| March 07, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2022 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
We made a couple of changes to JLN this morning. We have introduced a Ukraine Invasion section for news directly related to that conflict. Secondly, we moved the Wellness Exchange section down by ESG. We hope the Ukraine Invasion section is very temporary, although this conflict is having wide ranging effects on our markets and relationships.
The pandemic is waning in some parts of the developed world, but raging in other parts, including Hong Kong. China is seeing an impact from the Hong Kong flare up, the largest number since the Wuhan outbreak. Hong Kong is seeing a record number of people leave, Bloomberg reported.
The Financial Times has a Special Report this morning on Exchange Traded Funds. The description of the report is "Trendy ETFs remain in fashion despite hits from market falls. Plus: flight to 'safe havens' runs its own risks; themed funds accused of being a 'bull market fad'; BlackRock funds ride high on ethical investment inflows."
Here are the stories from the FT's Exchange Traded Funds Special Report:
- Fund followers struggle to capture value of fickle fashion; Despite their patchy performance, thematic strategies with plausible narratives are proliferating (FT)
- Trendy funds remain in fashion despite hits from market falls; Global listings of thematic ETFs have surged since 2020, despite their investment risks (FT)
- BlackRock funds ride high on ethical investment inflows; Younger investors who manage their own accounts drive demand for ESG-themed funds (FT)
- Watchdogs divide over opening up retail risk of crypto funds; Global financial hubs are divided on encouraging access to disruptive virtual assets (FT)
- Flight to 'safe haven' funds runs its own risks; Investors are seeking to protect portfolios against inflation and geopolitical risk (FT)
- Thematic ETFs tend to launch just before a steep fall in returns; Research finds tailored funds have a poor record of returns despite their strategies' appeal (FT)
Trading Technologies has open positions to fill in Chicago, London, Pune and Ahmedabad. They have internships available too. You can search for available jobs on this LinkedIn page.
MEMX reported that it hit new market share and volume records in February, including a market share of 4.74% on February 25 and with a notional value of $35.7 billion on February 24. (Memx)
Caroline Corrigan O'Hare has joined Stable as vice president, head of marketing. She formerly was the head of brand and digital marketing at Intercontinental Exchange, where she had also been the director of energy marketing. Corrigan O'Hare also spent 18 years at Bloomberg. She joins Stable, the innovative start-up that provides risk management tools for commodities that don't have listed derivatives; Stable won the Innovator competition at FIA EXPO. Welcome to Stable, Caroline.
Caitlin Tucker has been promoted to senior director, communications at Cboe Global Markets. Congratulations Caitlin.
Mike Bickford is the latest to give to the JLN MarketsWiki Education GoFundMe Campaign. Mike was at the American Stock Exchange when I first met him in the early 2000's. He also worked for OCC and NYSE Regulation more recently before retiring in March 2020, which sounds like a good time to do that. Thank you to Mike and all who have given and all who have yet to give to help support our efforts to preserve industry history and educate the next generation of industry professionals and market participants.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
++++
Iwanaga Moriyuki - OSE President & CEO Offers Update on Exchange Initiatives
JohnLothianNews.com
Iwanaga Moriyuki, President and CEO of the Osaka Exchange (OSE), updated John Lothian News about several important exchange initiatives at Japan Exchange Group (JPX) in an interview over Zoom last week. He spoke with John Lothian from Tokyo, with an image of the Osaka Exchange projected behind him, and gave JLN an exclusive interview.
Iwanaga spoke about the new derivatives trading platform for Tokyo Commodity Exchange (TOCOM) and OSE, J-GATE 3.0, launched last September and how that has improved the markets.
Watch the video »
++++
Russian Stocks Deemed "Nearly Worthless"; S&P Global Merges with IHS Markit; CME Group to Launch Micro-Sized Bitcoin and Ether Options
JohnLothianNews.com
"Alex Perry's Optionstopia" takes a look at this week's options news highlights: Russian Stocks Deemed "Nearly Worthless"; S&P Global Merges with IHS Markit; CME to Launch Micro-Sized Bitcoin and Ether Options
Term of the Week: What can options do from Euronext
Watch the video »
++++
++++
Russia's Invasion of Ukraine: New Financial and Trade Sanctions
Congressional Research Service
On February 24, Russia launched a full-scale invasion of Ukraine. On February 26, the leaders of the European Commission (the European Union's main executive body), France, Germany, Italy, the United Kingdom, Canada, and the United States announced that specific Russian banks will be removed from the SWIFT (Society of Worldwide Interbank Financial Telecommunication) financial messaging system, as well as measures to prevent the Russian central bank from accessing a portion of its international reserves. Between February 22 and February 25, the United States and allies also expanded sanctions on Russian sovereign debt, Russia's two largest banks (Sberbank and VTB, which account for about 50% of banking assets in Russia), and technology exports to Russia, among other targets. For more on U.S. and allied responses to Russia's invasion, see CRS Insight IN11869, Russia's Invasion of Ukraine: Overview of U.S. and International Sanctions and Other Responses, and CRS Insight IN11866, Russia's Invasion of Ukraine: NATO Response.
/jlne.ws/3HJ4uEe
**** Here is a source the Congressional leaders in the U.S. are getting for this crisis.~JJL
++++
Putin's war on Ukraine is taking a grave human toll; Humanitarian crisis requires aid for trapped civilians and refugees
The editorial board - FT
Russian forces are deploying medieval siege tactics against their Ukrainian neighbours, encircling cities and cutting them off, then relentlessly bombarding them. Russian troops are accused of repeatedly violating ceasefires this weekend intended to allow evacuation of civilians. By Sunday, the UN human rights office put confirmed civilian deaths at 364.
/jlne.ws/34jvI6v
***** Are we ready for the humanitarian crisis? No. But you would be surprised how many people are willing to step up and help. ~JJL
++++
Putin Picked the Wrong Country to Mess With
Anastasiia Lapatina NY Times
For months, Ukraine worried and agonized about a potential invasion. But in just over one week of hellish war, Ukrainians revealed themselves to be some of the bravest people in the world. Against Russia's full-scale assault, civilians across the country have been courageously, even terrifyingly, defiant. There's the man who stood in front of a Russian tank, pushing against it to stop it from advancing. And the man who picked up an unexploded mine from the road with his bare hands and carried it deep into a forest, with a cigarette in his mouth.
/jlne.ws/3pIIgfj
***** There is something to be said for protecting your homeland. The Ukranians are tough, and very smart, resourceful people.~JJL
++++
How to Tell News Fact from Fiction, Even During a War; People have been sharing information about the war in Ukraine on social media without verifying it. News-literacy tactics taught in school can benefit many of us
Julie Jargon - WSJ
The challenge of determining the credibility of online news has gotten a lot harder. Russia's invasion of Ukraine, unfolding in real time on traditional and social media, has demonstrated that anyone can be misled. A media professor publicly put himself in the penalty box after retweeting a pair of out-of-context photos on Ukraine, as well as a false report on Russia's progress into Kyiv. "It's very easy to get caught up in the emotions of war," David Carroll, associate professor of media design at Parsons School of Design, said. Photos in two of his retweets weren't part of the current crisis, he said, and perhaps he should have first tried to search the images in Google. "I was retweeting well-respected, verified people," he added.
/jlne.ws/3Czd2N3
****** This should be a class taught to every kid in school.~JJL
++++
2021 RSM Classic Raises More than $5.5 Million for Children- and Family-focused Charitable Organizations; Tournament has raised nearly $29 million for those in need since 2010
RSM US LLP
RSM US LLP ("RSM") - the nation's leading provider of audit, tax and consulting services focused on the middle market and title sponsor of The RSM Classic, an official PGA TOUR event hosted by the Davis Love Foundation - is pleased to announce that the 12th annual RSM Classic (Nov. 15 - 21, 2021) raised $5,580,325 for children- and family-focused charitable organizations. This brings the grand total raised for those in need through the tournament since its inception in 2010 to $28,869,523.
/jlne.ws/3tAnK1E
****** RSM, thank you.~JJL
++++
Friday's Top Three
Our most read story on Friday was The Problem with Jon Stewart (YouTube) How Redditors Exposed The Stock Market. Placing second was Bloomberg The Bond King's Genius Was No Match for His Ego. Reporting by Marketwatch on Stewart's interview with the SEC was the third most read story on Friday: MarketWatch 'They crowdsourced a way of rooting out corruption,' Jon Stewart praises Reddit Apes in interview with SEC's Gensler.
++++
MarketsWiki Stats
26,758 pages; 237,629 edits
MarketsWiki Statistics
++++
|
|  | | |
| 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
| | | Jeff Bergstrom
Editor
| | | Alex Perry
Associate Editor
| | | 
|
| |
|
|
 | |
| Lead Stories | Financial system withstands first week of Russia sanctions; Global funding markets weather pressure as stocks fall and commodity prices rise
Kate Duguid, Joe Rennison and Colby Smith - FT
The unprecedented economic sanctions imposed on Russia in response to its invasion of Ukraine represented a calculated risk. The US, the EU and other governments moved in the face of warnings that their actions could foul up the short-term lending markets that underpin global finance. So far, the worst fears of market participants have not materialised. Measures of short-term borrowing stress have risen, but remain well below the levels of past crises, and Federal Reserve facilities set up during the pandemic to help foreign central banks access dollars have been little used.
/jlne.ws/3w1mxmX
Ukraine reveals nature of war in the age of weaponised networks; The scale and speed of interconnection is quickening the pace of armed conflicts, not replacing them
Rana Foroohar - FT
The British author Norman Angell argued in 1910 that war was obsolete because of economic interdependence between countries. More recently, political scholars including Robert Keohane and Joseph Nye have made the case that global "networks of interdependence" would have a pacifying effect. A century ago, those networks included steamships, railroads and the telegraph system. Today, they include financial markets, multinational supply chains and the internet.
/jlne.ws/3Cjs6y7
Bankers Are Abandoning Hong Kong as Beijing and Covid Remake the City; More and more of the white-collar professionals who help shape Hong Kong believe its best days are over.
Cathy Chan, Ambereen Choudhury, and Denise Wee - Bloomberg
In Hong Kong's affluent Mid-levels, in the subtropical foothills of Victoria Peak, the talk today among well-heeled expatriates inevitably turns to one subject: Who will be the next to leave. Down the mile-long escalator, in the skyscrapered Central business district, the quiet exodus is gaining momentum. A few bankers at Citigroup Inc. A few more at JPMorgan Chase & Co., Morgan Stanley and HSBC Holdings Plc.
/jlne.ws/3sPRCYo
What a Ban on Russian Oil May Mean for an Already Chaotic Market; Brent jumps to near $140 on talk of possible prohibition; About 5 million barrels a day could be affected, says ANZ
Elizabeth Low - Bloomberg
Brent crude soared almost 18% to just shy of $140 a barrel at the open in Asia following news over the weekend that the U.S. and its European allies are discussing a possible ban on Russian oil exports. It's the latest development in an eye-watering surge in prices since the invasion of Ukraine, which has thrown energy markets into disarray and has the world bracing for a major inflationary shock. Here's what analysts are saying about the likely implications of a prohibition on Russian oil.
/jlne.ws/3hIwn4y
Class-action lawsuit takes aim at Cusip, S&P, FactSet & ABA; A complaint filed March 4 seeks judgment on whether Cusip Global Services, S&P Global, the American Bankers Association, and (now) FactSet have violated copyright laws as well as the Sherman Antitrust Act by charging hefty licensing fees to use the industry utility.
Rebecca Natale - Waters Technology
A class-action complaint filed today in the Southern District of New York alleges that S&P Global, Cusip Global Services (CGS), the American Bankers Association (ABA), and now FactSet—CGS's new operator—"have conspired for decades to eliminate competition" in the use of Cusip numbers, and that the hefty licensing fees that S&P and CGS have for years charged financial institutions to use the numbers are "based on bogus and malleable claims that a copyright owned by the ABA allowed them to impose these restrictions."
/jlne.ws/3ttId8c
Justice Department to Step Up Focus on White-Collar Crime Victims; Companies will be expected to address the issue of individuals harmed by white-collar crime when negotiating settlements with prosecutors, senior official says
Dylan Tokar - WSJ
The Justice Department intends to increase its focus on the flesh-and-blood victims of white-collar wrongdoing, while also placing greater accountability on the individual executives directly responsible for such crimes, a senior official said. The speech by Kenneth Polite, assistant attorney general of the Justice Department's criminal division, is the latest to reinforce the agency's emphasis on holding individuals accountable for white-collar crime, as opposed to only levying fines on companies.
/jlne.ws/3KoTa1w
For German Firms, Ties to Russia Are Personal, Not Just Financial; The economic fallout from Russia's invasion of Ukraine is only part of the pain for German companies.
Melissa Eddy - MY Times
When Peter Fenkl heard that Russia had invaded Ukraine, he said his first thoughts were not for the business his German company stood to lose in either country, but for the fates of his employees in the region, who over years of business dealings and shared drinks had become more than just colleagues. "These are more than just business relationships, they are real friendships," said Mr. Fenkl, the chief executive of the company, a maker of industrial fans. "We have sat next to each other in meetings, had beers together."
/jlne.ws/35xfis2
Former Citi executive joins Copper.co as chief operating officer; The new COO brings extensive financial services experience to Copper.co, having served at Citi, Deutsche Bank, Goldman Sachs and JP Morgan.
Wesley Bray - The Trading
Digital asset custody and trading infrastructure provider Copper.co has appointed Sabrina Wilson as chief operating office with immediate effect. Wilson brings considerable experience in financial services to Copper and will lead the firm's operations and serve its growing client-base, as tier 1 banks and financial institutions continue to allocate funds to digital assets.
/jlne.ws/3sPoHEb
Former JP Morgan executive joins AccessFintech as head of derivatives product line; Incoming head brings over 30 years' experience in investment banking to AccessFintech, having spent almost two decades at JP Morgan.
Wesley Bray - The Trade
AccessFintech has appointed Fabrice Carrier as the head of its derivatives product line. Carrier brings over 30 years' experience in investment banking to AccessFintech, having previously served at JP Morgan in various senior management roles for close to two decades.
/jlne.ws/35Zo8i5
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin likens Western sanctions to war as Russian assault traps Ukrainian civilians
Pavel Polityuk and Aleksandar Vasovic - Bloomberg
Russian President Vladimir Putin said Western sanctions were akin to war as his forces pressed their assault on Ukraine on Saturday for a 10th day and the IMF warned the conflict would have a "severe impact" on the global economy.
/jlne.ws/3HHfim5
Ukraine Spends $15 Million of Crypto Donations on Military Gear; Bornyakov expects crypto donations to reach $100 million soon; The country has been getting donations in Bitcoin, Ether
Olga Kharif - Bloomberg
Ukraine has already spent $15 million of the donations it received in cryptocurrencies on military supplies, including bulletproof vests that were delivered Friday, according to Alex Bornyakov, deputy minister of Digital Transformation of Ukraine. The Ukrainian government anticipates doubling the $50 million of crypto donated so far in the next two or three days, Bornyakov said in an Zoom interview from an undisclosed location inside Ukraine. Most of the donations have been in Bitcoin and Ether.
/jlne.ws/3IKkPd3
London's Billionaire Playground Challenged by War's Reality; U.K. finally starts move to improve ownership disclosure; Real-estate agents worry about the effect on premium market
Jack Sidders - Bloomberg
From King Constantine II of Greece and Saudi Arabia's Sheikh Yamani to Russian billionaire Roman Abramovich, London's mansions and penthouses have been a preferred haven for superrich exiles and expats since at least the 1970s. Vladimir Putin's invasion of Ukraine, and the subsequent targeting of Russia's overseas money, threatens to end the British capital's near 50-year run as the plutocrat's playground of choice.
/jlne.ws/3tvK4t7
Putin Is Raising an Iron Firewall Around Russia; An array of Western media companies including YouTube are suddenly harder to reach, making Russia's version of the web look increasingly like China's.
Parmy Olson - Bloomberg
Up until Friday, millions more Russians were tuning in to Western media channels to try and get an alternative view to their heavily partisan, state-news channels. That's now gone. Russia has embarked on an extraordinary effort to raise a national firewall, making its relatively-free and open version of the Internet look increasingly like China's. The websites for BBC Russia, Voice of America, Deutsche Welle and Radio Free Europe were widely inaccessible to Russian users, according to multiple reports and network tracking services. Facebook had seen a "degradation" of service for Russian users who are struggling to load videos on the site, Meta Platforms Inc. said. And then media regulator Roskomnadzor announced it had blocked the site because Facebook had suspended Russian media accounts.
/jlne.ws/35AU6B8
Bloomberg to Temporarily Halt Work of Its Journalists in Russia
Reto Gregori - Bloomberg
Bloomberg News will temporarily suspend the work of its journalists inside Russia after President Vladimir Putin signed legislation that criminalizes independent reporting in the country. "We have with great regret decided to temporarily suspend our news gathering inside Russia," Bloomberg Editor-in-Chief John Micklethwait said Friday. "The change to the criminal code, which seems designed to turn any independent reporter into a criminal purely by association, makes it impossible to continue any semblance of normal journalism inside the country."
/jlne.ws/3Ms5UX1
EU Weighs Looser Aid Rules as Ukraine War Hits Bloc's Economy; Nations braced for severe economic consequences of crisis; Commission is looking at 'all tools' at its disposal
Stephanie Bodoni
The European Union is weighing how to help stem the economic hit from the war in Ukraine, including a possible relaxation of the bloc's tough state-aid rules. mThe European Commission is "looking at all tools at our disposal" and "is ready to use the full flexibility of its state-aid toolbox," spokeswoman Arianna Podesta said in an email. EU nations would be consulted before any new measures were adopted, she said.
/jlne.ws/3CiMkbg
These Are the Companies Cutting Ties With Russia Over Ukraine; Exits reverse 30 years of investment by foreign businesses; Criticism of banks and companies seen doing too little grows
Adam Majendie - Bloomberg
Netflix, TikTok, Samsung and credit card operators have joined the lengthening list of businesses cutting ties with Russia or reviewing their operations in the country as reputational and financial risks mount.
/jlne.ws/3tE7FYv
Ukraine invasion fuels 'fastest growing refugee crisis in Europe since second world war'; More than 1.5mn have fled the country over 10 days in the face of Russian onslaught
James Shotter - FT
The flood of people escaping Ukraine in the wake of Russia's invasion has become the fastest growing refugee crisis in Europe since the second world war, the UN's high commissioner for refugees has warned. Filippo Grandi said on Sunday that "more than 1.5mn" refugees had fled Ukraine in the past 10 days, and officials in neighbouring countries said they expected the number to rise rapidly.
/jlne.ws/3ILbema
The international community needs new solutions to support the education of a generation of displaced children and youth
Maysa Jalbout - Brookings.edu
The war on Ukraine is a stark reminder to the Western world that displacement is not the exclusive fate of people from the Global South. The United Nations High Commissioner for Refugees (UNHCR) estimates that up to 4 million Ukrainians, mostly women and children, could end up being refugees in neighboring European countries. For now, Ukrainian refugees are being welcomed and provided voluntary humanitarian assistance. Only time will tell how long they will remain in the countries where they fled, but the sad reality is that many will stay for a long time, as the average refugee is displaced for 20 years. In the weeks ahead, it will be imperative to provide Ukrainian children and youth with access to education as quickly and seamlessly as possible. Inside Ukraine, UNICEF estimates almost 350,000 children are without access to schools.
/jlne.ws/3HJC2ln
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat Futures - Expanded Daily Price Limits Effective Until May 2022
CME Group
The Board of Trade of the City of Chicago, Inc. ("CME" or "Exchange") previously advised via SER 8873 dated October 2, 2021 that effective November 1, 2021 the daily price limits of the Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat futures contracts (the "Contracts") were reset at $0.50 per bushel expandable to $0.75 per bushel pursuant to Exchange rules. Effective on trade date Monday, March 7, 2022 (pending CFTC approval)
/bit.ly/3hJQfnR
Performance Bond Requirements: Agriculture, Energy Margins - Effective March 07, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
The rates will be effective after the close of business on March 07, 2022.
/bit.ly/3pFTKzZ
CBOT will amend the daily price limit to $0.85 per bushel and the expanded price limit to $1.30 per bushel of the Contracts until the next regularly scheduled daily price limit reset in May 2022.
/jlne.ws/3sNxd6i
Equity Index market briefing March 2022
Eurex
Zubin Ramdarshan, Head of Equity & Index Product Design, Eurex
The past week's events in Ukraine have cast a shadow over us all. However, at a human level, it has been hugely encouraging to witness the immense support and willingness for a positive outcome for the people impacted.
/bit.ly/35VG9hh
Euronext announces volumes for February 2022
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for February 2022.
/bit.ly/3IQLrZU
Intercontinental Exchange Announces the Election of Marti Tirinnanzi to the ICE Board of Directors
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that its Board of Directors has elected Marti Tirinnanzi as a new Director, effective March 4, 2022. Ms. Tirinnanzi, who currently serves on the Board of Directors of ICE Mortgage Technology, Inc. and Board of Managers of ICE Mortgage Services, LLC, the governing board of MERSCORP Holdings, Inc., which are both subsidiaries of ICE, fills a newly created seat on ICE's Board.
/bit.ly/3pEBwiz
Alert Concerning "NEXT FUNDS Russia RTS Linked Exchange Traded Fund(1324)"
JPX
With regard to the ETF "NEXT FUNDS Russia RTS Linked Exchange Traded Fund " (Securities Code: 1324) listed on the Tokyo Stock Exchange, the management company of the ETF has been suspending applications for creation and redemption of the ETF since February 24, 2022, due to difficulties in trading Russian stocks. As a result, the balance of supply and demand for the ETFs in the secondary market of the Exchange has been affected, and the market price and NAV tend to deviate from each other.
/jlne.ws/3sMzqPp
Miami International Holdings Reports February 2022 Trading Results; MGEX Sets New Volume Records
MIAX
Miami International Holdings, Inc. today reported February 2022 trading results for its U.S. exchange subsidiaries - MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group™), and Minneapolis Grain Exchange (MGEX™).
/bit.ly/3MwLht1
Russian equities excluded from Nasdaq's indexes; The move comes as part of Nasdaq's commitment to ensuring full compliance with all relevant sanctions imposed on Russia.
Wesley Bray - The Trade
The ongoing and escalating sanctions imposed by the United States, the European Union and the United Kingdom, in relation to exchange-listed Russian securities and international investors' ability to transact in them, is being closely monitored by Nasdaq. The firm stated that it is committed to ensuring full compliance with all relevant sanctions imposed on Russia.
/jlne.ws/36YLkgI
Shanghai International Energy Exchange has released its Announcement of Market Makers for Futures and Options
SHFE
Shanghai International Energy Exchange has released its Announcement of Market Makers for Futures and Options as follows:
/bit.ly/3tuiWKU
What SGX expects of issuers in respect of sanctions-related risks, subject or activity
SGX
International bodies and national governments have now and again imposed restrictions on certain activities or transactions with targeted jurisdictions, entities and persons, with the primary aim of achieving foreign policy or national security goals. These measures are known as sanctions. The types of sanctions imposed may be wide-ranging, including financial and trade sanctions, freezing of assets, travel bans or arms embargo.
/bit.ly/3HOG2RP
SGX suspends Gazprom GDR
SGX
Singapore Exchange (SGX) notes the 5 March 2022 announcement by the Ministry of Foreign Affairs on the Singapore government financial measures in relation to Russia, including prohibitions against entering into transactions or arrangements, or providing financial services that facilitate fund raising by entities owned or controlled by the Russian government. The prohibitions apply to buying and selling new securities, providing financial services that facilitate new fund raising by, and making or participate in the making of any new loan to the above entities.
/bit.ly/3vLP1Rs
Boerse Stuttgart Group donates for Ukraine aid; 100,000 euros go to the Stuttgart-based aid organization STELP e.V.
Boerse Stuttgart
Supporting where the need is greatest - that is the mission of the association STELP e.V. In order to help the people affected by the war in Ukraine, the Stuttgart-based aid organization is currently transporting food, blankets and other urgently needed supplies to the crisis region. Boerse Stuttgart Group is now supporting STELP e.V. with donations amounting to 100,000 euros. 50,000 euros will be donated to the organization immediately. With another 50,000 euros, Boerse Stuttgart Group will double the privately made donations of its employees in connection with Ukraine until the end of March 2022.
/jlne.ws/322zRr2
TMX Group Equity Financing Statistics - February 2022
TMX Group
TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for February, 2022. TSX welcomed 11 new issuers in February 2022, compared with 22 in the previous month and 21 in February 2021. The new listings were nine exchange traded funds, one financial services company and one industrial services & products company. Total financings raised in February 2022 increased 114% compared to the previous month, but were down 87% compared to February 2021. The total number of financings in February 2022 was 38, compared with 48 the previous month and 61 in February 2021.
/bit.ly/3Klr07I
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Digital Startups Are Challenging the Veterans of Employee Assistance; Soaring anxiety has created an opening for tech-savvy newcomers.
Matthew Boyle - Bloomberg
For the better part of a century, companies have offered various levels of support to stressed-out employees, with substance abuse treatment, counseling sessions, and referrals to therapists. Those initiatives—started in the 1940s to combat alcoholism on the factory floor—helped create a multibillion-dollar industry of companies that administer programs and provide a buffer of anonymity for workers fearful of the stigma attached to asking for help. But rising rates of distress because of Covid-19, coupled with an accelerated shift to virtual health-care services that accompanied the pandemic, have yielded a slew of newcomers seeking to unseat the veterans of the business. "Finally we have innovation occurring in the mental health field," says Mike Thompson, chief executive officer of the National Alliance of Healthcare Purchaser Coalitions, which represents 12,000 employers. "This had been a sleepy place."
/jlne.ws/37ebI6F
Fintech Startup Zeta Raises $30 Million, Teams With Mastercard
Saritha Rai - Bloomberg
Zeta Services Inc., a banking and credit card technology unicorn, has raised $30 million from investors including Mastercard Inc., and the two announced a five-year collaboration to help customers launch credit card services.
/jlne.ws/3Coxe3R
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Goldman Analyst Warns Cyberwarfare Could Inflict Economic Costs
Simon Kennedy
A Goldman Sachs Group Inc. analyst warned an escalation of Russia's conflict with Ukraine could spark "malicious cyber activity" with the potential to inflict significant economic and social costs. n a wrap of research on the topic, economist Ronnie Walker said cyberattacks have been said to cause about $1 trillion damage to the world economy each year and that two-thirds of them in recent years were attributed to Russia.
/jlne.ws/3KmWQ3T
The Russia-Ukraine Cyberwar Could Outlast the Shooting War; Cyberattacks by both sides could lead to the kind of collateral damage that is difficult to avoid in cyberspace
Christopher Mims - WSJ
Alongside the physical violence of the Russian assault on Ukraine, a parallel cyberwar is under way that has little, if any, precedent. The digital battle so far has proceeded in ways cyberwar specialists didn't expect—and that has many of them concerned about how the technological dimensions of Europe's worst conflict in decades will play out. In particular, they're concerned about its potential to spill beyond the borders of the two combatants.
/jlne.ws/36YHV1q
US Senate passes Strengthening American Cybersecurity Act • The Register
Jeff Burt - The Register
Russia's invasion of Ukraine, and the possibility that the Kremlin may escalate its cyberespionage against the West after being heavily sanctioned, has convinced the US Senate to unanimously pass a bipartisan cybersecurity bill.
This draft law would, among other steps, force critical infrastructure companies to report attacks and ransomware payments.
/jlne.ws/3KeRhoe
Hackers expose the foolishness of trusting 'the cloud' with our data; Our modern way of life depends on these systems - a big collapse would cascade throughout the whole economy
Andrew Orlowski - Telegraph
Ten days ago, I began to receive urgent calls from my contacts in the microprocessor industry in California. Over at the world's most valuable chip company, Nvidia, internal systems had been paralysed, and staff were not allowed to return to their desks as the company sought to assess the damage. The Telegraph duly broke the news to the world....
/jlne.ws/3MuX8rl
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | China Vows to Continue Strict Crackdown on Crypto Speculation; PBOC lists crypto restrictions among priorities next year; Bitcoin trading drops to 10% of the global market from 90%
ByJialiang David Pan - Bloomberg
China reiterated it would continue its crackdown on crypto speculation, according to a statement from the country's central bank on Friday. The annual meeting, which is convened by the People's Bank of China, maps out regulatory priorities for the country's financial market in the coming year. Heads of local banks, National Internet Finance Association of China, foreign currency settlement and clearing services providers participated a conference call meeting on Tuesday, POBC said in the statement.
/jlne.ws/3pFZiL8
Cryptocurrency Exchange FTX to Start European Operations
Emily Nicolle - Bloomberg
Cryptocurrency exchange operator FTX Trading Ltd. is poised to start offering services in Europe and the Middle East, following its rapid rise to become one of the U.S.'s most prominent venues for trading digital assets. The company said FTX Europe will offer the parent's products and services to European Union clients via a partnership with a "licensed investment firm" it didn't name. FTX Europe will be headquartered in Switzerland, with approval to operate from the Cypriot financial regulator CySEC. The company will also have a regional base in Cyprus, it said in a statement Monday.
/jlne.ws/3hN2O1Y
Can speed-hungry hedge funds make hay from crypto volatility?; Richard Balmer, director of network product strategy at IPC, explains how massive price swings in the digital asset space could provide an enticing opportunity for computer-driven fund managers.
Richard Balmer - The Trade
After a prolonged period of low FX market volatility, quant focus hedge funds, renowned for transacting a large number of orders fractions of a second faster than regular investors, are now setting their sights on crypto.
/jlne.ws/3Mu6uUl
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | The U.S. Can Turn Europe Into Putin's Nightmare; Fortress America: NATO expansion, permanent U.S. deployments in Eastern Europe and a fearsome Navy presence in the Black Sea.
James Stavridis - Bloomberg
As the world grapples with crafting an effective response to Russian President Vladimir Putin's illegal and immoral invasion of democratic neighbor Ukraine, three key approaches have emerged. The first is the imposition of crippling sanctions, which over time will strangle the Russian economy. The second is military support to the Ukrainians and a promise to help train, organize and equip both conventional forces and ultimately — if necessary — a powerful resistance.
/jlne.ws/3vJmI5U
Senior Democrat warns against tough clampdown on crypto; Ron Wyden says regulatory push should not snuff out innovation in digital finance
Kiran Stacey - FT
One of the Senate's most powerful Democrats has warned his colleagues against cracking down too hard on the booming cryptocurrency industry, likening it to the internet in its infancy. Ron Wyden, chair of the Senate finance committee and one of the architects of US internet regulation, urged members of his party to protect crypto innovators despite concerns about fraud and money laundering within the industry.
/jlne.ws/3i2m8IJ
US officials hold Venezuela meetings amid hunt for alternative oil supplies; Shift in US policy towards longstanding Russia ally may pave way for easing sanctions on Caracas
Michael Stott and Gideon Long - FT
A high-level US delegation has met top government officials in Venezuela, as the world seeks alternative suppliers to replace Russian oil if western sanctions on Moscow are tightened after its invasion of Ukraine. Juan González, the top White House official on Latin America, was in Caracas on Saturday for meetings with President Nicolás Maduro's government, according to a source familiar with the discussions. Two other sources confirmed that a senior US delegation was in Caracas for meetings.
/jlne.ws/3sQoPmR
A new Europe is emerging from the tragedy of Ukraine; The war has prompted urgent EU membership applications from countries seeking sanctuary from Russian aggression
Sylvie Kauffmann - FT
Who would have thought only a month ago that the EU, an organisation so unwieldy that Britain chose to leave, would be seen as the ultimate refuge by nations desperately looking for security?
/jlne.ws/3hRaOi9
Germany to Build LNG Terminal to Reduce Russian Gas Dependence
Stefan Nicola - Bloomberg
Germany is partnering with Nederlandse Gasunie NV and RWE AG to build a liquefied natural gas terminal in the country as Europe's biggest economy tries to wean itself off Russian energy imports. The country's state-owned KfW bank has signed a memorandum of understanding with the two energy firms to build an LNG terminal in the northern port city of Brunsbuettel, the German economy ministry said Saturday. While Gasunie will operate the facility, the German government will own half of it via KfW.
/jlne.ws/34hiQOr
Hong Kong Exodus Continues With Record Number of People Leaving
Danny Lee - Bloomberg
A total of 5,082 people departed Hong Kong on Sunday, the most since the city was hit with its most severe and far-reaching wave of Covid. That took last week's tally to a net 22,965 departures from all ports. The figure for the seven days through Sunday was 4.4% higher than the previous week, according to Immigration Department data.
/jlne.ws/3Cz0iGd
|
| | | |
|
| |
| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Charges Venture Capital Fund Adviser with Misleading Investors
SEC.gov
SEC Charges Venture Capital Fund Adviser with Misleading Investors
The Securities and Exchange Commission today charged venture capital fund adviser Alumni Ventures Group, LLC (AVG) with making misleading statements about its management fees and engaging in inter-fund transactions in breach of fund operating agreements. The SEC also charged AVG's CEO, Michael Collins, with causing AVG's violations. To settle the charges, AVG repaid $4.7 million to affected funds and agreed to pay a $700,000 penalty, whereas Collins agreed to pay a $100,000 penalty.
/jlne.ws/3vLnAar
UK regulator hints at potential return to lending for Amigo Loans; Financial Conduct Authority will not block new scheme at hearing this week but does not rule out intervention
Siddharth Venkataramakrishnan - FT
The Financial Conduct Authority has laid the ground for Amigo Loans to potentially resume lending, saying it will not oppose the group's new financial plan when it is presented to court this week. The watchdog's decision not to intervene at this stage is an important step for the troubled payday loans company after it rejected a previous proposal, although it is only one of many barriers to a full-scale recovery.
/jlne.ws/37bhaqP
First Singapore Presidency of FATF - Senior Advisor (International) MHA T. Raja Kumar Appointed As The Next FATF President
Monetary Authority of Singapore
At the Financial Action Task Force (FATF) Plenary that ended on 4 March 2022, the Plenary officially selected Mr. T. Raja Kumar as its next President, to replace Dr. Marcus Pleyer. Mr. Raja will assume office on 1 July 2022 for a fixed two-year term. The FATF is the global money laundering and terrorism financing watchdog. It is an inter-governmental body established by G7 in 1989 that sets international standards to prevent and combat money laundering, terrorism and proliferation financing. The FATF also evaluates and monitors member jurisdictions to ensure they implement the FATF Standards fully and effectively.
/jlne.ws/36XlWrF
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'Ludicrous' Wheat Fuels Investor Frenzy and Farmer Angst; Futures near record high as grain elevators try to cool prices; Analyst calls situation a 'crazed cash market scenario'
By Kim Chipman and Michael Hirtzer - Bloomberg
Wheat's biggest weekly surge ever is prompting investors to rush toward the amber grain while nervous U.S. farmers worry about missing out. Wheat prices are diverging in some local markets, with the differential between cash prices and benchmark futures on the Chicago exchange plummeting as wheat buyers balk at the highest prices since 2008. That's potentially sidelining farmers who are already contending with the worst farm cost inflation in years.
/jlne.ws/3sEplnH
Big Money Unloads Stocks as Day Traders Buy in Spiraling Market; Clashing views abound amid hawkish Fed, raging war in Europe; Russia/Ukraine conflict means 26% difference for S&P 500: UBS
Lu Wang and Vildana Hajric - Bloomberg
The Dow has fallen four straight weeks, the VIX is near 32, recession signals are surfacing and war in Europe is dousing sentiment. With trouble everywhere, getting a handle on who's doing what in the stock market is hard, but one overarching trend took shape this week as the S&P 500 slid in four of five days. Professional traders, while keeping a hand in for stock picking, took a broad step back, while individual investors kept the money flowing.
/jlne.ws/3hLkVFb
Russia Swaps Signal 80% Chance of Default on Ruble Decree; CDS sellers demand $5.8 million upfront to protect $10 million; Questions arise about default outcomes on ruble payment option
Laura Benitez - Bloomberg
The cost of insuring Russia's government debt rose to a record high after President Vladimir Putin signed a decree allowing it to repay foreign creditors in rubles, raising concerns about the prospects of a default across the country's $33 billion of dollar bonds. Credit-default swaps insuring $10 million of the country's notes for five years were quoted at about $5.8 million upfront and $100,000 annually on Monday, signaling around 80% likelihood of default, according to ICE Data Services. ICE is the main clearing house for European CDS. The upfront cost that protection sellers demanded on Monday rose from around $4 million last week.
/jlne.ws/3ClxQY6
**** Here is the |FT version of this story.
Russian Stock Dumped for 1 Cent Shocks Retail Investors on EToro; The trading platform told users that it would liquidate positions in Russian supermarket operator Magnit, leaving many saddled with large losses.
Charlie Wells and Loukia Gyftopoulou - Bloomberg
Dmitriy Knyazev knew that owning any Russian stocks amid the country's invasion of Ukraine was dicey. But, he reasoned, it was a long-term bet he could manage. That calculus changed when he got a surprising message Thursday from his online broker, EToro: His 7,357 shares of Russian supermarket operator Magnit PJSC — a company that weeks ago was worth billions of dollars — were being sold for about 1 cent each.
/jlne.ws/3KmKskC
Nickel Jumps 40% as Russia Supply Risk Sparks Huge Short Squeeze; Base metal used in batteries and steel surges on supply fears; Nickel market is the tightest since 2000s, Citigroup says
Bloomberg News
Nickel surged as much as 40%, in one of the most extreme price moves ever seen on the London Metal Exchange, as fears over Russian supplies leave buyers exposed to a historic squeeze.
/jlne.ws/3CklGP0
Why oil prices might still climb higher; The loss of Russian supply will be hard to replace even if the US shale industry increases production
Derek Brower - FT
Russian troops were preparing to invade another former Soviet republic. Crude prices were soaring. Western countries were imploring Saudi Arabia to open the taps. This was in 2008, just before Vladimir Putin sent Russian tanks across the border into Georgia. The US oil price eventually hit an all-time high of nearly $150 a barrel.
/jlne.ws/3Kp6OBO
When global market bets went wrong; International diversification did not work for US investors
Philip Coggan - FT
It has been described as the easiest free lunch in investment: diversify your portfolio and you achieve a better trade-off between risk and reward. That still seems true when it comes to the number of stocks that investors own within their domestic market. But new research by Elroy Dimson, Paul Marsh and Mike Staunton of the London Business School shows it has not always been the case with international diversification.
/jlne.ws/3HTTsM9
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Half of Insured Americans Owe Medical Debt, Boosted by Covid
Alexandre Tanzi - Bloomberg
More than half of Americans have medical debt -- whether they have health insurance or not. A recent survey of 1,250 U.S. adults found that 56% owe health-related debt and almost one in six people with medical bills aren't currently paying it off. A large chunk of the debt came from Covid-19 treatment and testing, according to the poll conducted by Affordable Health Insurance.
/jlne.ws/3KjCfO4
Global Covid Deaths Top 6 Million as Omicron Wave Leaves Scars; Milestone reached despite vaccines slashing fatality rates; Covid continues to kill thousands of people every day
Jinshan Hong - Bloomberg
More than 6 million people worldwide have died from Covid-19 two years after the novel pathogen started spreading globally, despite the distribution of vaccines that slashed fatality rates across the globe. The latest 1 million recorded deaths came more slowly than the previous intervals. It took about 125 days to go from 5 million deaths to 6 million, compared to 117 days to hit the 5-million mark and less than 90 days each to reach the 3- and 4-million ones. The pace has returned to what was seen during the first year of the pandemic, when the virus was still taking hold.
/jlne.ws/3pIR4l8
China's Covid-19 Cases Hit Highest Daily Total Since 2020 Wuhan Outbreak; Surge in infections driven in part by severe Hong Kong outbreak, with many new cases found in quarantine
Sha Hua - WSJ
China logged its highest daily total of locally transmitted Covid-19 infections in more than two years, with the highly transmissible Omicron variant of the coronavirus posing a fresh test to China's ability to quickly smother outbreaks. China's National Health Commission said Monday that it had detected 526 domestic infection cases, 214 of which were symptomatic, on the prior day, marking the single highest daily tally by either measure since the initial pandemic outbreak in the central Chinese city of Wuhan in early 2020.
/jlne.ws/3hLzF77
Hybrid Immunity Kept Omicron Deaths Low in Countries Where Millions Aren't Fully Vaccinated; Nations hit hard by last year's Covid-19 Delta wave acquired high levels of protection through infection
Jon Emont - WSJ
When the highly infectious Omicron variant reached Asia a few months ago, India and Indonesia had a major gap in their defenses: Two-thirds of their populations were yet to be fully vaccinated. But the countries are emerging from their most recent Covid-19 waves with a fraction of the deaths they recorded during the onslaught of the earlier Delta variant. Their deaths per capita are even lower than more vaccinated places that have better healthcare systems such as South Korea, Japan and Hong Kong.
/jlne.ws/3Ctvfvm
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | ESG Finds Itself at Crossroads After Investing in Putin's Russia; Sustainable funds are holding Russia Bonds, as well as shares of companies like state-run Gazprom.
Saijel Kishan, Alastair Marsh, and Frances Schwartzkopff - Bloomberg
An investing movement that promotes itself as a protector of people and the planet has somehow found itself providing capital to the autocratic regime behind Europe's worst military conflict since World War II. Funds labeled ESG -- an acronym that denotes a commitment to environmental, social and governance interests -- own shares of Russia's state-backed energy behemoths Gazprom PJSC and Rosneft PJSC, as well as its biggest lender Sberbank PJSC. The funds also hold Russian government bonds, providing money that ultimately helped pad the coffers of President Vladimir Putin's autocracy.
/jlne.ws/3tFq6MN
ESG May Be an Antitrust Violation
Mark Brnovich - WSJ
The biggest antitrust violation in history may be in plain sight. Wall Street banks and money managers are bragging about their coordinated efforts to choke off investment in energy. It's nearly impossible to raise money to explore for oil and gas right now, and we may all be experiencing rising energy costs because of this market manipulation. Russian and Chinese aggression overseas also is exacerbating inflation.
/jlne.ws/3MxoTPW
Drill, baby, drill' is back amid the energy crisis, and that puts ESG efforts on the back burner
Debbie Carlson - MarketWatch
There's nothing like sticker shock to make consumers rethink priorities, and interest in climate action may be one of those.
Assets under management in environmental, social and governance (ESG) exchange traded funds and mutual funds have grown sharply, coinciding with greater public demands to mitigate climate change.
/jlne.ws/3tuwBSc
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Japan-focused low carbon STOXX index licensed to Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Qontigo
Qontigo has licensed the iSTOXX MUTB Japan Low Carbon Risk 30 Index to Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS). The index will be used as an underlying for an ETN to be listed on the Tokyo exchange on March 22. The iSTOXX MUTB Japan Low Carbon Risk 30 Index is derived from the iSTOXX MUTB Japan Quality 150 Index and tracks the performance of 30 Japanese securities which have the best Carbon Risk Rating scores.
/jlne.ws/3HOTqFz
State Street's Fund Unit Halts Purchases of Russian Securities
Silla Brush - Bloomberg
State Street Corp.'s fund unit halted purchases of Russian securities across its portfolios as the Ukraine invasion continued to reverberate across global financial markets. Less than 0.01% of State Street Global Advisors' assets are exposed to Russian securities, primarily through funds tracking equity or fixed-income indexes, the Boston-based company said Friday in an emailed statement. "We have been actively engaging with index providers to push for the removal of Russian securities from their indices, which many have announced will commence next week," State Street said.
/jlne.ws/3HKU3Qe
UBS Bonus Pool Rises 10% as Archegos Mars Dealmaking Boom
CEO Hamers earned $12 million in total compensation for 2021
Bonuses said to decline 10% for traders following Archegos hit
By Myriam Balezou and Marion Halftermeyer - Bloomberg
UBS Group AG raised its bonus pool for last year by a comparatively modest 10% as the Swiss bank balances the need to retain talent after a bumper year for dealmaking with losses from the collapse of Archegos Capital Management.
/jlne.ws/37ecel7
UBS reveals $10mn of loans to sanction-hit clients; World's biggest wealth manager says direct risk exposure to Russia was $634mn at the end of 2021
Owen Walker - FT
UBS has revealed it has $10mn of loans outstanding to clients hit by western sanctions imposed in response to Russia's invasion of Ukraine. The Swiss lender also announced in its annual report on Monday morning that it has around $200mn of exposure to Russian assets used as collateral in Lombard lending, which are loans secured against a portfolio of liquid assets like equities and bonds, and other secured financing.
/jlne.ws/3MwJGn1
BGC partner claims he was 'unwitting dupe' in alleged $35mn fraud; Partner blames junior adviser for diverting tax payments into their personal accounts in lawsuit filed by US broker
Kadhim Shubber - FT
A senior BGC partner has said he was the "unwitting dupe" of a lower-paid colleague he blamed for an alleged $35mn scheme to defraud the broker, arguing that he is not liable to repay millions of the company's cash he has already spent.
/jlne.ws/3sNT0Lb
Spacs tap hedge funds in desperate hunt for cash; Regulatory scrutiny, scandals and poor performances have led investors to redeem funds at increasing rates
Joshua Franklin and Nikou Asgari - FT
Dealmakers looking to take companies public through Spac mergers are making short-term agreements with hedge funds in a desperate bid to replace cash being pulled by investors. The agreements underscore the struggles that special purpose acquisition companies are facing to complete mergers, after plunging in popularity since the frenzy that took over Wall Street during the peak of the pandemic.
/jlne.ws/3KFjEMH
Cathie Wood: 'a boom or bust investor' tries to keep a sinking Ark afloat; Plus, writedowns on Russian assets, commodities price shock, and Louise Bourgeois at the Hayward Gallery
Harriet Agnew - FT
The courage of her convictions
On a rainy Thanksgiving last November, I found myself in a pink Spanish colonial house in a leafy suburb of Nashville, Tennessee. Framed photographs of assorted Kennedys, Thatchers and Reagans looked down upon me, surrounded by four sleeping dogs, as I received a whistle-stop tour of supply-side economics from a man who has made studying taxation and incentives his life's work.
/jlne.ws/35CCuoD
JPMorgan polls investors over potential exclusion of Russian debt from indexes
Reuters
JPMorgan, which runs the most widely used emerging market bond indexes, is polling investors over the potential exclusion of Russia's local and hard currency debt from its benchmarks.
/jlne.ws/3hJbxSu
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | EN+ executive chair Greg Barker to step down; Russian metals group studies plans to spin off its international assets
Neil Hume - FT
Greg Barker, a former Conservative minister, has resigned as chair of EN+ as the Russian metals group considers carving out its international operations into a new company. Barker joins an exodus of City of London grandees and executives from boards of companies with close Russian ties amid growing international alarm over the civilian toll of Vladimir Putin's invasion of Ukraine.
/jlne.ws/3pIvcXc
Oil major Total sticks with Russia despite exit of rivals; French group increasingly isolated as corporates rush to sever links with Moscow
Sarah White and Leila Abboud - FT
TotalEnergies has no plans to go back on its decision to remain in Russia unless the EU brings in more sanctions, despite international pressure and the withdrawal of rival oil groups following the invasion of Ukraine. The French company's stance has made it increasingly isolated after both BP and Shell said they would end shareholdings or joint projects with state-owned Russian oil companies Rosneft and Gazprom, though it is not clear how they would shed the stakes or find buyers.
/jlne.ws/3sMOnRA
Shell stands to make $20mn from contentious Russian oil trade; Discounted cargo was bought days after group announced it was pulling back because of war
Neil Hume and Tom Wilson - FT
Shell stands to make a $20mn profit from a cheap cargo of Russian crude it bought just days after the oil major announced it was pulling back from the country following its invasion of Ukraine. When the London-listed company revealed on Monday plans to exit its joint venture in Russia, its chief executive Ben van Beurden said he was shocked by the loss of life in Ukraine, resulting from a "senseless act" of military aggressive, which "threatens European security".
/jlne.ws/3hL1Bbj
Russian Aluminum Giant's Owner Considers Splitting Foreign Operations; EN+ reviews Rusal strategy in wake of Russia's invasion of Ukraine
Alistair MacDonald - WSJ
The controlling shareholder of Rusal, 486 34.08% Russia's largest aluminum producer, said it was exploring a separation of the company's international operations and that its British chairman was stepping down. The dual announcements from EN+ Group International PJSC come as the war in Ukraine causes various challenges for companies operating in Russia, prompting some Western-based businesses to re-evaluate their presence in the region.
/jlne.ws/3pIFuXx
Boeing's Big Bet on Russian Titanium Includes Ties to Sanctioned Oligarch; Plane maker has suspended buying the metal from Russia but must still deal with ties with company linked to sanctioned oligarch and Putin ally
Andrew Tangel - WSJ
Boeing Co. BA -4.24% has suspended parts of its business in Russia, but it still has to deal with its relationship to a key titanium supplier led by a sanctioned oligarch who once worked in the KGB with President Vladimir Putin. The plane maker years ago made a big bet on the country's titanium, crucial for manufacturing its commercial jets and military aircraft, and Boeing has warned that geopolitical changes could create supply problems in the future.
/jlne.ws/3pJakiO
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2022 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
