| August 15, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The first story in the lead section of yesterday's newsletter, "Inside the wild ride of Will Vicars' Caledonia," included a quote from me prominently in the story, as well as mentioning Erika Olson, the former CBOT director who went on to write the book "Zero Sum Game."
One of the lost stories from the Caledonia adventure is a lunch they had with me while they were considering investing in the CBOT. It was arranged by their UBS banker, who I was acquainted with and who was an avid reader of JLN. We all had lunch at 1 North Kitchen, kitty-corner to the CME, one afternoon.
The story I was told afterwards was that before lunch, the Caledonia guys were going to skip their planned meeting with CBOT CEO Bernie Dan at the CBOT and fly early to New York. However, after meeting with me and hearing me speak passionately about why I thought the CBOT was a good investment despite its many public issues, the Caledonia boys decided to stay in Chicago and take the meeting with Dan. Did the Caledonia CBOT investment turn on that lunch? Who knows? Caledonia would go on to play a significant role in the CME's acquisition of the CBOT.
HuffPost has an evergreen story everyone should read titled, "The Nine Passwords Experts Warn You Should Never Use." Unfortunately I am guilty of too many of these and need to change my password protocols. No, I don't use "password" as a password or use ALLCAPS either.
As students head back to school, the summer reading lists disappear from the newspapers, but The Wall Street Journal has some advice for college students in a story titled, "25 Financial Tips for College Students" with the subheading "A lot of students aren't prepared to manage money on their own. Here's some advice to get them started."
A market that has had some volatility during and after the COVID-19 pandemic is the price of pets, according to a Bloomberg story titled, "Puppies and Rolexes Have Had It Tough Since Covid" with the subheading "Both were highly sought after during lockdowns. Demand hasn't recovered in the post-pandemic economy." I forgot to mention the Rolexes, but then puppies would be a much more interesting market. Prices of pets dropped since people started going back to work, but have since stabilized. I would love to know what the forward curve on puppies looks like.
Insider has an ironic story today tied to the Georgia indictments of Donald Trump and 18 others over election fraud tied to the 2020 election. Rudy Giuliani was among those indicted and was the pioneer in using the RICO statute as a U.S Attorney in New York. That same RICO statute, though the Georgia state version, was used to charge Giuliani.
Bloomberg has a story that mixes AI and nuclear weapons titled, "Do Oppenheimer's Warnings About Nuclear Weapons Apply to AI?" The subheading is "The father of the atomic bomb saw the power of transformative technology but erred in saying it shouldn't be built."
Bloomberg picked up on a sentiment I expressed the other day about gambling in a story titled "Gambling's Pervasiveness Saps Joy From Watching Sports," with the subheading "ESPN's deal for a branded sportsbook further glamorizes betting at the expense of the fan experience."
Gary Flagler shared on LInkedIn that Mexican Billionaire Carlos Slim "was a floor trader at the Mexican Stock Exchange (BMV, Bolsa Mexicana de Valores) in his youth."
Geneva Trading is hiring a new director of IT in Chicago, Illinois. You can find details for the job HERE.
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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Our most read stories yesterday on JLN Options were:
Options Trading Threatens 2023's Stock Market Calm: What You Need to Know
Burry, famous for 'Big Short,' bought bearish options against S&P, Nasdaq 100
Two Covered Call ETFs I Like Better Than QYLD~JB
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America Lost a Whole Lot of Millionaires Last Year
Margot Patrick - The Wall Street Journal
The rich didn't get richer last year. For the first time since 2008, global wealth declined, falling by 2.4% in dollar terms, largely because of whipsawing currencies, UBS and Credit Suisse economists said Tuesday. The banks' global wealth report said Americans were hit hardest as stocks and bonds fell in value. That was partly offset by prices of houses and some other assets rising. The result: About 1.7 million U.S. adults are no longer millionaires. Another 17,260 dropped out of the ultra-high net worth category, meaning they are no longer worth $100 million or more.
/jlne.ws/3OVRl1h
***** This is not a story about the record number of suicides in 2022.~JJL
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Judge sides with youth in Montana climate change trial, finds two laws unconstitutional; Judge says failure to consider emissions, climate impacts violates state constitution
Blair Miller - Daily Montanan
The State of Montana's failure to consider greenhouse gas emissions from energy and mining projects violates the state constitution because it does not protect Montanans' right to a clean and healthful environment and the state's natural resources from unreasonable depletion, a judge ruled Monday in a victory for 16 youth plaintiffs who sued the state.
/jlne.ws/3QAwjqj
****** Who knew clean air and a healthy environment could be a right?~JJL
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Monday's Top Three
Our most-read story Monday was Is David Solomon Too Big a Jerk to Run Goldman Sachs? Inside a banking mutiny, from New York Magazine's Intelligencer. Second was a tie between The Wall Street Journal's Can San Francisco Save Itself From the Doom Loop? and The New York Times' Sam Bankman-Fried Sent to Jail After Judge Revokes Bail. Third was a tie between our MarketsWiki pages for Sam Bankman-Fried and David Solomon
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| Lead Stories | Cryptocurrencies Tainted by SEC Lawsuits Are Seeing an Increase in Trading
Olga Kharif - Bloomberg
The impact of the SEC crackdown on crypto appears to be fading for the 19 tokens designated as unregistered securities by the agency when it sued Binance and Coinbase Global Inc. in June. Just two months after the allegations of illegal securities sales erased about $20 billion of combined market value, the 19 cryptocurrencies highlighted are seeing an increase in trading volume. The tokens' overall share of trading has increased by about two percentage points to around 13%, according to data compiled by researcher CCData.
/jlne.ws/444zJEQ
˜Top Gun' Traders Who Survived the 1980s Are Now Must-Have Hires in Japan; Concordia chief says few staff have experienced rate hikes; Will rebuild $21 billion portfolio after selling foreign bonds
Taiga Uranaka - Bloomberg
Japan's interest rates have been grounded for 30 years. Now one bank is seeking people with 1980s-era experience akin to aviator Pete "Maverick" Mitchell to navigate their take-off. While it may be a stretch to liken regional banking to the dogfighting of Tom Cruise's Top Gun character, that's exactly how Tatsuya Kataoka describes his bank's challenges in anticipation of borrowing costs finally rising in coming years.
/jlne.ws/3s3NW7y
The rouble's collapse could finally bring down Putin
Matthew Lynn - The Telegraph
The long-awaited Ukrainian offensive has stalled. Only a small proportion of occupied territory has been reclaimed. Western leaders may soon begin to lose interest in a war that doesn't seem to be going anywhere, and the "coup" launched by renegade mercenaries appears to have fizzled out. Viewed from the Kremlin, perhaps the war may look like one Vladimir Putin can endure, even if the possibility of an easy victory has long since passed. But there is one big problem. The rouble is in freefall. History tells us that a financial collapse can often act as a catalyst for wider political and military implosion. Putin is in far deeper trouble than it might seem.
/jlne.ws/47yaAVP
Argentina Devalues Peso, Hikes Rates in Bid to Curb Market Chaos After Milei Upset; Bonds, peso and stocks slump as Milei pulls election surprise; Government is devaluing currency, jacking up interest rates
Scott Squires, Ignacio Olivera Doll, and Giovanna Bellotti Azevedo - Bloomberg
Argentina is hiking interest rates and devaluing its currency as assets went into free fall Monday after a populist who vowed to burn down the central bank won surprisingly strong support in a primary vote. The government rushed to devalue its official exchange rate as much as 18% to around 350 pesos per dollar and hiked its key interest rate by 21 percentage points to 118% in a drastic policy shift as it runs out of funds to defend its currency. The peso fell as much as 14% on parallel markets to a record low before paring losses, while the nation's already-distressed debt led declines across emerging markets. Stocks also sank, with a US-traded ETF at one point plunging the most since March 2020.
/jlne.ws/47zH2XS
HKEX, Banks Exploring Ways to Boost Stock, Derivatives Trading; Calls for cut in stamp duty said to gain little traction; Hong Kong brokers pushing for changes in derivatives designs
Kiuyan Wong - Bloomberg
Banks and the stock exchange in Hong Kong are discussing ways to revive moribund trading volumes. Regular meetings between Hong Kong Exchanges & Clearing Ltd. and major banks have in recent weeks focused on measures including scaling back the 2021 increase in the city's stamp duty on stock trading, and improving the design of derivative products, said people familiar with the talks who asked not to be identified disclosing internal matters. Traders are also pushing to cut margin financing costs.
/jlne.ws/3KDQUWI
Has Binance blown its chance to rule the crypto markets? The exchange that looked best placed to benefit from last year's collapse of FTX has instead found itself beset by regulatory setbacks
Scott Chipolina - Financial Times
As 2022 drew to a close, Binance co-founder and chief executive Changpeng Zhao appeared to have the world at his feet. Sam Bankman-Fried, co-founder of Binance's biggest rival FTX, went to Zhao in November last year hoping the Binance chief would bail out his own exchange. Zhao declined, sealing FTX's fate. On November 10, one day before his crypto empire filed for bankruptcy, Bankman-Fried tweeted his competitor: "Well played; you won."
/jlne.ws/3E2KZqt
Beijing Tries to Regulate China's AI Sector Without Crushing It; China is implementing new AI regulations beginning Aug. 15; Europe has also delved into rules for protecting individuals
Sarah Zheng and Jane Zhang - Bloomberg
Beijing is poised to implement sweeping new regulations for artificial intelligence services this week, trying to balance state control of the technology with enough support that its companies can become viable global competitors.
/jlne.ws/45a0U2c
Congratulations, Elon! You Won!; Mark Zuckerberg has given the Tesla CEO a chance to save face and put this cage fight absurdity behind us.
Dave Lee - Bloomberg Opinion
The optimal time to have abandoned the idea of a cage match between Elon Musk and Mark Zuckerberg would have been the very moment it was first suggested. The second best time is right now. Thankfully, Zuckerberg, evidently the marginally more sensible man, has decided that life is too short to carry on this farce any longer.
/jlne.ws/45q6Unk
Zero-Day Options Cement Presence in Reversal-Ridden Stock Market
Lu Wang - Bloomberg
The craze for fast-expiring options is ramping to unprecedented heights in a stock market that has lately been given to severe intraday moves. It's probably not a coincidence. About 1.86 million so-called zero-day contracts - those tied to S&P 500 with a maturity less than 24 hours - changed hands on Thursday, making up a record 55% of the index's total volume, according to data compiled by Nomura Securities International. Halfway into August, the options known as zero days to expiration, or 0DTE, have seen four of their top 10 most-traded sessions ever.
/jlne.ws/3DVb4b1
Singapore releases regulatory framework for single-currency stablecoins
Xinghui Kok - Reuters
Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore (MAS).
/jlne.ws/3OU25gG
UBS to pay $1.44 billion in mortgage-backed securities settlement
Hamza Shaban - Yahoo! Finance
UBS (UBS) agreed to pay $1.44 billion in penalties to settle allegations of fraud in the sale of residential mortgage-backed securities, the Department of Justice announced on Monday, resolving a case stemming from the financial crisis. The government alleged that UBS knew that significant numbers of the loans backing the residential mortgage-backed securities did not comply with loan underwriting guidelines designed to assess the ability of borrowers to repay.
/jlne.ws/45s0X9p
Biggest Treasury ETF Sees Largest Exodus Since 2020 Meltdown
Katie Greifeld and Vildana Hajric - Bloomberg
Investors are bailing out of the biggest exchange-traded fund devoted to Treasuries at the fastest pace since markets were hammered during the early months of the pandemic. More than $1.8 billion came out of the $39 billion iShares 20+ Year Treasury Bond ETF (ticker TLT) last week, the most since March 2020, data compiled by Bloomberg show. The fund's price had dropped more than 3% the week prior and another 1.2% in the five-day stretch ending Friday.
/jlne.ws/456tKjX
China is becoming more trouble than it's worth for US investment banks; Selling shares in Chinese companies offshore used to be a money-spinner - but that's no longer the case
Kaye Wiggins - Financial Times
When one of China's biggest property developers wanted to raise $300mn in Hong Kong late last month, JPMorgan Chase seemed to have everything ready. The Wall Street bank had lined up investors for the Country Garden share sale, and published a term sheet with a fixed price.
/jlne.ws/3DY3kVI
Crypto Custodian Prime Trust Files for Bankruptcy Protection; The firm has a shortfall of millions of dollars of customer funds
Caitlin Ostroff and Vicky Ge Huang - The Wall Street Journal
Prime Trust, a firm that bridged the crypto industry's banking access and stored its assets, filed for bankruptcy protection late Monday, after facing a shortfall in customer funds. The company estimates that it has between 25,000 and 50,000 creditors. It listed assets of between $50 million and $100 million, and liabilities of between $100 million and $500 million, according to a court filing.
/jlne.ws/44cmmCm
Sam Bankman-Fried in 'Disgusting' Jail That Housed Ghislaine Maxwell; FTX founder sent to Brooklyn facility after bail revoked; Attorneys complain that move means he can't help with defense
Ava Benny-Morrison - Bloomberg
For the last eight months, Sam Bankman-Fried has been cooped up in his childhood home in Palo Alto, a 3,000-square-foot house, with a backyard and the company of his parents.
/jlne.ws/45fbaqg
Prosecutors Detail Evidence Against Sam Bankman-Fried
David Yaffe-Bellany - The New York Times
Prosecutors in the criminal case against Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, on Monday provided the most detailed account to date of the evidence they plan to use to convict him at trial in October. In a 70-page court filing, the prosecutors said they would draw on testimony from some of Mr. Bankman-Fried's closest advisers, as well as an expert witness and other employees of FTX and Alameda Research, a crypto hedge fund he also founded.
/jlne.ws/3sdpz7H
China's $138 Billion Shadow Bank Spirals at Terrible Time for Xi; Zhongzhi unit fails to make payments on investment products; Shadow bank continued to invest in property as rivals cut back
Bloomberg
Founded in 1995 as a lumber business, Zhongzhi Enterprise Group Co. grew to become a financial conglomerate with more than 1 trillion yuan ($138 billion) under management. Now it risks becoming the latest Chinese financial giant to fail. The under-the-radar group, often dubbed China's Blackstone by local media, operates at the heart of China's once high-flying shadow banking market, which regulators have sought to corral since 2017.
/jlne.ws/45byCEO
Argentine Shops Hit With 20% Overnight Price Hike After Election; Peso devaluation leads to chaos for nation's small businesses; Cafes, cosmetologists say higher prices are already hitting
Patrick Gillespie and Manuela Tobias - Bloomberg
At shops all across Argentina, from cafes to kitchenware vendors, scores of small-business owners woke up Monday to find some version of the same notice in their inboxes: Their suppliers had hiked prices 20% overnight. The reason, as best they could tell - Sunday's primary vote, which saw the radical outsider Javier Milei deliver a stunning defeat to the establishment's presidential candidates, deepened the sense of political, and financial, chaos in the country.
/jlne.ws/47IE5Vg
Climate and colonialism in coverage of Hawai'i's wildfires
Jon Allsop - Columbia Journalism Review
Six. Fifty-five. Sixty-seven. Eighty-nine. Ninety-three. Ninety-six. Since the middle of last week, cascading headlines have updated the confirmed death toll caused by wildfires in Hawai'i'. On Wednesday, the fires, whipped by winds from a passing hurricane, were officially the state's deadliest natural disaster since a tsunami in 1960; by Saturday, they had become the deadliest wildfires nationally in more than a hundred years.
/jlne.ws/3sbAkaq
Brics creator slams 'ridiculous' idea for common currency; Jim O'Neill questions emerging nations bloc's achievements as it considers expansion
Arjun Neil Alim and Joseph Cotterill - Financial Times
The former Goldman Sachs economist who coined the Brics acronym has dismissed as "ridiculous" the notion that the group of emerging nations might develop its own currency, as Brazil, Russia, India, China and South Africa prepare to discuss whether to expand the bloc.
/jlne.ws/3OuRcAu
Leaders in Trading 2023: Rising Stars of Trading and Execution nominations now open; The TRADE is delighted to open the voting for its ninth annual Rising Stars awards, in partnership with Instinet, celebrating the most promising talents in trading.
Editors - The Trade
The TRADE's Rising Stars Awards return for their ninth year, recognising the brightest up-and-coming talent across trading and execution for 2023. In partnership with Instinet, nominations are now open for candidates currently working in a trading role with a buy-side firm. Names can be submitted here for the stars you think deserve recognition.
/jlne.ws/45rYnAb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Wheat Markets Shrug Off Black Sea Flashpoints as Exports Flow; Russia opened fire on cargo ship to halt it for inspections; Ukraine has relied more heavily on Danube ports for shipments
Aine Quinn, Beril Akman, and Tarso Veloso Ribeiro - Bloomberg
Wheat markets shrugged off a further escalation of tensions in the Black Sea, after Russia said it fired on a cargo vessel over the weekend to stop the ship for checks. Benchmark futures declined as much as 3.4%, before paring losses in Chicago. Ukraine said the vessel stopped - the Sukru Okan - was Turkish. A person familiar with the matter said the ship was empty and had unloaded a corn cargo the previous day in Greece.
/jlne.ws/459jBmH
Ukraine's Dragon Capital Eyes Bank Seized From Russian Tycoons; Government took over Sense Bank from owners last month; Dragon Capital is looking at acquisition, CEO Fiala says
Volodymyr Verbyany - Bloomberg
One of Ukraine's few home-grown investment banks is considering making a bid for a nationalized lender should the government put the company up for sale after seizing it from a group of businessmen led by billionaire Mikhail Fridman.
/jlne.ws/449d623
Russian missiles bombard western Ukraine; Moscow targeted Lviv and the Volyn region bordering Poland, along with areas in the east.
Veronika Melkozerova - Politico
KYIV - Russia launched a barrage of missiles at Ukraine in the early hours of Tuesday, targeting the west of the country and regions bordering Poland, a NATO member. Areas to the east, close to the frontline of the war, were also hit. Ukraine's Air Force said Russia had launched 28 cruise missiles from the air and the Black Sea, adding in a statement that it had managed to shoot down 16 of them. At least three people died, with many more wounded, according to Ukrainian authorities.
/jlne.ws/3KBQsbt
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Goldman Sachs goes live as clearing broker for LCH; The move follows Barclays and Barclays Ireland becoming clearing brokers at CDSClear just last month.
Claudia Preece - The Trade
LCH- part of the post-trade division of London Stock Exchange Group- has announced that Goldman Sachs International and Goldman Sachs Bank Europe SE have gone live as clearing brokers at CDSClear at it continues to expand its network.
/jlne.ws/3qvCTDU
HKEX, Banks Exploring Ways to Boost Stock, Derivatives Trading; Calls for cut in stamp duty said to gain little traction; Hong Kong brokers pushing for changes in derivatives designs
Kiuyan Wong - Bloomberg
Banks and the stock exchange in Hong Kong are discussing ways to revive moribund trading volumes. Regular meetings between Hong Kong Exchanges & Clearing Ltd. and major banks have in recent weeks focused on measures including scaling back the 2021 increase in the city's stamp duty on stock trading, and improving the design of derivative products, said people familiar with the talks who asked not to be identified disclosing internal matters.
/jlne.ws/3KDQUWI
SGX Securities to list Structured Certificates, a first in Asia; First Asian exchange to list Structured Certificates, which are commonly traded in Europe; Leading the market with innovative solutions for investors to manage their portfolios on exchange
SGX
SGX Securities today announced the launch of Structured Certificates, which will be listed and available for trading from 30 August 2023. SGX is the first exchange in Asia to offer trading in Structured Certificates, providing investors with enhanced access to a new range of products that cater to different investor profiles and needs. Structured Certificates are third-party issued financial instruments designed to meet the specific needs of investors such as yield enhancements and growth payoffs.
/jlne.ws/3s8BpQh
Abaxx Technologies Inc. Announces Signing of First Strategic Financing Investor in Abaxx Singapore and Business Update Investor Call
Abaxx Technologies
/jlne.ws/45qwiJJ
LME Clear Market Liquidity Limits Update
London Metal Exchange
LME Clear Members are advised that new market liquidity limits have been set, as marked on the website located here. Document is contained within the secure section. The changes will be made effective at close of business 18th August 2023 and will be reflected in the systems on the morning of 21st August 2023.
/jlne.ws/3vimcfa
Caution for Investors
NSE
It has been brought to the notice of the Exchange that person named "Farz Singh" associated with entity named "Equity Express" operating through mobile number "7649894214", is providing securities market tips for trading and assuring returns on investment in stock market. The investors are cautioned and advised not to subscribe to any such scheme/product offered by any persons/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.
/jlne.ws/3YxnrDL
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | PayPal Names Intuit's Alex Chriss CEO, Replacing Schulman
Jenny Surane - Bloomberg
PayPal Holdings Inc. named Alex Chriss chief executive officer, tapping a longtime fintech executive with a focus on small businesses to lead the beleaguered payments giant. Chriss, who led Intuit Inc.'s QuickBooks business, will start in the new role on Sept. 27, according to a statement Monday. He replaces Dan Schulman, who will stay on as a director.
/jlne.ws/3QAwAJR
Why the White House Went to Wall Street to Revive the U.S. Chips Industry; Talent from Goldman Sachs, KKR and Blackstone will help determine how $39 billion in semiconductor chip subsidies are allocated
Yuka Hayashi - The Wall Street Journal
To revive the U.S. chip industry, the Biden administration has launched one of the most significant acts of government intervention since World War II-and it is relying on masters of the free market to deliver the goods.
/jlne.ws/458WQ2a
TS Imagine adds CLSA's AI-powered European algo suite to TradeSmart platform; Integration will allow investment managers to utilise CLSA's proprietary AI technology which empowers the algos to learn as they trade.
Wesley Bray - The Trade
Trading, portfolio and risk management solutions provider TS Imagine has added CLSA's AI-powered European algo suite to its list of certified brokers. TS Imagine's TradeSmart features pre-certified connections to more than 250 listed brokers and venues, as well as broker algos. The network allows buy-side clients to access trading opportunities and liquidity sources.
/jlne.ws/3QCGYkc
Plato and SL Tools to bring block trading to the Brazilian securities market; The move follows the Brazilian Securities Commission ruling last year to allow block trading for the first time.
Claudia Preece - The Trade
Not-for-profit business Plato Partnership and Brazilian regulated fintech SL Tools have jointly announced a plan to bring block trading opportunities to Brazil's securities marketplace, The TRADE can reveal.
/jlne.ws/3YxIfer
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| Cybersecurity | | Top stories for cybersecurity | How To Enact Seven Pillars Of Cyber Resilience
Gaurav Aggarwal - Forbes
Data breaches have the potential to threaten human life in the health care sector or completely disrupt any connected system. Meanwhile, cyberthreats have evolved dramatically, rendering traditional cybersecurity measures insufficient. Because of this, cybersecurity means much more today than protecting your network or addressing data leakage. With increasing sophistication of cyberattacks and AI, the pressing need is for cyber resilience - the ability to prepare, respond and recover.
/jlne.ws/3QEHTkj
Enterprise spending on cybersecurity has changed, and vendors must adapt
Sara Behar
Even in the usually exciting world of cybersecurity, discussions on enterprise security budgets tend to veer toward the mundane. However, today's macroenvironment has thwarted almost every market prediction, and while we know for certain that the down market has driven most companies toward austerity, its true impact on cybersecurity spending has remained an enigma - until today. A recent report by YL Ventures based on data pulled from surveying Fortune 1000 CISOs (chief information security officers) and cybersecurity decision-makers is shedding light on the impact of the down market on buying behavior, how security strategies are evolving in response and how customer interactions with vendors have changed as a result.
/jlne.ws/3sdC1o1
Worried About Rogue Chatbots? Hire a Hacker; A raucous convention in Las Vegas was the ideal forum for increasing accountability with AI, even if it can only scratch the surface.
Dave Lee - Bloomberg
Kaleigha Hayes, a student at the University of Maryland Eastern Shore, is trying to trick an AI chatbot into revealing to her a credit card number - one which may be buried deep in the training data used to build the artificial intelligence model. "It's all about just getting it to say what it's not supposed to," she tells me.
/jlne.ws/47Agh5G
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| Cryptocurrencies | | Top stories for cryptocurrencies | Prosecutors Detail Evidence Against Sam Bankman-Fried
David Yaffe-Bellany - The New York Times
Prosecutors in the criminal case against Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, on Monday provided the most detailed account to date of the evidence they plan to use to convict him at trial in October. In a 70-page court filing, the prosecutors said they would draw on testimony from some of Mr. Bankman-Fried's closest advisers, as well as an expert witness and other employees of FTX and Alameda Research, a crypto hedge fund he also founded.
/jlne.ws/3sdpz7H
To read Hong Kong's future as a crypto hub, look closely at its colorful paper money: Opinion
Vincent Chok - Forkast
Hong Kong is one of few economies in the world, the U.K. being another, to have private banks issue official banknotes. In fact, three banks are licensed by Hong Kong Monetary Authority (HKMA) today to print HKD notes, while most countries issue notes exclusively via a single central bank or a government issuing authority.
/jlne.ws/47IRa0O
The Secular Investment Case for Bitcoin and Crypto Adoption Remains Intact: Coinbase
Will Canny - CoinDesk
The investment case for bitcoin (BTC) could be compelling as investors look to navigate some of the current uncertainties in the global macro landscape, Coinbase (COIN) said in a research report Thursday. The structural factors affecting inflation are changing with the advent of new technologies such as generative artificial intelligence (AI), and this may herald a new era of loose monetary policy, the report said.
/jlne.ws/3OzzbBc
Crypto lender Celsius sends bankruptcy plan to creditor vote
Dietrich Knauth - Reuters
Crypto lender Celsius Network on Monday received a U.S. bankruptcy judge's permission to seek creditor approval for its bankruptcy plan, advancing a proposal to exit Chapter 11 as a new entity owned by its creditors.
/jlne.ws/3OzIPnk
Bitcoin trading sideways; NFT transactions soar; Nvidia leads Wall Street rally
Yahoo Finance
Bitcoin edged higher on Tuesday morning in Asia but failed to breach the US$29,500 resistance level. Ether also edged up, while other top 10 non-stablecoin cryptocurrencies traded flat to higher. Solana's SOL led the winners. As risk sentiment improved in the wake of weak U.S. inflation data, last week saw an inflow for digital asset investment products after three consecutive weeks of outflows. Meanwhile, the Forkast 500 NFT index moved up after the NFT market logged the largest weekly total transactions since February 2022. U.S. stock futures traded mixed after Wall Street closed higher Monday on the back of a rally led by chipmaker Nvidia.
/jlne.ws/3OXiVeH
Neal Stephenson's Metaverse Vision Is One Step Closer as Lamina1 Blockchain Launches Betanet; The metaverse-focused layer-1 blockchain, dreamed up by science-fiction author Neal Stephenson and blockchain expert Peter Vessenes, is launching the Lamina1 Hub for Web3 builders and creators.
Rosie Perper - Coindesk
Metaverse focused blockchain Lamina1 has launched its betanet and Hub for developers and creators. Lamina1 CEO Rebecca Barkin told CoinDesk that they are "not far" from mainnet launch and aiming to put out a product that can be used more broadly and publicly by early next year.
/jlne.ws/445p2BL
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| Politics | | An overview of politics as it relates to the financial markets | Donald Trump and 18 others charged in 2020 Georgia election interference case; Former US president and allies indicted on counts including racketeering and conspiracy
Stefania Palma - Financial Times
Donald Trump and 18 others were charged with meddling in the 2020 presidential elections by prosecutors in Georgia, the fourth criminal case brought against the former US president in the space of five months.
/jlne.ws/45f4A32
Trump Discloses Income From Real Estate, Crypto and His Brands; Former president files his most detailed accounting of empire; The Trump name is trademarked in 81 jurisdictions worldwide
Bill Allison and Gregory Korte - Bloomberg
Former President Donald Trump's latest financial disclosure revealed a sprawling portfolio that includes everything from his primary residence to revenue from resorts and crypto that he could theoretically tap to fuel his 2024 White House comeback bid.
/jlne.ws/3OWcfNG
Alberta Will Never Comply with Federal Clean Power Grid Plan, Premier Vows
Robert Tuttle - Bloomberg
Alberta will never comply with a Canadian government plan to phase out carbon emissions from power generation by 2035, Premier Danielle Smith said. The province, which relies on fossil fuels for 89% of its electricity, can achieve a net zero power grid by 2050 but the government's timeline would be too costly and carry the risk of blackouts, Smith said at a news conference on Monday. The price tag for Alberta may run as high as C$400 billion ($297 billion), she said.
/jlne.ws/3OWSXI6
Ditching net zero will cost us blue wall, Tory MPs tell Sunak; PM told to ignore 'siren voices' of sceptics on Conservative right
Adam Forrest - The Independent
'You're completely wrong': Sunak defends private jet flight to net zero announcement. Rishi Sunak has been warned that any attempt to dilute net zero commitments on climate change could cost them crucial seats in the "blue wall" south of England. The PM appeared to shift his tone on green policies after his party unexpectedly clung on to its Uxbridge seat by over the backlash against the London mayor's Ulez expansion.
/jlne.ws/3EfWA61
Europe's largest political party veers right ahead of 2024 election; European People's Party is battling to cling to seats in parliament after dominating EU politics for the past 25 years
Alice Hancock, Andy Bounds and Sam Fleming - Financial Times
Europe's largest political party fought the last election almost as environmentalists, championing the EU's ambitious plan to cut emissions and nourish nature. The bloc's Green Deal was its "man on the moon moment", said the centre-right European People's Party in 2019.
/jlne.ws/3OWMw7W
China's defence minister visits Russia and Belarus in show of support; Beijing says the visit underscores the drive by China and Russia to align foreign policies in a bid to undermine the Western-led liberal-democratic world order.
AlJazeera
Chinese Defence Minister Li Shangfu is visiting Russia and Belarus in a show of support as the West attempts to isolate the two allies over Moscow's invasion of Ukraine. Li departed on Monday on the six-day trip, during which he will deliver an address at the Moscow Conference on International Security and meet defence leaders from Russia and other nations, China's defence ministry said on its social media account, citing spokesperson Colonel Wu Qian.
/jlne.ws/3OXaq38
A less friendly Hong Kong awaits global investors
Robyn Mak - Reuters
Hong Kong has lost some permanent appeal. The city's bourse operator has ditched a requirement for companies incorporated in China to hold separate votes for their onshore and offshore investors on rights issues and share repurchases. It's a fresh reason for global funds to trade stocks on the mainland instead of those in the Asian hub.
/jlne.ws/45fbHIM
China's Gold Prices Rising Higher Than Rest of World Due to Import Curbs; Authorities are said to have cut quotas for overseas purchases; Premium of Shanghai price over London hits five-month high
Bloomberg
China's gold price is rising against levels in London, a trend that local traders say is due to government curbs on imports of the precious metal. The Shanghai spot price was more than $40 an ounce higher than that in London on Aug. 14, according to Bloomberg calculations based on exchange data. That's the biggest premium in more than five months, with the gap steadily widening from late June even as consumer demand in China remained sluggish.
/jlne.ws/3scEJdi
China's $138 Billion Shadow Bank Spirals at Terrible Time for Xi
Bloomberg News
Founded in 1995 as a lumber business, Zhongzhi Enterprise Group Co. grew to become a financial conglomerate with more than 1 trillion yuan ($138 billion) under management. Now it risks becoming the latest Chinese financial giant to fail.
/jlne.ws/45t4m7T
Kishida marks 78th anniversary of World War II's end without mentioning Japan's wartime aggression
Mari Yamaguchi - Associated Press
Japanese Prime Minister Fumio Kishida renewed a peace pledge Tuesday as Japan observed the 78th anniversary of its World War II defeat but did not mention the country's wartime aggression in Asia, while three of his former and current Cabinet ministers visited a shrine seen by neighboring countries as a symbol of militarism. Japan will "stick to our resolve to never repeat the tragedy of the war," Kishida said at a solemn ceremony in a speech that was almost identical to what he read last year.
/jlne.ws/47u9PNJ
Millions will celebrate Indian independence today, but I'll think of my father- and an atrocity
Roshan Doug - The Guardian
Terrible things happened in the runup to the historic day and my father witnessed one of them. The two events are inseparable to me. For many Indians, 15 August is a day of celebration but for some, it's a reminder of the atrocities that were committed during the lead-up to the "stroke of midnight". I'm one of them. My father was not even 12 when he saw a brutal murder in his village in the north-east district of Jalandhar.
/jlne.ws/3KBRmET
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC lawyers subpoena fund managers over ESG disclosures; Statements on green and social investing seen as 'fertile ground' for enforcement division
Patrick Temple-West and Madison Darbyshire - Financial Times
The US Securities and Exchange Commission enforcement division has sent document requests, including subpoenas, to several asset managers relating to their environmental, social and governance investment marketing this year, lawyers said, suggesting a potential crackdown looming for the sustainable fund world.
/jlne.ws/3EfQ2Et
US regulators try to consign emergency bank fire sales to history; Shares of regional lenders fall as FDIC also signals plan to make industry raise more debt
Brooke Masters and Stephen Gandel - Financial Times
US banking regulators want to make emergency fire sales of large regional banks a thing of the past by requiring lenders to come up with "living wills" that would make it easier to wind down a troubled institution.
/jlne.ws/448M6jc
UK auditing firm charged by SEC over Nasdaq listing failures; Crowe UK missed fake agreements and fabricated letters in Akazoo records before music streamer was acquired by a Spac vehicle
Stephen Foley and Michael O'Dwyer - Financial Times
British audit firm Crowe UK and its chief executive Nigel Bostock have been charged by the US Securities and Exchange Commission for failures in its audit of a music streaming company that went public on Nasdaq in the Spac boom. Akazoo, a Scotland-incorporated, Greece-headquartered company, claimed to have almost 40mn registered users and $120mn in annual revenue when it was acquired by Modern Media Acquisition Corp, a shell company, in 2019.
/jlne.ws/45tDl4h
FCA begins probe into banks and 'politically exposed persons' rules; UK financial watchdog investigation follows launch of inquiry into 'de-banking'
Siddharth Venkataramakrishnan - Financial Times
The UK's top financial watchdog has asked MPs and peers whether they have faced challenges with banking services, one week after it launched a separate probe into "de-banking" in the wake of the Nigel Farage scandal. The letter from the Financial Conduct Authority, sent on Monday evening, marks the start of an investigation into rules around banking high-risk customers.
/jlne.ws/3OUgn0Q
Taiwan Regulator Seeks Urgent Feedback on China Investment Risk
Chien-Hua Wan and Ka Ho Cheuk - Bloomberg
Taiwan's financial regulator is asking life insurance companies to urgently report on their current positions and assess risks stemming from growing turmoil in China's financial markets, according to people familiar with the matter.
/jlne.ws/3KD2XUk
Ex-FTX Executive Salame to Invoke Right Not to Testify, US Says; Salame was close associate of Bankman-Fried at crypto exchange; Bankman-Fried faces fraud trial in October over FTX's collapse
Ava Benny-Morrison - Bloomberg
Former FTX executive Ryan Salame will not testify under oath about his role in an alleged illegal campaign donation scheme at the cryptocurrency empire, according to prosecutors.
/jlne.ws/3KI7sNk
SEC Charges UK Audit Firm, CEO, and Senior Auditor for Failures in Connection with De-SPAC Transaction
Securities and Exchange Commission
The Securities and Exchange Commission today charged Crowe U.K. LLP, a London based audit firm, its CEO, Nigel Bostock, and senior auditor, Matthew Stallabrass, for the firm's deficient audit of music streaming company Akazoo Limited. Crowe U.K., Bostock, and Stallabrass have agreed to settle the SEC's charges.
/jlne.ws/3s2HqOn
UBS Agrees to Pay $1.435 Billion for Fraud in the Sale of Residential Mortgage-Backed Securities; Settlement Brings Total Amount of Civil Penalties Paid by Banks, Originators, and Ratings Agencies for Such Securities to Over $36 Billion
U.S. Department of Justice
UBS AG and several of its U.S.-based affiliates (together, UBS) have agreed to pay $1.435 billion in penalties to settle a civil action filed in November 2018 alleging misconduct related to UBS' underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007. This settlement resolves the last case brought by a Justice Department working group dedicated to investigating conduct of banks and other entities for their roles in creating and issuing RMBS leading up to the 2008 financial crisis.
/jlne.ws/3OU6O1W
ASIC proposes to extend design and distribution obligations instrument
ASIC (Australia)
ASIC is inviting industry feedback on a proposal to extend the operation of the ASIC Corporations (Design and Distribution Obligations Interim Measures) 2021/784 instrument for a further five years.
/jlne.ws/45e3Smr
ASIC disqualifies Victorian director for three years
ASIC (Australia)
ASIC has disqualified Mathew Craig Lynch of Langwarrin Victoria, from managing corporations for three years due to his involvement in the failure of three companies.
/jlne.ws/3OyBynD
ASIC disqualifies NSW director for three years after engaging in illegal phoenix activity
ASIC (Australia)
ASIC has disqualified Jun Toyoda of Potts Point, NSW, from managing corporations for three years due to his involvement in the failure of six companies.
/jlne.ws/3KI3tk6
FCA analysis reveals there are fewer than 1 million interest-only mortgages outstanding
FAC (UK)
The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new FCA analysis has found. The fall is a result of borrowers moving in greater numbers onto repayment loans or repaying earlier than expected.
/jlne.ws/45bMhLW
MAS Finalises Stablecoin Regulatory Framework
MAS (Singapore)
The Monetary Authority of Singapore (MAS) today announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.
/jlne.ws/44i1cmI
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Crude Truth Is Oil's Not What It Used To Be; The pre-pandemic peak in demand reached in 2018 will be trickier to hit again than headlines indicate.
David Fickling - Bloomberg Opinion
To judge by the energy industry's most trusted forecasters, consumption of crude oil is blasting ahead with no peak in sight. Usage will rise to a record 102.2 million barrels a day this year, the International Energy Agency said on Friday. It will still be climbing at a brisk pace when it hits 105.7 mb/d at the end of the IEA's current five-year forecast in 2028.
/jlne.ws/3QEYOD1
Texas Oil Executives Net $122 Million in Bankruptcy-to-Exxon Journey; Sum stems from awards granted after Denbury's 2020 bankruptcy; Exxon's $4.9 billion deal draws attention to compensation plan
Kevin Crowley, Mitchell Ferman, and Devon Pendleton - Bloomberg
About three years after Texas oil producer Denbury Inc. emerged from bankruptcy, four top executives are set to collect the final installment of a $121.5 million post-reorganization pay deal that rivals some of the industry's most generous compensation packages. Chief Executive Officer Chris Kendall will receive the final portion of equity awards valued in total at $68.7 million by year end, according to this year's proxy statement.
/jlne.ws/3KI9VHD
College Endowment Investment Gains Are Being Eroded by Inflation; The funds earned a median 8.7% in the year ended June 30; Universities needed returns of 8.2% last year to keep up
Janet Lorin - Bloomberg
US college endowments are rebounding from their worst returns since the Great Recession, but increased costs to pay for buildings, salaries and financial aid are cutting into those gains. Endowments earned a median 8.7% before fees in the 12 months through June, according to data published Thursday by Wilshire Trust Universe Comparison Service, which doesn't name individual schools. Last year, they posted a 10.2% loss, the biggest decline since 2009.
/jlne.ws/44hJQX6
Barrick chief slams'myopic' western funds for focusing on quick returns; Mark Bristow praises Saudi Arabia for showing interest in Pakistan copper and gold mine in province riven by violence
Harry Dempsey - Financial Times
Barrick Gold chief executive Mark Bristow has slammed western fund managers for their short-sighted focus on making quick returns. He urged them to follow the example of some sovereign wealth funds that are showing interest in investing in risky mining projects in the world's dangerous regions.
/jlne.ws/3DUh83C
Surge in ETF closures and fall in launches hits European market; Tiny net increase in new funds contrasts with huge numbers recorded in 2022 and 2021
Steve Johnson - Financial Times
Europe's exchange traded product market has seen a sharp fall in launches and a dramatic rise in closures this year, despite the supportive backdrop from firmer financial markets, in a sign that it may be reaching saturation. Product proliferation ground to a virtual halt in the first seven months of the year, with the 132 launches almost cancelled out by 111 closures, according to data from Morningstar Direct.
/jlne.ws/47v69ex
Esmark becomes second US Steel suitor with $10bn offer; Move comes a day after steelmaker rejected offer from Cleveland-Cliffs
James Fontanella-Khan, Sujeet Indap and Ortenca Aliaj - Financial Times
Esmark, the privately held industrial group, said it had made an all-cash offer to buy US Steel for about $10bn including debt, becoming the second company in two days to announce a bid.
/jlne.ws/3OVlQUW
Companies That Offer Unlimited Vacations Will Outperform S&P 500, Investors Say; Most people don't use all the time off that their employers offer, and they're checking their email anyway.
Jo Constantz - Bloomberg
Is unlimited paid time off good for a company's stock price? Most investors think so, according to the latest Markets Live Pulse survey. Advocates of more flexible working arrangements say the policy allows employers to attract top talent while also helping cut costs associated with compensation for unused vacation. Perhaps that's why some 64% of 1,061 MLIV Pulse survey respondents said that companies that offer the option will do better than the S&P 500.
/jlne.ws/456yt5p
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Amazon.com Fails to Get CO2 Endorsement From Key Watchdog (2)
Natasha White - Bloomberg Law
SBTi strips Amazon.com of its net zero emissions validation; Move comes as SBTi's influence among ESG investors grows. Four years into a plan to eliminate its carbon emissions, Amazon.com Inc. has lost a key endorsement from the world's leading watchdog of corporate climate goals. The Science Based Targets initiative, a United Nations-backed entity that validates net zero plans, has removed Amazon from its list of companies taking action on climate goals after the tech behemoth failed to implement its commitment to set a credible target for reducing carbon emissions.
/jlne.ws/3KFR2Fq
Gabon closes first debt-for-nature swap in Africa; Deal worth $500mn funnels cash to conservation in return for lower interest rate on African nation's debt and longer repayments period
Kenza Bryan, David Pilling and Mary McDougall - Financial Times
Gabon on Tuesday closed the first debt-for-nature swap in continental Africa, in a sign that more developing countries are turning to deals that funnel money to conservation and ease their debt burdens. The $500mn deal, which was arranged by Bank of America, lowers the interest rate on Gabon's debt and gives it longer to make repayments. The African nation in turn has promised to spend at least $125mn to widen a marine reserve and strengthen fishing regulations, which could help protect endangered humpback dolphins.
/jlne.ws/45f4R64
Why All Carbon Credits Aren't Created Equal; The market needs improved transparency about how successful projects really are in curbing emissions.
Lara Williams - Bloomberg
The market for voluntary carbon credits has been on a roll. In 2021, it grew to $2 billion, quadrupling in a year. Boston Consulting Group, a management consulting firm, expects it to be worth somewhere between $10 billion and $40 billion by 2030. Carbon credits offer an easy way for businesses to amp up their green credentials and funnel much-needed finance into environmental projects, often in developing nations.
/jlne.ws/3s4Tkr0
S&P Decision to Ax ESG Scores From Bond Ratings Splits Market; S&P has updated its credit ratings approach to drop ESG scores; Moody's, Fitch say they'll keep using scores in credit ratings
Gautam Naik - Bloomberg
S&P Global Inc.'s surprise decision to stop providing ESG scores alongside bond-issuer assessments has created a divide at the top of the credit-ratings market, as Moody's Investors Service and Fitch Ratings say they won't follow suit.
/jlne.ws/3DSzi5X
Biden's climate bill leaves workers behind in shift to electric cars, union says; Legislation gives incentives to companies to manufacture EVs without protections for workers, says head of autoworkers union
Oliver Milman - The Guardian
Joe Biden's landmark climate legislation has been "disappointing" and failed to deliver protections to car industry workers confronted by the transition to electric vehicles, according to the head of the US's leading autoworkers union, which has pointedly withheld is endorsement of the president for next year's election. The Inflation Reduction Act (IRA), signed by Biden a year ago this week, has bestowed huge incentives to car companies to manufacture electric vehicles without any accompanying guarantees over worker pay and conditions, Shawn Fain, president of the United Auto Workers (UAW), told the Guardian.
/jlne.ws/3P6v8Ol
Q&A: The shipping industry climate goals backed- and blocked- by China
Carbon Brief
Last week, the International Maritime Organization (IMO) set new climate goals for shipping, including a target of net-zero "by or around" 2050. However, it did not agree on fuel standards or a shipping carbon levy, to help drive and pay for the transition. China, seen as a key opponent of a levy, is a major player in the sector. It is home to the world's largest shipping fleet, biggest and most numerous ports and largest shipbuilding sector.
/jlne.ws/3KCoj4j
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The US banking safety net has proved its value; Regional state-backed co-operative banks network has provided essential loans and collateral at times of market stress
Mark Williams - Financial Times Opinion
Most federally insured US financial institutions, including more than 80 per cent of banks covered by the Federal Deposit Insurance Corporation, rely on their regional Federal Home Loan Bank and hasty reforms could produce many unintended consequences for the country's financial system. For over 90 years, FHLBs have supported residential housing finance and community development, including providing reliable, on-demand liquidity that is useful in good economic times, but vital to financial system resiliency in times of crisis.
/jlne.ws/3sdbuqP
US regulators try to consign emergency bank fire sales to history; Shares of regional lenders fall as FDIC also signals plan to make industry raise more debt
Brooke Masters and Stephen Gandel - Financial Times
US banking regulators want to make emergency fire sales of large regional banks a thing of the past by requiring lenders to come up with "living wills" that would make it easier to wind down a troubled institution. Banks with more than $100bn in assets would be required to submit much more detailed resolution plans and required to raise new unsecured debt that could be used to recapitalise a failed bank, Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, said on Monday.
/jlne.ws/47rlqx7
Goldman Sachs Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J
Goldman Sachs
The Goldman Sachs Group, Inc. (NYSE: GS) (the "Company") today announced that it will redeem all outstanding shares of its 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J ("Series J Preferred Stock") and the corresponding 40,000,000 depositary shares ("Depositary Shares") each representing a 1/1000th interest in a share of Series J Preferred Stock, on September 14, 2023 (the "Redemption Date").
/jlne.ws/3OWsjiw
SNB Drops Data Point With UBS Last Big Swiss Bank Left Standing
Bastian Benrath - Bloomberg
The Swiss National Bank will no longer publish statistics about financial institutions by bank category, as there is only one big bank left in the country. "Following the acquisition of Credit Suisse Group AG by UBS Group AG on 12 June 2023, the previously published big banks category now comprises institutions of just one group," it said in a statement on Tuesday. "To continue to ensure data confidentiality, figures for the big banks category can therefore no longer be published."
/jlne.ws/3DXgJxu
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | CEOs Must Soldier On Even as AI Anxieties Loom; Top executives need to use AI to empower employees rather than replace or monitor them.
Adrian Wooldridge - Bloomberg
Chief executive officers keep getting new jobs piled onto their shoulders. The economic rise of China since the 1980s meant that they had to become Sinologists. The twin populist shocks of Brexit and Donald Trump's presidential ascension meant that they had to think about the capitalist system's legitimacy. Now, with the next tech revolution at warp speed, they are having to become experts on artificial intelligence. It's almost as if they're underpaid.
/jlne.ws/3DUnAYv
Britain's Gen Z Workers Seek Lower Stress Jobs Over the Hustle; Jobs search site says young people want more flexible work; Trend could add to inflationary tightness in labor market
Olivia Fletcher and Eamon Akil Farhat - Bloomberg
Gen Z workers in the UK are increasingly searching for less stressful jobs that still pay a reasonable salary as they prioritize their work-life balance over a hustle culture that previous generations embraced.
/jlne.ws/3OCkf51
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Women Are Drinking More Alcohol and It's Killing Them; Public health officials must do more to counteract "rose all day" and #winemom messaging.
Lisa Jarvis - Bloomberg
New data show that more US women are dying from alcohol than ever before. Public health authorities need to adopt more effective strategies to help women realize when their drinking is a problem. Considering the many marketing messages pushing a "rose all day" lifestyle, that campaign will be an uphill battle.
/jlne.ws/3QGMK4w
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's answer to bad news: skip it
Andrew Ross Sorkin - The New York Times
China released more bad economic news today, but it was the number that wasn't included in the official data dump that stood out: Beijing said it would stop publishing figures for youth unemployment, weeks after it hit a record high of 21.3 percent in June. The decision may be temporary, but it will only make it harder for investors to know what's happening in the country - and that may be the point. Shares in Hong Kong and Shanghai closed lower again, but, unlike yesterday, the damage didn't spread across Asia.
/jlne.ws/3qEHDH8
Beijing Tries to Regulate China's AI Sector Without Crushing It; China is implementing new AI regulations beginning Aug. 15; Europe has also delved into rules for protecting individuals
Sarah Zheng and Jane Zhang - Bloomberg
Beijing is poised to implement sweeping new regulations for artificial intelligence services this week, trying to balance state control of the technology with enough support that its companies can become viable global competitors. The government issued 24 guidelines that require platform providers to register their services and conduct a security review before they're brought to market.
/jlne.ws/45a0U2c
China's Gold Prices Rising Higher Than Rest of World Due to Import Curbs
Bloomberg News
China's gold price is rising against levels in London, a trend that local traders say is due to government curbs on imports of the precious metal.
/jlne.ws/3QWq8gz
China Mulls Stamp Duty Cut to Revive Slumping Stock Market
Bloomberg News
Chinese authorities are considering cutting the stamp duty on stock trades for the first time since 2008, people familiar with the matter said, in what would be a major attempt to revive confidence in the world's second-largest equity market.
/jlne.ws/3DXhSoM
China central bank unexpectedly cuts rates to support sputtering economy
Reuters
China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery.
/jlne.ws/3DUbLRY
US Rejected Rare Import of Polish Wheat Carrying 'Prohibited Seeds'
Michael Hirtzer - Bloomberg
A rare cargo of wheat shipped from Poland to Houston was rejected from being imported because it contained "prohibited seeds," the US government said Monday in a statement. The vessel Yochow, carrying about 30,000 metric tons of Polish grain, was held up last week off the coast of Texas. Years of drought in the American heartland had hit grain harvests, making some imports like wheat from Europe a relative bargain.
/jlne.ws/3s6CRCF
Russia raises interest rates to halt collapse in rouble; Central bank lifts key rate to 12% as jitters grow over economy
Max Seddon and Anastasia Stognei and Mary McDougall - Financial Times
Russia's central bank has raised its key interest rate 3.5 percentage points to 12 per cent at an extraordinary meeting, after the rouble fell below Rbs100 to the dollar. The currency strengthened ahead of and immediately after the large rate rise on Tuesday, which exceeded market expectations, before paring some gains to trade at 98 roubles to the dollar, having weakened past 102 on Monday.
/jlne.ws/47INJXY
Why Argentina's Trump-Like Candidate Is Disturbing Markets
Jonathan Gilbert - Bloomberg
Javier Milei, a free-marketeer and political outsider, upended the race for Argentina's presidency by coming in first in an Aug. 13 primary. That vote determined the candidates who will compete in the Oct. 22 election. Here's what you need to know about Milei - and why the election matters for the rest of the world.
/jlne.ws/4497pkv
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| Miscellaneous | | Stories that don't quite fit under the other sections | Leon Black sues law firm behind abuse accusers' cases; Apollo co-founder files complaint against Wigdor for 'malicious prosecution' of civil claim
Mark Vandevelde - Financial Times
Billionaire financier Leon Black has sued a law firm over explosive tweets that he says hastened his exit from Apollo Global Management, accusing the firm of smearing him with false allegations in an effort to extract "exorbitant" fees.
/jlne.ws/444bkiE
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