| October 11, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Yesterday we had a last minute edit that slipped through and I missed, which made my comment about Columbus Day factually incorrect. The Volcker statement was made in 1979 and the Refco bankruptcy was in 2005. The comment yesterday said the Volcker statement was made in 2005. My apologies for not catching this. There was great debate about the manner of my telling of this story and confusion about it and several rewrites were made, so as they say, it happens.
HKEX Chief Executive Officer Nicolas Aguzin has written a blog post titled "What is Hong Kong's future role as an International Financial Center (IFC)?"
Today, the London Stock Exchange has published the final admission and disclosure standards for London Stock Exchange's Voluntary Carbon Market (VCM) Designation.
Don't forget that ALTSO's Rocktoberfest is in Chicago this Thursday, October 13 and in New York on October 20.
Are you or is someone you know interested in the graduate trainee program at Deutsche Boerse? You can find out more about the program HERE.
Euronext is looking for a senior product developer for the Dutch and Belgian derivatives markets in Amsterdam. You can find details HERE.
There are many ways to battle climate change, but New Zealand has one of the silliest. They want to tax cow burps. There are 5 million people in New Zealand, but "some 10 million beef and dairy cattle and 26 million sheep," the Associated Press reported. Based on that, I would blame it on the bleating sheep.
There is a story in the New York Post about Kevin Bacon and the lessons he learned losing all his money in the Bernie Madoff scandal. Kevin Bacon was separated from his money and the lessons are strong enough he should be awarded a degree for it.
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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Aviation Carbon 2022 explores sustainability issues relevant to aviation leaders. The conference is October 17-19 in London Heathrow and some sessions are being streamed. You can learn more and register here ~ SAED
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MWE SHORT: Brian Cassin "" Rebranding in Three Easy Steps
JohnLothianNews.com
In this video from MarketsWiki Education's World of Opportunity event in New York, Brian Cassin, head of product and strategy with Vela Trading Technologies, breaks down the three steps in rebranding a company. Cassin uses Vela as the case study when going through the importance of rebranding as it is the result of the Wombat and SR Labs tie up. Cassin says timing is everything, but having a clear message for customers is equally as important. The most critical thing to remember is how to make sure your corporate brand can intertwine with your personal brand.
Watch the video »
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Government Officials Invest in Companies Their Agencies Oversee; Hidden records show thousands of senior executive branch employees owned stocks in companies whose fates were directly affected by their employers' actions, a Wall Street Journal investigation found
Rebecca Ballhaus, Brody Mullins, Chad Day, John West, Joe Palazzolo and James V. Grimaldi - The Wall Street Journal
Thousands of officials across the government's executive branch reported owning or trading stocks that stood to rise or fall with decisions their agencies made, a Wall Street Journal investigation has found. More than 2,600 officials at agencies from the Commerce Department to the Treasury Department, during both Republican and Democratic administrations, disclosed stock investments in companies while those same companies were lobbying their agencies for favorable policies. That amounts to more than one in five senior federal employees across 50 federal agencies reviewed by the Journal.
/jlne.ws/3SUwcnB
****** We have a slight problem with ethics policies and enforcement.~JJL
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US Airport Websites Knocked Offline by Pro-Russia Hackers; O'Hare and LAX among websites that group claims to have hit; LaGuardia's website suffered some delays for 15 minutes
Jack Gillum and Skylar Woodhouse - Bloomberg
A pro-Russian group is claiming credit for a series of disruptions that temporarily knocked the websites of some US airports offline. The group, called Killnet, has engaged in a series of cyberattacks in recent months against Western targets, including incidents that temporarily rendered some state government websites offline last week, according to cybersecurity experts. The attack caused intermittent delays with accessing LaGuardia Airport's website, for 15 minutes starting about 3 a.m., according to a Port Authority spokesperson. There was no operational impact.
/jlne.ws/3yxBIV4
****** Time for a hack-a-thon directed at Russia.~JJL
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Steve Cohen Hired the Best Mets Money Could Buy. They Were Still the Mets.; Mets only manage one hit in decisive Game 3 loss to Padres; Point72's Cohen spent a league-leading $314 million on payroll
Tom Maloney - Bloomberg
Steve Cohen's dreams of bringing a third World Series to the New York Mets will have to wait at least another year. The team crashed out of the Wild Card round of the Major League Baseball playoffs Sunday night in ignominious fashion, mustering only one hit in a 6-0 loss to the San Diego Padres in the deciding game of their best-of-three series.
/jlne.ws/3CmMT43
******* The Miracle Mets they were not.~JJL
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Ken Griffin's ex-wife also pulling up stakes in Chicago?; A Lincoln Park mansion reportedly connected to the ex-wife of financial titan Ken Griffin is on the market at $9.5 million.
Dennis Rodkin - Crain's Chicago Business
A Lincoln Park mansion reportedly connected to Anne Dias, the ex-wife of financial titan Ken Griffin, is on the market at $9.5 million. The home, an 11,000-square-footer on Mohawk Street, has for years been the address that Dias claims as her residence in public records, according to the Chicago Tribune. A legal entity that conceals the owner's name purchased the mansion for $8.35 million in February 2016, a few months after Dias quitclaimed her ownership in the two-story Park Tower penthouse that she and Ken Griffin co-owned during their marriage.
/jlne.ws/3Vf5zeO
****** More Griffin-related real estate for sale.~JJL
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New Zealand proposes taxing cow burps to reduce emissions
George Wright - BBC
New Zealand has proposed taxing the greenhouse gasses that farm animals produce from burping and urinating in a bid to tackle climate change. The world-first scheme will see farmers paying for agricultural emissions in some form by 2025.
/jlne.ws/3yw8KVU
****** Excuse you, that will be $5.~JJL
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Monday's Top Three
Our top story Monday was John Reed Stark's LinkedIn post praising this Financial Times piece from the "brilliant" Jemima Kelly and criticizing web3 as benefitting "mostly criminals seeking to shelter and hide their profits from ransomware attacks, drug dealing, terrorism, human trafficking, money laundering, and a slew of other financial crimes." Second was London's Most Expensive Mansion Is on Sale Again, from Bloomberg, about the Knightsbridge mansion overlooking Hyde Park. Third was a tie between "˜Crash-protection mode' helps managed futures ETFs crush rivals, from the Financial Times and Former Crypto Employees Find a Home in Traditional Finance, from Bloomberg.
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MarketsWiki Stats
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Regulators propose first global rules before 'crypto winter' thaw
Huw Jones - Reuters
Cryptoasset companies should set aside capital like banks when undertaking similar activities, regulators proposed on Tuesday in their first global rules as a "crypto winter" wiped $2 trillion off the sector, leaving investors nursing losses. The Financial Stability Board (FSB), which coordinates financial rulemaking among Group of 20 Economies (G20), made nine recommendations for members to apply. Currently, the sector is largely unregulated in most countries, having to only comply with rules for safeguarding against money laundering and terrorist financing as regulators warn investors they risk losing every penny.
/jlne.ws/3rObZUS
Coinbase and Others Could Be Broken Up Under Watchdog's Proposed Crypto Reforms
Jack Denton - Barron's
An influential global financial watchdog has made a series of sweeping recommendations for the regulation of digital assets""including provisions that could potentially see Coinbase COIN +0.06% Global and other major crypto players broken up. In a letter to Group of 20 (G-20) finance ministers and central bank governors Tuesday, Klaas Knot""the chair of the Financial Stability Board (FSB) and president of the Dutch central bank""warned over risks that crypto poses to investors and market confidence.
/jlne.ws/3eiajjj
G-7 to Say It Will Stand With Ukraine "˜for as Long as It Takes'
Michael Nienaber - Bloomberg
Ukraine's allies will support it "for as long as it takes" despite Russia's recent steps to escalate its war there, the Group of Seven major industrialized nations plan to say in a statement later Tuesday. "We reassured President Zelenskiy that we are undeterred and steadfast in our commitment to providing the support Ukraine needs to uphold its sovereignty and territorial integrity," the group said in a draft statement obtained by Bloomberg, referring to Ukrainian President Volodymyr Zelenskiy. "We will continue to provide financial, humanitarian, military, diplomatic and legal support and stand firmly with Ukraine for as long as it takes."
/jlne.ws/3ywaUou
Trading Drought Worsens in Japan's Broken Bond Market; Gauge of JGB liquidity stress hits highest in over a decade; BOJ's overwhelming presence deepening market dysfuncion
Chikako Mogi - Bloomberg
In a fresh sign of Japan's dysfunctional bond market, the 10-year benchmark failed to trade for a third consecutive session Tuesday, the longest such streak since 1999. The Bank of Japan's overwhelming presence in the JGB market where it's the biggest buyer under its curve control policy has exacerbated liquidity issues and led to a deterioration in market functioning. A gauge of liquidity stress in the Japanese bond market has hit levels last seen over a decade ago.
/jlne.ws/3Vi1Wor
Pro Traders Working the Stock Options Market Like No Time Since Crisis; Could be seen as traders betting on severe decline: Sundial; Aggressive Fed, warnings from Corporate America add to gloom
Vildana Hajric - Bloomberg
With a lumbering bear market whipping up volatility, the biggest traders are wringing stock options for all they're worth. The largest players on the options market bought more than $10 billion in puts on individual stocks last week, a record for that group and close to the most ever by any cohort of traders, according to Sundial Capital Research. The rush for protection came as the S&P 500 slumped into the weekend and the Cboe Volatility Index spiked above 32 to the highest level since June.
/jlne.ws/3fXtteK
The Most Powerful Buyers in Treasuries Are All Bailing at Once; Fed, foreign governments, commercial banks all stepping back; More pain for bond investors may be in store amid buyer void
Liz McCormick, Garfield Clinton Reynolds, and Michael Mackenzie - Bloomberg
Everywhere you turn, the biggest players in the $23.7 trillion US Treasuries market are in retreat. From Japanese pensions and life insurers to foreign governments and US commercial banks, where once they were lining up to get their hands on US government debt, most have now stepped away. And then there's the Federal Reserve, which a few weeks ago upped the pace that it plans to offload Treasuries from its balance sheet to $60 billion a month.
/jlne.ws/3CNdBUS
China's Crypto Holdouts Test the Boundaries of Xi's Crackdown
Yueqi Yang and Zheping Huang - Bloomberg
This summer, word started spreading over Chinese social media about a conference in Dali, a city nestled among 4,000-meter (13,100-foot) peaks in the country's southwest. The organizers expected fewer than 200 attendees, but ended up selling out the 1,000-person venue only to see more than double that number ultimately show up for the August event. The topic of the gathering: crypto, the sector China's government declared largely illegal a year ago.
/jlne.ws/3Vgtpqx
Heatwaves 'beyond human limits' will make entire regions of the world uninhabitable within decades - sparking 'large-scale suffering and loss of life', UN warns
Fiona Jackson - Daily Mail
Heatwaves will become so extreme in certain regions of the world within decades that human life there will be unsustainable, a new study has warned. Extreme temperatures are predicted to 'exceed human physiological and social limits' in the Sahel, the Horn of Africa and south and southwest Asia. The report was released by the United Nations and Red Cross, and said these events will trigger 'large-scale suffering and loss of life' in these areas.
/jlne.ws/3rIJmZd
Yellen Opens Global Meetings with Plea for Action on Food Crisis; US treasury secretary calls for more aid for most vulnerable; Remarks follow IMF warning of food emergency echoing 2008
Christopher Condon - Bloomberg
US Treasury Secretary Janet Yellen opened a week of international meetings in Washington by calling on officials from the world's largest economies to offer more help to low-income countries hit hardest by the disruption of global food supplies.
/jlne.ws/3TbfArv
"˜We're likely to see one of the greatest transfers of intergenerational wealth,' as $68 trillion set to "˜reshape economy,' says head of TIAA
MarketWatch
For 25 years, we at MarketWatch have made retirement one of our core coverage areas. We have tried to help our readers navigate the fraught and often confusing issues surrounding saving, investing and preparing for this post-career period of their lives. On our 25th anniversary, we wanted to ask one of our favorite retirement experts what she thinks we will be reporting on over the next five years when it comes to retirement. As CEO of TIAA, Thasunda Brown Duckett oversees a massive retirement account manager that has $1.2 trillion of assets under management. It handles retirement accounts for healthcare systems, colleges and nonprofits.
/jlne.ws/3Ch4avq
The race to defuse the time bombs lurking in the financial sector
Helen Cahill - The Telegraph
"Yes there's stress, yes it's going to get worse, and yes there's going to be failure," is the frank assessment of the state of the financial sector from Keith Skeoch, a City grandee and former chief executive of investment giant Standard Life Aberdeen. "If you go back and look at previous crises, you see the first signs of stress and it's quite a slow fuse. This stuff can take months or even years and we are in the early days." Russia's invasion of Ukraine has prompted a headline-grabbing energy crisis but the problems caused by the shock aggression run far deeper.
/jlne.ws/3RRMiNH
The 2022 Economics Nobel Should Come with a Warning; Regulators need to do a better job of applying the insights of Bernanke, Diamond and Dybvig.
The Editors - Bloomberg
The Nobel Prize committee has rightly recognized three economists "" Ben Bernanke, Douglas Diamond and Philip Dybvig "" for their research on a topic crucial to human prosperity. If only regulators would do a better job of putting their insights into practice. The research that the prize cites highlighted an important flaw in the prevailing academic orthodoxy. At the time, the dominant models "" used by policymakers to understand and manage the economy "" assumed that the financial sector played little role in booms and busts, simply operating in the background to turn savings into investment.
/jlne.ws/3ExeuCh
Crop Giant Cargill Sees Developing Nations Cutting Grain Demand; Strong US dollar, high prices, rates drive decline in trade; Barge backup at Mississippi River adds to US export woes
Tarso Veloso Ribeiro and Agnieszka de Sousa - Bloomberg
A combination of a strong US dollar, high commodity prices and rising interest rates are creating a mix that's driving a "demand destruction" in crops, according to the head of Cargill Inc.'s World Trading Group. Developing countries in parts of North Africa, Middle East and southeast Asia are struggling with access to dollars that are needed for importing commodities, said Alex Sanfeliu, world trading head for Cargill in Geneva. That means in the upcoming months global trade flows may be reduced by 5% to 6% for wheat and 2% to 3% for corn and soybean meal, he said.
/jlne.ws/3Vj2ISg
Nigeria's $25 Billion Gas Line May Get Investment Nod Next Year; Project to deliver gas to Europe would cost $20-25 billion; Nigeria could increase oil output by 500,000 barrels: Kyari
William Clowes - Bloomberg
An investment decision on a $25 billion gas pipeline from Nigeria to Morocco that could supply the fuel to Europe will be taken next year, the head of the West African nation's state oil company said. The Nigerian National Petroleum Co. and Morocco's National Office of Hydrocarbons and Mines signed a memorandum of understanding last month that inched the long-gestating project closer to reality. The conduit is one of two such initiatives the NNPC is promoting in an effort to capitalize on European demand for new sources of gas after Russia's invasion of Ukraine.
/jlne.ws/3MjKVWZ
JPMorgan boss Jamie Dimon says the US, not Saudi Arabia, is the 'swing producer' of oil and urges it to pump more oil days after the OPEC announced a production cut
Huileng Tan - Business Insider
JPMorgan CEO Jamie Dimon said the US should pump more oil amid the world's energy crisis, just days after the Organization of the Petroleum Exporting Countries, or OPEC, agreed to an production cut that is equivalent to 2% of the global supply. "Obviously, America needs to play a real leadership role "" America is the swing producer, not Saudi Arabia," Dimon told CNBC in an interview on Monday. "And we should have gotten that right starting in March. It's almost too late to get it right because obviously, this is a longer-term investment."
/jlne.ws/3rOdUZA
Europe Rushing to Secure Gas Sparks Record High LNG Ship Rates; Lack of ships is latest challenge for buyers this winter; Europe is hoarding more gas at sea as storage sites fill up
Stephen Stapczynski - Bloomberg
Liquefied natural gas vessel rates hit a record high, with Europe's dash to lock-in winter energy supplies sparking a scramble for ships and raising fears some buyers may find themselves without means to transport the fuel. The cost to charter an LNG ship in the Atlantic jumped to $397,500 per day on Tuesday, surpassing an all-time high set in the Pacific last year, according to Spark Commodities, which assesses prices from shipbrokers.
/jlne.ws/3fUoxXY
Credit Suisse May Face $8 Billion Capital Shortfall in 2024; Equity raise by Swiss bank would be "˜prudent,' analysts say; Jefferies sees need to build $9 billion capital in next years
Jan-Patrick Barnert and Myriam Balezou - Bloomberg
Credit Suisse Group AG faces a capital shortfall of as much as 8 billion Swiss francs ($8 billion) in 2024, analysts at Goldman Sachs Group Inc. estimate, underscoring the challenges for the troubled lender as it nears what's likely to be a deep restructuring. At the very least, the Zurich-based firm is facing a hole of 4 billion francs, given the need to restructure the investment banking operations at a time of "minimal" capital generation, analysts led by Chris Hallam wrote. That means it would be "prudent" for the lender to raise capital.
/jlne.ws/3TdGWNS
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Loses 60% of Its Seaborne Crude Market in Europe
Bloomberg
Russia has lost three-fifths of its seaborne crude sales in Europe since Moscow sent troops into Ukraine in February. That market is going to vanish almost completely eight weeks from now and the latest sanctions will make it very difficult to divert flows elsewhere. Crude shipments to Europe averaged 630,000 barrels a day in the four weeks to Oct. 7, down from 1.62 million before the invasion. Tankers carrying Russia's oil are now forced to spend four times as long making each delivery to India as they would previously have done shipping a cargo to the Netherlands, or 10 times as long as it would have taken to get to Gdansk in Poland.
/jlne.ws/3RMwuLX
Russians awakening to cost of Putin's invasion, says UK spy chief; GCHQ head also warns about "˜sliding doors' rising technological threat from China
John Paul Rathbone - Financial Times
Ordinary Russians are increasingly counting the cost of the full-scale invasion of Ukraine and can see ever more clearly "how badly Putin has misjudged the situation", according to a senior British spy chief. Sir Jeremy Fleming, head of British cyber intelligence unit GCHQ, called Vladimir Putin's decision to invade Ukraine a "high-stakes strategy" where "the costs to Russia "" in people and equipment "" are staggering" and the "Russian population has started to understand that".
/jlne.ws/3epr4sP
Billionaire Investor Yuri Milner Renounces Russian Citizenship Amid War; His firm, DST Global, has invested in technology companies including Facebook, Twitter and Airbnb
Joseph Pisani - The Wall Street Journal
Russian-born billionaire Yuri Milner announced Monday that he has officially renounced his Russian citizenship, completing the process in August. "My family and I left Russia for good in 2014, after the Russian annexation of Crimea," tweeted Mr. Milner, who founded technology investment firm DST Global in 2009. On his website, Mr. Milner said he has been an Israeli citizen since 1999 and his family has lived in California since 2014. He didn't give a reason for making the announcement Monday. A spokeswoman for Mr. Milner declined to elaborate beyond his tweet.
/jlne.ws/3SQBgcF
Russian Firms Turn to Hong Kong in Bid to Avoid Sanctions; HK law firms fielding inquiries from Russian firms on business; US warns city's reputation as financial center is at risk
Kiuyan Wong - Bloomberg
Russian companies shut out of Western financial capitals are exploring Hong Kong as an alternative, stoking concern among US officials that the Asian hub will become a haven for businesses sanctioned over the war in Ukraine. A number of major, including state-owned, Russian companies are seeking to engage with Hong Kong law firms to help anchor them in a "friendlier jurisdiction" than places such as New York and London, said Sherman Yan, a managing partner at Hong Kong's ONC Lawyers.
/jlne.ws/3RPXcUe
Putin Escalates War With Civilian Strikes as Army Struggles at Front; Russia missiles strikes change "˜nature' of war, Macron says; Ukraine vows it will pursue offensive to expel Russian forces
Bloomberg
President Vladimir Putin's blitz of missiles against dozens of civilian targets in Ukraine, including critical energy infrastructure marks a major escalation as he tries to overcome a string of humiliating reverses. Russian officials and Kremlin allies cheered Monday's strikes, which hardline nationalist voices had been urging, as Putin warned of more attacks if Ukraine continues what he called "terrorist acts" on Russian territory. The European Union denounced the missile strikes as "war crimes" and French President Emmanuel Macron said they reflected "a deep change in the nature" of the war.
/jlne.ws/3eklAzp
Backlog of ships strains Ukraine-Russia Black Sea grain export deal; Longer inspection times at Istanbul monitoring centre prompt calls for bigger teams to handle increased demand
Laura Pitel, Roman Olearchyk and Emiko Terazono - Financial Times
A UN-backed grain deal that has enabled Ukraine to export millions of tonnes of wheat is under strain as a surge in the number of cargo ships has caused a backlog aiming to cross the Black Sea. The number of vessels waiting to sail to or from Ukrainian ports reached a record high of 120 at the end of last week, prompting growing frustration in Kyiv and accusations of stalling tactics by Moscow at a time when Russia is struggling to repel Ukraine's counteroffensive in occupied regions.
/jlne.ws/3ejIGpU
Russia vows to respond to greater Western involvement in Ukraine
Max Hunder and Jonathan Landay - Reuters
Russia will respond to the West's growing involvement in the Ukraine conflict although direct conflict with NATO is not in Moscow's interests, Russia's deputy foreign minister said on Tuesday after Washington pledged more military aid for Kyiv. Ukraine on Monday said it needed to strengthen its air defence following Russia's biggest aerial assaults on cities since the beginning of the war, retaliation for what Moscow called a Ukrainian attack on a strategic bridge in Crimea. U.S. President Joe Biden promised to provide advanced air defence systems, and the Pentagon said on Sept. 27 it would start delivering the National Advanced Surface-to-Air Missile System over the next two months or so.
/jlne.ws/3MltjtA
Putin Is Already Attacking NATO, Just Not All At Once; First the Baltic pipelines, now German trains: So much apparent sabotage puts us in a liminal state between peace and war.
Andreas Kluth - Bloomberg
Russian President Vladimir Putin can wage war everywhere and in every way, and he wants all of us in the West to know it. That's why he's not just blowing up parts of Kyiv again. He's also threatening Ukraine, the European Union and NATO with nuclear escalation while simultaneously ramping up the hybrid warfare that he, as a KGB-trained warlord, has spent decades mastering.
/jlne.ws/3VbsRlI
China Expresses Concern on Ukraine After Russian Missile Strikes
Bloomberg News
China said it was worried about the worsening situation in Ukraine, after Russia struck civilian targets with missiles in retaliation for a attack on a key bridge. "We are concerned about the development of the current situation and call on relevant parties to resolve their differences through dialogue and consultation," Foreign Ministry spokeswoman Mao Ning said Tuesday at a regular news briefing in Beijing.
/jlne.ws/3Vi11Ev
Russians running out of arms in Ukraine, says UK spy chief; GCHQ head also warns about "˜sliding doors' rising technological threat from China
John Paul Rathbone - Financial Times
Vladimir Putin's forces in Ukraine are running out of weapons and ordinary Russians can now see that his invasion is badly misjudged, a senior British spy chief has said. Sir Jeremy Fleming, head of British cyber intelligence unit GCHQ, called the decision to invade Ukraine a "high-stakes strategy" where "the costs to Russia "" in people and equipment "" are staggering" and the "Russian population has started to understand that".
/jlne.ws/3epr4sP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The New York Stock Exchange and The Johannesburg Stock Exchange Announce Collaboration on Dual Listings
ICE
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), and the Johannesburg Stock Exchange (JSE) today announced that they have signed a memorandum of understanding to collaborate on the dual listing of companies on both exchanges. The NYSE and the JSE also agreed to jointly explore the development of new products and share knowledge around ESG, ETFs and digital assets.
/jlne.ws/3CqkASw
Boerse Stuttgart Digital Exchange institutional sales head jumps ship for crypto opportunity; Incoming head of crypto research sales has previously served across Bank of America, Jefferies and Deutsche Bank.
Annabel Smith - The Trade
Boerse Stuttgart Digital Exchange's head of institutional sales has left the venue for an opportunity within the realm of crypto, The TRADE can reveal. Christopher Robin Siedentopf has joined crypto digital wallet and trading platform, Uphold, as its new head of crypto research sales.
/jlne.ws/3rIVc5w
BSE gets SEBI's approval to set up a separate social stock exchange; In July, SEBI notified rules for Social Stock Exchange (SSE) to provide social enterprises with an additional avenue to raise funds
Business Standard
BSE on Friday received approval from the Securities Exchange Board of India (SEBI) to set up a social stock exchange (SSE) as a separate segment of the BSE. "This is to inform that, SEBI has granted its in-principle approval to BSE for introducing SSE as a separate Segment on BSE," the notification by BSE read.
/jlne.ws/3RQjaGv
Sibos 2022: Exchanges and investors squabble in push for unified EU stocks data; At Sibos 2022, the debate over consolidated tape rages on: "˜Fifteen minutes in these markets is ancient history'
Jeremy Chan - Financial News
For years, the EU Commission has been pushing to develop a centralised data stream for capital markets. The need is acute for Europe's markets, the world's most fragmented, said Susan Yavari, senior regulatory policy advisor at the European Fund and Asset Management Association. "There's no comparable market," she told Financial News. "The reason this is quite frustrating is just how inefficient it is. You have people at BNP Paribas and Allianz sitting in their data departments and they're compiling the data. Why would you put so many man-hours and resources toward that when you could have a single product?"
/jlne.ws/3Th5eGN
Hedge Fund Elliott, Jane Street Can Sue LME Over Nickel Trades, Court Rules
Mark Burton - Bloomberg
A London court agreed to allow Elliott Investment Management and Jane Street to sue the London Metal Exchange over its handling of a controversial short squeeze in the nickel market in March. The two firms filed in June for a so-called judicial review of the LME's actions during the nickel crisis, when the exchange responded to an unprecedented price spike by suspending trading for a week and canceling billions of dollars worth of transactions.
/jlne.ws/3TgsULr
ASX Chooses Google Cloud to Power Product Innovation; ASX selects Google Cloud as preferred cloud partner for analytics and strengthening data capabilities for local and global customers
Google Cloud, Australian Securities Exchange
Australian Securities Exchange (ASX) has selected Google Cloud as its preferred cloud partner to build its data product innovation strategy. ASX has migrated its data and analytics footprint to Google Cloud, enhancing its capabilities to inform product innovation and extend access to insights for ASX and its local and global customers.
/jlne.ws/3COYv16
SIX to Provide Local Custody Services in Spain; Following the successful acquisition and integration of BME Group, SIX is ready to offer its clients and prospects a direct market access to the Spanish Central Securities Depository (CSD).
BME-X
As of mid-October 2022, all clients of SIX SIS with Spanish securities will benefit from a preferred service provision in Spain having direct communication channels across all services, which will considerably accelerate operational processes. This will be possible via a direct link to the Spanish CSD, Iberclear.
/jlne.ws/3TdKgZm
DTCC'S NSCC Processes First Trade On New Sft Clearing Service; New service leveraged Provable Markets' Aurora, and connectivity and integration from FIS to clear first trade
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its subsidiary National Securities Clearing Corporation (NSCC) has gone live with its Securities Financing Transaction (SFT) Clearing Service. The first trade was successfully executed between two leading market participant firms and cleared by NSCC, leveraging Provable Markets' SEC Registered Alternative Trading System, Aurora, and connectivity and integration from FIS Securities Lending Processing Platform (formerly Loanet).
/jlne.ws/3CN9VCE
CME Group International Average Daily Volume Reached 6.1 Million Contracts in Q3 2022, Up 21% from Q3 2021
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its quarterly international average daily volume (ADV) reached 6.1 million contracts in Q3 2022, up 21% year on year. Reflecting all trading reported from outside the United States, volume was driven largely by 36% growth in Foreign Exchange products, a 32% increase in Interest Rate products and a 25% growth in Equity Index products.
/jlne.ws/3EAgZEc
Revised Listing Schedule of Serial Three-Month Eurodollar Futures Contract
CME Group
Effective Sunday, November 20, 2022 for trade date Monday, November 21, 2022, and pending all relevant Commodity Futures Trading Commission ("CFTC") regulatory review periods, Chicago Mercantile Exchange, Inc. ("CME" or "Exchange") will amend the listing schedule of the Three-Month Eurodollar Futures contract (the "Contract") more specifically noted in the table below.
/jlne.ws/3RMlcHP
Euronext announces extended maturities to 10 years on the Total Return Future on the CAC 40® Index
Euronext
Euronext announces the extension of the maturities available on the Total Return Future on the CAC 40® Index, commonly known as the "CAC 40® TRF". The Total Return Futures contract on the CAC 40®, launched in 2018, was the very first Total Return Future available on a national benchmark. Thanks to its strong benefits, the contract was immediately positively received by market participants.
/jlne.ws/3ExEP3a
SGX Group reports market statistics for September 2022; Derivatives activity at all-time high as FX, commodities outperform; STI constituent stocks, REITs boost securities market turnover
SGX Group
Singapore Exchange (SGX Group) today released its market statistics for September 2022. Derivatives trading volume increased to a record on the back of heightened activity in foreign exchange (FX) and commodity futures, as challenging macro conditions spurred institutional demand to manage portfolio risk.
/jlne.ws/3ClYa4R
OCC Product Group and Class Group Updates for SPIKES Products
MIAX
The Options Clearing Corporation ("OCC") has moved Class Group 499 (SPIKES Options and SPIKES Futures) into Product Group 500 (S&P 500 Volatility Indexes). The Class Group and Product Group changes implemented by the OCC became effective on October 7, 2022.
/jlne.ws/3wWeXsv
MIAX Exchange Group - Options & Equities Markets - Final Reminder: Reg SCI / SIFMA BCP Testing On Saturday, October 15, 2022
MIAX
Overview: As previously announced in the April 19th, September 19th and September 28th Alerts, the MIAX Exchange Group will be participating in the 2022 SIFMA BCP Testing on Saturday, October 15, 2022. All Members that are required to test with MIAX Options, MIAX Pearl Options, MIAX Emerald Options and/or MIAX Pearl Equities Exchanges in accordance with Regulation Systems Compliance and Integrity (Regulation SCI) were notified on April 5, 2022. However, all Members are encouraged to test.
/jlne.ws/3Mjlxk6
Taiwan Futures Exchange (TAIFEX) newsletter October
TAIFEX
/jlne.ws/3SWHA2C
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Hackers Feast on Crypto Weak Link and Even Binance Isn't Spared; Assets worth $2 billion have been stolen in cross-chain hacks; Crypto bridges are necessary infrastructure, but easy targets
Sidhartha Shukla and Anna Irrera - Bloomberg
There's a gaping hole in the crypto industry's security architecture, and even the most deep-pocked players haven't figured out how to plug it. The weakness in question is what's known in industry parlance as cross-chain bridges -- software that allows crypto tokens to move between different blockchains. On Thursday, a hacker made off with about $100 million via a bridge used by Binance Holdings Ltd., crypto's largest exchange.
/jlne.ws/3g025wJ
RBC Counts on Technology for UK Wealth Growth After Brewin Deal; Bank sees room to gain market share in US with new products; Lender isn't prioritizing continental Europe, Guzman says
Kevin Orland - Bloomberg
Royal Bank of Canada expects to gain more market share in the UK wealth-management business in the years ahead, with its technological capabilities key to attracting clients. Canada's largest bank recently completed its 1.6 billion-pound ($1.8 billion) acquisition of Brewin Dolphin Holdings Plc, vaulting its wealth-management operation to the No. 3 spot in the UK and Ireland. Still, the industry in the UK remains "very fragmented" with "lots of market share up for grabs," said Doug Guzman, head of Royal Bank's wealth-management, insurance and investor, and treasury-services businesses.
/jlne.ws/3Cmjg2Z
PayPal Says It Never Intended to Fine Users for "˜Misinformation'; Policy update threatened penalty of $2,500 for each violation; "˜Never intended' to publish new policy language, PayPal says
Low De Wei - Bloomberg
PayPal Holdings Inc. said it has no intention of fining customers for spreading misinformation, after attracting criticism for publishing a new user agreement outlining such a plan. The issue gained traction over the weekend after the company published policy updates prohibiting users from using the PayPal service for activities identified by the company as "the sending, posting, or publication of any messages, content, or materials" promoting misinformation, in an Acceptable Use Policy due to kick in on Nov. 3. A penalty of $2,500 could be imposed for each violation, according to the update.
/jlne.ws/3VivsKB
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| Cybersecurity | | Top stories for cybersecurity | O'Hare, Midway websites hit by Russian cyberattack; Flight and security operations were not affected in what one report says was an attack that came from inside Russia. Some of the country's biggest airports' websites were also hit.
John Pletz - Crain's Chicago Business
Websites for O'Hare and Midway airports went down this morning in a suspected cyberattack involving several airports nationwide. ABC News says the attack came from within Russia. The outage did not affect fight or security operations at the airports.
/jlne.ws/3yrgKHB
Germany's cybersecurity chief faces dismissal, reports say
Reuters
German Interior Minister Nancy Faeser wants to dismiss the country's cybersecurity chief due to possible contacts with people involved with Russian security services, German media reported late on Sunday, citing government sources.
Arne Schoenbohm, president of the BSI federal information security agency, could have had such contacts through the Cyber Security Council of Germany, various outlets reported.
/jlne.ws/3CnZAM0
FACT SHEET: Biden-Harris Administration Delivers on Strengthening America's Cybersecurity
The White House
The Biden-Harris Administration has brought a relentless focus to improving the United States' cyber defenses, building a comprehensive approach to "lock our digital doors" and take aggressive action to strengthen and safeguard our nation's cybersecurity, including:
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Cybersecurity risks "˜can no longer' be ignored: MIT Sloan launches course to teach board members prevention tactics
Sydney Lake - Fortune
The average number of cyberattacks per company, at 270 as of 2021, jumped 31% from the prior year, according to an Accenture report. Business leaders must be concerned about data protection and integrity, as well as the costs to both businesses and customers""and particularly as data breaches and other cyberattacks become more common.
/jlne.ws/3SUqBh9
A case for market-driven cybersecurity in critical infrastructure
Ian Bramson - Security Magazine
Protecting critical infrastructure from cyber threats has never been more important. With Fortinet reporting that 9 out of 10 organizations experienced some sort of cyber incident within the past year, the problem is not going away.
/jlne.ws/3CO5lnP
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| Cryptocurrencies | | Top stories for cryptocurrencies | "˜Comprehensive' International Crypto Rules Proposed by Influential Finance Watchdog
Jack Schickler - CoinDesk
Stablecoins could be forced to centralize issuance and major crypto platforms broken up under plans put forward by the Financial Stability Board (FSB) Tuesday. The Financial Stability Board, a watchdog agency and standard setter for the global financial system supported by central banks and finance ministries, wants to see a comprehensive international rulebook in the aftermath of recent crypto market turmoil, taking aim at conflicts of interest in multi-faceted operations and algorithmic stablecoins like the now-collapsed terraUSD.
/jlne.ws/3etXUsm
Record Number of Brazilian Companies Bought Crypto in August
Paulo Alves - CoinDesk
For the first time in a single month, more than 12,000 Brazilian companies made crypto purchases in August, the South American country's tax authority, Receita Federal, has reported. Receita Federal said that 12,053 companies declared crypto purchases in August, surpassing the previous record in June when 11,797 firms bought digital assets. August figures are also five times higher than those of August 2019, when companies began reporting their crypto movements to the tax authority.
/jlne.ws/3TdwXIs
Hong Kong-Based About Capital to Acquire Crypto Exchange Huobi Global, Justin Sun and 4 Others Named Global Advisors
CoinDesk
Crypto exchange Huobi Global, one of the biggest token trading outposts in the Asia markets, said late Friday that it has agreed to be purchased by Hong Kong-based investment company About Capital Management's M&A fund. "The Hash" team discusses the potential motivations behind the acquisition and the possible outcomes.
/jlne.ws/3Mno7pl
Bitcoin Mining Surges to a Record as Merge Opens Up Capacity; More computing power compresses margins for battered miners; Bitcoin miners use space, power saved from Ether mining
David Pan - Bloomberg
The amount of computing power dedicated to Bitcoin mining surged to a record as more companies made use of the energy and data center space freed up after the upgrade of the Ethereum network, likely further compressing profit margins. Mining difficulty, a measure of Bitcoin miners' computing power for the blockchain, has jumped by 13.6% in the two-weeks ended Monday. That was also the largest bi-weekly adjustment since last May. The increase is in part thanks to the decline of Ether mining, analysts said.
/jlne.ws/3ysX3PK
Crypto Exchange Coinbase Secures Singapore Digital-Asset Permit; About 15 applicants have secured Singapore crypto licenses; Regulators are seeking to protect retail investors from risks
Joanna Ossinger - Bloomberg
Cryptocurrency exchange Coinbase Global Inc. received a digital-assets license in Singapore, where regulators are stepping up vigilance after the high-profile blowups of crypto outfits like Three Arrows Capital. The Monetary Authority of Singapore has granted Coinbase Singapore in-principle approval under the Payment Services Act to provide regulated services in the city-state, the company said Tuesday. About 15 firms have received such permits since Singapore launched the licensing regime in 2019, including rival Crypto.com.
/jlne.ws/3SSu4Nk
Binance May Spend Over $1 Billion This Year on Deals, CZ Says; Twitter, Forbes investments are highest profile transactions; Crypto company hasn't invested in any distressed assets yet
Olga Kharif - Bloomberg
Binance Holdings Ltd. founder and CEO Zhao "CZ" Changpeng said the world's biggest digital-asset exchange may spend more than $1 billion on acquisitions and investments this year despite what is shaping up to be a prolonged crypto winter. Binance has committed $325 million to 67 projects so far this year, compared with $140 million for 73 projects in 2021. That doesn't take into account a possible more than $200 million investment in the Forbes media company and $500 million in financing for Elon Musk's on-again acquisition of Twitter Inc., which could carry into next year if it gets done at all.
/jlne.ws/3CNyK1h
"˜Their crypto is worth no more than pet rocks.' Or is it? What analysts, professors and wealth managers say you should know about investing in crypto now
Andrew Shilling - MarketWatch
Crypto was hot, until it was not. At the time of writing this article, Bitcoin and Ethereum were posting year-over-year losses of more than 50%. That may sound pretty terrifying, but large price swings are nothing new for those who've been in the game for a while. Anyone who watched since its birth in 2009 remembers Bitcoin's blistering climb from zero to $1,237.55 in Dec. 2013. Just three days after that peak, its price had already plunged roughly 44% to $687. And those who hadn't pulled out were again awarded a couple of short years later after its steady surge to more than $19,345 by the end of 2017.
/jlne.ws/3rN3AAW
Former CEO of Bankrupt Crypto Lender Celsius Cashes Out $960K in CEL, USDC, Data Show
Sam Reynolds - CoinDesk
Almost $1 million in CEL and USDC has been sent to UniSwap and MetaMask since the beginning of October from wallets belonging to Alex Mashinsky, according to data compiled by Nansen. On-chain data from analytics platform Nansen identifies wallets belonging to Mashinsky showing a steady stream of Celsius' CEL token and Circle's USDC stablecoin leaving his six wallets over the last month.
/jlne.ws/3CNG3Gd
UK Spy Chief Says China's Digital Currency Could Evade Sanctions
Kitty Donaldson - Bloomberg
China is learning the lessons of Russia's war in Ukraine and could use its centralized digital currency to avoid future sanctions, UK spy chief Jeremy Fleming will warn. Fleming, the director of the intelligence, cyber and security agency GCHQ, will use a speech in London on Tuesday to argue the Chinese Communist Party leadership is using its "financial and scientific muscle" to manipulate strategically important technologies as a means to control companies and ordinary people. He will single out China's currency as an example of that type of coercive behavior.
/jlne.ws/3VmTAf9
Crypto Stadium Naming Rights Under Scrutiny During Crypto Winter
TheStreet
It was about a year ago when it was announced that Crypto.com would be taking over the naming rights for the sports and events arena in downtown Los Angeles formerly known as the Staples Center. There were mixed reactions from the fan side on the reported 20-year $700 million deal, with proponents praising the move as forward thinking for AEG, the company that owns the home of the Lakers and Kings. Meanwhile, sponsor revenue for the leagues is reaching new heights thanks in part to the influx of crypto dollars.
/jlne.ws/3ek7ePy
China's Crypto Holdouts Test the Boundaries of Xi's Crackdown; China's crackdown on cryptocurrencies a year ago seemed poised to wipe out the domestic industry. That's not quite how things played out.
Yueqi Yang and Zheping Huang - Bloomberg
This summer, word started spreading over Chinese social media about a conference in Dali, a city nestled among 4,000-meter (13,100-foot) peaks in the country's southwest. The organizers expected fewer than 200 attendees, but ended up selling out the 1,000-person venue only to see more than double that number ultimately show up for the August event. The topic of the gathering: crypto, the sector China's government declared largely illegal a year ago.
/jlne.ws/3EFu7Ym
Bitcoin Mining Difficulty Surges to All-Time High; Paul Tudor Jones Still Holding Bitcoin
CoinDesk
Bitcoin mining difficulty has surged to an all-time high, putting additional pressure on miners amid weakening prices and higher energy costs. Billionaire Paul Tudor Jones told CNBC he still has a "minor allocation" to bitcoin (BTC). Iranian Bitcoin advocate Ziya Sadr was arrested by Iranian security forces last month, according to multiple sources.
/jlne.ws/3RSKrIc
MobileCoin Launches 'Electronic Dollars' Stablecoin
CoinDesk
Privacy-focused crypto and payments firm MobileCoin has partnered with stablecoin platform Reserve to launch a stablecoin dubbed "Electronic Dollars" (eUSD). "The Hash" hosts discuss how eUSD works and the implications for privacy, global payments and the larger stablecoin market.
/jlne.ws/3VmWwsb
What Crypto and the Metaverse Can Do for City Governments; Discussion topics on the final day of the summit include crypto, the metaverse, public health, innovation and nature in cities.
Bloomberg CityLab
Technology experts outlined the benefits and risks of using blockchain technology and creating digital replicas to manage their cities in Tuesday's panel discussions at the CityLab conference in Amsterdam.
/jlne.ws/3rRaFQM
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| Politics | | An overview of politics as it relates to the financial markets | Senator Menendez Urges Freeze in Arms Sales to Saudis Over Tilt to Russia; Menendez says OPEC+ cuts help Russia finance Ukraine war; Senator cites Russian missile attacks on Ukrainian cities
Steven T. Dennis - Bloomberg
Senate Foreign Relations Chair Robert Menendez urged a freeze on all US cooperation with Saudi Arabia, saying the kingdom's backing of oil production cuts is helping Russia finance its war on Ukraine. The New Jersey Democrat said Monday that he would oppose arms sales and other security cooperation with Saudi Arabia over last week's agreement by OPEC+ to slash crude production by 2 million barrels a day, the largest supply cut since 2020.
/jlne.ws/3fQNAuR
Why Anthony Fauci is the greatest public servant I have known
Michael Gerson - The Washington Post
American political disagreements have often come down to us in the form of vivid dyads.
Alexander Hamilton vs. Thomas Jefferson. Stephen A. Douglas vs. Abraham Lincoln. Franklin D. Roosevelt vs. Arthur H. Vandenberg. One such conflict over the past few years has been Sen. Rand Paul (R-Ky.) vs. Anthony S. Fauci, the longtime head of the department of infectious diseases at the National Institutes of Health. I am not referring here to any moral or intellectual equivalence between the figures. Their inequality, in fact, is a central part of the story. Paul's contempt for expertise, his spread of conspiracy theories, his use of oversight as ambush "" all this indicates a performative approach to governing.
/jlne.ws/3rL5X7f
US has few good options in countering Opec oil cuts; Biden administration faces policy bind as it tries to meet climate targets while bringing down petrol prices
Felicia Schwartz and Tom Wilson - Financial Times
The US has promised to respond to the Opec+ decision to slash oil production but president Joe Biden has few meaningful options to lessen the impact of the historic cuts, analysts warned. Last week's move by the Opec cartel and allied producers to reduce the group's daily production target by 2mn barrels has already pushed up oil prices. Biden, who is trying to transition America away from fossil fuels, wants to keep domestic petrol prices down, especially before the US midterm elections next month, but must also consider the impact on Europe of any action.
/jlne.ws/3ywx0XF
America's Defense of Saudi Arabia Is an Asset, Not a Liability; Having a hand resting on the spigot of the world's energy flows is a fundamental building block of US global power, and both Washington and Riyadh know it.
David Fickling - Bloomberg
What do you do with a purported ally who's jumping into bed with the enemy? OPEC+ last week opted to cut oil production a month out from US midterm elections, with Brent crude not far off $100 a barrel and Europe buckling under the impact of economic warfare with its largest energy supplier, Russia. The decision, coming not long after President Joe Biden flew to Riyadh in search of higher oil output, has many in Washington questioning the wisdom of the eight-decade alliance with Saudi Arabia.
/jlne.ws/3SXyWAL
UK Watchdog Quizzes Banks About Staff WhatsApp Use
Jonathan Browning, Will Louch and William Shaw - Bloomberg
The UK's financial watchdog is asking banks more questions about their staff's use of private messaging services, as the financial watchdog ups its scrutiny of a habit that's seen US regulators hand out more than $2 billion in total penalties. The Financial Conduct Authority has put in information requests to a significant number of global lenders including Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and Nomura Holdings Inc. about the frequency and content of staff exchanges through texting and apps such as WhatsApp, people familiar with the matter said.
/jlne.ws/3Eu56PR
UK's Truss Doesn't Want Solar Panels Built on Farmland; Britain faces a food crisis as well as energy supply crisis; Solar could help trim power bills and reach climate goals
Will Mathis - Bloomberg
British Prime Minister Liz Truss doesn't support solar panels being built on farmland that can be used to grow food. Blocking or limiting solar development would stymie the build out of clean electricity generation with the potential to supply millions of English homes with low-cost power. Truss has been clear that she doesn't agree with productive agricultural land being used for solar farms, her official spokesman Max Blain told reporters in a regular briefing.
/jlne.ws/3emASnm
UK gilts sell off as Bank of England fails to soothe market; Thirty-year borrowing costs shoot higher as government and central bank both seek to reassure investors
Adam Samson, Tommy Stubbington and Josephine Cumbo - Financial Times
A sell-off in UK government bonds pushed the country's long-term borrowing costs to their highest point since the Bank of England stepped in to avert a financial market collapse, as new BoE and government measures failed to reassure investors. Monday's fall in gilts came despite the BoE announcement earlier in the day of a new short-term funding facility to avoid a "cliff edge" when the central bank's £65bn emergency bond-buying programme ends this week. On a day when the UK government also sought to reassure markets by bringing forward the date of a debt-cutting plan, the 30-year gilt yield jumped 0.29 percentage points to 4.68 per cent. The gilt market has been unsettled since the government announced unfunded tax cuts last month.
/jlne.ws/3SU7l3k
EU's landmark digital asset legislation passes committee vote in European Parliament
Inbar Preiss - The Block
The highly-anticipated Markets in Crypto-Assets legislation passed the European Parliament on Monday, after a two-year long debate and drafting process. The final vote tallied up to 28 in favor and 1 against. The entire European Parliament will vote on final approval of the legislation later in October. Alongside MiCA, the Members of the European Parliament are also voting on the Transfer of Funds Regulation, an anti-money laundering bill that obliges transfers made in crypto to include data on the payer and payee. The measure is expected to pass as well.
/jlne.ws/3RL2Neo
Portugal to Tax Crypto Gains in Next Year's Budget Plan; Government to tax gains on crypto held for less than one year; Portugal is one of Europe's most crypto-friendly nations
Henrique Almeida and Joao Lima - Bloomberg
Portugal is planning to start taxing digital-currency gains on purchases held for less than a year in a major policy shift for one of Europe's most crypto-friendly nations. Portugal currently does not tax crypto gains unless they come from professional or business activities. But that's about to change. A provision in the country's proposed 2023 budget would tax gains on crypto holdings held for less than one year at a rate of 28%, according to the plan submitted to parliament on Monday. Crypto assets held for longer than 365 days will continue to be exempt from taxes, it said.
/jlne.ws/3Mor1tL
The Crimea Bridge Attack Exposes Russia's Weakness; The spectacular explosion marked a major setback for President Vladimir Putin.
Mark Gongloff - Bloomberg
There was once a time when, if you were forced to swap lives with a murderous dictator, you could have done a lot worse than choosing Vladimir Putin. He had firm control of a large, industrialized country with nuclear weapons and oil, not to mention several houses, a yacht, and an airplane with a gold toilet. Picture Donald Trump, but with real money and a black belt in judo.
/jlne.ws/3TcZL3K
Russian Firms Turn to HK in Bid to Avoid Sanctions; HK law firms fielding inquiries from Russian firms on business; US warns city's reputation as financial center is at risk
Kiuyan Wong - Bloomberg
Russian companies shut out of Western financial capitals are exploring Hong Kong as an alternative, stoking concern among US officials that the Asian hub will become a haven for businesses sanctioned over the war in Ukraine. A number of major, including state-owned, Russian companies are seeking to engage with Hong Kong law firms to help anchor them in a "friendlier jurisdiction" than places such as New York and London, said Sherman Yan, a managing partner at Hong Kong's ONC Lawyers.
/jlne.ws/3fVhwpN
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| Regulation & Enforcement | | Stories about regulation and the law. | ASIC bans Sydney-based director for three years over refusal or failure to pay AFCA determinations
ASIC
ASIC has banned Peter Geoffrey Gribble of Sydney, NSW, from controlling an entity that carries on a financial services business and performing any function as an officer of an entity carrying on a financial services business for three years.
Mr Gribble was banned after two companies of which he was a director refused or failed to give effect to determinations by the Australian Financial Complaints Authority (AFCA).
/jlne.ws/3yvkurs
ESMA Work Programme 2023: Focus On Sustainability, Technological Change And Protection Of Retail Investors
ESMA
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published its 2023 Annual Work Programme (AWP). It sets out ESMA's priority work areas for the next year to deliver on its mission to enhance investor protection and promote stable and orderly financial markets.
/jlne.ws/3esAWBX
Berlin prosecutors pursue Lars Windhorst probe over alleged illegal banking activities; Investigation ongoing a year after German financier said matter had been resolved
Olaf Storbeck and Robert Smith and Cynthia O'Murchu - Financial Times
Berlin prosecutors are pursuing a criminal investigation into Lars Windhorst almost a year after the German financier and football investor claimed to have settled "pending legal disputes" over the matter. The prosecutors have been investigating potential breaches of the German banking act after a criminal complaint filed by Germany's financial watchdog BaFin.
/jlne.ws/3CPKAYE
UK Watchdog Quizzes Banks About Staff WhatsApp Use
Steven Arons, Jonathan Browning and William Shaw - Bloomberg News
The UK's financial watchdog is asking banks more questions about their staff's use of private messaging services, as the financial watchdog ups its scrutiny of a habit that's seen US regulators hand out more than $2 billion in total penalties. The Financial Conduct Authority has put in information requests to a significant number of global lenders including Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co. and Nomura Holdings Inc. about the frequency and content of staff exchanges through texting and apps such as WhatsApp, people familiar with the matter said.
/jlne.ws/3eksrZI
Barclays fined $2 million for best execution violations; From January 2014 to February 2019, FINRA found that the bank had failed to conduct reasonable reviews of execution quality for its customers' orders.
Annabel Smith - The Trade
Barclays has been hit with a $2 million fine by the Financial Industry Regulatory Authority (FINRA) for best execution violations. According to the watchdog, the bank failed to conduct reasonable reviews of execution quality for its customers' electronic equity orders.
/jlne.ws/3rKlRPd
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | "˜Fragile Liquidity' in Bond Market Could Threaten Fed's QT Plans
Alexandra Harris - Bloomberg
The unwind of the Federal Reserve's balance sheet is running at its maximum capacity, though just how long it could go depends on whether global bond markets can continue to function without incident. Goldman Sachs strategists say any volatility shock will lead to further deterioration in market liquidity, something that global central banks are unlikely to tolerate. Supply of liquidity has been poor, they note, with top-of-book market depth in several places close to its worst levels in five years.
/jlne.ws/3RLyh49
Hedge Fund Investor Who Called Housing Crash Eyes Venezuela Debt; Altana Credit Opportunities Fund was up 27% through August; Lee Robinson says odds of US sanctions relief have risen
Maria Elena Vizcaino - Bloomberg
A hedge fund manager who correctly timed the crash of the US housing market and a crypto currency rally eight years ago thinks he's found his next overlooked investment: Venezuelan debt. Bonds the country defaulted on nearly five years ago are trading around record lows, with some oil debt available for 2 cents on the dollar. Adding to the risks, the government is under sanctions that prohibit US investors from buying the notes.
/jlne.ws/3MjOOLu
Why We Still Listen to What Dimon and Bernanke Say; Rapt attention for one and a Nobel for the other show the lingering power of the 2007-08 crisis amid fears that another may be in the making.
John Authers - Bloomberg
A Day for the Class of 2006
It's hard enough to forget the financial meltdown at the best of times. This week started with a startling negative assessment of the economy and markets by Jamie Dimon, the CEO who steered JPMorgan Chase & Co. through that crisis, and with news that Ben Bernanke, who as chairman of the Federal Reserve navigated a disaster that many critics thought he'd done much to cause, has received a Nobel prize in economics. Both somehow overshadowed a very consequential speech by the Fed's current deputy chairwoman, Lael Brainard.
/jlne.ws/3T8Ubzi
Big Hedge Funds See Losses Mount
Bloomberg Daybreak: Australia
September turned out to be a rough ride for many investors and two well-known hedge funds that specialize in stock picking, Tiger Global And Whale Rock, were no exception. Su Keenan reports on Bloomberg Television.
/jlne.ws/3EB83yb
Apollo Makes Quick Gains on Bonds Dumped by UK Pension Funds; CLOs could generate quick gains of around 5 cents on the euro; Pension plans selling wide array of securities as yields jump
Carmen Arroyo and Lisa Lee - Bloomberg
As UK pension plans scrambled to meet margin calls last month by dumping large chunks of their fixed-income holdings, Apollo Global Management was buying at least one type of debt: collateralized loan obligations. Now the firm is sitting on big gains. Based on market prices during the time of the purchases, Apollo could have quickly made around 5 cents on the euro, according to people with knowledge of the transactions. While it's not clear exactly how much Apollo purchased, around 1.5 billion euros ($1.46 billion) of CLOs were effectively auctioned off in the last week of September, a record, according to Bank of America Corp. data, and additional securities traded in more private deals.
/jlne.ws/3fZrCWL
Hedge Fund Losses Mount at Tiger Global, Whale Rock as Stock-Pickers Reel; This year's drop at Chase Coleman's Tiger Global widens to 52%; Flagship fund at Sacerdote's Whale Rock declined 6% last month
Hema Parmar - Bloomberg
Tiger Global Management and Whale Rock Capital Management were among stock-picking hedge funds to report September losses as equity markets tumbled. Chase Coleman's Tiger Global fell 4.4% for the month, extending its decline for the year to 52%, according to people familiar with the matter who asked not to be identified discussing the results. The New York based firm's long-only fund tumbled 9.6% in September to bring its year-to-date slide to 66.5%.
/jlne.ws/3MoKI4w
PC Shipments Plunge Nearly 20%, Steepest Drop in More Than 20 Years; Demand for personal computers fell by the fastest pace in over two decades as back-to-school promotions failed to reignite sales
Kathryn Hardison - The Wall Street Journal
Demand for personal computers is sliding at the fastest pace in decades after elevated pandemic-related sales were followed by a slowdown in consumer spending on electronics. Worldwide shipments in the third quarter dropped 19.5% from a year ago, marking the steepest decline in more than two decades, according to data from research firm Gartner Inc. Computer makers shipped 68 million PCs in the recent quarter, down from 84.5 million units the year prior. "This quarter's results could mark a historic slowdown for the PC market," said Mikako Kitagawa, an analyst at Gartner. "While supply chain disruptions have finally eased, high inventory has now become a major issue given weak PC demand in both the consumer and business markets."
/jlne.ws/3SSVNNW
Bank of England Wades Further Into Bond Market, Warns of "˜Material Risk' to Financial Stability
Callum Keown - Barron's
The Bank of England expanded its foray into bond markets on Tuesday and warned of a "material risk" to U.K. financial stability. The U.K.'s central bank said it will widen its emergency bond buying to include index-linked gilts""bonds with borrowing rates linked to inflation""through to Friday in a bid to restore orderly market conditions. It's the bank's second attempt to calm the markets already this week.
/jlne.ws/3CKmrTr
Market Chaos Throws Doubt on BOE's Plan to Flip to Selling Bonds; BOE's active gilt sales due to begin at the end of the month; Starting bond sales could fuel renewed market selloff
Libby Cherry, Mumbi Gitau, and Alice Gledhill - Bloomberg
The Bank of England may be forced to push back a long-awaited plan to start selling bonds this month after a fresh bout of market panic. The central bank has already postponed a so-called active quantitative tightening program to the end of the month and has had to start buying debt to prop up the market. Many investors and analysts are now betting bond sales will be delayed even longer.
/jlne.ws/3fNfKXE
JPMorgan's Michele Warns Mighty Dollar May Trigger Next Crisis; Rising greenback could spark upheaval in derivatives market; JPMAM CIO is risk-off; cash position near highest in 10 years
Anchalee Worrachate - Bloomberg
Bob Michele, the outspoken chief investment officer of J.P. Morgan Asset Management, has a warning: the relentless dollar could forge a path to the next market upheaval. Michele has been in de-risking mode, sitting on a pile of cash which is near the highest level he has held in 10 years. And he is long the dollar. While a market crisis sparked by the greenback is not his base case, it's a tail risk that he is monitoring closely.
/jlne.ws/3MCeDXr
Bank of England Further Expands Bond-Market Rescue; U.K.'s central bank warns that a dysfunctional government bond market threatens financial stability
Chelsey Dulaney and Paul Hannon - The Wall Street Journal
The Bank of England extended support targeted at pension funds for the second day in a row, the latest attempt to contain the fallout of a furious bond-market selloff that has threatened U.K. financial stability. The central bank on Tuesday said it would add inflation-linked government bonds to its program of bond purchases after a fresh attempt on Monday to help pension funds failed to calm markets. The bank said it would buy up to £5 billion of index-linked gilts each day through Friday, equivalent to $5.5 billion. On Monday, the bank doubled the total daily amount of bonds it could buy to £10 billion.
/jlne.ws/3yAxwUD
Bank of England Expands Market Intervention to Avoid a "˜Fire Sale'; In the final week of its emergency bond-buying program, the central bank is expanding its efforts to restore bond market function.
Eshe Nelson - The New York Times
The Bank of England stepped up its intervention in Britain's bond market on Tuesday, the second expansion of its emergency measures in two days, as it warned of a "material risk" to the nation's financial stability from dysfunction in part of the market. For the past two and a half weeks, Britain's financial markets have faced turmoil after investors rebuffed the tax and spending policies of Prime Minister Liz Truss and her new government. The pound dropped to a record low and bond prices fell, which caused bond yields to surge, leaving many Britons facing higher mortgage rates.
/jlne.ws/3EupmRD
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Extreme heat: Preparing for the heat waves of the future
IFRC
Climate change is already having severe impacts across our planet, bringing new and previously unimaginable challenges to the people least responsible for greenhouse gas emissions. This joint report by the IFRC, United Nations Office for the Coordination of Humanitarian Affairs (UN OCHA) and Red Cross Red Crescent Climate Centre provides a sobering review of how just one of those challenges "" the increase in deadly heatwaves "" threatens to drive new emergency needs in the not-so-distant future.
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ESG Filings Stand Out Over Past Month
Heather Bell - Yahoo Finance
The past month or so has seen a wide range of filings for new exchange-traded funds from a variety of issuers. Interestingly, many of the ETFs in the pipeline are in the ESG vein, despite something of a backlash against the concept lately amid concerns about greenwashing and attacks on "woke" investing.
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Larry Summers' trillion-dollar climate spending plan
Hans Nichols - Axios
Larry Summers "" who spent the last year-and-a-half warning about easy money and inflation "" is calling on the World Bank to loosen its lending limits to combat climate change and think in the "trillions not the billions." The big picture: Summers wants the U.S. to increase its capital contribution to the bank by $5 billion. With a total of $30 billion in new capital from across the globe, along with a revamped financial model, Summers argues that the bank could lend some $100 billion per year, with much of it directed towards energy projects.
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Tesla's Record Sales After Shanghai Upgrade Lead China EV Surge
Bloomberg News
New-energy vehicle sales in China retained their strong momentum in September, led by record sales from local automaker BYD Co. and US electric-car giant Tesla Inc.https://jlne.ws/3EBS2YP
Carrefour's ESG Bond Does Nothing to Curb Its Emissions; Grocer's bond sale was subscribed six times in sign of demand; Notes lack emissions goals, watering down their climate impact
Priscila Azevedo Rocha and Akshat Rathi - Bloomberg
Investors rushed to buy Carrefour SA's second sustainability-linked debt offering in six months, even though the bonds again didn't include any emission-reduction targets to help achieve climate goals. In a sign of strong appetite for ethical debt despite broader market volatility hindering global issuance, the French grocer's 500 million euro ($485 million) bond sale last week was over six time subscribed by investors.
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European wind industry "˜struggling' with rising costs; Manufacturers cut jobs as supply chain woes and higher prices for key materials bite
Camilla Hodgson - Financial Times
European wind turbine manufacturers are financially struggling and cutting jobs, putting them at risk of losing market share to Chinese competitors, despite the energy crisis, major industry players have warned. Turbine makers General Electric Renewables and Siemens Gamesa both announced job cuts in recent weeks, and European manufacturers were "all financially struggling," Jon Lezamiz Cortázar, global head of public affairs at Siemens, told the Financial Times.
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Demand for ESG investments outstrips supply, PwC finds; Cost of compliance could be one factor holding back development of new products, studies suggest
Emma Boyde - Financial times
Demand for sustainable investments is outstripping supply, new research suggests, in contrast to reports of a growing backlash against investing according to environmental, social and governance (ESG) principles. A new study by PwC found that nearly nine in 10 institutional investors believe that asset managers should be more proactive in developing new ESG products. However, fewer than half of asset managers (45 per cent) were planning to launch new ESG funds.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan CEO Jamie Dimon Expects US Recession in Six to Nine Months
Daniel Taub and Hannah Levitt - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said "serious" headwinds are likely to push the US and global economies into recession by the middle of next year. "These are very, very serious things which I think are likely to push the US and the world -- I mean, Europe is already in recession -- and they're likely to put the US in some kind of recession six to nine months from now," Dimon said in an interview Monday with CNBC. While the US economy is doing well at the moment, a number of indicators and global issues -- the impact of surging inflation, interest rates going up more than had been expected, the effects of the Federal Reserve ending quantitative easing and Russia's war in Ukraine among them -- are ringing alarm bells, Dimon said.
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How a New Anti-Woke Bank Stumbled; GloriFi CEO Toby Neugebauer won over A-list investors to build a bank for people who consider Wall Street too liberal. Within months it was nearly bankrupt.
Rachel Louise Ensign, Peter Rudegeair and AnnaMaria Andriotis - The Wall Street Journal
An A-list group of financial backers including Ken Griffin and Peter Thiel gave Toby Neugebauer tens of millions of dollars to build a new kind of bank""one aimed at people who see Wall Street as too liberal. The potential customer base was huge, Mr. Neugebauer and his business partner, former Mike Pence chief of staff Nick Ayers, told the investors. Plumbers, electricians and police officers, the pitch went, are fed up with big banks that don't share their values. The startup, called GloriFi, initially aimed to launch with bank accounts, credit cards, mortgages and insurance, while touting what it called pro-America values such as capitalism, family, law enforcement and the freedom to "celebrate your love of God and country."
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U.S. should pump more oil to avert war-level energy crisis, says JPMorgan's Jamie Dimon
Karen Gilchrist - CNBC
JPMorgan Chase CEO Jamie Dimon said Monday that the U.S. should forge ahead in pumping more oil and gas to help alleviate the global energy crisis, likening the situation to a national security risk of war-level proportions. Speaking to CNBC, Dimon dubbed the crisis "pretty predictable" "" occurring as it has from Europe's historic overdependence on Russian energy "" and urged Western allies to support the U.S. in taking a lead role in international energy security. "In my view, America should have been pumping more oil and gas and it should have been supported," Dimon told CNBC's Julianna Tatelbaum at the JPM Techstars conference in London.
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America's Oldest Bank, BNY Mellon, Will Hold That Crypto Now; Founded by Alexander Hamilton, BNY Mellon is the first large U.S. bank to safeguard digital assets alongside traditional investments
Justin Baer - The Wall Street Journal
Bank of New York Mellon Corp. BK -0.68%â - ¼ is now open for crypto business. The nation's oldest bank said it would begin receiving clients' cryptocurrencies on Tuesday, becoming the first large U.S. bank to safeguard digital assets alongside traditional investments on the same platform. BNY Mellon won the approval of New York's financial regulator earlier this fall to begin receiving select customers' bitcoin and ether starting this week. The bank will store the keys required to access and transfer those assets, and provide the same bookkeeping services on those digital currencies that it offers to fund managers for their portfolios of stocks, bonds, commodities and other assets.
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HSBC Looks to Deals and Disposals as Part of Battle Against Breakup; Bank eyeing acquisitions even as it sells non-core units; Suitors interested in Canadian business prompted review
Harry Wilson - Bloomberg
HSBC Holdings Plc has spent the past six months fighting calls from its largest shareholder to split up. That isn't stopping the bank ramping up its own dealmaking program. The London-based lender expects to increase the amount of acquisitions it makes in the coming years, a person familiar with the company's thinking said. Further disposals are also expected but will likely be matched by purchases, the person said, declining to be identified discussing private information.
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Three Economists, Including Ex-Fed Chair Bernanke, Win Nobel for Work on Bank Crises; Ben Bernanke, the former Federal Reserve chair, and the economists Douglas Diamond and Philip Dybvig were awarded for their influential work on the relationship between banks and economic turmoil.
Jeanna Smialek - The New York Times
The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Ben S. Bernanke, the former Federal Reserve chair, and two other academics who have helped to reshape how the world understands the relationship between banks and financial crises. Douglas W. Diamond, 68, of the University of Chicago, and Philip H. Dybvig, 67, of Washington University in St. Louis "" two economists who created a seminal model that explained the dynamics of bank runs and financial meltdowns "" won the prize alongside Mr. Bernanke, 68, who is now at the Brookings Institution in Washington.
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Most Nobel Laureates Develop Theories; Ben Bernanke Put His Into Practice; The former Fed chairman and two other academics developed the theoretical foundations for why banks exist and why bank panics hurt
Greg Ip - The Wall Street Journal
Critics sometimes ask what practical good economic theory has done. The Nobel Prize in Economic Sciences awarded to Ben Bernanke on Monday along with Douglas Diamond of the University of Chicago and Philip Dybvig of Washington University in St. Louis provides a rejoinder. The laureates independently developed the theoretical foundations for why banks exist and why bank panics hurt. Mr. Bernanke put those theories into practice when the stakes could scarcely have been higher: as Federal Reserve chairman during the global financial crisis of 2007-09.
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A Lehman Moment for European Banks? The Market Says No.
Gergely Szalka, Thomas Verbraken - MSCI Research
After spreads of European banks' credit-default swaps surged and their equity prices dropped, investors are increasingly focused on the banks' default probability. In this article, Gergely Szalka, Executive Director, MSCI Research, and Thomas Verbraken, Executive Director, MSCI Research, examine recent market data for parallels to previous instances of bank defaults and what they might indicate for global markets today. Rising credit risk among multiple European banks may concern investors, as it brings back memories of the 2008 global financial crisis. Capital buffers have significantly increased, however,1 and spreads of credit-default swaps (CDS) "" although high in a historical context "" do not point to imminent sector-wide defaults as of now, based on our modeling.
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Glencore hit with investor lawsuit after bribery conviction; Mubadala, KIA, Abrdn and HSBC among claimants in case filed at London High Court
Leslie Hook, Jane Croft, Adrienne Klasa and Harry Dempsey - Financial Times
More than a dozen global investors are suing Glencore in London's High Court, in a class-action-style lawsuit prompted by the company's conviction of bribery earlier this year. Sovereign wealth funds including Mubadala, the Kuwait Investment Authority, Norges Bank and the International Petroleum Investment Company have brought claims against the mining and commodity trading group, according to court documents.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China Must Stick With Covid Zero Policy, People's Daily Says
Bloomberg News
The Chinese Communist Party's flagship newspaper endorsed the country's Covid Zero policy for the second day in a row, dousing hopes that President Xi Jinping will relax controls soon after a key political meeting starting later this week.
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This Deadly COVID Twist Is Like Nothing We've Seen Before
David Axe - The Daily Beast
As the wave of COVID infections from the highly-contagious BA.5 subvariant finally subsided back in late July, new subvariants were already competing for dominance""and the opportunity to drive the next wave of infections. A little over two months later, epidemiologists are close to naming a winner. In the United Kingdom, infections from a highly mutated subvariant called BQ.1.1 are doubling every week""a rate of growth that far exceeds other leading subvariants. In the U.S., BQ.1.1 is spreading twice as fast as its cousin subvariant BA.2.75.2.
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Health experts worry effort to vaccinate against COVID variants moving too slowly
John Yang - PBS Newshour (video and transcript)
The number of confirmed and reported COVID cases in the U.S. is at its lowest point since last spring. But the average number of deaths associated with COVID remains at more than 350 a day. Public health experts are increasingly concerned that too many Americans are missing out on a chance to get new boosters and avoid a worse winter. Dr. Peter Hotez joined John Yang to discuss.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Indian Tech Firms Have Bigger Problems Than the Fed; It's time for the country's outsourcing companies to make bold decisions as consulting firms muscle in on their patch.
Andy Mukherjee - Bloomberg
The quarterly earnings season for India's outsourcing firms has begun on a cautiously optimistic note. Tata Consultancy Services Ltd., the largest of the country's software exporters, reported better-than-expected growth of 8% in net income. Its operating margin, which had slumped to a seven-year low of 23% in the three months to June, rose by 1 percentage point as Mumbai-based TCS dialed down on new hiring.
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China's Flood of Fuels May Provide Some Relief to Diesel Crunch; Refiners to prioritize diesel due to strong margins: traders; Europe facing deficit of 1.19 million b/d, Energy Aspects says
Elizabeth Low - Bloomberg
A flood of fuel exports from China may provide some relief to a tight global diesel market ahead of sanctions on Russian flows that are expected to squeeze supply even further. China recently allocated refiners the biggest fuel-export quota this year, and traders expect diesel output will be prioritized because it's more profitable for producers compared with other products such as gasoline. Europe has already increased diesel imports from the Middle East and Asia as the region looks to replenish stockpiles ahead of winter and the Russian sanctions.
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French Refinery Strike Opens Door for More US Exports to Asia; South Korean refiners among biggest buyers of US oil; Refinery strike in France drags on and enters third week
Lucia Kassai and Sheela Tobben - Bloomberg
Asian refiners snapped up at least 12 million barrels of US crude oil in the past two weeks as a strike in France dims demand from one of Europe's largest buyers. Refiners, mostly from South Korea, have bought flagship West Texas Intermediate Midland for January delivery at a premium of around $9 a barrel to the Dubai benchmark, according to traders. That price level has opened a door for US sellers, making WTI more attractive relative to Middle Eastern barrels, which Asian refiners can typically source more cheaply because of the shorter distance.
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New Zealand Proposes Taxing Cow Burps, Angering Farmers
The Associated Press, Nick Perry - Bloomberg
New Zealand's government on Tuesday proposed taxing the greenhouse gasses that farm animals make from burping and peeing as part of a plan to tackle climate change. The government said the farm levy would be a world first, and that farmers should be able to recoup the cost by charging more for climate-friendly products.
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UK Needs More Migrants to Boost Growth, CBI Business Lobby Says
Julian Harris - Bloomberg
Britain needs more migrants to boost economic growth and alleviate a shortage of labor and skills, according to a survey conducted by one of its leading business groups. Three-quarters of respondents believe a lack of access to labor is threatening the UK's competitiveness as a place to employ people, the Confederation of British Industry said Tuesday. Almost half of the companies affected by labor shortages said they had been unable to meet demand for their products or services as a result.
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With winter fast approaching, Europe scrambles to prepare for energy shortages
Melissa Rossi - Yahoo News
Patrick Vranckx, a bakery owner in Temploux, Belgium "" 50 miles southeast of Brussels "" is panicked. His Boulangerie Pâtisserie Vranckx, which sells hand-molded bread and pastries to about 400 customers every day, is already struggling to keep up with skyrocketing energy costs, and winter promises even greater pain.
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Nigeria's Declining Oil Output Forces Deferred Gasoline Payments; NNPC delays crude payment under swap deals with local traders; CEO Kyari expects recovery in crude output to ease obligations
William Clowes and Bill Lehane - Bloomberg
Nigeria's dwindling crude output has forced its state-owned energy company to defer payments to some local gasoline suppliers by at least three months. Nigerian National Petroleum Co. imports all the nation's gasoline for road transport, swapping most for crude with international traders including Vitol Group and TotalEnergies SE and domestic groups such as Sahara Group Ltd. and Oando Plc. As the nation's oil production slumped to multi-decade low of less than 1.2 million barrels a day, NNPC has asked local importers to permit payment delays of at least 90 days, according to Chief Executive Mele Kyari.
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Michigan investor buys West Loop office building; The deal financially clobbered the seller, a severe case of the pain ailing many downtown office landlords.
Danny Ecker - Crain's Chicago Business
Real estate investor Andy Farbman is raising his bet on demand for workspace in the city bouncing back from the COVID-19 pandemic, buying a West Loop loft office building in a deal that completes a big loss for the seller. A venture of Southfield, Mich.-based Farbman Group paid around $11 million this month for the eight-story office building at 600 W. Jackson Blvd., according to sources familiar with the deal.
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Which School Has Most Fortune 500 CEOs?: Not Harvard "" It's Wisconsin
Dale Buss - Chief Executive
The No. 1 university in America for turning out current CEOs of Fortune 500 companies is not Harvard, not Stanford, not Notre Dame. It's Wisconsin. Chalk this up as another one of those facts about the heartland that may go underappreciated on the coasts: The No. 1 university in America for turning out current CEOs of Fortune 500 companies is not Harvard, not Stanford, not Notre Dame. It's the University of Wisconsin, with 14 of those Fortune 500 CEOs, as of the late-2018 tabulation of a survey by Kittleman Research. Harvard University was No. 2, with 12 chiefs.
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Late US Tax Filers Face Higher Interest Rates and Renewed Penalties; IRS deadline is Oct. 17, and those who miss it are subject to fines that were waived during the pandemic.
Claire Ballentine - Bloomberg
Millions of Americans are racing to file their 2021 federal taxes before time runs out. The 19 million taxpayers who requested an extension on the April deadline have until Oct. 17 "" because Oct. 15 falls on a Saturday "" to submit their documents, leading to a mad dash for tax professionals and accountants as the due date approaches.
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Ten Cities Will Get Up to $1 Million for New Cycling Infrastructure; A new program from Bloomberg Philanthropies and the Global Designing Cities Initiative will select cities looking to build more bike lanes and increase ridership.
Amelia Pollard - Bloomberg
A new program will provide as much as $1 million to 10 different cities worldwide to transform their cycling infrastructure in an effort to make streets safer for riders and reduce dependency on cars. The Bloomberg Initiative for Cycling Infrastructure, a collaboration between Bloomberg Philanthropies and the Global Designing Cities Initiative, will target cities with more than 100,000 residents and accept applications on a rolling basis from Nov. 10 to Feb. 3. Those selected will also receive guidance from GDCI, which has helped local governments in more than 30 cities with similar initiatives.
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Cotton Prices Are Climbing Over Production Concerns; USDA seen reducing domestic crop amid continued uncertainty; Higher energy costs are lending support to commodities
Marvin G Perez - Bloomberg
Cotton futures surged in New York on signs of smaller supplier in top shipper US. On Wednesday, the US Department of Agriculture may cut its estimate for domestic production by about one half million bales, which would lead to a reduction of stockpiles, a Bloomberg survey showed. There's continued uncertainty over how much severe weather, including drought and heavy rain, cuts production in top grower Texas and other states for the 2022-23 season. The USDA also last month surprised the market by raising its projection for national output.
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California's drought withers tomatoes, pushing grocery prices higher
Nathan Frandino, Christopher Walljasper and Aude Guerrucci - Reuters
A lack of rain and snow in central California and restricted water supplies from the Colorado River in the southernmost part of the state have withered summer crops like tomatoes and onions and threatened leafy greens grown in the winter. That has added pressure to grocery prices, putting a squeeze on wallets with no end in sight. The rise in food prices this year has helped drive U.S. inflation to its highest levels in 40 years. California's drought conditions, on top of Hurricane Ian ravaging citrus and tomato crops in Florida, are likely to push food costs even higher. Drought in an area known as the U.S. salad bowl has not only impacted fresh produce, but also pantry staples like pasta sauce and premade dinners.
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SPAC Again Delays Shareholder Vote on Merger With Trump's Social-Media Platform; Company pushes vote to Nov. 3 as it campaigns for votes to extend merger deadline
Will Feuer - The Wall Street Journal
The special-purpose acquisition company that is trying to take public former President Donald Trump's social-media platform pushed back the deadline for its shareholders to vote on giving the company more time to close its deal. The SPAC, Digital World Acquisition Corp., on Monday pushed the deadline to Nov. 3 on the vote to extend the deadline to merge with Trump Media & Technology Group. The entity had needed approval of shareholders representing 65% of shares by Monday for a one-year extension. Patrick Orlando, Digital World Acquisition chief executive, said the latest delay is meant "to accommodate the sheer number of voters that have not yet been able to cast their vote."
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| Miscellaneous | | Stories that don't quite fit under the other sections | The New Rules for Getting Face Time at the Office; Being seen at work still matters for your career, but there's a smarter way to boost your profile than pretending you live at your desk
Rachel Feintzeig - The Wall Street Journal
You're showing up at the office again. Are you getting the face time that matters? Many of us used to rack up the in-person interactions and career exposure we needed by osmosis""trying to impress the big boss when she walked by, absorbing tips from a cubicle-mate's phone calls, reminding colleagues of our presence just by sitting at our desks. After all, everyone was there, every day. Now we're contending with a mishmash of hybrid schedules. Colleagues dash in for an hour or two, then head back out""to a client meeting, a kid's school play, who knows where""lingering at their desks not long enough to say hi. Or maybe you're the one who'd rather not station yourself at the office for hours on end. How do you get the face time you need now? And is it even as necessary as it once was? Can't we just focus on, say, our work?
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CFA Level II Pass Rate Slips to 40% as Covid-19 Continues to Disrupt Some Tests
Katherine Doherty - Bloomberg
The pass rate for the second level of the chartered financial analyst exam slipped below historic averages as Covid-19 disruptions continue to impact some test-takers. In August, 40% of candidates passed the Level II exam, down from 44% in February and 46% in November, according to the CFA Institute. That was also below the 10-year average success rate of roughly 45% for the level while higher than the low of 29% set in August 2021, when the pandemic upended testing.
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