| October 10, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
On November 16 at 5:30 p.m., Terry Duffy of Advantage Futures will lead the LaSalle Street Trading Tech Reunion in the atrium of the Chicago Board of Trade Building, a fundraiser in support of the Pathway to Adventure Council of the Boy Scouts of America. You can find out more about the event HERE.
Joe Guinan, CEO of Advantage Futures, has pledged $50,000 to the event in support of the Scouts. Joe is an Eagle Scout and former Scoutmaster in Chicago. Joe and Chris Hehmeyer are the reasons I became involved with the Chicago Scouts.
Will you join Terry and Joe in supporting Scouting and the Pathway to Adventure Council?
For over a half a century, the generosity of people like you has helped to fund the programs, services and infrastructure needed to deliver a quality Scouting program to tens of thousands of area youth and families.
Scouting needs your support now more than ever to help continue its mission to teach young people the values of character development, leadership, citizenship, and a sense of duty to others and to one's own personal growth. Our city and state(s) need more Scouts and Scouters who are setting good examples for the youth.
Please help me to continue this proud tradition by joining me and fellow industry leaders at the LaSalle Street Trading Tech Reunion in the atrium in the CBOT Building on November 16, 2023.
The Wall Street Journal has a story about the founder of Duty Free Shoppers, who made billions and then gave it away while he was alive as he did not enjoy the billionaire lifestyle. The story is titled "Charles Feeney, Duty-Free Titan Who Gave Away $8 Billion, Dies" with the subheading "New Jersey native made a fortune from tourist shops but found he didn't crave the billionaire lifestyle." A quote from the story says it all: "People used to ask me how I got my jollies, and I guess I'm happy when what I'm doing is helping people and unhappy when what I'm doing isn't helping people."
The 20th Annual Rocktoberfest-NYC will be held on October 19 at the Hard Rock Cafe. To buy tickets, click HERE.
There is good news on Broadway, and it is not just the Broadway Technology acquisition closing by Bloomberg. According to The Wall Street Journal, Times Square is bustling again and 180 businesses have opened since the pandemic closed 179 businesses.
For you bibliophiles out there interested in the roots of the Israeli-Palestinian conflict, the Financial Times has a book list for you in a story titled "The best books to understand the Israeli-Palestinian conflict", with the subheading "FT specialists recommend the most insightful reads on an issue with roots deep in the early 20th century."
Bryan Christian is starting a new position as head of business development at Symphony.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Network for Greening the Financial System (NGFS) has released a brief paper on short-term climate scenarios that reveals its thinking and focus for future analytical work. Short-term climate scenarios that look into the next three-to-five years are significant for central banks trying to understand the impact of transitioning to a net zero economy, including the consequences of severe natural disasters. The paper outlines five different climate scenarios. Download the NGFS' Conceptual Note on Short-Term Climate Scenarios here.
Our most read stories yesterday on JLN Options were:
- Three Takeaways from FIA Expo 2023 from BornTec.
- Oil Surges as Israel Conflict Reignites Middle East Volatility from Bloomberg.
- Wall Street's Fear Gauge Is Retreating from Barron's. ~JB
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Vermiculus CEO Nils-Robert Persson Discusses Company's Current State in FIA EXPO Interview
JohnLothianNews.com
In an exclusive interview with John Lothian News at the FIA's EXPO at the Sheraton Grand Riverwalk hotel in Chicago, Vermiculus CEO Nils-Robert Persson provided insights into the company's current state and direction.
Persson discussed Vermiculus' ongoing projects and completed deals, highlighting the company's ability to serve clients with microservices and customized solutions.
Watch the video »
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The US Must Stand With Israel But Prevent Another 1914; All the world's hostile powers meet in the cauldron of the Middle East. Only the US can keep them from an even bigger war.
Andreas Kluth - Bloomberg
As Israel's strongest ally and the world's last remaining superpower, such as it is, the US is fated to play a special role in the conflagration incinerating the Gaza Strip and Israel. Most obviously, it must stand by the victim of the terrorist attack, Israel. Less obviously, it must also prevent the inferno from spreading throughout the region and the world.
/jlne.ws/3Q9LfuR
****** Hate is a terrible thing. It can take the form of terrorism and war, as in this conflict. Or it can be as simple as a former friendship that devolved into one side hating the other to the point of hurting others in order to hurt the former friend. I have no tolerance for either. We can't let hate win.~JJL
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Israel-Hamas Conflict Was a Test for Musk's X, and It Failed; Researchers say changes to verification, safety policies make the site an unreliable source for news
Davey Alba, Daniel Zuidijk, and Isabella Ward - Bloomberg
Posts about the attack in Israel have led to confusion, misinformation and conflict on Elon Musk's X, formerly known as Twitter, exposing how his acquisition and policy changes have transformed the social media site into an unreliable resource during a time of crisis, researchers said.
/jlne.ws/3FuxZLn
****** Musk has turned a once invaluable tool for use during emergencies into an unreliable source. How many lives will that cost?~JJL
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Death Threats and Disinformation: the Everyday Poison of Politics in Europe; Austria losing fight against fake news online, says minister; Ex-chancellor trial highlights challenge of democratic erosion
Marton Eder and Ben Sills - Bloomberg
Austria is losing the battle against disinformation, according to Justice Minister Alma Zadic. With misleading and hateful content surging online, Zadic believes that public institutions simply don't have the resources to match the output of bad actors. "We cannot compete, in particular when it comes to disinformation or conspiracy theories," the 39-year-old Green Party minister said in an interview last month in Vienna.
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******We are outgunned, outmanned, outnumbered, outplanned, we gotta make an all out stand. H/T to Christopher Jackson, Leslie Odom Jr., and Lin-Manuel Miranda. ~JJL
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Monday's Top Three
Our top story Monday was The Wall Street Journal's The Owner of the NYSE Wants to Expedite Your Mortgage, that owner being the Intercontinental Exchange, of course, which was also our MarketsWiki Page of the Day. Second was BornTec's Three Takeaways from FIA Expo 2023. Third was Katten's SEC's Request for Interlocutory Appeal of Favorable Rulings for Ripple Labs' Defendants Rejected Based on Well-Settled Law.
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| Lead Stories | Israel Readies for All-Out War in Gaza; Airstrikes pound enclave while Hamas threatens to execute hostages
Jared Malsin - The Wall Street Journal
Israel intensified airstrikes on Gaza on Tuesday while the Israeli military prepared for a ground invasion of the Palestinian enclave that Israeli officials warned could be more destructive than any offensive there in recent history. Israeli airstrikes reduced parts of an exclusive Gaza City neighborhood to rubble as the Israeli government stepped up its reaction to this weekend's cross-border incursion by Hamas gunmen who killed more than 900 Israelis and took more than 100 hostage. Israeli strikes have killed more than 780 people in Gaza since, according to the enclave's health ministry.
/jlne.ws/3ZMBN3O
How UBS's $3.3bn Credit Suisse deal spawned $9bn of legal claims; Lawsuits are stacking up against the bank, the Swiss regulator, and the nation of Switzerland
Owen Walker, Kaye Wiggins and Mercedes Ruehl - Financial Times
Switzerland's government managed to head off a spiralling European banking crisis when it orchestrated UBS's $3.3bn takeover of Credit Suisse six months ago - but the long-term pain has only just begun, with $9bn of legal claims already filed and more cases in the works.
/jlne.ws/3F8VadV
Netherlands Loses $7 Billion in ABN Amro Rescue
April Roach - Bloomberg
The rescue of ABN Amro Bank NV during the financial crisis has set the Dutch state back by EUR6.7 billion ($7.1 billion), the finance minister estimated, showing the costs to taxpayers of bank bailouts. The current value of the government's 49.5% stake in the lender is insufficient to recoup the total investments made so far, Finance Minister Sigrid Kaag said in a letter to parliament published on Monday evening. ABN Amro's share price would need to more than double to EUR28.74 from the present level of about EUR13.5 for that to happen.
/jlne.ws/3twXM2p
The Crypto Economy's Big Hope Is Already in Crisis; Virtual currencies have found a purpose in games, but it has been undermined by rampant speculation
Jon Sindreu - The Wall Street Journal
"What is it for?" is the essential question facing the cryptocurrency industry, including from regulators. Videogames have emerged as an answer-if only they could get rid of the speculators. The continuing trial of Sam Bankman-Fried, founder of collapsed exchange FTX, is a reminder that crypto has turned into a big bet on itself rather than the alternative to traditional finance it once promised.
/jlne.ws/46MVOJT
Crypto Sector Seeks Lawyers, Compliance Officers After Reputational Hits; Attracting compliance workers is harder than ever for crypto firms-just when the industry needs them the most
Mengqi Sun - The Wall Street Journal
The cryptocurrency industry has been battered by the collapse of crypto exchange FTX and the fraud allegations surrounding it, as well as implosions at other big crypto players. For the firms that remain standing, growing regulatory pressure means there is a stronger need than ever for compliance talent.
/jlne.ws/3rM7FZH
South Korean regulators vow to curb 'theme stocks' craze; Kosdaq one of world's best performers as retail investors pile into superconductor, battery materials and salt stocks
Song Jung-a - Financial Times
South Korea's financial regulators have vowed to curb short-term speculation by retail investors, as their bets on tech stocks fuel fears of a market bubble. Retail investors have made big bets on themes including electric vehicle battery materials, quantum computers and superconductors, making the tech-heavy Kosdaq one of the world's best performers this year.
/jlne.ws/45rfDFg
Hamas Attack on Israel Deals Blow to Saudi Prince's Grand Vision; Crown Prince had a goal of normalizing relations with Israel; Escalating conflict between Israel, Palestine is major barrier
Sam Dagher - Bloomberg
Saudi Arabia's Crown Prince Mohammed bin Salman had a vision for the Middle East that placed shared economic benefits at its heart - including an historic alliance with Israel. Even a potential solution over a Palestinian state didn't seem beyond the realms of possibility - a longstanding sticking point between the two countries. "Good negotiations" are ongoing to achieve that goal, the 38-year-old de facto Saudi leader said in an interview with Fox News last month. The US is pushing the talks and "the biggest historical deal since the end of the Cold war" is a realistic prospect, he told the TV channel.
/jlne.ws/46Gsqol
Binance Founder's $1 Billion Plan to Save Crypto Quietly Fizzled Out; IRI has invested less than $30 million, wallet analysis shows; Project had big-name backers like Jump Crypto, Animoca
Emily Nicolle - Bloomberg
In the chaotic aftermath of crypto exchange FTX's unraveling last November, the industry was in disarray. Prices were tumbling, investors were frantically trying to limit their exposure to the sunken platform, and startup funding was evaporating. Then Changpeng "CZ" Zhao, billionaire founder of Binance and lone surviving titan of crypto after Sam Bankman-Fried's swift fall, stepped in.
/jlne.ws/3LTC3Z9
Singapore Is Fighting Rising Seas to Save $50 Billion in Real Estate; The island nation won't cede "an inch of land," a government official pledges.
Sheryl Tian Tong Lee, Selina Xu, and Isabel Kua - Bloomberg
During a half-century of independence, Singapore has fought to expand its territory, inch by hard-won inch. On the tip of the Malaysian peninsula, the island city-state piled up sand to expand its coastline and reclaim land from the sea. In that time, Singapore has grown by one-quarter, adding landmass more than twice the size of Manhattan. At 284 square miles, Singapore is now approaching the size of all five boroughs of New York City. It plans to grow an additional 4% by 2030. It's a striking accomplishment, given that many other coasts are receding because of rising sea levels, a result of climate change.
/jlne.ws/48LpdWq
Prosecutors' star witness is getting ready to testify against Sam Bankman-Fried
Allison Morrow - CNN
Caroline Ellison, the 28-year-old star witness in one of the most closely watched fraud trials in US history, is expected to take the stand as soon as Tuesday to offer rare insight into the collapse last year of a multibillion-dollar crypto empire.
/jlne.ws/46mB9fW
Sam Bankman-Fried's ex-girlfriend's testimony could be the most damning evidence yet
Victoria Bekiempis - The Guardian
Sam Bankman-Fried's fraud trial is poised to take a dramatic turn Tuesday when government prosecutors call Caroline Ellison - the former CEO of Alameda Research and the FTX founder's sometime-girlfriend - as their star witness.
/jlne.ws/46JNsCA
Why FTX trial could turn on the testimony of Sam Bankman Fried's ex-girlfriend
Alexis Keenan - Yahoo Finance
Caroline Ellison was one of Sam Bankman-Fried's top deputies and his onetime romantic partner. On Tuesday she could torpedo his defense. Today's testimony of the 29-year-old Ellison, who has never discussed the case publicly, is a critical moment that could help swing the high-profile criminal trial of the FTX founder.
/jlne.ws/45qpziy
Part One: Sucden Financial chief Bailey discusses the LME after nickel
Luke Jeffs - FOW
As one of the eight category one members of the London Metal Exchange, Sucden Financial and its chief executive officer Marc Bailey have lived every second of the LME nickel saga. Speaking to Global Investor on the eve of LME Week which started on October 9, Bailey said his firm has changed its behaviour since the LME was forced to close its nickel market in March 2022. The Sucden chief executive said: "The issue with volatility is how it effects our liquidity. One of the things we have been a lot more cautious of since last year is making sure that all our accounts are not just sufficiently margined but that they have liquidity to manage any unexpected volatility.
/jlne.ws/46o0Uwb
Treasury Secretary Janet Yellen tries to calm markets amid historic US bond collapse
Aruni Soni - Business Insider
US Treasury Secretary Janet Yellen said there's nothing unusual in how the market has reacted to surging borrowing costs. On the sidelines of the IMF and World Bank annual meetings in Marrakech this week, she told the Financial Times that she had no concerns about the recent sell-off in Treasury bonds that sent yields to their highest levels since 2007.
/jlne.ws/3rQfmxV
IMF warns of 'heightened risk' from bond market turmoil; Banks' exposure to interest rates remaining 'higher for longer' a matter of concern for multilateral lender
Colby Smith and Sam Fleming - Financial TImes
The IMF has urged regulators to sharpen their scrutiny of threats from rising bond yields, as a continuing surge in global borrowing costs triggers "heightened risk" in financial markets.
/jlne.ws/45smSNn
Higher rates for longer are a good thing; The era of zero interest policy was characterised by sluggish growth and yawning wealth inequality
Sheila Bair - Financial Times
They say the good things in life are free. That may be true of walks on the beach or picnics in the park. It is not true of money. The US Federal Reserve kept money free for nearly 14 years in the name of stimulating the economy. This period of "zero-interest rate policy", or "Zirp", was characterised by tepid growth, increased market concentrations, low productivity and yawning wealth inequality. Now that the Fed has shifted to a "higher for longer" stance to combat inflation, our economy will have to make painful adjustments to the rising cost of money. But we need to hold our course. Ultimately, higher rates will lead to a fairer, more productive and resilient economy.
/jlne.ws/3PST1I6
Pax Volckeriana Is Done. Welcome to the New Order; The secular trend that led to ever-lower bond yields starting in the 1980s has ended. How long this new regime will last isn't yet written.
John Authers - Bloomberg
Is This It? Could the worst be over? Treasury yields have dropped with a resounding thud as they reopened after a long holiday weekend in the US, with the benchmark 10-year falling some 17 basis points. Is it possible that we have seen the peak in bond yields? There's a case to argue that we have - but, as always in the bond market, you have to be very careful to stipulate the time period.
/jlne.ws/48EjdPg
A reboot of the World Bank and IMF tests US influence; Biden's plan to revitalise the two institutions is partly aimed at countering China's growing sway among developing nations
Colby Smith, James Politi, Aime Williams in Washington and James Kynge - Financial Times
In the middle of the G20 summit in New Delhi last month, President Joe Biden peeled away for a small gathering with a few other world leaders. In attendance were Narendra Modi, the Indian prime minister and host, South African president Cyril Ramaphosa and Luiz Inacio Lula da Silva, the leader of Brazil - three of the five countries in the Brics grouping of large developing countries. They held hands and smiled for the cameras, along with Ajay Banga, the new president of the World Bank.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | U.S. Probe of Russia-Sanctions Busting Focuses on Major Oil Trader; The investigation is examining whether Murtaza Lakhani, founder and chief executive of Mercantile & Maritime Group, traded Russian oil in breach of Western sanctions
Anna Hirtenstein, Costas Paris and Joe Wallace - The Wall Street Journal
The Justice Department is conducting a broad effort to crack down on violations of sanctions imposed on Russia's energy exports and has homed in on the possible activities of a prominent oil trader. The effort includes an investigation of Murtaza Lakhani, founder and chief executive of Mercantile & Maritime Group, a major oil trading and shipping company with head offices in Bahrain and Singapore. The probe is examining whether Lakhani traded Russian oil in breach of Western sanctions including a U.S.-led price cap, according to people familiar with the matter.
/jlne.ws/3PNfypF
Architect of Russia Oil-Price Cap Says There's a Fix for Weakening Program
Christopher Condon - Bloomberg
One of the original architects of a plan to limit Russia's oil profits proposed steps to fix the faltering program. Ben Harris, a former senior official at the US Treasury who helped design the oil-price cap, said the Group of Seven nations and European Union need to crack down on Russia's evasion of the limit and raise the price lev
/jlne.ws/48NIwi4
Russia's Crude Shipments Stick to Cut Even as Price Cap Crumbles; Shipments in line with pledge to reduce crude flows from early summer level
Julian Lee - Bloomberg
Russia's seaborne crude exports slipped back from a 13-week high in the seven days to Oct. 8, keeping four-week average flows in line with the export cut that Moscow pledged to maintain until the end of the year.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME WEEK-London Metal Exchange looks to polish its ESG credentials
Pratima Desai - Reuters
The London Metal Exchange said on Monday it was working with producers and standards bodies to improve a platform which details the sustainability credentials of the metals traded in its system. The platform known as LMEpassport is the exchange's digital register for storing information about the sustainability of the metal traded on the LME.
/jlne.ws/3Qd2ewt
ICE Named ESG Data Vendor of the Year in the Asia Pacific Region by Asia Risk
Intercontinental Exchange
Reflects Strong Growth Across ICE's Sustainable Finance Offering, Investment in APAC Region. Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that Asia Risk has selected ICE as ESG Data Vendor of the Year in the Asia Pacific region. This award comes after significant developments to ICE's Sustainable Finance business in the last year.
/jlne.ws/3ti4GIP
The World Federation of Exchanges enters into partnership with Bourse de Casablanca and Moroccan Ministry of Higher Education Scientific Research and Innovation to provide free data & training for students at Moroccan Universities
WFE
The World Federation of Exchanges ("WFE"), the global industry group for exchanges and CCPs, and Bourse de Casablanca, the national exchange of Morocco, are honoured to announce that they will provide free market data and training to university students in Morocco as part of their mandate to foster financial literacy and enable access to public markets. The WFE, Bourse de Casablanca and the Ministry of Higher Education, Scientific Research and Innovation (MHESRI) in Morocco signed a Memorandum of Understanding to this end, and are delighted to announce its official launch.
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Notice Of Disciplinary Action
CME Group
Member: Kershner Commodity Trading Group
Cbot Rule Violations: Rule 562. ("Position Limit Violations") (in relevant part)
Any positions, including positions established intraday, in excess of those permitted under the rules of the Exchange shall be deemed position limit violations. FINDINGS: Pursuant to an offer of settlement in which Kershner Commodity Trading Group neither admitted nor denied the rule violations or factual findings upon which the penalty is based, on October 5, 2023, a Panel of the Chicago Board of Trade ("CBOT") Business Conduct Committee ("Panel") found that at the close of business on June 29, 2022, Kershner held a July 2022 Soybean Futures position that was in excess of the spot month position limit of 1,200 contracts. Specifically, Kershner held a futures equivalent position of 1,799 short JULY22 Soybean contracts, which was 599 contracts (49.92%) over the standard position limit in effect for the trade date June 30, 2022. In addition, on June 30, 2022, Kershner held an end of day futures equivalent short position of 1,382 JULY22 Soybeans, 182 contracts (15.17%) over the spot month position limit of 1,200 contracts.
/jlne.ws/45q1msF
Notice Of Disciplinary Action
CME Group
Non-Member: Arthur Liming
Cbot Rule Violation: Rule 534 Wash Trades Prohibited
No person shall place or accept buy and sell orders in the same product and expiration month, and, for a put or call option, the same strike price, where the person knows or reasonably should know that the purpose of the orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known or referred to as wash sales). Buy and sell orders for different accounts with common beneficial ownership that are entered with the intent to negate market risk or price competition shall also be deemed to violate the prohibition on wash trades. Additionally, no person shall knowingly execute or accommodate the execution of such orders by direct or indirect means. Market Regulation Advisory Notice CME Group RA2008-5 (In Part)
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CME Group T-Bill Futures Surpass 6,000 Contracts in First Week of Trading
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its Treasury Bill (T-Bill) futures, launched on October 2, have traded more than 6,000 contracts, with open interest exceeding 1,500 contracts. "In just one week, it is clear that clients are turning to our new T-Bill futures to hedge against the yield risk of 13-week U.S. Treasury securities," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "With more investors gaining exposure to short-term U.S. government debt, T-Bill futures can provide a capital-efficient risk management tool with opportunities for inter-commodity spread trading and margin offsetting."
/jlne.ws/46Df4Kh
Foreign investors reach a record high and now hold 50.3% of Spanish stocks
BME
The share of households in the Spanish stock market continues its convergence with other European markets and falls by one percentage point to 16.2%
Non-financial companies hold 21.3% of the shares of listed companies in Spain
Public Administrations raise their shareholding to 3.2%, a record in 25 years
Non-resident investors raised their stake in Spanish shares to 50.3% at the close of 2022, a growth of one and a half percentage points over the previous year and an all-time high. This is reflected in the latest Report on Ownership of Listed Spanish stock prepared annually by BME's Research Department. The weight of international investors in the Spanish stock market has grown by more than ten percentage points in the last decade and 16 so far this century.
/jlne.ws/46JAkh2
MARF admits to trading a new Sustainable Commercial Paper Programme from ENCE for 200 million euros
BME
The BME's fixed income market, MARF, has admitted to trading a new Sustainable Commercial Paper Programme of ENCE - Energía y Celulosa, for an outstanding balance of 200 million euros. The Commercial Paper to be issued under the program will be linked to ESG criteria, as they have specific sustainability objectives and indicators, whose measurement and degree of compliance will be analyzed and reported annually by ENCE, and which have been subject to an independent second-party opinion granted by G-Advisory.
/jlne.ws/45qBBs0
Euronext announces volumes for September 2023
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris -9 October 2023 - Euronext, the leading pan-European market infrastructure, today announced trading volumes for September 2023. Monthly and historical volume tables are available at this address.
/jlne.ws/3PMrw2Z
LuxSE strengthens financial literacy in Western Africa
Luxembourg Stock Exchange
Last week, as part of the global awareness campaign Ring the Bell for Financial Literacy, the Luxembourg Stock Exchange was in Ivory Coast to provide sustainable finance courses to financial professionals and public authorities in the West-African region. Just over 12 months on from joining forces in the form of a Memorandum of Understanding (MoU) focusing on sustainable finance and education, the Luxembourg Stock Exchange (LuxSE) and the West African regional exchange Bourse Régionale des Valeurs Mobilières (BRVM) were reunited in Abidjan, Ivory Coast last week to take the next, concrete steps in their cooperation.
/jlne.ws/3RWo2xt
Nasdaq September 2023 Volumes and 3Q23 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for September 2023, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended September 30, 2023 on its investor relations website.
/jlne.ws/46l4TKb
Caution to Investors
NSE
It has been brought to the notice of the Exchange that person named "Manoj Kumar" associated with entity named "King Traders operating through mobile number 8838393313, is providing securities market tips for trading, assured returns on investments in stock market and offering to handle trading account of investors by sharing log-in ID/password.
/jlne.ws/3RUBphS
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | China Has an Authoritarian Edge in AI Innovation; The old bet that the liberal world will always come out ahead in frontier technology no longer holds.
Adrian Wooldridge - Bloomberg
One of the liberal world's core beliefs is that freedom confers an advantage in breakthrough technology. Closed societies may be first-rate followers. They may be able to copy and steal better than their messier rivals. But, because they lack the magic ingredient of freedom of discussion and exchange, they will never be able to generate real innovation. This matters for military reasons as well as economic ones.
/jlne.ws/3tsBkaX
Real Pitch Deck: Fintech Kennek Raises $12.5m in Seed Funding
Callum Burroughs - Business Insider
Kennek, a London-based fintech startup that helps private credit businesses digitize their offerings, has raised $12.5 million in seed funding, the company said Tuesday. Founded in 2021, Kennek was founded by a team of former operators in the banking and credit spaces to provide better digital tooling to the non-bank lending industry.
/jlne.ws/48JlsB1
Leveraging Fintech And Blockchain Innovations In Finance
Rudy Shoushany - Forbes
Financial services are undergoing a reckoning. Fintech innovations have disrupted traditional banking models by introducing seamless customer experiences, transparent processes and fast transactions. Meanwhile, blockchain helps enable secure, intermediary-free dealings through its decentralized ledger technology. Combined, these groundbreaking technologies have thrust financial institutions into a new digital era with opportunities and existential threats.
/jlne.ws/3FuzpWd
Budget Constraints Are Holding Back Fintech Innovation, Finds Report
Anna Lyudvig - Traders Magazine
The majority of US executives (95%) are turning to innovation to mitigate legal and regulatory risks, however 53% are facing budgeting issues when it comes to implementing these solutions, according to the FIS' Global Innovation Report. In the report, budget constraints were the top reported issue impeding executives' ability to implement innovative solutions, but a large portion of U.S. respondents surprisingly also pointed to obstacles relating to their own firms' talent and infrastructure, said Harry Stahl, Senior Director of Enterprise Strategy at FIS.
/jlne.ws/3PPOp5J
MUFG, Japan Banks Hit by Glitches in Money Transfer System
aiga Uranaka and Hideki Suzuki - Bloomberg
Japan's online bank transfer system experienced glitches on Tuesday that disrupted cash remittances at MUFG Bank Ltd. and 10 other lenders. MUFG said the troubles at the Zengin System have prevented some money transfers to other banks. The core unit of Mitsubishi UFJ Financial Group Inc. was also unable to receive funds sent from other lenders, it said.
/jlne.ws/3ZVRN3C
SSGA's Sharon Ruffles on fixed income trading: It's a different job every day; As global economies diverge amid rate hikes and inflation, Sharon Ruffles, head of fixed income trading for EMEA and Asia Pacific at State Street Global Advisors, sits down with Annabel Smith to deep dive into the fixed income markets, exploring the next step for electronification, the evolution of technology and the importance of variety when it comes to sourcing liquidity.
Annabel Smith - The Trade
/jlne.ws/46mJXCw
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| Cybersecurity | | Top stories for cybersecurity | Coinbase's security team has fought crypto hackers for a decade: Here's what has to change
Jeff John Roberts - Fortune
Philip Martin is an impressive guy. A veteran of the U.S. Army, where he spent years working on counterintelligence, he did stints at Amazon and Palantir before coming to Coinbase to lead its security operations. So his views on the crypto industry's horrendous hacking problems carry considerable weight.
/jlne.ws/3rSNKbv
Cyberattacks Targeting Israel Are on the Rise After Hamas Attack; Russian-linked outfits take credit for attacking websites; Cyberattacks have had little impact so far, experts say
Ryan Gallagher and Jordan Robertson - Bloomberg
Hacking groups, including some tied to Russia, are attacking Israeli government and media websites, allying themselves with the Palestinian military group Hamas that launched a series of deadly attacks on the country over the weekend.
/jlne.ws/3F8MXGn
Binance users in Hong Kong hooked by US$450,000 phishing attacks
Zoltan Vardai - Forkast
The Hong Kong police warned on Monday that 11 Hong Kong-based Binance users lost over US$446,000 (HK$3.5 million) in cryptocurrencies to phishing text messages in the last two weeks. Fraudulent texts from a Binance impersonator asked users to click a link and verify their identity, warning that users would otherwise lose their accounts. Victims who complied had their accounts taken over and funds drained, the Hong Kong police said on Monday.
/jlne.ws/3rL9AOc
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Should Ghost the SBF Trial
Katherine Snow - CoinDesk
This promises to be a month of reckoning in the world of crypto as Sam Bankman-Fried, the former cargo-clad-golden-geek turned alleged crypto-hustling fraudster, appears in court to face conspiracy and fraud charges. With the media spotlight firmly fixed on the unfolding courtroom drama, there's a real risk that legitimate crypto businesses will be tempted to weigh in on deception and bad actors rather than focusing on their customers and business strategy.
/jlne.ws/3FbpV1W
How $2 Billion Money Laundering Scandal Threatens Singapore's Image
Chanyaporn Chanjaroen and Low De Wei - Bloomberg
Singapore's normally staid image has had a rough year. Allegations have erupted that wealthy Chinese have been pouring ill-gotten gains into the Asian financial hub, in what the government itself describes as potentially one of the world's largest money-laundering cases. More than S$2.8 billion ($2 billion) worth of assets from cash to crypto have been seized, while lawmakers debate how much more dirty money has been sloshing around. On top of that, a series of political scandals has dented the city-state's reputation for propriety, creating new headaches for the long-ruling People's Action Party just as it's trying to placate voters anxious about perceived rising inequality and the cost of living.
/jlne.ws/3PS4jwn
Bankman-Fried Seeks to Probe Lawyers' Involvement in $200M 'Sham' Alameda Loans
Jack Schickler - CoinDesk
Lawyers for Sam Bankman-Fried want to quiz FTX co-founder Gary Wang about his reliance on legal advice when agreeing to a series of loans from linked hedge fund Alameda Research, according to a legal filing made late Monday night.
/jlne.ws/3Q9gDJP
Bankman-Fried's FTX Could Have Lost Over $1B Due to Lax Security Practices: Report
Shaurya Malwa - CoinDesk
Lax security practices and the opaque nature of how business was conducted at crypto exchange FTX could have resulted in billions of dollars in losses when the platform was hacked last year, a new report by Wired claims. Executives scrambled to move over $1 billion worth of various assets to different storage devices as the exchange was getting drained of funds, ultimately managing to save the majority of the money. This means a majority of the exchange's entire balance was at risk of getting stolen, as per the report.
/jlne.ws/48OX68M
Crypto Traders Suffer Over $100M in Liquidation Losses as Market Rout Deepens Amid Middle East Turmoil
Krisztian Sandor - CoinDesk
Cryptocurrency traders suffered over $100 million of losses from liquidations during Monday's market rout as digital asset prices tumbled amid an escalating war in the Middle East. Some $105 million of long positions - traders who bet that prices would rise - were wiped out as of the U.S. afternoon, CoinGlass data shows. This was the largest amount of long liquidations in a day since Sept. 11.
/jlne.ws/3ZNcGOm
Bitstamp Courts European Banks as Region's Incoming Crypto Rules Boost Confidence
Ian Allison - CoinDesk
/jlne.ws/3PQpRcF
Archax announces crypto/money-market-fund trading pairs; Facilitates regulated trading against cryptocurrencies
Archax
/jlne.ws/3tqXESa
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| Politics | | An overview of politics as it relates to the financial markets | Robert F. Kennedy Jr. Is Running for President as an Independent; An independent bid would face challenges getting on the ballot; Republicans say Kennedy running to 'take more votes' from GOP
Skylar Woodhouse and Gregory Korte - Bloomberg
Robert F. Kennedy Jr., the scion of one of America's most prominent Democratic families, is dropping out of the race for the 2024 Democratic presidential nomination and instead running as a third-party candidate. "I've come here today to declare our independence from the tyranny of corruption, which robs us of affordable lives, our belief in the future, and our respect for each other," Kennedy told supporters Monday at an event in Philadelphia.
/jlne.ws/3PWx4bo
House Republicans Meet Ahead of GOP Speaker Vote This Week; Scalise faces Jordan, with McCarthy not ruling out possible run
Katy Stech Ferek and Siobhan Hughes - The Wall Street Journal
House Republicans returned to Capitol Hill on Monday night for a closed-door meeting to discuss how to move forward on replacing former Speaker Kevin McCarthy (R., Calif.) who was ousted last week. Reps. Steve Scalise of Louisiana and Jim Jordan of Ohio are competing for the position, each saying they are the best person to unite a fractured party. Lawmakers headed into the meeting without a clear plan to rally support behind a replacement. In a twist, McCarthy, who previously said he wouldn't join the race to win back his job, didn't rule out the idea at a morning press conference.
/jlne.ws/3ZL0hdP
Iran's Role in Israel Conflict Is Like a Russian Nesting Doll; Tehran has a lot of layers to sift through as it determines the extent of its support and the possible repercussions.
Marc Champion - Bloomberg
It has been as unsurprising as it is grotesque to see Iran's leaders applaud Hamas's "victory" even as evidence of atrocities against Israeli women and children mounts. From here on, the outlook becomes much more complicated for Tehran, but so too for Israel and the US. We still don't know exactly what role Iran played in Saturday's attack on Israel by Hamas, but there's growing evidence that Tehran's client at least asked permission, and that means Israeli and US policy makers will have to factor it into their responses.
/jlne.ws/3FdQvr7
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Reminds DeFi Operators To Register And Comply Amidst Continued Enforcement
Barnes & Thornburg LLP
The Commodity Futures Trading Commission (CFTC) recently announced its continued enforcement focus in digital asset decentralized finance (DeFi) by issuing orders settling charges against three DeFi protocol operators. According to the CFTC, protocol operators were charged with failing to register as a swap execution facility (SEF) or a designated contract market (DCM), failing to register as a futures commission merchant (FCM), and illegally offering leveraged and margined retail commodity transactions in digital assets. Additionally, the protocol operators were also charged with failing to adopt certain customer identification and anti-money laundering programs.
/jlne.ws/3rLt6tT
Singapore Tip-Off Led to Arrest of Three Arrows Co-Founder Zhu
Suvashree Ghosh and Joyce Koh - Bloomberg
Three Arrows Capital co-founder Su Zhu ended up in jail in Singapore after liquidators decided to apply maximum pressure following months of sparring over locating the failed crypto hedge fund's assets.
/jlne.ws/3Fcbtq8
Global banking watchdog dismisses need for change after Credit Suisse debacle
Huw Jones - Reuters
A global body with banking oversight has played down the rescue of Credit Suisse, saying there was no need for an overhaul of international rules written after the global financial crash more than 15 years ago to prevent such a debacle. The Financial Stability Board, an influential group of central bankers, regulators and officials from the globe's top economic powers, issued its report of "lessons to be learnt" on Tuesday, concluding the framework was a success.
/jlne.ws/3ZPWsUD
Fed's Barr defends new capital rules amid bank pushback
Jennifer Schonberger - Yahoo Finance
Federal Reserve vice chair of supervision Michael Barr pushed back against recent claims that a new US proposal requiring banks to bolster their capital buffers would curb lending and hurt the economy, telling bankers that their industry thrived after regulators imposed changes following the 2008 financial crisis.
/jlne.ws/46FQurF
Bank of England pushes to double liquidity requirements for money market funds; Officials have recommended the £250bn sterling money market fund sector holds more easily sellable assets
Laura Noonan - Financial Times
Bank of England officials are pushing to double the amount of easily sellable assets that money market funds have to hold, the latest move by financial watchdogs globally to reduce shadow banking risks. The BoE's financial stability experts recommended the tighter liquidity requirements for the £250bn of sterling money market funds as they cited risks including geopolitical tensions and "stretched" valuations in some markets.
/jlne.ws/48JPMvg
MAS Announces 19 Finalists for the AI in Finance Global Challenge under 2023 Global FinTech Hackcelerator
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) announced today the 19 finalists for the "Artificial Intelligence (AI) in Finance Global Challenge" under the 2023 Global FinTech Hackcelerator. The finalists submitted solutions such as the use of cognitive AI technology to process financial documents at scale, Large Language Models to generate environmental, social, and governance (ESG) sentiment analysis for financial institutions and investors, and Generative AI to identify and evaluate financial risks.
/jlne.ws/3rLfjDG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Smoothing the Options Liquidity Cycle
Phil Mackintosh - Nasdaq
In a recent study, we noticed that options liquidity is concentrated close to expiry as traders close out and roll, instead of taking delivery, on expiring positions. However, for a hedger, that creates problems (as we show in today's charts).
/jlne.ws/48XeaK6
VC Founder Volunteers in Israel Military After Hamas Attacks
Todd Shields and Ed Ludlow - Bloomberg
Shmuel Chafets, the Tel Aviv-based co-founder and chairman of the venture capital firm Target Global, said he volunteered with the Israeli military after attacks from Hamas killed hundreds over the weekend. "I think as an Israeli, it's my duty and all of our duty to come and protect our country," said Chafets, who is general partner of one of the country's larger firms, in an interview with Bloomberg TV on Monday.
/jlne.ws/46EbtLq
Why the Israel-Hamas War Matters for Investors; While market moves were initially muted, what should be a concern is the potential for the war to escalate
James Mackintosh - The Wall Street Journal
Markets on Monday morning reacted perfectly logically to the most serious attack on Israel in 50 years and the deaths of more than 1,000 Israelis and Palestinians. Oil prices initially rose 3% or so, stock futures fell a bit, gold was up about 1% and Treasury futures rose, lowering yields.
/jlne.ws/46MgO3r
Bank of Israel Interventions Reverse Shekel Selloff; Shekel stabilizing after rout on Monday and Israel stocks gain; Central bank unveiled $45 billion program to limit volatility
Netty Idayu Ismail - Bloomberg
The shekel regained its footing as the central bank dueled short sellers to contain the market fallout from Israel's conflict with militant group Hamas.
/jlne.ws/3Fbuglr
Europe's Leveraged Loan Market Sees First Deal Scrapped Since March; Restaurant Brands Iberia has halted a euro loan repricing; Market has shown some recent softness amid wider volatility
Hannah Benjamin - Bloomberg
Europe's booming leveraged loan market just had a reality check with the first halted transaction since a global banking crisis upended markets back in March. Restaurant Brands Iberia has withdrawn a planned repricing of an existing euro-denominated loan, citing the "current challenging market backdrop," according to a person with knowledge of the matter, who asked not to be identified as the information is private.
/jlne.ws/3RV9iim
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate Expert Claudia Sheinbaum Aims to Lead Oil-Rich Mexico; The presidential candidate is an accomplished scientist-and a protege of Mexico's current president, a strong backer of fossil fuels. Will she fight to cut emissions if she wins?
Maya Averbuch - Bloomberg
As mayor of Mexico City, a job she held until June, Claudia Sheinbaum rarely let her attention to detail slip. While being driven to meetings in her Chevy, she'd snap photos of traffic jams or clogged taxi ranks and send them to the city's mobility chief, Andres Lajous, asking him to sort them out. She once urged him to visit the site of a planned bus line extension, insisting he had to see it himself to manage the project, Lajous recalls. Now Sheinbaum, 61, is a top contender to become the next president of Mexico, and the ideological successor to leftist President Andres Manuel Lopez Obrador, or AMLO. Some view her as Latin America's Angela Merkel: a politician with the rigorous mind of a scientist.
/jlne.ws/3LTEPxk
Deutsche Bank Seeks Expert Help in Probing Nature-Linked Risks, Investments; Poor data is key hurdle to quantifying biodiversity loss; Nature markets valued at almost $10 trillion per year
Gautam Naik - Bloomberg
Deutsche Bank AG said it set up a panel to help it assess nature-related risks and identify new financial product offerings tied to the challenge of reversing biodiversity loss.
/jlne.ws/3FbtSmZ
Oil Traders Wary as Gasoline Demand Shows Signs of Cracking
Chunzi Xu, Jack Wittels and Elizabeth Low - Bloomberg
One of the oil market's most controversial data points of recent years - a measure of how much gasoline Americans consume - is pointing to a crash in demand that's concerning traders the world over.
/jlne.ws/3FaBiXJ
OPEC Boosts Oil Demand Forecast to 2045 Despite Climate Crisis; Demand to climb 16% to reach 116 million barrels a day in 2045; OPEC output to rise even as members struggle with quotas
Grant Smith - Bloomberg
OPEC raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb 16% over the next two decades to reach 116 million barrels a day in 2045, about 6 million a day more than previously predicted, the Organization of Petroleum Exporting Countries said in its World Oil Outlook.
/jlne.ws/46Kvz6E
Investors continue push into ESG despite greenwashing concerns: ESG Global Study
Elliot Gulliver-Needham - Investment Week
/jlne.ws/3tkhmim
DWS Executive Warns of 'Nightmare' Result Amid Review of ESG; European regulators are considering changes to SFDR framework; Asset managers say it would be bad idea to start from scratch
Frances Schwartzkopff - Bloomberg
/jlne.ws/3RTuwgD
Iberdrola in Talks to Sell Portugal Renewable Stake to Norway Wealth Fund; Utility in talks to divest 49% stake in 300 MW solar portfolio; Fund already bought a stake in 1.27-GW of Spanish renewables
Thomas Gualtieri - Bloomberg
/jlne.ws/46FUWXp
The Curious Case Of The Complex Contortions Concerning ESG In The State Of Alaska
Robert G. Eccles - Forbes (contributor)
/jlne.ws/3ZQDM6Z
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BGC Group Announces Its 2023 Virtual Annual Meeting of Stockholders
BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) ("BGC Group" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today announced details on its annual meeting of stockholders, which will be held virtually at 10:00 a.m. (Eastern Time) on Tuesday, November 14, 2023.
/jlne.ws/3S9IIlZ
JPMorgan Hires Jason Doneger as Head of US Equity Syndicate
Gillian Tan - Bloomberg
JPMorgan Chase & Co. hired Jason Doneger as head of US equity syndicate, according to people with knowledge of the matter. Doneger was most recently a managing director and head of syndicate in TD Cowen's capital-markets division. TD Cowen is a division of TD Securities, which is an arm of Toronto-Dominion Bank.
/jlne.ws/46nrANw
Morgan Stanley Sold Option at Heart of Glen Point FX Fraud Case
Chris Dolmetsch - Bloomberg
Morgan Stanley sold and paid out the $20 million option that federal prosecutors allege motivated Glen Point Capital co-founder Neil Phillips to manipulate the foreign exchange market, a case that goes to trial next week in New York. The bank wasn't identified in the indictment or earlier court filings, but its name emerged late last month in a fight over which expert witnesses will be allowed to take the stand at Phillips's trial. The former hedge fund chief is seeking to have an ex-JPMorgan Chase & Co. trader testify for the defense that Morgan Stanley would have been expected to hedge against the option.
/jlne.ws/3Q9zOmL
Deutsche Bank's Spanish FX Swap Sales Examined by Regulator
Rodrigo Orihuela and Steven Arons - Bloomberg
Deutsche Bank AG's sales of foreign-exchange derivatives to small companies in Spain are being examined by securities regulator CNMV, adding to scrutiny of the lender over the matter. The focus of the assessment is whether the sales complied with rules that effectively ban marketing complex derivatives to inexperienced buyers, a spokesman for the regulator said. He declined to provide further details on the analysis being undertaken.
/jlne.ws/48XTFNo
Warburg Pincus surpasses target to close $17bn private equity fund; Buyout group closes new vehicle after challenges sparked by soaring interest rates
Antoine Gara and Will Louch - Financial Times
The US private equity group Warburg Pincus has raised $17.3bn for the largest fund in its 57-year history, joining a handful of peers in that have beat their targets as others struggle to bring in cash.
/jlne.ws/3PPLutN
Why attracting BlackRock's Larry Fink is not enough for Japan; Japanese investors and companies need to have faith in their own markets
Kana Inagaki - Financial Times
/jlne.ws/3QdHncs
Investors flee hedge fund Pelham Capital after losses; Assets at firm backed by Goldman Sachs's Petershill fund have dwindled from $4.5bn three years ago to $1bn today
Costas Mourselas, Harriet Agnew and Laurence Fletcher - Financial Times
/jlne.ws/3Q8mHCw
Banker Planned Metro Bank Rescue From Miami's Billionaire Bunker; Lender announced £925 million financial package on Sunday; Weekend deal gives Colombian financier controlling interest
Harry Wilson, Ezra Fieser, Jan-Henrik Foerster, and Giulia Morpurgo - Bloomberg
/jlne.ws/3tm5DzP
A Plan to Rewrite the Ending of Italy's Monte Paschi Saga; The government aims to sell the bank to a rival of similar size, but so far no one seems interested.
Sonia Sirletti and Alessandra Migliaccio - Bloomberg
/jlne.ws/46fjcjf
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Deloitte US staff paid bigger share of revenue after hiring battle; Big Four firm is now seeking to cut costs as demand for consulting work recedes
Stephen Foley - Financial Times
Deloitte's employees took home a bigger share of the accounting and consulting firm's revenues in the US in the past year, reflecting pay increases meant to retain staff that squeezed profit margins, new figures show. Pay and benefits for staff accounted for 55.4 per cent of revenue in the financial year ended June 3, the highest level in the eight years that the firm has been publishing the number, according to its latest transparency report.
/jlne.ws/3tzADwg
On the Future of Work, a Reporter Looks Back; Emma Goldberg, a journalist on the Business desk of The New York Times, reflects on her evolving beat as tens of thousands of employees return to the office.
Emma Goldberg - The New York Times
When my mom met my dad, she had three requirements for their relationship: She would never get married, have children or leave New York. She held firm to two of those terms. But it's her "no children" rule that I like to revisit - something I distinctly admire in the person who taught me most about how to live. Shaped by her bookshelves full of 1970s feminist thinking, my mother, Shifra, initially thought that having kids would narrow her life's focus. There was too much she wanted to do for the world, too many injustices she felt should have her undivided attention, too much organizing work she believed in that didn't involve passing on her DNA.
/jlne.ws/3QawsA4
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| Wellness Exchange | | An Exchange of Health and Wellness Information | World Mental Health Day 2023: Factors That Affect Mental Health In Adolescents And Young Adults
Dr Amitabh Saha - NDTV
World Mental Health Day is devoted to promoting mental well-being across the world. It is observed on October 10 every year, globally. The theme for World Mental Health Day 2023 is 'Mental health is a universal human right.' This subject emphasises the necessity of assuring that everyone, regardless of age, socioeconomic class, or background should have access to high-quality mental health care and support. According to the World Health Organization, half of all mental health issues begin before the age of 14, however, the majority of incidents go unnoticed and untreated.
/jlne.ws/3tqU62i
Costco accused of sharing users' health data with Meta
Renata Geraldo - The Seattle Times
Costco allegedly shared website users' private communications and health information with Facebook-parent Meta without their consent, a lawsuit filed Friday said. The lawsuit filed in Washington Western District Court alleges Issaquah-based Costco used Meta Pixel, a code that allows companies to track visitor activity on their websites, in the health care portion of its website. The tracking pixel would allow Meta to have access to users' personal and health information.
/jlne.ws/3ZN9mm8
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | How $2 Billion Money Laundering Scandal Threatens Singapore's Image
Chanyaporn Chanjaroen and Low De Wei - Bloomberg
Singapore's normally staid image has had a rough year. Allegations have erupted that wealthy Chinese have been pouring ill-gotten gains into the Asian financial hub, in what the government itself describes as potentially one of the world's largest money-laundering cases. More than S$2.8 billion ($2 billion) worth of assets from cash to crypto have been seized, while lawmakers debate how much more dirty money has been sloshing around. On top of that, a series of political scandals has dented the city-state's reputation for propriety, creating new headaches for the long-ruling People's Action Party just as it's trying to placate voters anxious about perceived rising inequality and the cost of living.
/jlne.ws/3PS4jwn
Total accused of involuntary manslaughter over 2021 Mozambique attack; Survivors of Palma terror assault say French company failed to take measures to ensure safety of subcontractors
Joseph Cotterill, Tom Wilson and Sarah White - Financial Times
TotalEnergies has been accused of involuntary manslaughter by survivors of a 2021 terrorist attack in Mozambique that killed dozens of people and forced the company to halt Africa's biggest natural gas development. A criminal complaint filed with French prosecutors this week alleges that Total "failed to take necessary measures to ensure the safety of subcontractors" in the southern African nation's gas-rich Cabo Delgado province when they came under attack from Islamist insurgents.
/jlne.ws/46HWT5D
Finland Gas Pipe Leak Probe Proceeds on Premise of Sabotage; Leak was detected on the Finland-Estonia pipeline early Sunday; Officials are expected to give more details on Tuesday
Alberto Nardelli, Ewa Krukowska, and Ott Tammik - Bloomberg
A probe into a leak from an undersea gas pipeline between Finland and Estonia is proceeding on the assumption that it was a deliberate act of destruction, according to people familiar with the matter. There are no final conclusions, the people said. Officials are expected to give more details on the investigation later on Tuesday. European gas prices rose as much as 10%.
/jlne.ws/3rDoE0q
Argentine peso plunges as presidential candidate Javier Milei touts dollarisation; Anti-establishment frontrunner has encouraged voters to get rid of the currency ahead of this month's polls
Ciara Nugent - Financial Times
Argentina's peso has tumbled against the dollar as voters and markets brace for a possible victory by Javier Milei, a radical rightwing economist who wants to dollarise the economy, in elections on October 22. Argentina's official exchange rate has been fixed at 365 pesos to the dollar since August. But on Monday its black market exchange houses - where Argentines go to convert their savings into dollars - were charging 945 pesos a greenback, a 7.4 per cent increase from Friday. The gap between the official and unofficial rates has widened to 165 per cent, the largest on record.
/jlne.ws/3PSA9c6
Smithfield to Close North Carolina Pork Plant Due to Downturn
Gerson Freitas Jr. - Bloomberg
Smithfield Foods Inc. will close a North Carolina pork plant, the latest move in an industry-wide effort to counter a supply glut. Production at the company's Charlotte pork-processing plant will be transferred to its facility in Tar Heel to "increase efficiency and better utilize existing capacity," Smithfield said in a statement. It didn't share financial details of the closure, which will take place in December.
/jlne.ws/3LU2OMX
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| Miscellaneous | | Stories that don't quite fit under the other sections | Facebook video of Biden prompts probe into Meta content policy; Investigation will review social media giant's guidelines after 'manipulated' clip wrongfully calls US president a paedophile
Cristina Criddle - Financial Times
Meta is facing a review into its policies on manipulated content and artificial intelligence-created "deepfakes", after the company's moderators refused to remove a Facebook video that wrongfully described US president Joe Biden as a paedophile. The Silicon Valley company's Oversight Board, an independent Supreme Court-style body set up in 2020 and consisting of 20 journalists, academics and politicians, said on Tuesday it was opening a case to examine whether the social media giant's guidelines on altered videos and images could "withstand current and future challenges".
/jlne.ws/48PvDUO
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