| October 19, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Later this morning, JLN will launch the first episode of "Futures Discovery." The first episode will explore what is a futures contract. Futures Discovery is hosted by Corties Draper, a student in the CCCF honors program at Roosevelt University in Chicago. Look for it on JohnLothianNews.com and our social media channels.
Crain's Chicago Business reports that "Hyde Park is the world's 19th-coolest neighborhood," according to a new list of the globe's 50 best. "Notable for being the home of the University of Chicago and President Barack Obama, Hyde Park embodies the spirit of a small town while providing all the amenities of a bustling metropolis," according to Time Out's sixth annual list, published Tuesday.
Former New York City Mayor Michael Bloomberg wrote a commentary for his news organization titled "The Economy of Urban Replication: Why Cities Need to Be Sharing Ideas" with the subheading "A new Bloomberg Cities Idea Exchange will provide resources to spur innovation and help break the so-called urban doom loop."
Bloomberg reported that costs for childcare in New York City could climb and have reached pre-pandemic levels already. The story is titled "NYC Child Care Hits $45,000 a Year With US Prices Surpassing Pre-Pandemic Levels" and the subheading is "Costs could climb even more now that federal support has ended."
The good news is that Americans saw their net worths jump during the pandemic. Bloomberg reports "Americans' Net Worth Surged by Most in Decades During Pandemic" and the subheadings are "Households invested more, saw home values jump from 2019-2022" and "Financial strength is thwarting Fed's efforts to slow economy."
Andy Ross, the former CEO of Curve Global and a longtime Morgan Stanley executive who is now global head of prime brokerage at Standard Chartered Bank, was made a "Freeman" of the City of London and robed as a "Plumber" yesterday. Congratulations to Andy on this honor.
Congratulations to CME Group's Allyson Zoller, who won the Women in Financial Markets (WIFM) Trailblazer Award last week.
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 Task Force on Climate-related Financial Disclosures has issued its 2022 status report, which describes firms' progress in making climate-related financial disclosures and the challenges they face in that reporting. The percentage of companies disclosing information aligned with at least five of the eleven recommended disclosures grew to 58% from 18% in 2020, the report found. The report also provides an update on significant actions by governments, regulators, and standard setters. Learn more and download the report here.~SAED
Our most read stories yesterday on JLN Options were:
- Cboe to offer single stock options from next month after backing from major participants from The Trade.
- Volatility Skew and Options: An Overview from OIC.
- A New Options Trading Floor Could Be Coming to Miami from The Wall Street Journal. ~JB
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John Lothian News Exclusive Interview at FIA EXPO 2023: Trading Technologies and Abel Noser Speak Out
JohnLothianNews.com
At this year's FIA EXPO, John Lothian News sat down with Trading Technologies (TT) CEO Keith Todd and Abel Noser CEO Peter Weiler for a candid video interview about TT's purchase of Abel Noser, what is next for TT and more.
Watch the video »
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Elon Musk's Plan to Charge New X Users $1 May Not Deter Crypto Bots; Crypto watchers say a nominal charge for using the service is unlikely to combat the bot problem.
Shaurya Malwa - CoinDesk
A plan to charge $1 to new users of social app X, formerly Twitter, may do little to deter the bot endemic on the popular platform used by crypto projects and users. X began rolling out the annual charge to new users in New Zealand and the Philippines on Wednesday. The company said the test could help "reduce spam, manipulation of our platform and bot activity," as any new user will be charged to use critical functions including posting, replying and liking.
/jlne.ws/3ZZSUPK
***** Someone who agrees with me who is not related to me? Wow!~JJL
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A New Options Trading Floor Could Be Coming to Miami
Alexander Osipovich - The Wall Street Journal
Old-fashioned trading floors have been dying off for decades as markets have gone electronic. Now, one company wants to launch a new floor for options trading in Miami. The company, Miami International Holdings, also known as MIAX, plans to launch the floor in the second half of 2024, subject to approval by the Securities and Exchange Commission. MIAX unveiled its plans Tuesday morning after the SEC posted its application to launch its latest exchange, to be called MIAX Sapphire, which would include a physical trading floor as well as electronic trading systems.
/jlne.ws/3Q1RHmj
***** There is a really nice trading floor in Chicago they could have rented with lots of space. And I mean LOTS of space.~JJL
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Crypto comes under new scrutiny in Washington following Hamas attacks
Jennifer Schonberger - Yahoo Finance
Washington is ramping up its scrutiny of the crypto world after reports that Hamas received funding from digital currencies. Sens. Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) and Rep. Sean Casten (D-Ill.) applied some new pressure Tuesday with a letter to the White House and Treasury asking for a "plan" to "prevent the use of crypto for the financing of terrorism."
/jlne.ws/3M4fT6o
****** Financing terrorism is not a popular thing. Look for Congress to act, when and if it ever gets a Speaker in the House.~JJL
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Wednesday's Top Three
Our top story Wednesday was Letter from Ken Griffin: Stop attacking me and focus on Chicago's real problems, Crain's, a letter to the editor from Ken Griffin, in Crain's Chicago Business. Second was CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions, a CFTC press release. And third was Remarks of Enforcement Director Ian McGinley at the New York University School of Law Program on Corporate Compliance and Enforcement: "The Right Touch: Updated Guidance on Penalties, Monitors, and Admissions", also from the CFTC.
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| Lead Stories | NYSE, Nasdaq Volume Discounts for Brokers Threatened by SEC; Agency on Wednesday proposes banning volume-based price deals; Move is latest by regulator to delve into equity trade rules
Lydia Beyoud and Katherine Doherty - Bloomberg
The New York Stock Exchange and Nasdaq would no longer be able to offer a kind of special discount that rewards Wall Street brokerages for routing large amounts of trade orders to them under a new plan from the Securities and Exchange Commission. The SEC on Wednesday proposed banning so-called volume-based transaction pricing. The arrangements involve charging reduced fees or offering rebates to brokerages specifically based on how many stock trades they send each month on behalf of clients.
/jlne.ws/3M4k3ew
New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case; Letitia James has accused Gemini Trust, Genesis Global Capital and Digital Currency Group of misleading investors in a program promising low risk and high returns.
Ephrat Livni - The New York Times
Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the digital asset industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. The suit targets Gemini Trust, the exchange run by the twin brothers Tyler and Cameron Winklevoss; the lender Genesis Capital; and Digital Currency Group, the parent company of Genesis.
/jlne.ws/3rWIJ1O
Don't Rule Out a Financial Crisis in China; Extensive fiscal and financial imbalances have taken China, its leadership and the world into uncharted territory
Greg Ip - The Wall Street Journal
The world's second largest economy has a deflating property bubble, local governments struggling to pay their debts and a banking system heavily exposed to both. Anywhere else these factors would be seen as precursors of a financial crisis. But not in China, conventional wisdom goes, because its debts are owed to domestic rather than foreign investors, the government already stands behind much of the financial system and capable technocrats are on top of things. Conventional wisdom might be dangerously out of date.
/jlne.ws/3FmDpYr
The Mystery of FTX's Missing $9 Billion Is Unraveled at SBF Trial; Funds were invested at Skybridge Capital, Modulo Capital; FTX customer money went to investments, property, expert says
Yueqi Yang and Allyson Versprille - Bloomberg
A forensic accountant at the trial of Sam Bankman-Fried tried to explain what happened to $9 billion in FTX customer funds that were missing in June 2022, five months before the company filed for bankruptcy. Peter Easton, an accounting professor at the University of Notre Dame, said Wednesday that $11.3 billion in FTX customer funds were supposed to be held at Alameda Research, but only $2.3 billion were actually in its bank accounts. The funds were ultimately used for a variety of purposes, including investments at Anthony Scaramucci's SkyBridge Capital and Lily Zhang's Modulo Capital, he said.
/jlne.ws/48ZHdMP
How Sam Bankman-Fried and other crypto heroes went to zero
Felix Salmon - Axios
As revelations pile up in the criminal trial of Sam Bankman-Fried, the cryptocurrency world has been left without any high-profile cheerleaders who might seem worthy of trust or admiration to the general public. Why it matters: Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX, was, briefly, about as close as anyone to achieving the status of crypto hero. Now that he's finding himself elevated to the highest tier of villains, there's no one left to root for or get behind.
/jlne.ws/3s0I0N5
The fake hitman, the crypto king and a wild revenge plan gone bad; Kobus Steyn thought he'd found a whale of a client. Then his assignment turned from make-work to murder
Paul Murphy - Financial Times
For Kobus Steyn, the job was clear enough: put together a team to locate and surveil a vice-admiral in the Thai navy and then, when the opportunity arose, kill him. Steyn, a gruff 60-year-old with a slightly greying full head of hair, tired deep-set eyes and a square jaw, had spent more than three decades in clandestine security work. In his native South Africa, the former policeman had been involved, by his own account, in some shady operations as the country transitioned from apartheid. Later, he'd set up a private firm that investigated everything from failed marriages to corporate fraud. He even taught security management at the University of Johannesburg for a while before deciding that the land of his birth no longer valued his expertise.
/jlne.ws/48WSzRV
Eurex expands its crypto derivatives suite with Options on FTSE Bitcoin Index Futures; Launch of Options on FTSE Bitcoin Index Futures in USD and EUR, on 23 October 2023; Safe and trusted access to cryptocurrencies on a regulated market with Eurex
Eurex
Eurex was the first exchange in Europe to offer Bitcoin index futures in April 2023. After this successful implementation, Eurex now expands the trusted path to crypto with the launch of Options on FTSE Bitcoin Index Futures. This is another major milestone in Eurex's ambition to offer secure access to cryptocurrencies in a regulated market environment.
/jlne.ws/3rWI4gQ
Do Kwon's SEC Case May Hinge on Role of Jump Trading, Court Documents Show; Kwon has been accused of misleading investors about the terraUSD stablecoin, whose 2022 collapse ricocheted around the crypto world.
Jack Schickler - CoinDesk
A legal case against Do Kwon and his company, Terraform Labs, could hinge on the role of market maker Jump Trading, according to filings made in a New York court on Wednesday. The collapse of Kwon's terraUSD stablecoin (UST) in May 2022 sent a shockwave across the cryptocurrency market, heralding a crypto winter. Kwon was subsequently sued by the U.S. Securities and Exchange Commission for misleading investors.
/jlne.ws/3M353xG
Larry Fink Leads CEOs Back to COP Talks They Snubbed Last Year; COP28 is gearing up to be a major event for big finance; Climate talks will be hosted by CEO of UAE's biggest oil firm
Alastair Marsh - Bloomberg
Wall Street is returning to climate talks that it largely snubbed last year, as the United Arab Emirates steps into the role of host. BlackRock Inc. Chief Executive Officer Larry Fink is among a string of finance heavyweights planning to attend the COP28 summit in Dubai that starts next month, according to people familiar with the plans who asked not to be identified discussing non-public information.
/jlne.ws/3Q6eo8W
Moscow detains US journalist for 'targeted collection of military information'; Russian-US citizen Alsu Kurmasheva faces up to five years in jail if found guilty of charges
Polina Ivanova - Financial Times
Russia has detained a second US journalist, accusing the reporter of failing to register as a foreign agent while collecting information online, according to her employer and a press freedom group. If found guilty, Alsu Kurmasheva, a dual Russian-US citizen who works for US government-funded outlet Radio Free Europe/Radio Liberty, could be sentenced to up to five years in jail, the Committee to Protect Journalists said.
/jlne.ws/3s1bk63
Late payments rise on US loans tied to inflated pandemic credit scores; Emergency cash and repayment freeze gave lenders an 'opportunity to juice up their growth'
Stephen Gandel - Financial Times
US borrowers who took on new debt in the middle of the pandemic are falling behind on repayments at unusually high rates, after lenders extended more credit to households helped by government stimulus. Federal programmes sent cash and froze certain loan repayment requirements for US consumers strapped by the economic shock of Covid-19.
/jlne.ws/491IC5w
More than 50,000 companies to report climate impact in EU from 2024 after pushback fails; Rightwing attempt to block the adoption of new sustainability rules is voted down.
Alice Hancock - Financial Times
More than 50,000 companies must start assessing the impact of their operations on the environment from January, after EU lawmakers overcame rightwing opposition to pave the way for the reporting requirements that will also catch multinational companies. The attempt by a cross-party group of 44 rightwing and liberal MEPs to block the adoption of new sustainability reporting standards was rejected by more than half of the European parliament.
/jlne.ws/45CkWSs
Sam Bankman-Fried trial jury sees his profane messages about regulators
Luc Cohen - Reuters
The prosecution in Sam Bankman-Fried's fraud trial on Wednesday showed jurors a slew of profane messages he sent journalists complaining about regulators, challenging the image the FTX founder cultivated as a proponent of cryptocurrency oversight.
/jlne.ws/3Q4nl2r
Layoffs lurk on Wall Street as macroeconomic outlook remains murky
Manya Saini and Niket Nishant - Reuters
Top U.S. banks could cut jobs further to keep their expenses in check, especially if lingering economic weakness derails a fledgling recovery in investment banking, according to comments made at their recent earnings. The cautious remarks came even as all six big U.S. banks earned more in the third quarter than analysts had expected, suggesting that they are not totally out of the woods.
/jlne.ws/3M6ZgHi
Effective Altruism Is as Bankrupt as Sam Bankman-Fried's FTX; By pretending to be two contradictory things, this much-vaunted approach to public policy and personal choices is less of a moral philosophy than an intellectual scam.
Clive Crook - Bloomberg
Effective Altruists, it seems, aren't always effective altruists. Whether guilty or innocent of the charges brought against him, Sam Bankman-Fried was a really bad altruist. But he was a champion of Effective Altruism, a vaunted approach to public policy and personal conduct that judges people and their choices by daring to ask if they add to the sum of human happiness.
/jlne.ws/3rPazNv
The Tyranny of ESG Has Run Its Course; The idea of ESG has been changing since the day it was just a twinkle in a marketer's eye. Now it's heading into its inevitable end game.
Merryn Somerset Webb - Bloomberg
In 2021, almost two-thirds of respondents said they considered environmental, social and governance (ESG) factors when investing. In 2022, that number was 60%, and this year it's 53%, according to the annual ESG Attitudes Survey from the Association of Investment Companies. Asked why they were over ESG, the top reason given was that performance was more important.
/jlne.ws/47eNBOX
There's a Good Reason Why Wall Street Is Overpaying Bankers; Morgan Stanley CEO James Gorman predicts a rebound in deals once the Federal Reserve signals it's done raising interest rates, so better to lock in the talent now.
Paul J. Davies - Bloomberg
Few are saying it out loud, but it seems plenty of investment banking leaders think a big rebound in dealmaking and fundraising is around the corner. Even as advisory revenue at the biggest US banks has been at its weakest in years, a battle to keep rainmakers is bubbling away in the background.
/jlne.ws/3FlUG4
A Startup Battles Big Oil for the $1 Trillion Future of Carbon Cleanup; Christoph Gebald's company, Climeworks, is a pioneer in carbon-capture technology. Can it grow quickly enough to make an impact in the climate fight?
Brian Kahn - Bloomberg
Most everyone who's committed their career to solving the climate crisis comes to the field because they have something they want to save. It's the mountains for Christoph Gebald, whose startup, Climeworks AG, is among the pioneers of sucking carbon dioxide from thin air.
/jlne.ws/3QnJBG4
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin says Russia 'will be able to repel' Ukraine's new weapons used to damage Kremlin's air assets; Ukraine says it used the weapons supplied by US to destroy Russian helicopters, ammunitions, an air defence system and other assets
Arpan Rai - Independent
Vladimir Putin said Russia "will be able to repel" attacks by Ukraine's new long range weapons supplied by the US, which Kyiv used to launch one of the most damaging attacks on the Kremlin's air assets since the start of the war.
/jlne.ws/3s6LgX7
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Hamas militants likely used some North Korean weapons in attack on Israel, evidence shows; The evidence shines a light on the murky world of the illicit arms shipments that sanction-battered North Korea uses as a way to fund its own weapons programs.
The Associated Press
Hamas fighters most likely fired North Korean weapons during their Oct. 7 assault on Israel, a militant video and weapons seized by Israel show, despite Pyongyang's denials that it arms the militant group. South Korean officials, two experts on North Korean arms and an Associated Press analysis of weapons captured on the battlefield by Israel point toward Hamas using Pyongyang's F-7 rocket-propelled grenade, a shoulder-fired weapon that fighters typically use against armored vehicles.
/jlne.ws/3Qav67o
Egypt agrees to allow first aid trucks into Gaza as Palestinians reel from hospital blast
Jessie Yeung - CNN
Egypt has agreed to allow aid trucks into Gaza, as anger rises globally over Israel's siege of the isolated enclave in response to the brutal, coordinated Hamas attacks nearly two weeks ago. The relentless bombardment of Gaza by Israel has sparked growing protests across the Middle East and heightened fears that the war could spiral into a wider regional conflict.
/jlne.ws/45BG7UO
US targets Hamas financial network with sanctions after Israel attack; Treasury takes action against nine individuals and virtual currency exchange Buy Cash
Stefania Palma - Financial Times
US authorities have imposed sanctions on 10 Hamas-linked individuals and entities in an effort to crack down on sources of funding supporting the Palestinian militant group amid the escalating conflict with Israel.
/jlne.ws/40i7AKl
How JPMorgan addressed the Israel-Hamas war with employees globally-and what businesses can learn from it
Ruth Umoh, Joseph Abrams - Fortune
Today's leaders are expected to take a stand on sociopolitical issues, whether domestic or global. The escalating tension in the Middle East is no exception. LinkedIn is chock-full of posts stating some variation of: Check in with your Muslim and Palestinian colleagues. They are not okay. Or the reverse: Check in with your Jewish and Israeli colleagues. They are not okay.
/jlne.ws/491LTlk
Crypto Is a Small Slice of Hamas' Funding - But It's Deadly; Regulators are rightly cracking down on virtual currency.
Lionel Laurent - Bloomberg
As lawyers and prosecutors rake over the ashes of Sam Bankman-Fried's fallen FTX cryptocurrency empire, another reckoning for digital currencies is underway: Governments around the world are intensifying their crackdown on sources of funding for terrorist groups - including crypto - after Hamas's bloody attack in Israel that claimed more than 1,400 lives and led to retaliatory attacks that have killed thousands.
/jlne.ws/3tCp6N5
How Iran's Role Risks Widening the Israel-Hamas War
Ethan Bronner - Bloomberg
/jlne.ws/3rYxaHm
US Targets Hamas' Financial Network, Key Members With Sanctions; Treasury sanctions people managing assets in Hamas portfolio; It also targets Gaza-based virtual currency exchange, operator
Daniel Flatley and Viktoria Dendrinou - Bloomberg
/jlne.ws/45L7D2o
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Sales Beat Estimates With Boost From 'Marquee IPOs'
Redd Brown - Bloomberg
Nasdaq Inc. reported sales that beat expectations after the initial public offering market picked up last quarter. The exchange operator's third-quarter sales rose by about 6% to $940 million, surpassing the average analyst estimate of $931.6 million - the fastest pace in a year, but the slowest third quarter growth since 2019. Much of the outperformance was driven by the Nasdaq's Capital Access Platforms unit, which includes its listing services division.
/jlne.ws/46zELuR
Leaders in Trading 2023: Meet the nominees for... Outstanding FX Trading Venue; Learn more about the four firms shortlisted for The TRADE's 2023 Editors' Choice Award for Outstanding FX Trading Venue: including CME Group's EBS, Deutsche Börse's 360T, Eurex, and LSEG's Refinitiv FXall.
Editors - The Trade
Next up in our introduction to the distinguished nominees for Leaders in Trading 2023 Editors' Choice Awards, we bring you the shortlist for Outstanding FX Trading Venue, showcasing excellence in the foreign exchange community. Over the last year, the foreign exchange landscape has continued to shift with some players restructuring their business entirely, first trades being executed on our nominees' platforms as well as various new initiatives launched by FX trading venues paired with several new partnerships.
/jlne.ws/3S6tD4q
10 CEOs Nominated For SET Awards 2023 With Winner Announcement On Nov 21
Mondovisione
The Stock Exchange of Thailand (SET) marked the SET Awards' 20th Anniversary under the theme of "Benchmark of Excellence" to reaffirm its position as the benchmark award of excellence that continuously elevates the Thai capital market. This year, 10 CEOs have been nominated for the CEO Awards, 79 companies for the Business Excellence Awards category and 50 companies for the Sustainability Excellence Awards category. The nominations demonstrate their ability to steer business towards potential and outstanding achievements amid the current situations with high uncertainties, while placing importance on sustainability and exemplifying model organizations in the capital market sector. SET will announce the winners and present the awards on November 21, 2023.
/jlne.ws/49305KX
London Stock Exchange Group plc: Q3 2023 Trading Update
London Stock Exchange Group plc
David Schwimmer, CEO said: "LSEG delivered another quarter of strong, broad-based growth. By building compelling solutions that meet customers' evolving business needs we have established a consistent track-record of growth in our Data & Analytics business. Our Capital Markets revenues accelerated in the third quarter, with ongoing innovation increasing Tradeweb's share of global credit trading. Our Post Trade businesses also continue to grow strongly as customers look to our risk management services in an uncertain macro environment. We are confident that growth for the full year will be towards the upper end of the +6-8% guidance range."
/jlne.ws/46XHUVs
Status of Proof of Concept Testing for HTML Disclosure of Earnings Reports (Kessan Tanshin) (as of the end of August 2023)
JPX
JPX Market Innovation & Research, Inc.（JPXI）hereby announces the status of Proof of Concept testing for HTML disclosure of earnings reports* (hereinafter referred to as "the PoC testing") promoted by JPXI as of the end of August 2023.
/jlne.ws/3M7EF5Q
Results Of Annual General Meeting
ASX
The results of ASX Limited's Annual General Meeting held on 19 October 2023 are set out in the attached document. All resolutions put to the AGM were ordinary resolutions and decided by way of poll. While more than 75% of votes cast on Resolution 3 were in favour of the adoption of the 2023 remuneration report, and a 'second strike' for the purposes of the Corporations Act 2001 (Cth) was avoided, the conditional spill resolution was put to the meeting for prudence. The spill resolution was not effective due to the result of Resolution 3.
/jlne.ws/46R1Cme
The Moscow Exchange is updating the mechanism for conducting discrete auctions on the stock market
Moscow Exchange
From October 30, 2023, the Moscow Exchange is introducing a new procedure for holding discrete auctions for shares and depositary receipts that are not part of the Moscow Exchange Index (IMOEX). The updated mechanism was developed jointly with the Bank of Russia and market participants with the aim of more quickly transferring trading to a discrete auction mode if there are signs of destabilization in the prices of traded instruments.
/jlne.ws/3PVaKPe
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Validus Appoints Senior Pension And Asset Management Specialist - Andrew Spence Previously Held Senior Positions At Ontario Teachers' Pension Plan And Has Been An Advisor To HM Treasury And The Bank Of Canada
Mondovisione
Validus Risk Management ('Validus'), the leading independent financial risk advisory and technology firm, today announces the appointment of Andrew Spence as a senior advisor in Toronto focusing on pension plans and asset managers.
/jlne.ws/3FHOB2l
An Industry Insider Drives an Open Alternative to Big Tech's A.I.; The nonprofit Allen Institute for AI, led by a respected computer scientist who sold his company to Apple, is trying to democratize cutting-edge research.
Steve Lohr - The New York Times
Ali Farhadi is no tech rebel. The 42-year-old computer scientist is a highly respected researcher, a professor at the University of Washington and the founder of a start-up that was acquired by Apple, where he worked until four months ago. But Mr. Farhadi, who in July became chief executive of the Allen Institute for AI, is calling for "radical openness" to democratize research and development in a new wave of artificial intelligence that many believe is the most important technology advance in decades.
/jlne.ws/3s1bydp
Opinion Now is the time to stop AI from stealing our words
William D. Cohan - The Washington Post
The other day someone sent me the searchable database published by Atlantic magazine of more than 191,000 e-books that have been used to train the generative AI systems being developed by Meta, Bloomberg and others. It turns out that four of my seven books are in the data set, called Books3. Whoa.
/jlne.ws/492Pu2W
State Street unveils FX workflow solution aimed at facilitating market shift to T+1; In addition, DTCC is set to be connected to State Street's systems.
Claudia Preece - The Trade
In light of the US' imminent shift to T+1, State Street has today unveiled an automated workflow solution, as well as offering integration with DTCC within its FX trading service, StreetFX. The US Securities and Exchange Commission (SEC) decision to shorten the settlement cycle to one business day comes into effect from 28 May next year.
/jlne.ws/3rQtlUL
Artificial Intelligence in fixed income: A paradigm shift; With ongoing advances in technology, Wesley Bray explores the use of AI in fixed income, how it can help target liquidity and the shifting role of the trader as it adapts to work in tandem with new technologies.
Wesley Bray - The Trade
In the ever-evolving landscape of financial markets, where precision and speed have a huge impact on results, advancements in technology continue to reshape the way trading strategies are approached. Among the endless improvements in technology, artificial intelligence (AI) continues to present its case as something that can help inform investment strategies, not only in the pre-trade cycle, but increasingly in execution.
/jlne.ws/45Cuayb
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| Cybersecurity | | Top stories for cybersecurity | Japan Financial Services Agency: Results Of The Cybersecurity Self-Assessment For Regional Financial Institutions (FY2022)
Mondovisione
With cyberattacks increasing, the development of cybersecurity management frameworks and ensuring of their effectiveness have come to be recognized as significant challenges. Against this background, the Financial Services Agency (FSA) and the Bank of Japan (BOJ) developed a tool for conducting a self-assessment of cybersecurity management frameworks, with which individual financial institutions are to identify their own positions in comparison with other financial institutions and also identify areas of their own challenges. The FSA and the BOJ requested regional financial institutions to conduct cybersecurity self-assessment (CSSA) using the tool and then fed back the overall results to them.
/jlne.ws/3s0GASL
Google Chrome gets a free update that could kill clone and phishing sites forever; Typos be gone
Andy Sansom - T3.com
Even writers as esteemed as the T3 team make typos sometimes. It's an easy mistake to make that could actually make you vulnerable to scams and phishing sites. Luckily, T3 is very easy to spell, and Google has upgraded Chrome and tackled the problem.
/jlne.ws/45GXuU6
Government officials debate effectiveness of multilateral relations in cybersecurity
Eileen Yu - ZDNET
Amid continued calls for deeper global cooperation between all stakeholders to bolster cyber defense, government officials are now debating whether multilateral relations have been effective. Digitalization has become the new engine of economic growth for many countries, with the World Bank estimating that digital economies contribute at least 15% of global GDP. This digital revolution, though, has also triggered much anxiety, where tech-enabled possibilities and information flow have created new risks to guard against, said Heng Swee Kiat, Singapore's deputy prime minister and coordinating minister for economic policies.
/jlne.ws/3tK7te0
Cybersecurity Funding Sees Slight Bounce Back From Q2, But Still Down From 2022
Chris Metinko - Crunchbase News
Venture funding to cybersecurity startups in the third quarter saw a slight uptick from Q2, but was still down 30% year to year. According to Crunchbase data, cybersecurity startups raised nearly $1.9 billion through 153 deals announced in Q3, a 12% increase from the $1.7 billion raised in 181 deals the previous quarter. The number of deals represents a 15% dropoff.
/jlne.ws/3S0jPsI
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| Cryptocurrencies | | Top stories for cryptocurrencies | Former CFTC Chair Heath Tarbert Advocates for Urgent Stablecoin Legislation to Secure U.S. Financial Future
CryptoGlobe
Heath Tarbert, who previously served as the Chairman of the Commodity Futures Trading Commission (CFTC) and is now the Chief Legal Officer at Circle, has penned an opinion piece for CoinDesk emphasizing the need for immediate legislative action on stablecoins.
/jlne.ws/400HuuV
Tether CEO says stablecoin issuer audit process is continuing
CNBC
Paolo Ardoino, the new CEO of Tether, says he supports a full audit of the stablecoin, but "fear" from big firms to take a risk on auditing a stablecoin, is stopping it from happening.
/jlne.ws/46XJmqS
Novogratz Says Bitcoin ETF Will Be Approved This Year by the SEC; Grayscale court victory is significant, Galaxy head says; Market will head higher on positive news, Novogratz says
Muyao Shen - Bloomberg
Michael Novogratz says he expects the US Securities and Exchange Commission will finally approve exchange-traded funds that invest directly in Bitcoin this year. "It's gonna get approved," Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said during an interview on CNBC. "We actually think it's gonna happen in 2023."
/jlne.ws/3s0KbAf
Bitcoin-ETF Watchers Circle Friday as Next Key Date in Approval Race; Court to issue mandate by Friday on earlier favorable ruling; Crypto prices whipsawed earlier this week after fake ETF news
Vildana Hajric - Bloomberg
Those closely following the quest for an exchange-traded fund that would hold Bitcoin have Friday circled on their calendars. That's when a DC court will issue a mandate that could make effective an August opinion that went in favor of Grayscale Investments LLC, which had sued the US Securities and Exchange Commission as it looked to convert its Bitcoin trust (GBTC) into an ETF, according to Bloomberg Intelligence analysts Elliott Stein and James Seyffart. It's the next step in the process after the SEC last week opted against appealing the previous ruling, which it had lost.
/jlne.ws/3S5YNJ7
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| Politics | | An overview of politics as it relates to the financial markets | New report reveals surprising presidential candidates who will fight ESG, woke companies; This is the most in-depth ESG review of 2024's presidential candidates ever made
Justin Haskins - Fox News
Over the past decade, increasingly more companies have adopted environmental, social, and governance (ESG) metrics. ESG is a kind of social credit scoring system that is designed to move the entire U.S. economy further to the left, by forcing businesses to promote social justice and environmental causes, like battling climate change.
/jlne.ws/46TblYy
Top Crypto Brands Step Up Their Pitches to Consumers and Lawmakers; Coinbase has targeted 'crypto voters' and their representatives, while Kraken attempts to rekindle interest from curious investors
Patrick Coffee - The Wall Street Journal
Two of crypto's biggest brands are working to reintroduce consumers and lawmakers alike to the optimism that powered early investment in the sector, even as the high-stakes trial of FTX founder Sam Bankman-Fried continues to dominate conversation around digital currencies.
/jlne.ws/47eU4cH
Prepare For a Wave of US Politicians Using AI in Their Campaigns; Representative Ted Lieu expects Democrats and Republicans will use AI to help with their campaigns, "not only this election but every upcoming election."
Jackie Davalos and Nate Lanxon - Bloomberg
Some worry a new crop of artificial intelligence tools that can make compelling images and written work in seconds could sway the 2024 US presidential election. But there could be a more immediate impact for voters: a rise in AI-generated emails and campaign ads from politicians.
/jlne.ws/46T9gMc
U.K. Prime Minister Rishi Sunak pushes countries to label AI as capable of causing 'catastrophic harm'
Ellen Milligan, Jillian Deutsch, and Bloomberg - Fortune
Prime Minister Rishi Sunak is pushing for nations to label artificial intelligence as capable of causing "catastrophic harm" at the AI Safety Summit the UK is hosting next month as it seeks to forge a common international approach on the rapidly advancing technology. Britain wants countries to sign up to a joint position that outlines particular concerns for AI's impact on cybersecurity and biotechnology, according to a draft communique circulated to attendees and seen by Bloomberg. Officials aim to hammer out final wording of the communique by Oct. 25, a separate document showed.
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Staff Issues No-Action Letter Regarding Certain Block and Cap Amendments
CFTC
The Commodity Futures Trading Commission's Division of Market Oversight (DMO) today issued a letter extending the no-action position taken in CFTC Letter No. 22-03 regarding the compliance dates for certain amendments, adopted in November 2020, to the CFTC's swap data reporting rules concerning block trades and post-initial cap sizes.
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Keynote of Commissioner Christy Goldsmith Romero on The Power of Representation and Financial Inclusion in the American Dream
CFTC
Good morning. It is a pleasure to be here, especially during Filipino American History Month. I want to thank AAAIM and Jim Park for the invitation, and thank you Suzanne Wong for the lovely introduction. AAAIM is a non-profit with a compelling mission and goal-one of inclusion and empowerment. The idea that inclusion and purposeful investment can transform our society and lift up all communities is noble and inspiring.
/jlne.ws/3QjBhah
Joint Statement of Commissioners Summer K. Mersinger and Caroline D. Pham Regarding Swap Block Thresholds
CFTC
We support the extension of the staff no-action position in Letter No. 22-03, which extends the deadline for compliance with the Commission's "swap block thresholds" from December 4, 2023 to July 1, 2024. Swap data repositories ("SDRs") and market participants have established that such an extension is appropriate because of various operational and technological challenges, and resulting inefficiencies, due in part to other global reporting requirements that are happening around the same time. In addition, there have been unprecedented market shocks, disruptions, and other dislocations in the past several years that have adversely impacted market conditions and liquidity, and therefore merit further study and consideration of changes to the swap block thresholds and their impact on financial stability and systemic risk.
/jlne.ws/3S59XOs
Gensler Says SEC Is Weighing Bitcoin ETF Proposals
Bloomberg
Securities and Exchange Commission Chair Gary Gensler says regulators are still weighing proposals for Bitcoin ETFs. He also talks about banning so-called volume-based transaction pricing and possible new rules around climate-related disclosures.
/jlne.ws/3Fmjn0r
SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
SEC
The Securities and Exchange Commission today proposed a new rule that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal ("agency-related") orders in NMS stocks. The proposal also would require national securities exchanges to have certain anti-evasion rules and written policies and procedures and disclose certain information if they offer volume-based transaction pricing for member proprietary volume in NMS stocks.
/jlne.ws/3tE7EaP
Statement on Exchanges' Volume-Based Rebates and Fees
Chair Gary Gensler - SEC
Today, the Commission is considering a proposal regarding exchanges' volume-based rebates and fees. I am pleased to support this proposal because it will elicit important public feedback on how the Commission can best promote competition amongst equity market participants. Congress long has mandated that the SEC work to promote competition in the capital markets. In 1975, Congress amended the Exchange Act largely to address anticompetitive practices by market intermediaries. Congress added the word "competition" to the Exchange Act 20 times.
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Kakao Exec Arrested for Stock Manipulation in K-Pop Takeover; CIO accused of disrupting Hybe's takeover of SM Entertainment; Kakao won controlling stake of SM in March after bidding war
Yoolim Lee and Shinhye Kang - Bloomberg
South Korean authorities arrested a senior Kakao Corp. executive for alleged stock price manipulation connected to a high-profile bidding war over K-pop agency SM Entertainment Co. earlier this year. Kakao Chief Investment Officer Bae Jae-hyun was arrested early Thursday, according to the Seoul Southern District Court which issued the warrant.
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Fairer and More Competitive Public Markets
Commissioner Jaime Lizarraga - SEC
Last December, the Commission proposed significant reforms to enhance transparency and increase competition in our equities markets. Today, the Commission proposes an additional market structure reform to increase transparency in the complex and opaque system of tiered transaction pricing currently used by many exchanges.
/jlne.ws/48TvSy5
Statement on Volume-Based Exchange Transaction Pricing for NMS Stocks
Commissioner Mark T. Uyeda - SEC
Thank you, Chair Gensler. Today's proposal would "prohibit national securities exchanges from offering volume-based transaction pricing for agency-related volume in certain stocks and ... require national securities exchanges to disclose certain information if they offer volume-based transaction pricing for proprietary volume in these stocks."
/jlne.ws/470lCSZ
Statement on Volume-Based Exchange Transaction Pricing for NMS Stocks
Commissioner Caroline A. Crenshaw - SEC
A long line of economic literature asserts that competition among firms benefits consumers.[1] Competitive markets promote economic efficiency and growth, and their benefits can include lower prices and better products for consumers, as well as a more level playing field for small businesses that seek to enter new markets or expand their market share.
/jlne.ws/3Fo3kz5
Fears for Tiers: Statement on Proposed Volume-Based Exchange Transaction Pricing for NMS Stocks
Commissioner Hester M. Peirce - SEC
Thank you, Mr. Chair. Regulators, as a general matter, are instinctively cautious. Caution can be a good thing. It can enable us to recognize dangers or threats early and to prepare appropriate responses. Caution, when tempered by a prudent and open mind, can help us protect investors and keep our markets fair and efficient. But sometimes healthy caution can metastasize into unhelpful and unproductive fear. This rulemaking appears to be the product of fear that is not rooted in reality. Accordingly, I cannot support it.
/jlne.ws/409OC8r
Final Judgments Entered Against Jeetenderjit Singh Sidhu and Sharon Fleming in Microcap Fraud Case
SEC
On October 17, 2023, the Honorable Lewis J. Liman entered final judgments against defendants Jeetenderjit "Jeet" Singh Sidhu and Sharon Fleming (also known as Sharon Hebgin), and relief defendants Treadstone Financial Group Ltd., Treadstone Financial Group LLC, and Blackbriar Asset Management Ltd., in SEC v. Harmel S. Rayat, et al., No. 1:21-cv-04771, a case pending in United States District Court for the Southern District of New York. The SEC's amended complaint, filed on August 26, 2022, charges RenovaCare, Inc., a development stage company, and its controlling shareholder, Harmel S. Rayat, and his associates, Jatinder Bhogal, Sidhu, and Fleming, with securities fraud for their roles in a fraudulent scheme that included material misstatements to investors, undisclosed sales of shares while promoting the stock, and manipulative trading.
/jlne.ws/3tzAyZz
The Joint Regulatory Oversight Committee welcomes OBL's submission of two data collection frameworks
FCA
Open Banking Limited (OBL) has published two data collection frameworks on the themes of 'Levelling up availability and performance' and 'Mitigating the risks of financial crime'.
/jlne.ws/3M7Cqzs
SFC, ICAC and AFRC conduct first tripartite operation against suspected corporate fraud and misconduct
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC), the Independent Commission Against Corruption (ICAC) and the Accounting and Financial Reporting Council (AFRC) have conducted the first tripartite operation involving two Hong Kong-listed companies on suspicion that they falsified corporate transactions totalling HK$193 million (approximately RMB177.56 million) (Note 1).
/jlne.ws/3rWWai6
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Trusted 60-40 Investing Strategy Just Had Its Worst Year in Generations; Higher interest rates and inflation are upending millions of Americans' retirement planning. Wall Street's boilerplate mix of stocks and bonds isn't cutting it anymore.
Eric Wallerstein - The Wall Street Journal
Over their 50 years of marriage, Dave and Kathy Lindenstruth adopted a time-honored Wall Street strategy to safeguard and grow their retirement nest egg: a mix of 60% U.S. stocks and 40% bonds known as the 60-40 portfolio. Now, it is failing them. "There have been some days more recently where I've looked at my portfolio and gone 'oh, crap,'" Dave Lindenstruth said.
/jlne.ws/46TiTKX
Wall Street's Green Shoots Risk Wilting; Deal-making activity for big investment banks might be in for a long lull
Telis Demos - The Wall Street Journal
Bankers tend to turn into gardeners when talking about the continuing dearth of mergers and other investment-banking deals. They mention "green shoots," in the form of an acquisition here, or an initial public offering there, as hopeful signs of regrowth. But this analogy might be too delicate for today's world. Between the low-growth economic outlook, surging Treasury yields and wars in Israel and Ukraine, the risk isn't just that the soil is a bit dry. It is that the ground is ripped up and parched, turning what is sometimes talked about as a temporary lull into one lasting for years.
/jlne.ws/492gW0o
Wall Street Dealmakers Are Tired of Guessing When Comeback Will Arrive
Katherine Doherty - Bloomberg
Wall Street's biggest banks have spent months trying to forecast when a dealmaking comeback will arrive. As the slump threatens to enter a third year, it can't come soon enough.
/jlne.ws/46yW8w3
JPMorgan Recommends Betting on Utilities' Credit Derivatives; Credit default swaps on utilities have widened more than index; Weakness in shares spills over to credit market, bank says
Michael Tobin - Bloomberg
Utilities have been hit too hard in the US credit derivatives market, and traders should position for the credits to recover, according to JPMorgan Chase & Co. strategists. The cost of protecting a basket of utility credits against default has risen by 11 basis points this month, or 0.11 percentage point, to 89 basis points, the strategists wrote. Meanwhile, The price of protecting the wider market, as measured by the Markit CDX North American Investment Grade Index, has only risen 1 basis point to 74 basis points.
/jlne.ws/46XLYFc
The Price of Money Is Going Up, and It's Not Because of the Fed; A model devised by Bloomberg Economics that looks as far out as 2050 shows Treasury yields may stay as high as 6%.
Jamie Rush, Martin Ademmer, Maeva Cousin, Tom Orlik, and Rich Miller - Bloomberg
What's the most important price in the global economy? The price of a barrel of crude? A microchip? Or maybe a Big Mac? More important than any of these is the price of money. For more than three decades, it was falling. Now it's going up. Take the yield on 10-year US Treasury notes, which has surged toward 5% in recent weeks, pulling up the cost of mortgages and corporate loans in its wake. At first it seemed as if the market was reacting to another blistering jobs report. But when what looked like a blip turned into a bond market rout, an alternative explanation emerged: Investors are finally coming to grips with the realization that something fundamental has changed. Money is going to stay expensive for a good long while-and not just because it's taking longer than expected for the Federal Reserve to wrestle down inflation.
/jlne.ws/4065Svs
Defaulted Venezuelan Bonds Soar After US Lifts Ban on Trading; Sovereign and oil bonds rise sharply as Treasury eases rules; Venezuela defaulted on $60 billion of debt starting in 2017
Nicolle Yapur - Bloomberg
Venezuela bonds rose sharply on Thursday after the Biden administration allowed US investors to buy the notes for the first time in four years as part of a sweeping sanctions relief package. Notes from state oil company, PDVSA, jumped 10 cents in early trading to around 17 cents on the dollar, while government bonds were quoted as high as 21 cents, also a rise of about 10 cents from earlier this week, according to traders.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How to finance a faster shift to a better world; Multilateral development banks are a valuable tool - but they need a radical overhaul and we must learn to use them
Martin Wolf - Financial Times
"The world is on fire." These are the opening words of the second volume of a report on strengthening the multilateral development banks commissioned by the G20 and released last week in Marrakech. The heat of 2023 makes that more than a purely figurative statement. We are living in an era of big challenges and an evident inability to meet them. The time left is also ever shorter.
/jlne.ws/3rP5LHX
Climate Science in Arctic 'Broken' as US and Europe Isolate Russia; Collaboration between Western and Russian scientists stopped after the invasion of Ukraine and is still nearly impossible, putting vital research in jeopardy.
Danielle Bochove - Bloomberg
Irina Panyushkina is a dendrochronologist - a scientist who studies tree-ring dating to understand past environmental conditions - at the University of Arizona. In early 2022 she was planning to do summer fieldwork in Siberia, for her research on the links between climate change, Russia's freshwater systems and Arctic ice formation. Her work had already been delayed years by Covid-19. Then Russia invaded Ukraine, and it slammed to a halt again.
/jlne.ws/492Z59F
The World Has Already Crossed a 'Tipping Point' on Solar Power; Solar is set to overpower fossil fuels as the dominant electricity source globally by 2050, according to a new study. It's also getting cheaper.
Sana Pashankar - Bloomberg
Solar power is set to dominate global electricity markets within the next few decades, and may have already reached an "irreversible tipping point," according to a study published this week in Nature Communications. The study finds that solar adoption will continue apace barring any major policy shifts geared at disrupting it. "If you don't put any additional policy in your system, you still get a switch or a flip," says Femke Nijsse, a lecturer at the University of Exeter who focuses on energy-systems modeling and was lead author on the study. "We currently have a fossil fuel-dominated system and without additional policies, we arrive at a state that's dominated mostly by solar."
/jlne.ws/3tBDVPY
'It's All-Consuming.' Wildfire Whispering Is Now a Year-Round Job; As climate change makes wildfire conditions worse, fire behavior analysts are facing blazes bigger, stronger and stranger than ever before.
Kyle Stock and Amanda Kolson Hurley - Bloomberg
Arthur "Art" Gonzales didn't appreciate how nuanced his job was until he couldn't go to work. In June 2020, with Covid-19 raging, a wildfire sparked up in Tonto National Forest, just north of Phoenix. A fire behavior analyst by trade, Gonzales was asked to predict the blaze's path and pace from his home in Williams, Arizona - roughly 100 miles away. He pored over weather reports, satellite photos and videos from firefighters on the scene. But they gave him little sense of local wind speeds, nor could he ask ranchers nearby how dry the area had been lately, or how many invasive weeds were choking its gullies (the type of climate anomaly that exacerbated the devastating fire in Maui).
/jlne.ws/45yjFf7
Talking ESG: Key takeaways from Climate Week 2023
PWC Podcast
We discuss key conversations from NYC Climate Week 2023 with PwC's Global Sustainability Leader. New York City Climate Week brings together international business leaders, policymakers, and other civic leaders to help drive progress and speed transition on climate-related issues. This year's event highlighted the sustainability advancements made over the past year - with a look ahead to the actions companies need to take next to prepare for net zero. This week, host Heather Horn is joined by Will Jackson-Moore, PwC's Global Sustainability Leader, to discuss some of the bigger themes that emerged from the week, from energy transition and demand reduction to the impact of emerging sustainability reporting regimes around the world.
/jlne.ws/3M35wjq
What Is a Heat Pump and Are They Expensive? All You Need to Know. Rather than creating heat by forcing electricity through wire and making it hot, heat pumps extract heat that's already in the air, ground or water outside, transferring it to a refrigerant.
Olivia Rudgard - Bloomberg
/jlne.ws/48XMvbS
Biden's 2030 Wind Goal Looks Like It Simply Won't Happen; As the price of construction climbs, developers are rapidly revising their plans - at great cost.
Will Wade and Jennifer A Dlouhy - Bloomberg
/jlne.ws/45CqHzy
FinTech Magazine's Top 10 banks for ESG in 2023
Louis Thompsett - FinTech
/jlne.ws/404fNl4
ESG is at a crossroads. A new framework can help companies avoid box-checking exercises
Jeff Levinson and Ashley Walter - Fortune
/jlne.ws/3M73gYo
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bill Ackman Is Still Playing the SPAC Market - Just on His Terms; Pershing Square vehicle nabbed regulatory approval last month; 'We'll be watching with great interest,' says Daniel Cohen
Bailey Lipschultz - Bloomberg
When billionaire investor Bill Ackman first proposed his riff on the SPAC - he wanted to slap an R in the middle of the acronym - few cared on Wall Street. This was mid-2021 and the SPAC market, where investors hand cash to a dealmaker hunting for a company to acquire, was just months removed from peak mania. So bankers weren't too interested in contemplating a new flavor of SPAC that would add a layer of complexity.
/jlne.ws/3ZYZfuR
Credit Suisse Culls Nine of Its Infamous ETNs Post UBS Takeover; Nine of Credit Suisse's outstanding 12 ETNs set to be closed; Swiss-based bank behind shock 2020 delistings, 2018 XIV blowup
Katherine Greifeld - Bloomberg
Credit Suisse Group AG is ending nine of its 12 outstanding exchange-traded notes as the bank trims the business following its abrupt takeover by UBS Group AG earlier this year. The list includes eight VelocityShares products that were delisted back in 2020 and have been trading over-the-counter since, according to press releases Thursday. All told, the nine ETNs hold less than $50 million combined, Bloomberg-compiled data showed, and remaining investors will receive cash settlements.
/jlne.ws/45BJjzM
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | It's time we stopped talking about retirement; The number of over-65s working is rising as older people take an active role in the world
Michael Skapinker - Financial Times
When my 34 years on the staff of the Financial Times came to an end, I bristled when people asked about my "retirement". I have since discovered that others my age also resent the word. Why? First, because we dislike ageing. Baby Boomers were the generation that was never going to grow old. The music we listened to expressed our horror at the prospect. "Will you still need me, will you still feed me when I'm 64?" the Beatles' lyrics went. Simon and Garfunkel sang: "Can you imagine us years from today, sharing a park bench quietly? How terribly strange to be 70." Yet here we are. Those of us born into the population bulge that followed the second world war are now in our sixties and seventies.
/jlne.ws/3S5UZrj
How an 'Effort-Reward Imbalance' Can Make Work Miserable; Experts offer tips on what to do if you're not getting the respect or compensation you deserve.
Christina Caron - The New York Times
Life isn't fair. It's a phrase so often repeated that it has become a cliche. But studies have shown that humans are hard-wired to want their fair share, as are other animals that have cooperative relationships, like monkeys, birds and wolves.
/jlne.ws/3S6sWbl
Want to Beat Your Return-to-Office Mandate? Try 'Coffee Badging' at Your Own Risk; Briefly showing face at the office might fulfill a requirement, but bosses say they're promoting and giving raises to workers who stay all day
Callum Borchers - The Wall Street Journal
A cup of coffee in the majors is the term for a short baseball career in the big leagues. Now some white-collar workers are leaving the office almost as soon as they arrive and calling the practice "coffee badging." The difference is the ballplayer wishes he could stay; the people ditching their desks would rather not show up in the first place.
/jlne.ws/3FmDgEn
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| Wellness Exchange | | An Exchange of Health and Wellness Information | If You've Ever Heard a Voice That Wasn't There, This Could Be Why; With a ghostly finger in a lab, researchers coaxed people to hear phantom voices.
Veronique Greenwood - The New York Times
Some years ago, scientists in Switzerland found a way to make people hallucinate. They didn't use LSD or sensory deprivation chambers. Instead, they sat people in a chair and asked them to push a button that, a fraction of a second later, caused a rod to gently press their back. After a few rounds, the volunteers got the creeping sense of someone behind them. Faced with a disconnect between their actions and their sensations, their minds conjured another explanation: a separate presence in the room. In a new study published in the journal Psychological Medicine, researchers from the same lab used the ghostly finger setup to probe another kind of hallucination: hearing voices.
/jlne.ws/404eMcK
The counselors fusing therapy and psychic readings: 'I knew every word my client was going to say;'Amid a growing interest in spirituality, counselors who claim special abilities are offering medium readings in addition to traditional therapy
Alaina Demopoulos - The Guardian
From meditation and breath work to ketamine journeys led by self-described shamans in high-end Manhattan clinics, therapies once considered alternative are increasingly being incorporated by the western mainstream - sometimes with the language and rituals of spiritualism creeping in. A new generation of counselors is taking this further, fusing psychotherapeutic and psychic services. Mainstream psychologists are concerned that without clear boundaries between the two, clients could be taken advantage of.
/jlne.ws/3FodnnP
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | A sign for the Third Belt and Road Forum in Beijing. This week's forum underscored a new emphasis on "small yet smart" projects.
CK TAN - Nikkei
The Belt and Road Forum concluded on Wednesday has provided a glimpse of China's future global engagement, likely focusing on smaller projects in developing economies of the so-called Global South, while other countries distance themselves amid high geopolitical tensions.
/jlne.ws/492raOo
Japan to counter FX volatility with intervention, says official; High swings are damaging the economy, says finance ministry's Kanda
Mitsuru Obe - Nikkei
Japan's top currency official said on Thursday that the government is prepared to intervene in the currency market if it detects an excessive swing in exchange rates, in a fresh warning to investors trying to test the yen's downside.
/jlne.ws/404xtNB
China's Regional Banks Face $300 Billion Hit on LGFVs, S&P Says; Debt pain may be too much to bear for some banks, S&P says; China's local governments struggle under $9 trillion in debt
Bloomberg News
China's regional banks could incur a capital hit of 2.2 trillion yuan ($301 billion) from a growing debt crisis in the nation's local governments, according to S&P Global Ratings. In a downside scenario, about one fifth of the regional banks, which hold about $15.6 trillion of assets as of the end of 2022, could sink below the minimum regulatory capital adequacy ratio of 8% and require recapitalization, S&P analyst Michael Huang wrote in a report dated Wednesday.
/jlne.ws/3PWYU7c
Global Anti-Money Laundering Watchdog Probes India As NGOs Say It's Misusing Laws; Financial Action Task Force to send team in November; Amnesty says India stifling work of non-profit organizations
Sudhi Ranjan Sen - Bloomberg
A global anti-money laundering body is poised to examine whether India's government under Prime Minister Narendra Modi is misusing local laws to crack down on non-profit organizations, like Amnesty International and policy think tanks.
/jlne.ws/46WKBGB
A $500 Million Cash Pile at Argentina's Main Airport Unnerves Banks
Ignacio Olivera Doll - Bloomberg
Restrictions imposed by Argentina's government last week left as much as $500 million in US cash stranded at the country's main airport for three days, unnerving local bank executives amid a surge in withdrawals.
/jlne.ws/3M5apYY
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| Miscellaneous | | Stories that don't quite fit under the other sections | Google Flights has a new tool to find you the cheapest airfare every time
Tom Pritchard - Tomsguide.com
If you've got any experience trying to organize travel, you'll know that the cost of airline travel can be incredibly fickle. Flight prices vary based on a bunch of factors, and there's no telling whether you're looking at the cheapest fares or potentially getting ripped off. Fortunately, Google Flights has a tool that can give you some kind of insight.
/jlne.ws/3M9kfJE
A Texas-Size Taste of Next Year's Blockbuster Solar Eclipse; Texas Hill Country, the only part of the United States in the path of both last week's "ring of fire" and April's total eclipse, offered a preview of the spectacle to come.
Danielle Dowling - The New York Times
The Texas sun seemed too bossy to let the moon step on its spotlight. The skies did not fully cede to darkness as I watched the annular eclipse in the Hill Country town of Bandera on Saturday, but instead had just a slight slate blue tone. And rather than the usual chill that comes with totality, the air retained a certain warmth.
/jlne.ws/45L1J1e
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