to Covid-19 in China -- and not just infection. As the country confronts its biggest outbreak ever, residents in major cities are hunkering down because of the prospect of being sent to a quarantine camp or locked down at home. Going out in the capital of Beijing means having to scan a QR code to enter venues like shops and restaurants, or to even take public transportation. Under the country's ubiquitous contract-tracing surveillance system, visiting the same places as someone who later turns up infected can land you in a government isolation facility, where conditions can be so poor that some people say they are buying chamber pots and portable tents in preparation.
/jlne.ws/3Ozp7re
Brussels demands share of London derivatives clearing; EU-based traders could be required to clear minimum amount of 'systemic' derivatives contracts inside bloc
Sam Fleming and Philip Stafford - Financial Times
The EU will demand that derivatives traders use accounts at clearing houses in the bloc for some of their transactions, as part of plans to take a share of the €115tn market processed through the City of London. Banks dealing with large quantities of contracts that are deemed "systemic" by regulators would have to clear a minimum amount of business via active accounts in EU-based clearing houses, officials briefed on the proposals said.
/jlne.ws/3Vuf1ud
Hong Kong's Swap Connect trading scheme faces delayed launch; Lack of final rules for programme could stall opening up of China's $5tn swap market
Hudson Lockett - Financial Times
The launch of Hong Kong's Swap Connect programme, giving global investors easy access to China's $5tn swap market, is facing delays, according to people familiar with the situation, with regulators in Beijing failing to finalise rules necessary for the trading scheme's operation. The Swap Connect, announced during Chinese president Xi Jinping's high-profile visit to the city in July, has been positioned by officials as an important new channel for the further opening up of China's vast onshore markets. The move was also celebrated as a boon for Hong Kong, where Covid-19 restrictions have throttled the economy and undermined the financial sector's competitiveness.
/jlne.ws/3u3iwfa
How the hell did Jane Street alumni end up creating FTX?; Not your father's trading shop
Robin Wigglesworth - Financial Times
Fair play. Bloomberg's Annie Massa, Hannah Miller and Muyao Shen have just published a piece exploring a subject that had been vexing us ever since FTX blew up: how on earth could a bunch of former Jane Street traders fuck up so spectacularly? Jane Street is probably not as widely known as it should be (though probably still more than it wants). It's one of the biggest, weirdest, most impressive trading shops in finance today.
/jlne.ws/3VnJsSH
FCA extends US dollar Libor to 2024 on synthetic basis; The regulator confirms plans to publish synthetic one, three and six-month US dollar Libor rates until September 2024, while sterling Libor will continue until March 2024, extending the original deadlines to assist with cash contract transitions.
Laurie McAughtry - The Trade
The UK's Financial Conduct Authority (FCA) has announced proposals requiring the Libor administrator IBA to continue publishing synthetic US dollar and sterling Libor rates until September 2024 and March 2024, respectively, with the final Libor publication occurring at the end of September 2024. The decision follows feedback from the industry that a number of US dollar cash contracts, particularly outside the US, would benefit from a continued publication.
/jlne.ws/3gDnXyz
EU gas price cap would deliver $33bn blow to market, says ICE; Energy traders would be hit with additional margin payments, warns exchanges operator
Philip Stafford, Sam Fleming and Alice Hancock - Financial Times
Energy traders would have to stump up an additional $33bn in margin payments if a plan by Brussels to cap the price of a key European gas benchmark goes ahead, a leading exchanges operator has warned. Producers and traders that rely on the Dutch TTF futures market face an 80 per cent rise in the payments they make as insurance to secure their deals, Intercontinental Exchange has told the European Commission, according to a memo seen by the Financial Times.
/jlne.ws/3Xqwiq1
Forever is a long time to finance anyone; Perpetual gilts would need a dedicated fund to pay them back
Brendan Greeley - Financial Times
In July of 1595, the brothers Francisco and Pedro de Maluenda made a loan to Philip II, the Habsburg king of Castile, Aragón, Naples, Sicily, New Spain, Peru and at times England, Ireland, Portugal and the Netherlands. The brothers were financiers, from the Castilian market city of Burgos.
/jlne.ws/3idyC3v
FTX's collapse underscores the need for regulating crypto; Activities that touch the real world should have the most effective guardrails
Financial Times
Never let a good crisis go to waste. A near-existential disaster seems to have hit the cryptosphere: FTX, a big exchange that enjoyed a $32bn valuation in January, has collapsed with an $8bn hole. FTX's founder, Sam Bankman-Fried - hitherto crypto's friendly face - is mired in allegations that his firm misplaced or misused client money. Confidence in the wider crypto market - its stock-in-trade - has been badly hit, with bitcoin tumbling in value. The time for politicians, policymakers and regulators to put protections in place is now.
/jlne.ws/3U99qZ0
Coinbase Debt Was 'Canary in the Coal Mine' for Crypto Meltdown
Olivia Raimonde - Bloomberg
In the wake of the spectacular meltdown of Sam Bankman-Fried's crypto empire, many investors are looking for early warning signs that may have foretold the contagion that was about to unfold. One possibility? Coinbase Global Inc.'s junk bonds.
/jlne.ws/3Xty8q2
$740M in crypto assets recovered in FTX bankruptcy so far
Ken Sweet - Associated Press
The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company's coffers. The numbers were disclosed on Wednesday in court filings by FTX, which hired the cryptocurrency custodial company BitGo hours after FTX filed for bankruptcy on Nov. 11.
/jlne.ws/3AINOvD
Crypto Speculation Is All But Over. Its Systemic Troubles Aren't; The decline in bitcoin looks a lot like the decline in other super-speculative assets. But more failures of crypto firms could push it lower still.
James Mackintosh - The Wall Street Journal
The first question cryptocurrency owners should be asking themselves at the moment is whether their bitcoin, dogecoin and other tokens are safe. Hold them with the wrong broker or custodian, and they might vanish into an interminable bankruptcy proceeding, perhaps never to emerge.
/jlne.ws/3EXJknm
Crypto Is Full Of FTX's Bankman-Fried; The downfall of crypto exchange FTX starkly displays the ties between those who sell the ideas and those who write the big checks.
Luc Olinga - The Street
Within the common business phrase ESG, standing for environmental, social and governance, one of the letters could have sounded the alarm about FTX. This is the letter G, which stands for governance or good-governance practices. It can mean diverse C-suites and diverse investor pools, welcoming people from different social and economic backgrounds and color and gender minorities to the table. Put another way, it means avoiding one-size-fits-all among those who run businesses and those who write the big investment checks to enable entrepreneurs to bring their ideas and visions to fruition.
/jlne.ws/3U0p8pm
'Why aren't you in jail already?' Internet erupts after Sam Bankman-Fried confirms participating in New York Times' DealBook
Barbara Kollmeyer - MarketWatch
"How did this dude steal billions of dollars and is now speaking at a summit as a free man? Make it make sense." That was Twitter user @WSBChairman responding to a late Wednesday tweet by disgraced FTX founder Sam Bankman-Fried, who confirmed that he will participate in the New York Times' DealBook Summit in November, where he will be interviewed by journalist Andrew Ross Sorkin.
/jlne.ws/3XvTcMA
Crypto investor DCGâEUR‰reveals web of investments between units; Dealings reflect complex links at Barry Silbert's group, which includes struggling Genesis
Kadhim Shubber, Nikou Asgari and Joshua Oliver - Financial Times
Crypto conglomerate Digital Currency Group used funds it borrowed from its struggling Genesis unit to invest in another subsidiary's products, highlighting the delicate links across billionaire Barry Silbert's empire. Silbert wrote to shareholders on Tuesday explaining DCG had borrowed $575mn from its broker Genesis, which is now seeking funds to stave off collapse in an accelerating crisis across the industry.
/jlne.ws/3VsgfGo
Rare Gold Coins Reveal New Roman Emperor; Research indicates that gold pieces unearthed centuries ago and long deemed fake are authentic Roman coins
Aylin Woodward - The Wall Street Journal
A new analysis of rare Roman coins said to have been unearthed more than three centuries ago but long dismissed as forgeries provides compelling evidence that the gold pieces are authentic-and that the crown-wearing man whose likeness appears on one of them was a real historical figure who ruled as a Roman emperor almost 2,000 years ago.
/jlne.ws/3GSFb5w
Binance CEO pledges to form a $1 billion fund to buy distressed assets in the wake of FTX's collapse
Zahra Tayeb - Business Insider
Zhao is launching a fund to help struggling crypto projects in the wake of FTX's implosion. Binance CEO Changpeng Zhao pledged to launch a fund that will commit $1 billion to invest in distressed crypto assets. "If that's not enough we can allocate more," Zhao said.
/jlne.ws/3OC7NCf
Binance CEO Changpeng Zhao says he should have tweeted sooner about FTX woes
Lachlan Keller - Forkast
The chief executive officer of the world's largest cryptocurrency exchange, Binance Global Inc., Changpeng Zhao, regrets not sending earlier a tweet that contributed to the collapse of Bahamas-based crypto exchange FTX, he said in a live interview on Bloomberg TV on Thursday. "I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. As an industry, we let FTX get too big before we started questioning some of those things," Zhao said.
/jlne.ws/3u0nUzU
Binance CEO Changpeng Zhao: 'No amount of other people's tweets would cause problems' if an exchange holds customer assets
Steve Goldstein - MarketWatch
Perhaps it's one last dagger, but Binance CEO Changpeng Zhou just could not resist a little dig at the fallen FTX chief executive Sam Bankman-Fried. That's a reference to the role the cryptocurrency titan known as CZ played in the demise of FTX. He put in motion the seeds for FTX's collapse when he said he would sell FTT tokens, then valued at $2.1 billion, backing the exchange.
/jlne.ws/3ieuikx
Binance's Zhao Flags Possible $1 Billion for Distressed Assets; Binance will make another bid for bankrupt Voyager Digital; Zhao adopting a "loose approach" for industry rescue fund
Sidhartha Shukla and Anna Irrera - Bloomberg
Crypto billionaire Changpeng "CZ" Zhao further outlined his plans to backstop the stricken industry, pledging to amass at least $1 billion for buying distressed assets and saying his Binance Holdings Ltd. will make another bid for bankrupt lender Voyager Digital. In an interview Thursday with Bloomberg Television's Haslinda Amin, Zhao provided the most detailed overview yet of the various deals Binance is examining in the wake of rival FTX's messy collapse. The centerpiece of Zhao's plan is gathering partners for a fund aimed at backing promising but cash-strapped crypto projects.
/jlne.ws/3OyQMsi
Private Equity Gets CO2 Warning From Investors With $11 Trillion; The UN-convened Net-Zero Asset Owner Alliance presses managers to "raise their level of climate ambition."
Alastair Marsh - Bloomberg
Asset owners representing more than $11 trillion are warning private equity firms and other alternative managers handling unlisted assets to make sure they don't fall behind the rest of the investment industry in reducing financed emissions. The United Nations-convened Net-Zero Asset Owner Alliance is urging managers of private assets to "raise their level of climate ambition," according to a report published Thursday by the group. The alliance counts Aviva Plc, California Public Employees' Retirement System and Swiss Re AG among its 80 members.
/jlne.ws/3U6kIx9
Sam Bankman-Fried Said He Would Give Away Billions. Broken Promises Are All That's Left.
Rachel Louise Ensign and Ben Cohen - The Wall Street Journal
Sam Bankman-Fried said he wanted to prevent nuclear war and stop future pandemics. And he publicly pledged to use his vast and growing wealth to do so. But the collapse of Mr. Bankman-Fried's firm, FTX, and the revelations that he mixed FTX's money with that of its customers, have upended those declared lofty philanthropic goals.
/jlne.ws/3VrgvFC
European Banks Are Playing Fast and Loose With Their Riskiest Debt; European financial institutions may have found a way to navigate between what investors want and what regulators demand.
Marcus Ashworth - Bloomberg
To call or not to call, that used to be the question for European banks deciding whether to refinance their riskiest debt in a tussle between pleasing investors or satisfying regulators. But there might be a compromise available.
/jlne.ws/3OHWSHa
Cult of the star business leader is dangerous; FTX's collapse shows we must stop making deities out of founders and chief executives
Peter Atwater - Financial Times
With all the attention on Sam Bankman-Fried and the crypto collapse du jour, it feels as if the crowd is missing the big picture. If we step back and look at the major collapses of organisations over the past five years, they are different from other meltdowns. When the dot.com and housing market bubbles burst, what we witnessed was the failure of institutions that then resulted in a subsequent crisis of confidence in their leaders.
/jlne.ws/3V7jHpR
'Big Bang 2' reforms expose the City's weaknesses; The chancellor's proposals are only a partial response to London's financial decline
Philip Augar - Financial Times
Among the slew of tax increases in the chancellor's Autumn Statement, one substantial tax cut stood out as going against the trend. The five percentage point reduction in the 8 per cent surcharge imposed on larger banks' profits in 2015 following the great financial crisis will cost the exchequer more than £1bn a year.
/jlne.ws/3V8sIPI
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US aid to Ukraine puts pressure on Pentagon's arms stockpile
Tara Copp - Associated Press
The intense firefight over Ukraine has the Pentagon rethinking its weapons stockpiles. If another major war broke out today, would the United States have enough ammunition to fight? It's a question confronting Pentagon planners, not only as they aim to supply Ukraine for a war with Russia that could stretch years longer, but also as they look ahead to a potential conflict with China.
/jlne.ws/3ADVG1F
Weapons industry booms as Eastern Europe arms Ukraine
Michael Kahn, Anna Koper and Robert Muller - Reuters
Eastern Europe's arms industry is churning out guns, artillery shells and other military supplies at a pace not seen since the Cold War as governments in the region lead efforts to aid Ukraine in its fight against Russia. Allies have been supplying Kyiv with weapons and military equipment since Russia invaded its neighbour on Feb. 24, depleting their own inventories along the way.
/jlne.ws/3gwlGVK
Ukraine War Spurs Arms Makers to Boost Production
Benjamin Katz and Doug Cameron - The Wall Street Journal
The world's biggest arms makers are scaling up production of rocket launchers, tanks and ammunition as the industry shifts to meet what executives expect to be sustained demand triggered by the war in Ukraine. The ramp-up is playing out in large measure in Europe, where a handful of long-established arms makers have grown accustomed to more modest, peacetime demand for their wares and are now trying to increase capacity to meet an expected crush of orders. Shares of many of these lesser-known international arms players, including Germany's Rheinmetall AG and Sweden's Saab AB, have soared on hopes of big orders.
/jlne.ws/3EYfm2S
Ukraine grain exports sputter after extension deal with Russia
Jonathan Spicer and Ali Kucukgocmen - Reuters
Ukraine's grain exports have gotten off to a slower start after a U.N.-brokered deal was extended last week to help ease global hunger, and one Ukrainian envoy put part of the blame on Russia's reluctance to speed up ship inspections. Since the agreement was extended beyond Nov. 19, no more than five ships a day have departed Ukraine, U.N. data show, down from previous weeks and months when up to 10 departed.
/jlne.ws/3idtYlM
Ukraine Rattled as Russian Attacks Hit Energy Infrastructure
Aliaksandr Kudrytski - Bloomberg
Explosions rattled Kyiv on Wednesday and Ukraine enacted emergency power cuts amid reports of a new barrage of Russian missile attacks across the country. Ukraine's power grid operator said it had deliberately shut off power in every district while authorities from cities across the eastern European nation reported blackouts and halted mass transport lines.
/jlne.ws/3ieyocp
Russia's Mass Abductions Are Genocide; Defeating Putin's troops isn't enough. Kyiv must also get back the hundreds of thousands of women and children the Russians have taken out of Ukraine.
Andreas Kluth - Bloomberg
We can unearth the mass graves left in Ukraine by retreating Russian troops. We can talk to the Ukrainian survivors of rape and torture, the mothers of fallen soldiers, and the millions who live in constant fear of Russian bombing and terror. But we can't contact the Ukrainian women and children whom the invaders have abducted and taken far into the interior of Russia. They are the war's invisible victims - and will remain so even after a truce, whenever it comes.
/jlne.ws/3OAGckI
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | 'You're an absolute fraud': CME Group CEO says he called out Sam Bankman-Fried the first time he met him, months before FTX's collapse
Phil Rosen - Business Insider
Terry Duffy, the chief executive of CME Group, said the first time he met Sam Bankman-Fried he called him out as a fraud. "Right away my suspicions were up," Duffy told CNBC on Tuesday, after he initially recounted his meeting with Bankman-Fried last week on the "On the Tape" podcast. "And then when I met with [Bankman-Fried], I knew right away this a joke, this is absolutely going nowhere."
/jlne.ws/3GI2EGE
Hong Kong exchange carries out first carbon credit trades
The Business Times
The Hong Kong stock exchange has carried out the first batch of carbon credit trades on its new voluntary carbon market, joining a handful of Asian exchanges in tapping opportunities resulting from governments' push to achieve climate goals. The inaugural trades on Hong Kong Exchanges & Clearing's (HKEX) Core Climate platform announced on Thursday (Nov 24) spanned carbon credits from more than 30 international projects involving around 20 participants, the exchange said.
/jlne.ws/3U7Lnd8
Nasdaq to Hold Fourth Quarter 2022 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: NDAQ) has scheduled its Fourth Quarter 2022 financial results announcement. WHO: Nasdaq's CEO, CFO, and additional members of its senior management team WHAT Review Nasdaq's Fourth Quarter 2022 financial results WHEN: Wednesday, January 25, 2023Results Call: 8:00 AM Eastern Senior management will be available for questions from the investment community following prepared remarks.
/jlne.ws/3EDVW1E
Promote The High-Quality Development Of Listed Companies To Serve The Creation Of A New Development Pattern- President & CEO Sha Yan's Speech At The Annual Conference Of Financial Street Forum 2022
Shenzhen Stock Exchange - Mondo Visione
Dear Chairman Song, Director Li, leaders, guests, ladies and gentlemen, Good afternoon! This year marks the 30th anniversary of the construction and development of the Beijing Financial Street. At this critical moment, It's my great honor here at the Annual Conference of Financial Street Forum. Here, on behalf of Shenzhen Stock Exchange (SZSE), I would like to extend our warm congratulations on the holding of the Annual Conference and express our sincere thanks to those who have showed care and support to the reform and development of SZSE.
/jlne.ws/3TZyAJC
Abu Dhabi Securities Exchange lists its eighth ETF; ADX unveils its rebranded ETF platform
Khaleej Times
The Abu Dhabi Securities Exchange (ADX) has launched its rebranded ADX exchange traded fund (ETF) market. This step was taken after the introduction of an ETF tracking the FADX 15 - the exchange's benchmark index launched in March 2022 - which listed on Wednesday.
/jlne.ws/3gGc0Ie
EEX publishes 2023 sales calendar for national Emissions Trading System
EEX
EEX has published the sales calendar for the year 2023 in coordination with the German Emissions Trading Authority (DEHSt) at the German Environment Agency (UBA).
/jlne.ws/3F9UGVP
Christmas Holiday Operating Hours
FEX
FEX Global (FGL) operating hours for the market over the Christmas period are as follows: Change to Normal Operations 23rd December 2022 (Friday) From 2030hrs there will be no Night session for any products, trading will recommence with the Day Session at 1000hrs on Wednesday 28th December 2022. 30th December 2021 (Friday) From 2030hrs there will be no Night session for any products, trading will recommence with the Day Session at 1000hrs on Tuesday 3rd January 2022.
/jlne.ws/3OydPni
Early Momentum For Core Climate, Hong Kong's New International Carbon Marketplace; More than 40 trades completed, by over 20 Core Climate participants, in first four weeks since launch, representing around 400,000 tonnes of carbon credits; More than 30 international projects now available on the platform; Carbon credits denominated in both HKD and RMB, driving accessibility and ensuring flexibility for participants
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) today (Thursday) celebrated the first four weeks of trading on Core Climate, Hong Kong's new international carbon marketplace at HKEX Connect Hall.
/jlne.ws/3GImDoL
Notice of Trading Halt, etc. Concerning "NEXT FUNDS Russian Equity Index Exchange Traded Fund(1324)"
JPX
With regard to the ETF "NEXT FUNDS Russian Equity Index Exchange Traded Fund (Securities Code: 1324)" listed on the Tokyo Stock Exchange, TSE issued an alert on Thursday, March 7 this year* . However, due to the difficulty in trading Russian stocks, the management company of the ETF has been suspending applications for creation and redemption of the ETF for a long period of time. As a result, it is expected that the situation in which the market price of the ETF tends to differ from NAV over a considerable long period of time will not be resolved. In light of these circumstances, TSE will conduct trading of the ETF until March 16 of this year and will halt trading for the time being from March 17.
/jlne.ws/3VoSAXd
Regular Constituents Changes in KOSPI 200 Sector, KOSDAQ 150 Sector, etc.
KRX
There will be regular constituents changes in 32 indices including KOSPI 200 Sector, KOSDAQ 150 Sector and KRX 300 Sector indices.
/jlne.ws/3Ex06bI
Moscow Exchange launches new derivatives for foreign assets
MOEX
On November 29, 2022, trading in settled futures contracts for shares of global exchange-traded funds (ETFs) Tracker Fund of Hong Kong ETF and iShares Core EURO STOXX 50 UCITS ETF EUR (Dist) will begin on the Moscow Exchange derivatives market. The funds follow the leading indices of global equity markets - Hong Kong's Hang Seng and Europe's Euro STOXX 50, respectively. At the same time, options on these contracts will become available.
/jlne.ws/3OENN1B
Moscow Exchange holds online conference "Compliance: main trends 2022"
MOEX
On November 29, 2022, the Moscow Exchange is holding the annual conference "Compliance: Key Trends 2022" online. The conference participants will discuss the challenges faced by the financial market in 2022. One of the discussions will be devoted to the work of the Investor Rights Protection Club, created on the initiative of the Moscow Exchange Group in order to create a single information space for market participants, as well as to defend the interests of investors in the face of economic restrictions.
/jlne.ws/3u5yt4x
Shanghai International Energy Exchange has released its Circular on the Official Launch of Level-2 Market Data Service
Shanghai International Energy Exchange has released its Circular on the Official Launch of Level-2 Market Data Service as follows: To whom it may concern, The Shanghai International Energy Exchange (INE) plans to launch its real-time level-2 market data services (4 snapshots per second at price depth of 5 best bid/asks) on November 28, 2022 (i.e., during continuous trading on the evening of November 25) to meet the diverse data needs of investors.
/jlne.ws/3ACThnG
SGX RegCo, SID, and CSIS map out service standards for companies' virtual general meetings
SGX
Singapore Exchange Regulation (SGX RegCo), the Singapore Institute of Directors (SID), and the Chartered Secretaries Institute of Singapore (CSIS) today outlined standards for service providers that provide the systems that enable the holding of virtual and hybrid general meetings.
/jlne.ws/3ic3SQm
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter to Restore Suspended Accounts From Next Week, Musk Says
Ilya Banares - Bloomberg
Elon Musk said Twitter Inc. will vastly expand the reinstatement of banned users from next week in a major reversal of the site's content-moderation policies. In response to a poll conducted by Musk, about 72% of participants voted in favor of a "general amnesty" for suspended accounts on Twitter "provided that they have not broken the law or engaged in egregious spam." Musk on Thursday said the amnesty will begin next week.
/jlne.ws/3VsXXVt
Blockchain may have a green future regardless of crypto; Scandals like FTX should not detract from the experiments going on with the technology elsewhere
Gillian Tett - Financial Times
This month might not seem the perfect moment for an institution such as Goldman Sachs to be championing the benefits of "blockchain" or "tokenisation". After all, these buzz words first shot to fame in the cryptocurrency sector, which has lost two-thirds of its value during the past year. And the recent implosion of Sam Bankman-Fried's FTX empire is likely to leave many traditional financiers shying away from digital assets - if not deriding them as a fraud.
/jlne.ws/3AKxmeB
FTX Collapsed. But More Money Will Flow to Blockchain, Says Private-Equity Pro
Joe Light - Barron's
David Rubenstein co-founded The Carlyle Group CG +1.13% in 1987, and it has since become a private-equity behemoth with $369 billion under management and 29 offices across five continents. A lawyer by training, Rubenstein is now Carlyle's co-chairman, but he wears many hats, as a philanthropist, author, and host of two shows on Bloomberg Television.
/jlne.ws/3V666zh
Paytm's 75% Slump Is World's Worst for Large IPOs in a Decade; Stock extended slide as keystone investors' lockup ended; Tech shares less appealing as economies weaken: JM Financial
Filipe Pacheco and Ashutosh Joshi - Bloomberg
One 97 Communications Ltd., the operator of India's largest digital-payments provider known as Paytm, has capped the worst first-year share plunge among large IPOs over the past decade -- and the pain is worsening. The company, whose founder compared its challenges to those faced by Tesla Inc. shortly after the listing, has seen its stock erase 75% of its market value one year after its $2.4 billion offering, the largest on record at the time in India.
/jlne.ws/3EZwwwP
UK and Singapore deepen collaboration in FinTech and strengthen financial cooperation
Monetary Authority of Singapore (MAS)
The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities such as sustainable finance, FinTech and innovation, and agreed on further cooperation in these areas.
/jlne.ws/3XvQYN4
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| Cybersecurity | | Top stories for cybersecurity | Scammers Posing as HSBC, Barclays Paid Crypto to 'Spoofing Shop'; Losses from victims tricked by fraudsters topped $58 million; Spoofers pretended to be calling from Barclays, HSBC, Lloyds
Katharine Gemmell - Bloomberg
A global "spoofing shop" which scammed victims out of tens of millions of pounds has been thwarted by international law enforcement agencies. London's Metropolitan Police Service said Thursday it had shut down fraud website iSpoof and made more than 100 UK arrests in connection with the case. The Met worked in coordination with the Federal Bureau of Investigation, Europol and Dutch authorities to make the arrests.
/jlne.ws/3tXVw1j
5 cybersecurity predictions for 2023
HelpNetSecurity
The cyber game is now an entire underground economy wrapped around cyberattacks. Thanks to increased international friction and the activity of groups such as Lapsus$, cybercriminals have upped the ante on cybercrime in order to turn a profit. Atakama outlines its top cybersecurity predictions for 2023.
/jlne.ws/3tVsoI9
Industrial Cybersecurity Market Report Covers Future Trends with Research 2022-2029
Digital Journal
Industrial cybersecurity is referred to as the process of protecting industrial control systems from threats from cyber attackers. It is often addressed as OT security or security. Industrial cybersecurity is slightly different from traditional IT cybersecurity in several ways. Hardware and software are the two pillars of industrial cybersecurity. To remain safe from the threat of OT and IT cyberattacks, industrial organizations need both hardware and software solutions to protect their physical and digital structures. Hardware security protects industrial machinery from cyber threats. Using specialized devices to help protect data through encryption and decryption, offers immunity from inherent weak points of the existing operating system.
/jlne.ws/3V8qG22
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| Cryptocurrencies | | Top stories for cryptocurrencies | How Crypto's Collapse May Have Done the Economy a Favor; Crypto's lack of connections with traditional finance means its problems haven't spilled over to the economy
Greg Ip - The Wall Street Journal
This year's crypto collapse has all the hallmarks of a classic banking crisis: runs, fire sales, contagion. What it doesn't have are banks. Check out the bankruptcy filings of crypto platforms Voyager Digital Holdings Inc., Celsius Network LLC and FTX Trading Ltd. and hedge fund Three Arrows Capital, and you won't find any banks listed among their largest creditors.
/jlne.ws/3gAnnBu
A bit more fear, uncertainty and doubt about crypto is welcome
Katie Martin - Financial Times
The silver lining to the spectacular collapse of FTX is hard to see if you are one of the 1mn or so creditors in the crypto exchange's bankruptcy proceedings. That mix of professional groups and individuals will struggle to get any of their money back. Even the new chief executive, a man who once oversaw the liquidation of Enron, no less, said that it was the most shambolic corporate failure he had ever seen.
/jlne.ws/3EEn0xZ
FTX: regulators should be wary of mission creep; Watchdogs are understandably jumpy following implosion of cryptocurrency exchange
Financial TImes
Largely unregulated, the implosion of the FTX cryptocurrency exchange has been described as example of an institutional failure. There simply was not enough cash or assets to cover sudden customer requests for their money. Whether you label it as a problem of solvency or liquidity hardly matters.
/jlne.ws/3i5MBrX
Crypto's Future Will Be Based on Self-Custody and Regulation: Kraken's Dave Ripley
Fran Velasquez - CoinDesk
Kraken's chief operating officer said crypto's future will be based on self-custody and clear regulatory standards. Dave Ripley, currently the crypto exchange's COO and named to replace CEO Jesse Powell when he steps down, told CoinDesk TV's "First Mover" that Kraken is a supporter of self-custody. Asked how his centralized exchange (CEX) could be trusted after the implosion of rival exchange FTX, he responded:
/jlne.ws/3VupoOJ
Billionaire bitcoin bull Mike Novogratz says crypto should and will be regulated and the FTX disaster has created a 'deficit of trust' in the whole industry
Jennifer Sor - Business Insider
The FTX debacle has created a "deficit of trust" in the cryptocurrency market, according to bitcoin bull and Galaxy Digital CEO Mike Novogratz, who argued that the industry should and will be regulated after the downfall of Sam Bankman-Fried's exchange. "This is about transparency and disclosure, in lots of ways. Our industry has failed to self-regulate. I think the money side of crypto, companies like ours that buy and sell and lend and do derivatives, are going to get regulated and should be," he said in an interview with CNBC on Wednesday.
/jlne.ws/3gx66cr
5 major revelations about the collapse of crypto giant FTX
David Gura - NPR
Lawyers for the once-mighty crypto-exchange FTX described a company riddled with dysfunction and mismanagement during a court hearing on Tuesday, as they sought to explain how the sprawling empire founded by Sam Bankman-Fried was brought to its knees in a matter of days. "We have witnessed one of the most abrupt and difficult collapses in the history of corporate America," said James Bromley, an attorney representing the company.
/jlne.ws/3F2BCZv
Coinbase May be in Real Serious Trouble Now
Victor Tangermann - The Byte
Coinbase, the second largest cryptocurrency exchange by trading volume, is really feeling the pressure following the collapse of rival exchange FTX. The company's shares hit astonishing lows this week, sliding a whopping nine percent on Monday alone. Major cryptocurrencies including Bitcoin and Ether have also tumbled, with the former hitting two-year lows this week.
/jlne.ws/3gxrCxI
FTX: The Wallet Inspection
Louis Ashworth - Financial Times
The FTX collapse is funny for all kinds of reasons. Here's one from a Delaware court filing on Tuesday where the administrators ask for judicial forgiveness for "certain authorised actions".
/jlne.ws/3GJTtp3
Bybit launches $100M support fund for institutional traders
Sam Bourgi - Coin Telegraph
Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity in the wake of the FTX collapse - an event that triggered a fresh wave of panic selling across the digital asset space. The support fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling with financial or operational difficulties following the collapse of FTX earlier this month, Bybit disclosed on Nov. 24. The funds will be distributed to eligible applicants at a 0% interest rate.
/jlne.ws/3ExXsm9
What the Latest Crypto Crash Means for ETFs; The implosion of FTX may have set digital assets back by years, and the fallout is still expanding.
Eric Balchunas and Joel Weber - Bloomberg
The crypto market may not be dead, but it's arguably in a temporary coma thanks to the spectacular implosion of Sam Bankman-Fried's FTX. The bankrupt crypto exchange, with billions of dollars of customer funds allegedly missing, has spooked all but the hardcore believers and potentially set the digital asset class back by years.
/jlne.ws/3icuLDw
Binance launches proof of reserves website
Steve Gelsi - MarketWatch
Binance said Friday it's launching a new proof of reserves website to reflect that the crypto currency exchange is holding client funds in full as a custodian. "When a user deposits one Bitcoin, Binance's reserves increase by at least one Bitcoin to ensure client funds are fully backed," Binance said. People will be able to check the site to see Binance's proof of reserves, as well as Binance's reserve ratio next to customer liabilities. The site will also offer two new ways for people to verify their transactions against Binance's Merkle tree, the company said. The moves mark part of Binance's user transparency efforts.
/jlne.ws/3EDaajr
Wallet linked to defunct crypto exchange BTC-e suddenly activates
Lachlan Keller - Forkast
A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday, sending a total of 10,000 BTC (US$167 million) to two unknown wallets, according to blockchain analytics firm Crystal Blockchain after being noticed by crypto sleuth Sergey Mendeleev.
/jlne.ws/3F0UUhA
Cryptofinance: Barry Silbert, crypto boss on the defensive; Plus updates on crypto's role in Ukraine
Scott Chipolina - Financial Times
It's been two weeks since FTX - one of the crypto industry's marquee brands - fell into bankruptcy in spectacular fashion and I compared it to the collapse of Lehman Brothers. As the impact rippled through the market, the biggest players have been trying to steady the ship. Fighting hardest this week has been Digital Currency Group and founder and chief executive Barry Silbert.
/jlne.ws/3OPQhdT
What does crypto look like after FTX? CeFi > DeFi, says JPMorgan
Robin Wigglesworth - Financial Times
For people hoping for a crypto-free day on FT Alphaville, we have bad news. Crypto is still doing its Thing. And there are still a lot of questions about what the space looks like in the wake of the FTX implosion (ie beyond the current Lord-of-the-Flies vibes).
/jlne.ws/3tXHJHZ
What Is a Crypto Exchange Token and How Did It Help Blow up FTX?
David Z. Morris - CoinDesk
The FTT exchange token played a key role in the downfall of the crypto exchange FTX and affiliated trading firm Alameda Research. It was the use of FTT to inflate both entities' balance sheets, reported by CoinDesk's Ian Allison on Nov. 2, that raised the first doubts that sparked the collapse. FTT may have been core to another aspect of the FTX fraud, serving as notional (but actually worthless) "collateral" for loans of customer funds made by FTX to bail out Alameda.
/jlne.ws/3tZsuym
Binance CEO Zhao: Crypto Overall Is Fine Despite FTX Fallout
Bloomberg
Changpeng 'CZ' Zhao, chief executive officer of digital-asset exchange Binance Holdings Ltd., discusses the fall of Sam Bankman-Fried's FTX empire and its implications for the broader crypto market. He also talks about Binance's strategy, and the possibility of setting up a roughly $1 billion fund for the potential purchase of distressed assets in the digital-asset sector. He speaks with Haslinda Amin on "Bloomberg Daybreak: Europe."
/jlne.ws/3tYJ7u3
Binance to commit $1 billion for crypto recovery initiative
Reuters
Cryptocurrency exchange Binance said on Thursday it was committing $1 billion to establishing an industry recovery initiative (IRI) to invest in companies from the digital assets sector. The move comes at a time when the crypto market is teetering from the collapse of FTX, which is seeking Chapter 11 bankruptcy protection in the United States. The unraveling of one of the biggest crypto exchanges in the world has also fanned worries around the industry's continued ability to draw investments from venture capital and private equity giants.
/jlne.ws/3U0O8wR
FTX collapse consigns crypto to fringes of finance: podcast
Aimee Donnellan - Reuters
Sam Bankman-Fried's failed crypto exchange is a huge blow to the ailing sector. In this Viewsroom podcast, Breakingviews columnists discuss how firewalls helped protect banks, how the saga will embolden regulators, and what the future looks like for digital currencies.
/jlne.ws/3U57H78
After FTX's Collapse, Is Bitcoin Still Heading Into an Ice Age? (Podcast); The token has had a rough year, but in the wake of the FTX collapse, could there be a bottom in sight?
Victoria Vergolina - Bloomberg
Before chaos broke out in the crypto market with the collapse of FTX, a report by digital-assets researcher CryptoCompare found that Bitcoin's value...was still dropping. It appeared the industry wasn't just heading into winter, but a possible "Crypto Ice Age." Then the stunning downfall of crypto exchange FTX, which halted withdrawals and declared bankruptcy, and the resignation of its CEO Sam Bankman-Fried, sparked a wide-ranging market downturn with Bitcoin dropping from its previous plateau of around $20,000.
/jlne.ws/3gGak1o
How to Manage Risk in Crypto
Conor Ryder - Kaiko
We've seen enough incidents over the last few months, let alone years, to conclude there is a complete lack of adequate risk management in crypto. Throughout the Terra collapse, crypto credit crisis, and spectacular implosion of FTX we have collectively witnessed the industry's largest (and most opaque) firms become insolvent in an instant.
/jlne.ws/3XIOmfd
NFTs Are Dead? Even in Bear Market, a Bored Ape Sells for Nearly $1 Million
Andrew Hayward - Decrypt
Spurred by FTX's collapse and the resulting contagion spreading to other companies, the icy crypto bear market is only getting colder-and the NFT market has lost considerable steam since earlier this year. Even so, some "blue chip" Ethereum NFTs still command sizable prices, as evidenced by today's sale of a Bored Ape for just shy of $1 million. Bored Ape Yacht Club NFT #232 sold this morning for 800 ETH on the secondary market, or about $927,000. The tokenized profile picture (PFP) was sold by Deepak Thapliydal, CdEO of Web3 cloud software startup Chain, and purchased by notable pseudonymous collector Keung.
/jlne.ws/3EyMInv
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| Politics | | An overview of politics as it relates to the financial markets | The geopolitical threat to globalisation
Martin Wolf - Financial Times
The FT's chief economics commentator, Martin Wolf, discusses why geopolitics could be the biggest threat to globalisation.
/jlne.ws/3VuvnmF
Biden Officials to Target Nonbanks for Tougher Oversight; Risk panel eyes rollback of Trump-era curbs on regulations of the firms
Andrew Ackerman - The Wall Street Journal
The Biden administration is laying the groundwork to target nonbank firms with stricter federal oversight as regulators grow concerned about financial threats from companies operating outside of the tightly supervised banking system. The move from the Financial Stability Oversight Council, a panel of top regulators tasked with monitoring the stability of the financial system, would likely ease or repeal Trump-era restrictions that sought to limit the regulation of nonbanks, according to people familiar with the process.
/jlne.ws/3iah3RI
EU struggles with Russian oil price cap, talks to resume when positions converge
Jan Strupczewski - Reuters
European Union governments remained split on Thursday over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. The EU states failed to reach a deal on the price level for Russian sea-borne oil on Wednesday because a Group of Seven nations (G7) proposal for a cap of $65-70 per barrel was seen as far to high by some and too low by others.
/jlne.ws/3AFaPzG
EU Set to Resume Talks on Price for Russian Oil Cap Tonight
Ewa Krukowska and Alberto Nardelli - Bloomberg
European Union diplomats are set to meet Friday evening to see if they can hammer out a final deal on a price level to cap Russian oil exports, according to people familiar with the matter. The bloc has been locked in a fight over how strict the price cap, which would be implemented with the Group of Seven, should be. Countries like Poland objected to the EU executive arm's proposal to set a $65 per barrel limit, saying it was too generous to Russia. Other nations, including Greece, don't want to go below that level.
/jlne.ws/3U8vYci
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| Regulation & Enforcement | | Stories about regulation and the law. | US regulators identify 'serious weaknesses' in Citi's resolution plan; Watchdogs query whether bank could produce accurate financial information during periods of stress
Joshua Franklin and Colby Smith - Financial Times
US regulators identified "serious weaknesses" in Citigroup's data management as part of a plan detailing how the bank could be wound up in the event of a crisis, in the latest regulatory headache for the Wall Street group. In a review by the Federal Reserve Board and the Federal Deposit Insurance Corporation, the two banking regulators said on Wednesday there were questions as to whether Citi would be able to produce accurate financial information during periods of financial stress. If the issues with Citi's plan, which was submitted in 2021, are not corrected, the bank could face "additional [regulatory] requirements".
/jlne.ws/3ifDYuM
Australia's Watchdog Freezes Two Perpetual Funds Over High Risks
Harry Brumpton - Bloomberg
The Australian Securities & Investments Commission has moved to freeze two funds run by one of Australia's largest wealth managers Perpetual Ltd., citing elevated risks embedded in both funds. ASIC on Friday issued "interim stop orders" to stop Perpetual Investment Management Ltd. from offering or distributing its Perpetual Pure Microcap Fund and its Perpetual Geared Australian Share Fund to retail investors. Perpetual confirmed the order in a statement.
/jlne.ws/3tZOv04
Canadian securities regulators publish approval notices for new SRO and CIPF
Canadian Securities Administrators
The Canadian Securities Administrators (CSA) today published notices that recognize the New Self-Regulatory Organization of Canada (New SRO) and approve the new Canadian Investor Protection Fund (CIPF), effective January 1, 2023. The notices include, among other items, a recognition order, interim rules and interim fee guidelines for the New SRO, and an approval or acceptance order for the new CIPF.
/jlne.ws/3Voijin
Emerging sound practices on supervisory capacity development
Juan Carlos Crisanto, Jermy Prenio, Manoj Singh and Jeffery Yong - BIS
A sound supervisory capacity development framework is critical to equip financial sector supervisors with the necessary skills and knowledge to discharge their responsibilities effectively. This paper takes stock of the recent evolution of capacity development approaches, shaped by changes in regulatory/supervisory frameworks, market developments (particularly from technological advancements and climate-related risks) and learning modalities.
/jlne.ws/3i5FUpL
Authorities in Turkey Seize FTX Founder Sam Bankman-Fried's Assets
Andrew Asmakov - Decrypt
Amid a probe into the collapse of the FTX cryptocurrency exchange, Turkish authorities have seized the assets of Sam Bankman-Fried and other affiliates, the Turkish Treasury and Finance Ministry announced on Wednesday.
/jlne.ws/3U7dLvG
Singapore police investigate Hodlnaut for possible fraud, cheating
Megha Chaddah - Forkast
Hodlnaut, a Singapore-based crypto lender, which is currently under interim judicial management, is being investigated by the Commercial Affairs Department, the white-collar crime unit of the Singapore police, according to information released on Nov. 23.
/jlne.ws/3U65Grk
Regulators can't keep turning a blind eye to crypto craziness; Stopping a hyped-up project that promises to disrupt the status quo requires decisiveness and courage
Adam Tooze - Financial Times
In a now notorious TV advert for trading platform crypto.com, the Hollywood star Matt Damon intoned the following lines: "History is filled with almost. With those who almost adventured, who almost achieved, but ultimately, for them it proved to be too much. Then, there are others. The ones who embrace the moment, and commit. And in these moments of truthâEUR‰.âEUR‰.âEUR‰.âEUR‰they calm their minds and steel their nerves with four simple words that have been whispered by the intrepid since the time of the Romans. Fortune favours the brave."
/jlne.ws/3F0YxUM
H2O faces record EUR75mn fine and investment ban for chief; French regulator recommends tough action over the asset manager's investments in illiquid bonds tied to Lars Windhorst
Cynthia O'Murchu and Robert Smith - Financial Times
France's financial regulator is seeking to fine H2O Asset Management a record €75mn and ban its chief executive from the investment industry for a decade over the asset manager's extensive investments in illiquid bonds tied to German financier Lars Windhorst.
/jlne.ws/3B7vmxh
SEC Publishes FY22-26 Strategic Plan
SEC
The Securities and Exchange Commission today released its Strategic Plan for fiscal years 2022 to 2026, outlining agency objectives to fight against fraud, maintain a robust and relevant regulatory framework, and sustain a skilled and diverse workforce to serve America's investors and capital-raising entrepreneurs alike.
/jlne.ws/3OyyffT
Chairman Behnam to Testify Before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry
CFTC
Chairman Rostin Behnam will testify at the U.S. Senate Committee on Agriculture, Nutrition, and Forestry's hearing on Why Congress Needs to Act: Lessons Learned from the FTX Collapse.
/jlne.ws/3ALEjvY
Chairman Behnam to Participate in a Keynote Interview at the Crypto and Digital Assets Summit: Winter Edition
CFTC
Chairman Rostin Behnam will participate in a keynote interview at the Crypto and Digital Assets Summit: Winter Edition.
/jlne.ws/3XwvIXv
ASIC places interim stop orders on two Perpetual Funds
ASIC
ASIC has issued interim stop orders preventing Perpetual Investment Management Limited (Perpetual) from offering or distributing two funds to retail investors because of deficiencies in their target market determinations (TMDs).
/jlne.ws/3OEGZBk
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Collateralised fund obligations: how private equity securitised itself; Stakes in hundreds of buyout groups' companies have been bundled into investments with strong credit ratings
Kaye Wiggins - Financial Times
The US hospital staffing company Envision Healthcare, owned by the private equity firm KKR, has the lowest possible junk-grade credit rating and is at risk of bankruptcy, according to Moody's.
/jlne.ws/3F1vGzP
Is the stock market open on Black Friday? Thanksgiving week trading hours for major assets.
Joy Wiltermuth - MarketWatch
It's going to be a short week on Wall Street. U.S. stock exchanges will be closed for Thanksgiving Day on Thursday, Nov. 24, and will reopen the next day only for an abbreviated session on Black Friday, with trading ending at 1 p.m. Eastern on Nov. 25. The roughly $53 billion U.S. bond market follows a similar Thanksgiving schedule this year, but closes an hour later on Black Friday at 2 p.m.
/jlne.ws/3EVE1nB
London's Stock Market Edges Back Above Paris After Pound Surge; UK market capital lost top spot to Paris 10 days ago; Move driven by sterling rebound, French luxury rally easing
Joe Easton and Michael Msika - Bloomberg
A rally in the pound has lifted the UK stock market back above its French equivalent as the biggest in Europe in dollar terms, after it lost the title just 10 days ago. The combined market capitalization of primary listings in the UK, excluding ETFs and ADRs, reached $2.915 trillion on Wednesday, about $63 billion higher than its French equivalent. That's due to a 2.5% gain in sterling in the past seven trading sessions against the dollar, compared to a rise of only 0.7% for the euro.
/jlne.ws/3tUsj7z
Traders Take Wall Street's Advice to Come Back to European Bonds; Deutsche Bank and UBS strategists say buy euro debt next year; European bond spreads have tightened by the most in two years
Tasos Vossos - Bloomberg
As Wall Street starts unveiling its 2023 outlooks, an early favorite is quickly emerging: Europe's safest corporate bonds. So strong is that bullish sentiment, in fact, that traders bidding up prices on the bonds have helped drive down their yield premium over government debt by the most in two years.
/jlne.ws/3GLI6gE
YOLO Stock-Market Options Are All the Rage This Thanksgiving; Retail call options volume will be 'massive:' Goldman's Rubner; 'Weaponized gamma' seen fueling equity gains into year end
Lu Wang - Bloomberg
Bitcoin is off the table, stock markets are gutted and bond bulls are out to pasture. In these desperate times, could folks be left with nothing more exciting to talk about this Thanksgiving than the humble equity option? Yes, says Scott Rubner, a managing director at Goldman Sachs Group Inc. In a recent note, the expert on money flows said retail investors are wading ever deeper into the short-term derivatives trade, reprising their behavior around this time last year.
/jlne.ws/3Vh8ra4
HSBC follows BlackRock with downgrade to 'lighter green' ETFs
Alf Wilkinson - Financial Times
HSBC Asset Management has become the latest asset manager to downgrade the classifications of Paris-aligned exchange traded funds under the EU's Sustainable Finance Disclosure Regulation. The fund arm of London-based banking group HSBC has written to investors in seven Ucits ETFs, informing them that the vehicles' SFDR categories will be changed from Article 9 to Article 8.
/jlne.ws/3UYa6Sl
How to Handle a Sudden Financial Windfall
Beth DeCarbo - The Wall Street Journal
What if, suddenly, you had enough money to buy something you've long desired, travel to a place you've dreamed of going, or make a real difference to a charity you've always admired? Consider it a problem we'd all like to have. But consider it a potential problem nonetheless. After all, to manage your hard-earned money wisely, you need a plan. The same is true when riches appear seemingly overnight.
/jlne.ws/3V83l0c
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Ulez to be expanded across whole of Greater London from August; Mayor says ultra-low emission zone has been 'transformational' and expansion will benefit 5m more people
Gwyn Topham Transport correspondent - The Guardian
London's ultra-low emission zone will be expanded across the entire capital from next August, a move that the mayor said would bring cleaner air to 5 million more residents. Drivers of older, polluting cars will have to pay £12.50 a day to use their vehicle across Greater London from 29 August 2023. An improved £110m scrappage scheme will be introduced to help vulnerable people and small businesses, and there will be more buses in the suburbs.
/jlne.ws/3VatwDM
An Indian city of 8 million that turned a garbage-clogged lake into a natural biofilter provides a lesson on how to adapt to climate change
Bill Spindle - Fortune
Sembakkam Lake, on the outskirts of the Indian city of Chennai, offers a placid view on a recent afternoon, with migratory birds cruising its shores and a small boat with two fishermen bobbing in the center. The calm belies the lake's pioneering role in a struggle against climate change, and the toll rising sea levels will exact on this rapidly expanding city of 8 million people.
/jlne.ws/3VsbufW
Climate Change From A To Z; The stories we tell ourselves about the future.
Elizabeth Kolbert - The New Yorker
Svante Arrhenius was, by nature, an optimist. He believed that science should-and could-be accessible to all. In 1891, he got his first teaching job, at an experimental university in Stockholm called the Högskola. That same year, he founded the Stockholm Physics Society, which met every other Saturday evening. For a fee of one Swedish crown, anyone could join. Among the society's earliest members was a Högskola student named Sofia Rudbeck, who was described by a contemporary as both "an excellent chemist" and "a ravishing beauty." Arrhenius began writing her poetry, and soon the two wed.
/jlne.ws/3VsvWx0
Gas-Exporting Mozambique Is a Cautionary Tale in the Loss and Damage Fight; Tired of waiting for international aid to help rebuild after deadly storms, Mozambique is tapping into massive natural gas deposits to fund development.
Laura Millan Lombrana, David Malingha, Akshat Rathi, and Matthew Hill - Bloomberg
The devastation that cyclone Idai caused in Mozambique in 2019 galvanized the world to take action against climate change, much as deadly floods in Pakistan did this summer. Yet three years later, Mozambique has given up waiting for help from abroad and is focused on developing its massive natural gas resources to fund recovery and growth.
/jlne.ws/3VmJSsw
Capturing Carbon With Giant Algae Ponds in the Middle of the Desert; Brilliant Planet aims to engineer algae blooms to remove emissions, and then sell the service in carbon markets.
Mark Bergen - Bloomberg
In a London laboratory, Raffael Jovine opened a small incubator to check on his seawater creations. Seven flasks of light green liquid sat on a tray beneath a bright light. Inside the lab's five other incubators, which look like minifridges, there were more flasks kept under different lamps, at different temperatures, with various nutrients piped into the mixture.
/jlne.ws/3AIRCND
Climate crisis: Losing hope, finding courage; Caring requires a profound re-evaluation of the neoliberal ideology of growth and progress
Sadhbh O'Neill - The Irish Times
People often ask me, how do climate activists "keep going" in the face of so much inaction and indifference? It's a good question. In Greek mythology, princess Cassandra was bestowed with the gift of being able to see the future, but she was cursed because her prophecies would always come to pass but no one would believe her. Climate advocates, scientists and activists perform this tragic role every day. "Seeing" the future means simply following the science and daring to think about the future transformed by global warming. Yet we encounter denial and disbelief every day.
/jlne.ws/3U0uZuQ
Reflections from a Millennial Attending COP27: 30 Years Later and We are Still in Climate Limbo
Sara Velander - Triple Pundit
As with every global climate conference across the past three decades, expectations were high at COP27 in Egypt for countries to work with renewed fervor in the collective fight against climate change. The world was watching to see if we would finally make significant progress in two critical areas: phasing out fossil fuels from the global economy to mitigate harmful carbon dioxide emissions, as well as financing adaptation and recovery from loss and damage in the regions most vulnerable to climate change impacts. As a millennial who has now attended five U.N. climate conferences (COPs) across the past seven years, I witness the same story every time.
/jlne.ws/3ie98Tm
2021 North American heatwave amplified by climate change-driven nonlinear interactions
Samuel Bartusek, Kai Kornhuber & Mingfang Ting - Nature Climate Change
Heat conditions in North America in summer 2021 exceeded previous heatwaves by margins many would have considered impossible under current climate conditions. Associated severe impacts highlight the need for understanding the physical drivers of the heatwave and relations to climate change, to improve the projection and prediction of future extreme heat risks. Here, we find that slow- and fast-moving components of the atmospheric circulation interacted, along with regional soil moisture deficiency, to trigger a 5-sigma heat event.
/jlne.ws/3EFo84r
Biden Puts Your 401(k) to ESG Work; A new rule offers legal protection for progressive investments.
The Wall Street Journal
The Biden regulatory machine doesn't rest, even in Thanksgiving week. On Tuesday the Labor Department finalized a rule that empowers retirement plan sponsors to invest based on environmental, social and governance (ESG) factors and put your 401(k) to progressive political work.
/jlne.ws/3XukPWj
Spanish windfall tax on banks, energy firms clears first hurdle
Reuters
An amended windfall tax proposal for Spanish banks and large energy companies cleared its first hurdle in parliament in the early hours of Friday with the backing of the leftist ruling coalition and several regional parties. Some parties in Spain's northern regions, where energy companies and banks have a significant presence, had already secured before the vote an exemption of large energy firms' domestic regulated activities and foreign operations.
/jlne.ws/3icCUrz
Hong Kong: Hong Kong Building A Greater China Carbon Market Gateway
Penelope Shen - Mondaq
Hong Kong is pursuing a ground-breaking plan to develop market structure and regulatory models for global investors to access mainland China's carbon markets. The potential is unsurprisingly immense. As Hong Kong's Green and Sustainable Finance Cross-Agency Steering Group noted in a preliminary feasibility assessment report in March 2022, investment demand in carbon credits as an asset class is set to head north.
/jlne.ws/3Ua710a
ESG Fight Injects Fresh Risks Into Public Pension Portfolios; Investment decisions driven by politics seen hurting retirees; Many public pensions in US grappling with funding shortfalls
Sabrina Kharrazi - Bloomberg
When Florida Governor Ron DeSantis emerged as one of the most vocal critics of so-called woke money managers, he thrust the state's pension funds into a red-hot debate. On one side are Republicans, who say ESG investment strategies leave returns on the table for the sake of political correctness. On the other are Democrats who argue failing to account for climate change will exact steep financial costs in the long term. Both say they're upholding their fiduciary duty to act in the best interests of clients.
/jlne.ws/3AJb0Ky
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Crypto Firm FTX's Ownership of a U.S. Bank Raises Questions
Stephen Gandel - The New York Times
Among the many surprising assets uncovered in the bankruptcy of the cryptocurrency exchange FTX is a relatively tiny one that could raise big concerns: a stake in one of the country's smallest banks. The bank, Farmington State Bank in Washington State, has a single branch and, until this year, just three employees. It did not offer online banking or even a credit card. The tiny bank's connection to the collapse of FTX is raising new questions about the exchange and its operations.
/jlne.ws/3XqyC0d
JPMorgan and Deutsche Bank sued by Epstein victims; US lawsuits accuse lenders of ignoring sex-offence conviction and suspicious behaviours
Stephen Morris - Financial Times
JPMorgan Chase and Deutsche Bank have been sued by victims of deceased sex offender Jeffrey Epstein, who accuse the lenders of aiding sex trafficking. The lawsuits, filed in New York on Thursday, claim the banks turned a blind eye to suspicious withdrawals and payments from Epstein's accounts, "knowing that they would earn millions of dollars from facilitating Epstein's sex abuse and trafficking".
/jlne.ws/3VkvYXG
FTX Invoked by Canada Banks Group in Call for Payment Safeguards
Kevin Orland - Bloomberg
The main lobbying group for Canada's banking industry invoked the collapse of FTX and Celsius Network in warning that the government needs to establish better consumer protections for the country's payments systems. The Bank of Canada was given power to oversee payment-service providers last year -- a move the banking industry welcomed -- but the absence of consumer protections in its supervision framework so far is "a significant shortcoming," Canadian Bankers Association President Anthony Ostler said in a speech to the Canadian Club Toronto Thursday.
/jlne.ws/3AIVUEG
Deutsche Bank warns of peril in borrowing from U.S. banks
Tom Sims and Marta Orosz - Reuters
Germany's Deutsche Bank has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough. The caution, spelled out in an interview with Deutsche Bank board member Fabrizio Campelli, is the latest escalation in a battle with U.S. banks for the business of European firms on its home turf.
/jlne.ws/3ibTKqO
Credit Suisse offers 889 mln shares to existing investors in $4 bln capital hike
Reuters
Credit Suisse has made 889 million new shares available to existing investors at 2.52 Swiss francs ($2.67) per share, the bank said on Thursday, confirming the final terms of its 4 billion franc capital hike.
/jlne.ws/3EB9KtS
Fidelity to Join Mutual Fund-to-ETF Club With $430 Million Flip; Firm plans to convert six mutual funds into active ETFs; Mutual fund conversion has been a trend but first for Fidelity
Isabelle Lee and Emily Graffeo - Bloomberg
Fidelity Investments, one of the country's largest asset managers, is making its first foray into converting some of its mutual funds into ETFs. The Boston-based firm on Wednesday revealed plans to convert six of its thematic mutual funds into actively-managed exchange-traded funds. Fidelity expects to complete the conversion in June 2023.
/jlne.ws/3OyuWW1
Credit Suisse Hits New Low as Investors Weigh Impact of Outflows
ByMyriam Balezou and Allegra Catelli - Bloomberg
Credit Suisse Group AG fell to a fresh record low as investors weighed the impact of the massive outflows the bank reported this week and news that rivals in the key growth market of Asia are benefiting from the Swiss firm's troubles.
/jlne.ws/3EFo04H
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| Wellness Exchange | | An Exchange of Health and Wellness Information | EU regulator warns of 'disappointing' vaccine booster uptake
Ludwig Burger and Maggie Fick - Reuters
Recent uptake of COVID-19 vaccine booster doses in the European Union has been "rather disappointing," an official said on Thursday, amid concerns that protection against severe cases of the disease could weaken during the winter. The European average rate of re-vaccination, or receiving booster doses, was only 29% in the groups of people considered to be at highest risk, such as the elderly and immunocompromised.
/jlne.ws/3tYT3DK
China reports new daily record COVID cases, curbs tighten across country
Reuters
China on Friday reported another record high of daily COVID-19 infections, as cities across the country enforce measures and curbs to control outbreaks. Thursday's new local COVID-19 infections set a daily record for a second consecutive day, beating a figure set in mid-April, when the commercial hub of Shanghai was crippled by a citywide lockdown of its 25 million residents that lasted two months.
/jlne.ws/3ALJr3c
China Recovery Set Back by Record Covid Outbreak as Lockdowns Spread
Jason Douglas - The Wall Street Journal
Widespread lockdowns imposed across China as authorities there struggled this week to contain the country's largest Covid-19 outbreak threaten to again create uncertainty in global supply chains and dim the prospects for world economic growth. Beijing's battle to contain the virus-including sharp restrictions on everyday life and commerce in cities from the major port city of Tianjin in the north to Guangzhou in the south-comes as economies elsewhere lose speed as central banks raise interest rates to beat back inflation.
/jlne.ws/3idWGmz
China's Daily Covid Tally Tops 30,000 for First Time as Curbs Spread
Shirley Zhao - Bloomberg
China's daily Covid infections broke through 30,000 for the first time ever as officials struggle to contain outbreaks that have triggered a growing number of restrictions across the country's most important cities. There were 31,987 new infections reported for Thursday, up from Wednesday's record of 29,754. The southern city of Guangzhou reported more than 7,500, while cases in the metropolis of Chongqing topped 6,000.
/jlne.ws/3XwCLQ3
U.S. unlikely to see another late-year omicron wave, but Fauci urges people to get new COVID booster
Ciara Linnane - MarketWatch
The U.S. is unlikely to suffer the same surge of COVID-19 infections this winter as it did last year, when the omicron variant first emerged and swept across the country, senior health officials said Tuesday. On Tuesday, Anthony Fauci, President Joe Biden's chief medical adviser, addressed reporters for the last time ahead of his retirement, saying that the current combination of infections and vaccinations means there's "enough community protection that we're not going to see a repeat of last year at this time."
/jlne.ws/3EE9pXu
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Will Get Over Covid-19. But Will Its Markets Recover?; Strict Covid-zero regime will eventually end, but investors shouldn't assume that makes a structural bull market inevitable Jacky Wong - The Wall Street Journal
For investors in Chinese stocks, when and if Beijing will finally ease up on its strict Covid-19 and property-sector control measures are basically the only questions on their minds lately. There are some signs that real change could finally be on the horizon. But the more structural conundrum remains: How profitable is investing in the Chinese market likely to be over the coming decade, even assuming the best on property and Covid-19? Chinese shares rebounded this month after a horrible couple of years. The MSCI China surged 21% in November, as Beijing fine-tuned its strict pandemic curbs and stepped up support for the struggling property sector. Even after the rally, the index has still lost more than half of its value since early 2021, basically wiping out all the gains in the past decade.
/jlne.ws/3V8HDJx
Lithium's 1,200% Frenzy Tempered by Blip in China's EV Market; Cost of battery material falls for second week from record; Supply-demand balance is still tight, says Morgan Stanley
Annie Lee - Bloomberg
Lithium has run into a soft patch as its extraordinary two-year gain collides with signs of wariness over near-term demand from China's electric vehicles. The battery material's price is set for a second weekly decline in China, while shares in lithium suppliers are falling. The culprit is the prospect of slower EV sales in coming months, which could blow back through the supply chain to raw materials. EV registrations plunged by more than a fifth in October from the prior month, data on Friday showed.
/jlne.ws/3U4HRQv
Flow of Russian gas and cash entangled German state in dependent web
Loveday Morris, Kate Brady and Souad Mekhennet - The Washington Post
When Matthias Warnig, chief executive of the company building the Nord Stream 2 natural gas pipeline between Russia and Germany, arrived for a meeting at the historic lakeside state chancellery building here, he carried a bright bouquet of flowers. It was August 2020 and Trump administration sanctions on the nearly constructed pipeline under the Baltic Sea had caused final work on the project to grind to a halt. Warnig, a former officer in the Stasi, East Germany's secret police, was looking for ways around the U.S. action.
/jlne.ws/3OyNEN4
The Robot Tractors Are Coming, Just as Soon as We Crush a Few Bugs; A plucky team from a small English agricultural college tackles one of the hardest challenges in tech.
Simon Akam - Bloomberg
One day in April, I wandered across a field in the English county of Shropshire, in search of a robot tractor. Dark clouds scudded across the sky, rain came in squalls, and a line of oak trees overlooked the cultivated ground. Awaiting me was Kit Franklin, a 32-year-old engineer dressed in the traditional garb of British agriculture: checked shirt, heavy jacket with corduroy collar, tweed cap.
/jlne.ws/3OxFF35
Wirecard Short Seller Meets UK's Housing Crisis; The critic who helped bring down the German payments company targets a REIT focused on public housing
Matthew Brooker - Bloomberg
Providing homes to tenants whose rents are backstopped by the government in a country with an acute shortage of property might seem like an investment built on impregnable foundations. The plunge in Home REIT Plc shares following a critical report from a short seller is a reminder that there's no such thing as a risk-free bet. Home REIT dropped as much as 31% in London trading Wednesday after Fraser Perring's Viceroy Research published a 27-page document questioning its financial health and governance.
/jlne.ws/3TZRVKR
Poorly equipped German army awaits financial reinforcement from Berlin; Barely any of extra €100bn announced by Olaf Scholz in February has been spent due to bureaucratic hurdles
Sam Jones and Guy Chazan - Financial Times
Nine months ago, in the wake of Russia's full-scale invasion of Ukraine, Olaf Scholz declared a Zeitenwende - a turning point - for Germany's military and its place in the world. But since then, barely any of the €100bn in extra funding the German chancellor pledged has made its way to the armed forces. The parliamentary body set up in the spring to allocate money to modernisation and reform programmes has met once. The defence ministry had no procurement proposals to submit to it. Its next sitting will not be until February.
/jlne.ws/3OygSvE
Bahamas reels from FTX collapse: 'Crypto was going to be our way out'; Country's credibility as jurisdiction that properly monitors digital asset businesses has been shattered
Scott Chipolina - Financial Times
Sam Bankman-Fried chose a slice of prime Bahamas real estate to build the new headquarters of his fast-growing cryptocurrency exchange FTX, posing with a shovel alongside the Caribbean country's prime minister in a shared embrace of the huge potential for digital assets. Just seven months later, FTX's spectacular collapse has sent shockwaves through an industry that promised to revolutionise finance, and shattered the credibility of the Bahamas - which put the crypto boom at the heart of its economic strategy - as a jurisdiction that properly monitors digital asset businesses.
/jlne.ws/3gEnPyD
U.S. Blocks Dominican Republic Company's Sugar Imports Over Alleged Forced Labor; U.S. Customs said it had found multiple indicators of the use of forced labor at Central Romana's operations
Richard Vanderford - The Wall Street Journal
U.S. Customs and Border Protection has blocked imports of sugar and sugar-based products from a Dominican Republic-based company because of its alleged use of forced labor, a move that comes amid a broader crackdown.
/jlne.ws/3ibZvVs
Deere Sees 'Total Autonomy' on US Corn, Soybean Farming by 2030
Michael Hirtzer - Bloomberg
Top farm machinery maker Deere & Co. says corn and soybean production in the US could be fully autonomous by 2030. Farmers already are paying Deere to use automation technology for tillage work this autumn, and the company is exploring recurring revenue models that will allow growers to use such enhancements as needed.
/jlne.ws/3idaWvS
Avian flu outbreak wipes out 50.54 mln U.S. birds, a record
Tom Polansek - Reuters
Avian flu has wiped out 50.54 million birds in the United States this year, making it the country's deadliest outbreak in history, U.S. Department of Agriculture data showed on Thursday. The deaths of chickens, turkeys and other birds represent the worst U.S. animal-health disaster to date, topping the previous record of 50.5 million birds that died in an avian-flu outbreak in 2015.
/jlne.ws/3iaTnNb
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| Miscellaneous | | Stories that don't quite fit under the other sections | Warren Buffett Donates $759M in Berkshire Stock to His Family's Foundations
Andrew Bary - Barron's
Warren Buffett donated about $759 million in Berkshire Hathaway BRK.B +0.13% stock to four family foundations, according to regulatory filings on Wednesday. The CEO of Berkshire Hathaway (ticker: BRK.A, BRK.B) converted 1,600 shares of Berkshire Class A shares into 2.4 million shares of Class B stock on Tuesday, the filings show.
/jlne.ws/3AKu9vl
FIFA Bans Fans From Dressing as Crusaders at England Versus USA Match
Benjamin Cooper - Press Association
Supporters have been barred from dressing as crusaders at England's World Cup clash with the USA in Qatar. Fans dressed in chainmail while carrying plastic swords and shields with the St George cross have been told they will not be allowed to enter Al Bayt Stadium in Al Khor, north of Doha, according to The Times
/jlne.ws/3F0WMXG
Professor Behind Effective Altruism on What SBF's Fall Means; Princeton philosopher Peter Singer talks about the philanthropic movement's future, its embrace by billionaires and the concept of earning to give.
Ellen Huet - Bloomberg
In 1972, philosopher Peter Singer proposed a moral framework arguing that if you would muddy your clothes to help a drowning child nearby, you should give at least a small amount of money to help a child you'll never meet. Singer's ideas influenced the concept of effective altruism (EA), which encourages people to seek ways to earn high incomes and give a substantial portion of their money to charity. EA has become a cultural movement among billionaires in Silicon Valley-with Sam Bankman-Fried as one of its highest-profile adherents and richest donors.
/jlne.ws/3ie8Bkk
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