| December 16, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
The holidays can be a festive time of the year for people gathering with family and friends. For some, it can be a time of anxiety and depression. But there is a larger issue about a mental health pandemic hitting the world's workplaces, with financial services hit the hardest, the Financial Times reports.
The global mental health crisis is significantly impacting workplaces, with financial services among the hardest-hit sectors. A Deloitte survey revealed that 17% of UK finance employees experience burnout, with an average annual cost of £5,379 per employee, the highest across industries. The World Health Organization estimates 12 billion workdays are lost annually due to depression and anxiety, costing the global economy $1 trillion. Key factors include rising living costs, social media use, and the lingering effects of COVID-19. Efforts by companies like Brightstar Group, which prioritizes mental wellbeing with life coaches and mental health first-aiders, have improved retention, reduced sick days, and boosted productivity by up to 60%. Studies from Oxford University further show a strong link between employee well-being and financial performance. However, a backlash against "woke" attitudes risks increasing stigma and reversing progress in workplace mental health initiatives.
The Financial Times also reports that the London Stock Exchange (LSE) faces its largest exodus since the 2008 financial crisis, with 88 companies delisting or transferring their primary listing this year, compared to only 18 new listings. High-profile departures include FTSE 100 firms like Ashtead, Flutter, and CRH, with a combined market valuation of £280 billion, driven by better liquidity and investor interest in New York. Despite government and regulatory reforms such as pension system changes and listing rule updates, companies cite the US's deeper investor pool and growth prospects as key attractions. Analysts highlight the UK's valuation gap, lack of domestic investor interest, and an "America first" sentiment under President-elect Donald Trump as exacerbating the trend. While the Canal+ IPO is seen as a vote of confidence, experts believe further action is needed to revitalize the UK's capital markets and attract high-growth companies.
The FT's Robin Wigglesworth took a look at the issue and his story says that while this trend raises concerns about the UK's economic competitiveness, analysts argue the City of London's financial strength lies in bonds and derivatives, not equity markets. Critics suggest addressing underlying economic challenges rather than enforcing local investment mandates.
You may have some exposure to bitcoin suddenly without knowing it. MicroStrategy has been included in the Nasdaq 100 Index. Benzinga reported that MicroStrategies shares surged 7% after being admitted to the index and bitcoin hit a new all-time high.
We published part two of The Front Runner on Friday. Today, we published part three of this movie script. We are rolling it out a few scenes at a time. We are working on the audio version of this, but it might be a bit yet. You can see the latest version HERE and the accumulated version of the whole script HERE.
I arrived in New York Sunday night just before 10 pm. I made my first driving trip through the Lincoln Tunnel and only took one wrong turn, but was fine. This was my first time driving up I-95 from Florida to New York. I stayed overnight in Florence, SC Saturday night after getting a late start on Saturday after closing up the house. North Carolina, home to some beautiful country, had the largest number of dead deer alongside the interstate. Also, I was able to see AI used in a physical, practical way, or maybe just machine learning, at Circle K. I was told to put my purchases on a platform and cameras identified what was there and the price and showed it on the register in front of me. The clerk was there just to verify that the tool was correct and hit the OK button.
Here are the headlines from in front of FOW's paywall from some recent stories: Exchanges to list 81 new contracts in final full week before Christmas - FOW Data, BoE launches operational resilience consultation, ANALYSIS: Chinese spodumene activity in line with other lithium futures - CME,HKEX sets January for Swap Connect collateral expansion, ANALYSIS: BME looks beyond EMIR with expanded clearing offering and Margin pressure driving shift to total return futures - Nomura.
Ian Chicken starting a new position as chief compliance officer, SMF16 at TFS-ICAP LIMITED, he shared on LinkedIn. Garry Jones once told one of my favorite stories from a World of Opportunity presentation about the time Ian had some difficulties calling for a taxi to pick him up at his offices located on No. 1 Poultry.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Hottest Indian Options Trade Sees Volume Slump 90% on Crackdown from Bloomberg.
- Donald Trump's election win sparks trading surge for banks and brokers from Financial Times.
- Opinion: Stock traders are seeing more reasons to be cautious about the market. from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
 Abaxx Exchange Aims to Revolutionize Commodity Markets with "Smarter Markets" Vision JohnLothianNews.com David Greely, chief economist at Abaxx Exchange, in a recent interview with John Lothian News at FIA EXPO in Chicago, outlined the company's ambitious plans to transform commodity trading through its "smarter markets" approach. Watch the video »
++++
US city tells residents to stop sticking googly eyes on its statues; The Oregon city of Bend has spent $1,500 (£1,188) on removing googly eyes from seven of the eight sculptures impacted.
Sky News
A council in the US has asked its residents to stop sticking googly eyes on the city's art. The comedy eyes have appeared on statues and murals around the city of Bend, Oregon, causing a viral sensation. "While the googly eyes placed on the various art pieces around town might give you a chuckle, it costs money to remove them with care to not damage the art," the city said in posts on social media. "It would cost $0 to leave them on," replied one Facebook user, while another praised the artworks' additions.
***** The real news here is paying $1,500 to remove seven pairs of googly eyes. I will remove them for the bargain prince of $1,200. ~JB
++++
Elon Musk's Twitter Takeover Has Been a Financial Fiasco-No Matter the Math
Allan Sloan - The Wall Street Journal
If you want an example of how strange the finI am ancial world can get, look at the different ways that two mutual fund companies are valuing the same security: the stock of X, formerly Twitter. Twitter, of course, was taken over by Elon Musk, the CEO and "technoking" of Tesla, in October of 2022. He had 19 co-investors in the deal, including Fidelity and Baron Capital, which both run mutual funds. As a result, some Fidelity and Baron funds ended up owning stock in X. Even though X shares aren't publicly traded, Fidelity and Baron have to value the stock because their mutual funds are bought and sold by investors based on the funds' net assets per share.
/jlne.ws/4iEmx20
***** The takeover has just been a fiasco. There is no logic, except Musk's, to my X/Twitter feed. It is largely irrelevant to me.~JJL
++++
The 50 Best Wines Under $50 From Our Critic, Who Tasted 4,223; Our annual global tour of good value wines now includes nonalcoholic ones, too.
Elin McCoy - Bloomberg
I know. There's a lot out there to make price-sensitive wine lovers shiver, not least of all inflation and the Trump administration's looming threat of tariffs. Yet, when I thumbed through my tasting books for 2024, I was once again surprised by how many wines are still relative bargains: succulent, savored sparklers are among the 4,223 wines from 20 countries I sampled this year. I ferreted out some on international trips, others at big importer portfolio tastings or meetings with producers in New York, still others during daily tastings in my home office in Connecticut.
/jlne.ws/41CxtqK
****** Here is the job I would have liked in 2024.~JJL
++++
These Five Wall Street Titans Thought Bitcoin Was a Fad. Here's What They Say Now; Dimon, Buffett, Griffin, Fink and Dalio on the digital currency, now that it has topped $100,000
Vicky Ge Huang - The Wall Street Journal
Bitcoin took some 15 years from creation to eclipse $100,000. Along the way, the digital currency experienced feverish rallies and spectacular crashes. Today, it is newly ascendant in Washington and a $2 trillion asset. Yet some of Wall Street's biggest luminaries still aren't convinced of its value. The world's largest cryptocurrency has been buoyed by hopes that the digital-assets industry will bloom under a second Donald Trump administration. Investor enthusiasm over a coming crypto renaissance has lifted other tokens too, pushing the market cap of all cryptocurrencies toward $4 trillion.
/jlne.ws/3OTsRVI
***** When I worked on LaSalle Street, I was a LaSalle Street Titan...that is, a LaSalle Street Glenbrook South Titan, as were Jeff Bergstrom and Patrick Lothian.~JJL
++++
Friday's Top Three
Our top story Friday was Opinion: Class-Action Lawsuit Against CME Group Holds Disruptive Potential to Membership Prices, Future Deals and CME Leadership, John Lothian's piece from a year ago. Second was the Financial Times' Tokyo plans 4-day working week to boost births. Third was the Cook County circuit court notice of the January 10 status meeting for the CME class-action lawsuit.
++++
++++
|
|  | | | |
 | |
| Lead Stories | London Stock Exchange suffers biggest exodus since financial crisis; Main market set for fewest listings in 15 years as allure of New York grows despite planned UK reforms
Rafe Uddin, Marianna Giusti and Ian Smith - Financial Times
The London Stock Exchange is on course for its worst year for departures since the financial crisis, as fears mount that more FTSE 100 businesses will quit the UK in favour of New York. A total of 88 companies have delisted or transferred their primary listing from London's main market this year with only 18 taking their place, according to the London Stock Exchange Group. This marks the biggest net outflow of companies from the main market since 2009, while the number of new listings is also on course to be the lowest in 15 years as initial public offerings remain scarce and bidders target London-listed groups.
/jlne.ws/49VtFDj
Day-Trader Spirits Prove Hard to Kill at Market's Riskiest Edges; Bitcoin, meme tokens, speculative stocks continue to surge; Momentum elsewhere recedes as S&P 500 edges lower on week
Denitsa Tsekova and Isabelle Lee - Bloomberg
A five-day runup in Treasury yields finally tamped down the post-election fervor in big US stocks this week. Not so at the market's speculative edges, where Bitcoin and its memed-up cousins keep testing the limits of speculative zeal. As they have for more than a month, gambler spirits raged along the fringe, pushing Bitcoin back above $100,000, sending Michael Saylor's MicroStrategy Inc. past $400 and igniting a rally in a crypto token called "fartcoin" that saw its market value swell above $700 million. The rally happened as Donald Trump went to the New York Stock Exchange and promised to "do something great with crypto" when president.
/jlne.ws/4fjkQnQ
Indian Regulator Seeks to Streamline Algo-Trading for Amateurs; Retail investors will need to register for algo programs: SEBI; Proposal allows brokers to expand customer base: SMC's Garg
Ashutosh Joshi - Bloomberg
Indian retail investors may soon be able to use algorithm-driven strategies for stock trading more safely, as the market regulator plans to introduce rules that will improve transparency. Under the proposal, stock brokers can offer such a facility to retail investors only after getting each program approved by the stock exchanges, the Securities and Exchange Board of India said in a consultation paper on Friday. The regulator has sought comments from the public by Jan. 3.
/jlne.ws/49Fd3PM
How 'the mother of all bubbles' will pop; It's time to bet against American exceptionalism
Ruchir Sharma - Financial Times (opinion)
Having tagged America's inordinately large share of global financial markets as "the mother of all bubbles" in my last column, the main pushback I got, even from the few people who share my view, was that there is no sign this bubble will deflate any time soon. Almost no one foresees an imminent pop. Virtually every Wall Street analyst predicts US stocks will continue outperforming the rest of the world in 2025. But all this enthusiasm only tends to confirm that the bubble is at a very advanced stage. If the consensus on "American exceptionalism" is so overwhelming, who is left to hop on the bandwagon and inflate it further?
/jlne.ws/3OXNXCh
Crypto, Stocks, and Wacky ETFs Are Going Wild. Will Things End Well?
Randall W. Forsyth - Barron's
Vindication-that's what stock market bulls are feeling, especially since Donald Trump's election victory. It's readily visible in major stock-market indexes passing round-number mileposts, such as the Nasdaq Composite index topping 20,000 this past week, and, perhaps even more extreme, with Bitcoin back over $100,000. So says Peter Atwater, who pens the Financial Insyghts newsletter and is an adjunct professor of economics at the College of William and Mary. He's a keen observer of how investor confidence drives prices, often beyond what supposedly rational actors in perfectly efficient markets would do.
/jlne.ws/4gE8veH
Trump's recruitment of watchdog chiefs impeded by talk of regulatory cuts; Advisers to the incoming president float plans to consolidate patchwork of banking bodies
Brooke Masters and Stephen Gandel and James Politi - Financial Times
Republican enthusiasm for culling and combining the many US banking regulators is complicating efforts by the incoming administration of Donald Trump to find heads for those watchdogs. The problem is particularly acute for the Consumer Financial Protection Bureau, which focuses on the way lenders treat customers. The CFPB has been a target of hostility from Republicans since its creation after the 2008 financial crisis. A number of experienced candidates have demurred when contacted about the position, people familiar with the search said.
/jlne.ws/3ZRDn66
How Marc Rich's Former Haven Put a Commodity Trader on Trial
Archie Hunter and Jack Farchy - Bloomberg
When Trafigura Group director Mark Irwin stood up earlier this month to give evidence in a Swiss criminal court, it represented a pivotal moment in the relationship between the world's commodity traders and the country that many of them call home. Until now, Swiss prosecutors had never put a commodity trading house on trial. In fact, they'd never tried any company for corruption at all. Irwin, who was one of Trafigura's earliest employees, was the company's official representative at the federal criminal court in the picturesque alpine town of Bellinzona, where Trafigura and three individuals - including former chief operating officer Mike Wainwright - faced charges of bribery in a landmark case. All four defendants denied the charges against them.
/jlne.ws/3Dc1ZgU
Billionaire Jeff Yass Backed a Nonprofit That Took on DEI Policies; Susquehanna Foundation donated to Institute for Free Speech; Nonprofit supported lawsuits challenging diversity initiatives
Annie Massa - Bloomberg
Billionaire Jeff Yass' foundation spent hundreds of thousands of dollars supporting a nonprofit group that brought litigation on behalf of those who spoke out against diversity initiatives, critical race theory programs and other lightning-rod topics in schools and legislatures nationwide. The Susquehanna Foundation gave $500,000 in 2023 to the Institute for Free Speech, a nonpartisan group that filed several lawsuits in the same year that sought to protect the free speech of people who opposed affirmative action in Texas, anti-racist guidelines in California community colleges and a Colorado bill around name changes and gender identity, according to tax filings.
/jlne.ws/3VI8Dlv
LNG freight rates plummet as sector grapples with glut of ships; Overproduction of vessels after 2022 energy crisis and delays to gas projects weigh on market to ship fuel
Shotaro Tan - Financial Times
Charter rates for ships carrying liquefied natural gas have hit record lows, with some owners now facing a loss if they lease their vessels out, as the sector grapples with huge overproduction in the wake of Europe's energy crisis two years ago. The cost of hiring a modern LNG carrier - the dominant vessel type on the market - on a short-term basis in the Atlantic basin was on average $19,700 a day in November, according to data from Spark Commodities, the lowest assessed in data going back to 2019.
/jlne.ws/41C86Fn
Niels Troost has a staggering story to tell about how he got sanctioned; One of only two Europeans sanctioned for trading Russian oil says he was duped by an alleged 'conman'
Tom Wilson - Financial Times
On a frigid morning in February 2022, Niels Troost was at home in Geneva when news broke that 190,000 Russian troops had marched into Ukraine. As he scrolled through headlines and messages on his phone, he could hardly believe he was reading about a land invasion taking place in Europe. The 52-year-old had been trading Russian oil for almost 30 years, developing a lucrative niche by marketing a special type of crude from the country's far east. He thought about all the Russian and Ukrainian business partners he'd made over the course of his career.
/jlne.ws/4iAaWRv
Don't Let Hedge Funds Into the UK Gilt Temple; The market isn't broken and doesn't need to be fixed.
Marcus Ashworth - Bloomberg (opinion)
In the wake of the global financial crisis, British banks competing with a hand tied behind their back have lost plenty of ground to hedge funds. By having less freedom to operate and pay their best staff, their more profitable proprietary trading mainly relocated to hedge funds. Now comes word that the swashbucklers who don't need to concern themselves with protecting depositors' cash are being considered for entry into the heart of the temple as Bank of England primary gilt dealers. This is suboptimal - a not-very-good solution in search of a non-existent problem.
/jlne.ws/4gyIk9m
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Storm-hit Russian petroleum tankers trigger fears of fuel spills in Black Sea; One vessel's prow breaks off and another craft runs aground in Kerch Strait off Crimea
Max Seddon - Financial Times
A Russian tanker broke apart during a heavy storm in the Black Sea on Sunday, spilling some of its 4,300 tonne-cargo of fuel oil in what could potentially be one of the region's largest environmental disasters in several years. The Volgodonsk 212 carrier came apart about 8km from the shore and its prow sank during bad weather in the Kerch Strait, which separates the east coast of the Russian-annexed Crimean peninsula from mainland Russia. At least one of its crew members was killed, according to emergency services.
/jlne.ws/3BuNQuR
Putin Says Russia Recruited More Than 430,000 to Army This Year
Bloomberg News
Russia's army recruited more than 430,000 new troops this year amid its war in Ukraine, President Vladimir Putin said. "This stream of volunteers doesn't stop," Putin told a meeting of the Russian Defense Ministry in Moscow on Monday. "A turning point on the frontlines has been reached and we have completely taken the strategic initiative," he said, an apparent reference to recent costly battlefield advances.
/jlne.ws/4fo16zj
Europe Needs to Swiftly Fulfil Its Aid Pledges to Ukraine; With Russia set to seize a critical mine at Pokrovsk, Kyiv's allies need to make good on their promises.
Marc Champion - Bloomberg
A note to Europe's leaders: When it comes to sending sufficient aid to help Ukraine end Russia's invasion, if not now, when? In October, I visited and wrote about a critical mine at Pokrovsk in eastern Ukraine, which had become the primary focus of Russia's efforts to maximize the territory it holds amid looming economic pressures from the war at home. At the time, Russian forces were just 20 kilometers (12 miles) away. Now that's five kilometers. Suicide drones are hitting civilian cars around the mine and Metinvest BV, the steel company that owns it, last week it had closed and evacuated one of three shafts. There's little hope of holding out for more than a few days longer at this point, a loss that would cost Ukraine - a nation at war - as much as half of its future steel output.
/jlne.ws/41DjbGm
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu Tries Again to Boost His Power After Military Wins; Judicial overhaul that brought weekly mass protests is back; They want to fire attorney general and change judge selection
Galit Altstein - Bloomberg
Daily threats to fire the attorney general. Stopping the scheduled appointment of a chief justice because he's a liberal. Replacing legal overseers in government ministries. Restricting who runs for office in a way more likely to affect Arabs. Fresh off a series of military victories, Prime Minister Benjamin Netanyahu is returning to his pre-war agenda of weakening the judiciary and boosting executive power. It had been shelved after Hamas' attack 14 months ago that triggered a multi-front war.
/jlne.ws/41FhxE7
Palestinian Authority Mounts Rare, Lethal Raids in West Bank; City of Jenin gripped by Iran-backed militants, lawlessness; Authority eyes the return of Trump, reengagement with Israel
Fadwa Hodali and Dan Williams - Bloomberg
The Palestinian government has been carrying out a rare and lethal sweep against militants in a flashpoint West Bank city, saying it was needed to foil an imminent car-bombing and other attacks. The operation by the Palestinian Authority, targeting Hamas and Islamic Jihad militants in the city of Jenin, was launched on Dec. 5 but only announced this weekend as clashes escalated. Three Palestinians - at least two of them gunmen - have been killed and several PA security men wounded.
/jlne.ws/49HbwJh
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | MARF registers a new Securitization Fund from Energya VM
BME-X
Energya VM has registered a new Securitization Fund in the fixed income market of BME, MARF, for a maximum amount of 35 million euros. The Fund will be open-ended and its assets will include credit rights arising from the supply of electricity or gas from contracts entered into by Energya VM, Gestión de EnergÃa, as part of its activity of commercializing energy to business groups.
/jlne.ws/3BtKTuA
Deutsche Borse provides market leading 360T data for FX swaps via Bloomberg B-PIPE
Deutsche Borse Group
Deutsche Borse's 360T Data Feed is now available via Bloomberg's real-time market data feed, B-PIPE, and the Bloomberg Terminal, with direct licensing through Deutsche Borse Market Data + Services. To date, customers had to use the 360T API or Deutsche Borse CEF Feed to retrieve the data. With the new solution, customers can now also conveniently access the data directly via Bloomberg's solutions. In addition, central licensing through Deutsche Börse also enables quick and easy processing. This collaboration makes it easier for customers to access, understand and visualise swap data. In addition, it enables seamless curve analysis and execution comparison, enhancing the user experience and making trading more efficient and insightful.
/jlne.ws/3ZHxMht
Diversification and innovation: How Europe is enhancing its appeal to investors in Asia
Eurex
The trading landscape in Asia is rapidly evolving, fueled by rising global risks, local growth, and a broader international perspective among regional investors. In November, Eurex hosted the inaugural Derivatives Insight Asia event in Singapore. This article examines some of the key themes from the discussions at the event.
/jlne.ws/3Bj5XE8
OTC Clear to Accept China Government Bonds and Policy Bank Bonds as Collateral for Swap Connect From 13 January 2025
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) that its clearing subsidiary, OTC Clearing Hong Kong Limited (OTC Clear), will allow offshore investors to use China Government Bonds and Policy Bank Bonds held through Bond Connect as collateral for Northbound Swap Connect beginning 13 January 2025. The new eligible collateral can be used to cover initial margin requirements of Northbound Swap Connect, providing greater flexibility to international investors and enhancing their capital efficiency. It will also help vitalise international investors' bond holdings in the China Interbank Bond Market, promoting the internationalisation of the RMB.
/jlne.ws/4iDgsCQ
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | After Nvidia's boom, what's next for AI-related stocks?; Investor attention is likely to spread to companies actually using the technology
Jennifer Hughes - Financial Times (opinion)
Whisper it softly, but is some of the investor fervour around Nvidia cooling just a little? The chipmaker has been a phenomenon, riding the surging demand for its artificial intelligence-empowering chips. The stock has jumped 180 per cent this year, fuelling about a fifth of the S&P 500's gains in the process. But trading volume in Nvidia has slowed in recent months with the average number of shares changing hands down 40 per cent from the first half of the year. And over the past six months, its shares are up just 3 per cent compared with more than 11 per cent for the S&P 500. In the last month, Nvidia shares have actually fallen about 9 per cent.
/jlne.ws/4gBk1rw
AI Wants More Data. More Chips. More Real Estate. More Power. More Water. More Everything; Businesses, investors and society brace for a demand shock from artificial intelligence.
Lynn Doan - Bloomberg
It looks easy enough: Ask ChatGPT something, and it responds. But pull back the curtain, and you'll find that every ChatGPT prompt and Microsoft Copilot task consumes vast resources. Millions of human beings engineering, correcting and training models. Enough terawatt-hours of electricity to power countries. Data center megaÂcampuses around the world. Power line networks and internet cables. Water, land, metals and minerals. Artificial intelligence needs it all, and it will need more.
/jlne.ws/3VGZiu5
Chip groups Arm and Qualcomm square off in high-stakes US trial; Legal fight that started with a $1.4bn acquisition has severely strained companies' relationship
Michael Acton - Financial Times
Arm and Qualcomm's bitter legal feud over licensing of chip design is heading to trial on Monday, in a high-stakes battle that will shed light on how two of the world's biggest chip companies - and former allies - turned against each other over a $1.4bn start-up acquisition. The Delaware trial, expected to last about a week, is set to feature testimony from both Arm chief executive Rene Haas and Qualcomm chief executive Cristiano Amon.
/jlne.ws/3ZCGGN6
Liquid Set to Raise $250 Million to Build AI Inspired by Tiny Worm Brains; The funding round values the startup at more than $2 billion.
Shirin Ghaffary and Katie Roof - Bloomberg
Liquid AI, a startup designing artificial intelligence systems inspired by the structure of the tiny brain of a worm, is set to raise $250 million in funding at a $2.3 billion valuation. The Series A round is being led by Advanced Micro Devices Inc., with participation from OSS Capital, Duke Capital Partners and PagsGroup, among other investors. The startup previously raised $46.6 million in seed funding, according to the company.
/jlne.ws/3DlXvEM
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Serbia used Israeli firm's tech to enable spy campaign, Amnesty says
Aleksandar Vasovic and James Pearson - Reuters
Serbian officials installed homegrown spyware on the phones of dozens of journalists and activists, Amnesty International said in a report, opens new tab released on Monday, citing digital forensic evidence and testimony from activists who said they were hacked in recent months. In two cases, software provided by Israeli surveillance company Cellebrite DI Ltd was used to unlock phones prior to infection, the report said.
/jlne.ws/4gilzqt
US needs to do more make cyber attackers pay, Trump adviser says
Reuters
U.S. President-elect Donald Trump's administration will examine ways to impose higher costs on private actors and U.S. adversaries who wage cyber attacks on America, Trump's pick for national security adviser, Representative Mike Waltz, said on Sunday. The comments come after U.S. allegations of a sweeping Chinese cyber espionage campaign known as Salt Typhoon that targeted and recorded telephone calls of senior American political figures.
/jlne.ws/4gBgPfw
Rhode Island Social Services Portal Breached by Cybercriminals
MarÃa Paula Mijares Torres - Bloomberg
A Rhode Island computer system for managing public benefits was breached by hackers who have threatened to release personal data unless they receive a payment. The cybercriminal group obtained the sensitive data of state residents that may be exposed "as early as this coming week," Governor Dan McKee said Saturday at a news conference. Deloitte is the state's vendor to manage the system, according to the governor.
/jlne.ws/3VGRXeb
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Trump's Crypto Project Is Buying Niche Tokens Worth Millions of Dollars; World Liberty Financial bought Ether, Aave and Chainlink; The tokens are valued at around $14 million, Nansen estimates
Muyao Shen - Bloomberg
Donald Trump's crypto project, World Liberty Financial, appears to be buying specialized digital tokens worth millions of dollars as speculation increases that the decentralized finance lending platform is moving closer to becoming operational. Digital wallet belonging to the project have bought 2,731 Ether, 4,043 AAVE and 78,387 LINK tokens since Dec. 11, according to data compiled by blockchain data firm Nansen. A representative of World Liberty Financial did not immediately respond to a request for comment.
/jlne.ws/3ZSJCqq
The crypto crown princes who could 'win, win, win' under Trump; Executives have already profited from bitcoin's rally and see golden era for industry under incoming US president
Nikou Asgari and Philip Stafford - Financial Times
Standing under a "Bitcoin 2024" logo at a US crypto conference this summer, Donald Trump likened the audience of "bitcoiners" to the inventors and industrialists who pioneered high-tech industries at the turn of the 20th century. "You are the modern day Edisons and Wright Brothers and Carnegies and Henry Fords," he said. "My job will be to set you free...And to let you do what Americans do best...Win! Win! Win!" Crypto's modern tycoons have made a big bet that Trump will follow through on this promise. In the two years since the 2022 crypto crash wiped out many of the digital asset industry's biggest names, many of the big players who survived have hitched themselves to the Maga movement.
/jlne.ws/3OUKgNJ
Saylor's MicroStrategy Scores Again With Nasdaq 100 Addition; Illumina and Super Micro will also leave tech-heavy index; Changes are effective prior to market open on Dec. 23
Isabelle Lee - Bloomberg
MicroStrategy Inc., the dot-com-era software maker whose metamorphosis into a leveraged bet on Bitcoin has transfixed Wall Street, is joining the Nasdaq 100 Index, the benchmark's overseer said Friday. Software company Palantir Technologies Inc. and Axon Enterprise Inc., a maker of Tasers and police body cameras, will also be added. Illumina Inc., Super Micro Computer Inc. and Moderna Inc. will be removed from the Nasdaq 100. The changes will be effective prior to market open on Monday, Dec. 23.
/jlne.ws/3By8zOq
Crypto regulation needs thoughtful rethink under Trump; Long-overdue public policy support can boost US leadership in blockchain technology, AI and cryptocurrencies
Christopher Perkins - Financial Times (opinion)
The writer is president of Coinfund, a crypto asset-focused investment firm.
For the crypto industry, the 2024 US election was an important turning point on its road to redemption and legitimacy as an investable asset class. With more than 290 pro-crypto members of Congress and a president-elect who has proclaimed that the US will be the crypto capital of the planet, the crypto industry finally finds itself being supported, rather than fought, by the government. This change can help the US boost its status as the global leader in technology and innovation as the new internet powered by blockchains, artificial intelligence and cryptocurrency takes shape.
/jlne.ws/3VF4oap
Bitcoin at $100,000 Lures Long-Time Crypto Holdouts to Finally Buy; The surge after the presidential election is enticing a new wave of traders who previously scoffed at digital assets.
Claire Ballentine - Bloomberg
For more than a decade, they balked at the idea of buying crypto. Some didn't know how to get started. Others saw FTX collapse two years ago and chalked it all up to a scam. But then Donald Trump won the presidency and his crypto-friendly campaign promises sent Bitcoin soaring north of $100,000 - a number impossible to ignore. "I've been wary of crypto my whole life," said Ian Johnson, a 28-year-old living in Sioux Falls, South Dakota, who recently bought Bitcoin for the first time. "I just want to see what it does. If Trump does a good job, I feel like it's going to spike like crazy."
/jlne.ws/3ZwkmVe
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Mega Deals Won't Lead M&A Rebound Under Trump; The incoming administration will retain an antitrust stance against big companies.
Paul J. Davies - Bloomberg
US bankers are rubbing their hands at an expected boom in dealmaking under a market-friendly President-elect Donald Trump next year. But scratch the surface and it is apparent that the mergers and acquisitions to come are far more likely to be among smaller companies. Mega deals won't lead the way.
/jlne.ws/4067Hu1
Trump's tricky dollar problem; The president-elect might want a weaker US currency but market forces are pushing in the other direction
Katie Martin - Financial Times (opinion)
We will soon find out whether Donald Trump has changed his tune on the dollar. In his first term, the comeback president had a clear preference for a weaker buck. On one notable occasion in 2019, when European Central Bank chief Mario Draghi was dropping hints of more monetary stimulus, the then-president responded with his trademark poise, tweeting that Draghi's comments "immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA. They have been getting away with this for years, along with China and others." Trump's foray in to dollar policy - traditionally the preserve of the Treasury secretary - prompted that immediate drop in the euro to reverse and left the market in no doubt what the leader of the free world wanted to see.
/jlne.ws/3ZHbSel
How 'Economic Statecraft' Evolved Into a Tool of US Foreign Policy
Daniel Flatley - Bloomberg
It's hard to trace the exact provenance of the phrase "economic statecraft" but its most recent and perhaps most prominent use came from President-elect Donald Trump in an otherwise routine personnel announcement. In naming Jacob Helberg his nominee to be undersecretary of State for economic growth, energy and the environment on Dec. 10, Trump said on Truth Social that Helberg "will guide State Department policy on Economic statecraft, promoting America's Economic security and growth, and American technological dominance abroad."
/jlne.ws/4gyNeTO
The ECB cannot pretend any technocratic purity; Central banks must rise to the geopolitical challenges of the day
Martin Sandbu - Financial Times (opinion)
There is a reason why coins have, for millennia, carried the likenesses of rulers: controlling the supply of legal tender is a pouvoir regalien - a power at the core of statecraft and geopolitical influence. Nowadays, however, the power of the mint is largely hoarded by independent technocratic central banks with narrow, often legalistic mandates - and even narrower mindsets. As the EU steps into a newly geopolitical age, it ought to consider how the European Central Bank should support its strategic posture. On Thursday, ECB president Christine Lagarde implicitly passed the buck: "Everybody has to do their job...the central bank cannot be a jack of all trades. We have to do our job, which is...price stability."
/jlne.ws/49HCgch
Moody's downgrades France's credit rating over political turmoil
Ian Johnston in Paris - Financial Times
Moody's downgraded France's credit rating on Saturday, saying that it expects the country's incoming government to struggle to tackle its deficit. In an unscheduled announcement early on Saturday morning, the rating agency lowered France's long-term issuer rating from Aa2 to Aa3, blaming political instability that will make it difficult to tackle the national deficit. France's finances will be "substantially weakened" in the coming years, it said. The move underlines the economic challenges facing new prime minister François Bayrou.
/jlne.ws/4iGkY3q
Assad dispatched $250mn of Syria's cash to Moscow; Central bank sent planeloads of dollars in 2018 and 2019 when dictator was indebted to the Kremlin
Miles Johnson and Mehul Srivastava and Chloe Cornish - Financial Times
Bashar al-Assad's central bank airlifted around $250mn in cash to Moscow in a two-year period when the then-Syrian dictator was indebted to the Kremlin for military support and his relatives were secretly buying assets in Russia. The Financial Times has uncovered records showing that Assad's regime, while desperately short of foreign currency, flew banknotes weighing nearly two tonnes in $100 bills and EUR500 notes into Moscow's Vnukovo airport to be deposited at sanctioned Russian banks between 2018 and 2019.
/jlne.ws/4gcYUvV
Scholz Vows Investment Boom as Germany Heads for an Election
Michael Nienaber, Arne Delfs, and Kamil Kowalcze - Bloomberg
/jlne.ws/3DfsQc1
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Fed's stricter G-Sib scoring punishes BofA, Goldman; Duo's method 2 capital requirements will diverge further from those entailed by Basel's methodology
Lorenzo Migliorato - Risk.net
The US Federal Reserve's methodology for scoring global systemically important banks (G-Sibs) will push capital requirements for Bank of America and Goldman Sachs even further above Basel standards in 2026, likely intensifying calls to reform it. Once designated as G-Sibs by the Financial Stability Board (FSB) under the Basel Committee on Banking Supervision's methodology, US banks are subject to two scoring processes. The BCBS-prescribed method 1 benchmarks risk indicators against global totals
/jlne.ws/49DyNvk
HSBC Sued by Australian Watchdog for Failing to Protect Against Scammers; Bank failed to adequately protect customers, ASIC alleges; ASIC says failings at HSBC were widespread and systemic
Adam Haigh - Bloomberg
Australia's markets watchdog sued HSBC Bank of Australia Ltd. for failing to protect customers who lost millions of dollars in scams. HSBC received about 950 reports of unauthorized transactions between January 2020 and August 2024, resulting in customer losses of about A$23 million ($14.6 million), according to an Australian Securities and Investments Commission statement Monday. Around A$16 million of this occurred in the six months from October 2023 to March 2024.
/jlne.ws/4gsGwio
China's Regulators Vow to Stabilize Property, Stock Markets; Finance ministry also says more special bonds will be issued; Comments come after two-day meeting of top leaders concluded
Bloomberg News
China's regulators pledged to boost efforts to stabilize the housing and equity markets, as well as conduct more effective fiscal policies, in the wake of a meeting of top leaders that called for greater stimulus. The government will promote the recovery of the property market through measures such as increasing demand and controlling the supply of land for new development, China News Service reported, citing Dong Jianguo, a vice minister at the housing ministry. He spoke at a conference on Saturday.
/jlne.ws/4fncKKT
Ladbrokes Owner's Shares Fall on Australia Money-Laundering Case
Daniel Zuidijk - Bloomberg
Shares in Entain Plc, the gambling company that owns Ladbrokes, fell the most in two months after an Australian regulator sued the group's local subsidiary for allegedly breaking anti-money laundering rules. A fine as a result of the federal court civil case could be "potentially material" and the company is carefully considering the Australian Transaction Reports and Analysis Centre's filings, Entain said in a statement on Monday.
/jlne.ws/4fjLDjS
SEC Announces Departure of Corporation Finance Division Director Erik Gerding; Cicely LaMothe Named Acting Director
SEC
The Securities and Exchange Commission today announced that Erik Gerding, Director of the Division of Corporation Finance, will depart the agency effective Dec. 31, 2024. Upon Mr. Gerding's departure, Cicely LaMothe will serve as Acting Director.
/jlne.ws/4gzN1j7
ASIC industry funding: 2023-24 dashboard of regulatory costs and summary of variances have been released
ASIC
ASIC has today published its annual dashboard outlining regulatory costs by sector and subsector for 2023-24 under the ASIC industry funding model (IFM). This is a requirement under s138 of the Australian Securities and Investments Commission Act 2001. These costs, calculated at the end of each financial year, reflect ASIC's actual costs of regulating the subsectors these organisations operate in.
/jlne.ws/4g88TCx
ASIC sues HSBC Australia alleging failures to adequately protect customers from scams
ASIC
HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed by ASIC in the Federal Court today. ASIC alleges HSBC Australia failed to have adequate controls in place to prevent and detect unauthorised payments and failed to comply with its obligations to investigate customer reports of unauthorised transactions within the specified timeframes required, and to promptly reinstate their banking services in a timely manner.
/jlne.ws/3ZD17JU
ASX 24 review report
FMA
Australian Securities Exchange Limited (ASX 24) is licensed to operate the ASX 24 derivatives market in New Zealand. The FMA is required to report at least once every two years on how well ASX 24 is meeting its licensed market operator obligations.
/jlne.ws/3BI6Aad
SGX-DT review report
FMA
Singapore Exchange Derivatives Trading Limited (SGX-DT) is based in Singapore. It is licensed by the FMA under the Financial Markets Conduct Act as an overseas regulated market. The Monetary Authority Singapore (MAS) is SGX-DT's primary regulator...In 2021, the New Zealand dairy derivatives contracts were migrated from NZX to SGX-DT.
/www.fma.govt.nz/library/reports-and-papers/sgx-dt-review/
FCA seeks feedback on plans to improve the transparency of the UK's crypto markets; Clear crypto regulation will improve the integrity of the UK's crypto markets, help protect people and support the UK's growth and competitiveness.
FCA
Admissions and disclosures and market abuse regimes are crucial to improving the integrity and cleanliness of our crypto markets, as well as helping people make informed financial decisions. Our Discussion Paper DP24/4 (Admissions & disclosures and market abuse regime for cryptoassets) is part of a series of publications that are designed to help us shape the UK's crypto regime. It sets out proposals for firms to introduce strong controls that prevent harm. We are also suggesting certain firms, like authorised crypto trading platforms, share information with each other to help stop suspected market abuse. This will reduce fraud and help promote good practices in the sector.
/jlne.ws/4gCWdU1
The Eighth Japan-Korea Financial Shuttle Meeting
FSA
At the Shuttle Meeting, Mr. ITO Hideki, Commissioner of the Financial Services Agency (FSA) (photo:right) and Mr. LEE Bokhyun, Governor of the Financial Supervisory Service (FSS) (photo:left) exchanged views on the global economic and financial situation and its impact on Japanese and Korean financial institutions, as well as on information on developments in their respective markets.
/jlne.ws/49F8Onk
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Florida's citrus growers brace for smallest production in 95 years following hurricanes, disease
Andrew Wulfeck - FOX Weather
Florida's citrus industry is continuing to grapple with significant losses following Hurricane Milton, which could lead to the smallest crop since around 1930. Data from the U.S. Department of Agriculture expects the Sunshine State's orange production to be off more than 33% when compared to the 2023-2024 harvesting season.
/jlne.ws/49Vst2N
What do investors need to look out for in 2025? The US dominates at FT Money's annual investment panel - much to some participants' annoyance
Nathan Brooker - Financial Times
"What's bugging me is that everyone is saying the same thing," says FT markets columnist Katie Martin, wearied by the slew of 2025 outlook reports published by banks and investment houses in recent weeks. "And essentially it's 'American exceptionalism'," - broadly, that despite Trump's policies on international trade, tax and migration being inflationary, arguably even fiscally reckless, and despite US stocks being very highly priced, analysts still think the market is the only show in town when it comes to investment. "Personally, I find that a little bit worrying," she says. "Because it opens up the possibility that if something goes wrong with this narrative then everyone runs to the other side of the ship all at the same time."
/jlne.ws/3BtJUKU
ETF savings plans look set to take Europe by storm; A monthly regular ETF investment habit that started in Germany is catching on across the continent
Emma Boyde - Financial Times
A revolution in the way people invest is starting to spread through Europe, sparking widespread adoption of exchange traded funds by retail investors, industry observers and research analysts say. The agent of change is the modest-sounding regular monthly savings, or investment plan, which has been credited with a surge in retail adoption of ETFs in Germany. Now industry observers say the concept appears to be beginning to take off in other European countries, including the UK.
/jlne.ws/3Pj3xJ3
Credit risk transfer, with a derivatives twist; Dealers angle to revive market that enables them to offload counterparty exposures, freeing up capital
Ben St. Clair - Risk.net
Quietly, with little fanfare, a niche market for credit risk transfer is emerging. Banks and lawyers report growing interest in structures that enable derivatives dealers to offload unwanted counterparty credit risk to investors. The trades are complex and highly bespoke. Transactions can take different forms - risk participation agreements, credit risk insurance, guarantees, variants of credit default swaps (CDS) - but the underlying risk transfer remains largely the same.
/jlne.ws/49H41lB
Quantum two-sample test for investment strategies; Quantum algorithms display high discriminatory power in the classification of probability distributions
David Garvin, Alexei Kondratyev, Alexander Lipton and Marco Paini - Risk.net
David Garvin, Oleksiy Kondratyev, Alexander Lipton and Marco Paini demonstrate the benefits of using a quantum algorithm rather than its classical counterpart on one of the most fundamental problems of quantitative finance: the classification of probability distributions. This problem has many direct applications to practical financial use cases, including time series analysis, detection of structural breaks and monitoring of alpha decay. The authors present an
/jlne.ws/4gg2bub
Cocoa Hits New Record in Blow to Chocolate Makers and Consumers; Prices have soared as crop outlook for West Africa worsens; Advance threatens to further increase costs for chocolatiers
Megan Durisin Albery and Mumbi Gitau - Bloomberg
/jlne.ws/3OVIyMb
Wall Street Eyes 2025 Volatility Spikes on Trump Tariffs, Geopolitics
Christian Dass and David Marino - Bloomberg
Investors anticipating another calm year in 2025 should be on guard for more shocks like the one seen in August as uncertainty around Donald Trump's tax and tariff policies threaten to roil markets. Strategists at Bank of America Corp., JPMorgan Chase & Co. and Spain's Banco Bilbao Vizcaya Argentaria SA expect the continued flow of option selling to generally keep a lid on volatility, with JPMorgan seeing the Cboe Volatility Index averaging around 16, compared with around 15.5 across 2024.
/jlne.ws/3ZTAxNX
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Acadian model detects gaps between climate goals and reality; Quant shop builds tool for net-zero alignment assessment, using NLP and Bayesian models
Faye Kilburn - Risk.net
Acadian Asset Management has built a net-zero alignment model to make probabilistic predictions about entities' chances of meeting their stated decarbonisation goals. The results paint a dire picture about the void between corporations' stated goals and how they are performing in practice. "Companies are not decarbonising - or at least we're not seeing it with our models - at the rate that is suggested by the Paris Accord," says Devin Nial, portfolio manager at Acadian. The international treaty
/jlne.ws/3ZTNS92
Hedge Funds' Big Bets on European Gas Risk Triggering Slump
Priscila Azevedo Rocha - Bloomberg
Hedge funds piled into Europe's gas market in the aftermath of the energy crisis, drawn to the intense price volatility. Their clout has grown so big that it now risks triggering a slump. Funds including Izzy Englander's Millennium Management, Ken Griffin's Citadel and Balyasny Asset Management have beefed up hiring and collectively raked in billions through their commodities businesses in recent years. Overall, the sector is heading toward the end of 2024 loaded with record volumes of long positions - effectively a bet that prices will rise.
/jlne.ws/41AWp1G
Death of Nasdaq Diversity Rule Signals More Trouble for DEI; Exchange won't appeal decision from conservative Fifth Circuit; Goldman Sachs is keeping its board diversity policy in place
Simone Foxman, Jeff Green, and Katherine Doherty - Bloomberg
The message from Nasdaq as the Black Lives Matter movement exploded across the US: push for diversity - or prepare to explain. Four years later, a federal appeals court has struck down an attempt by Nasdaq's US exchange - home of Apple Inc, Nvidia Corp, Microsoft Corp and Tesla Inc, among others - to compel companies to include more women, people of color and LGBTQ+ directors on their boards.
/jlne.ws/3Bl5wcp
Saudi-hosted UN summit fails to agree on how to tackle drought; UN land conference in Riyadh overruns as poorer countries push for binding outcome
Ahmed Al Omran in Riyadh and Attracta Mooney in London - Financial Times
The UN desertification COP16 summit hosted by Saudi Arabia ended without an agreement on a legally-binding response to drought, as the UN process struggles to overcome differences with fossil fuel producing nations. It follows the failure to reach a final resolution at the UN biodiversity summit in Colombia, where talks ran into overtime, while the UN plastics treaty latest round in South Korea was similarly thwarted by objections from countries including Saudi Arabia and Russia.
/jlne.ws/3VI23LU
Exclusive: Trump transition team to roll back Biden EV, emissions policies
Jarrett Renshaw and Chris Kirkham - Reuters
Incoming U.S. President Donald Trump's transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and to strengthen measures blocking cars, components and battery materials from China, according to a document seen by Reuters. The recommendations, which have not been previously reported, come as the U.S. electric-vehicle transition stalls and China's heavily subsidized EV industry continues to surge, in part because of its superior battery supply chain. On the campaign trail, Trump vowed to ease regulations on fossil-fuel cars and roll back what he called President Joe Biden's EV mandate.
/jlne.ws/3VF6Ygu
Italy Mulls Extending Power Concessions in Exchange for Upgrades; Concessions may be rolled over if utilities improve networks; Accords may be extended up to 40 years for eligible companies
Alberto Brambilla - Bloomberg
Italy is planning to amend existing legislation on power distribution concessions in exchange for commitments from utilities to upgrade their networks. Rome will extend accords for as long as 40 years based on companies' infrastructure renewal plans, according to a budget amendment sponsored by parties from Prime Minister Giorgia Meloni's ruling coalition that was seen by Bloomberg.
/jlne.ws/3Bj7n1q
Chinese Inverter Maker Plans $150 Million Solar Base in Malaysia
Bloomberg News
/jlne.ws/3ZDX8wz
Libya's NOC Declares Force Majeure at Refinery After Clashes; Fire broke out at Zawiya facility west of capital, Tripoli; Local media says calm restored after intercommunal dispute
Tarek El-Tablawy and Hatem Mohareb - Bloomberg
/jlne.ws/3ZzzuBv
Oman OQ Methanol Unit Falls in Debut After $489 Million IPO; OQ is latest in string of disappointing Middle East debuts; Firm is considering listing more units in coming years
Laura Gardner Cuesta - Bloomberg
/jlne.ws/4iziljZ
How AI energy demand in 2025 will put natural gas in the spotlight
Ines Ferre - Yahoo Finance
/jlne.ws/3OWtMED
China's Coal Output Hits a Record and Fuels Oversupply Concerns; Annual domestic production is poised for 8th year of growth; Government had reopened mines to boost energy security
Bloomberg News
/jlne.ws/3BwG5EE
Three countries make history after signing agreement at COP29 - here's what it entails
Yei Ling Ma - The Cool Down
/jlne.ws/3OVr1DP
Qatar Agrees to Supply LNG to India's Gail in Five-Year Deal
Stephen Stapczynski and Rakesh Sharma - Bloomberg
/jlne.ws/3Dluucb
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BC Partners Nears Sale of Synthon to Goldman Asset Arm
Pamela Barbaglia and Dinesh Nair - Bloomberg
BC Partners is nearing a deal to sell Dutch generic drugmaker Synthon International Holding BV to Goldman Sachs Asset Management, according to people familiar with the matter. The Goldman asset arm, or GSAM, has emerged as the likeliest buyer of Synthon after beating out other suitors, said the people, who asked not to be identified as the information is private. The generic drugmaker could be valued at about EUR2 billion ($2.1 billion) in a transaction, the people said. BC Partners will likely retain a stake in the business following a deal, they said.
/jlne.ws/3DdMcOC
Office Property Meltdown Is Starting to Surface at Regional Banks; The use of CRE loan modifications is soaring at smaller banks; Regional banks vulnerable after taking lower down payments
Neil Callanan and Patrick Clark - Bloomberg
Slumping office property values are rippling through US banks, with smaller lenders in particular ramping up the use of loan modifications in their commercial real estate books. The typical bank with less than $100 billion of of assets modified 0.32% of its CRE loans in the first nine months of the year, a Moody's Ratings report found. That's a big increase from the first half of 2024, when it was just about 0.1%.
/jlne.ws/3Bri6a1
Greek Banks May Face a EUR100 Million Hit From Cut to Payment Fees
Sotiris Nikas and Paul Tugwell - Bloomberg
Greek lenders may face a cost of about EUR100 million ($105 million) from the reduction or elimination of various payment fees that banks charge their clients, Eurobank Equities Investment Firm SA said. Prime Minister Kyriakos Mitsotakis announced Sunday night that the Greek government will impose a cap on banks' fees for money transfers of as much as EUR5,000 and will also suppress the charge people pay to settle their utility bills or to make payments to the state.
/jlne.ws/49MzJxO
Japan's largest bank apologizes over theft of millions of dollars from safe deposit boxes
Mari Yamaguchi - Associated Press
Japan's biggest bank apologized Monday for the alleged theft by an employee of more than 1 billion yen ($6.6 million) from customers' safe deposit boxes. The bank, formally known as Mitsubishi UFJ Financial Group, Inc., said Monday that it was investigating and that verified thefts from about 20 of the 60 clients thought to have been affected amounted to 300 million yen (nearly $2 million). Compensation was being worked out, it said.
/jlne.ws/41CNUDt
JPMorgan's Head of Currency Trading Sees Trump Boosting Volumes
Alice Atkins - Bloomberg
Donald Trump's return to the White House is fueling a rise in currency trading volumes, according to JPMorgan Chase & Co., which sees his trade policies increasing attention on foreign-exchange markets. Stephen Jefferies, head of currencies and emerging markets trading at the US bank, said volumes handled by his team of 260 traders globally have been elevated since the US presidential election, and he anticipates a bustling year ahead.
/jlne.ws/4gCMywF
SNB Cuts Limit Again for Banks to Get Full Interest on Reserves; Threshold factor lowered to 20 from 22 times minimum holdings; Decision follows increase of minimum reserve requirements
Bastian Benrath-Wright - Bloomberg
The Swiss National Bank will lower the threshold factor for remunerating sight deposits again, making a minor adjustment to how much interest banks earn for parking cash at the institution. The factor determining which part of lenders' sight deposits earns the full SNB benchmark rate of 0.5% will be cut to 20 times their minimum reserve requirement from Feb. 1. That's down from 22 times now, according to a statement published Monday.
/jlne.ws/4ghhjrp
Apollo CEO's Flirtation With Politics Brings New Urgency to Succession Planning; Marc Rowan is one of the few private-equity chiefs who hasn't clearly designated an heir apparent
Miriam Gottfried and AnnaMaria Andriotis - The Wall Street Journal
Marc Rowan has remade Apollo Global Management during his nearly four years as its chief executive into a firm that manages more than $700 billion in assets and is on a path to becoming a massive lender. The question facing the firm now: Would it be ready for life without him? When Rowan, 62 years old, came back from a "semi-sabbatical" in 2021 to take the helm from fellow co-founder and longtime CEO Leon Black, he told people he expected to do the job for five years or less, according to people familiar with the matter. That timeline has slipped because he is enjoying the job-so much so that he is expected to sign on for another five-year stint in the coming months, they said.
/jlne.ws/41AVXAA
Blue Whale Cuts Stakes in Tech Giants Over AI Costs, FT Reports; Manager Stephen Yiu has trimmed exposure to Microsoft, Metal; Fund is backed by British billionaire Peter Hargreaves
Ameya Karve - Bloomberg
/jlne.ws/3Dr6BQk
Top European Activist Investor Bluebell to Shutter Hedge Fund; Fund wasn't large enough to justify its administrative costs; Firm to return capital to external investors and restructure
Eyk Henning, Nishant Kumar, and Aaron Kirchfeld - Bloomberg
/jlne.ws/41wIqtW
BlackRock's billionaire bonanza; Plus, Vanguard's restructuring, a US trading frenzy, and Palazzo Citterio in Milan reopens
Harriet Agnew - Financial Times
/jlne.ws/3ZGoS3O
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The power of praise;
Pilita Clark - Financial Times
The drivel that flows through the average journalist's inbox each week is a wonder to behold. Last week though, among the usual alerts about obscure middle managers moving to unremarkable jobs in companies you've never heard of, and the vital news that AI is disruptive, there was a corker. An online resume writing outfit had written to say an analysis of 20-plus UK industries showed that a) the happiest employees worked in finance and insurance and b) these workers got paid the most, averaging £85,538 a year.
/jlne.ws/4fjl9z0
The London problem is holding young Brits back; Americans and Europeans have a choice of places to prosper
John Burn-Murdoch -Financial Times
We often talk about the housing affordability crisis and the associated economic challenges facing young adults as if they were the same in every developed western country. Insufficient housebuilding has sent rents and prices soaring, resulting in superheated housing markets that leave twenty and thirtysomethings forced to choose between a broken bank balance and broken dreams. On the surface, the situation in different countries does look similar. In the US, rising rents and house prices have resulted in a cohort of young adults quitting superstar cities such as San Francisco and New York and heading for the likes of Austin and Denver. In Britain, those leaving London are increasingly heading for cities such as Bristol. But, in case it isn't immediately obvious, these migrations are not the same.
/jlne.ws/4iElIGs
Someone's Not Invited to the Holiday Party This Year: Your Spouse; The tradition of bringing a plus-one to the big company bash is fading out-and with it, a chance to know co-workers better
Ray A. Smith - The Wall Street Journal
Like the three-martini lunch, the tradition of bringing a partner to the lavish office Christmas bash is fading into a workplace relic. Just under a third of companies are inviting plus-ones to their holiday parties this season, slightly fewer than last year and down from 53% in 2021, according to a survey of 173 companies by outplacement firm Challenger, Gray & Christmas. Many spouses don't mind. Back when most families had just one breadwinner, couples shared a singular connection to one employer, and often saw company parties as a joint reward, as much as the year-end bonus.
/jlne.ws/3DeM0yB
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Endemic discontent leaves little sympathy for US health insurers; The UnitedHealthcare shooting highlights the problems of a healthcare system many see as broken
Oliver Barnes and Oliver Roeder - Financial Times
In an email to UnitedHealth Group's 440,000 employees last week, chief executive Andrew Witty highlighted messages from a breast cancer survivor and five other patients praising the insurer in the aftermath of the assassination of one of its top executives. Since Brian Thompson, who ran the Minnesota-based group's vast UnitedHealthcare insurance unit, was shot dead in midtown Manhattan earlier this month, however, sympathy for the country's largest health insurer, which covers about 50mn Americans, has been in short supply. The actions of the alleged shooter - 26-year-old Luigi Mangione, an Ivy League graduate who suffered from a lower back condition and griped in a manifesto about how companies like UnitedHealth "abuse our country for immense profit" - has intensified one of America's thorniest national debates: how to fix a healthcare system many see as broken.
/jlne.ws/49FdE44
The Global Fertility Trade: A Story of Extraction, Exploitation and Opportunity; Following human eggs as they're exchanged across open, gray and black markets - reaping rewards for an extremely high price.
Natalie Obiko Pearson, Jessica Brice, Susan Berfield, Vernon Silver, Kanoko Matsuyama, Cindy Wang, Sinduja Rangarajan, Fani Nikiforaki - Bloomberg
She wakes early, then waits, quietly, for her mother to leave for work. The nurse in the gleaming glass building in Varanasi, India, had told her to arrive by 7 a.m., so she doesn't have much time. Her fingers working quickly, she drapes a sari across her adolescent frame, making her look older and curvier than the salwar kameez tunics she usually prefers.
/jlne.ws/33sAADr
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Massive Interest Burden Haunts $29 Trillion Emerging Debt Pile; Lull in sovereign debt defaults may end as maturity wall looms; Developing nations grapple with $850 billion of interest costs
Vinicius Andrade and Ezra Fieser - Bloomberg
Developing nations, already set for a turbulent 2025, are having to cope with ballooning interest payments on $29 trillion of debt that built up over the last decade. A record 54 countries are spending more than 10% of their revenues on interest payments, according to the United Nations. Some, including Pakistan and Nigeria, are using more than 30% of revenue just to pay coupons.
/jlne.ws/49LR7Td
Pakistan's Crackdown on Illegal Dollar Trade Boosts Remittances; Workers' send-home pay rises 34% year-on-year this fiscal; Remittances may rise to a record this year: finance minister
Malavika Kaur Makol and Faseeh Mangi - Bloomberg
Pakistan's efforts to curb illegal foreign-exchange trades are seen boosting the nation's remittances to a record high this year. The cash sent home by those living offshore rose 34% to $14.8 billion in the five months through November from a year ago, according to central bank data. This comes after the country's crackdown on unofficial buying or selling of dollars. Finance minister Muhammad Aurangzeb expects remittances to reach an all-time high of $35 billion this year from $30 billion last year.
/jlne.ws/49G44hm
China's Key Bond Yield Hits Fresh Record Low as Data Disappoints; Ten-year yield falls to 1.71% after economic data releases; China bond rally may persist into next year: Citigroup
Bloomberg News
China's 10-year sovereign yield slumped to a fresh record low Monday, as a string of sluggish economic data boosted demand for haven assets. The benchmark yield fell six basis points to 1.71%, extending a decline from above 2% at the end of November. The move came after figures revealed retail sales growth unexpectedly weakened and home prices registered another drop in November. The slide in yields accompanies renewed promises of extra stimulus from authorities including interest-rate cuts to revive China's sluggish economy. The bond rally is also supported by worries over the impact of any trade war with the US and a lack of other investment options amid the fragile economic sentiment.
/jlne.ws/4fjgqx9
India's Richest Men Drop Out of World's Elite $100 Billion Club; The tycoons have seen wealth take a big hit since mid-year; Both are seeking to head off a number of business threats
Alexander Sazonov and Advait Palepu - Bloomberg
The wedding celebration of Indian billionaire Mukesh Ambani's son Anant earlier this year was the stuff of tabloid fantasy: a seven-month extravaganza that saw Rihanna and Justin Bieber flown in to entertain guests across exotic locales from Mumbai to the Italian Riviera. The event - which cost $600 million by some estimates - offered a window into the supreme confidence of the country's super wealthy, buoyed by soaring fortunes, a fast growing economy and demand for Indian assets. Fast forward six months, though, and the outlook suddenly looks less rosy.
/jlne.ws/3OX7va0
Examining the LSExodus; Does it matter though? Really?
Robin Wigglesworth - Financial Times
You're probably aware of the UK's near-existential angst over the decline of its stock market, encapsulated by the number of companies shifting their listings from London to the US in recent years. MainFT's Rafe Uddin, Marianna Giusti and Ian Smith wrote a cracking piece on it over the weekend, with some stark numbers and arresting data viz on another year of woe for the UK's stock market.
/jlne.ws/4gyyeW3
French bonds under pressure following Moody's downgrade
Ian Smith in London and Leila Abboud in Paris - Financial Times
French bonds and stocks came under renewed pressure on Monday after Moody's downgraded the country's credit rating, citing a "materially weaker" economic outlook and political instability that will make it tougher to reduce Paris's large budget deficit. The country's 10-year borrowing costs were up 0.01 percentage points in early trading at 3.04 per cent, as the price of the debt fell, while benchmark German debt gained.
/jlne.ws/3ZHCI5Z
The Drugs Young Bankers Use to Get Through the Day-and Night; Many on Wall Street see Adderall and Vyvanse as tools to plow through long hours of tedious work amid high-pressure competition
Alexander Saeedy - The Wall Street Journal
/jlne.ws/4iB2S2V
|
| | | |
|
| |
| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. | INT. CHLOE ADAMS' APARTMENT
Mike walks through the door of an elegantly decorated apartment. A young woman, Chloe Adams is lying on the couch. She's tall, thin and beautiful. She has a book on her lap, wearing jeans and a tank top with no shoes. Mike drops his keys on an end table and leans over to kiss her forehead.
CHLOE
Hey Babe. What's up?
Mike sits on the corner of the couch and grabs Chloe's feet and starts to rub.
MIKE
I finally got a chance to talk to the Sterling guy. You know, the one who comes into the bar every Friday with his crew.
To read this episode of The Front Runner, go HERE.
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | The Economics of Media Bias; In a polarized country and crowded market, partisan coverage allows outlets to differentiate themselves.
Roland Fryer - The Wall Street Journal
Americans have complained about media bias for years, and it's hard to deny that they're on to something. The country is divided rather evenly along partisan lines: While Donald Trump comfortably won the Electoral College, the popular-vote margin fell within 2 points. Yet the media, including mainstream sources, rarely tries to appear neutral. From news coverage to editorial columns, different outlets offer radically different views of reality.
/jlne.ws/3OXj7JW
The Feuds That Will Define 2025; Bluesky vs. X, Kendrick vs. Drake and the other beefs to watch.
Max Chafkin - Bloomberg
Sam Altman vs. Elon Musk In one corner: the world's richest man, electric car and rocket impresario, and self-proclaimed "first buddy" of Donald Trump. In the other: OpenAI's chief executive officer whom Musk has accused, in a lawsuit, of hijacking the venture in pursuit of profit. Altman and OpenAI dispute the allegation, suggesting that Musk is just trying to harm a business rival. Musk countered with a Trumpian coinage, calling Altman "Swindly Sam."
/jlne.ws/4iFdWMn
|
| | | |
|
| |
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.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
