| July 07, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The class action lawsuit on behalf of certain Class B shareholders of CME Group, Inc. and certain Class B members of its subsidiary, The Board of Trade of the City of Chicago, Inc., is scheduled to begin trial before Judge Patrick J. Sherlock on July 7, 2025, at the Richard J. Daley Center, 50 W. Washington Street, Chicago, Illinois, in the courtroom on the 20th floor. The trial proceedings are open to the public starting Tuesday, July 8, 2025, when opening statements are scheduled to begin, with daily start times typically between 9:30 and 10:30 am, though Fridays may start earlier. Seating in both the main courtroom and any overflow room will be available on a first-come, first-served basis, and attendees are asked to turn off cell phones and remain quiet and respectful to avoid disruptions. For those wishing to observe remotely, the Court will open its Zoom session at the beginning of each day, starting July 8, 2025, and will admit observers only at that time. Observers must keep their cameras and audio off throughout the proceedings. The Zoom meeting ID is 994 2739 7392 and the password is 2007.
As someone who has led many summer camps for the Boy Scouts, now Scouting America, and who has a daughter who is the head of camping for the Badgerland Council of the Girl Scouts in Madison, WI, I am deeply saddened by the loss of life in the camps and overall from the recent Texas flooding. Picking the right place to camp and even to set your tent within a camping site is one of the things we teach Scouts so they are protected from the elements of rain, falling tree branches and floodwaters. This was a macro risk that is difficult to manage other than picking a better spot for your camp than right next to a river.
A "Zombie Trust Crisis" refers to a situation in which legal entities-such as trusts and foundations-become functionally paralyzed due to the mass resignation of their directors or fiduciaries, leaving them without anyone authorized to manage assets, oversee operations, or carry out liquidation. In Liechtenstein, this crisis has emerged after US sanctions targeting Russia prompted the principality's regulators to urge fiduciaries to sever ties with exposed clients, leading to hundreds of resignations, the Financial Times reported. As a result, up to 800 trusts and foundations, many linked to wealthy Russians but not necessarily sanctioned individuals, are now "orphaned": legally recognized but effectively frozen, with no one in charge. This paralysis threatens to spill over into Liechtenstein's broader financial sector, undermining its reputation as a global wealth hub and exposing it to pressure from both US and Russian authorities. The government has established an emergency task force to address the issue, but overlapping legal obligations and the difficulty of appointing new directors have made solutions elusive, raising concerns about the stability and future of the country's trust industry.
FIA's L&C Division will host a webinar titled "Looking Forward: Shifting Priorities at the CFTC and SEC" on July 10, 2025, from 10:00 to 11:00 a.m. ET. The session will feature Foley & Lardner's Jim Lundy, Ellen Wheeler, Nicholas Wendland, and Tom Hansfield, with Natalie Tynan, FIA's associate general counsel and head of technology documentation strategy, serving as host. The panel will discuss recent policy changes, personnel shifts, and the realignment of priorities at the CFTC and SEC under the new administration, focusing on the implications of these developments for market participants.
My friend and industry colleague Dax Rodriguez wanted me to know that DNA Brokerage LLC ("DNA"), a CFTC and NFA member based in Chicago, has launched its affiliate FINRA broker-dealer, DNA Securities LLC, to expand its services to include securities trading in addition to its existing futures offerings for institutional clients. This development enables DNA to offer clients access to both U.S. securities and futures markets, including products such as VIX Futures, E-mini S&P Futures, and SPX Options, as well as support for hedging fixed-income portfolios. According to Jacques Fernandes, president of parent company Strands Holdings US Inc., the expansion is a response to client demand for broader cross-market and product access. DNA began offering futures brokerage services in August 2024 and has since added clearing relationships to meet the needs of its global client base.
The Business Conduct Committee has issued disciplinary actions effective July 3, 2025, for violations at the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT). Xiang-Zhi Yu was fined $55,000 for pre-arranged trading and books and records violations, with $30,000 of the penalty allocated to CBOT. Full notices are available for both CME (CME 23-1697-BC) and CBOT (CBOT 23-1697-BC) cases. Additionally, Richard Plackemeier received a $10,000 fine for engaging in wash trades at CBOT (CBOT 23-1701-BC-3).
Here are the headlines from in front of FOW's paywall from some recent stories: FIA seeks changes to transparency thresholds in new European rules, HKEX flat, Euronext off a quarter as US sentiment shift affects trading, ANALYSIS: CME sees trading shifts around main Russell indices, Multi-Commodity Exchange plans India's first power derivative - FOW Data, Jane Street to appeal against Indian ban over market manipulation and US options market stays on track for record year.
For the first time in over a century, Parisians took a legal plunge into the Seine on July 5, 2025, celebrating the opening of designated public swimming areas near the Eiffel Tower and Ile Saint-Louis, Bloomberg reported. The historic event follows a EUR1.4 billion cleanup project linked to the Olympics, which brought the river up to European water quality standards. Swimmers, equipped with yellow lifebuoys and watched by lifeguards, enjoyed the surprisingly warm water, while Mayor Anne Hidalgo showcased the river's cleanliness. Though some locals remained cautious, most welcomed the return of swimming to the heart of Paris, marking a milestone in the city's environmental revival.
John Webster, my journalism law professor from Purdue University, and I are friends on Facebook. But long before I was taking classes from Professor John Webster, he was attending the University of Texas and graduated in 1955. The recently deceased Bill Moyers was a classmate, as was the prize-winning reporter who broke an agricultural market story that contributed to the founding of the Commodity Futures Trading Commission. Another classmate would become a prominent muckraker.
Here is an excerpt from Webster's autobiography about a class that included all three: "Community Journalism" was taught by Prof. Olin Hinkle who'd later be my thesis adviser. Three people in the class would later become "famous": Joseph Goulden became a prominent writer of "muckraking" books; Oscar Griffin would win a Pulitzer Prize for exposing the Billy Sol Estes scandal; and Billy Don Moyers would become prominent as President Johnson's press secretary and later as a producer and commentator of TV documentaries for CBS and PBS.
It was common in those days for college and university classes to meet on Saturday mornings (MWF and TThS schedules). "Community Journalism" met TThS, and I remember having a conversation with Moyers one Saturday morning (on Tuesdays and Thursdays, he quickly departed in order to get across campus for a Greek class). Anyway, we talked about a particularly boring lecture by Prof. Hinkle (definitely not a dynamic lecturer) about operation of a web-fed printing press. Many years later, when I recalled this discussion in a letter to Moyers, he responded with: "After Hinkle, Greek was no longer a dead language."
The Telegraph has published a guide to the 500 best pubs in England. I encourage you to try them all.
Have a great day, stay safe, and treat people the same way you want to be treated: with respect, equality, and justice.~JJL
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Our most-read stories from our previous edition of JLN Options were:
Trump Trade War Fuels Use of Currency Options as Hedge in Europe from Bloomberg.
Volatility Gauge Hovers Near Lowest In Four Months on Strong Jobs Data from Bloomberg.
Don't Try to Time the Market. Use This Options Strategy Instead. from Barron's. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Trading Technologies Sees Renewed Institutional Crypto Demand, Expands US Equity Options Access, Green Says JohnLothianNews.com LONDON, UK-(JLN)-July 3, 2025-Trading Technologies (TT) is seeing a surge in institutional interest in crypto trading and continued strong demand for advanced risk management and cross-asset trading tools, according to Alun Green, executive vice president and managing director of futures & options, in an interview with John Lothian News at FIA IDX in London. Watch the Alun Green Video »
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Why treating your weekend like a vacation can make you happier on Monday
Sam Sanders - NPR
Many of us use Saturday and Sunday to catch up on work, chores and sleep. But there's a reason you may want to actually relax and have fun on the weekend. One 2020 study found that those who treated the weekend like a mini-vacation were happier on Monday, says Cassie Mogilner Holmes, professor of marketing and behavioral decision-making at UCLA's Anderson School of Management and a researcher on the study. Study participants who adopted this mindset "stayed in bed a little longer cuddling with their special someone, spent a little more time eating, spent less time on housework, and were more connected to the present moment," Mogilner Holmes says.
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***** First, what is a vacation? Second, "can make you happier" and "will make you happier" are two different things. Find lots of things that make you happy, including ways to serve others. I have never been happier than when I was helping someone else.~JJL
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Why Regulators Are Cracking Down on India's Giant Options Market
Chiranjivi Chakraborty and Ashutosh Joshi - Bloomberg
India has gone from being a small player in the highly speculative equity derivatives market to the world's largest, all within just five years. Daily turnover in the market - which includes options trading - now sits at about $3 trillion. The markets regulator has become increasingly concerned about this segment of the market, particularly because of its sudden popularity among inexperienced retail investors chasing quick returns. It has previously warned that these traders could face significant losses when bets go wrong, particularly against larger financial market players. There are also concerns that some big-sized participants, through the use of sophisticated technology, are using "manipulative" practices to game the system, affecting the integrity of the market.
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***** It turns out Jane Street was a one-way street to profitability, until it was hit by a SEBI.~JJL
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Thursday's Top Three
Our top story Thursday (Friday was Independence Day) was CoinDesk's BlackRock's Bitcoin ETF Generating More Revenue Than Its Flagship S&P 500 Fund. Second was Bloomberg's Gamblers Raise Alarm Over $1.1 Billion Tax Hike in Trump's Bill. And third was FOW's CME's first wheat delivery raises stakes with Miami International.
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| Lead Stories | Old-School Floor Traders Finally Get Their Day in Court Against CME; Trial to open in the Chicago plaintiffs' long-running lawsuit claiming harm from the launch of electronic markets
Alexander Osipovich - The Wall Street Journal
Thousands of jostling traders once packed the floors of Chicago's futures exchanges, before the advent of high-speed computerized trading turned them into relics of a bygone era. Now, some of them will finally have their day in court. On Monday, a trial is set to begin in a long-running class-action lawsuit filed by traders who say that exchange giant CME Group duped them out of the privileges they held as members of the city's once-elite community of floor traders.
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Jane Street Curbed in India After $4.3 Billion Trading Gain
Abhishek Vishnoi, Bei Hu, and Chiranjivi Chakraborty - Bloomberg
India has temporarily barred Jane Street Group LLC from accessing the local securities market for alleged index manipulation, dealing a severe hit to the US firm that made $4.3 billion in trading gains there in more than two years. The Securities and Exchange Board of India said it would seize 48.4 billion rupees ($570 million) from Jane Street, which it claimed is the total amount of "unlawful gains" made by the firm, according to a 105-page interim order by Ananth Narayan, a board member at the regulator, on its website. Jane Street said it disputes the findings.
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**** Also see "India Cracks Down on Jane Street's Lucrative Derivatives Trades; New York-based trading firm disputes findings that it moved market prices for profit" from The Wall Street Journal.
The Secret Behind Jane Street's India Trades That Made Billions
Chiranjivi Chakraborty and Cecile Vannucci - Bloomberg
From Amsterdam to Hong Kong and New York, it had become the talk of the town: A unique derivatives strategy fabulously profitable in India. Those trades now are the very reason why Jane Street Group LLC has been temporarily banned from India's securities market. The nation's regulator alleged "egregious" market manipulation in a 105-page interim order posted on its website Friday. Jane Street, a global quant trading firm, disputed the findings. The regulator said that on weekly index options expiration days, Jane Street used a large amount of funds to influence price action in futures and the cash market - where volumes are relatively low. That allowed it "to put on significantly larger and profitable positions in the highly liquid index options market by misleading and enticing a large number of smaller individual traders," according to the Securities and Exchange Board of India.
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Jane Street's Cash Machine Comes to an Abrupt Halt in India; The punishment puts other high-frequency trading firms on notice.
Anto Antony, Chiranjivi Chakraborty, and Tom Redmond - Bloomberg
Until late 2024, one of the most lucrative corners of global finance was a 24-story tower southwest of New Delhi. Home to at least a half dozen high-speed trading firms, the blue-glass building with a rooftop helipad and a bronze bull sculpture in its plaza has been the center of a trading boom that made India the world's biggest equity derivatives market by volume. Foreign funds and proprietary traders using algorithms made $7 billion in the 12 months to March 2024 alone.
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The details of Jane Street's alleged 'sinister scheme' in India; A sticky wicket
Robin Wigglesworth - Financial Times
The big news this morning is that India's financial regulator has banned Jane Street from the country's markets for a "sinister scheme" to manipulate Indian stocks and derivatives. The Securities and Exchange Board of India allege that the US trading firm made $550mn of illegal gains from these strategies, which it is now wants back before the ban will be lifted. As MainFT reported: The Securities and Exchange Board of India said its decision to limit Jane Street's access to India's securities markets stemmed from a months-long investigation. "JS Group was undertaking an intentional, well planned, and sinister scheme and artifice to manipulate cash & futures markets and hence manipulate the BANKNIFTY [Indian bank stocks] index level, to entice small investors to trade at unfavourable and misleading prices, and to the advantage of the JS Group," the regulator said in its interim order.
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How Trump is using the 'Madman Theory' to try to change the world (and it's working)
Allan Little - BBC
Asked last month whether he was planning to join Israel in attacking Iran, US President Donald Trump said "I may do it. I may not do it. Nobody knows what I'm going to do". He let the world believe he had agreed a two-week pause to allow Iran to resume negotiations. And then he bombed anyway. A pattern is emerging: The most predictable thing about Trump is his unpredictability. He changes his mind. He contradicts himself. He is inconsistent.
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The Moment the Clean-Energy Boom Ran Into 'Drill, Baby, Drill'; Renewable-energy companies are bracing for the end of government subsidies after the passage of Trump's 'big, beautiful bill'
David Uberti - The Wall Street Journal
Southern Energy Management is bracing for whiplash. The Raleigh-based home-solar-panel installation company grew steadily in recent years, thanks in part to tax credits in former President Joe Biden's landmark 2022 climate law. Now, Chief Executive Will Etheridge says his 190-person company's residential solar sales could plunge in 2026 by as much as half. President Trump's megabill, which he signed into law Friday, ends the subsidies later this year. Etheridge's plans to buy more supplies from factories in North Carolina and elsewhere are on hold. "Now, I'm not thinking about that at all," he said. "I'm trying to think about how to save North Carolina jobs." A wave of government spending that swept through the U.S. economy in recent years is about to recede. Biden's climate law threw subsidies behind wind and solar power, electric vehicles and other green projects that federal forecasters said would total nearly $400 billion. Outside analysts projected the ultimate spending would be even greater. Investors jumped into renewables stocks, while local governments and labor unions clamored for new projects.
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Secret Service in US Expands a Global Push Against Crypto Scams
Myles Miller - Bloomberg
The scam began with a message, then a friendly exchange. A stranger directed the victim to a cryptocurrency investment site that appeared professional - slick design, charts, even customer support. The first deposit showed a modest profit. So did the next. Encouraged, the victim sent more, even borrowing money to keep up. Then, without warning, the platform stopped responding. The account balance disappeared. "That's how they do it," Jamie Lam, an investigative analyst with the US Secret Service, told law enforcement officials in Bermuda last month. "They'll send you a photo of a really good-looking guy or girl. But it's probably some old guy in Russia."
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As the World Warms, Extreme Rain Is Becoming Even More Extreme; Even in places, like Central Texas, with a long history of floods, human-caused warming is creating the conditions for more frequent and severe deluges.
Raymond Zhong - The New York Times
Colossal bursts of rain like the ones that caused the deadly flooding in Texas are becoming more frequent and intense around the globe as the burning of fossil fuels heats the planet, scientists say. Warm air holds more moisture than cool air, and as temperatures rise, storms can produce bigger downpours. When met on the ground with outdated infrastructure or inadequate warning systems, the results can be catastrophic.
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The playboy, the Goldman banker and the biggest scam in history; He's a Harrow-educated businessman who stole billions via his 1MDB investment scheme. The scandal dragged in Leonardo DiCaprio and Kim Kardashian. The Goldman Sachs partner who helped him has just been jailed. But where is Jho Low?
Tom Wright - The Times
The Las Vegas Strip, November 2012. Inside a colossal tent, a private world of extreme indulgence had been constructed for one night only. An indoor ferris wheel spun under a glittering roof, its gondolas carrying celebrity guests high above the dancefloor. A 24ft bar sculpted entirely
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Citadel hires a chief medical officer as Ken Griffin pushes for 'peak performance'
Emmalyse Brownstein and Bradley Saacks - Business Insider
Citadel employees are now not only being paid like elite athletes, but treated like them, too. The firm just hired former Morgan Stanley executive David Stark as its first-ever "chief medical officer," Business Insider has learned. The new role, which was announced Monday in an internal memo obtained by BI, is meant to "support peak performance" in employees at both the hedge fund and its sister market-making firm. The note said Stark, a neurologist who was previously in a similar role at Morgan Stanley, will start in September.
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ON THE MOVE: Citadel Securities Adds Scott Rubner; Liquidnet Strengthens Equities Franchise
Anna Lyudvig - Traders Magazine
Scott Rubner has joined Citadel Securities as Head of Equity and Equity Derivatives Strategy, according to his post on LinkedIn. Rubner joins from Goldman Sachs, where he served as managing director for global equity macro, emerging markets, equity derivatives and tactical flow of funds since 2022. He also served as a vice president at the firm from October 2015. He also worked at Merrill Lynch for over ten years.
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Derivatives players divided over 24/7 trading; For some, round-the-clock markets are inevitable. Others see "enormous risks"
Luke Clancy - Risk.net
The debate over 24/7 trading is dividing the derivatives industry in two. One camp, largely represented by crypto enthusiasts, sees continuous markets as both inevitable and risk-reducing. Its opponents, mainly traditional derivatives market participants, want to draw the line for round-the-clock trading at digital assets. "I don't think it is clear yet how operations in a 24/7 market could
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Liechtenstein hit by Russia-linked 'zombie trust' crisis; Hundreds of entities in legal paralysis in the principality after US sanctions trigger wave of director resignations
Mercedes Ruehl - Financial Times
Liechtenstein has launched an emergency task force to tackle a crisis of "zombie" trusts, which has left hundreds of entities linked to wealthy Russians in legal paralysis. The tiny Alpine principality, a hub for thousands of trusts and foundations, has been hit by a wave of resignations by fiduciary and board directors in the past six months as its regulatory system adjusted to US sanctions packages against Russia. The result could leave as many as 800 orphaned entities - legally recognised but functionally frozen - with nobody in charge to manage assets or oversee liquidation.
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The MAHA Movement Loves Psychedelics. Should Wall Street? A nasal spray for treatment-resistant depression has delivered strong clinical results and rekindled investor hopes
David Wainer - The Wall Street Journal
Just about everyone in the "Make America Healthy Again" (MAHA) movement seems bullish on psychedelics. Robert F. Kennedy Jr. has spoken favorably about the treatments, and President Trump's surgeon general pick, Casey Means, has described psilocybin therapy (known as magic mushroom) as "one of the most meaningful experiences of life." That kind of political enthusiasm might suggest a ripe buying opportunity for investors. But Wall Street and pharmaceutical companies have largely stayed on the sidelines. Questions remain. Chief among them is how to commercially scale treatments that leave patients high for several hours.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Japan Top Trade Negotiator Holds Two Phone Meetings With Lutnick
Yoshiaki Nohara - Bloomberg
Japan's chief trade negotiator Ryosei Akazawa held two phone meetings with US Commerce Secretary Howard Lutnick to discuss tariffs as a July 9 deadline for higher levies nears. Akazawa and Lutnick talked for 45 minutes on Thursday and for about an hour on Saturday, reaffirmed their respective positions on the US tariffs and "had an in depth exchange of views," according to a statement by Japan's Cabinet Secretariat. The two sides will continue to coordinate, the statement read.
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Trump team moves goalposts on tariffs again; Treasury Secretary Scott Bessent warns tariffs will 'boomerang back' Aug. 1.
Ari Hawkins - Politico
Tariffs will revert back to their April 2 rates on Aug. 1 for countries that fail to nail down new trade deals with the United States, Treasury Secretary Scott Bessent said Sunday, just three days before the Trump administration's initial July 9 deadline for tariffs to return. Bessent told CNN's "State of the Union" that the Trump administration would be sending out letters to 100 smaller countries "saying that if you don't move things along, then on August 1st, you will boomerang back to your April 2nd tariff level."
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Trump threatens new tariffs on nations supporting 'anti-American' policies of BRICS group
Auzinea Bacon, John Liu and Simone McCarthy - CNN
President Donald Trump has threatened new tariffs on any nation supporting "anti-American" policies of the BRICS group of emerging economies, as he announced tariff letters would be sent out to scores of countries from Monday, ahead of a key deadline. In a Truth Social post on Sunday, Trump said the US would impose an additional 10% tariff on "any country aligning themselves with the Anti-American policies of BRICS" with "no exceptions," though it was not immediately clear which policies Trump was referring to.
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Lessons from chaos theory on Trump tariff bottlenecks; Forecasting the ripple effects of trade policies presents a special challenge
Rob Mannix - Risk.net
As the pause on US reciprocal tariffs reaches its end and practitioners think about what comes next, they might do well to remember the story of car maker Ford during the Covid-19 pandemic. In the summer of 2021, amid the supply-chain disruption of Covid lockdowns, the car maker halted manufacturing at several of its US plants because it was running out of silicon chips.
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Looking Beyond the U.S. for Trade, Canada Begins Shipping Natural Gas to Asia; A tanker is headed to South Korea with a first shipment of liquefied natural gas from Canada, which hopes to reduce its export reliance on its neighbor.
Ian Austen - The New York Times
The voyage of a tanker loaded with liquefied natural gas and headed to South Korea from British Columbia is a pivotal moment in Canadian trade, the government says. It is the first natural gas shipment from a major Canadian plant to Asia as Canada looks to diversify its export markets in the aftermath of President Trump's trade war and annexation threats.
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Trump Sets Aug. 1 Start for Tariffs Ahead of Wednesday Deadline
Brendan Murray - Bloomberg
President Donald Trump plans to announce trade deals and deliver tariff warnings on Monday, as countries negotiated through the weekend to avoid the highest punitive measures on their exports to the US before a Wednesday deadline.
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How tariffs are shifting global supply chains
David Silverberg - BBC
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | BRICS Set to Condemn Trade-Distorting Tariffs in Swipe at Trump
Mirette Magdy and S'thembile Cele - Bloomberg
BRICS leaders are poised to adopt a position at odds with President Donald Trump on trade tariffs, conflict in the Middle East and global arms spending, even as they shy away from any direct challenge to the US. In a draft statement prepared for their meeting in Brazil starting Sunday, leaders agreed to voice "serious concerns" about the rise of unilateral tariff and non-tariff measures "which distort trade and are inconsistent with WTO rules," according to a version of the final text.
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Ukraine Invasion
China may ask Russia to attack NATO if Taiwan is invaded, Rutte says
Kateryna Hodunova - The Kyiv Independent
If China attacks Taiwan, Beijing may ask Moscow to open a second front against NATO states, NATO Secretary General Mark Rutte said in an interview with The New York Times (NYT) published on July 5. Fears of escalating Chinese military intervention in Taiwan have risen sharply since Russia launched its full-scale invasion of Ukraine in February 2022. The war has served as a possible model of how both Taipei and the international community might respond if Beijing decides to invade.
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Lack of New U.S. Sanctions Allows Restricted Goods and Funds Into Russia; President Trump has issued no new restrictions on Russia this year, in effect allowing Moscow to acquire the money and materials it needs in its conflict with Ukraine.
Aaron Krolik - The New York Times
Since President Trump returned to office in January, the United States has issued no new sanctions against Russia related to the full-scale invasion of Ukraine. In some cases, the administration has eased restrictions. And without new ones, analysts say, existing measures lose their force. The result has created an opening for new dummy companies to funnel funds and critical components to Russia, including computer chips and military equipment that would otherwise be cut off to the Kremlin, trade and corporate records show.
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Ukraine Says It Strikes Air Base in Russia's Voronezh Region
Olesia Safronova - Bloomberg
Ukraine's military said its special forces struck the Borysoglebsk airfield in Russia's Voronezh region as Kyiv continues to look for ways to reduce the Kremlin's ability to conduct airstrikes. The facility in southwest Russia is the "home base" of the Russian military's Su-34, Su-35S and Su-30SM fighter jets, the Ukrainian General Staff said on the X platform on Saturday. The strike comes a day after Ukraine was hit by the largest Russian air attack of the war to date. "A depot with glide bombs, a trainer aircraft and possibly other aircraft were hit," the General Staff said, adding that final results of the attack are being evaluated.
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BlackRock Halted Ukraine Fund Talks After Trump's Election Win
Jenny Leonard, Donato Paolo Mancini, and Leonard Kehnscherper - Bloomberg
BlackRock Inc. halted its search for investors to back a multibillion-dollar Ukraine recovery fund earlier this year after Donald Trump's election victory saw the US sour on the eastern European country, people familiar with the discussions said. The fund, meant to be unveiled at next week's Ukraine Recovery Conference in Rome, was close to securing initial support from entities backed by the governments of Germany, Italy and Poland, the people said, declining to be identified discussing private information.
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Europe Can Cope With Ban on Russian Gas, TotalEnergies CEO Says
Francois De Beaupuy - Bloomberg
Europe will be able to withstand the proposed ban on Russian gas imports by the European Commission from 2028, the head of TotalEnergies SE said, pointing to the development of new liquefied natural gas export capacities in the US and Qatar. "We'll be able to ensure the security of supply of Europe without Russian LNG in 2028" thanks to new capacities under construction in those two countries, Chief Executive Officer Patrick Pouyanne said during an interview with BFM Business television on Saturday.
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The Warning Signs for Russia's Economy Are Flashing Red; A slowdown exposes the limits of the country's wartime economy and suggests sanctions may finally be taking a toll
Georgi Kantchev - The Wall Street Journal
Russia's sanctions-defying economy, propelled higher by the Ukraine war, is suddenly coming back down to earth. Fueled by massive military spending and steady oil exports, Russia recorded some of the highest growth rates among major economies over the past two years. But in recent weeks economic indicators have been flashing red: Manufacturing activity is declining, consumers are tightening their belts, inflation remains high and the budget is strained. mRussian officials are now openly warning of the risks of a recession, and companies from tractor producers to furniture makers are reducing output. The central bank said Thursday that it would debate cutting its benchmark interest rate later this month after lowering it in June.
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China: We can't afford for Russia to lose Ukraine war; Beijing fears defeat for Putin would shift US focus to Indo-Pacific
Allegra Mendelson - The Telegraph
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Russia close to hammering Ukraine with 1,000 missiles and drones a day
Kieran Kelly - The Telegraph
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Facing battlefield setbacks, Ukraine withdraws from mine ban treaty
Max Hunder and Ivan Lyubysh-Kirdey - Reuters
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Ukrainian Troops Struggle to Hold the Line on the Eastern Front Kyiv is defending Kostiantynivka from Russian drone attacks. The embattled city is a gateway to Ukraine's last major defense in the Donetsk region.
The New York Times
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Ukraine Turns to Fishing Nets to Catch Russian Drones; With their dense mesh, the nets can tangle drone propellers. It's a simple but effective countermeasure that reflects how low-tech means can blunt high-tech weapons in the war.
The New York Times
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Middle East Conflict
Israel Will Send Mediators to Talks Aimed at Gaza Ceasefire
Dan Williams, Ethan Bronner, and Fares Alghoul - Bloomberg
Israel will send mediators on Sunday to restart talks with Hamas, after the militant group said it was ready to "immediately" negotiate a proposal by US President Donald Trump for a 60-day ceasefire in Gaza. While Prime Minister Benjamin Netanyahu's office said unspecified changes sought by Hamas were "unacceptable to Israel," it added in a statement that an Israeli delegation would go to Doha for "close talks and to continue negotiations." Hamas has representatives in Qatar's capital, though the two sides don't negotiate directly.
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Other Conflicts
Italy's Bridge to Nowhere Shows Defense-Boom Risks; The era of greenwashing is giving way to defense-washing. It won't make Europe stronger.
Lionel Laurent - Bloomberg
The defense boom in Europe is as close to a tech-style gold rush as the Old Continent can offer. Armaments stocks are outperforming Nvidia Corp., and defense-themed funds are amassing billions in anticipation of rising military spending in a more dangerous world. NATO allies have agreed to more than double defense spending goals to 5% of gross domestic product in the coming years.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSEG officially sunsets Eikon; The exchange operator withdrew the platform from its product lineup this week.
Nyela Graham - WatersTechnology
The London Stock Exchange Group has sunset its Eikon offering and subsequently withdrawn the platform it from its product offerings, WatersTechnology can confirm. A spokesperson for LSEG said that in line with plans to sunset the offering at the end of H1 2025, the product is no longer being advertised on its website. In 2020, this publication first reported that Refinitiv, shortly after LSEG announced its intention to purchase the data giant, would be moving away from the Eikon terminal and
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Australian Securities Exchange, Tokyo Stock Exchange and Fujitsu collaborate on RFQ platform; The offering is expected to bring innovation in electronic trading and support the development of the Australian ETF market.
Natasha Cocksedge - The Trade
The Australian Securities Exchange (ASX) has partnered with the Tokyo Stock Exchange (TSE) and Fujitsu to deliver a SaaS request for quote (RFQ) platform for Australia's ETF market. Through the collaboration, a memorandum of understanding (MOU) has been signed, and Fujitsu is set to develop the platform based on TSE's CONNEQTOR system which has assisted more than 290 users in reducing costs and enhancing ETF trading operation efficiency since its launch in February 2021. The offering is expected to bring innovation in electronic trading and support the development of the Australian ETF market.
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Cboe's Trailblazing Female Options Leaders Talk With Benzinga About Success In The Financial Industry
Meg Flippin - Benzinga
In a recent interview with Benzinga, Cathy Clay, Executive Vice President and Global Head of Derivatives at Cboe, Meaghan Dugan, Senior Vice President, Head of U.S. Options at Cboe and Alexandra Szakats, Vice President, Head of The Options Institute at Cboe, discussed their experiences being leaders in the options industry and their advice on how to succeed in the fast-paced, ever-evolving derivatives markets. When Clay and Dugan started out, there were 12 women out of 550 available seats on the trading floor. Instead of being intimidated, Clay said she saw it as a strength, something that has stayed with her throughout her career.
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ASX Group Monthly Activity Report - June 2025
ASX
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Announcement Regarding Takeover Proposal from Euronext
ATHEX Group
On 1 July 2025, the Board of Directors of Hellenic Exchanges - Athens Stock Exchange SA has received an unsolicited, non-binding and highly conditional all share takeover proposal from Euronext. The Board, together with its advisors, is evaluating the proposal from a strategic and financial perspective. The Board has not entered into any discussions with Euronext at this time and will respond in due course.
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Euronext announces volumes for June 2025
Euronext
Euronext, the leading European capital market infrastructure, today announced trading volumes for June 2025.
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HKEX Senior Management Appointments
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Friday) pleased to announce senior appointments in its Fixed Income and Currencies (FIC) business, with Kevin Fan joining as Managing Director, Head of FIC Product Development, and Andy Ni joining as Managing Director, Head of OTC Platform Development. In his new role as part of the Markets Division, Mr Fan will lead HKEX's FIC teams to build the diversity and attractiveness of the Group's FIC ecosystem, delivering new products and enhancements to support the FIC trading and risk-management needs of global investors, and driving the long-term development of Hong Kong's fixed-income market. Reporting to HKEX Head of Markets, Gregory Yu, Mr Fan will join the Group on 12 August 2025.
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ICE Mortgage Monitor: Amid a Cooling Housing Market, Early Signs of Homeowner Risk Emerge; Rising negative equity, affordability workarounds, and student loan burdens point to growing financial strain for some homeowners
Intercontinental Exchange
ICE Mortgage Technology, a neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released its July 2025 Mortgage Monitor report. ICE data reveals that beneath the surface of a broadly cooling but stable housing market, early signs of financial stress are emerging among subsets of homeowners. Pockets of vulnerability can be seen in rising negative equity, increased use of mortgage products that improve short-term affordability, and exposure to student loan debt.
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Indonesia bourse set for busy week with eight debuts; Energy conglomerate subsidiary, cryptocurrency platform among IPO participants
Ismi Damayanti - Nikkei Asia
The Indonesia Stock Exchange is set for a busy week with eight companies heading for market debuts and a subsidiary of major energy conglomerate Barito Pacific expected to bring in the most initial public offering proceeds so far this year. Indonesia's IPO market has been subdued this year, mirroring a global trend shaped by uncertainties surrounding U.S. tariffs, a tense geopolitical situation and an economic slowdown.
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JSE Investor Services continues to deliver Integrated, End-to-End Solutions for Share Plan Administration
JSE
Optio Incentives, a Nordic fintech specialising in employee equity and incentive programmes, has acquired the share plan software platform from Investec Wealth & Investment International, a division of leading international bank and wealth manager Investec Group. The transaction supports Optio's global expansion and also provides access to long-standing client relationships, a highly scalable infrastructure and an experienced team behind the platform.
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Co-hosting of Asia Day at Japan Weeks 2025
JPX
Japan Weeks 2025 will be held in the fall of 2025, as part of government initiatives to establish Japan as an international financial center and a leading asset management center. When first launched in fall 2023, Japan Weeks featured a variety of events attended by overseas investors and asset management firms. In this, its third year, it aims to help align asset management policies with the needs of domestic and international financial institutions and investors, as well as promote and encourage investment in the Japanese market abroad.
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MarketAxess Announces Trading Volume Statistics for June and Second Quarter 2025; Surpassed $1 Trillion in Total Credit Quarterly Trading Volume for the First Time; Record $2 Trillion in Total Rates Volume; 43% Increase in Total Trading ADV in 2Q25 Driven by 22% Increase in Total Credit ADV and 58% Increase in Total Rates ADV
NEW YORK-(BUSINESS WIRE)-MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for June 2025 and the second quarter ended June 30, 2025.
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PNGX, CTSL And PNGHRI Empower Over 350 HR Professionals With Financial Literacy Training
Mondovisione
PNGX Group Limited (PNGX Group), the holding company of Papua New Guinea's national stock exchange, in partnership with Comrade Trustees Services Limited (CTSL) and the PNG Human Resources Institute (PNGHRI), has delivered transformative financial literacy training to more than 350 human resources professionals in Port Moresby. The most recent session, held on Friday 4 July 2025, welcomed over 220 PNGHRI members from various industries, building on the success of a previous session for 140 participants just three weeks earlier. These sessions form part of PNGX's broader mission to foster financial inclusion, economic empowerment, and responsible investing in Papua New Guinea.
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The Network Forum 2025: FMIs - Providing Much Needed Stability During Turbulence
SIX
Settlement compression, regulatory change, and operational resilience were recurrent themes at The Network Forum's (TNF) Annual Meeting, which this year took place in a scorching Madrid between June 17-18. SIX takes a closer look at what was discussed.
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TMX Group Consolidated Trading Statistics - June 2025
TMX
TMX Group Limited today announced June 2025 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).
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Tradeweb Reports June 2025 Total Trading Volume of $52.0 Trillion and Average Daily Volume of $2.4 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of June 2025 of $52.0 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.4tn, an increase of 25.9 percent (%) year-over-year (YoY). For the second quarter of 2025, total trading volume was a record $165.3tn and ADV was a record $2.6tn, an increase of 32.7% YoY, with preliminary average variable fees per million dollars of volume traded of $2.30 and total preliminary fixed fees for rates, credit, equities and money markets of $93.8 million (mm)[2]. Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of June was up 13.0% YoY.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | TT Trade Surveillance captures second award within weeks for best-in-class offering; Named Best Trade Surveillance Solution in A-Team Group's Capital Markets Technology Awards APAC 2025
Trading Technologies
CHICAGO, July 7, 2025 - Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, captured the second major award in a matter of weeks for its TT Trade Surveillance platform, which was named Best Trade Surveillance Solution in the Capital Markets Technology Awards APAC 2025 on Thursday. The offering was recognized by Risk.net last month as Trade Surveillance Product of the Year in the 2025 Risk Technology Awards.
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Revolut yet to receive key credit licence from UK regulators; Permission to offer credit cards to 11mn British customers still pending as fintech nears 1st anniversary of becoming a bank
Simon Foy and Martin Arnold - Financial Times
Revolut has yet to receive the green light from UK financial regulators to provide consumer credit services to its 11mn customers in Britain, marking the latest hurdle for the $45bn fintech to become a full-service UK bank. The group is still awaiting authorisation from the Bank of England's Prudential Regulation Authority and the Financial Conduct Authority after applying for a consumer credit licence last year, which would enable it to offer credit cards and other services in the UK, according to people familiar with the matter.
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Digital wallet provider Hyperlayer closes in on £30m funding boost; The fintech, which is working with Standard Life on a consumer money app aimed at people approaching retirement, is close to finalising a round led by CDAM valuing it at about £160m, Sky News learns.
Mark Kleinman - Sky News
A British fintech which counts Standard Life among its key clients is close to finalising one of the industry's biggest funding rounds so far this year. Sky News understands that Hyperlayer, which is run by the former Morgan Stanley executive Rob Rooney, is lining up a major equity injection led by CDAM, a UK-based investment firm, and several new institutional investors.
/jlne.ws/44i6uSn
Artificial Intelligence
OpenAI is betting millions on building AI talent from the ground up amid rival Meta's poaching pitch
Lily Mae Lazarus - Fortune
In Silicon Valley's white-hot race for artificial intelligence supremacy, mind-boggling pay packages are part of the industry's recruitment push. At OpenAI, however, the company's residency program is tackling attracting and keeping top talent by looking outside of the industry altogether. The six-month, full-time paid program offers aspiring AI researchers from adjacent fields like physics or neuroscience a pathway into the AI industry, rather than recruiting individuals already deeply invested in AI research and work. According to Jackie Hehir, OpenAI's research residency program manager, residents aren't those seeking Ph.Ds in machine learning or AI, nor are they employees of other AI labs. Instead, she said in a program info session, "they're really passionate about the space."
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US Plans AI Chip Curbs on Malaysia, Thailand Over China Concerns
Mackenzie Hawkins - Bloomberg
President Donald Trump's administration plans to restrict shipments of AI chips from the likes of Nvidia Corp. to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China. A draft rule from the Commerce Department seeks to prevent China - to which the US has effectively banned sales of Nvidia's advanced AI processors - from obtaining those components through intermediaries in the two Southeast Asian nations, according to people familiar with the matter. The rule is not yet finalized and could still change, said the people, who requested anonymity to discuss private conversations.
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How the Owner of Hidden Valley Ranch Learned to Love AI; Clorox employees' experiments with generative AI delivered new R&D ideas, better customer insights-and some misfires like 'bleachless bleach'y
Christopher Mims - The Wall Street Journal
Hidden Valley Ranch needed a new formula. No, the recipe for America's favorite condiment wasn't changing. After all, last year it beat ketchup in sales. But a proposed ad created by AI tools made a plate of chicken wings look ... unappetizing. The wings were pale and undersauced, like they came from an amateur's kitchen. Clorox, the company that owns the Hidden Valley Ranch brand, has been using generative artificial intelligence to churn out ads for foods Americans might want to pair with the tangy dressing, from burritos to gyozas. The tech allowed the company to generate visuals quickly and on the cheap, and then microtarget their campaigns, testing a wide variety of ads.
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The AI Talent War Is the Stuff of Steve Jobs' Nightmares; Top tech executives are engaged in a no-holds-barred fight for the best people, with employees holding all the cards and the days of collusion long gone.
Dave Lee - Bloomberg
You wouldn't have exactly called the late Steve Jobs a "man of letters," but he certainly loved a searing email. One of the Apple Inc. co-founder's most famous writings is this 2005 memo to Bruce Chizen, Adobe Inc.'s chief executive officer at the time: Bruce, Adobe is recruiting from Apple. They have hired one person already and are calling lots more. I have a standing policy with our recruiters that we don't recruit from Adobe. It seems you have a different policy. One of us must change our policy. Please let me know who. Steve
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Huawei's AI Lab Fends Off Accusations It Copied Rival Models
Bloomberg News
Huawei Technologies Co.'s secretive AI research lab has pushed back against accusations it relied on rivals' models to develop its own Pangu platform, taking the unusual step of rebutting claims about its artificial intelligence efforts. The Pangu Pro MoE is the world's first model of its kind to be trained on Ascend chips - Huawei's answer to Nvidia Corp.'s AI accelerators - the lab said in a WeChat post over the weekend. While the company employed open-source code - as is "common practice" - Huawei said it respected intellectual property and stuck closely to licensing terms. This followed accusations posted on the coding platform Github that Pangu's source code contained uncredited material from key rivals.
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Capgemini to Buy WNS for $3.3 Billion to Boost 'Agentic' AI
Julien Ponthus and Benoit Berthelot - Bloomberg
France's Capgemini SE plans to acquire IT outsourcing company WNS Holdings Ltd. for $3.3 billion in cash in a deal aimed at expanding its AI operations. The French group said it's agreed to take over the smaller US-listed firm for $76.50 per share, a premium of about 28% to WNS's average price over the past 90 days. Capgemini expects the deal to boost its earnings per share by about 4% on a normalized basis in 2026, it said in a statement on Monday.
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Why it is vital that you understand the infrastructure behind AI; Adoption of artificial intelligence is booming, but without the right infrastructure - from chips to cooling - most companies risk falling behind
Lucy Colback - Financial Times
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Microprocessors
Microsoft and Nvidia Are the Odd $4 Trillion Power Couple; AI has propelled the two companies toward an exclusive club, but Microsoft's path forward is more complicated
Dan Gallagher and Asa Fitch - The Wall Street Journal
Nvidia and Microsoft could soon become $4 trillion companies, forming the most exclusive club in the stock market. Enthusiasm over artificial intelligence is what got both of them there. But for Microsoft, the story is more complicated-and the payoff fuzzier. A much bigger company than Nvidia in terms of annual revenue, Microsoft also sits in a different spot in the AI value chain. Nvidia is booming because any company that wants to work with AI has to buy its chips first. Microsoft's boom will depend on the willingness of a high number of the customers it depends on-both businesses and consumers-to pay a premium for AI services.
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Tokenization
Investors pile into tokenised Treasury funds; Stablecoin issuers and traders are attracted by yields on offer and potential use as collateral in some derivatives transactions
Alan Livsey and Philip Stafford - Financial Times
Crypto companies and traders are pouring billions of dollars into tokenised versions of money market and Treasury bond mutual funds, as they look beyond stablecoins to other places to park excess cash that can also give them some yield. Total assets held in tokenised Treasury products - which include funds whose units have been converted into digital tokens as well as some tokenised US government bonds - have jumped 80 per cent so far this year to $7.4bn, according to data group RWA.xyz. Funds run by BlackRock, Franklin Templeton and Janus Henderson have grown particularly rapidly, with combined assets tripling.
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Cloud Computing
Cloud Wars: Are EU and APAC firms really pining for homegrown options?; Waters Wrap: In the wake of tariffs and regional instability, there's chatter about non-US firms lessening their dependency on the major hyperscalers. Anthony is not buying it.
Anthony Malakian - WatersTechnology.com
An Australian bank considered alternatives to US tech giants like Amazon and Google during tariff negotiations. While Trump imposed a 10% tariff on Australian goods, Anthony argues these firms remain reliant on US hyperscalers despite regional instability.
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Oracle Gives U.S. Government Discount on Cloud and Software; The deal could help increase adoption of the tech giant's cloud platform throughout the federal government
Belle Lin - The Wall Street Journal
Oracle is cutting the cost of its database software and cloud-computing service for the federal government, making it the latest tech giant to offer the Trump administration a significant discount on its services. The company is offering government agencies a 75% discount on its license-based software, including databases and analytics, as well as a "substantial" discount on its cloud service through the end of November, the General Services Administration said
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Technology Firms
Sterling Trading Tech wins Best Listed Derivatives Trading Platform in APAC; Recognized at the A-Team Capital Markets Technology Awards APAC 2025
Sterling Trading Tech (Sterling), a leading provider of professional trading technology solutions, today announced that its trading platform has been named Best Listed Derivatives Trading Platform in the 2025 A-Team Capital Markets Technology Awards APAC. The award recognizes Sterling's continued innovation in listed derivatives technology, with a focus on equities and options. Designed to meet the demands of fast-moving markets, Sterling's trading platforms deliver the speed, flexibility, and control required by institutional and professional traders across the APAC region.
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| Cybersecurity | | Top stories for cybersecurity | Kids are making deepfakes of each other, and laws aren't keeping up; Schools and lawmakers are grappling with how to address a new form of peer-on-peer image-based sexual abuse that disproportionately targets girls.
Jasmine Mithani - 19thnews.org
Last October, a 13-year-old boy in Wisconsin used a picture of his classmate celebrating her bat mitzvah to create a deepfake nude he then shared on Snapchat. This is not an isolated incident. Over the past few years, there has been case after case of school-age children using deepfakes to prank or bully their classmates. And it keeps getting easier to do.
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Microsoft suspends 3,000 Outlook and Hotmail accounts created by North Korean IT workers
Amanda Gerut - Fortune
Microsoft has come out swinging against the elaborate North Korean IT worker conspiracy, suspending 3,000 known Outlook and Hotmail accounts created by the workers as part of its sweeping moves to disrupt the operation. The $3.7 trillion tech giant's Threat Intelligence arm, which refers to the IT worker scheme as "Jasper Sleet," detailed its efforts to hunt down scammers in a lengthy post this week. The Department of Justice also announced a coordinated takedown in the IT worker scheme, seizing hundreds of laptops, 29 financial accounts, and shutting down nearly two dozen websites. Law enforcement also searched 29 "laptop farms" across the U.S. The laptop farms are sites where accomplices-including Americans-agree to take care of laptops shipped by companies that have unwittingly hired North Koreans for remote jobs. They install software so that the IT workers can log in from overseas or they ship the laptops to other locations, including Russia and China.
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'No honour among thieves': M&S hacking group starts turf war; A clash between rival criminal ransomware groups could result in corporate victims being extorted twice, cyber experts warn
Kieran Smith - Financial Times
The ransomware group linked to the recent cyber attacks on UK retailers M&S, Harrods and the Co-Op has begun a turf war with its rivals, triggering a battle within the industry that could bring more hacks and further fallout for corporate victims. DragonForce, a group of largely Russian speaking cyber criminals behind a spate of high-profile attacks this year, has clashed with one of its biggest competitors RansomHub, according to cyber security experts tracking the battle to dominate the booming criminal ransomware sector.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto, Startups and Banking Make a Scary Mix; Circle, Erebor and others look like they could run straight toward the Silicon Valley Bank trap.
Paul J. Davies - Bloomberg
The next must-have accessory for crypto and tech bros looks to be far less sexy than a Lamborghini - it's a banking license. Getting approved is typically time-consuming, bureaucratic and dull, but these budding lenders are likely to find themselves pushing on an open door - and that poses dangers. Stablecoin issuer Circle Internet Group Inc. and tech billionaire Peter Thiel are among the names linked with trust bank charter applications in recent days. The backdrop to this is a White House pushing for regulators to help innovation and growth in the economy and finance. Some of that is down to the backing Donald Trump got from Silicon Valley billionaires and crypto moguls in last year's presidential race, plus his personal financial interests in memecoins and digital assets.
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CoreWeave to buy crypto miner Core Scientific in $9 billion deal
Reuters
AI data center firm CoreWeave said on Monday it would buy crypto miner Core Scientific in an all-stock deal valued at about $9 billion. The offer represents a $20.40 per share value and implies a premium of nearly 66% to Core Scientific stock's close before potential deal talks were first reported.
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The Great Bitcoin Power Shift Has Large Holders Dumping 500,000 Coins
Olga Kharif - Bloomberg
A silent transfer of control is reshaping the $2.1 trillion Bitcoin market. A steady stream of sales by long-time whales - miners, offshore funds and anonymous wallets - is being met almost one-for-one by demand from institutional players like ETFs, corporates and asset managers. The result: Bitcoin is struggling to break out of its record high around $110,000, volatility is evaporating, and its place in the investment landscape is being reshaped. Despite a flurry of bullish headlines - from corporate treasuries embracing Bitcoin to the Trump administration's full-throated crypto endorsement - the largest digital currency has remained stuck in its trading range for months. Underneath the surface, long-dormant whales have been trimming positions just as institutions ramp up their buying. And this switchover is gradually recasting Bitcoin's identity from a high-octane trade to a slow-burn allocation.
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Bitcoin's 5% Problem: Why Most People Still Don't Own Crypto-And What That Means for Its Future
Nick Thomas - Benzinga
A simple question posted on Reddit recently sparked one of the most revealing debates about Bitcoin's future: "If only 5% of the population owns BTC, what is the use case?" The post, which garnered hundreds of responses, exposed a fundamental tension that's been brewing in the crypto space for years. The original poster laid out the problem starkly: "So, if 19 million bitcoin are presently 'minted' and only 4% of the population are holders ... What good is a 'currency' that only 5% of the population owns???"
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Reddit's Brutal Truth About Crypto Profits: Why That Guy Who Sold Bitcoin at $100 Wasn't Actually Stupid
Nick Thomas - Benzinga
A Reddit post struck a nerve in the crypto community, sparking heated debate over one of investing's most painful questions: When do you take profits? The post's central thesis is brutally simple: Despite what keyboard warriors claim today, virtually everyone who bought Bitcoin in its early days would have sold long before it reached current prices. And according to the poster-and basic investment principles-they would have been right to do so. The Psychology of Profit-Taking. The Reddit discussion reveals a fundamental tension between investment theory and human psychology. As one commenter noted, "If you 500x an investment yeah you sold lol." The math is compelling: If you bought Bitcoin at $1 and watched it climb to $100, you'd have made a 10,000% return. Taking profits at that point wasn't paper hands-it was prudent risk management. The fact that Bitcoin later reached $60,000+ doesn't retroactively make selling at $100 a mistake.
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| Politics | | An overview of politics as it relates to the financial markets | This Fourth of July, the world declares its independence from America; The lesson the Americans once taught the British, they are teaching the rest of the world: there are no permanent global orders
Stephen Marche - The Guardian
This year, like every other year, Americans will celebrate Independence Day with flag-waving, and parades, and fireworks. The political system the flag and the parades and fireworks are supposed to represent is in tatters, but everybody likes a party. It was 249 years ago, when the United States separated from the British Empire. Over the past year it has separated from the world order it built over those 249 years, and from basic sanity and decency as well. For Americans, the madness gripping their country is a catastrophe. For non-Americans, it is an accidental revolution. This Independence Day, the world is declaring its independence from the US. As the United States retreats from the world, it is reshaping the lives of its former trading partners and allies, leaving huge holes in its wake. For Canada, where I live, the sudden absence of a responsible United States has been more shocking and more terrifying than for other countries. Americans are our friends and neighbours, often our family. We have been at peace with them for 200 years, integrating with their security apparatuses and markets. Now they are explicitly planning to weaken us economically in order to annex us.
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The Oligarchs' Big Prize in Trump's Budget-Busting Bill; Avoiding an income-tax increase is nice, but that's not the bill's greatest gift to the rich.
Timothy Noah - The New Republic
If America is a ruled by a billionaire oligarchy, as I argued in a recent New Republic feature story ("How the Billionaires Took Over"), what will our billionaire overlords get out of the "big, beautiful" budget reconciliation bill that narrowly cleared the Senate this week? Higher interest rates, for one, because the bill more than doubles the budget deficit; this will benefit billionaire creditors but hurt billionaire borrowers. The top marginal rate won't rise from the present 37 percent to 39.6 percent, as it would have done in a Harris administration, which is excellent news if you actually pay that much-but often billionaires do not. And I'll wager your typical oligarch doesn't give a rat's ass whether or not 12 million people lose medical coverage and six million people lose food stamps.
/jlne.ws/44Dhg4A
The Institutions Protecting US Democracy Have Turned Into Traps; America's two-party system has long been intended as a barrier against an extremism. Polarization is making it an accelerant instead.
Filipe Campante and Ray Fisman - Bloomberg
Americans take pride in their democratic past, but not their democratic present: A 2024 Pew survey found that 72% of US respondents felt their country was once a good model for the world to follow, but only 19% believe it still is. What changed? Not America's political institutions, which remain very much in place. What has changed is the context in which they operate: Decades of rising political polarization turned real sources of institutional strength into glaring vulnerabilities. The very features of American institutions that were seen by experts as protection against anti-democratic or extremist impulses are now being exploited to consolidate power. Once a fortress is taken over by forces it had kept at bay, its bulwarks can turn into traps.
/jlne.ws/46sTFG8
If the US president threatens to take away freedoms, are we no longer free?; Donald Trump's dramatic escalation in threats to deport or arrest citizens - from the world's richest person to Democratic lawmakers - should be taken seriously, experts say
Robert Tait in Washington - The Guardian
Threats of retribution from Donald Trump are hardly a novelty, but even by his standards, the US president's warnings of wrathful vengeance in recent days have represented a dramatic escalation. In the past week, Trump has threatened deportation, loss of US citizenship or arrest against, respectively, the world's richest person, the prospective future mayor of New York and Joe Biden's former homeland security secretary.
/jlne.ws/4nG8dsk
Can Elon Musk's new party shake up American politics?; With his money and online influence, Musk is trying to gather disillusioned voters from both the Republicans and Democrats
Katy Balls - The Times
The world's richest man announced that he was challenging the two-party consensus of US politics on Saturday night with, as is his custom, the results of a poll on X, the social media platform he owns. The question preoccupying Elon Musk on 4th July, to which he probably already assumed the answer, was, "Should we create the America Party?" Of the 1.2 million users who replied, 60 per cent said "yes", which was enough for Musk to press on: "Today, the America Party is formed to give you back your freedom".
/jlne.ws/4ljcznE
U.S. Administration
Trump Signs Tax-Cut and Funding Bill at White House Ceremony
Stephanie Lai and Jennifer A Dlouhy - Bloomberg
President Donald Trump signed his $3.4 trillion budget bill into law Friday, enshrining an extension of tax cuts, temporary new breaks for tipped workers and funding to crack down on illegal immigration. The package encompasses a suite of priorities Trump campaigned on in 2024 - and its enactment at a White House ceremony represents a major political victory for the president whose second term was marked until now by executive rather than legislative action.
/jlne.ws/4klP4c7
Trump uses term viewed as antisemitic slur to refer to unscrupulous bankers; President Donald Trump deployed the term during a rally at the Iowa State Fairgrounds held to kick off a year of events culminating in America's 250th birthday celebration.
Matt Viser and Cat Zakrzewski - The Washington Post
President Donald Trump used a term many consider to be an antisemitic slur while referencing unscrupulous bankers during a campaign-style rally in Iowa on Thursday night, held to kick off a year-long celebration leading up to the nation's 250th birthday. Trump deployed the language while touting the impacts of his signature legislation that had just passed Congress hours earlier. "No death tax. No estate tax. No going to the banks and borrowing from, in some cases, a fine banker - and in some cases, shylocks and bad people," he said, going on to thank Republicans who championed the legislation and detail the savings he expected it would achieve.
/jlne.ws/4nxP5fZ
The Advertisers Spending Big in West Palm Beach Just to Reach Trump; More than a dozen groups have focused on the tiny Florida market, often with ads praising the president
Maggie Severns and Anthony DeBarros - The Wall Street Journal
Watching television in West Palm Beach, Fla., this year meant being a bystander to an array of groups seeking an audience with a single viewer. One ad that aired there showed a clip of President Trump standing before thousands of supporters, promising to oversee cures to cancer and Alzheimer's disease. It was from a group with ties to the pharmaceutical industry trying to persuade Trump to overturn a Biden-era drug pricing policy.
/jlne.ws/4nybeuA
Trump Slams Musk Plan for Rival Party as Feud Deepens
Maria Paula Mijares Torres and Charlotte Yang - Bloomberg
President Donald Trump blasted Elon Musk's bid to start a new political party, intensifying a feud between former allies and deepening investors' concerns about implications for Tesla Inc. and other companies led by the world's richest man. "Third parties have never worked, so he can have fun with it, but I think it's ridiculous," Trump told reporters on Sunday. The US has "always been a two-party system," he added.
/jlne.ws/4nAkTkr
U.S. Congress
SIFMA Statement on Congressional Passage of 'One Big Beautiful Bill'
SIFMA - Traders Magazine
SIFMA released the following statement from Kenneth E. Bentsen, Jr., SIFMA President and CEO, on the passage of the budget reconciliation bill known as the One Big Beautiful Bill: "SIFMA congratulates President Trump and Congressional leadership on the passage today of the One Big Beautiful Bill (OBBB). The OBBB's extension of expiring individual and business tax provisions avoids dramatic tax increases that would negatively impact economic growth. Importantly, SIFMA appreciates that lawmakers chose to reject certain provisions that could have negatively impacted foreign direct investment in U.S. capital markets and financial assets which would have resulted in negative economic consequences for the markets and the nation. Further, the Administration and Congress wisely avoided unnecessarily upending the U.S. treasury market and the ensuing catastrophic consequences by addressing the debt limit. We commend policy makers for taking this necessary action."
/jlne.ws/40Fv8Kj
Other U.S. Politics
Elon Musk Says He's Forming 'America Party'; The billionaire announced the new political party on social media without offering evidence he had taken steps to create it
Brian Schwartz - The Wall Street Journal
Tesla CEO Elon Musk said Saturday he created a new political party called the America Party after reigniting a feud with President Trump. "By a factor of 2 to 1, you want a new political party and you shall have it!," Musk wrote in a post on X, the social-media platform he owns. "Today, the America Party is formed to give you back your freedom."
/jlne.ws/4l7iCeO
Influencers Urged to Steer Clear of Hot Topics During US Immigration Crackdown; Lawyers are advising content creators that weighing in on political topics can come with serious risks
Cecilia D'Anastasio, Aisha Counts, and Alicia A. Caldwell - Bloomberg
Avoid politics. That's the advice lawyers are increasingly giving US-based content creators who aren't citizens as an immigration crackdown spreads across the country. "Every chance I get to tell them to scrub their socials even for likes and reposts of innocuous content - like JD Vance or anti-war memes - I do," said Genie Doi, an immigration lawyer who works with influencers. In the combative, anything-goes world of digital media, internet personalities tend to gravitate toward hot-button, controversial subjects, not shy away from them. But in the current political climate, lawyers are telling their clients that weighing in on topics like Palestine or the US Immigration and Customs Enforcement raids in Los Angeles, can come with serious risks, including unwanted scrutiny from authorities or unfriendly competitors.
/jlne.ws/3Ts3Bbs
Japan
Japan is a case study in how not to cultivate an ally; As China rises, the Trump administration should be strengthening, not fraying, ties with Japan.
Editorial Board - The Washington Post
For decades, the alliance with Japan has been the cornerstone of U.S. security policy in East Asia. There are more than 80 U.S. military facilities in the country. It hosts about 50,000 U.S. military personnel, at a cost to Japan of some $3 billion per year. Yet the United States is preparing to slap this vital ally with a "reciprocal tariff" of 24 percent, punishment for its $68 billion trade surplus with the United States, on top of levies America imposed in recent weeks of 25 percent on Japanese cars and 50 percent on Japanese steel. That, because it refuses to "make a deal."
/jlne.ws/4leKbTv
Japan's rice price shock exposes PM Ishiba to voter anger as election looms; Spike in cost of staple becomes focal point for cost of living worries
Yurika Yoneda - Nikkei
On a lush green plain bordered by mountains in northern Japan's Yamagata prefecture, Nobuhiko Kurosawa does what 20 generations of his family have done before him: He grows rice. Tending to seedlings under a piercing June sun, Kurosawa finds himself in territory unfamiliar to his predecessors, though. A shortage of the commodity kickstarted by an extreme 2023 heat wave -- made more intense and more likely by human-caused climate change -- has sent rice prices skyrocketing, doubling within a year. The year 2023 was Japan's hottest on record at the time, only to surpassed by 2024, according to the Japan Meteorological Agency.
/jlne.ws/4lEfPJZ
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| Regulation & Enforcement | | Stories about regulation and the law. | Friends Accused of Trading on Data for Edgar Face Widening Probe
Patricia Hurtado - Bloomberg
The FBI had to move fast when agents learned that two men who were the focus on an insider trading investigation were about to get on a flight to Hong Kong. Before they could board the early morning June 28 flight, federal agents arrested Justin Chen, 31, and Jun Zhen, 29. Prosecutors say they pocketed at least $1 million by taking information they learned from their job at a private company that formats materials before they are submitted to the Securities and Exchange Commission's Edgar filing system.
/jlne.ws/3GwGB86
Japan regulator calls on laggards to keep Basel promise; After EU and UK delays - and amid fears of US divergence - Japan is keeping a close eye on its peers, says Shigeru Ariizumi
Chris Davis - Risk.net
A senior Japanese regulator has urged jurisdictions yet to adopt the final Basel III capital rules to keep to their word. The call comes amid concerns among Japan's banks that they face unfair competition from foreign rivals operating under less stringent regulations. "We are acutely aware of what's happening abroad, including in the US and the UK and EU," says Shigeru Ariizumi, outgoing vice
/jlne.ws/4lqFZA0
Analysis-US SEC's guidance is first step toward rules governing crypto ETFs
Suzanne McGee - Reuters
New U.S. Securities and Exchange Commission guidance on disclosure requirements for exchange-traded products tied to cryptocurrencies marked the first step toward approval of dozens of applications for ETFs linked to everything from Solana and XRP to President Donald Trump's eponymous meme coin. The guidance, issued last Tuesday, signaled a dramatic shift by Republican leadership in how the top U.S. markets regulator deals with the crypto sector. The SEC has launched a task force to draft new regulations, refocused its crypto enforcement team and paused or altogether walked away from high-profile enforcement cases that many thought the agency was winning.
/jlne.ws/4eKNdww
Singapore penalises nine financial institutions for AML breaches; The breaches were identified during MAS's supervisory examinations from early 2023 to early 2025.
GlobalData
The Monetary Authority of Singapore (MAS) has announced regulatory actions against nine financial institutions (FIs) and several individuals for breaches related to anti-money laundering (AML) regulations. This decision follows the completion of supervisory examinations linked to a money laundering case that emerged in August 2023. In total, MAS has imposed composition penalties amounting to S$27.45m ($21.4m) on the nine FIs for violations of AML and countering the financing of terrorism (CFT) requirements.
/jlne.ws/3TWn18j
How Should We Regulate AI? The Same Way We Do Airlines; A federal agency tasked with both controlling and promoting the technology - paired with help from the states - could keep things safe without stifling innovation.
Gautam Mukunda - Bloomberg
Although there's no shortage of AI hype in Silicon Valley, it's impossible to miss how many of the technology's biggest proponents are also concerned about its possible dangers. The idea that artificial intelligence could become an existential threat is on the table: OpenAI CEO Sam Altman has speculated about AI's potential for hacking into essential computer systems or designing a biological weapon and Tesla Inc. CEO Elon Musk has described it as "potentially more dangerous than nukes." Even if it never comes to that, improperly designed AI systems could still be very dangerous in critical applications, ranging from self-driving cars to healthcare.
/jlne.ws/4leZHPc
SEC Charges Scooter Rental Company and its Officers with $4 Million Offering Fraud
SEC
The Securities and Exchange Commission today filed fraud charges against scooter rental company Cheetah X Inc. (d/b/a Go X), CEO Alexander Debelov, and President of Operations Khodr Salam (a/k/a Khodor Salam), for raising around $4 million from approximately three hundred investors with unfounded claims about past performance, expected returns, and guaranteed refunds.
/jlne.ws/4lzBhje
SEC Charges Chicago-Based Investment Adviser with Charging Improper Fees
SEC
On July 3, 2025, the Securities and Exchange Commission charged Chicago-based investment adviser P/E Capital Investment Management Partners and its CEO, Eliseo Prisno, for fraudulent billing practices.
/jlne.ws/404hMHg
SEC Obtains Final Judgment Against Hernandez for Principal Role in "FreeRiding" Scheme
SEC
On June 30, 2025, the SEC obtained a final judgment against defendant Eduardo Hernandez for his role in a $2 million "free-riding" scheme.
/jlne.ws/401C4kL
ASIC proposes to remake five financial reporting-related legislative instruments
ASIC
ASIC is seeking feedback on its proposal to remake five legislative instruments relating to financial reporting relief. The legislative instruments are scheduled to sunset on 1 October 2025.
/jlne.ws/4nBIVeN
ASIC permanently bans financial adviser Barry King
ASIC
ASIC has permanently banned financial adviser, Barry David King, from providing financial services. ASIC determined that Mr King is not a fit and proper person to provide financial services and that he is likely to contravene a financial services law due to finding that he:
/jlne.ws/3GxwZKg
ASIC appeals Federal Court findings relating to alleged unfair term used in insurance contracts by HCF Life
ASIC
ASIC has appealed the Federal Court's decision dismissing part of ASIC's proceedings against HCF Life Insurance Company Pty Ltd in respect of a 'pre-existing condition' term used in a range of products issued by HCF Life. On 28 October 2024, the Federal Court found that while the pre-existing condition term was liable to mislead the public, it was not unfair.
/jlne.ws/44EKSyB
FMA investigation into Senior Trust Capital Limited ongoing
FMA
An investigation opened in November 2024 by the Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - into senior living sector financier, Senior Trust Capital Limited (STC), is ongoing. STC is an issuer under a regulated offer of shares. On 14 May 2025, STC voluntarily withdrew its public offer of shares. The scope of the investigation includes considering disclosures made by STC in its previous product disclosure statement (PDS) and associated advertising material and whether those disclosures complied with Parts 2 and 3 of the Financial Markets Conduct Act 2013.
/jlne.ws/4nGItfw
Redinel Korfuzi and Oerta Korfuzi sentenced to combined 11 years for £1m insider dealing and money laundering
FCA
Redinel Korfuzi sentenced to six years imprisonment, and his sister Oerta Korfuzi, sentenced to five years imprisonment at Southwark Crown Court after being convicted of insider dealing and money laundering worth £1m in a case brought by the FCA.
/jlne.ws/4nBEOzo
A new improved Handbook website
FCA
We've launched a new and improved Handbook website.
/jlne.ws/4knouzm
Two individuals sentenced to a combined 12 years for £1.5m crypto fraud
FCA
Two individuals have been sentenced to a combined 12 years of imprisonment for their roles in a £1.5m crypto fraud following a prosecution brought by the FCA.
/jlne.ws/3IxCw44
Practices and Issues on Climate-related Risk Management: Building on "Supervisory Guidance on Climate-related Risk Management and Client Engagement"
FSA
Since the publication of the "Supervisory Guidance on Climate-related Risk Management and Client Engagement" in July 2022, the Financial Services Agency (FSA) has maintained dialogues with financial institutions on climate-related risk management and client engagement.
/jlne.ws/4nyOoTt
MAS Takes Regulatory Actions against 9 Financial Institutions for Anti-Money Laundering Related Breaches
MAS
The Monetary Authority of Singapore (MAS) announced today its regulatory actions against nine financial institutions (FIs) and a number of individuals for anti-money laundering related breaches. MAS has completed its supervisory examinations against pertinent FIs with nexus to persons of interest (POIs) in the major money laundering (ML) case of August 2023, and their employees who fell short of MAS' Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements. The present suite of actions marks the conclusion of MAS' enforcement actions against FIs with material nexus to the major ML case.
/jlne.ws/4eAHVn3
SFC convenes second Digital Asset Consultative Panel meeting
SFC
The Securities and Futures Commission (SFC) today convened the second meeting of the Digital Asset Consultative Panel (DACP) (Note 1). The meeting with SFC-licensed virtual asset trading platforms (VATP) covered a broad array of issues relating to market and regulatory developments in the digital asset realm in Hong Kong, in particular, initiatives in Pillars A (Access) and P (Products) of the SFC's ASPIRe roadmap (Note 2), including proposals to introduce regulatory regimes for virtual asset dealing and custodian providers, as well as market accessibility and product offerings (Note 3).
/jlne.ws/46vGX9E
SEBI Bars US Trading Firm Jane Street; Demands To Remove Unlawful Gains Of 4,843.57 Crore For Manipulating Index Levels On Expiry Days For Profit
The Free Press Journal
JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading of Jane Street Group (JS Group) have been prohibited from the markets. According to an interim order passed by Sebi on Thursday, JS Group entities made over Rs 43,289 crore in profits from index options on NSE from January 1, 2023, to March 31, 2025, across all product categories of NSE. Markets regulator Sebi has barred US-based trading firm Jane Street from the securities markets and directed the company to disgorge unlawful gains of Rs 4,843.57 crore for allegedly manipulating index levels on expiry days to gain massive profits in index options. JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading of Jane Street Group (JS Group) have been prohibited from the markets.
/jlne.ws/4nv4EF7
How Jane Street Group drove illegal profits: Expert decodes SEBI's Rs 4,843 crore chase
Dailymotion.com
In a major development, the Securities and Exchange Board of India (SEBI) has passed an interim order against the Jane Street Group, to impound Rs 4,843.57 crore of illegal gains by manipulating the securities market, particularly on expiry days of Bank Nifty options. ANI spoke with various experts to decode the trading strategy adopted by JS group to make undue and illegal profit from market movements at the cost of retail investors. Speaking to ANI, Uttam Bagri, Managing Director of BCB Brokerage, explained that Jane Street followed a strategy that misused the connection between the cash and derivatives segments. "What they did was, in the cash segment, they kept taking strong long positions. At the same time, in the derivatives segment, they were going short, with a much larger position," Bagri said.
/jlne.ws/4eBKl4Y
Factbox-What is Jane Street, the US trading firm facing heat in India?
Jayshree P Upadhyay - Reuters
India has barred one of the world's largest quant trading firms, Jane Street, from accessing its securities market after an investigation found it made "unlawful gains", taking the most stringent action ever against a foreign trading firm. The markets regulator also impounded $567 million from U.S.-based Jane Street, which said it disputed the findings. Here are facts about Jane Street and its India presence:
/jlne.ws/44EfujL
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Five financial lies people should stop telling themselves; It takes courage and a cool head to look at your numbers and figure out what you can afford.
Michelle Singletary - Washington Post
Me: "Do you eat out a lot?" You: "Not really." If I suspect this isn't true because the revolving credit-card debt or lack of savings says otherwise, I channel Jack Nicholson in "A Few Good Men" when he bellowed: "You can't handle the truth." The truth: Here's an illustration of what one monthly bank statement might list: $7 daily Starbucks stops (can't start the day without a venti caramel macchiato); $120 for lunches out with co-workers; $47 for taco Tuesday; several deliveries using Uber Eats or Grubhub (because there wasn't anything in the fridge even though it was stocked with food); and a few hundred dollars spent on Friday dinners and happy hour drinks because "we deserved it after a week of hard work."
/jlne.ws/4lajMWR
Nassim Taleb on Living a Good Life in an Age of Volatility; Staying prepared for Black Swans.
Tracy Alloway and Joe Weisenthal - Bloomberg
Every day we're inundated with headlines that are seemingly unbelievable. Multiple major wars are ongoing. Politics is erratic. Markets are scrambling everyone's brains. So how should we live and feel good? How should we think about the world around us, and the various perceived risks out there. In yet another episode from our live Odd Lots special in New York City last month, we speak with famed author Nassim Nicholas Taleb, the scientific advisor at Universa Investments, who shares his perspective on all things.
/jlne.ws/4lJ3Jzp
Butter's Global Price Surge Hits Croissants and Kitchens Alike
Celia Bergin and Ben Westcott - Bloomberg
At the Mamiche bakeries in the 9th and 10th arrondissements of Paris, their famous pains au chocolat and croissants depend on an essential but increasingly scarce ingredient - butter. The bakery's regular supplier can no longer provide a steady flow of French beurre de tourage, a type of flat butter used to make the pastries. Mamiche has gone searching elsewhere to ensure the steady flow of sweet treats from its ovens, but it's coming with a cost.
/jlne.ws/4lGQ3VA
Why Beef Prices Have Hit a Record; Smaller cattle herds and a decade of headwinds for the industry are expected to push up the cost of burgers and steaks for several years.=
Kevin Draper - the New York Times
Tom Winter started his hamburger food truck in Missoula, Mont., almost two years ago, focused on selling locally produced food to local people at a price they could afford. As the business - Gary's Local Burgers - expanded to three locations, Mr. Winter kept the price of his burgers steady, at $6, a number he posted on huge signs. But last month he printed new signs with a new figure: $6.95. Ground beef was at its highest average price on record in May at $5.98 a pound, according to the Bureau of Labor Statistics. That cost was 16.2 percent higher than 12 months earlier. Other cuts of beef, including sirloin steaks and chuck roast, also reached record highs in the first half of 2025.
/jlne.ws/404PlZX
US debt is now $37tn - should we be worried?
Simon Jack - BBC
As Donald Trump cheered the passage of his self-styled, and officially named, Big Beautiful Budget Bill through Congress this week, long-sown seeds of doubt about the scale and sustainability of US borrowing from the rest of the world sprouted anew. Trump's tax-cutting budget bill is expected to add at least $3 trillion (£2.2 trillion) to the US's already eye-watering $37tn (£27tn) debt pile. There is no shortage of critics of the plan, not least Trump's former ally Elon Musk, who has
/jlne.ws/403Nd4u
All hail the equity vigilantes; Bond markets can't stand up to profligate governments alone
Stuart Kirk - Financial Times
Everyone knows bureaucracies don't shrink themselves. Why on earth would they? Rather, their sole aim is to grow bigger, concluded economist William Niskanen in his budget-maximising theory of 1968. No one in Britain should have expected a smaller state under Labour. In the US, Donald Trump's "big, beautiful bill" is forecast to raise federal debt by a fifth relative to output by 2035. Even the pfennig pinching Germans wish to be more Latin America circa the 1980s these days.
/jlne.ws/3Ts9Rjl
Uncertainty is the new certainty: That's why investors are unbothered by Trump's ongoing tariff chaos
Jim Edwards - Fortune
/jlne.ws/3Gx8IUG
Investors Come Around to Trump's Uncertainty; Are the effects of geopolitical and tariff uncertainty on the economy still to come, or were they overestimated?
James Mackintosh - The Wall Street Journal
/jlne.ws/44B3Oyc
Misfiring Models Leave Wall Street Currency Traders Flying Blind
Alice Atkins - Bloomberg
/jlne.ws/4ktrKZX
Late-Career Job Losses Are Blurring What Retirement Looks Like in America; Four people open up about their finances and how they spend their time
Veronica Dagher and Anne Tergesen - The Wall Street Journal
/jlne.ws/4eCc1Xd
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump's plan to replace clean energy with fossil fuels has some major problems; The budget bill sabotages one of the biggest growth sectors of the US economy.
Umair Irfan - VOX
The first solar cell ever made was built in the United States. Tesla, based in the US, was once the largest EV manufacturer in the world. The lithium-ion battery was codeveloped in the US. But today, China - not the US - is the largest manufacturer of solar cells and batteries. China's BYD - not Tesla - is the largest EV manufacturer in the world. And China is starting to outrun the US on research and development investment.
/jlne.ws/3Tq6Ujm
Deadly Floods Reinforce Texas' Challenge as Crisis Epicenter
Brian K Sullivan, MarÃa Paula Mijares Torres, and Joe Lovinger - Bloomberg
Before dawn Friday morning, city manager Dalton Rice went for a jog along the Guadalupe River in Kerrville, Texas. He finished his run around 4 a.m. as a light rain set in. An hour later, he began receiving emergency calls: The river had flooded out of control. Torrential rains were dumping into the Guadalupe. In just 45 minutes, the river surged about 26 feet (8 meters), sending walls of water sweeping into camps and RV parks busy with Fourth of July holiday visitors.
/jlne.ws/4lG98Hp
Biggest Climate Fund Approves Record Allocations as US Withdraws
Antony Sguazzin - Bloomberg
The world's biggest climate fund said it approved record allocations for projects in a year when the US pulled $4 billion it had pledged to the organization. At a board meeting in Papua New Guinea, the Green Climate Fund green-lighted $1.225 billion for initiatives ranging from reducing the impacts of desertification in Mauritania to developing green bond markets. "The fund is scaling up its activities in response to the global demands for climate finance," it said in a statement on Friday.
/jlne.ws/3I8q0YX
The EU ETS remains the most cost-effective tool to achieve the 2040 emissions reduction target
Europex
Europex takes note of the Commission's proposal to set a single, binding climate target of reducing greenhouse gas emissions by 90% by 2040 compared to 1990 level, supported by a comprehensive enabling framework. This long-term commitment confirms the EU's continued trajectory towards climate neutrality by 2050 and provides important investment clarity for the pathway to 2040.
/jlne.ws/4nBov5I
Carbon capture project 'to boost hundreds of jobs'
Isaac Ashe - BBC News
A project to develop a pipeline to capture carbon emitted by cement and lime factories in the Peak District and bury it below the Irish Sea will create hundreds of jobs, Chancellor Rachel Reeves has said. The pipeline will be created to transfer carbon dioxide (CO2) from Derbyshire, Staffordshire and the North West to be stored in the depleted gas fields off the coast of Barrow-in-Furness in Cumbria. Reeves said the £59.6m project would modernise the cement and lime industry, create jobs and deliver "vital carbon capture infrastructure".
/jlne.ws/3TWlfUH
What the EU Stands to Lose as the Continent Bakes; Europe's green ambition is wilting in the heat.
Lara Williams - Bloomberg
As much of Europe bakes in a heat wave - which has led to power cuts, deaths and wildfires - you'd think that the case for ambitious emissions cuts would be easy to make. Not quite. The European Commission's 2040 climate target has stuck to its climate change advisory board's recommendation of a 90% decline in greenhouse gas emissions compared with 1990 levels, which is welcome. But, under pressure from member states including Poland, Italy and France, it was only able to make that politically palatable with the addition of what the commission is calling "flexibilities" and critics are calling "loopholes." It's a clear sign that the geopolitical context - and the EU's approach to the environment - has changed.
/jlne.ws/45QTDrs
What Killing Tax Credits Means for the Electric Vehicle Market; Sales are likely to dip below forecasts but not completely bottom out thanks to an array of new models and incentives from states and dealers.
Kyle Stockn - Bloomberg
/jlne.ws/403Dw66
US experts warn 'rogue' devices found in Chinese solar power inverters could trigger blackouts, report says
Jing Pan - Moneywise
/jlne.ws/4nxjeMi
The natural gas trap; Switching to gas reduces emissions in the short term but increases them in the long run
Bard Harstad - Financial Times
/jlne.ws/3Golm8A
Why Oil Drillers Are Investing Big in South America; Brazil, Guyana and Argentina drive a fast-growing share of global oil output
Samantha Pearson and Collin Eaton - The Wall Street Journal
/jlne.ws/4lqP8sk
Taiwan Issues Sea and Land Typhoon Warning as Danas Approaches
Argin Chang, Filipe Pacheco and Tian Ying - Bloomberg
/jlne.ws/3TqfuP6
A Majority of Companies Are Already Feeling the Climate Heat; Morgan Stanley has published a new report showing most companies around the world are feeling the impacts of a warming world.
Miquela Thornton - Bloomberg
/jlne.ws/4krgJsq
Ghost Factories Are a Warning Sign for Green Manufacturing's Future; Rollbacks of clean-energy credits in Trump's tax bill add to the sector's challenges as project cancellations rise.
Saijel Kishan - Bloomberg
/jlne.ws/4nFG0lq
Wildfire Smoke Brings a Forgotten Danger to the Arctic: Black Carbon; Scientists are revising their view of the role that soot may play in endangering glaciers and ice sheets.
Danielle Bochove - Bloomberg
/jlne.ws/4l7YOrI
How Trump's Anti-DEI Push Is Unraveling College Scholarships; Some programs are being discontinued, while others are being broadened to include more students
Tali Arbel - The Wall Street Journal
/jlne.ws/461HXlT
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | German Pension Gives Mandate to China Stock Fund in Rare Move
Echo Wong - Bloomberg
A German church pension fund has tapped a Chinese firm's Hong Kong arm to help it invest in local stocks, in a rare move among global allocators that have been cautious about gaining exposure to the nation's equities. KZVK, which manages EUR34.1 billion ($40 billion), gave $50 million to Fullgoal Asset Management (HK) Ltd. in the second quarter, according to people with knowledge of the matter. The mandate is to invest in Chinese equities listed in Hong Kong, the mainland and the US, the people said, asking not to be identified as the information is private.
/jlne.ws/4nBQG4u
The Securities That Banks Are Backing Away From: Credit Weekly
Tasos Vossos - Bloomberg
US banks, among the few companies that still sell preferred shares, are following JPMorgan Chase & Co.'s lead and retreating from the securities, even as investors are eager to buy them. Capital One Financial Corp. redeemed a $500 million preferred share this week, resulting in the market shrinking on a net basis this year, according to data compiled by Bloomberg. If the trend continues, this will be the second year in a row that the market for US bank preferreds has shrunk, something that hasn't happened since the lenders were replacing obsolete capital after the global financial crisis.
/jlne.ws/4ex55dU
Goldman Sachs bets on generative AI and empowers 'AI natives'
Sheryl Estrada - Fortune
Good morning. Goldman Sachs, one of the world's leading investment banks, is paving the way for the next generation of finance leaders to shape the future of AI in the workplace. The bank hires about 2,500 to 3,000 interns each summer. For the 2025 internship class, Goldman received more than 360,000 applications-a 15% increase from last year, Fortune reported. With an acceptance rate of just 0.7% this year, the program is highly competitive and serves as a pipeline for permanent positions.
/jlne.ws/40zN3Sv
China's Small Banks Cancel IPOs, Delist on Concern Over Profits
Bloomberg News
Chinese small lenders are pulling their applications for initial public offerings and delisting, even as overall share sales have recovered and bank stocks surged, underscoring the the profit challenges still faced by the sector. Guangdong Shunde Rural Commercial Bank Co. has withdrawn its application to float shares on China's Shenzhen Stock Exchange, according to a filing on Friday. The move, which followed a similar action by Bank of Guangzhou Co. in January, marks the second this year and leaves just five banks still queuing up for IPO in the mainland.
/jlne.ws/40DBTfy
Bank of America Merrill Lynch taps Stifel for senior trader; Individual has previously served at Eight Capital, Canaccord Genuity, UBS, and Stifel.
Natasha Cocksedge - The Trade
Paul Kilfoy has joined Bank of America Merrill Lynch as director, senior sales trader. The move sees Toronto-based Kilfoy join the firm from Stifel, where he had worked for almost five years. During his time at Stifel, Kilfoy served as a managing director in trading, covering liability and sales trading. Prior to this, he worked as a principal, sales trader at Eight Capital from August 2016 to March 2020.
/jlne.ws/44y1mZf
Hedge Funds
How You Get and Actually Keep a Job at a Multi-Strat Hedge Fund; Keeping your seat in the pod.
Tracy Alloway and Joe Weisenthal - Bloomberg
Multi-strategy hedge funds, composed of lots of individual portfolio managers, have seen assets under management boom in recent years, thanks to astonishingly consistent returns throughout the cycle. If you're one of the PMs, the money can be incredibly lucrative. But job security is fickle, and it's easy to lose your place on the team. So how do you actually get your seat and keep it? On this episode, we speak with Brian Yelvington, a consultant at the recruitment firm Carrington Fox. He's also a longtime veteran of the industry, having been a trader at many large firms. He discusses how people get their foot in the door, the skills needed to succeed, and how to think about optimizing returns while avoiding ruin.
/jlne.ws/4nAZfMM
Private Markets
Technology Will Open Private Markets to Individuals
By Shanny Basar - Traders Magazine
In June this year Fidelity Investments introduced custom model portfolios with alternative investments to allow eligible wealth management firms to access private markets. However, the administration of private markets is still highly manual and inefficient and, as the scale of investment increases, more technology and automation will be needed, according to Andrew Tarver, president of the PMA Network at wealth technology provider InvestCloud.
/jlne.ws/4nFcgFm
Private Equity
Private equity can defy the gloom narrative; The industry is delivering strong returns to investors and has more potential to extend its benefits to employees
Pete Stavros - Financial Times
The private equity naysayers are out in force in 2025. Underlying the latest predictions of the industry's demise is a notable mis-step many firms made by over-deploying capital during 2021 and the first half of 2022, a period characterised by high valuations. Many of those investments will probably be underperformers. Consequently, private equity funds overexposed to these vintages may struggle to raise more capital. But is it the beginning of the industry's downfall as some claim?
/jlne.ws/4nGe3Km
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Ford CEO Jim Farley warns AI will wipe out half of white-collar jobs, but the 'essential economy' has a huge shortage of workers
Jason Ma - Fortune
Ford CEO Jim Farley recently became the latest corporate boss to sound the alarm about artificial intelligence's impact on workers. During the Aspen Ideas Festival last week, he highlighted the importance of the "essential economy"-which he defined as everything that gets moved, built or fixed-while saying blue-collar skilled trades have been neglected.
/jlne.ws/3IwUaF6
Workday and Amazon's alleged AI employment biases are among myriad 'oddball results' that could exacerbate hiring discrimination
Sasha Rogelberg - Fortune
Following allegations that workplace management software firm Workday has an AI-assisted platform that discriminates against prospective employees, human resources and legal experts are sounding the alarm on AI hiring tools. "If the AI is built in a way that is not attentive to the risks of bias ... then it can not only perpetuate those patterns of exclusion, it could actually worsen it," law professor Pauline Kim told Fortune. Despite AI hiring tools' best efforts to streamline hiring processes for a growing pool of applicants, the technology meant to open doors for a wider array of prospective employees may actually be perpetuating decades-long patterns of discrimination.
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The Coder 'Village' at the Heart of China's A.I. Frenzy; As China vies with Silicon Valley for primacy, Hangzhou, home to DeepSeek and Alibaba, is where its aspiring tech titans mingle and share ideas.
Meaghan Tobin - The New York Times
It was a sunny Saturday afternoon, and dozens of people sat in the grass around a backyard stage where aspiring founders of tech start-ups talked about their ideas. People in the crowd slouched over laptops, vaping and drinking strawberry Frappuccinos. A drone buzzed overhead. Inside the house, investors took pitches in the kitchen. It looked like Silicon Valley, but it was Liangzhu, a quiet suburb of the southern Chinese city of Hangzhou, which is a hot spot for entrepreneurs and tech talent lured by low rents and proximity to tech companies like Alibaba and DeepSeek.
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The hidden career cost of having a powerful professional network
Ruth Umoh - Fortune
For ambitious professionals on the road to the C-suite, having influential mentors or a high-profile boss can feel like a golden ticket. Star connections open doors, create early opportunities, and often fast-track promotions. But new research published in the Journal of Applied Psychology finds that those same relationships may eventually become a career liability when it comes to long-term performance evaluations.
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On-the-job learning upended by AI and hybrid work; Employers will have to be more deliberate in the training they offer junior staff
Emma Jacobs - Financial Times
Jamie Dimon is unequivocal about the impact of remote working on training new bankers. "It doesn't work in our business," the chief executive of JPMorgan Chase told Stanford's Graduate School of Business this year. "Younger people [are] left behind." He has previously spoken of the importance of "the apprenticeship model...which is almost impossible to replicate in the Zoom world".
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Here's what you need to know about covid this summer; Experts say a surge may happen in the coming months and urge people to get vaccinated.
Richard Sima and Caren Chesler - The Washington Post
Coronavirus cases may surge in the coming weeks, as they have every summer since the pandemic began five years ago, experts said. Getting vaccinated, masking, improving air quality and staying away from those who may be contagious continue to be some of the best ways to protect yourself from the coronavirus, they said. Currently, "COVID-19 wastewater activity, emergency department visits and laboratory percent positivity are at very low levels," according to the Centers for Disease Control and Prevention.
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US nears its highest measles case count in more than 30 years
The Associated Press
Kentucky has its first measles outbreak of 2025, as the U.S. case count sits just short of a 30-year high. There have been 1,267 confirmed measles cases this year, the Centers for Disease Control and Prevention said Wednesday. Texas confirmed three more measles cases this week tied to a major outbreak that raged through the late winter and spring. There are three other large outbreaks in North America. The longest, in Ontario, Canada, has resulted in 2,212 cases from mid-October through June 24. The province logged its first death June 5 in a baby who got congenital measles but also had other preexisting conditions.
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ChatGPT's Mental Health Costs Are Adding Up; From brain rot to induced psychosis, the psychological cost of generative AI is growing and flying under the radar.
Parmy Olson - Bloomberg
Something troubling is happening to our brains as artificial intelligence platforms become more popular. Studies are showing that professional workers who use ChatGPT to carry out tasks might lose critical thinking skills and motivation. People are forming strong emotional bonds with chatbots, sometimes exacerbating feelings of loneliness. And others are having psychotic episodes after talking to chatbots for hours each day. The mental health impact of generative AI is difficult to quantify in part because it is used so privately, but anecdotal evidence is growing to suggest a broader cost that deserves more attention from both lawmakers and tech companies who design the underlying models.
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Vaccinations rise when states button up religious loopholes; The push to remove religious exemptions for vaccines is meant to drive up vaccination rates. It's working.
Erika Edwards - NBC News
Unlike other kids in Massachusetts, students living in one Boston suburb won't be able to go back to school next month unless they've had their chickenpox and measles shots, as well as other routine childhood vaccinations. "Any student not fully vaccinated without exemption will be excluded from school," Newton Public Schools Superintendent Anna Nolin wrote in a memo last month. The directive followed a chickenpox outbreak among students, as well as rising threats of measles, Nolin said.
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Alphabet's Isomorphic Labs has grand ambitions to 'solve all diseases' with AI. Now, it's gearing up for its first human trials
Beatrice Nolan - Fortune
Alphabet's Isomorphic Labs is preparing to launch human trials of AI-designed drugs, its president, Colin Murdoch, told Fortune. Born from DeepMind's AlphaFold breakthrough, the company is pairing cutting-edge AI with pharma veterans to design medicines faster, cheaper, and more accurately. Alphabet's secretive drug discovery arm, Isomorphic Labs, is getting ready to start testing its AI-designed drugs in humans, Colin Murdoch, Isomorphic Labs president and Google DeepMind's chief business officer, told Fortune.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australian wineries face headwinds from tariffs, heat and changing tastes; Shipments to China have rebounded, but producers worry over future growth
Sophie Mak - Nikkei Asia
Australian wine power couple Liz and Jerome Scarborough gaze out on their eponymous wine estate, a decision made decades earlier is leaving an increasingly pleasant aftertaste. Fluctuations in the Australian dollar and the whims of overseas markets in the 1990s left them feeling vulnerable, and so the family decided in the 2000s to not export their wine and pivoted to a focus on the Sydney market, just two hours from their Hunter Valley doorstep. "The hard part with international sales is that you can go overnight from making money to not making money, and that's why we like the domestic market," said Jerome, who grew up watching his father Ian work in the vineyards and became winemaker himself in 2005.
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How to Break China's Minerals Dominance, One Smelter at a Time; A struggling lead refinery in Australia is a test case for how far governments will go to reduce their dependence on China.
Paul-Alain Hunt - Bloomberg
From the top of a giant furnace, workers in breathing apparatus and high-visibility overalls peer down on a sprawling industrial plant and map out renovations. Rain lashes the rusting buildings below as strong winds threaten to rip the hard hats from their heads.
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China's Rare Earth Origin Story, Explained; Low environmental standards helped China become the world's low-cost producer of rare earths, but Beijing was also focused on helping the industry.
Keith Bradsher - The New York Times
Rare earth metals were an afterthought for most world leaders until China temporarily suspended most exports of them a couple of months ago. But for almost half a century, they have received attention from the very top of the Chinese government.
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China Has Paid a High Price for Its Dominance in Rare Earths; Dust and groundwater contaminated with heavy metals and radioactive chemicals pose a health threat that the authorities have been trying to address for years.
Keith Bradsher - The New York Times
Chinese mines and refineries produce most of the world's rare earth metals and practically all of a few crucial kinds of rare earths. This has given China's government near complete control over a critical choke point in global trade. But for decades in northern China, toxic sludge from rare earth processing has been dumped into a four-square-mile artificial lake. In south-central China, rare earth mines have poisoned dozens of once-green valleys and left hillsides stripped to barren red clay.
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China snaps up mines around the world in rush to secure resources; Dealmaking hits highest level since 2013 as groups seek raw materials that underpin global economy
Camilla Hodgson and Leslie Hook and Edward White - Financial Times
Chinese mining acquisitions overseas have hit their highest level in more than a decade as companies race to secure the raw materials that underpin the global economy in the face of mounting geopolitical tension. There were 10 deals worth more than $100mn last year, the highest since 2013 according to an analysis of S&P and Mergermarket data. Separate research by the Griffith Asia Institute found that last year was the most active for Chinese overseas mining investment and construction since at least 2013.
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Glencore, Rio Tinto and Trafigura seek aid for Australian smelters; Country's downstream ambitions tested by energy costs and Chinese competition
Shaun Turton - Nikkei Asia
Resource giants Glencore, Rio Tinto and Trafigura-owned Nyrstar are seeking potentially billions in government aid for Australian metal smelting and processing operations under threat from rising power costs and Chinese competition. Glencore's copper smelter and refinery in Queensland, Rio Tinto's jointly owned Tomago aluminum smelter in New South Wales, and Nyrstar's zinc smelter in Tasmania and multi-metal plant in South Australia face significant challenges, according to the companies, who are negotiating with state and federal authorities.
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Russia Drops Wheat Export Duty to Zero in Bid to Boost Sales
Bloomberg News
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Charity warns of unprecedented food demand
Ed Hanson, Gemma Sherlock - BBC News
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Cocaine Boom and Rising Violence Push US to Reassess Colombia
Andrea Jaramillo and Eric Martin - Bloomberg
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Why Florida's Condo Owners Are So Desperate to Sell; Insurance increases, special assessments and limited financing options have elevated costs beyond what many can bear
Deborah Acosta - The Wall Street Journal
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