| August 16, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Financial Times has published a Tech Tonic podcast titled "A sceptic's guide to crypto: boom and bust" that is the first of a five-part series, with FT columnist Jemima Kelly sharing her thoughts on what led to the boom and bust in digital assets.
The Financial Times has also published an obituary for Anshu Jain titled "Anshu Jain, banker, 1963—2022." The subtitle is "He spearheaded Deutsche Bank's attempt to conquer Wall Street and was known for his hard-charging style."
Dan Romanelli of Broadway has written a commentary in The Trade titled "Growth, automation and regulation - why 2022 is a pivotal year for fixed income trading; With most workflows still being done manually, there's a lot of ground left in terms of what can be digitised."
File this one under "Only time will tell" whether this is the right move. The top Rolex dealer in London plans an eightfold expansion to meet booming demand for the high-end watches, Bloomberg reported.
Apple wants its employees back in the office for three days a week starting in September. CEO Tim Cook said that in-person collaboration is essential to their culture.
My MRI is done. I am just awaiting the interpretation from the orthopedist for what it all means. My Google search interpretation was not good.
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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The Spread: A Guide to Careers in the Options Industry; David Prosperi Discusses Best Practices for Success in Options With JLN's Alex Teng; Cost of Carrying the Underlying Asset Forward in Time
JohnLothianNews.com
In this episode of Options Discovery, Alex goes over the difference between quantitative and support roles within firms in the options industry. He talks about the types of roles that are available and how you can have a successful career in options without being a trader. At the end of the episode Alex interviews David Prosperi, a longtime public relations and media executive in the financial industry, about his career choices and advice he would give to those just starting.
Watch the video »
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Complete Interview: David Prosperi; How to Be Successful in the Options Industry
JohnLothianNews.com
In this full interview, Alex talks to longtime financial industry executive David Prosperi. David opens up about how he was able to be successful working on the public relations side of the industry and discusses the career experiences he learned from the most. He finishes the interview by giving advice to those looking to start a career in the options industry and talking about his time in the Reagan White House.
Watch the video »
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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
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Full-Scale Nuclear War Could Kill 5 Billion People, Study Shows
Alex Millson - Bloomberg
Five billion people would die in a modern nuclear war with the impact of a global famine -- triggered by sunlight-blocking soot in the atmosphere -- likely to far exceed the casualties caused by lethal blasts. Scientists at Rutgers University mapped out the effects of six possible nuclear conflict scenarios. A full-scale war between the US and Russia, the worst possible case, would wipe out more than half of humanity, they said in the study published in the journal Nature Food.
/jlne.ws/3c1hAmb
****** Let's not go there. Let's figure out how to all get along lest we do something catastrophically stupid.~JJL
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SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts
SEC
The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.
/jlne.ws/3zZiqId
***** One of the people involved in this scheme is Glenn B. Laken, a former CME member and S&P broker. ~JJL
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Fact-checking SBF's 'circle jerk'; In the land of the laser-eyed, the blindingly ridiculous is king
Bryce Elder and Robin Wigglesworth - Financial Times
If you're extremely online like us you may already have come across the latest verbiage from FTX's Sam Bankman-Fried. For those blessed with actual lives, we thought it worth highlighting just to gawp at someone widely held to have one of crypto's smartest minds. Normally we wouldn't waste time stomping on the latest dumb thread in Crypto-Twitter, because life is short. But somehow "you can never have too much salt" is one of the least silly things SBF said in a long thread on traditional finance.
/jlne.ws/3STUkaE
***** Circular investing needs a lot of salt.~JJL
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Monday's Top Three
Our top story Monday was How the US Toppled the World's Most Powerful Gold Trader, from Bloomberg, about the conviction of the JPMorgan gold desk's former global head Michael Nowak for market manipulation. Second was Lincoln Park mansion that has long been home to Ken Griffin's ex-wife, Anne Dias, sells for $10M, from The Chicago Tribune. Third was Citadel's Ken Griffin advice to interns: Hustle during your 20s and be aggressive when asking for a promotion, from Insider.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | ESG Funds Face SEC Probe Over Ceding Votes on Social Issues; Agency has made accuracy in ESG disclosures a priority; Wall Street regulator seeks information from asset managers
Matt Robinson, David Voreacos, and Silla Brush - Bloomberg
US regulators are expanding their crackdown on misleading labels of investment products with a probe focused on whether managers of funds that are marketed as sustainable are trading away their right to vote on environmental, social and governance issues. For the past several months, Securities and Exchange Commission enforcement lawyers have been peppering firms offering ESG funds with queries, including how they lend out their shares and whether they recall them before corporate elections, according to four people with knowledge of the matter. The practice lets asset managers earn fees that benefit investors, but it can also impact the ability to cast ballots.
/jlne.ws/3zZmlVw
How a banker fighting a Hong Kong ban broke a Wall Street record; Calvin Choi's AMTD Digital has come under scrutiny after a meteoric price rise within weeks of its US IPO
Mercedes Ruehl and Primrose Riordan - Financial Times
For a former banker facing a two-year ban by Hong Kong's financial watchdog, Calvin Choi is riding high. Two weeks after the founder of AMTD Digital rang the opening bell on the New York Stock Exchange floor, his obscure Hong Kong-based financial services company made history. It had the fastest-ever share price rise of a US-listed company after an initial public offering, according to data from Dealogic.
/jlne.ws/3poh8l4
Drought Devastates U.S. Cotton Harvest; Farmers, particularly in Texas, are abandoning failed crops in droves, and cotton prices are rising
Ryan Dezember - The Wall Street Journal
Southwestern cotton growers are abandoning millions of parched acres that they planted in spring, prompting forecasts for the weakest U.S. harvest in more than a decade and sending prices sharply higher. U.S. agricultural forecasters expect drought-struck farmers to walk away from more than 40% of the 12.5 million acres they sowed with cotton and harvest the smallest area since Reconstruction. Back then, in 1868, yields per acre were less than a fifth of what they are today, but the market for cotton was vastly smaller too.
/jlne.ws/3QrsP6E
Crypto Hacks Soar as North Korea Targets DeFi; Around $1.9 billion in crypto stolen in hacks: Chainalysis; DeFi protocols continue to be the sector's weak point
Sidhartha Shukla - Bloomberg
The value of funds lost to cryptocurrency hacks has soared this year as decentralized-finance protocols have become an easy target for attackers, a report from blockchain analysis firm Chainalysis showed. Around $1.9 billion worth of digital tokens has been stolen in hacks this year through July, up 58% from the same period of 2021, according to Chainalysis.
/jlne.ws/3PrN1Uy
How North Korea Became A Crypto Hacking Powerhouse; The latest alleged hacks by some North Koreans entail plagiarized resumes placed on job sites and theft of proprietary intel
Victoria Vergolina - Bloomberg (podcast)
In late July, allegations surfaced that some North Koreans were plagiarizing online resumes and tricking companies, including crypto companies, into hiring them. It's part of a broader effort to raise money for North Korea's government weapons program. It could also help the authoritarian nation evade global sanctions.
/jlne.ws/3JXagoa
Are You a 'Digital Nomad'? European Locales Want Remote Workers; Scores of remote workers flocked to foreign cities and villages during the pandemic. Spain, Italy and other European destinations are courting them to stay longer with special visas, tax breaks and more.
Lucy Papachristou, Elissa Miolene - The Wall Street Journal
Many remote workers indulged their wanderlust during the pandemic, taking their laptops and passports to far-flung destinations. Now many parts of Europe are enticing them to come stay awhile longer. Nearly a dozen European countries, from Latvia to Croatia to Iceland, have introduced longer-term visas to attract affluent remote workers from abroad. Others, including Italy and Spain, have similar plans in the works. Many, such as Greece and Estonia, are also wooing these so-called digital nomads with tax breaks and other perks.
/jlne.ws/3CarJI3
Tornado Cash's Sanctions Show Shift in Crypto Regulatory Focus; Treasury sanction is based on increased scrutiny of protocols, or computer code, and is drawing questions from industry participants
Mengqi Sun - The Wall Street Journal
The U.S. Treasury Department's decision to crack down on cryptocurrency platform Tornado Cash for allegedly being used to launder stolen funds—and the subsequent freezing of millions of dollars in assets by one of the largest U.S. stablecoins in compliance with the order—has prompted concerns of excessive government pressure from many crypto participants, particularly those in the decentralized finance sector.
/jlne.ws/3plq22G
Moscow Opens Bond Trades to Foreigners From 'Not Hostile' Countries
Eshe Nelson - The New York Times
Russia has taken another step to ease restrictions that it adopted to protect its economy and financial markets from sanctions and other consequences of its invasion of Ukraine. Beginning Monday, investors from "countries that are not hostile" will be allowed to trade in Russia's bond market, the Moscow Exchange said. After the invasion began in late February, the value of Russian financial assets plummeted and then trading was halted on the Moscow Exchange. About a month later, limited trading in domestic bonds returned for investors in Russia, and slowly more trading was permitted. But now, amid a complex web of rules, trading in the bond market, which includes government and corporate debt, has been opened up to some foreigners.
/jlne.ws/3SVocmG
Greensill's Ghost Will Haunt the Finance World; SoftBank and Credit Suisse are the ones preparing for a legal showdown, but there's a lesson here for everyone.
Lionel Laurent - Bloomberg
SoftBank Group Corp. Chief Executive Officer Masayoshi Son and Credit Suisse AG Chairman Axel Lehmann doubtless wish their respective firms had never met disgraced financier Lex Greensill. But hopefully they — and the finance industry at large — can learn lessons from the scandal that ensued.
/jlne.ws/3JYTFRd
Gas Intensive Industries Feel Impact of European Energy Crisis
Todd Gillespie and Will Mathis - Bloomberg
Europe's benchmark power price surged above 500 euros for the first time, ratcheting up pressure on households and businesses as the worst energy crisis in decades looks set to persist well into next year. German year-ahead electricity rose as much as 6.4% to 508 euros a megawatt-hour on the European Energy Exchange AG. That marks a gain of roughly 500% in the past year, driven predominantly by Russia's moves to slash gas supply.
/jlne.ws/3c1FiPu
Crypto poses serious challenges for regulators; There are important questions to answer on systemic risk, market integrity and consumer protection
Eswar Prasad - Financial Times
Whatever the fate of decentralised cryptocurrencies like Bitcoin, other forms of cryptocurrencies and blockchain technology are here to stay. Decentralised finance can create innovative ways of delivering and broadening access to financial products and services, while the added competition forces traditional institutions to improve their efficiency.
/jlne.ws/3SOyZPT
Apple Urges Return to the Office as Tech CEOs Try to Boost Productivity
James Ashton - Barron's
Apple is trying to extend its reputation for trendsetting to another frontier: getting its staff back to the office. After previous efforts were stymied by Covid-19 flare-ups, the tech giant wants corporate workers to be on site for three days a week by Labor Day. Many corporate CEOs will hope it succeeds. Despite tourists returning and leisure spending on the up, the return-to-office rate in New York City was last measured at 40%, and only 37.5% in San Francisco.
/jlne.ws/3QMy94d
How female investors are challenging the funding gap; A new network aims to plug the shortfall in venture capital for women-led businesses and give backers better access to founding teams from diverse backgrounds
Elizabeth Uviebinene - Financial Times
Starting a business may seem like the last thing on anyone's mind in a time of economic distress. But this is why it could be an excellent moment to challenge the status quo, and the opportunity you've been waiting for. After all, many brands we know and love today were born from times like these: MailChimp, Airbnb and WhatsApp.
/jlne.ws/3w7wuOV
DR Congo opens oil and gas auction round to carbon credit and crypto groups; Rather than drill in rainforests and peatlands, such groups would raise revenue by selling carbon credits
Kenza Bryan - Financial Times
The Democratic Republic of Congo will allow carbon credit and cryptocurrency companies to bid in an oil and gas licensing round that has been criticised by environmentalists who say drilling in the country's rainforests and peatlands would risk releasing vast quantities of carbon dioxide.
/jlne.ws/3bY5qKZ
For Sinopec, West's Russian Oil Boycott is a Gift; China's largest refiner is shaping up as one of the biggest beneficiaries of the conflict in Ukraine
Nathaniel Taplin - The Wall Street Journal
Who benefits from worsening relations between the energy guzzling West and Russia? One apparent answer: the state-owned behemoth China Petroleum & Chemical Corp., better known as Sinopec.
/jlne.ws/3zY4fTK
Aramco's Actions Undercut Its Rosy Predictions; Flush with cash, the world's largest oil company is predicting demand growth this decade but its investment plans suggest less confidence
Rochelle Toplensky - The Wall Street Journal
The world's largest energy company says it is bullish on the future of oil—but its actions don't look quite so certain. Saudi Aramco posted record quarterly results, earning profits of $48 billion in the second quarter because of higher prices and refining margins, low inventories and "geopolitical events." The producer realized an average price of $113.20 a barrel of crude, compared with $67.90 in the same quarter last year.
/jlne.ws/3PtiBkS
Alex Mashinsky took control of Celsius trading strategy months before bankruptcy; 'He was slugging around huge chunks of bitcoin'
Kadhim Shubber - Financial Times
In January, Celsius Network boss Alex Mashinsky gathered his investment team to tell them he would be taking control of the crypto lender's trading strategy ahead of an upcoming US Federal Reserve meeting.
/jlne.ws/3dz2fJY
Anshu Jain, banker, 1963—2022; He spearheaded Deutsche Bank's attempt to conquer Wall Street and was known for his hard-charging style
Olaf Storbeck - Financial Times
When Anshu Jain hired a former Deutsche Bank employee at Cantor Fitzgerald in 2018, his bitterness about his former employer briefly flared up. "Let's sit down and talk for 15 minutes about our time at Deutsche," he told his new colleague. "Then don't mention this topic ever again."
/jlne.ws/3zX3D0J
ETFs and CCP clearing: On the right track; The global exchange traded fund (ETF) market has seen extraordinary growth since its inception almost 30 years ago, with the range of ETF products growing increasingly diverse and complex. In Europe, a high rate of settlement failures and general inefficiency in the market has meant there has been a drive to bring more ETF trades through central clearing, providing greater risk mitigation and operational efficiency. But is enough being done to facilitate that switch?
Chris Lemmon - The Trade
On 22 January 1993, State Street Global Advisors issued the first ever exchange traded fund (ETF) - the SPDR S&P 500, which tracked the performance of the popular US index. Following a relatively low-key start to life on the markets - opening with just $6.53 million in assets - the fund has seen tremendous growth in the last 10 years, topping $450 billion in assets under management in January this year.
/jlne.ws/3PrSB9s
SEC decides not to extend research services enforcement no-action letter to SIFMA; William Birdthistle, director of the SEC's division of investment management, attributed research services market developments as a reason behind choosing not to extend the temporary position.
Wesley Bray - The Trade
The Securities and Exchange Commission (SEC) has set out plans to allow its no-action letter to the Securities Industry and Financial Markets Association (SIFMA)3, based on enforcements surrounding research services, to expire on 3 July next year.
/jlne.ws/3QRGLqp
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Latest: Explosion Rocks Depot in Russian-Occupied Crimea
Bloomberg News
An explosion tore through a Russian ammunition depot in occupied Crimea, a week after a blast at an airbase on the Black Sea peninsula. Some 2,000 people were evacuated from the area, Russian television reported. An adviser to Ukrainian President Volodymyr Zelenskiy called the explosion the beginning of a series of attacks. Russia attributed it to an act of sabotage. Neither side clarified what caused the blast.
/jlne.ws/3K1nT66
Lula's Top Foreign Adviser Says US Sanctions on Russia a Mistake; Threat of a nuclear war is growing, Celso Amorim says; Brazil would have close ties with US, China, Russia under Lula
Simone Preissler Iglesias and Martha Viotti Beck - Bloomberg
US-led sanctions on Russia are a political mistake that increases the risk of a nuclear war, according to a top foreign policy adviser to Brazil's presidential front-runner Luiz Inacio Lula da Silva. Celso Amorim, who led Brazil's foreign ministry during Lula's two terms in office, warned of the dangers of isolating an economy "as big and strategic" as Russia's, explaining why the leftist former president wouldn't endorse such diplomatic positions if elected in October.
/jlne.ws/3AlAdux
First grain ship to depart Ukraine since war appears to dock in Syria; The Razoni has been closely watched after it failed to reach original destination of Lebanon
Emiko Terazono - Financial Times
The first grain-carrying ship to depart from Ukraine since the Russian invasion appears to have docked in the Syrian port of Tartus after it stopped transmitting its location signal early on Friday, according to satellite photographs. "It seems in the end the first corn from Ukraine went to Syria, a strong ally of Russia," said Yörük Isik, a geopolitical and maritime analyst based in Istanbul.
/jlne.ws/3zZvcq9
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Hg Exchange appoints chairman; Lawrence Wong was SGX head of China prior to his retirement in 2018
The Asset
Hg Exchange (HGX), a Singapore-headquartered private securities exchange, has appointed Lawrence Wong as chairman of the board, effective August 1. Prior to his retirement in 2018, Wong was with the Singapore Exchange (SGX), first as head of listing and then as head of China. Prior to that, he held senior management positions at Schroders and OCBC Bank with responsibilities covering various parts of Asia.
/bit.ly/3SVkHNa
Abaxx Updates Q2 2022 Development Activities, Commences Exchange Launch Planning with Commodity Industry Partners
abaxx
Abaxx Technologies Inc., (NEO:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange (ACX), and producer of the SmarterMarkets™ Podcast, summarizes activities from Q2 2022, the progress of the Company's business plans and milestones for the remainder of 2022.
/bit.ly/3JVRXzQ
Notice of Disciplinary Action
CME Group
Effective Date 15 August 2022; Non-Member: Clarksons Platou Futures Limited; Nymex Rules: Rule 432. General Offenses (In Part).
W. for a Member to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.
/bit.ly/3QPRuSe
Notice of Disciplinary Action
CME Group
Member: David Monaco
Comex Rule Violations: 575.D. Disruptive Practices Prohibited (In Part)
All orders must be entered for the purpose of executing bona fide transactions. Additionally, all non-actionable messages must be entered in good faith for legitimate purposes. D. No person shall enter or cause to be entered an actionable or non-actionable message(s) with intent to disrupt, or with reckless disregard for the adverse impact on, the orderly conduct of trading or the fair execution of transactions.
/bit.ly/3Apv04R
Notice of Disciplinary Action
CME Group
Member: Daniel Shak; Comex Rule Violations: 575.D. Disruptive Practices Prohibited (In Part) All orders must be entered for the purpose of executing bona fide transactions. Additionally, all non-actionable messages must be entered in good faith for legitimate purposes. D. No person shall enter or cause to be entered an actionable or non-actionable message(s) with intent to disrupt, or with reckless disregard for the adverse impact on, the orderly conduct of trading or the fair execution of transactions.
/bit.ly/3C9LwaK
Trading Arrangements of USD Counter (USD Hedged Unit Class) of Premia China Treasury and Policy Bank Bond Long Duration ETF
HKEX
Subsequent to the authorization of Premia China Treasury and Policy Bank Bond Long Duration ETF by the Securities and Futures Commission and the commencement of trading of its HKD counter (Stock Code: 2817), USD counter (Stock Code: 9817) and RMB counter (Stock Code: 82817) on 14 April 2021, Exchange Participants are requested to note that the USD counter (USD Hedged Unit Class) (Stock Code: 9177) of the same ETF is expected to commence trading on the Exchange and admitted to the list of Designated Securities eligible for short selling on 17 August 2022 (Wednesday). Investors should always refer to the details about the Fund provided by the Fund Manager, e.g. Net Asset Value per Unit, before trading the abovementioned ETF(s). Detail of its trading arrangements (Attachment 1) is attached for reference
/bit.ly/3wvmX4r
Launch of TOPIX Net Total Return Australian Dollar Hedged Index
JPX
JPX Market Innovation & Research, Inc. hereby announces the launch of the TOPIX Net Total Return Australian Dollar Hedged Index.
/bit.ly/3wab3fX
Expobank clients can trade in gold and silver on the Moscow Exchange
MOEX
Expobank clients got the opportunity to buy and sell precious metals on the Moscow Exchange. In the precious metals market of the Moscow Exchange, private investors can invest in physical gold and silver with minimal costs and buy and sell spreads, thus obtaining additional opportunities for portfolio diversification.
/bit.ly/3SSXOKs
Miami International Holdings and T3 Index Announce Launch of ConvexityShares ETFs Offering Exposure to SPIKES Volatility Index
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™) and The Bermuda Stock Exchange (BSX™) and T3 Index today jointly announced the launch of two new ConvexityShares™ exchange traded funds (ETFs) developed to provide investors with access to a new product designed to manage volatility exposure.
/bit.ly/3MwLht1
MIAX: Notice of filing of a proposed rule change to amend the codes of arbitration procedure to modify the current process relating to the expungement of customer dispute information
MIAX
FINRA is proposing to amend the Code of Arbitration Procedure for Customer Disputes (''Customer Code'') and the Code of Arbitration Procedure for Industry Disputes (''Industry Code'') (together, ''Codes'') to modify the current process relating to the expungement of customer dispute information
/jlne.ws/3bW2GxN
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AirCarbon Exchange selects Eventus as partner to introduce first comprehensive market surveillance program for Voluntary Carbon Market; Validus platform also to support ACX derivatives market when launched
Eventus and AirCarbon Exchange
Eventus, a leading global provider of multi-asset class trade surveillance and market risk solutions, and AirCarbon Exchange (ACX), the global exchange revolutionizing the Voluntary Carbon Market (VCM), today announced that ACX has selected Eventus as its partner to introduce the first comprehensive market surveillance program for the VCM, which was created to drive financing activities that reduce greenhouse gas emissions globally.
/jlne.ws/3c0QP1p
Federal Reserve Finalizes Guidelines for Access to Its Payment Systems; Institutions engaged in novel activities would undergo more extensive review
Paul Kiernan - The Wall Street Journal
The Federal Reserve said Monday it would adopt a tiered approach toward determining whether to grant financial institutions access to its payment systems and signaled that cryptocurrency companies would be subject to a higher level of review. The Fed's board in Washington issued final guidelines Monday for its 12 regional branches to use when evaluating applications for so-called master accounts with the central bank. Such accounts allow financial institutions—primarily banks—to move trillions of dollars a day on the Fed's payment systems.
/jlne.ws/3pkpdav
360TGTX to Require LP Code Compliance
Colin Lambert - The FullFX
Deutsche Börse's 360TGTX has announced that effective 1 October 2022, only signatories to the latest version of the FX Global Code, or LPs offering firm liquidity, will be able to make prices on the anonymous ECN.
/jlne.ws/3K0QOY0
Money Pours Into Funds Targeting Solar Power, Cell Towers and Data Centers; KKR, Brookfield and others raise $130 billion this year to invest in businesses that can withstand inflation
Ben Dummett and Laura Cooper - The Wall Street Journal
Investment companies such as KKR & Co. and Brookfield Asset Management Inc. are raising money at a record clip to invest in power plants, telecom towers, and data centers—businesses that can thrive even as inflation runs rampant. Infrastructure funds have raised about $130 billion this year, already outpacing the record of $125 billion set last year, according to Preqin, a data provider. Contributing to that total were a $17 billion fund raised by KKR, a $15 billion equivalent from Brookfield and a $14 billion fund from Stonepeak Partners LP.
/jlne.ws/3pmoiq5
Growth, automation and regulation - why 2022 is a pivotal year for fixed income trading; With most workflows still being done manually, there's a lot of ground left in terms of what can be digitised, writes Dan Romanelli, head of relationships at Broadway.
Dan Romanelli - The Trade
The fixed income market has been rapidly evolving over the last decade. In what was once an overwhelmingly manual market, the adoption of new technologies has helped to improve workflows and increase efficiencies. And like many sectors over the past two years, the pandemic has further accelerated this change, driving unprecedented adoption of electronification and automation in fixed income trading.
/jlne.ws/3JZSxwl
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| Cybersecurity | | Top stories for cybersecurity | Report: Hacking is the top cause of data breaches
VentureBeat
Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here. According to a recent study by Flashpoint, 1,980 breaches were reported globally within the first six months of 2022, and research showed significant shifts. The most significant being that breaches occurring from misconfigurations, or "web" related incidents, fell drastically, compared to the same period last year — falling from 27.3 billion to 1.4 billion records.
/jlne.ws/3bSMKwk
Losses from crypto hacks surged 60% to $1.9 billion from January to July, Chainalysis says
Gertrude Chavez-Dreyfuss - Reuters
Losses arising from cryptocurrency hacks jumped nearly 60% in the first seven months of the year to $1.9 billion, propelled by a surge in funds stolen from decentralized finance (DeFi) protocols, according to a blog post from blockchain analysis firm Chainalysis released on Tuesday.
/jlne.ws/3T4mmjM
Hackers are finding ways around multi-factor authentication. Here's what to watch for; MFA provides a significant barrier against cyber attacks - but isn't infallible.
Danny Palmer - ZDnet
It's often said that the most important things you can do protect your accounts and wider network from hackers is to use multi-factor authentication (MFA). That's because one of the most common ways cyber criminals breach networks is by using phishing attacks to steal passwords or simply by guessing weak ones. Either way, so long as they are using a real password many systems will assume it's safe to give them access.
/jlne.ws/3C9FVRM
Hong Kong organisations are easy targets for hackers, more cyberattacks expected this year, consultancy Kroll finds; Financially motivated cyberattacks are on the rise after declining following Russia's invasion of Ukraine, cybersecurity consultancy Kroll said
Xinmei Shen - South China Morning Post
Hong Kong organisations could be easy targets amid an uptick in cyberattacks expected in the second half of the year, according to cybersecurity consultancy Kroll, which blamed low awareness of how to monitor for threats and the city's outdated data protection law.
/jlne.ws/3dyrCvH
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto's downturn has taken a toll on another sector: scammers
Marco Quiroz-Gutierrez - Fortune
As prices for the most popular cryptocurrencies have fallen during a widespread "crypto winter," scammers were able to steal just $1.6 billion this year, only 65% of what they stole from January to the end of July last year, according to a Tuesday report by blockchain data company Chainalysis.
/jlne.ws/3Qo6J4O
Is The Crypto Collapse Permanent Or Merely A Crypto Winter?
Q.ai - Forbes
Cryptocurrency is part of an exciting technology wave, but is it here to stay? With Bitcoin now more than ten years old, cryptocurrency is not quite a new phenomenon. However, many people didn't become aware of Bitcoin, Dogecoin, and other cryptocurrencies until their values began to skyrocket during the COVID-19 pandemic.
/jlne.ws/3durtt8
Cryptoverse: Electric ether leaps on verge of Merge
Medha Singh and Lisa Pauline Mattackal - Reuters
It looks like ethereum's mega-upgrade is happening. Finally. After years of delays, the "Merge" seems all but certain to take place in September, with the cryptography underlying the blockchain undergoing a radical shift to a system where the creation of new ether tokens becomes far less energy-intensive.
/jlne.ws/3zX7omY
OpenFin Appoints Vicky Sanders as Chief Digital Officer
Shanny Basar - MarketsMedia
OpenFin has hired Vicky Sanders in the new role of chief digital officer as the operating system aims to accelerate out-of-the-box connectivity and interoperability across all the applications on a desktop. OpenFin OS enables seamless communication and workflow between apps on a desktop and the firm said it is used by 90% of global financial institutions and deploys more than 3,500 desktop applications to more than 2,400 buy-side and sell-side firms.
/jlne.ws/3Qr1hhy
Decline in Chinese Students in the US Is a Bad Sign; Polls in China show that younger people — those born in the 1990s and later — have a more negative image of America than their parents do.
Adam Minter - Bloomberg
China's ambitious students and their parents once dreamed of acquiring an American university education. Now that dream is dying. During the first half of 2022, US student visas issued to Chinese nationals plummeted more than 50% compared with pre-pandemic levels, according to a Thursday report in the Wall Street Journal. The US isn't directly limiting the number of visas. Rather, China's Covid restrictions, combined with the increasingly unfavorable opinion of the US held by younger people, are giving the Chinese second thoughts about a US education.
/jlne.ws/3dxIWRo
Russia's Crude Shipments to Asia Tumble to Post-Invasion Low; Cargoes to China, India are down 20% from their post-invasion surge
Julian Lee - Bloomberg
Russia's crude shipments tumbled in the week to Aug. 12, dropping to their lowest since March. The volume sent to key Asian buyers, who have stepped in to take barrels shunned by Europe, fell to its smallest since Russian troops invaded Ukraine in February.
/jlne.ws/3PvL49w
Galaxy Digital commits to Nasdaq listing after ending BitGo deal; BitGo threatens legal action over 'improper decision'
Scott Chipolina - Financial Times
Galaxy Digital, one of the biggest investment managers in the crypto market, is to press on with a planned listing on Nasdaq even as it called off plans to buy crypto custody platform BitGo for $1.2bn. The Canadian-listed group said on Monday it was pulling out of the cash and shares deal, alleging BitGo had failed to provide audited financial results for the year to December 2021. BitGo disputed Galaxy's statement and said it intended to hold Galaxy Digital legally responsible for its "improper decision" to terminate the deal.
/jlne.ws/3CeEnpD
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| Politics | | An overview of politics as it relates to the financial markets | Climate Bill Compromises Leave a Sour Taste With Activists; The Inflation Reduction Act includes billions of dollars to help disadvantaged communities. Environmental justice advocates say the trade-offs for the funds are steep.
Leslie Kaufman - Bloomberg
The sweeping Inflation Reduction Act just passed by Congress will not only slash planet-warming greenhouse gas emissions, Democrats say, it will steer record funding to programs supporting environmental justice — that is, addressing the legacy of disproportionate environmental harm in low-income and minority communities and ensuring they are treated fairly in the future.
/jlne.ws/3C9hIuv
US House Democrats send Biden historic energy, climate package
S&P Global Markets
Democrats in the U.S. House of Representatives on Aug. 12 advanced the largest energy and climate package in the nation's history, teeing up a surge in domestic clean energy investment while positioning the U.S. as a leader in the fight against global warming. In a straight 220-207 party-line vote, Democrats passed the Inflation Reduction Act, a measure that includes nearly $370 billion in energy and climate spending over 10 years.
/bit.ly/3AqAyML
How Europe Is Shielding People From Soaring Energy Bills As UK Waits For New Leader; Governments move to cap wholesale price rises, cut the price of public transport and subsidise power plants.
Graeme Demianyk - Huffington Post UK
All across Europe, households are facing a sharp rise in energy bills driven by sky-rocketing gas prices, a large part a result of the war in Ukraine. But while leaders on the continent are moving forward with relief plans, the UK faces stalemate.
/jlne.ws/3SW2teH
Free Enterprise, Not Central Planning, Will Beat China; Politicians seem to be forgetting what made the U.S. economy great.
Nikki Haley - The Wall Street Journal
The biggest global threat facing the U.S. is communist China. Fortunately, we have a weapon that Beijing lacks: economic freedom. If we tap into the spirit that's made America the most innovative country in human history, China doesn't stand a chance. Yet today many of our policy makers are undermining our advantage by moving toward central planning and socialist control.
/jlne.ws/3ApMzSn
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Names Monique Winkler as Regional Director of San Francisco Office
SEC
The Securities and Exchange Commission today announced that Monique C. Winkler has been named Regional Director of the San Francisco Regional Office. Ms. Winkler has served as the office's Acting Regional Director since March 2022 and as the Associate Regional Director for Enforcement in the San Francisco Regional Office since 2019.
/jlne.ws/3Alwygh
SEC Names Nicholas Grippo as Regional Director of Philadelphia Office
SEC
The Securities and Exchange Commission today announced that Nicholas P. Grippo has been named Regional Director of the Philadelphia Regional Office, effective September 12, 2022. Mr. Grippo currently serves as Chief of the Criminal Division for the U.S. Attorney's Office for the District of New Jersey (USAO) where he supervises approximately 120 prosecutors and support staff
/jlne.ws/3QRdWKF
SEC Obtains Final Judgment Against Broker Charged with Defrauding Customers
SEC
On August 10, 2022, the Securities and Exchange Commission obtained a final judgment against defendant Ross Barish, a registered representative at a broker-dealer located in Mineola, New York, whom the SEC previously charged with defrauding retail customers that resulted in over $800,000 in losses.
/jlne.ws/3QJ9Zri
ASIC clarifies the treatment of incidental retail cover as part of business insurance contracts
ASIC
ASIC has issued relief to insurers and brokers that clarifies their obligations when offering retail insurance as part of bundled business insurance contracts. ASIC has made a legislative instrument, ASIC Corporations (Incidental Retail cover) Instrument 2022/716, that exempts insurers and brokers from certain retail client obligations in Chapter 7 of the Corporations Act 2001 for 'incidental retail cover' provided in business insurance contracts. Incidental retail cover refers to retail insurance cover provided to a business that forms a minor, incidental and inseparable part of an otherwise wholesale insurance product. An example of incidental retail insurance is retail cover for the loss or damage of personal effects within wholesale business property insurance products that benefit a business's employees.
/bit.ly/3JYKXlF
FMA makes interim stop order and warns public about Wisdom House Investment Partners Limited and Yuen Pok Loo
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko has made an interim stop order that applies to Wisdom House Investment Partners Limited and Yuen Pok (Paul) Loo, to prohibit them from: distributing any restricted communication that relates to the supply of a financial advice service to any person; and supplying a financial advice service to any person; and supplying the financial service of keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons.
/bit.ly/3AqLlqf
IFPR and eligibility for enhanced SM&CR status as a Significant SYSC firm
FCA
When introducing the Investment Firm Prudential Regime (IFPR) in January 2022, we renamed and moved the definition of 'Significant IFPRU firm' used as one of the criteria for identifying Enhanced Firms under the Senior Managers & Certification Regime (SM&CR). This was to retain the definition in our rules following deletion of the IFPRU sourcebook. A number of stakeholders have since highlighted that this new definition of 'Significant SYSC firm' could result in more firms being brought into Enhanced scope than under the previous definition as it had been understood and applied.
/bit.ly/3K56NUU
SFC issues quarterly report
SFC
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from April to June 2022. During the quarter, the SFC began a consultation on proposed enforcement-related amendments to the Securities and Futures Ordinance (SFO) to enable it to take more effective enforcement actions to protect the interests of investors and uphold market quality. The SFC also consulted the public on proposed changes to the position limit regime for listed futures and options contracts to address the needs of the market and better align the regime with the SFC's regulatory policies and objectives.
/bit.ly/3C63n28
Outstanding SME Loans by Domestic Banks as of June 2022
FSC
The Financial Supervisory Commission has released that up until the end of June 2022, the loans extended to SMEs by domestic banks amounted to NT$9,008 billion. The amount increased by NT$73.15 billion as compared to the amount at the end of May 2022. Up until the end of June 2022, the loans extended to SMEs by domestic banks accounted for 67.70% and 70.62% of total loans extended to total enterprises and private enterprises respectively, decreased by 0.06 and increased by 0.10 percentage points respectively as compared to the end of May 2022. In June 2022, the average NPL ratio of the SME loans was 0.27% and the ratio is the same as the end of May 2022.
/bit.ly/3QOf01W
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Warren Buffett's Berkshire Hathaway Keeps Spending Through Volatile Markets;
Akane Otani - The Wall Street Journal
Warren Buffett's Berkshire Hathaway Inc. scooped up millions more shares of Apple Inc. and doubled down on its energy investments, while the stock market swooned in the second quarter. The moves were made public in Berkshire's 13F filing, which was released after the stock market closed Monday. Regulations require institutional investors managing more than $100 million to file the form, which lays out firms' equity holdings as of the end of the most recent quarter, as well as the size and market value of their positions.
/jlne.ws/3bY6uOZ
Family Office for $54 Billion Zara Fortune Goes on Deal Spree; Amancio Ortega's firm has increased investments in global real estate and energy, diversifying away from retail as Inditex shares sank.
Benjamin Stupples and Rodrigo Orihuela - Bloomberg
Zara founder Amancio Ortega's personal investment firm is on a quest to diversify one of the world's biggest fortunes a
/jlne.ws/3w6RUvu
The Fed's Past Crises Hold Secrets to Tackling Future Recessions; The US central bank has made mistakes before and learned from the experience. Now it must do so again
Tom Orlik and David Wilcox - Bloomberg
Bad news: The Federal Reserve has lost control of inflation, and the cost of bringing it back on target may well be a recession. Worse news: Whenever the next really serious downturn hits, the Fed won't have adequate tools to fight it. That one-two punch risks blowing a giant hole in the Fed's credibility. What, the American public might reasonably ask, is the point of a central bank that allows the inflation rate to reach 9%, and then also can't protect jobs?
/jlne.ws/3Quk2AD
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | U.S. Western states deadlocked on cutting Colorado River use
Caitlin Ochs - Bloomberg
Seven U.S. Western states that share Colorado River water are poised to miss a federal deadline for drastic consumption cuts amid a megadrought. The U.S. Bureau of Reclamation in June gave the states 60 days, until mid-August, to devise a plan as human-influenced climate change worsens the region's driest 22-year period in at least 1,200 years.
/jlne.ws/3ApmGSL
The claim: Earth's oil supplies replenish more quickly than they are extracted
USA Today
Oil forms when organic material - the remains of living things - gets compressed and heated under layers of sediment. Some social media users are claiming this process occurs as quickly as the substance can be extracted. Oil "regenerates within the Earth faster than it could ever be depleted," reads a July 5 Facebook post.
/jlne.ws/3QPqNgr
Proposed Sustainability Disclosure Rules Draw Comments and Concerns; In letters to the ISSB, companies urged a global baseline on standards, and also feared some disclosures might leave them at a competitive disadvantage. The rules are expected early next year.
Jennifer Williams-Alvarez - WSJ
Two proposed rules on sustainability- and climate-related disclosures drew responses from more than a hundred companies, weighing in on the benefits of a global baseline for disclosures and the drawbacks of revealing information that could put a company at a competitive disadvantage. The International Sustainability Standards Board, which sets climate-disclosure rules, is considering two proposals that would require companies to disclose sustainability- and climate-related risks. Together, the proposals drew more than 1,300 comments, including from chief financial officers at Caterpillar Inc., Intel Corp. , Levi Strauss & Co. and Verizon Communications Inc.
/on.wsj.com/3C5US7j
ESG funds face U.S. SEC probe over trading away votes, Bloomberg reports
Reuters
U.S. regulators have been peppering firms offering funds that are marketed as sustainable with queries for several months, including how they lend out their shares and whether they recall them before corporate elections, Bloomberg News reported. The U.S. Securities and Exchange Commission's probe is focused on whether managers of environmental, social and governance (ESG) funds are trading away their right to vote on such issues, the report said on Monday, citing four people with knowledge of the matter.
/reut.rs/3w6Uphh
The Inflation Reduction Act: What the massive climate bill means for the energy sector
ESG NOW podcast - MSCI
A massive provision called the Inflation Reduction Act was passed in the US Senate on August 7 and is making its way to US President Biden. If signed into law, it hails as one of the largest climates, health care and tax bills ever passed in the US. We discussed some of the most impactful provisions in the climate and energy security provision of act through an ESG lens. We will discuss the changes to the tax code and healthcare in later episodes.
/bit.ly/3zZrMnl
International Accounting Standards Board sets out its 2022 - 2026 priorities
IFRS Foundation
The IFRS Foundation's International Accounting Standards Board (IASB) has today published its Third Agenda Consultation Feedback Statement and Snapshot outlining its priorities for the next five years. The Feedback Statement explains the reasons for the IASB's decisions and shows how the IASB responded to the extensive feedback from its diverse stakeholders. This feedback, obtained via a public consultation in 2021, has helped to shape the IASB's activities and work plan.
/bit.ly/3duqn0u
Enabling global debt investors to align investment choices with values; FTSE Fixed Income Global Choice Index Series overview
FTSE Russell
An increasing number of investors want to align their portfolios with their investment values and beliefs. One approach to accomplishing this objective is to select issuers based on their impact on society and the environment. The FTSE Fixed Income Global Choice Index Series employs a transparent, rules-based methodology to help investors align their fixed income investment choices with the underlying bond issuers' impact on society and the environment.
/bit.ly/3dB96CY
Catering through transparency: Voluntary ESG disclosure by asset managers and fund flows Marco Ceccarelli, Maastricht University - Department of Finance; Simon Glossner; Board of Governors of the Federal Reserve System; Mikael Homanen; City University London - The Business School; PRI Association.
We find that voluntary ESG disclosure by asset managers enables clients to identify investors with higher ESG integration, thereby reducing the information asymmetry within the responsible investment landscape. Institutional investors disclose on their ESG practices as part of their voluntary commitment to the Principles for Responsible Investing (PRI), the world's largest responsible investment network. After joining the PRI, investors annually file a detailed ESG report, which is assessed and scored by the PRI. Clients allocate more assets toward institutions that receive higher scores on their disclosure. The disclosure signal becomes more effective when it is corroborated by third-party ESG fund ratings and when it correlates with more sustainable equity holdings.
/bit.ly/3JX1Q02
Equilibrium/Sustainability — Going off-grid
Saul Elbe, Sharon Udasin - The Hill
South Africa's wealthy are quietly turning to solar power to avoid blackouts plaguing the coal-dependent country's ailing grid. Private installations of rooftop photovoltaic panels by those with money will bring online as much solar power generation in five months than the government has managed to stand up in a decade, according to Reuters.
/jlne.ws/3zUzYVU
Arizona Defends Retirees Against ESG; Fund managers have a legal and social duty to focus on financial returns for their clients' retirement accounts, not climate or other issues.
Mark Brnovich - The Wall Street Journal
Wall Street and the financial industry's social purpose should be protecting investors' savings and retirement money. Asset managers claim they focus on financial returns, but they have joined with left-wing state pension funds to cram "environmental, social and governance" policies down the throats of American companies and employees whose retirement funds are under asset managers' control. What is the real focus of woke asset managers? BlackRock recently sent a letter to several states claiming that BlackRock focuses solely on its fiduciary duty, allows its clients to determine how to approach the "energy transition," and has joined climate organizations merely to "dialogue." This month, 18 of my fellow attorneys general and I responded by pointing out inconsistencies and conflicts between BlackRock's letter and its public statements and commitments.
/jlne.ws/3Ap5Lj6
An "Extreme Heat Belt" will soon emerge in the U.S., study warns
Andrew Freedman - Axios
A new study reveals the emergence of an "extreme heat belt" from Texas to Illinois, where the heat index could reach 125°F at least one day a year by 2053. The big picture: In just 30 years, climate change will cause the Lower 48 states to be a far hotter and more precarious place to be during the summer. The findings come from a hyperlocal analysis of current and future extreme heat events published Monday by the nonprofit First Street Foundation.
/jlne.ws/3C95iTu
Texas Businesses Have an Incentive to Save Power—and Aid the State's Electricity Grid; Factories and crypto miners that cut at key moments can save millions of dollars, which others then have to pay.
Naureen S Malik - Bloomberg
In February 2021, an extreme winter storm hit the Texas power grid hard, triggering widespread blackouts. This summer's waves of extreme heat are again putting the electricity network to the test. But this time the system has kept running, thanks in large part to a regulatory quirk that has little to do with environmental sensitivity or civic responsibility and everything to do with cold hard cash.
/jlne.ws/3w8rycj
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge fund Elliott sold Twitter stake before Elon Musk backed away from deal; Activist investor held 10mn shares as price rallied on news of Tesla chief's $44bn takeover offer
Antoine Gara - Financial Times
The activist hedge fund Elliott Management sold its entire equity stake in Twitter in the second quarter, a period during which the social media company's shares rallied dramatically after agreeing a $44bn takeover by Elon Musk in April. A securities filing on Monday showed that Elliott had no common stock in Twitter as of June 30, down from 10mn shares that were worth $387mn on March 31.
/jlne.ws/3JZ6ZF5
Deutsche Bank Mourns Anshu Jain
Deutsche Bank press release
Deutsche Bank mourns the death of its former Co-CEO Anshu Jain, who passed away in the early hours of Saturday at the age of 59 after a long, serious illness.
Jain played a crucial role in the development of Deutsche Bank and was instrumental in building the company's global capital markets business. He was appointed to Deutsche Bank's Management Board in 2009 and was responsible for the Corporate and Investment Bank division from 2010. From 2012 to 2015, he was Co-CEO.
/jlne.ws/3dsFMyh
Mizuho Holds Record $6.7 Billion With BOJ at Negative Rates
Taiga Uranaka and Komaki Ito - Bloomberg
Mizuho Bank Ltd. said it held a record amount of deposits subject to negative interest rates at the Bank of Japan, underscoring challenges faced by lenders under the country's ultra-easy monetary policy. The BOJ charges banks a 0.1% rate on reserves beyond a certain amount, as part of its plan to reflate the economy by prodding banks to lend more.
/jlne.ws/3Qogu2W
Goldman Sachs CEO laments NYC crime: 'The city is certainly less safe'
Ariel Zilber - NY Post
Goldman Sachs boss David Solomon lamented the surge in crime in New York City, which he says has become "a little grittier and a little dirtier" — a key factor that he said has kept his employees away from the office. "We have to have a safe environment for people," the Wall Street executive told National Public Radio. "I think public safety is just paramount for the vitality of cities, and the vitality of cities is paramount for economic activity in our country." In May, a Goldman employee, 48-year-old Daniel Enriquez, was fatally shot in what investigators called a random attack while he was riding the subway on his way to brunch.
/jlne.ws/3dz67uu
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The U.K. approved omicron-specific booster shots. They're coming to the U.S. soon
Becky Sullivan - NPR
The United Kingdom has become the first country to approve vaccine boosters designed to target the omicron variant of COVID-19, paving the way for Brits to receive their shots in early fall.
/jlne.ws/3SXgV5V
Defense Secretary Austin positive for COVID for second time; His last COVID diagnosis came in January after getting a booster in October
The Associated Press
Defense Secretary Lloyd Austin said Monday he has tested positive for COVID-19, is experiencing mild symptoms and will quarantine at home. It's the second time Austin has gotten the coronavirus. In a statement, Austin, 69, said his is fully vaccinated and has received two boosters. He said he'll quarantine for the next five days in accordance with CDC guidelines and "will retain all authorities and plan to maintain my normal work schedule virtually from home."
/jlne.ws/3JYxiLp
'Next Generation' Moderna Coronavirus Booster Jab Approved for Use in Adults
Laura Parnaby - Press Association via Bloomberg
A "next generation" coronavirus booster jab which may only need administering once a year has been approved for use in adults. The Medicines and Healthcare products Regulatory Agency (MHRA) has authorised Moderna's bivalent vaccine, which targets the original Covid strain and the Omicron variant.
/jlne.ws/3QulAur
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China shuts factories, rations electricity as heat wave stifles economy
Eva Dou and Lyric Li - The Washington Post
China's worst heat wave in six decades is deepening the economic pain of pandemic lockdowns, with authorities ordering factories this week to suspend production in several major manufacturing regions to conserve electricity.
/jlne.ws/3zSnBJO
High Temps, Drought in China Affect Drinking Water, Crops
The Associated Press
Unusually high temperatures and a prolonged drought are affecting large swaths of China, reducing crop yields and drinking water supplies. The lack of rain has been especially marked in the southwestern megacity of Chongqing, which encompasses a large area of mountains and rivers.
/jlne.ws/3ApAEUJ
Indian Billionaire's Stock Holdings Worth Nearly $4 Billion in Focus After Death; Shares held by investor and wife are worth almost $4 billion; Top holdings by value include Titan, Star Health, Tata Motors
Abhishek Vishnoi and Ashutosh Joshi - Bloomberg
The death of Indian billionaire Rakesh Jhunjhunwala puts a spotlight on the nearly $4 billion worth of stocks held by the famed investor, whose trades were closely followed. The man known as India's Warren Buffett died of a reported cardiac arrest Sunday at the age of 62. The self-made trader invested in a wide swathe of established businesses and startups, and served on the boards of several Indian firms.
/jlne.ws/3pj8x3g
Chinese Shun Debt and Pile Up Savings, Threatening Global Growth Engine; Households downbeat about their prospects are retrenching, with consequences for local giants as well as multinationals.
Bloomberg Businessweek
Anna Luan is worried about the future. The Shanghai internet business where she works hasn't paid her salary in full since April, when city authorities instituted a strict lockdown to contain the spread of Covid-19. Luckily the 30-year-old had built up savings through the pandemic, which she's dipped into to cover regular expenses. She's also used some of that money to pay off 200,000 yuan ($29,530) in mortgage debt on the two homes she owns in her hometown of Changzhou. "So many companies are laying off people and cutting pay," Luan says. "Now I just want to save any spare cash I have and don't even dare to spend."
/jlne.ws/3pkuoar
EU digs for more lithium, cobalt and graphite in green energy push; Brussels plans to lower regulatory barriers to mining raw materials needed for wind farms and electric vehicles
Sam Fleming and Alice Hancock, and Peter Wise - Financial Times
As Europe seeks ways to end its need for Russian oil and gas, officials in Brussels hope some of the answers lie on home soil — or, rather, under it. The European Commission wants to boost output of its own raw materials needed for green energy. Its plans, which are still in their infancy, would lower regulatory barriers to mining and production of critical materials such as lithium, cobalt and graphite, needed for wind farms, solar panels and electric vehicles.
/jlne.ws/3QuRsPH
BP Is Exiting Its Mexican Oil Assets in Shift Toward Renewables; British oil driller divesting from Mexico exploration blocks; Shallow-water block has 'very low' probability of success: BP
Amy Stillman - Bloomberg
BP Plc is seeking to get rid of its oil assets in Mexico amid a shift in its business strategy toward renewable energy and a challenging political climate in the energy sector in the country.
/jlne.ws/3QNYoaw
Russian Mercenaries Seek Gold, Sow Chaos in Central Africa; Witnesses say 100 people have been killed so far this year; US says fighters focused on gold-rich area in war-torn country
Simon Marks and Mohammed Alamin - Bloomberg
The Central African Republic is defending the use of Russian assistance to take back territory the government says rebels have illegally occupied, despite widespread claims of indiscriminate killings of civilians and looting of mining sites. Albert Yaloke Mokpeme, spokesman for the CAR presidency, denied in a written response to questions from Bloomberg that fighters from the Wagner Group, which the US says is linked to the Kremlin, operate in the country. He disputed claims made to Bloomberg by artisanal miners, rebels and humanitarians, and allegations in United Nations reports that mercenaries alongside the national army have killed scores of people, looted communities and displaced thousands as they increase their control of gold-mining areas in the war-torn country.
/jlne.ws/3Ap63Xc
Canada's onetime 'Green Jesus' okays oil megaproject
By Amanda Coletta and Maxine Joselow - The Washington Post
In 2002, Steven Guilbeault scaled the roof of the Alberta premier's home — uninvited — and installed two solar panels. It was part of a Greenpeace campaign to push the leader of the oil-rich province to reconsider his opposition to an international climate agreement.
/jlne.ws/3AnfAhw
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| Miscellaneous | | Stories that don't quite fit under the other sections | Global business travel won't see full recovery until 2026: report
AFP
Inflation, supply chain problems and ongoing Covid-19 lockdowns in China are among the factors conspiring to delay a full recovery in business travel to its pre-pandemic level, according to an industry forecast released Monday. The Global Business Travel Association now projects business travel will regain its 2019 level of $1.43 trillion in mid-2026, 18 months later than predicted in the group's last forecast in November.
/jlne.ws/3C3QWnw
A New York City Restaurant Chain Cashes In on a Shrunken Office Crowd; Naya's Middle Eastern food drives more business than before the pandemic, with robust sales on Tuesdays, Wednesdays and Thursdays
Kate Kin - The Wall Street Journal
Naya, a fast-casual restaurant chain serving up Middle Eastern fare, is thriving in one of New York City's bleakest pandemic landscapes: Manhattan's Midtown office district. Most of Naya's dozen locations are located near office towers and cater to the workplace crowd, a challenging place to be with New York City office occupancy stuck at about 40% of prepandemic levels, according to Kastle Systems, which collects data on how many workers swipe into office buildings.
/jlne.ws/3wa80o1
Top Rolex Dealer in London Plans 8-Fold Expansion to Meet Booming Demand; UK boutique will be eight-times the size of current shop; Demand for the watches surged during Covid amid cheap credit
Andy Hoffman - Bloomberg
The UK's leading Rolex dealer, Watches of Switzerland Group Plc, will relocate its flagship store to a much larger London location, underscoring its faith in strong demand for the storied Swiss brand. Watches of Switzerland will move its current Rolex Boutique in London from a 900 square-feet (84 square meters) location on Bond Street to a new 7,200 square-feet space on nearby Old Bond Street in 2023, the company said in its first-quarter trading update Tuesday.
/jlne.ws/3QuMMt7
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