| August 08, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I must say I was a little surprised when the lead story from the Financial Times, "The untold history of today's Russian-speaking hackers" was not the most read story yesterday. But then it is August, and minds are on things like yachts, so the story about what technology you need for your yachting trip, the Financial Times' A complete guide to yacht-desking, was the number one read story. A technology trading story tied for the number two spot with the battle between the ham radio operators and the high frequency traders, in The Wall Street Journal's Ham Radio Enthusiasts vs. High-Frequency Traders: A Battle for the Airwaves. The insider trading story that followed the yachting story tied for second.
The third most read story was Robert Iati's post on LinkedIn sharing the sad news of the passing of his long-time industry colleague, Anthony Godine.
The World Scouting Jamboree in shambles even registered higher than the Russian hacker story. I think the Russian hacker story is a very important story because of the time frame it was set in and the actions of some financial institutions. What happened after all of this hacking and collaboration among Russian hackers? There was a lot of money to move from the east to the west. It sets an interesting table for technological innovations to come.
Standard and Poor's is dropping its ESG scores from its ratings amid political pushback and instead will offer narrative feedback about a company's ESG performance, the Financial Times reported.
The Financial Times made it official; July was the hottest month on record. Its story is titled "July enters history books as the hottest month on record" and the subheading is "Sea and air temperatures at new highs as global warming breaches 1.5C temporary rise."
The Financial Times' "Big Read" feature has a new series titled "The new commodity superpowers" with the subheading "In the first part of a series, countries that produce the metals central to the energy transition want to rewrite the rules of mineral extraction."
Two anti-woke ETFs have gone to sleep for good according to the Financial Times. Asset manager and index provider 2nd Vote Funds plans to liquidate two ETFs created in 2020 for conservative investors, and the funds have stopped trading on Cboe. The CEO of 2nd Vote Funds said the ETFs failed to attract enough assets to maintain research and operations.
Paul Krugman has written a commentary in The New York Times about how climate is now a cultural issue rather than an issue just of greed. The piece is titled, "Climate Is Now a Culture War Issue."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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World Water Week takes place August 20-24 at the Stockholm International Water Institute. The convening, "Seeds of Change: Innovative Solutions for a Water-Wise World," is an inclusive meeting place focusing on the Asia-Pacific. This is a hybrid event. Places are limited for on-site attendance. Online attendance is free. Learn more here. ~SAED
Our most read stories yesterday on JLN Options were:
- What Are the Best Options Trading Platforms?
- Crypto Options Traders Bet Against Volatility
- What US Treasury Volatility Means for the Economy ~JB
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The Russell 2000 Index Quarterly Chartbook - July 2023
Year after year, the Russell 2000 Index sets the standard for US small cap measurement. For index performance, sectors/IPOs, and risk characteristics, check the latest Russell 2000 Quarterly Chartbook - July 2023. Read now: https://www.ftserussell.com/research/russell-2000-index-quarterly-chartbook-july-2023.
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Eurex's Rafael Zanatta Talks About New Bitcoin Index Futures with JLN's Julie Ros at FIA's IDX
JohnLothianNews.com
Rafael Zanatta, head of sales, EMEA, Eurex FTSE bitcoin index futures at Eurex, spoke with JLN Correspondent Julie Ros at the FIA's International Derivatives Week (IDX) in June about Eurex's recently launched FTSE bitcoin index futures.
Watch the video »
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The Real Reason You're Having a Hard Time Getting Things Done at the Office; Working from home altered our brains. We need more office time to fix them.
Ray A. Smith - The Wall Street Journal
If you still don't have your office groove back, there might be a scientific explanation. Hybrid work arrangements mess with our brains. Frustrated bosses who survey their half-empty officescapes say it makes no sense that somebody who worked full time in an office before 2020 can't show up like they used to. But neurologists and behavioral scientists say the collective amnesia for effectively working alongside each other makes perfect sense to them.
/jlne.ws/3OoR1GN
****** Sounds like something the boss would say.~JJL
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Finance firms' return-to-office crackdown could backfire - study
Lananh Nguyen - Reuters
Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm Deloitte. Of 700 financial executives surveyed by Deloitte, 66% who worked remotely part time said they would likely quit if they were ordered to return to the office five days a week. "Professionals - men and women alike - whose work and personal lives have been reshaped by remote work largely want to maintain flexibility even if it comes at a personal cost," Deloitte said.
/jlne.ws/3YuwV2v
****** Work from home will continue to be the norm until the powers that be send us into a recession so bad that unemployment tips the power back to employers in being able to compel workers to the office. ~JJL
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Out of Africa, a New World War?; By supporting the coup in Niger, Russia proves again that it sees its struggle against the West as a global war, just not a declared one yet.
Andreas Kluth - Bloomberg Opinion
You can think of the unfolding disaster in Niger in four ways, from embarrassing to ominous, catastrophic and apocalyptic. Embarrassing, because the country's coup on July 26 is blowback for a clueless West: Neither the hapless former colonial power, France, nor the waning superpower, the US, saw this coming. Ominous, because it's a windfall for Russia and China, as they vie with the West for influence in the region and world.
/jlne.ws/3Qwlp4P
****** Are you paying attention to this? When someone suggests a world war could erupt from this conflict, it is worth paying attention.~JJL
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Crypto's Next Craze? Orbs That Scan Your Eyeballs; Sam Altman, OpenAI's chief executive, has started Worldcoin, a cryptocurrency project that aims to scan billions of human irises.
David Yaffe-Bellany - The New York Times
One evening last month, a crowd of cryptocurrency enthusiasts gathered at an art gallery in downtown Manhattan. They were greeted by a scene from science fiction. At one end of the room was an open bar. Across from it stood a loose array of gray pedestals, arranged like a futuristic Stonehenge, each displaying a metal sphere about the size of a bowling ball.
/jlne.ws/47kDitp
****** You can't fool me, it is a brain scan, not just an eyeball scan.~JJL
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Monday's Top Three
Our top story Monday was the Financial Times' A complete guide to yacht-desking. Second was a tie between The Wall Street Journal's Ham Radio Enthusiasts vs. High-Frequency Traders: A Battle for the Airwaves and Bloomberg's What Defines Insider Trading and When Is It Illegal? Third was Robert Iati's post on LinkedIn sharing the sad news of the passing of his long-time industry colleague, Anthony Godine.
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| Lead Stories | PayPal pushes deeper into crypto payments with stablecoin launch; US group unveils PayPal USD in bid to boost take-up of digital currency payments
Nikou Asgari - Financial Times
PayPal is launching a stablecoin, becoming the first major financial institution to push deep into crypto payments even as US regulators heighten their scrutiny of digital assets. The San Jose-based company said on Monday it had launched a dollar-denominated stablecoin called PayPal USD, marking a further expansion into its services for digital currencies.
/jlne.ws/47qTs4C
S&P drops ESG scores from debt ratings amid scrutiny; Agency will no longer rank companies' environmental, social and governance risks from 1 to 5
Patrick Temple-West - Financial Times
S&P Global has stopped handing out scores to corporate borrowers on ESG criteria, at a time of rising questions about their utility and political attacks on such metrics. The debt rating agency has since 2021 published scores from one to five for a company's exposure to each element of environmental, social and governance risks.
/jlne.ws/3rY6g1X
CBDCs invite risk of global financial fragmentation; Central bank digital currencies are set to buck the trend of innovation driving cross-border integration
Elliot Hentov - Financial Times
The history of technology in capital markets is largely one-directional. Each innovation has improved market functionality, typically by increasing the speed and/or lowering the cost of transactions. These technological jumps have been diffused internationally to the benefit of all market participants, leading to ever more efficient and integrated global financial markets.
/jlne.ws/44W3DME
Narrow markets should humble macro forecasters; Asset allocators can't count on long-term regional equity predictions when returns are dominated by superstar companies
Toby Nangle - Financial Times
This year has been marked by strong equity markets, and what looks to be an astonishingly narrow rally. Of the 16.9 per cent returned by the S&P 500 index in the first half of this year, 12.9 per cent derived from the performance of only 10 companies. With such a high proportion of a market's value created by so few groups, it feels fair to question the tool kits of asset allocators and, more broadly, the product line-up of fund management firms.
/jlne.ws/3qqJcIL
Moody's downgrades US banks, warns of possible cuts to others
Lananh Nguyen and Juby Babu - Reuters
Moody's cut credit ratings of several small to mid-sized U.S. banks on Monday and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability.
/jlne.ws/3OltaI6
Wall Street to Pay Hundreds of Millions More in WhatsApp Cases
Ben Bain - Bloomberg
Wells Fargo & Co. (WFC) and BNP Paribas SA (BNP.PA) are among firms that will pay hundreds of millions of dollars total in penalties for employees using unofficial communications like WhatsApp to conduct business - the latest salvo in US regulators' crackdown on how Wall Street keeps records.
/jlne.ws/44YFANf
Goldman Sachs Faces New Congressional Scrutiny Over SVB Role
Corrie Driebusch - The Wall Street Journal
Goldman Sachs is facing new congressional scrutiny of the dual roles it played in the days leading up to Silicon Valley Bank's failure. Sen. Elizabeth Warren, who sits on the Senate Banking Committee, has asked the Wall Street bank to reveal which employees were involved in the bank's purchase of SVB's debt portfolio, who was involved in advising SVB on its attempted capital raise and whether any of these individuals communicated with one another during the first half of March when the bank was working on both deals. She asked these questions in a letter dated Aug. 7 that was reviewed by The Wall Street Journal.
/jlne.ws/3s1FFBb
Crypto's Path Forward Could Follow the Financial World's Departure From LIBOR
Dmitry Gooshchin - CoinDesk
The world is officially done with the London Interbank Offered Rate (LIBOR), which was a benchmark lending rate that drove the financial industry, and therefore the business world, for more than four decades. Starting this month, the Secured Overnight Financing Rate (SOFR) has replaced LIBOR in the United States, a transition that has taken more than 11 years since a scandal enveloped LIBOR.
/jlne.ws/442QsZ7
Short-sellers make $38m in one day on Carl Icahn's embattled empire; Icahn Enterprises' stock has lost roughly 30% of its value since 4 August
Bilal Jafar - Financial News London
Short-sellers booked the largest single-day profit of the year on Icahn Enterprises as a dividend cut left the shares of Carl Icahn's eponymous multibillion dollar conglomerate reeling. Icahn Enterprises short-sellers made $38m on 4 August amid a 25% plunge in share prices, according to financial analytics provider ORTEX. Short interest in Icahn Enterprises stock jumped to 14.6% on 4 August from 8.84% on 30 June.
/jlne.ws/3KvY0Nd
Worldcoin Nairobi Warehouse Raided by Kenyan Police: Reports
Amitoj Singh and Eliza Gkritsi - CoinDesk
Kenyan police raided the Nairobi warehouse of Worldcoin on Saturday, confiscating documents and machines, local news organizations reported Monday. Immaculate Kassait, commissioner of Kenya's Office of the Data Protection, said Tools for Humanity, the parent company of Worldcoin, failed to disclose its true intentions when it registered in Kenya, according to media reports.
/jlne.ws/3OqYPrB
Investors pull huge sums from expensive investment funds; The 20% of cheapest US funds had inflows of $394bn vs outflows of $734bn for the rest, data shows
Steve Johnson - Financial Times
US investors pulled huge sums from relatively expensive investment funds last year as the divide between cheap and expensive funds grew into a "chasm", Morningstar analysis suggests. The data is symptomatic of an increasingly laser-like focus by investors and their advisers on attempting to maximise returns by keeping costs to a minimum.
/jlne.ws/3OsYcxD
The Global South Breaks Away From the US-Led World Order; Brazil, India, Indonesia, South Africa and others stay neutral when asked to choose sides amid the West's tensions with Russia and China.
Michelle Jamrisko and Iain Marlow - Bloomberg
Let Trade Run Free. Tie your currency to the US dollar. Align your foreign policy with America's. The US and its Western partners wrote these economic rules, a cornerstone of the world order prevailing since World War II. Now developing countries, often called the Global South, are quietly revising them. The Global South sees a chance to chart its own future.
/jlne.ws/3DL6n3p
Climate Change Pushes Kenya Close to the Edge; Droughts, spiking temperatures, famine and poaching are making the country's efforts to maintain its identity a lot harder.
Timothy L. O'Brien - Bloomberg Opinion
Kenya, in east Africa, is home to some of the planet's most glorious - and most threatened - wildlife. Like everything else on Earth, the animals that once thrived in this Eden are suffering through the cataclysm of climate change. Long droughts interspersed with violent, irregular flooding have altered migration patterns and essential sustenance.
/jlne.ws/451WASI
What Are Stablecoins and Why Are Regulators Wary?
Olga Kharif and Muyao Shen - Bloomberg
If you put a dollar bill under your mattress, you know you'll get a dollar bill back when you go looking for it, and that the paper currency will still be worth $1. A branch of cryptocurrencies called stablecoins has grown up based on the idea that such dependability can be replicated in new ways. Stablecoins have become crucial to the functioning of crypto markets, with about $125 billion in circulation in early August.
/jlne.ws/3Qvy7AN
TC ICAP's Parameta Solutions to introduce family of interest rate swap volatility indices; The business asserts that banking on model-free implied volatility estimates provides superior predictive power over other volatility forecasting measures.
Claudia Preece - The Trade
TP ICAP's data and analytics division, Parameta Solutions, has launched a new family of interest rate volatility (IRSV) indices in a bid to provide robust and transparent daily indices in interest rates swap markets.
/jlne.ws/45mBZIH
Tradeweb and LSEG's FXall launch new emerging markets FX swap workflow solution; New multi-asset digital solution links trading workflows in local currency EM bonds and FX swaps; Morgan Stanley acted as a liquidity provider for the first transaction.
Annabel Smith - The Trade
Tradeweb and the London Stock Exchange Group's (LSEG) FXall have collaborated to launch a new FX swap workflow solution for local currency emerging markets. The solution links trading workflows in local currency EM bonds and FX swaps through a single user interface (UI). Mutual clients can now buy or sell an emerging markets bond via Tradeweb's request for quote (RFQ) or request for market (RFM) protocols. Users can then hedge the local currency risk by executing an FX swap trade via direct connectivity to FXall.
/jlne.ws/3ONAhKL
Aquis Exchange acquires minority stake in US block trading start-up OptimX Markets; Deal will expand the exchange's block crossing capabilities; investment was made as part of a consortium including the venture capital arm of Deutsche Boerse Group.
Annabel Smith - The Trade
Aquis Exchange has moved to expand its block crossing remit with a minority stake in US-based equities block trading start-up OptimX. The deal, announced on Monday 7 August, was completed as part of a consortium which also includes the venture capital arm of Deutsche Boerse Group, DB1 Ventures.
/jlne.ws/3qf7xBn
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin's Forever War
Roger Cohen - The New York Times
Through towering pine forests and untouched meadows, the road to Lake Baikal in southern Siberia winds past cemeteries where bright plastic flowers mark the graves of Russians killed in Ukraine. Far from the Potemkin paradise of Moscow, the war is ever visible. On the eastern shore of the lake, where white-winged gulls plunge into the steel-blue water, Yulia Rolikova, 35, runs an inn that doubles as a children's summer camp.
/jlne.ws/3DO0CSU
Ukraine is finally attacking Putin's weakest spot. It could break him
Colonel Richard Kemp - The Telegraph Opinion
While all eyes are on the land war in Ukraine, the greater strategic prize for Kyiv could well be found in the war at sea - something quite remarkable for a country without a conventional navy. In two days, two major Russian ships have been hit by maritime attack drones, both operating in the vicinity of Novorossiysk, Russia's main Black Sea oil port which exports 600,000 barrels a day.
/jlne.ws/3quXCHL
Zelenskyy warned Russia that it may be left with no ships if it continues to attack Ukraine's ports
Mia Jankowicz - Business Insider
Russia could find itself without ships by the end of the war if it continues to attack Ukrainian ports, Ukraine's President Volodymyr Zelenskyy said.
/jlne.ws/45aDYQa
After attacking Ukraine wheat exports, Russia faces own shipping challenge
Jonathan Saul and Nigel Hunt - Reuters
Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes. President Vladimir Putin promised to replace Ukrainian grain with Russian shipments to Africa after Moscow in July ended an arrangement that gave Ukraine's food cargo safe passage in the Black Sea, imposing a de-facto blockade on its neighbour and attacking storage facilities, in an escalation of the war.
/jlne.ws/3ONEJcu
Ukrainian commander admits 'a lot' of men lost early in counter-offensive; Heavy Ukrainian losses have sparked public criticism of Kyiv's military leadership
Joe Barnes - The Telegraph
Ukraine's marines lost a lot of men in the early days of the counter-offensive, with new recruits left "mentally broken" by the battles, a battalion commander has warned. Despite a brutal start to the assault, which began early in June, Kyiv's forces have started to steadily claw back territory occupied by Russia.
/jlne.ws/3DRHd36
Why the Ukrainian counteroffensive is making little progress against Russian defense.
Tom Vanden Brook - USA TODAY
/jlne.ws/3qvmuPA
Moscow court freezes Goldman holdings in several Russian companies; Shares in children's retailer and banks VTB and Sberbank temporarily seized after Otkritie sues US bank
Anastasia Stognei - Financial Times
/jlne.ws/3qlv7fE
Hotel used by journalists struck by Russian attack on Donetsk town; Missile strikes on Pokrovsk kill at least seven in settlement considered a safe distance from front line
Isobel Koshiw - Financial Times
/jlne.ws/3DNM1Xy
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Tokyo Stock Exchange Taps Blue Ocean for US Stock Trading During Daytime Hours in Japan
Rick Steves - Finance Feeds
Blue Ocean Technologies, LLC (BOT) has partnered with Tokyo Stock Exchange (TSE) to expand the trading customer base of both Blue Ocean's trading platform and TSE. The new strategic alliance will allow Blue Ocean Technologies to enter the Japanese trading market for the first time adding to its continued growth within the Asia-Pacific (APAC) region.
/jlne.ws/45gCQdM
Conclusion of Strategic Partnership (MOU) with and Minority Investment in Blue Ocean Technologies, LLC
Tokyo Stock Exchange
Tokyo Stock Exchange, Inc. (TSE) and Blue Ocean Technologies, LLC (Blue Ocean), a unique capital markets fintech leader in global afterhours trading, announced today a strategic partnership (MOU) expanding the trading customer base of both Blue Ocean ATS, the Blue Ocean trading platform, and TSE. As part of the new partnership, TSE will make a 5% investment into Blue Ocean.
/jlne.ws/3OLG6aD
ICE cuts tortuous path through frosty trustbusters
Jonathan Guilford - Reuters
It turns out deal doubters can be won over, after all. The U.S. Federal Trade Commission agreed on Monday to drop a lawsuit against Intercontinental Exchange's $11.7 billion acquisition of mortgage technology provider Black Knight. It took 15 months, two divestitures and an 11% price cut, but it's at least a small sign that trustbusters are willing to concede sometimes. ICE, as the New York Stock Exchange operator is known, said in May 2022 that it would snap up Black Knight for $13.1 billion. The problem: both companies sell software to housing lenders. ICE's Encompass processes nearly half of originations in the United States, with Black Knight's Empower in second place, according to the FTC. Where pricing is concerned, the situation is reversed; Black Knight's Optimal Blue leads.
/jlne.ws/3DPYk5D
Natan Tiefenbrun: 'The UK wants to compete on openness. That's quite refreshing'
Jeremy Chan - Financial News London
Europe's derivatives markets are under pressure. Exchanges are splintered across the continent and are subject to undue complexity. "There's lots of things that are suboptimal," Cboe Europe's president Natan Tiefenbrun admits. On his list of problems: it is geographically fragmented; products are subtly different at every venue; and venues can't agree on contract expiry and execution terms.
/jlne.ws/45nNq2N
Hiring Slows at Cboe Digital
Shanny Basar - Markets Media
Hiring slowed at Cboe Digital in the second quarter, partly due to ongoing regulatory uncertainties according to Jill Griebenow, new chief financial officer at Cboe Global Markets. Griebenow spoke on Cboe Global Markets' second quarter results call on 4 August. She said: "While we are still incredibly committed to the digital business, we continue to watch the regulatory landscape closely and adjust our spending to match the revenue environment."
/jlne.ws/3Oq6BSG
Deutsche Boerse's DB1 Ventures to invest in block trading platform OptimX Markets
Deutsche Boerse
Deutsche Boerse's Corporate Venture Capital arm DB1 Ventures has led the Seed funding round in OptimX Markets, a future block trading platform. Based in New York, OptimX is an independent, venue-neutral block trading solution in the global cash equities space. OptimX has developed an advanced technology suite that provides investment banks, brokers, and institutions with a unique platform for sharing and processing institutional block orders. To support their go-to market launch in the EU and UK, a partnership with co-investor Aquis Exchange will be established.
/jlne.ws/3QyuRVg
Euronext announces volumes for July 2023
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for July 2023.
/jlne.ws/44WYDaH
Companies with highest number of complaints pending.
NSE
Out of the companies whose securities are traded on NSE, there are two companies with the number of complaints greater than or equal to 10, pending for more than 2 months OR the aggregate value of the complaints pending for more than 2 months is equal to or greater than Rs.5 lakhs for 5 or more complaints as on July 31, 2023.
/jlne.ws/47zwQim
Singapore Governance and Transparency Forum 2023 - Launch of the Singapore Governance and Transparency Index 2023, Guest-of-Honour Speech by Tan Boon Gin, CEO of SGX RegCo
SGX Group (speech)
Mr Cheung Pui Yuen, Divisional President - Singapore, CPA Australia; Professor Lawrence Loh, Director, Centre for Governance and Sustainability, NUS Business School; Ms Wong Su-Yen, Chairperson, Singapore Institute of Directors; Ladies and gentlemen, good morning.
/jlne.ws/3OhytZ7
Trading volume on the Moscow Exchange shares peaked since February 2022
MOEX
On August 4, 2023, the Moscow Exchange recorded a record trading volume on the stock market since February 2022 - RUB 251 billion (on February 4, 2022, the trading volume on the stock market amounted to RUB 374 billion). This is 3.3 times more than the average daily trading volume this year, which is 76 billion rubles.
/jlne.ws/3YsolRT
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple Tests M3 Max Chip, Setting Stage for Most Powerful MacBook Pro Yet; The chip has 16 central processing cores and 40 for graphics; Company is testing flurry of new Macs as it seeks sales boost
Mark Gurman - Bloomberg
Apple Inc. has begun testing its highest-end next-generation laptop processor, setting the stage for the release of its most powerful MacBook Pro ever next year. The new M3 Max chip includes 16 main processing cores and 40 graphics cores, according to test logs from a third-party Mac app developer that were seen by Bloomberg News. The processor is at the heart of a high-end MacBook Pro laptop - a model codenamed J514 - that's expected to debut next year.
/jlne.ws/3Kwl3as
Regulators are cracking down on banks that cater to fintechs. Here's how CFOs can prepare
Will Daniel - Fortune
Good morning! It's markets and economics reporter Will Daniel here again today, filling in for Sheryl Estrada. What happens if you take the 'fin' out of fintech? Clearly, it wouldn't be pretty, but that's the dark reality some fintech firms are facing today.
/jlne.ws/3OPem69
How AI, with blockchain, can transform everyday life: Opinion
Eugen Kuzin - Forkast
Artificial intelligence and blockchain technology can be considered two of the greatest innovation drivers of the last decade, already having influenced various sectors such as finance, supply chain management and more. Thus, it stands to reason that combining the two technologies can unlock even further possibilities.
/jlne.ws/44XAgK4
Toronto Takes on Silicon Valley to Become AI Startup Hub; Canada's long-running investment in artificial intelligence development and technology may be paying off, as Toronto capitalizes on the region's academic heft.
Saritha Rai - Bloomberg
Few figures have loomed larger in recent public dialogue over artificial intelligence than Geoffrey Hinton, the groundbreaking AI researcher who famously left Google Brain in May, saying he wanted to be free to speak about the risks of artificial intelligence.
/jlne.ws/3OjvBLi
MarketAxess to Acquire Algorithmic Trading Provider Pragma
MarketAxess
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, has entered into a definitive agreement to acquire Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services in equities, FX and fixed-income.
/jlne.ws/43Yjqt5
One of the World's Oldest Auction Houses Gets Into E-Commerce; The real twist? The art for sale at Phillips's Dropshop comes directly from artists.
James Tarmy - Bloomberg
/jlne.ws/3qnmNfq
PayPal launches PYUSD stablecoin for payments and transfers
Aisha Malik - TechCrunch
/jlne.ws/45iP6KR
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| Cybersecurity | | Top stories for cybersecurity | A Fake Job Offer Opened the Door to a Suspected North Korean Crypto Hack; Estonian crypto payments company CoinsPaid targeted for months; $37 million stolen after hackers tricked employee for access
Ott Tammik and Aaron Eglitis - Bloomberg
In late July, a programmer at Estonia's CoinsPaid, the world's biggest crypto payment provider, met over video link with a recruiter who had reached out on LinkedIn with a lucrative job offer. During the 40-minute job interview, the engineer was asked to download a file to take a technical test, which he did on his work computer.
/jlne.ws/3QvvLSj
America's messy cyber regulations are no match for its adversaries; The new SEC rules are redundant and misdirected: business needs to know how to deal with the government
Chris Krebs - Financail Times
The Securities and Exchange Commission (SEC) recently announced a highly anticipated set of cyber security regulations, requiring companies to publicly disclose incidents and regularly report on governance. At first glance, these new rules make sense and are even overdue, particularly after a string of high-profile attacks by Russia, China and their proxies. These have rattled industry and government alike, highlighting our reliance on tech companies and their vulnerable products.
/jlne.ws/45equmm
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| Cryptocurrencies | | Top stories for cryptocurrencies | Sino Global Files $67M Claim Against FTX-Alameda
Sam Reynolds - CoinDesk
Matthew Graham's Sino Global Capital has filed a $67.3 million claim against FTX Trading Ltd. on behalf of Sino's Liquid Value fund, which it rolled out in conjunction with Sam Bankman-Fried in 2021. The fund aimed to raise $200 million and primarily targeted high net worth individuals. This approach marked a departure for Sino, as it was the first time the firm sought outside capital through a formal fund vehicle.
/jlne.ws/3Qv7U5u
CoinMarketCap Launches Base Ecosystem Category Page Ahead of August 9 Mainnet Launch
Decentralized Dog - CoinMarketCap
CoinMarketCap, the home of crypto, has recently launched the Base Ecosystem category page, showcasing the growing ecosystem built around Coinbase's layer-2 solution, Base. The projects have a combined market capitalization of over $360M at the time of writing.
/jlne.ws/43Z2cMm
Crypto firms are making false claims about Hong Kong licence applications and investors should beware, says SFC
South China Morning Post
Some crypto trading platforms are making false claims about their compliance with Hong Kong's new regulatory regime for virtual assets, according to the city's securities regulator, which urged investors to be aware of the risks. Some unlicensed virtual asset trading platforms claim that they have submitted applications to the Securities and Futures Commission (SFC) that allow them to operate in the city legally, but have not actually done so, the SFC said in a statement published on Monday.
/jlne.ws/3qk16wR
Central Bank of Brazil Reveals Name of Its Controversial CBDC
Portal do Bitcoin - Decrypt
DREX will be the official name of Brazil's new central bank digital currency (CBDC), also known as the digital real, according to a Monday announcement from the Central Bank of Brazil. The name was revealed during a live broadcast on the Bank's YouTube channel hosted by Fábio Araújo, coordinator of the digital real, and Aristides Cavalcante, deputy head of the Central Bank's technology and information department.
/jlne.ws/3QtJKYS
Industry Bodies Call on IOSCO to Tackle Conflicts of Interest in Crypto
Manesh Samtani - Regulation Asia
The WFE, GDF, IIF and FIA each address conflicts of interest in the crypto sector in their responses to IOSCO's consultation.
/jlne.ws/3DISmDD
Two Southborough residents recently lost more than $30,000 in Bitcoin scams
Norman Miller - The MetroWest Daily News
/jlne.ws/45hE08J
NFT Rout Crushes $1.5 Billion Windfall for Artists as Markets Slash Royalties; Payouts to NFT content creators sank 98% from a peak in 2022; Exchanges for NFTs chopped royalty rates amid a bear market
Sidhartha Shukla - Bloomberg
/jlne.ws/3YoPe9c
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| Politics | | An overview of politics as it relates to the financial markets | A Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn't it Proposed?
Jesse Hamilton - CoinDesk
Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn't offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job.
/jlne.ws/441ORCW
U.S. senators reintroduce crypto anti-money laundering bill
Pradipta Mukherjee - Forkast
Two U.S. senators have re-introduced the ''Digital Asset Anti-Money Laundering Act of 2023'' after months of delay, which puts greater emphasis on industry participants such as miners and validators. If the bill is passed, all crypto participants will be required to report transactions of over US$10,000.
/jlne.ws/3OpLhN5
Blinken backs West African efforts to restore Niger's constitutional order; US secretary of state's comments come after his deputy was denied a meeting with the leader of last month's coup
Felicia Schwartz in Washington and Aanu Adeoye - Financial Times
US secretary of state Antony Blinken said Washington supported West African efforts to restore constitutional order in Niger, whose neighbours have threatened military action unless the new ruling junta reverses last month's coup.
/jlne.ws/3KvyoQq
Congress, Not the SEC, Should Set U.S. Digital Asset Policy; The regulator "sees itself as the arbiter of which technologies should exist in the United States," says Castle Island Ventures' Matt Walsh.
Matt Walsh - CoinDesk Opinion
The SEC's three-part mandate is to 1) protect investors, 2) maintain fair, orderly, and efficient markets and 3) facilitate capital formation. The SEC is supposed to be a disclosure-based regulator that is technology neutral, meaning they establish a framework for issuers to divulge pertinent information to investors, but do not unilaterally take a stance on which technologies ought to make it to market.
/jlne.ws/3Ou7TMv
Worldcoin Nairobi Warehouse Raided by Kenyan Police: Reports
Amitoj Singh and Eliza Gkritsi - CoinDesk
Kenyan police raided the Nairobi warehouse of Worldcoin on Saturday, confiscating documents and machines, local news organizations reported Monday. Immaculate Kassait, commissioner of Kenya's Office of the Data Protection, said Tools for Humanity, the parent company of Worldcoin, failed to disclose its true intentions when it registered in Kenya, according to media reports.
/jlne.ws/3OqYPrB
Poland Calls on EU to Provide Funds for Ukraine Grain Transit; Warsaw mulls building ports for agricultural exports: minister; Poland to keep ban on sale of Ukraine grain on local market
Piotr Skolimowski and Natalia Ojewska - Bloomberg
/jlne.ws/3DJ8sgx
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Chair Gary Gensler predicts A.I. 'will be the center of future crises, future financial crises'
Chris Morris and Will Daniel - Fortune
Artificial intelligence will be a revolutionary technology, transforming all manner of business, but SEC Chairman Gary Gensler is warning that it also has the potential to wreak havoc on the economy. In an interview with the New York Times, Gensler said he expects the U.S. to end up with two or three foundational A.I. models, making people more reliant on the same information (and acting in a herd mentality).
/jlne.ws/3KtoheU
SEC chairman warns of risk to financial systems from AI
Lauren Sforza - The Hill
Securities and Exchange Commission (SEC) Chairman Gary Gensler warned in a new interview that artificial intelligence (AI) will eventually lead to financial crises. "This technology will be the center of future crises, future financial crises," Gensler told The New York Times. "It has to do with this powerful set of economics around scale and networks."
/jlne.ws/3Qv7OLa
Cathie Wood Says SEC Will Approve Multiple Bitcoin ETFs at Once
Emily Graffeo and Katie Greifeld - Bloomberg
Cathie Wood said that the US Securities and Exchange Commission may approve multiple spot-Bitcoin ETFs at the same time, reversing an earlier view that her firm would be first in line to get potential approval for the long-awaited product. "I think the SEC, if it's going to approve a Bitcoin ETF, will approve more than one at once," the ARK Investment Management CEO and CIO told Bloomberg TV Monday.
/jlne.ws/3Yumqw7
S.Korean prosecutors to submit XRP ruling to prove Terra-Luna as securities
Danny Park - Forkast
South Korean prosecutors investigating last year's US$40 billion collapse of Terra-Luna are looking to submit the recent U.S. ruling on Ripple cryptocurrency to a Seoul court to prove the Luna cryptocurrency as financial securities, the Seoul Southern District Prosecutor's Office confirmed with Forkast.
/jlne.ws/43XT8r2
Federal Court Orders Florida Commodity Pool Operator to Pay Nearly $9 Million in Restitution; Relief Defendant Ordered to Disgorge More Than $2.3 Million
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced U.S. Magistrate Judge William Matthewman of the U.S. District Court for the Southern District of Florida entered consent orders resolving charges against defendant Bluprint LLC and relief defendant Kalpana Patel. The Bluprint order finds that it violated the Commodity Exchange Act (CEA) and CFTC regulations prohibiting fraud, requiring registration of commodity pool operators and associated persons, and requiring certain commodity pool disclosures and reporting.
/jlne.ws/3OP1EEw
Statement of Commissioner Kristin N. Johnson Regarding the CFTC's Reaching Over $1 Billion in Civil Monetary Penalties Against Bank-Affiliated Entities for Employees' Offline Communications
CFTC
Today, the Commodity Futures Trading Commission (CFTC or Commission) issued a series of orders settling charges against swap dealers and their affiliated futures commission merchants[1] (Bank-Affiliated Entities). According to the CFTC's investigation, employees at the Bank-Affiliated Entities failed to comply with CFTC recordkeeping requirements, as well as firm-wide internal recordkeeping policies. The investigation also found that managers failed to diligently supervise their employees' compliance with recordkeeping obligations.
/jlne.ws/3DP2muQ
Statement of Commissioner Christy Goldsmith Romero In Support of Holding Banks Accountable For Widespread Use of Personal Text Messaging and/or Whatsapp to Evade Regulatory Oversight; CFTC Enforcement Action Against Wells Fargo, BNP Paribas, Societe Generale, and Bank of Montreal
CFTC
I support this enforcement action against a Wall Street bank (Wells Fargo) and a group of large foreign banks (BNP Paribas and Societe Generale, both headquartered in France with U.S. registered brokers or dealers and Bank of Montreal, headquartered in Canada), as another victory in holding banks accountable for their pervasive use of unauthorized communication methods, like private texts and in some cases Whatsapp, violating the law and evading regulatory oversight requirements.
/jlne.ws/3QwFPuC
CFTC Orders Four Financial Institutions to Pay Total of $260 Million for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods
CFTC
The Commodity Futures Trading Commission today issued orders simultaneously filing and settling charges against swap dealer and futures commission merchant (FCM) affiliates of four financial institutions for failing to maintain, preserve, or produce records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.
/jlne.ws/3OreR4L
CFTC Orders a Los Angeles Futures Commission Merchant to Pay $6 Million for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Wedbush Securities Inc., a Los Angeles, California-based registered futures commission merchant, for failing to maintain, preserve, or produce records required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to its business as a CFTC registrant. Wedbush admits the facts in the order and acknowledges the conduct violated the Commodity Exchange Act and CFTC regulations.
/jlne.ws/3qlHM26
SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures
SEC
The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders. They acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of $289 million as outlined below, and have begun implementing improvements to their compliance policies and procedures to address these violations.
/jlne.ws/3Qz1UIP
Fund Administrator Charged For Missing Red Flags
SEC
The Securities and Exchange Commission today announced settled charges against Theorem Fund Services LLC (TFS), a fund administrator based in Boca Raton, Florida, for failing to respond to red flags relating to a fraud against a private fund and its investors.
/jlne.ws/3KwtbrG
Final Judgment Entered Against Florida Investment Adviser Charged a Second Time for Insider Trading
SEC
The Securities and Exchange Commission has obtained a final consent judgment against Charles Rustin Holzer, a family office executive and former broker charged with insider trading in stock of Dun & Bradstreet Corp. (DNB). Final consent judgments were also entered against two offshore entities named as relief defendants in the SEC's complaint.
/jlne.ws/45iyUJt
SEC Obtains Consent Judgment Against Celebrity Charged with Illegally Touting Crypto Asset Securities for Crypto Entrepreneur Justin Sun
SEC
On August 4, 2023, the Securities and Exchange Commission obtained a final judgment resolving the SEC's action against defendant Austin Mahone, who the SEC previously charged with illegally touting crypto asset securities Tronix (TRX) and BitTorrent (BTT) without disclosing his compensation.
/jlne.ws/47p4CGP
SEC Charges Recidivist and Others in Offering Fraud Scheme
SEC
The Securities and Exchange Commission filed today a complaint in U.S. District Court for the Central District of California charging Christopher Slaga and two entities he controlled, Q4 Capital, LLC and J4 Capital Advisors LLC, with defrauding investors through an offering of interests in purported private investment funds. Slaga received approximately $3.5 million in proceeds from the fraudulent scheme. The SEC also charged Hayden F. Greene for acting as an unregistered broker.
/jlne.ws/3QvnDl2
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Chinese Steel Is Caught in a Night Trading Dilemma; Industry seeks to end extended hours for iron ore futures as market volatility weighs on already weak profits.
Alfred Cang - Bloomberg
After China introduced nighttime trading for iron ore futures in 2014, many in the sector saw a significant effort by the world's largest buyer to increase its pricing power. Almost nine years on, the country's steel industry wants to end the experiment. According to a risk-assessment report written by the China Iron & Steel Association but not yet submitted to authorities, the price mechanism needs to improve, citing studies by state researchers and mills.
/jlne.ws/45jWc1D
Rising US debt could chip away at the dollar's dominance, Blackstone boss Stephen Schwarzman warns
George Glover - Markets Insider
Rising debt could erode the long-term dominance of both the US dollar and American stocks, Blackstone's CEO has warned. Stephen Schwarzman said Friday that Fitch's move last week to slash the country's credit rating isn't an economic disaster, but the appeal of US-linked assets could start to fall if government debt carries on piling up.
/jlne.ws/45jlddf
The Stock Market Isn't Rewarding You for Taking Risk. That Could Spell Trouble.
Jacob Sonenshine - Barron's
Bond yields have been rising-and that means an already expensive stock market is looking even more expensive. The S&P 500 has gained about 17% this year, and despite a solid earnings season, most of the gains have come via expansion of the index's price/earnings ratio, from 16.8 times on Dec. 30 to 19.2 times on Aug. 7.
/jlne.ws/3qlr0Aa
Are Soybean Oil and Crude Oil Playing a Game of "Tag"?
Erik Norland - Chicago Mercantile Exchange
If one looks closely, a fascinating pattern emerges. First, back in late 2006 and early 2007, soybean oil began to rally even as crude oil prices fell. Crude oil later began following soybean oil higher. Soybean oil prices then peaked in January 2008. Crude oil peaked six months later in July 2008. Soybean oil prices were in free fall in late 2008, hitting bottom in December.
/jlne.ws/4501EqF
Oil's Hottest Trade Accelerates as Key Spread Goes Negative; Relative costs of Europe, Mideast benchmarks turn upside down; Revaluing, possible rerouting of shipments expected: traders
Serene Cheong - Bloomberg
One of the hottest trades in the oil market this year is keeping on rolling, with the potential to reshape the value of physical crude cargoes and transform global flows. The price differential between swaps for London's Brent and Middle East's Dubai crude has turned deeply negative, data from brokerage PVM show. It's a dramatic shift from the start of the year - and normal trading patterns - when the spread was at a sizable premium.
/jlne.ws/3qpdETK
Glencore profits halve as commodity prices retreat; Mining and trading group lifts return to shareholders as profits fall from record level
Harry Dempsey - Financial Times
Swiss mining and trading group Glencore has reported a plunge in profits as the surge in commodity prices that followed the invasion of Ukraine eases. The FTSE 100 group said on Tuesday that its earnings before interest, taxes, depreciation and amortisation fell 50 per cent to $9.4bn on $107bn of revenues in the first six months of the year, driven in part by coal prices coming off their highs.
/jlne.ws/3OqaOps
The notorious wall of maturities revisited; Will it finally prove hard to hurdle?
Robin Wigglesworth - Financial Times
In finance, the "Maturity Wall" is a near-mythical beast conjured up to scare small children, skittish investors and chief financial officers into pulling the trigger on bond sales. It's scary because the maturity wall - the shape formed by a bar chart that shows the years when corporate bonds are due for repayment - always seems to climb sharply and augur a rash of defaults.
/jlne.ws/3OPs0Gp
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Inundation and Injustice: Flooding Presents a Formidable Threat to the Great Lakes Region; Archaic wastewater systems, crumbling infrastructure and segregated housing in the region create a perfect storm of flood vulnerability amid excessive rain, overflowing rivers and storm surges.
Kari Lydersen - Ensia
Editor's note: This story is the introductory piece in a six-part collaboration-"Inundated: Flooding and vulnerable communities in the Great Lakes region"-that includes the Institute for Nonprofit News, Borderless, Ensia, Grist, Planet Detroit, Sahan Journal and Wisconsin Watch, as well as the Guardian and Inside Climate News. The project was supported by the Joyce Foundation. This summer's Independence Day weekend was meant to be a historic moment for Chicago, featuring the first-ever NASCAR street race with cars speeding through the city's downtown. But these plans were partially derailed as history was made for another reason.
/jlne.ws/3QwG5tA
In Youngstown, a Downtown Tire Pyrolysis Plant Is Called a 'Recipe for Disaster'; A developer has big ideas to turn tires, plastic and electronic waste into energy at 30 locations, starting with a tire-to-gas plant next to the jail and student housing in the heart of what was once Ohio's Steel Valley.
James Bruggers - Inside Climate News
Stacks of red bricks and piles of busted concrete lie on the ground next to what remains of a century old coal-to-steam plant in this city's reinvented downtown. Sheet metal covers large holes in the roof. Rusted pipes extend into the air. Front-end loaders and backhoes stand at the ready to continue to demolish and dig away at a remnant of the region's robust industrial history. Tapping into 19th century technology, the plant long provided steam through a network of underground tunnels to heat downtown buildings.
/jlne.ws/47zrK5I
Soaring costs threaten offshore wind farm projects
Rachel Millard, Aime Williams and Laura Pitel - Financial Times
With its high wind speeds and clear waters, the stretch of the North Sea off England's east coast is among the most attractive in the world for wind farm developers. Swedish developer Vattenfall spent years developing plans for almost 140 turbines across a 725km-squared patch, each one up to 350 metres high and with blades spanning up to 300 metres wide.
/jlne.ws/450hmlN
Antarctica's 'staggering' exposure to climate change exacerbates global threat; Study warns of need to protect region as rising temperatures create a 'new world' with far less ice
Clive Cookson - Financial Times
Antarctica faces a catastrophic cascade of extreme environmental events as global warming increases, which will affect climate across the world, scientists have warned in a report commissioned by the UK government. Under the obligations of the Antarctic Treaty that came into force in 1961 and its subsequent 1998 protocol on environmental protection, signatories must protect the region from the "considerable stress and damage" it faces from accelerating ice melting and rising temperatures, the scientists said.
/jlne.ws/47oysLv
More ESG Lawsuits On the Horizon as Investors Jump On a UK Law; Investors turn to courts to boost corporate sustainability; UK shift is part of a global uptrend in ESG-related lawsuits
Natasha White - Bloomberg
Investors are becoming more emboldened to file legal challenges against companies for their net zero claims, approaches to governance and other hot-button ESG issues, using a pair of underutilized provisions of a UK law. Standard Chartered Plc, BT Group Plc and mining giant Glencore Plc were all sued last year for alleged governance or social-related shortcomings. Sections 90 and 90A of the Financial Services and Markets Act 2000 state that a company can be liable to pay compensation if it makes a misleading statement or an omission in public filings that leads to a loss for shareholders.
/jlne.ws/44ZopuW
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Moody's Cuts US Banks on Mounting Funding Costs, Office Exposure; Credit rater downgrades
10 lenders while citing dimmer outlook; U.S. Bancorp, BNY Mellon among six firms facing potential cuts
Hari Govind - Bloomberg
Moody's Investors Service lowered credit ratings for 10 small and midsize US banks and said it may downgrade major lenders including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp. as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate loans amid weakening demand for office space are among strains prompting the review, Moody's said in a spree of notes late Monday.
/jlne.ws/3qs5BFt
Bankers Forced to Study Xi's Thoughts as Party Tightens Grip; Firms holding studying sessions, writing papers on Xi Thought; Concerns grow over Chinese economy as confidence takes a hit
Bloomberg
Xi Jinping Thought is becoming inescapable for bankers and businesspeople across China. The Communist Party leader's musings on everything from the economy to space missions have long been required reading within the party and China's government. But with Xi Jinping now months into a precedent-breaking third term - and with no limits on how many more he can serve - study sessions on his ideology have also become mandatory for staff at many state-owned and private-sector companies.
/jlne.ws/3KyD5J8
Myanmar Tightens FX Rules for Companies to Curb Black Market
Karl Lester M Yap and Khine Lin Kyaw - Bloomberg
Myanmar toughened its rules on the purchase of foreign exchange by importers and exporters as the nation seeks to curb the black market. The Central Bank of Myanmar ordered banks and importers and exporters to buy and sell foreign currencies only through the online trading system, according to the Union of Myanmar Federation of Chambers of Commerce and Industry.
/jlne.ws/47lVfYw
US banker bonuses to sink as much as 25% on sluggish deals -consultant
Lananh Nguyen - Reuters
U.S. investment bankers who advise companies on deals can expect their bonuses to sink 20% to 25% this year as markets stay subdued, according to projections from compensation consultant Johnson Associates.
/jlne.ws/45dYOhm
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why It's So Hard to Speak Up Against a Toxic Culture
Francesca Gino - Harvard Business Review
Frustrated by the behavior of some men in their workplace, a group of women working at Nike anonymously surveyed other women colleagues a few months ago about their perceptions of sexual harassment and gender discrimination at the company. The results painted a clear picture of a workplace where women often felt marginalized, disrespected, and discriminated against.
/jlne.ws/47mCxjk
Great Leaders Are Confident, Connected, Committed, and Courageous
Peter Bregman - Harvard Business Review
Brad was leading a difficult turnaround of his company and had decided to fire his head of sales, who was a nice guy but wasn't performing. Three months later, he still hadn't fired him. I asked him why. His answer? "I'm a wimp!" Brad (not his real name - I've changed some details to protect people's privacy) is the CEO of a financial services firm and is most definitely not a wimp.
/jlne.ws/3rYIMK1
When You Should Quit Your Job Without Having Another One Lined Up
Priscilla Claman - Harvard Business Review
People hate to resign without another job lined up. Not just because employers prefer to hire people who are working, but also because it feels like failure. It seems as if you "couldn't take it." But there are times when it is very important to just let go.
/jlne.ws/45Cr8dR
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| Wellness Exchange | | An Exchange of Health and Wellness Information | He Thought He Saw Wrongdoing on Wall Street. It Took Over His Life.
Justin Baer - The Wall Street Journal
Peter Clothier checked into a Santa Fe, N.M., hotel in 2017, alone and suicidal. Drunk on red wine, uninterested in the opera festival he had come to attend, Clothier fumed. For years, he had been trying to call attention to what he believed was wrongdoing in his corner of Wall Street. He felt unheard by his former employer, and the government.
/jlne.ws/47kIgGy
Pfizer's Covid Boost Crashes to Earth; With the lift from pandemic vaccine and drug sales over, Pfizer CEO bets on new drug approvals and deals
Jared S. Hopkins - The Wall Street Journal
The pandemic showered Pfizer with record sales. Now the end of the crisis is dragging the drugmaker down. Its Covid-19 vaccine and drug powered Pfizer to more than $100 billion in sales last year, the first drugmaker to break the barrier. Shares soared, as Wall Street hailed the company for its savvy, fast and ultimately lucrative pivot to taking on the virus.
/jlne.ws/45mnRz9
CDC says COVID variant EG.5 is now dominant, including strain some call "Eris"
Alexander Tin - CBS News
The EG.5 variant now makes up the largest proportion of new COVID-19 infections nationwide, the Centers for Disease Control and Prevention estimated, as multiple parts of the country have been reporting their first upticks of the virus in months. Overall, as of Friday, 17.3% of COVID-19 cases nationwide were projected to be caused by EG.5, more than any other group, up from 7.5% through the first week of July.
/jlne.ws/3qqxnST
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Italy hits banks with surprise windfall tax; Shares in lenders drop after government announces planned levy of 40%
Silvia Sciorilli Borrelli and Amy Kazmin - Financial Times
Italy's rightwing coalition has surprised markets by announcing a 40 per cent "windfall" tax on bank profits generated by higher interest rates, sending shares in the country's lenders tumbling.
/jlne.ws/441WyJp
Powerful storm system kills 2 and knocks out power to more than 1 million homes and businesses
Christina Maxouris and Mary Gilbert - CNN
A massive storm system unleashed vicious winds and thunderstorms across the East Coast on Monday, killing at least two people and knocking out power to more than 1 million utility customers from Pennsylvania down to Georgia. In the northwestern Alabama city of Florence, a 28-year-old man died after lightning struck him in a parking lot Monday, police said - a rarity in the US as only about 20 people on average are killed by lightning strikes annually, according to the National Weather Service.
/jlne.ws/3DKFL2L
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| Miscellaneous | | Stories that don't quite fit under the other sections | Hamptons Partygoers Cast a Worried Eye on New York's Future; Paulson, Catsimatidis among those at Southampton Hospital gala; Party's theme tied to Palm Beach, now home to many attending
Amanda L Gordon - Bloomberg
In a tent decorated with pineapples and rattan chandeliers, John Paulson watched the Broadway theater owner James Nederlander raise his paddle - with barely any coaxing from auctioneer Lydia Fenet - and donate $65,000. The moment Saturday night at Southampton Hospital's 65th annual Summer Party was a stark contrast to the one Paulson recounted about a recent day in Manhattan.
/jlne.ws/3qmN2Tf
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