| October 07, 2016 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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ALTSO Rocks
Just a quick note of thanks to all who attended and supported A Leg To Stand On's Rocktoberfest charity event for kids last night in Chicago at City Winery (and yes they serve beer). A great evening of music from some of the industry's top professionals and a great crowd. Special thanks to Chuck Mackie, and Ray McKenzie, who led the efforts again for this year's event. They were honored by Mead Welles with a special ALTSO award for their contributions. Next up is ALTSO's Hedge Fund Rocktoberfest in New York on October 27th at where else, the Hard Rock Cafe.
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Frankfurt and Stockholm MarketsWiki Education Events Postponed
By JLN Staff
We are delaying the Frankfurt and Stockholm events of our MarketsWiki Education World of Opportunity series due to logistics complications in Stockholm. We are seeking a new venue there after the one we thought we had secured became unavailable due to unforeseen circumstances.
We had originally scheduled the October 27 event in Frankfurt at the Alte Boerse. We hope to make new arrangements in Stockholm and and new date for Frankfurt.
Meanwhile, our London event is open for registration. Please sign up your interns, students and newer employees for our series featuring a list of terrific industry leaders and professionals.
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Former New Jersey Governor Jon Corzine Near $5 Million CFTC Settlement
By ARUNA VISWANATHA, JUSTIN BAER and ANDREW ACKERMAN - WSJ
Former New Jersey Gov. and Goldman Sachs Group Inc. Chief Executive Jon Corzine is nearing a deal to pay $5 million to end a U.S. regulator's lawsuit stemming from the 2011 collapse of commodities brokerage MF Global Holdings Ltd., according to people familiar with the matter.
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***JB: For some perspective on that settlement, Corzine received an $8 million pay package the year MF Global went bankrupt.
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The Smart Person's Guide to Paying Taxes
Jesse Drucker - Bloomberg
Three years after he resigned from the White House, Richard Nixon offered this advice: "Make sure you pay your taxes." He had refused to make his tax returns public during his two successful presidential runs. Then, in his second term, Congress looked into his filings amid suspicions raised about his deductions. "I am not a crook," he declared, but the inquiry concluded he owed almost half a million dollars. Ultimately, the Watergate scandal, which broke just before the tax controversy, forced him to quit in 1974.
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***** My father always taught me that paying a lot of taxes was a good thing. It meant you made a lot of money. Give unto Caesar what is Caesar's and all that.
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Gary DeWaal, Katten Muchin Rosenman - Regulation, Compliance and the Grandma Test
MarketsWikiEducation.com
"The more you apply your inherent skill set to a job, and the more that job requires your inherent skill set, the greater the formula is for success. And, more importantly, the happier you'll be."
When you are faced with a difficult decision, picture this: you're sitting at Thanksgiving dinner, the family is gathered around the table, and grandma comes in holding a newspaper with your picture on it. If she is happy to read about your decision, it was probably a good decision. If not, it was probably the wrong decision.
Gary DeWaal knows regulation. He knows that good financial market regulation serves the public interest, and is neither overly prescriptive nor overly ambiguous. Good financial regulation addresses not only the state of the market structure, but also anticipates the future of the market and its participants.
He says that no regulation is perfect, but that the perfect should not be the enemy of the good. And as for those minor imperfections? Well, grandma is watching.
Watch the video »
****This is the fourth of our ten New York 2016 presentations. We recently released http://www.johnlothiannews.com/2016/09/bill-looney-cboe-champions-mindset/|Bill Looney of CBOE,]] Kristin Boggiano of Guggenheim Partners, Bill Harts of the Modern Markets Initiative, Adena Friedman of Nasdaq. and Kenny Polcari of O'Neil Securities We will finish out the New York run just as the team steps onto the plane for London.
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Neurensic and Thompson Coburn LLP to host Disruptive Trading Practices Symposium
Neurensic
The algorithmic trading revolution has forever changed our capital markets, as a majority of trading on exchanges is now performed by high-speed computer programs. Today, many trading organizations are armed with powerful quantitative techniques such as big data analytics, signal processing and artificial intelligence.
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****** I will be protesting this event, just to be disruptive in my own way.
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Manhattan's Dead Rabbit Is Named the World's Best Bar; The World's 50 Best Bar awards is out. Time to get drinking.
Troy Patterson - Bloomberg
The 2016 installment of the World's 50 Best Bars is not a good list.
To be clear, regarded as a tally of places that put out first-rate cocktails, it is manifestly sound. Manhattan's Dead Rabbit Grocery & Grog taking top honors is just: To shuffle across the sawdust of the Rabbit's unpretentious downstairs taproomÂor to sip cocktails in its deliciously pretentious upstairs parlorÂis to refresh one's understanding of hospitality.
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***** Journalists know about bars. They are experts. It is amazing this bar is in Manhattan, not London, though.
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Thursday's Top Three
Our top read story yesterday was, well, our own story from John Lothian, "CHX: Ownership Matters. Sadly, the picture of PDiddy counting cash was second, which went with the Quartz piece Listen to Wu-Tang: The fundamentalz of financial analysis, according to rappers, which was number three. Who knew y'all? Speaking of music, if you want to hear Matt Scharpf's original song Roanoke, just go here and hit play. Amazing. Have a good weekend.
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| Lead Stories | Flash Crash of the Pound Baffles Traders With Algorithms Being Blamed
Netty Idayu Ismail, Lukanyo Mnyanda - Bloomberg
Move 'caught the market wrong-footed': Westpac's Killen; Sterling dives 6.1% in minutes during Asia hours, snaps back
During two chaotic minutes of Asian trading, the pound plunged the most since the Brexit referendum in June, with traders saying computer-initiated sell orders exacerbated the slump.
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Russia Becomes a Grain Superpower as Wheat Exports Explode
Anatoly Medetsky - Bloomberg
Almost 25 years after watching the Dawn of Communism collective farm where he grew up land in the dustbin of history, Andrey Burdin is helping turn Russia into something the communists never could: a grain-export powerhouse.
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Schwab 'robo adviser' more than doubled assets over the last year
Trevor Hunnicutt - Reuters
Investments in Charles Schwab Corp's (SCHW.N) "robo adviser" service grew to surpass $10 billion in September, more than double the year-ago level, a spokeswoman said Thursday. The automated investment service, Schwab Intelligent Portfolios, allocates cash among exchange-traded funds according to formulas based on client questionnaires.
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Wall Street-Bred Tech Startup Symphony Is Here To Stay
Antoine Gara - Forbes
Two years ago, when a consortium of heavyweight financial firms including BlackRock, Bank of America, Citadel, Citigroup, Goldman Sachs and Morgan Stanley ponied up a collective $66 million to back the creation of messaging company, Symphony Communication Services, many took the launch as a direct challenge to Bloomberg's near monopoly over communications on Wall Street.
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London's Euro Clearing May Not Be Up for Grabs, Hammond Says
John Detrixhe, John Micklethwait - Bloomberg
Any ECB attempt to move clearing would take time, Hammond said
LSE CEO has said 100,000 jobs are at risk if clearing moves
Clearing has become a pawn in the post-Brexit battle for London's financial services industry, but U.K. Chancellor of the Exchequer Philip Hammond says it may not necessarily be up for grabs after all.
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Wall Street Regulator Set to Vote on Mutual-Fund Liquidity Rules
Benjamin Bain - Bloomberg
SEC says it will consider proposed regulations on Oct. 13; Mutual funds would need liquidity risk management programs
Some of the world's biggest fund managers may soon face new rules designed to ensure they can meet investor redemption demands by easily selling assets.
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NYSE Probes Market-Maker IMC Financial; Some investors in Versum Materials say the firm caused them losses Monday at closing auction
By BRADLEY HOPE - WSJ
The New York Stock Exchange's internal regulators are investigating the decisions of a market maker who operates on the trading floor after several investors said he caused them losses Monday, according to people familiar with the matter.
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'Flash crash' decimates sterling
By Anirban Nag - Reuters
Sterling lost a tenth of its value in minutes on Friday, in what traders said was a "flash crash" driven by computer-initiated sell orders that left the pound at a fresh 31-year-low and heading for its worst week since January 2009.
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IMF, global finance leaders fret over populist backlash
David Lawder - Reuters
World finance leaders on Thursday decried the growing populist backlash against globalization and pledged to take steps to make trade and economic integration benefit more people currently left behind. Their comments at the start of the International Monetary Fund and World Bank fall meetings signaled frustration with persistently low growth rates and the surge of public anger over free trade and other pillars of the global economic system.
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CFTC Financial Data For Futures Commission Merchants Update
Mondovisione
Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) must file monthly financial reports with the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) within 17 business days after the end of the month. Selected financial information from these reports is published below.
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Market Integrity and Hedge-Fund Morale
By Matt Levine
Look, if you are an investment banker with inside information about upcoming deals, you shouldn't tell your brother about them, and he shouldn't tell his brother-in-law, and the brother-in-law shouldn't trade on that information. I think we can all agree on that. The Supreme Court pretty clearly can:
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Canada Sets the Trend on Climate
Bloomberg Editorial Board
Canada is an unlikely model for climate-change policy. As things stand, it's a long way from keeping the promise it made as part of the Paris agreement to sharply cut carbon emissions. But its government is now proposing to make this right -- and with an approach that deserves to be widely copied.
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| Brexit | | Financials stories regarding the recent decision of the United Kingdom to leave the European Union | Hammond Says Britain Still Open for Business Amid Brexit Nerves
Simon Kennedy and John Micklethwait - Bloomberg
Chancellor of the Exchequer Philip Hammond dismissed mounting speculation that the British government is turning anti-business as it prepares to leave the European Union. In a Bloomberg Television interview on Thursday during his first trip to New York's Wall Street as finance minister, Hammond said Prime Minister Theresa May's administration isn't pursuing a so-called hard Brexit, recognizes the value of the country's finance industry and will continue to welcome high-skilled foreigners.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | War Communism Meets Central Clearing
Streetwise Professor
I believe that I am on firm ground saying that I was one of the first to warn of the systemic risks created by the mandating of central clearing on a vast scale, and that CCPs could become the next Too Big to Fail entities. At ISDA events in 2011, moreover, I stated publicly that it was disturbing that the move to mandates was occurring before plans to recover or resolve insolvent clearinghouses were in place. At one of these events, in London, then-CEO of LCH Michael Davie said that it was important to ensure to have plans in place to deal with CCPs in wartime (meaning during crises) as well as in peace.
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MGEX Announces Board Of Directors Election Results
Mondovisione
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), announced the results of its annual Board of Directors (Board) election, held October 6, 2016. Re-elected to the Board were Martin F. Farrell, Christopher T. Matzdorf and Michael O. Miller. Newly elected to the Board was Kerry L. Melius. All were elected to serve two-year terms.
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SGX to report 1Q FY2017 results on 19 October
SGX
Singapore Exchange (SGX) is reporting first-quarter results for Financial Year 2017 (FY2017) after the market closes on 19 October 2016.
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New Member Of SIX Group Executive Board
SIX
The Board of Directors of SIX has elected Daniel Schmucki as new Chief Financial Officer (CFO) at SIX and therefore as member of the Group Executive Board. Daniel Schmucki has long-standing and broad experience as a CFO in a complex and challenging environment. He will take up his role on 1 April 2017 at the latest.
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Access to funds in China via Vestima
Deutsche Boerse
Residents of Hong Kong international investors can continue to invest across the global funds processing platform Vestima Clearstream directly into funds domiciled in China, if they are included in the program for mutual recognition of funds between mainland China and Hong Kong. The Mutual Recognition of Funds (MRF) allows asset managers from Hong Kong and China sales recognized funds in both jurisdictions.
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| Politics | | An overview of politics during an election year as it relates to the financial markets | The cold war past haunts our electronic future; Russians have always believed that the real value of cyber is psychological warfare and influence
by: Gillian Tett
This year's US election has given rise to plenty of peculiar developments. Here is another one: Carbon Black, a cyber security firm, has released a poll suggesting that 58 per cent of voters think it "likely" that electronic voting machines could be cyber-hacked. Indeed, popular concern is so high that 15m voters may refuse to participate, Carbon Black says, noting that "voters believe a US insider threat (28 per cent), Russia (17 per cent) and the candidates themselves (15 per cent) pose the biggest risks".
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US election outcome surpasses jobs data for dollar
Roger Blitz - Financial Times
Pity the poor foreign exchange investor. On top of analysing what central banks' policymakers do and what they say, they now have to take a view on what they do not say. The market is trying to fathom the consequences of the US election on the dollar, in the total absence of guidance from the Federal Reserve.
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Steven Woolfe collapse: Nigel Farage launches inquiry after Ukip leadership favourite is 'punched by colleague'
Laura Hughes, Asa Bennett, Christopher Hope, Steven Swinford and David Chazan - The Telegraph
Nigel Farage has launched an official inquiry after the favourite to become the next Ukip leader collapsed outside the European Parliament amid reports he was punched by a colleague. Ukip said that Steven Woolfe collapsed outside the European Parliament following a "clear the air" meeting with colleagues this morning.
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Donald Trump Urged Congress to Loosen Tax Rules in Early 1990s; Push came several years before Republican candidate's $916 million in losses on 1995 tax return
By JOHN D. MCKINNON - WSJ
At a packed congressional hearing in late 1991, Donald Trump painted a bleak picture of the downtrodden real-estate industryÂincluding his own businessÂas he begged lawmakers for help.
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | Could the 'Flattener' Trade Be Running Out of Steam?
Ben Eisen - WSJ
Rates traders for months have been betting that long-term bond yields will fall relative to short-term ones  and for months it's been paying off. But that bet on the so-called flattening of the yield curve may be in the nascent stages of reversal. Strategists at Ned Davis Research say they're closing out their so-called "flattener" trade, citing a shift in technical and fundamental indicators.
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The Worst of Both Worlds
Craig Lazzara - S&P Dow Jones Indices
For active managers, investment results are partly a function of skill and partly a function of the environment in which that skill is exercised. Even perfect foresight has only conditional value. Imagine, for example, a manager who can always identify the top quintile of performers in a given market. If the top quintile outperforms the index as a whole by 20%, that will make for spectacular value added. If its outperformance is only 2%, the results are much less inspiring  but the manager's skill is the same in both cases.
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How Wall Street's unrealistic expectations created a crisis for Twitter
by Timothy B. Lee - Vox
Twitter CEO Jack Dorsey hasn't had much luck turning Twitter around. Photo by Kimberly White/Getty Images for Vanity Fair
The stock market is freaking out over a report that Google is dropping out of the race to buy Twitter. Other rumored bidders, including Apple and Disney, are also expected to pass, according to Vox.com sister site Recode. That could mean that only one company  Salesforce.com  makes a formal bid for the popular social media site later this month.
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Pound struggles to recover after plunging 6% in 2 minutes; Algorithmic traders blamed for spurring sudden drop during thin Asian trading
by: FT reporters
The British pound suffered a sudden fall of more than 6 per cent against the US dollar early on Friday before recovering most of its losses, amid mounting concerns over the UK's exit from the EU.
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Hargreaves Lansdown chief urges funds to act over fees; Regulators should force asset managers to pass on fewer costs to investors, says head of UK's largest broker
by: Aime Williams - FT
The chief executive of Britain's biggest retail broker has waded into the row over fund costs, arguing that regulators should force asset managers to pass on fewer costs to investors, and to be more open about what is being charged.
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Merrill Lynch to End Commission-Based Options for Retirement Savers; Move intended to bring firm into compliance with so-called 'fiduciary' rule
By MICHAEL WURSTHORN - WSJ
Merrill Lynch will no longer give retirement savers the option of paying a commission for trades, a wholesale exit from the traditional Wall Street sales model in accounts that stand to be affected by new conflict-of-interest rules on retirement accounts.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | U.S. dealers see some borrowing costs rise after fund reform: Fed survey
Reuters
More than half of the 23 U.S. primary dealers expect certain types of short-term borrowing costs to rise after new rules on money market funds go into effect next week, according to a Federal Reserve survey released on Thursday.
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Deutsche Bank as Next Lehman Brothers: Far-Fetched but Not Unthinkable
James B. Stewart - NY Times
All it took was the threat of a $14 billion fine against Deutsche Bank for the word "contagion" to rear its ugly head. Global markets have been shaken up in recent weeks over fears that Deutsche Bank, a symbol of German financial might and Europe's fourth-largest biggest bank by assets, cannot absorb a fine of that magnitude. The German government said flatly that it would not bail out the bank, leading to what some called market "panic" that Deutsche Bank could face a messy Lehman Brothers-style collapse and set off a global financial crisis.
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ITG Launches Volume Participation Forecasting Tool NYSE:ITG
Globe Newswire
ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced the launch of the Volume Participation Forecaster App, an online tool that aims to answer essential single-day trading questions by forecasting market volumes every 15 minutes during the trading day. The application uses data from recent market conditions along with historical average values to forecast how quickly those conditions are likely to return to their median values.
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Credit Suisse McCormack Said to Leave Prime Brokerage Role
Nishant Kumar, Donal Griffin - Bloomberg
Kieren McCormack is leaving his senior position within Credit Suisse Group AG's unit that deals with hedge fund clients, as Chief Executive Officer Tidjane Thiam pushes on with cost cuts, people with knowledge of the matter said.
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IMF chief gives Deutsche Bank tough advice, says need deal on fine
David Lawder and Arno Schuetze - Reuters
IMF chief Christine Lagarde gave Deutsche Bank (DBKGn.DE) some tough advice on Thursday, saying Germany's biggest lender needed to reform its business model and rapidly reach a deal with U.S. regulators over a potentially huge fine.
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German companies ready to provide capital for Deutsche Bank: Handelsblatt
Reuters
The chief executives of several German blue-chip companies have discussed Deutsche Bank's problems and are ready to offer a capital injection if needed to shore up Germany's largest lender, newspaper Handelsblatt reported on Thursday.
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Deutsche Bank Said to Weigh Capital Options With Lenders
Aaron Kirchfeld, Ruth David, Ambereen Choudhury - Bloomberg
Banks said to meet German lender to offer share sale backing; Decision on capital increase depends on size of the DOJ fine
Deutsche Bank AG is holding informal talks with securities firms to explore options including raising capital should mounting legal bills require it, according to people with knowledge of the discussions.
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ABN Amro Said to Explore Sale of Asia Private-Banking Business
Joyce Koh, Jonathan Browning - Bloomberg
ABN Amro Group NV, the state-controlled Dutch lender that returned to the stock market last year, is exploring a sale of its Asia private-banking business, people with knowledge of the matter said.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Blockchain - Just One Piece of the Puzzle
Terry Roche - TABB Forum
When it comes to blockchain, the hype cycle is over. The technology now needs to deliver real-world benefits. While blockchain's promises remain bright, however, there are numerous foundational challenges that the financial services industry needs to overcome.
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Wall Street messaging outfit Symphony looks to raise $100m
Finextra
Amid reports that it is in talks about a $100 million funding round, bank-backed messaging platform Symphony has unveiled a new virtual meetings tool and an API that lets developers create integrations with third-party apps.
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McKay Lowers Latency Between NJ 'Treasury Triangle' Datacenters
Joanne Faulkner - WatersTechnology
Microwave connectivity provider McKay Brothers has reduced the roundtrip latency on its millimeter wave link between Nasdaq's Carteret, NJ co-location facility and Equinix's NY2 datacenter in Secaucus, NJ to as low as 182 microseconds.
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FinTech guru Devie Mohan launches research company with FinLeap; UK FinTech influencer Devie Mohan has launched a new independent research company in partnership with FinLeap.
By Hayley McDowell
FinLeap has partnered up with UK FinTech influencer, Devie Mohan, to launch a new independent research company.
/goo.gl/9cIDW4
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | David Saltiel Named to Head Office of Analytics and Research in the Division of Trading and Markets
SEC
The Securities and Exchange Commission today announced that it has named David H. Saltiel to head the Office of Analytics and Research in the Division of Trading and Markets. He joined the SEC in September.
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Wells Fargo Scandal Blunts a Weapon in Banks' Regulatory Fight
Gina Chon - NY Times
Wells Fargo has deprived banks of a Washington standard-bearer. Big lenders hoped to piggyback on their rival's lack of Wall Street taint to resist proposals to curb pay and ban merchant banking. But the fake-accounts scandal weakens Wells Fargo's ability to lead the charge.
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CFTC teams up with FCA to support cross-border swap dealers; Regulators have signed a memorandum of understanding to support companies based in the UK and US.
By Hayley McDowell - The Trade
The US Commodity Futures Trading Commission (CFTC) has entered into an agreement with UK's Financial Conduct Authority (FCA) in an attempt to improve support for cross-border regulated companies.
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The Supreme Court Plays Goldilocks on Insider Trading
Peter J. Henning - NY Times
Sometimes the Supreme Court is a bit like Goldilocks, looking for a ruling that will be like a perfect bowl of porridge  not too hot, not too cold, but just right. The highly anticipated oral argument on Wednesday in Salman v. United States, which focused on the tipping of inside information, sounded like an exercise in which the justices searched for that middle ground to keep much of the law intact while tinkering with its details.
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CFTC Signs MOU With UK Financial Conduct Authority To Enhance Supervision Of Cross-Border Regulated Firms
Mondovisione
The U.S. Commodity Futures Trading Commission (CFTC) announced today that CFTC Chairman Timothy Massad and Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA), signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of certain regulated firms that operate on a cross-border basis in the United States and in the United Kingdom.
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Federal Reserve Board Takes Action To Bar Two Former Foreign Exchange (FX) Traders Of HSBC From Employment In Banking Industry
Mondovisione
The Federal Reserve Board on Thursday took action to bar two former foreign exchange (FX) traders of HSBC from employment in the banking industry. Mark Johnson and Stuart Scott, former senior HSBC managers, were recently indicted for criminal wire fraud in connection with their trading activities at HSBC Bank plc, a subsidiary of HSBC which is a U.S. bank holding company. Johnson was a managing director and the global head of FX cash trading. In that role, Johnson supervised FX trading desks for HSBC. Scott reported to Johnson and was head of FX trading for Europe, the Middle East, and Africa and was also employed by HSBC Bank plc.
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As London Loses EU's Bank Regulator, Sweden Pitches Its Capital
Amanda Billner - Bloomberg
Swedish government says EBA should be housed in Stockholm; Bid set to collide with others, as Vienna also puts in pitch
With Britain set to leave the European Union, London can no longer house the bloc's financial regulator. Now, Sweden is putting its capital forward as a new home for the watchdog.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | As Fracking Gets U.K. Nod, a U.S.-Inspired Boom Is Far Away
Kelly Gilblom - Bloomberg
Cuadrilla will drill, frack four wells in northern England; U.K. set to get first horizontally drilled, fracked wells
Four wells are better than none if you're trying to assess whether your country could host the next shale boom -- but it's not nearly enough.
/goo.gl/F368u8
Next US president urged to curb Chinese investment in US media; Call by Congressional panel highlights frustration with trade barriers
by: Tom Mitchell in Beijing - FT
A Congressional panel has urged the US's next president to put curbs on Chinese investment in American entertainment, internet and media assets in response to trade barriers in the world's second-largest economy.
/goo.gl/tXPlo7
ED likely to file money laundering case in MCX-SX licence grant case; Enforcement sleuths have sought remand copy and investigation details from the CBI, which is currently probing the case
Shrimi Choudhary - Business Standard
The Enforcement Directorate (ED) is likely to register a money laundering case relating to investigation in the matter of recognition granted to the MSEI, formerly the MCX Stock Exchange.
/goo.gl/thkEhs
FIIs face challenges in shifting to new regime; Deadline for converting to FPIs ends in March 2017
Shrimi Choudhary - Business Standard
Foreign investors are facing compliance difficulties in moving from the foreign institutional investor (FII) to foreign portfolio investor (FPI) regime. The deadline to obtain an FPI licence ends in March 2017.
/goo.gl/9eTmAF
Vietnam pollution scandal tests foreign investment push; Spill at Taiwanese-owned steel plant sparks $500m payout, protests and lawsuits
by Michael Peel in Bangkok - FT
A pollution scandal in Vietnam involving a leading foreign investor has emerged as test of the country's push to become a regional manufacturing hub.
/goo.gl/W6trDE
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| Miscellaneous | | Stories that don't quite fit under the other sections | Liquid assets: how the business of bottled water went mad
The Guardian
The dress code of the clientele in Planet Organic, Notting Hill is gym chic. On a hot day in mid-August, the men wore mid-thigh shorts, pectoral-enhancing vests, neon Nikes; the women were in black leggings and intricate ensembles of sports bras and cross-strapped Lycra. They had all either just worked out, were about to work out, or wanted to look as if working out was a constant possibility.
jlne.ws/2dPRmET
Jack Welch's Debunked Jobs Conspiracy, Four Years Later
Steven Russolillo - WSJ
Oh those Chicago guys. Four years ago, former General Electric Co. chief Jack Welch set the social-media world ablaze by blaming the Obama administration for fudging employment numbers. He tweeted that a particular jobs report was "unbelievable" and "these Chicago guys will do anything...can't debate so change numbers." While his theory was quickly debunked, the episode still resonates for different reasons.
jlne.ws/2dPDP0h
Liquid assets: how the business of bottled water went mad
Sophie Elmhirst - The Guardian
The dress code of the clientele in Planet Organic, Notting Hill is gym chic. On a hot day in mid-August, the men wore mid-thigh shorts, pectoral-enhancing vests, neon Nikes; the women were in black leggings and intricate ensembles of sports bras and cross-strapped Lycra. They had all either just worked out, were about to work out, or wanted to look as if working out was a constant possibility.
jlne.ws/2dPRmET
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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.
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