| December 28, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Connamara Technologies launched a new website, connamara.tech, several days ago. Also, earlier in 2022 Connamara Tech split from Connamara Systems, they said to "laser-focus on a world-class exchange platform, EP3--empowering financial exchanges and marketplaces to tune their platforms, while reducing complexity and cost." They added "EP3 captures decades of trading and engineering expertise that has opened doors for our customers to invent the future of capital markets, including trailblazing the first cloud regulated derivatives exchange."
It sounds like Connamara is poised to help some entrepreneurs do some exciting things in 2023.
KemperLesnik is looking for a public relations account executive in the B2B/financial services/corporate niche. The position is in Chicago. Here is the link for details.
The Financial Times is out with their list of "The books to read in 2023." The description is: "from the historian Serhii Plokhy on the war in Ukraine to a fresh take on the Cultural Revolution and the latest novels by Paul Auster and Salman Rushdie, a preview of next year's titles."
Bloomberg has come out with another list of books to read, this one is "17 Books About Cities We Read This Year." Bloomberg says the books are "the 2022 books that made us look at cities, buildings, communities - and even sewers - in a new light."
There is more trouble for the towering Winklevoss twins. Tyler and Cameron Winklevoss and Gemini Trust Co. are being sued for fraud by investors who claim Gemini failed to register some interest accounts as securities, in violation of the Exchange Act. The proposed class-action complaint was filed Tuesday in a Manhattan federal court. Bloomberg has the story.
A happily married ex-finance executive is creating a website to help people get divorced. He wants it to be the WebMD of divorce and breakups, giving people the information to help them through the process, Bloomberg reported.
CBS Chicago has a list out of the "25 notable Chicagoans who passed away in 2022."
Bob Otter shared with me that Harvey J. Jaunich passed away on December 26. Harvey was a longtime member of the Chicago Board of Trade.
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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CQG's Moroney, Brennan on how collaboration builds a healthy ecosystem
JohnLothianNews.com
Ryan Moroney, CEO and managing director of CQG, said it was a no-brainer to expand Alli Brennan's role to head of Americas and EMEA, running sales for the Europe, Middle East, and Africa (EMEA) office as well as the Americas office. In the role since early November, Brennan said she's excited by the opportunity to grow CQG's footprint and launch products in a new region. Moroney and Brennan spoke with John Lothian News about developments in CQG's world of trade routing, market data, and technical analysis tools in an interview at FIA Expo 2022.
Watch the video »
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'Gift of love' Waterford crystals placed on Times Square New Year's Eve ball
Reuters
Nearly 200 new Waterford crystals were installed on the New Year's Eve ball in Times Square in New York on Tuesday in preparation for Saturday's celebration to welcome in 2023. Since 1999, replacements for the 2,688 crystal panels that make up the ball have been designed and made by hand by Irish craftsmen at Waterford. Each year, a new theme is chosen. This year's theme was the "Gift of Love," incorporating intertwining love hearts, said Waterford master artisan Tom Brennan at the Times Square site.
/jlne.ws/3vmpTPJ
***** I hope they drop the ball very carefully.~JJL
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China's elite give Paxlovid to friends as demand soars for Covid drug; Pfizer's antiviral 'more coveted than Moutai' as authorities restrict imports despite virus wave
Sun Yu and Nian Liu - Financial Times
China's elites are stockpiling supplies of Paxlovid, Pfizer's Covid-19 antiviral drug, and giving it away to curry favour with business associates as an unprecedented Covid wave leaves hospitals stripped of resources and ordinary people struggling to access medication.
/jlne.ws/3I6VoVl
****** What better gift to give to your friends?~JJL
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Stop complaining, says billionaire investor Charlie Munger: 'Everybody's five times better off than they used to be'
Tom Huddleston Jr. - CNBC
Billionaire Charlie Munger thinks we should all be a lot happier. Munger, the longtime investment partner and friend of fellow billionaire Warren Buffett, says he doesn't understand why people today aren't more content with what they have, especially compared to harder times throughout history.
/jlne.ws/3VrMSDG
****** I will have to get on my computer on my dial up modem and look that up to see if it is true.~JJL
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Tuesday's Top Three
The top three most read stories yesterday were about the toll winter related weather is having. First, from AP News, is Western NY death toll rises to 28 from cold, storm chaos. Second is also from AP News, Heavy snow in Japan leaves 17 dead, dozens injured. Third was Blooomberg's, Duke Energy Curbs Energy Load in Carolinas on Christmas Eve.
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MarketsWiki Stats
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Exit from zero-Covid is no easy path for China; Forced to abandon its draconian policy, Beijing's unconvincing narrative cannot hide its lack of preparation
Joe Leahy - Financial Times
Arriving in Beijing from Hong Kong in late October, my family and I witnessed Xi Jinping's now defunct zero-Covid regime at its awful peak. As we filed into the deserted airport, one of the policy's foot soldiers - the Dabai or "Big Whites" in full PPE uniforms - shouted at us. We were sent for 10 days of quarantine in a hotel so drenched with disinfectant that it stung the nostrils. Yet few of us that day could have imagined that within weeks, China's zero-Covid experiment would collapse, resulting in a tidal wave of cases.
/jlne.ws/3VyRyHD
Hong Kong abandons last Covid curbs to revive economy; Territory drops mandatory testing for arrivals as it follows Beijing's exit from virus controls
Chan Ho-him - Financial Times
Hong Kong has dropped almost all of its remaining Covid-19 restrictions and scrapped compulsory testing for arrivals as the city aims to revive its pandemic-hit economy and catch up with Beijing's abrupt exit from zero-Covid. John Lee, Hong Kong's chief executive, announced on Wednesday that travellers would no longer be required to undergo PCR testing on arrival from Thursday, and would only need to present evidence of a negative rapid antigen test. A ban on gatherings of more than 12 people will also be ditched, although the city's outdoor mask mandate remains.
/jlne.ws/3WMAmzx
From Crypto to ESG, These Are US Regulators' Top Priorities in 2023
Allyson Versprille and Lydia Beyoud - Bloomberg
Crypto is squarely in the cross hairs of Washington regulators, with fresh calls for stricter controls before the industry can get big enough to affect the broader financial system. Oversight of digital assets is among the most pressing issues for US financial watchdogs for 2023. Next year, they're also set to finalize an overhaul of Wall Street stock-trading rules, step up their focus on environmental, social and governance issues, and review criteria for approving bank mergers.
/jlne.ws/3GovpaQ
US Probes How $372 Million Vanished in Hack After FTX Bankruptcy
Ava Benny-Morrison - Bloomberg
Federal prosecutors are investigating an alleged cybercrime that drained more than $370 million out of FTX just hours after the cryptocurrency exchange filed for bankruptcy last month. The Department of Justice has launched a criminal probe into the stolen assets that is separate from the fraud case against FTX co-founder Sam Bankman-Fried, according to a person familiar with the case who asked not to be identified as the investigations are still ongoing. US authorities have managed to freeze some of the stolen funds, the person confirmed. However the frozen assets only represent a fraction of the entire loot.
/jlne.ws/3C3cz6I
Wall Street's Bankers Brace for Big Pay Cuts, but Bosses Don't Want Whining; With revenue down some 40% for investment banks, bonuses are expected to fall about 30%
David Benoit and AnnaMaria Andriotis - The Wall Street Journal
Wall Street's banking revenue has never fallen harder than it has this year. Bankers are hoping their bonuses can hang on a bit better. Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue, according to data from Dealogic. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.
/jlne.ws/3C2PJvO
China Covid Surge Leads Nations to Adopt Entry Restrictions; End of Covid Zero policy driving rapid rise in infections; Country announced that borders will reopen on Jan. 8
Bloomberg News
Nations across the globe are implementing or considering measures to test or restrict travelers from China as the country of 1.4 billion abandons its Covid Zero policy and prepares to reopen borders in early January. The US is considering new coronavirus precautions for people traveling from China amid questions about the transparency of data China is reporting about the spread of the virus, according to American officials, who asked not to be identified discussing internal thinking. Japan moved quickly yesterday to announce steps requiring a negative Covid-19 test upon arrival soon after Beijing said it no longer subject inbound travelers to quarantine from Jan. 8.
/jlne.ws/3GlwX5u
Chinese Stocks Are Suffering Massive Foreign Exodus as Covid Bites; Inflows have plummeted amid Covid Zero, US policy tightening; Better outlook for 2023 as China drops Covid curbs for growth
Bloomberg News
Foreigners bought the least amount of Chinese domestic shares this year after a selloff in the world's second-largest stock market amid stringent Covid curbs and a housing slump. Overseas investors have purchased a net 87 billion yuan ($12.5 billion) of stocks in Shanghai and Shenzhen so far this year through trading links with Hong Kong. That's about a fifth of last year's total and the smallest amount since 2017, when Bloomberg started compiling annual data for both bourses.
/jlne.ws/3Wvh2qG
Crypto exchange Kraken to stop operations in Japan
Reuters
U.S.-based crypto exchange Kraken said on Wednesday it would cease its operations in Japan next month, citing the current market conditions in the country and a weak crypto market globally. Kraken will deregister from the Financial Services Agency (JFSA) as of Jan. 31, by which time clients would have to withdraw their fiat and crypto holdings, it said in a statement.
/jlne.ws/3vjfiFh
FTX customers file class action to lay claim to dwindling assets
Tom Hals and Dietrich Knauth - Reuters
FTX customers filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried on Tuesday, seeking a declaration that the company's holdings of digital assets belong to customers.
/jlne.ws/3vk8A1B
Covid in China: People rush to book travel as borders finally reopen
Alys Davies - BBC News
Chinese people have rushed to book overseas travel after Beijing announced it would reopen its borders next month. Passport applications for Chinese citizens wishing to travel internationally will resume from 8 January, the immigration administration said. It follows an announcement on Monday that ended almost three years of strict quarantine rules for arrivals. Travel sites have since reported a spike in traffic.
/jlne.ws/3PWt5Lc
Cboe to Re-Open Floor Trading of VIX Options on Wednesday
Cboe Global Markets via PR Newswire
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced that it will re-open floor trading of options on the Cboe Volatility Index (VIX) on Wednesday, December 28. On Tuesday, the VIX trading pit on the Cboe trading floor was temporarily closed for the day as a result of water damage sustained from a burst pipe above the trading floor. VIX and VIXW options were traded in electronic-only mode while open outcry trading was unavailable.
/jlne.ws/3PTnvte
Boston Fed, MIT complete research project into feasibility of a central bank digital currency
Jay Lindsay - Federal Reserve Bank of Boston
A joint research effort between the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology into the technical feasibility of a potential central bank digital currency is now complete. The Boston Fed's work on CBDC with MIT's Digital Currency Initiative is known as Project Hamilton. Boston Fed Executive Vice President Jim Cunha said the now-concluded project was "agnostic" from the start about any future policy decisions regarding new technologies and U.S. currency.
/jlne.ws/3jxgoL0
Crypto Customers Sell Claims at a Loss to Avoid Bankruptcy Wait; Hundreds of FTX, Voyager and Celsius customers are parting with their accounts, selling for pennies on the dollar to deep-pocketed investment firms
Jonathan Randles - The Wall Street Journal
Some customers with accounts stuck in failed cryptocurrency companies are choosing to take a big loss on their investments now to avoid dealing with uncertainties in drawn-out bankruptcies. At least hundreds of customers burned by the collapses of FTX, Celsius Network LLC and Voyager Digital Ltd. are seeking to sell their cryptocurrency claims at deep discounts so they don't have to wait months or even years to see what they might recover as the platforms move through chapter 11.
/jlne.ws/3jAQFkL
U.S. charges accused Mango crypto manipulator with fraud
Jonathan Stempel - Reuters
U.S. prosecutors have filed criminal charges of commodities fraud and manipulation against a man accused of trying to steal about $110 million in October by rigging the Mango Markets cryptocurrency exchange. According to a complaint made public on Tuesday in Manhattan federal court, Avraham Eisenberg's trades in futures related to Mango's crypto token MNGO enabled him to withdraw $110 million in cryptocurrencies from other investors' deposits, with no apparent intention to repay the funds.
/jlne.ws/3VC511K
Shale Oil Powerhouse Sues Its Own Investors After 4,000% Stock Surge
Mitchell Ferman - Bloomberg
One of the biggest landowners in Texas oil country doubled returns to investors in 2022. It's starting the new year by suing some of them as a dispute over the future direction of the company spills into a Delaware court. Texas Pacific Land Corp., a land bank created out of a 19th-century railroad bankruptcy, shelved plans to issue new stock last month after shareholders balked at the implicit dilution of their holdings and the prospect of executives inexperienced in dealmaking looking for acquisitions.
/jlne.ws/3VrPyRM
Bankman-Fried's criminal case assigned to judge in Trump, Prince Andrew cases
Tom Hals and Jonathan Stempel - Reuters
Sam Bankman-Fried's criminal case over the collapse of his FTX cryptocurrency exchange has been reassigned to a judge recently known for handling defamation lawsuits against former U.S. President Donald Trump and a sexual abuse lawsuit against Britain's Prince Andrew. U.S. District Judge Lewis Kaplan replaces his colleague Ronnie Abrams, who recused herself on Friday after learning that the law firm Davis Polk & Wardwell, where her husband is a partner, advised FTX in 2021.
/jlne.ws/3G2DeBA
New Judge Assigned in Sam Bankman-Fried Fraud Case
Nelson Wang - CoinDesk
U.S. District Judge Lewis Kaplan has been assigned to preside over the fraud case against former FTX CEO Sam Bankman-Fried. Kaplan replaces U.S. District Judge Ronnie Abrams, who recused herself from the case on Friday because of a potential conflict of interest because her husband is a partner at law firm Davis Polk & Waddell, which advised FTX in 2021 and is now advising parties possibly adverse to FTX and Bankman-Fried in the exchange's bankruptcy proceeding, according to Abrams.
/jlne.ws/3VoITHL
Record Output Slump for Top US Gas Basin Worsened Power Chaos
Gerson Freitas Jr. and Josh Saul - Bloomberg
A record production decline in the largest US natural gas basin came just as extreme cold sent demand booming for the commodity used to heat homes and fuel power plants, exacerbating the winter storm crisis that left millions in the dark.
/jlne.ws/3I77VrT
Gemini, Winklevoss Twins, Sued for Fraud Over Interest Accounts
Joe Schneider- Bloomberg
Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, were sued by investors who claim the crypto asset exchange sold interest-bearing accounts which it failed to register as securities. The investors accused the company and its founders of fraud and violations of the Exchange Act in a proposed class-action complaint filed Tuesday in Manhattan federal court.
/jlne.ws/3PVdTy5
EXCLUSIVE: Sam Bankman-Fried hires top private investigator who worked for Ghislaine Maxwell: 'Relentless' detective is seen escorting disgraced crypto boss out of court after being freed on $250m bail
Daniel Bates - Daily Mail
Disgraced crypto boss Sam Bankman-Fried has hired a top private investigator who friends have dubbed a 'real hound dog' because he is so relentless. Bankman-Fried was seen being escorted out of court in New York after being freed on $250million bail by Jimmy Harkins, DailyMail.com can reveal. Harkins is a highly-decorated former NYPD detective who has previously worked for Calvin Klein, John Gotti Jr and played a cop in the Martin Scorcese film The Irishman.
/jlne.ws/3hUsT2J
Fired Twitter Manager Sues Over Stock-Option Cancellation; John Barnett said pact barred move for his non-cause firing; Some Twitter workers have sued over Elon Musk's housecleaning
Jef Feeley - Bloomberg
An former Twitter Inc. manager fired as part of billionaire Elon Musk's revamping of the social-media platform after he bought it earlier this year claims the company improperly canceled some stock options he had. John Barnett, whose Chroma Labs start-up was bought by Twitter, argues the company violated a restricted-stock agreement he got in the Chroma buyout, according to a Delaware Chancery Court lawsuit unsealed Wednesday.
/jlne.ws/3VvhcNI
Five Scenarios That Threaten More Strife for Global Markets; Persistently high inflation looms as a key risk for 2023; No certainty Covid will keep receding as variants emerge
Richard Henderson - Bloomberg
After the worst year for global stocks in more than a decade, and a rout in bonds that's unmatched this century, some investors aren't prepared to take anything for granted in 2023. While optimists are betting on central banks pivoting to interest rate cuts, along with China fully emerging from its Covid isolation and conflict in Europe abating, others are on the lookout for risks that may throw markets back into turmoil.
/jlne.ws/3YWIOOL
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin bans Russian oil exports to countries that implement price cap
Alexander Marrow and Vladimir Soldatkin - Reuters
President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.
/jlne.ws/3jtmcVD
Putin imposes oil ban on buyers complying with G7 price cap; Decree may permit sales of crude products even if importers comply with sanctions introduced by Ukraine's allies
Anastasia Stognei - Financial Times
Russia has hit back at the G7's attempts to cap gains from the country's oil revenues, after Vladimir Putin signed a decree banning sales under contracts that comply with the $60 price ceiling imposed by Ukraine's western allies.
/jlne.ws/3WKAK1w
Russia Leaves Its Options Open for a Tougher Response to Oil Cap
Bloomberg News
On the face of it, Vladimir Putin's response to the G-7 cap on Russia's oil prices looked in line with his previous pledges and did nothing to disrupt global crude supply. But the Kremlin has left itself room for a tougher stance. The decree, signed on Tuesday, bars supplies of nation's crude and fuels to foreign buyers that adhere to the threshold in their contracts. At this stage, it seems a symbolic act given that countries that signed up mostly stopped purchasing already.
/jlne.ws/3hR3Rl7
Russia Says Ukraine Must Surrender Even as Putin's Army Retreats; Lavrov says Ukraine's capitulation is for its own good; Ukraine's army has pushed Russian troops back in recent months
Bloomberg News
Russian Foreign Minister Sergei Lavrov said Ukraine must surrender or face continued war, even as Moscow's troops have been forced to retreat in a series of damaging defeats. In an interview with the state-run news service Tass published Tuesday, Lavrov said Ukraine must cede sovereignty over territories annexed by Russia since President Vladimir Putin's Feb. 24 invasion. He reiterated unfounded claims that Russia's aim in starting the war was "the de-Nazification and de-militarization" of Ukraine.
/jlne.ws/3I98IZG
Putin Claims Moscow Ready for Ukraine Talks as Attacks Go on
The Associated Press
President Vladimir Putin claimed that Russia is ready for talks to end the war in Ukraine even as the country faced more attacks from Moscow - a clear sign that peace wasn't imminent. Putin said in a state television interview, excerpts of which were released on Sunday afternoon that Russia is "prepared to negotiate some acceptable outcomes with all the participants of this process."
/jlne.ws/3jBolPj
Russia's War Has United Europe, but Highlights Bloc's Dependence on U.S.; Putin's energy war has failed to deter EU countries from backing Ukraine, but many fear an endless conflict
Drew Hinshaw and Daniel Michaels - The Wall Street Journal
As the war in Ukraine approaches 2023, Europe has never been as united against Vladimir Putin's Russia-nor as dependent on the U.S. for holding the Russian leader back. For years, the U.S.'s European allies struggled to reach a shared view of Mr. Putin, with France and Germany pushing the case for engaging with the authoritarian leader, over the building frustration of countries closer to Russia, who believed only determined resistance could stop him from pursuing his expansionist agenda in Europe's east.
/jlne.ws/3jx6YPt
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The TRADE predictions series 2023: Foreign exchange, part two; Participants from Manulife, CME Group, OSTTRA and Siege FX unpack what they expect 2023 will hold for the foreign exchange markets.
Editors - The Trade
Peter Welsby, senior multi-asset trader, Manulife: We find ourselves in a market environment that we haven't seen for a while, with increasing geopolitical instability, abundant inflation, diverging policies and greater market volatility. Given these changes, should execution methods remain the same? Should we be continuing down the path of evermore automation and increased algo usage? or is it time to re-examine the benefits that risk transfer can offer?
/jlne.ws/3PVyZfQ
The TRADE's most read stories of the year part one: Major departures and acquisition milestones; Counting down from 10 to seven of the most read news stories on The TRADE over the past year, featuring LSEG's Turquoise, Morgan Stanley, Millennium, BNP Paribas, Deutsche Bank and Citadel Securities.
Editors - The Trade
10. Industry legend Robert Barnes to leave LSEG's Turquoise. Perhaps one of the biggest stories to break at The TRADE this year was the departure of industry legend Dr Robert Barnes from his role as chief executive officer of the London Stock Exchange Group's Turquoise.
/jlne.ws/3WQt2Dg
Bitcoin Miner Argo Blockchain Suspends Trading on NASDAQ
Will McCurdy - Decrypt
Bitcoin mining company Argo Blockchain has requested that trading of its shares and unsecured notes on the NASDAQ stock exchange be suspended until Wednesday. The embattled company, which trades on both the NASDAQ and the London Stock Exchange (LSE), said it is set to make a significant announcement before the start of Wednesday trading. Only its shares on the NASDAQ have been paused.
/jlne.ws/3jBkQIF
Cboe to Re-Open Floor Trading of VIX Options on Wednesday; Cboe Volatility Index Options (VIX) Trading Pit Relocated to Alternate Space on Trading Floor; VIX and VIXW Options Available for Both Electronic and Open Outcry Trading Beginning Wednesday; VIX Trading Pit Sustained Water Damage from Burst Pipe Above Trading Floor; Cboe Trading Floor Remains Open and Available for All Other Cboe Options Exchange Products
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced that it will re-open floor trading of options on the Cboe Volatility Index (VIX) on Wednesday, December 28.
/jlne.ws/3hWHivf
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date December 15, 2022
Nasdaq
At the end of the settlement date of December 15, 2022, short interest in 3,476 Nasdaq Global MarketSM securities totaled 10,247,653,483 shares compared with 10,154,992,155 shares in 3,471 Global Market issues reported for the prior settlement date of November 30, 2022. The mid-December short interest represents 2.84 days compared with 3.21 days for the prior reporting period.
/jlne.ws/3IfT9iy
Caution for Investors
NSE
It has been brought to the notice of the Exchange that entity named "KBK advisory" is providing securities market tips for trading in options assuring/guaranteeing returns on the investment made. The investors are advised not to trade in the securities markets based on the tips/recommendations provided by unregistered investment advisers. The investors should not get attracted or lured by such trading tips and stock specific recommendations. The investors are also cautioned and advised not to subscribe to any such scheme/ product offered by any entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. It may also be noted that the said entity is not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited.
/jlne.ws/3G2pFC2
NYSE Options: 2023 Annual Penny Program Rebalancing
NYSE
Effective January 3, 2023, NYSE American Options and NYSE Arca Options ("NYSE Options", each an "Exchange") will update the list of issues in the Penny Interval Program for Options (the "Penny Program") pursuant to the Annual Review provided for in the Penny Program, as described below. Detailed changes to Penny Program issues can be found here.
/jlne.ws/3vmCoeg
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter rival Mastodon rejects funding to protect non-profit status; Fast-growing open-source microblogging site has seen a surge of interest since Elon Musk took over Twitter
Ian Johnston - Financial Times
Twitter rival Mastodon has rejected more than five investment offers from Silicon Valley venture capital firms in recent months, as its founder pledged to protect the fast-growing social media platform's non-profit status. Mastodon, an open-source microblogging site founded in 2016 by German software developer Eugen Rochko, has seen a surge in users since Elon Musk bought Twitter for $44bn in October amid concerns over the billionaire's running of the social media platform.
/jlne.ws/3Gjw24r
Agritech and foodtech sectors suffer funding slump; Venture capital investments in the sector plunge 44% in 2022 as rising costs and interest rates bite
Emiko Terazono - Financial Times
Venture capital investments into agritech and foodtech start-ups plunged in 2022 amid rising interest rates and questions over the start-ups' business models, raising the prospect for industry consolidation and increased M&A in the year ahead.
/jlne.ws/3Gn0k7f
Indian Fintechs Face a Tough 2023 as Investments Cool, Bain Says; Money will go into risk and compliance, Bain's Pozhath says; Investment metrics change as investors become more diligent
Preeti Singh - Bloomberg
India's $50 billion fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity leading to higher cost of capital for some companies next year, Rakesh Pozhath, partner at consulting firm Bain & Company, said.
/jlne.ws/3C6bCdJ
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity firm links Piers Morgan Twitter hack to leak of 400m records
Amy Remeikis - The Guardian
The former Australian prime minister Scott Morrison appears to have been caught up in a leak of partial data on 400 million Twitter users, along with celebrities including the model Cara Delevingne, US politician Alexandria Ocasio-Cortez and pop singer Shawn Mendes. Morrison's Twitter account was included in a sample of data released by an alleged cybercriminal last week.
/jlne.ws/3WvEX9w
From Log4j to zero trust, agencies have another busy year in cyber
Justin Doubleday - Federal News Network
To nobody's surprise, 2022 was another action-packed year for federal chief information security officers and cybersecurity teams across government.
It started with the clean-up from the Log4j software vulnerability, and has continued with a flurry of new guidance and initiatives.
/jlne.ws/3YVgoVi
New cybersecurity guidance from the White House: A step in the right direction, but there's more to be done
Moshe Zioni - Federal News Network
As most have heard by now, the Office of Management and Budget recently issued new cybersecurity guidance as a follow-up to the Biden administration's executive order from May of last year. The memorandum requires federal agencies to abide by guidance from the National Institute of Standards and Technology when using third-party software in order to safeguard software development and supply chain security.
/jlne.ws/3vlxuhr
6 cybersecurity predictions to look out for in 2023
Chiara Castro - TechRadar
Approaching the final days of 2022, it's time to draw some conclusions on the past 365 days and take a look at what 2023 will bring to the security software industry. During the last 12 months trends have been growing, while showcasing a glance of what the future of cybersecurity might be.
/jlne.ws/3WNqVzX
Microsoft Fined $64 Million by French Data Watchdog Over Cookies
Stephanie Bodoni - Bloomberg
Microsoft Corp. was hit with a EUR60 million ($64 million) fine by France's privacy watchdog over the way it manages cookies on its bing.com search engine and was ordered to make them more customer friendly. CNIL, France's data protection authority said it carried out several checks on the website in September 2020 and May 2021 and "found that when a user visited this site, cookies were deposited on his terminal without his consent, even though they were used for advertising purposes."
/jlne.ws/3WKIO2i
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto.com Promotes Eric Anziani to President & Chief Operating Officer
Crypto.com
Crypto.com announced today the promotion of Eric Anziani to President, in addition to maintaining his current role as Chief Operating Officer (COO). In his expanded role, Mr. Anziani will oversee operations (including customer experience, onboarding and global payments), and he will continue to lead strategy, product, sales, international expansion, data, research and blockchain integration.
/jlne.ws/3I67RIY
Alameda Lent Sam Bankman-Fried $546 Million for Robinhood Stake
Ava Benny-Morrison and Jeremy Hill - Bloomberg
FTX founder Sam Bankman-Fried said he and former executive Gary Wang borrowed more than $546 million from Alameda Research to buy a nearly 8% stake in Robinhood Markets Inc, according to court papers. The pair borrowed the funds earlier this year. The transactions were documented in a series of promissory notes, detailed in an affidavit that surfaced in a dispute in US bankruptcy court in New Jersey on Tuesday.
/jlne.ws/3hOXu1K
Bitcoin Miner Argo Will Avoid Bankruptcy With $100M Bailout from Novogratz's Galaxy
Aoyon Ashraf - CoinDesk
Bitcoin miner Argo Blockchain (ARBK) will avoid filing for bankruptcy protection, after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital (GLXY) for $65 million. The miner will also get a new $35 million loan from Mike Novogratz's crypto-focused financial services firm, which will be secured by Argo's mining equipment, according to a statement sent to CoinDesk.
/jlne.ws/3C44QoE
FTX customers sent money to a fake electronics retailer with a website full of misspelled words that was key to funding SBF's Alameda, report says
Phil Rosen - Business Insider
In the sprawling drama of Sam Bankman-Fried's fallen crypto empire, the obscure, low-profile North Dimension played a key role in putting FTX customer funds into the hands of affiliate Alameda Research and SBF's other ventures. And according to NBC News, North Dimension operated a fake online electronics retail shop, which has now been disabled and archived. The website did not disclose any connection to Bankman-Fried or his companies.
/jlne.ws/3GngXzK
Justice Department Launches Criminal Probe Into $400M FTX Hack: Bloomberg
Cheyenne Ligon - CoinDesk
The U.S. Department of Justice has reportedly launched a criminal probe into the alleged hack that drained nearly $400 million out of FTX-controlled wallets the night the Bahamas-based exchange filed for bankruptcy. Bloomberg first reported the news on Tuesday, citing persons familiar with the case.
/jlne.ws/3Z6AagL
Japan Plans to Allow Local Listing of 'Foreign' Stablecoins Such as USDT and USDC: Nikkei
Sandali Handagama - CoinDesk
Japan's Financial Services Agency is seeking feedback on new regulations that would allow stablecoins issued outside the country to be listed on local exchanges, Japanese newspaper Nikkei reported on Monday.
/jlne.ws/3FWpBDX
Michael Saylor's MicroStrategy Adds Another 2,500 Bitcoin for Nearly $45M
Oliver Knight - CoinDesk
Technology company MicroStrategy (MSTR) has added to its bitcoin stockpile, purchasing approximately 2,395 BTC for $42.8 million in cash between Nov. 1 and Dec. 21 through its MacroStrategy subsidiary, according to an SEC filing.
/jlne.ws/3Gjyhon
Crypto Starts to Look Like Just Another Financial Instrument
Joshua Brustein - Bloomberg
At the beginning of the year, there were two dominant narratives about the transformative potential of cryptocurrencies. The first was that crypto was a radical new financial system and that you could use it to get rich. This proved to be true, at least for a while. The second narrative - that there's something special about the technology underlying crypto that lends itself to becoming the architecture of a better, fairer internet - has not panned out.
/jlne.ws/3vkaqPZ
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| Politics | | An overview of politics as it relates to the financial markets | In 2023, Questions of Survival in Business and Politics; That's the issue facing many enterprises as well as the Tory regime in the UK. Plus a selection of the writer's favorite columns
Adrian Wooldridge - Bloomberg
In global business, the coming year will be all about back to basics. Over the past decade, businesspeople have allowed themselves to dream big dramas about solving society's most pressing concerns. "The problems that are tearing at the fabric of American society require all of us - governments, business and civil society - to work together with a common purpose," Jamie Dimon, chief executive officer of JPMorgan Chase & Co, argued, in his 2021 letter to shareholders. In the coming year, they will forget about those dreams as the job of simply keeping the show on the road becomes harder.
/jlne.ws/3YV3aYI
The EU's Carbon Tariffs Could Make Pollution Worse; Europe's plan to impose a tax on imports made with too much dirty energy may work in the long run, but the short-term impact will be negative.
Tyler Cowen - Bloomberg
There is a right and a wrong way to encourage the world to use greener energy. Unfortunately, the European Union's move toward a carbon tax on imports - essentially a tariff on products made using too much dirty energy - is the latter.
/jlne.ws/3G2kDWr
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| Regulation & Enforcement | | Stories about regulation and the law. | How 4 small Utah banks have taken 'predatory lending' national. It's all thanks to state law, critics say
Craig Harris and Amritpal Kaur Sandhu-Longoria - USA TODAY
Four small Utah banks have landed on a watch list by offering an increasingly common type of "predatory" loan to financially vulnerable Americans, according to a consumer watchdog group. The banks are Capital Community Bank of Provo; FinWise Bank of Murray; First Electronic Bank of Salt Lake City; and Transportation Alliance Bank, or TAB Bank, of Ogden, according to the National Consumer Law Center, a Boston-based nonprofit that specializes in consumer issues on behalf of low-income people.
/jlne.ws/3WA6F5i
Insider trading convictions over healthcare leaks are voided by U.S. appeals court
Jody Godoy and Jonathan Stempel - Reuters
A divided federal appeals court on Tuesday threw out the insider trading convictions of four defendants, including two former hedge fund partners, over leaks from a U.S. healthcare agency about planned changes to Medicare reimbursement rates.
/jlne.ws/3G2DpNg
SEC Obtains Final Judgment Against Arizona Man for Defrauding Elderly Investors
SEC
On December 16, 2022, the U.S. District Court for the District of Arizona entered final judgment by default against Conrad Coggeshall in a previously-filed SEC case that alleged Coggeshall fraudulently raised $700,000 from elderly investors. According to the complaint, Coggeshall told investors they were investing in Business Owners Tax Relief, LLC ("BOTR"), a purportedly successful mergers and acquisitions firm based in New York, when he actually deposited investors' funds into brokerage and bank accounts for an Arizona company he owns with the same name and then used investor funds to trade securities, incurring significant losses, pay personal expenses, and make payments to investors which he falsely represented were interest payments.
/jlne.ws/3jBwqnb
Antonia Apps Named Director of New York Regional Office
SEC
The Securities and Exchange Commission today announced that former federal prosecutor Antonia M. Apps will become Regional Director of the New York Regional Office next month. Thomas Smith and Maurya Keating, who have served as Acting Co-Directors, remain as Associate Regional Directors of the Enforcement and Examinations programs, respectively.
Ms. Apps previously served as an Assistant U.S. Attorney in the Southern District of New York's Criminal Division where she investigated and prosecuted securities fraud cases involving hedge funds, networking firms, broker-dealers, public companies and banks.
/jlne.ws/3Vun35T
Masterminds Behind Singapore's Largest Stock Market Manipulation Jailed
Monetary Authority of Singapore
On 28 December 2022, the High Court sentenced Mr Soh Chee Wen (also known as John Soh), and Ms Quah Su-Ling to a total of 36 and 20 years' imprisonment respectively for, among other things, orchestrating an elaborate scheme to manipulate the shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp Ltd between August 2012 and October 2013, and cheating two financial institutions.
/jlne.ws/3WQG6bp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Credit Market Cracks Widen as Distressed Debt Nears $650 Billion
Neil Callanan, Tasos Vossos and Olivia Raimonde - Bloomberg
Multiple stress points are emerging in credit markets after years of excess, from banks stuck with piles of buyout debt, a pension blow-up in the UK and real-estate troubles in China and South Korea. With cheap money becoming a thing of the past, those may just be the start. Distressed debt in the US alone jumped more than 300% in 12 months, high-yield issuance is much more challenging in Europe and leverage ratios have reached a record by some measures. The strains are largely linked to aggressive rate increases by the Federal Reserve and central banks around the world, which have dramatically changed the landscape for lending, upended credit markets and pushed economies toward recessions, a scenario that markets have yet to price in.
/jlne.ws/3G2AvIm
Congress just approved 401(k) and IRA changes that affect workers across generations. Here are the key points to know
Alicia Adamczyk - Fortune
Saving for retirement just got a little bit easier. Congress approved big changes that can help 401(k) and IRA savers put a little more money away for their futures. A series of new laws-known collectively as Secure Act 2.0-will change the way Americans save for retirement starting in 2023. They are part of the $1.7 trillion spending bill Congress passed late last week, and include upping the age of required minimum distributions (RMDs), allowing unused 529 funds (tax-advantaged savings plan for college expenses) to roll over to a retirement account penalty-free, and making it easier for workers with student loans to save for retirement.
/jlne.ws/3Wu1uDM
Clutch of emerging markets bucks trend with huge ETF outperformance; Chile, India, Mexico and South Korea record year-on-year growth even as global assets fell
Steve Johnson - Financial Times
Financial markets may have slumped across most of the world in 2022, but a handful of countries are on track to see growth in exchange traded fund assets despite the headwind of plummeting valuations. The resilience attests to the growing adoption of ETFs around the globe - particularly in some emerging market economies where uptake has lagged behind more developed countries - as well as some pockets of resistance in financial markets themselves.
/jlne.ws/3jy9BRh
Billionaires Loeb, Asness Blast Cathie Wood's Investing Strategy; High-profile investors criticized the Ark founder for disparaging 'archaic' measures like cash flow and stoking stock mania.
Paulina Cachero - Bloomberg
It's been a tough year for Cathie Wood. And her naysayers are piling on. The founder of Ark Investment Management, who could seemingly do no wrong during the pandemic run-up in asset values, has seen soaring inflation and elevated interest rates crush her exchange-traded funds in 2022. The flagship Ark Innovation ETF, once a byword for market-beating returns, has tumbled more than 65% this year because of a bruising selloff in tech stocks like Tesla Inc. and Zoom Video Communications Inc.
/jlne.ws/3I6R20s
How the World's Biggest Wealth Gainer Added $40 Billion in 2022; India's Gautam Adani has become the third-richest person as an energy boom and increased dealmaking boosted shares of his companies.
Alexander Sazonov - Bloomberg
Gautam Adani has had a spectacular year. He's become Asia's richest person, dethroning peer Mukesh Ambani, and the third wealthiest in Bloomberg's global ranking. While most billionaires have lost money, he's added $40 billion to his net worth in 2022.
/jlne.ws/3vjnIwe
Thiel-Backed Bullish Scraps Crypto SPAC Deal Set at $9 Billion; Merger with Far Peak is latest crypto blank-check deal to end; Move comes amid concerns by US SEC on accounting issues
Joanna Ossinger - Bloomberg
Cryptocurrency exchange Bullish and special-purpose acquisition company Far Peak Acquisition Corp. have called off their planned merger. Once valued at $9 billion, it's the latest digital-asset tie-up to run aground. The decision was made by mutual agreement, according to a statement on Bullish's website. Both Bullish and Far Peak determined they would be unable to meet a requirement that a registration statement with the Securities and Exchange Commission be declared effective in time to allow for a Far Peak shareholder vote prior to year-end.
/jlne.ws/3VJnDwR
Negative-Yielding Bonds Could Be Approaching Their Final Days; Japan is the last major economy to have a target interest rate below zero
Matt Grossman - The Wall Street Journal
Negative yields on government bonds look like they are about to ride off into the sunset. The worldwide sum of negative-yielding debt has almost completely evaporated, another effect of central bankers' efforts to fight inflation around the world. It now stands at $271 billion, down from more than $18.4 trillion two years ago, according to Bloomberg index data accessed via FactSet.
/jlne.ws/3GnUimX
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | U.S. finance faces ESG backlash, more to come in 2023
Ross Kerber, Isla Binnie and Simon Jessop - Reuters
A movement by financial firms and activists to challenge companies over their efforts on climate change and social inequality faced organised and growing push-back in 2022, led by Republican U.S. politicians. Focusing on environmental, social or governance-related issues, ESG in industry parlance, could hit returns to investors, critics said. A rise in oil prices this year bolstered their case by hurting the performance of many ESG funds that had moved away from energy stocks, responsible for producing a large share of climate-damaging carbon emissions.
/jlne.ws/3C5Pwb4
China's EV Market Will Slow in 2023. That Still Leaves It Ahead; Expiring subsidies will weigh on electric-vehicle sales, but China's strength in EVs will prove durable; The retail prices for electric vehicles from China's BYD start at $5,000.
Jacky Wong - The Wall Street Journal
China's rip-roaring electric-vehicle industry will probably downshift a bit in 2023. But it will remain far and away the largest global market-a fact that gives it formidable advantages in the race to dominate the global EV supply chain. Sales of new-energy vehicles in China, which include plug-in hybrids, more than doubled from a year earlier in the first 11 months in 2022 to more than 6 million units, according to the China Association of Automobile Manufacturers. Around a quarter of cars sold in the country are now EVs. That makes China the undisputed EV leader: It accounted for more than half of all EVs sold globally in 2022.
/jlne.ws/3I7H7Im
BP criticised over plan to spend billions more on fossil fuels than green energy; Company's oil and gas investments for 2023 will be as much as double those on renewables
Alex Lawson - The Guardian
BP has been accused of prioritising fossil fuels over green energy as it plans to spend as much as double the amount on oil and gas projects than on renewable investments next year. The FTSE 100 company has earmarked up to $7.5bn (£6.2bn) for oil and gas projects, compared with a range of $3bn to $5bn for green energy.
/jlne.ws/3PZaez7
Harvesting human pee and DIY fertiliser: top conservation issues in 2023; Wetland protection, ailing amphibians and rising sea levels among issues likely to have global impact
Mary Hoff for Ensia via The Guardian
What should people who care about conservation be paying attention to? Every year since 2009, scientists and conservationists from around the world have come together under the direction of researchers from the University of Cambridge to answer that question. Their goal is to "provide novel information that society and decision-makers may wish to consider in legislation, planning and actions that contribute to environmental sustainability and mitigating threats".
/jlne.ws/3I6Py6H
Can Climate Labels on Menus Turn People Off Cheeseburgers? Researchers found that fast-food menus with climate-impact labels can shift people towards choices with lower greenhouse gas emissions.
Zahra Hirji - Bloomberg
Climate labels on fast-food menus can help steer people in the US away from ordering beef - the food with the worst impact on the climate - and towards meals that are better for the planet, according to new research. Food systems contribute roughly a third of global greenhouse gas emissions, and much of it coming from raising cows and other livestock. As people look for climate solutions to rapidly cut down their greenhouse gas emissions, "one of the biggest changes we can make is reducing the red meat we consume," says Julia Wolfson, an associate professor at Johns Hopkins Bloomberg School of Public Health and one of the researchers behind the new study. (The Johns Hopkins Bloomberg School of Public Health is supported by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies.)
/jlne.ws/3I7EUN4
UK weather extremes to become new normal, says National Trust
BBC News
The National Trust has warned that extreme weather seen in the UK in 2022 has set a benchmark for what a typical year could be like from now on. The charity said high temperatures, drought and back-to-back storms have created major challenges for nature. In its annual review, it described such conditions as the "new normal". It said this year was a "stark illustration" of the difficulties many UK species could face without more action to tackle climate change.
/jlne.ws/3VsM7Kv
2022 ISDA Verified Carbon Credit Transaction Definitions
International Swaps and Derivatives Association
The 2022 ISDA Verified Carbon Credit Transaction Definitions are in the form of a standard definitional booklet for physically settled secondary market Verified Carbon Credit (VCC) transactions and are accompanied by template confirmations for VCC spot, forward and option transactions. The ISDA VCC Definitions are designed to be incorporated into a confirmation for a physically settled spot, forward or option VCC transaction.
/jlne.ws/3VIvmeB
Climate Disclosure and ERISA ESG Rules Put Companies on Notice
Joshua Lichtenstein, Michael Littenberg and George Raine - Ropes and Gray via Bloomberg Law
Environmental, social, and governance regulation continues to increase globally, including in the US. Here are three investment-related regulatory developments that will have significant impact in 2023 and beyond. Climate Disclosure. Last March, the Securities and Exchange Commission proposed long-awaited rules that would mandate enhanced climate-related disclosures by most public companies. In contrast to the current principles-based approach to climate disclosure, the proposed rules take a different tack, providing for specific and detailed disclosures relating to climate matters.
/jlne.ws/3C5Ly2y
BNP Defends $20 Billion ESG Call as Downgrades Feed Controversy; The company says sustainability assessment is 'judgment call'; ESG fund market still requires better guidance on definition
Natasha White and Frances Schwartzkopff - Bloomberg
The asset management arm of BNP Paribas SA said using a different interpretation of "sustainable investment" than some of its peers has allowed it to keep the European Union's top ESG tag attached to about $20 billion worth of funds.
/jlne.ws/3VrUQN6
Worldwide: 2022 Wrap-Up On ESG Reporting; European Union Adopts New ESG Reporting Requirements and Other Global Developments
Megan L. Morgan , Lauren A. Hopkins , Deepti B. Gage and Kirstin Gruver - Beveridge & Diamond
As 2022 comes to a close, mandatory Environmental, Social, Governance (ESG) reporting in the United States remains the subject of much debate and political scrutiny. The European Union (EU) and other jurisdictions are moving forward with enacting and strengthening such ESG laws. The EU's approval of the Corporate Sustainability Reporting Directive (CSRD) in 2022, which creates new mandatory ESG reporting obligations, along with Germany and Norway's adoption of mandatory supply chain due diligence legislation, aligns with global trends regarding ESG due diligence and reporting requirements. Looking forward to 2023, regardless of the outcome of mandatory ESG reporting proposals in the United States, companies with a global presence should consider how these new requirements and other emerging legislation will impact their ESG reporting obligations and practices.
/jlne.ws/3hXjW8Q
ESG critics must understand that 'woke capitalism' is driven by supply and demand
Brian Stafford - Fortune commentary
Amid geopolitical and macroeconomic turmoil, three years after the Business Roundtable's landmark statement on the purpose of the corporation, stakeholder capitalism and its focus on environmental, social, and governance (ESG) issues are under attack. Critics of "woke capitalism" are now arguing that a strong focus on ESG is naive in times of economic uncertainty. In my experience as a CEO of a company that works with 700,000 corporate directors and executives in over 130 countries, these criticisms miss the mark and fail to recognize the powerful push from customers, employees, and investors for organizations to stand for more than just financial targets. However, these discussions point to the urgent need to deliver on the promise of stakeholder capitalism-because discussions about climate change, inequality, and conducting ethical business relationships aren't going away.
/jlne.ws/3FYMs1U
Transformational ESG Systems Will Present Huge Business And Career Opportunities In 2023
Joan Michelson - Forbes commentary
"The old systems are being challenged. They're being proven to not be worthy anymore. They're not working. So, this is a weird moment in time... it's overwhelming...It's a moment of transition, and, when things start to break down, that's when new things start emerging. And so, I think in this moment of breakdown, we should not let go of the fact that that is the opportunity for new systems, new economic models, new governance models to emerge," Justin Winter exclaimed in and exclusive interview on Electric Ladies podcast. She's the former head of the Leonardo DiCaprio Foundation and currently Executive Director and Cofounder of One Earth, a platform they describe as "philanthro-activism."
/jlne.ws/3C8jzz3
The Senegal man on a mission to plant five million trees
Jo Hollis - BBC News
A man in southern Senegal has set himself the ambitious task of planting five million trees over the next five years. This visionary project came to Adama Diémé when he returned home to the Casamance region in 2020 after a few years working in Europe. The 48-year-old was shocked that in villages that were populated with hundreds of gigantic trees in his youth, only a handful, if any, now remained.
/jlne.ws/3Ws4Mat
Green-Energy Boom Hinges on Obscure Tax Rules; Companies see boosts in cash flow and lower prices for customers if plan works
Ed Ballard - The Wall Street Journal
This year's climate and spending legislation has already triggered an investment spree. Whether the new rules launch a green-energy revolution in the U.S. depends on a little-understood market for tax credits. The Inflation Reduction Act extended and increased tax credits for wind and solar projects and introduced new incentives for green hydrogen and batteries for the electric grid.
/jlne.ws/3GlxfcC
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | CXM Prime Gains FCA License, Appoints Muinmos' Ashraf Agha as CEO
Solomon Oladipupo - Finance Magnates
CXM Prime, a London-headquartered forex and CFD broker and a part of the CXM Group of Companies, announced on Tuesday that it had been authorized by the UK Financial Conduct Authority (FCA) to offer brokerage services in the country. With the authorization, the broker said it would offer premium liquidity and trading experience to its clients.
/jlne.ws/3PYfVxh
JPMorgan bankers try to lure away Morgan Stanley's tax fund clients; Banks both offer tax-loss harvesting, which has boomed in popularity on Wall Street this year
Joshua Franklin - Financial Times
JPMorgan Chase's army of private bankers is trying to convince its rich clients to move billions of dollars from Morgan Stanley's tax strategy funds on to the bank's own platform, according to people familiar with the matter. The instruction came after JPMorgan announced an expansion in September of its own so-called "tax-smart" platform whose offerings include tax-loss harvesting - the process of selling securities at a loss that can then be used to offset taxable gains, and customised ETF portfolios.
/jlne.ws/3I3uI88
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Epidemics That Weren't: How Countries Shut Down Recent Outbreaks
Stephanie Nolen - The New York Times
When Ebola swept through eastern Congo in 2018, it was a struggle to track cases. Dr. Billy Yumaine, a public health official, recalls steady flows of people moving back and forth across the border with Uganda while others hid sick family members in their homes because they feared the authorities. It took at least a week to get test results, and health officials had difficulty isolating sick people while they waited.
/jlne.ws/3hXIZZo
My burning shame: I fitted my house with three wood-burning stoves; Wood burners are incredibly bad for the environment - and flood our homes with toxins, too. I wish I'd known that in 2008
George Monbiot - The Guardian
It's shame that has stopped me writing about it before. The shame of failing to think for myself and see the bigger picture, which is more or less my job description. Instead, I followed the crowd. In 2008 I was refitting my house. It was a century old and poorly built. Insulating it and installing efficient appliances was expensive but straightforward, and the decisions I made were generally good ones. But the toughest issue was heating.
/jlne.ws/3C3sW2Q
Psychedelic drugs may launch a new era in psychiatric treatment, brain scientists say
Jon Hamilton - NPR
One of the hottest tickets at this year's Society for Neuroscience meeting in San Diego was a session on psychedelic drugs. About 1,000 brain scientists squeezed into an auditorium at the San Diego Convention Center for the symposium, called Psychedelics and Neural Plasticity.
/jlne.ws/3I5XeG2
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Set to Import First Crude Shipment From Russia Since May
Sharon Cho and Stephen Stapczynski - Bloomberg
Japan is set to import its first crude oil shipment from Russia in more than half a year, as the government pushes energy importers to stockpile fuel in a bid to avoid future shortages.
/jlne.ws/3PXd1sI
Good Samaritans in Buffalo step up to the plate as western N.Y. hit by 'blizzard of the century'
Garin Flowers - Yahoo!News
A ravaged Buffalo, N.Y., faced more snowfall on Tuesday as the death toll from the weekend's blizzard continued to rise. Residents of the western part of the state worked to recover from the deadliest storm the area has seen in at least two generations. During a press conference on Monday, New York Gov. Kathy Hochul called it the "blizzard of the century." The National Weather Service recorded more than 49 inches of snow in Buffalo, where authorities said at least 28 people have died. Across the U.S., at least 60 weather-related deaths were reported.
/jlne.ws/3jz3sEn
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| Miscellaneous | | Stories that don't quite fit under the other sections | This Happily Married Ex-Finance Executive Wants to Help You Get Divorced
New website The Exit aims to be the WebMD for couples splitting up.
Angel Adegbesan - Bloomberg
A retired Wall Street executive, who has been happily married for 25 years, is creating a website he hopes will be a top destination for people going through divorces and breakups.
/jlne.ws/3vi8h7H
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