| February 13, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
JLN will soon be rolling out some Open Outcry Traders History Project videos Robert Lothian shot in Singapore during the FIA Asia week. We also have an interview with Rama Pillai that we are putting the finishing touches on that was shot in Singapore too. Look for these coming soon.
FINRA announced that Jonathan Sokobin has been appointed as the new chair of the board of directors for the FINRA Investor Education Foundation (FINRA Foundation), effective February 12. Joining him are three new members: Jason Fichtner, chief economist at the Bipartisan Policy Center; Ellen Frawley, partner at GMMB; and Paul Roye, retired senior vice president at Capital Research & Management Co. Sokobin is executive vice president and chief economist and head of the Office of Regulatory Economics and Market Analysis at FINRA and has been a longtime collaborator with the FINRA Foundation.
Are you ready? There are 113 days until the T+1 rule changes that will shorten the settlement cycle from T+2 to T+1. The change will apply to all U.S. securities transactions that settle through DTC, including transactions in US cash equities, corporate debt, and unit investment trusts. Canada has implemented a similar rule for its markets. However, due to the three-day Memorial Day holiday in the United States, Canadian securities will transition to a T+1 settlement date on May 27th, a day ahead of U.S. securities.
One of the factors in the deal for 85-year-old Autry Stephens to sell Endeavor Energy Resources to Diamondback Energy was Stephens' diagnosis of prostate cancer, which has left him physically diminished, The Wall Street Journal reported. I think 85 years old is a good enough reason, but I can certainly understand the other considerations.
Evidently Super Bowl advertisers got what they paid for as this year's Super Bowl between the Kansas City Chiefs and San Francisco Forty-Niners was the second most watched television broadcast in history, only behind the 1969 Apollo moon landing, the Financial Times reports.
Former U.S. Senator Kelly Loeffler is featured in the 2024 edition of Datebook Atlanta, Charity and Social.
TMX Group Exchanges will be closed for the Family Day holiday on February 19, 2024.
Paul Nockels announced, after 31 years in public accounting, he is moving into the next season of life. Nockels was a partner and leader at RSM for the last 17 years.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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"The EU AI Act: Lessons for US Policymakers" is being offered online on Tuesday, February 27th, from 11:00 am to 12:00 pm EST. The EU AI Act, tentatively passed in late 2023, is poised to become the world's first comprehensive artificial intelligence law. The webinar, hosted by New America, will explore key aspects of the EU AI Act and its implications for U.S. policymakers. Featuring European Member of Parliament Dragos Tudorache, the discussion will focus on regulatory treatment, open vs. proprietary AI models, prohibited uses, and global governance efforts. Learn more and register here. ~SAED
The Climate Project at MIT is a new accelerated initiative that will consist of three interlocking elements for MIT: The Climate Missions; The Climate Frontier projects; and The Climate HQ. The university is currently recruiting Leaders for Six Climate Missions: Decarbonizing Energy and Industry; Restoring the Atmosphere; Protecting the Land and Oceans; Empowering Frontline Communities; Building and Adapting Healthy, Resilient Cities; Inventing New Policy Approaches; and Wild Cards. The Climate Project is recruiting an MIT faculty leader for each of these missions. Learn more on the MIT website. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Term of the Week: Right to Buy or an Obligation to Sell from John Lothian News.
- Hedge Fund Verde Builds Small China Bet After 'Horrendous' Rout from Bloomberg.
- Watch Out, There's a New Short Volatility 'Gone Too Far' Trade In Town from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Blue Ocean Technologies & DriveWealth Announce Connectivity Partnership Expanding Geographic Reach & Trading Services; Partnership Extends Real-time Access to Equities Trading and Expands Offerings in Asia Pacific and Other Global Markets
Blue Ocean Technologies, LLC
Blue Ocean Technologies, LLC (BOT), a capital markets fintech leader in global trading and data, and DriveWealth, a leading fintech delivering financial services through its "Brokerage-as-a-Service" platform, today announced a partnership to expand real-time access and connectivity for global brokers. As part of the agreement, DriveWealth will provide its global B2B partners extended real-time access to equities trading and trading data on the Blue Ocean ATS platform from 8 p.m. - 4 a.m., US ET. Blue Ocean will also grow its connectivity among the DriveWealth markets in Asia-Pacific and other global regions.
/jlne.ws/3ulT9JG
****** Trading U.S. stock in the Asia-Pacific time frame is going to be a thing for 2024.~JJL
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Ohio House approves bill requiring capitalism to be taught in high school financial literacy
Karen Kasler - The Statehouse News Bureau via WYSO
A proposal that would require financial literacy courses already mandated in Ohio high schools to include lessons on capitalism has passed the Republican-dominated Ohio House. The bill tweaks a law passed in 2021 that requires high school students to take a financial literacy course either as an elective or in the place of a half-credit of math. This bill would require principles of capitalism to be taught as part of that course.
/jlne.ws/42zCQpf
****** The kids selling pot in the schools are already teaching capitalism and the role of regulation. You think I am kidding?~JJL
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Snowstorm Will Disrupt NYC Commute and Close Schools on Tuesday; City could get up to 8 inches of accumulation, forecasts show; Some private schools are taking traditional snow day Tuesday
Tope Alake and Brian K Sullivan - Bloomberg
A nor'easter is poised to dump up to 8 inches (20 centimeters) of snow on New York City on Tuesday, snarling commutes, closing schools and prompting Mayor Eric Adams to urge residents to stay home. Snowfall of more than 7.3 inches in Central Park would be the most since January 2022, according to National Weather Service records. Areas north and west of the city could get as much as a foot. Northern New Jersey, eastern Pennsylvania and southern New England could see as much as 12 inches of snow. Commutes in Boston, where a gale warning is in effect, also are expected to be impacted.
/jlne.ws/3UJv4Hv
****** I remember a snow storm hitting back in 2001 and then Nasdaq-Liffe's Bob Fitzsimmons was asked a question about the snow storm during a panel discussion. He was so laser focused on single stock futures that he answered the question by naming all the advantages of the product that a trader could experience, while trading from the comfort of his or her home, without worrying about the weather. It was a masterful demonstration. Today with work from home, most systems can be accessed remotely, so we don't have the delayed openings we used to have in years past because of snow storms.
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Putin Seeks Revenge on a World Order He Once Wanted to Join
Bloomberg
The summer evening at a beachside nightclub in the Black Sea resort of Sochi resembled a modern-day version of a gladiator fight in imperial Rome. Russian fighters pummeled a "world" team in a mixed martial arts contest. Scantily dressed women waved Russian flags and the crowd roared as the home squad racked up victories. The highlight was the knockout of a 44-year-old American fighter. It was August 2013 and sitting in a front-row seat in a white dress shirt and flanked by security guards and political acolytes was Vladimir Putin. Six months later, Russia's president set his country on its path to war by seizing Crimea from Ukraine, and ultimately a full-scale invasion entering its third year next week.
/jlne.ws/49yDeX7
****** My favorite song is "Let There Be Peace." It doesn't seem like Mr. Putin will be singing it anytime soon.~JJL
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Monday's Top Three
Our top clicked item Monday was the press release from the National Stock Exchange of India (NSE) titled, NSE Academy Limited and IIM Sambalpur inks MoU to Launch PG Program in Fintech for Working Professionals. Second was the web page for Peter Fusaro's 2024 Wall Street Green Summit on ESG investing, which takes place in NYC on March 12 & 13. Third was The New York Times' ranking of the Super Bowl commercials.
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| Lead Stories | Retail Traders Are Losing Billions in India's Booming Options Market
Akshay Chinchalkar, Chiranjivi Chakraborty and Ashutosh Joshi - Bloomberg Markets
Like a movie star at a premiere, Mohammad Nasiruddin Ansari steps out of the back seat of a white Mercedes. Flanked by a phalanx of black-clad bodyguards, he strides into the lobby of a luxury hotel and takes center stage in a ballroom as indoor fireworks machines spew fountains of sparks. "If you don't make money in three months, I will give you 2 million rupees [$24,000]," he declares to cheers from the adoring crowd in a scene that's still playing on YouTube. Ansari is meeting his fans in Pune, about 90 miles south of Mumbai. He's selling the dream of stock market riches to India's fast-growing cadre of small investors. With half a million social media followers, he's pushing an especially risky strategy: trading stock options, often as all-or-nothing bets on future share prices.
/jlne.ws/49zMryo
America's ESG Hiring Boom Is Starting to Cool; Companies have slowed hiring on environmental, social and corporate-governance positions as they focus on cost cutting and higher investment returns
Mark Maurer - The Wall Street Journal
U.S. companies are hiring fewer people for roles related to environmental, social and corporate-governance issues as finance executives assess costs and seek faster returns on investments. ESG job departures outpaced arrivals for half the months of last year, marking the reversal of a multiyear trend. Companies had 3,071 ESG departures compared with 2,897 arrivals in December 2023, according to employment data provider Live Data Technologies, which reviewed more than 360,000 current and former ESG professionals at U.S. companies.
/jlne.ws/3SBN0AY
Star Macquarie banker who earned more than CEO quits after 28 years; Nick O'Kane is leaving after building booming commodities division at Australian group
Nic Fildes - Financial Times
The head of Macquarie's booming commodities business, who was paid more than JPMorgan chief Jamie Dimon and 75 per cent more than the Australian financial group's own chief executive last year, is to leave this month after almost three decades. Nick O'Kane had been one of Macquarie's most feted executives after a modest bet on the US energy trading market was transformed into its largest and most profitable division.
/jlne.ws/3wdbHw6
Crunch Time Nears for FX Traders Grappling With Faster Trading
Anya Andrianova and Carter Johnson - Bloomberg
There's one topic dominating the agenda as FX traders descend on Miami this week: how the currency market can adjust to a fast-approaching change to US stock settlements that stands to shake-up their industry. Representatives from all corners of the $7.5 trillion-a-day global currency market will gather at TradeTech FX USA 2024, an annual meeting that is set to draw about 600 participants this year, to discuss everything from the timing of the Federal Reserve's rate cuts to the role of artificial intelligence. But a shift to halve the settlement time for US equities to just one day is the key concern for many participants.
/jlne.ws/3HVucrs
It's Crunch Time for One of Europe's Last Big Wall Street Players; Former JPMorgan banker C.S. Venkatakrishnan is preparing to update investors on his plans for Barclays
Josh Mitchell - The Wall Street Journal
Two years ago, C.S. Venkatakrishnan was unexpectedly thrust into the top job at British banking giant Barclays. A year later, he felt a lump on his neck and was diagnosed with cancer. Now, after successfully undergoing treatment, Venkatakrishnan faces a career-defining test. The Indian-born risk specialist is trying to succeed where his predecessors failed, to persuade investors that Barclays's eclectic mix of Main Street finance and Wall Street heft makes sense.
/jlne.ws/49i69iv
MSCI to Remove Swath of China Stocks From Indexes as Markets Sink
Ishika Mookerjee - Bloomberg
MSCI Inc. is cutting dozens of Chinese companies from its global benchmarks following a market rout that's erased trillions of dollars in value from the nation's stocks. The index provider is removing 66 companies from its MSCI China Index in its latest quarterly review, the highest tally in at least two years. The changes, effective as of the close on Feb. 29, also apply to the MSCI All Country World Index. Stocks to be cut include property developers Gemdale Corp. and Greentown China Holdings Ltd., as well as China Southern Airlines Co. and Ping An Healthcare and Technology Co.
/jlne.ws/49aNAg1
The uninsurable world: what climate change is costing homeowners; Rising premiums are a de facto 'carbon price' on consumers as extreme weather events become more frequent
Ian Smith, Attracta Mooney and Aime Williams - Financial Times
Michael Heffner had owned his detached house a short drive from the seafront in Virginia Beach, on the US east coast, for exactly one year when his home insurer abruptly cancelled coverage. "They just dropped me," says Heffner, a US Navy officer. "There was no, 'Hey, do you want to stay on with us if we charge more?' Nothing." Scrambling to find a new insurer, he found his existing premium of about $1,200 a year impossible to replicate. Instead, he received quotes ranging from $2,000 to $3,200.
/jlne.ws/3SzFuqp
Farmers' Revolt Threatens Election Year Upsets Around the World; Agriculture has become a key battleground in a wider culture war over money, food and climate change.
Nayla Razzouk, Kim Chipman, Lyubov Pronina, and Pratik Parija - Bloomberg
Eric Foucault is driving his hulking green tractor more slowly than he can walk. Shouting into his mobile phone above the cacophony of engines and horns, the farmer from south of Paris is one of 200 others clogging up the highway into the French capital. Foucault and his fellow protesters are restless, their list of grievances long: soaring costs, increasing bureaucracy, new European Union regulations in its Green Deal and imports diluting their markets. "He who sows misery reaps anger," says one of their placards.
/jlne.ws/3OK046m
Tradefeedr, LSEG FX, Plan Data Partnership
Colin Lambert - The FullFX
Tradefeedr and LSEG FX has unveiled plans for a "strategic partnership" to integrate Tradefeedr's data APIs within the LSEG FX' FXall platform and its workflow tool Workspace. The firms say the partnership will enable "a new standard" for automated FX trading by linking decision-making and execution workflows and facilitating data-driven dialogue between sell-side liquidity providers and the asset managers, hedge funds and corporates that transact over LSEG's network.
/jlne.ws/3SBMKlp
FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector
FINCEN
Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers. This proposed rule, which complements Treasury's other recent actions to combat the illicit finance risks from anonymous companies and all-cash real estate transactions, will add further transparency to the U.S. financial system and help assist law enforcement in identifying illicit proceeds entering the U.S. economy.
/jlne.ws/3SxSCfA
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia warns the West: we will be very tough if you 'steal' our assets
Reuters
Russia warned the West on Tuesday that Moscow would be very tough if the United States and European Union seized hundreds of billions of dollars worth of Russian assets. After President Vladimir Putin sent troops into Ukraine in 2022, the United States and its allies prohibited transactions with Russia's central bank and finance ministry, blocking around $300 billion of sovereign Russian assets in the West.
/jlne.ws/42KFhFy
Musk Says Putin Can't Lose in Ukraine, Opposes Senate Bill
Steven T. Dennis and John Harney - Bloomberg
Elon Musk told US Republican senators "there is no way in hell" that Russian President Vladimir Putin could lose the war on Ukraine, weighing in on a conflict that has been affected by Musk's own Starlink satellite services. Musk, the billionaire chief executive officer of Tesla Inc., made the comments in a forum Monday on X Spaces, part of his X social media platform. The discussions included opponents of a Senate bill that would provide further assistance for Ukraine to continue battling the full-scale Russian invasion that began two years ago.
/jlne.ws/4bEC667
Tankers Tied to the Russian Oil Trade Grind to a Halt Following US Sanctions
Julian Lee and Alex Longley - Bloomberg
A chunk of the vast fleet of tankers that Russia uses to deliver its crude oil is grinding to a halt under the weight of US sanctions, a sign that tougher measures by western regulators might be starting to have tangible effects on Moscow. About half of the 50 tankers that the US Treasury began sanctioning on Oct. 10 have failed to load cargoes since they were listed, according to a ship-by-ship tracking of each one by Bloomberg. The latest to be targeted - the Sovcomflot carrier NS Leader - performed an immediate U-turn off the coast of Portugal on Thursday when its owner was named by the US. It was sailing toward a Russian port in the Baltic Sea at the time.
/jlne.ws/3uwVj9f
Russia Expanding Military Edge Over Ukraine, Estonian Spies Warn
Ott Tammik - Bloomberg
Russia will likely leverage its advantage in ammunition stockpiles this year and could occupy more Ukrainian territory if crucial aid isn't delivered to Kyiv, according to an annual report by the Estonian Foreign Intelligence Service. The Kremlin has about three to four times more artillery than Ukrainian forces after boosting its ammunition production to as many as 4 million units last year, up from 600,000 rounds in 2022, the report said. That gap will widen, since it's "almost certain" that Western deliveries won't keep pace with Russia's output.
/jlne.ws/3SXuhBq
Russia historians say the Tucker Carlson interview solidified one thing about Putin - he's off the rails
Erin Snodgrass and Kelsey Vlamis - Business Insider
Russian President Vladimir Putin delivered a strange performance fueled by Russian propaganda and imperialist posturing in his interview with right-wing media host Tucker Carlson last week. The two-hour interview revealed little new information about the war in Ukraine - beyond that it is likely to continue - but did manage to highlight Putin's increasing delusion, according to two Russia historians.
/jlne.ws/3IiiUxT
A Texas Oil Driller Banks a $26 Billion Deal, With Regrets; Autry Stephens, 85, said he is selling the oil driller he founded, Endeavor, sooner than he would have liked
Benoit Morenne - The Wall Street Journal
/jlne.ws/49eevb1
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Houthis Fire Missiles at Cargo Ship Bound for Iran, Their Patron
John Harney - Bloomberg
The Houthi militants in Yemen are backed by Iran, but on Monday they fired missiles at a cargo ship in the Red Sea that was carrying corn to an Iranian port, according to US Central Command. Two missiles were fired at the MV Star Iris, registered in the Marshall Islands, Centcom said in a post on X, the social media platform formerly known as Twitter. "The ship reports being seaworthy with minor damage and no injuries to the crew."
/jlne.ws/49CgfKZ
Biden Pushes for Six-Week Fighting Pause in Israel-Hamas Hostage Deal
Skylar Woodhouse - Bloomberg
US President Joe Biden said he's pushing for a six-week pause in fighting between Israel and Hamas to allow for the release of hostages, saying that could lay the groundwork for broader peace. Such a pause "would bring an immediate and sustained period of calm into Gaza for at least six weeks, which we could then take the time to build something more enduring," Biden said Monday following a meeting with Jordan's King Abdullah II at the White House.
/jlne.ws/49ta4sq
Rafah Is Already in a Humanitarian Crisis. Now, an Israeli Offensive Looms; War has driven more than a million men, women and children into a corner of Gaza, where aid bottlenecks keep them short of food, fuel and water
Margherita Stancati and Abeer Ayyoub - The Wall Street Journal
Rafah, on Gaza's southern edge, is now a city of tents, and the epicenter of one of the worst humanitarian disasters in years. Yet a deadly mix of war, politics and logistics is choking off emergency aid, and the scale of suffering has raised international pressure on Israel ahead of an anticipated offensive.
/jlne.ws/4bMDHHk
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | JSE SA Trade Connect 2024: 'South African markets not that dissimilar to European markets'; The impacts of macro events globally, as well as liquidity issues and methods to improve liquidity sourcing within South Africa, were likened to what is experienced in more developed markets such as the EU and the UK.
Wesley Bray - The Trade
In a keynote speech at the Johannesburg Stock Exchange (JSE) South Africa (SA) Trade Connect 2024 conference, James Baugh, managing director, head of European market structure at TD Cowen, kicked off by highlighting that market structure and liquidity dynamics in South Africa mirror those felt in other markets and in particular, Europe.
/jlne.ws/49zr8gi
LSEG FX and Tradefeedr integrate offerings to enhance FX transparency and decision making; The pair intend to integrate Tradefeedr's unified APIs with LSEG's FX trading ecosystem and FXall trading venue to develop a "new standard" for FX execution on the buy and sell-side.
Annabel Smith - The Trade
LSEG FX and Tradefeedr have confirmed plans to launch a new strategic partnership aimed at enhancing foreign exchange transparency and decision-making capabilities across the street. The initial scope of the partnership intends to focus on pre-trade decision support for the buy-side and corporates, liquidity optimisation and reporting for sell-side users on LSEG's platform and to deliver Tradefeedr's analytics within LSEG's Workspace platform.
/jlne.ws/3wcQ1Am
Nasdaq secures anchor client in Thailand to support Asia expansion of risk platform; The exchange has signed a deal with Thailand-based institutional broker Kiatnakin Phatra Securities (KKPS), designed as a launchpad deal to encourage further adoption in the region.
Annabel Smith - The Trade
Nasdaq has secured its first anchor client in Thailand as it looks to expand its Nasdaq Risk Platform into Asia. The exchange operator has signed a deal with one of the largest institutional brokers in Thailand - Kiatnakin Phatra Securities (KKPS) - and expects the development to act as a launchpad for further deals with banks and broker-dealers in Asia as it looks to expand its platform further in the region.
/jlne.ws/3HVUiL9
ICE Expands Data Coverage to Include More Than 90% of Residential Real Estate Listings Through Deal with MLS-Owned REdistribute; Adds to existing agreements with The Realty Alliance and the National Association of Realtors; Provides broad access to property listing information, direct from the source, to lenders, underwriters, portfolio managers, and government agencies
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that it has expanded its coverage of real estate listings data through a first-of-its-kind, multi-year licensing agreement with REdistribute for permissioned access to multiple listing services (MLS) information. The deal, in addition to existing agreements with The Realty Alliance and the National Association of Realtors, brings ICE's MLS data coverage to well over 90% of active listings.
/jlne.ws/48cRow1
Nasdaq Expands Bank and Broker-Dealer Risk Platform into Asia
Nasdaq
Nasdaq Risk Platform secures first customer in Thailand, serving as an anchor client in Asia. Significantly enhances Kiatnakin Phatra Securities' real-time risk capability, providing a competitive advantage. Reflects Nasdaq's pivotal role supporting modernization of Thailand's financial services ecosystem. Nasdaq (Nasdaq: NDAQ) today announced it has secured the first client to adopt its Risk Platform in Asia having signed a multi-year agreement with Kiatnakin Phatra Securities (KKPS), the largest institutional broker in Thailand. The deal provides a launchpad to offer the product to banks and broker-dealers across the region, building on the experience and capabilities developed serving clients across major markets in the U.S. and Europe.
/jlne.ws/4bEYhcD
Nasdaq and the Ministry of Economy of Ukraine Sign Collaborative Agreement to Facilitate Entrepreneurism and Capital Formation
Nasdaq
Nasdaq and the Ministry of Economy of Ukraine today announced the signing of a Memorandum of Understanding (MoU) to support Ukraine's efforts to strengthen its economy and capital markets. As a part of the agreement, Nasdaq and the Ministry of Economy of Ukraine will identify areas of collaboration that can advance the restoration and recovery of Ukraine's economy throughout the country's reconstruction process.
/jlne.ws/42KNJ7K
Transformation of financial markets
Eurex
The coming wave of technological change through artificial intelligence, big data and blockchain technology is set to fundamentally change derivatives markets. Eurex spoke with Helen Hartwell, Head of Exchange Traded Derivatives Client Consulting at UBS Investment Bank, about how digitalization is driving an evolution in the marketplace, front-to-back. Where is disruption coming from in listed derivatives markets?
/jlne.ws/42TSPi9
On the temporary suspension of trading on the Moscow Exchange stock market
MOEX
On February 13, 2024, on the Moscow Exchange stock market, due to a hardware error in the main server, trading was temporarily suspended from 13:58 Moscow time. According to the exchange procedures, in the event of such an error, a transition to a backup server is carried out, which takes a little more than one hour. The resumption of trading on the stock market is scheduled for 15:45.
/jlne.ws/3Uz6x7P
The Regulatory Division Participant Scorecard
The Montreal Exchange
The Regulatory Division (the "Division") is pleased to issue the Regulatory Division Participant Scorecard (the "Scorecard") for the period of July 1 to December 31, 2023. The Scorecard is a way for the Division to share its observations with Approved Participants and Foreign Approved Participants (collectively, the "Participants") for informational purposes only. Some Participants will not receive a Scorecard, as it may not be customized to their business model or activities.
/jlne.ws/48ko7Q2
Caution for Investors
NSE
It has been brought to the notice of the Exchange that person named "Vipul" associated with entity named "MB Dabba Traders" operating through mobile number "8154806231" and telegram channel "MB Dabba Traders" is providing dabba/illegal trading services.
/jlne.ws/3SW0d93
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange Closed for Family Day
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Monday, February 19, 2024 for Family Day.
/jlne.ws/4by78N5
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The business case for centralized communication in finance and insurance
Mario Orphanou - Symphony
Centralized communication is becoming a growing priority for many capital markets institutions according to a recent report published by Coalition Greenwich. The Federated Business Communications study looks at how many finance and insurance professionals are viewing channel aggregation as a way to handle the proliferation of communication channels in the face of changing business demands and regulatory scrutiny.
/jlne.ws/3HWb8cL
Arm Valuation Hits Stratosphere as AI Frenzy Widens
Jeran Wittenstein and Ryan Vlastelica - Bloomberg
Arm Holdings Plc was already one of world's most expensive stocks for its size heading into last week's earnings report. After three days of manic share buying, it's now in a league of its own. The stock is priced at 40 times revenue projected over the next 12 months, after jumping more than 90% since the chip designer gave a bullish sales forecast that it attributed in part to artificial intelligence spending. That's far more expensive than any stock in the Nasdaq 100 or the S&P 500, including Nvidia Corp., according to data compiled by Bloomberg.
/jlne.ws/3SW0eK7
Early Adopters of Microsoft's AI Bot Wonder If It's Worth the Money; Artificial-intelligence aide handles email, meetings and other things, but its price and limited use have some skeptical
Tom Dotan - The Wall Street Journal
Microsoft's new artificial-intelligence assistant for its bestselling software has been in the hands of testers for more than six months and their reviews are in: useful, but often doesn't live up to its price. The company is hoping for one of its biggest hits in decades with Copilot for Microsoft 365, an AI upgrade that plugs into Word, Outlook and Teams. It uses the same technology as OpenAI's ChatGPT and can summarize emails, generate text and create documents based on natural language prompts.
/jlne.ws/3uz66jg
OpenAI's Altman Sees UAE as World's AI Regulatory Testing Ground; Altman calls for 'contained' experiments before regulation; He says Mideast country could lead talks on global AI rules
Marissa Newman - Bloomberg
OpenAI's Sam Altman said the United Arab Emirates could serve as the world's "regulatory sandbox" to test artificial intelligence technologies and later spearhead global rules limiting their use. "It's very hard to get all the regulatory ideas right in a vacuum," Altman told the UAE's AI minister in a virtual appearance at the World Governments Summit. "And if there was a contained way that I could give people the future and let them experiment with it and then see what makes sense, what went wrong, what went right, that seems like an interesting experiment."
/jlne.ws/49ewgXz
AI is too important to be monopolised; Public investments are essential to levelling the computational playing field
Marietje Schaake - Financial Times
The Wall Street Journal reported last week that OpenAI's chief executive Sam Altman would seek up to $7tn in funding to reshape the global semiconductor industry to power artificial intelligence. The fact that one company could pitch a funding target larger than the gross domestic product of Japan and not be laughed out of the room is yet another sign of generative AI's intense market concentration.
/jlne.ws/3SBNAi8
Archax, Global Digital Finance, and Ownera announce the launch of the new GDF Tokenization Forum open to global digital asset innovators; Aims to explore and enhance tokenization strategies, fostering global discussions among fintech and financial experts on real-world asset tokenization.
Archax
/jlne.ws/499Z4As
As Tokenization Takes off, Look to DAOs
Ainsley To - CoinDesk
/jlne.ws/3SVowUB
Paytm Faces Serious Risk of Customer Exodus, Macquarie Says
Ashutosh Joshi - Bloomberg
/jlne.ws/3uu2BKZ
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| Cybersecurity | | Top stories for cybersecurity | How we can break barriers and attract more women into cybersecurity
Shira Shamban - SC Media
When I started my cybersecurity career in the private sector I found myself navigating through a landscape of meetups, networking events, and conferences. Initially, I failed to comprehend the necessity for dedicated female groups and events, harboring the belief that merit alone would dictate success.
/jlne.ws/49grRnc
The future of cybersecurity: Anticipating changes with data analytics and automation
Mirko Zorz - Help Net Security
The future of cybersecurity: Anticipating changes with data analytics and automation
In this Help Net Security interview, Mick Baccio, Staff Security Strategist at Splunk SURGe, discusses the future of cybersecurity, emphasizing the importance of data analytics and automation in addressing evolving threats. He points out the changes in threat tactics, the significance of automation in reducing human error, challenges in implementing data analytics, and envisions a future where AI-assistants transform cybersecurity operations.
/jlne.ws/3UEDCPz
3 Cybersecurity Disruptors Set to Catapult in 2024
Rick Orford - Nasdaq
Society's continuous path towards an interconnected digital environment has come farther from just science fiction. Advances in tech like cloud & quantum computing, AI, and driverless cars are no longer themes we'd read from novels but a reality that steadily draws near. However, it can be challenging as risk is always around the corner, from hacking to intellectual property theft. This emphasizes the importance of any company or even any individual needing cybersecurity.
/jlne.ws/3SAgIq5
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| Cryptocurrencies | | Top stories for cryptocurrencies | Tether and Circle Stablecoin Purchases Dominate in Argentina
Lyllah Ledesma - CoinDesk
Argentina, the nation which recently elected self-described "anarcho-capitalist" Javier Milei as president, has the largest purchases and holdings of stablecoins in Latin America over the past six months, according to a report by Mexican-founded crypto exchange Bitso. Dealing with a severe economic crisis and plunging peso, 60% of Argentine crypto purchases on Bitso were for dollar-based stablecoins USDT and USDC and just 13% of buys were for bitcoin.
/jlne.ws/3SAy8mA
FTX to Sell Custody Unit for $500K After Paying $10M Just Months Before Collapse
Aoyon Ashraf - CoinDesk
Sam Bankman-Fried's defunct exchange FTX plans to sell one of its units it bought for $10 million just months before bankruptcy, for a mere $500,000 to the token sale platform CoinList. FTX purchased Digital Custody Inc. (DCI) for a total price of $10 million on Aug. 6, 2022, from Digital Finance Group and DCI's CEO Terrence Culver, according to a court filing. The exchange filed for bankruptcy on Nov. 11 that same year after CoinDesk unveiled that not everything was as it seemed for Bankman-Fried's empire.
/jlne.ws/48eqV1d
Bitcoin price tops $50,000 after spot ETF launches spur demand; Flagship cryptocurrency rallies to 2021 levels on optimism about mainstream investor appetite
Scott Chipolina and Will Schmitt - Financial Times
The price of bitcoin traded above $50,000 on Monday for the first time since 2021, underscoring the sharp change in appetite for the token since mainstream bitcoin investment funds launched earlier this year. The industry's flagship cryptocurrency has gained almost 15 per cent since the start of the year, largely driven by the US Securities and Exchange Commission reversing a decade-old policy to approve several spot bitcoin exchange traded funds, vehicles offering investors exposure to the price of bitcoin through a regulated product.
/jlne.ws/3UI0zl1
Franklin Templeton files for spot ethereum ETF
Reuters
Franklin Templeton on Monday disclosed that it had officially filed for a spot ethereum exchange-traded fund, becoming the eighth player vying to introduce a similar product in the market. In January, the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs in a watershed moment for the crypto industry, which had been demanding regulatory approval for those products for more than a decade.
/jlne.ws/3wmENci
Cathie Wood Doesn't Expect the SEC to Approve ETFs Backed by Tokens Beyond Bitcoin, Ether
Vicky Ge Huang - The Wall Street Journal
Cathie Wood isn't expecting the Securities and Exchange Commission to approve spot exchange-traded funds holding cryptocurrencies other than bitcoin and ether. "We'd be surprised to see anything but bitcoin and ether being approved by the SEC," Wood, founder of ARK Investment Management, said in an interview with WSJ's Take On the Week podcast.
/jlne.ws/3wfXe2q
New Zealand Central Banker Slams Stablecoins as 'Oxymorons'
Matthew Brockett - Bloomberg
/jlne.ws/3HWrQIL
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| Politics | | An overview of politics as it relates to the financial markets | Joe Biden's offshore drilling curbs hit by lawsuits; Separate actions from industry and green groups take aim at the administration's policy
Jamie Smyth - Financial Times
The US oil and gas industry is suing the Biden administration over its decision to severely restrict offshore drilling amid a growing industry backlash against its climate and energy policies. But in a sign of the political tightrope policymakers must walk when rulemaking in the US climate and energy sector, climate campaigners also sued the government over the same policy.
/jlne.ws/3SBdRNt
Chinese-backed solar factory stirs suspicions in rural Ohio; Local opponents raise fears over Beijing's influence as US aims to reshore supply chain
Amanda Chu - Financial Times
In the sleepy Midwestern town of Pataskala, Ohio, a 1mn sq ft factory built on former farmland is marked with a sign: Illuminate USA. The utilitarian building is due to start production this month as one of the largest solar panel manufacturers in the US. At full capacity the $600mn plant will employ more than 1,000 workers, giving a jolt to the economy of the rural community on the fringes of Columbus, the Ohio state capital.
/jlne.ws/3SWpLD5
Scholz Slams Trump NATO Stance as 'Irresponsible, Dangerous'
Michael Nienaber and Natalia Ojewska - Bloomberg
German Chancellor Olaf Scholz blasted comments by Donald Trump questioning US commitments to defend NATO allies in case they were attacked, saying the position endangers Europe. Without naming Trump explicitly, Scholz said that Germany and neighboring Poland have mutual defense commitments as part of the military alliance - and that nobody should question that arrangement.
/jlne.ws/4bMAYh4
Finland's Next President Pledges to Take Active Role in NATO
Leo Laikola - Bloomberg
Finland's Alexander Stubb was elected the president of the newest member of NATO, committing to bring his nation to the core of the defense alliance as it seeks to keep neighboring Russia at bay. Stubb will become the Nordic country's 13th president March 1, following in the footsteps of Sauli Niinisto as head of state - a role where the central focus has traditionally been to safeguard independence and peace in Finland that's flanked by a belligerent giant to its east.
/jlne.ws/3OIbCXs
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| Regulation & Enforcement | | Stories about regulation and the law. | Treasury Officials Visit Mexico to Further Collaboration on Illicit Finance
U.S. Department of the Treasury
U.S. Department of the Treasury officials from two key offices involved in the fight against fentanyl and its financing traveled to Mexico last week to meet with counterparts in the Government of Mexico and representatives of the U.S. and Mexican financial sector. The visit follows Secretary Janet Yellen's visit to Mexico in December 2023, where she committed the Treasury Department to "use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country."
/jlne.ws/3HVWBh6
Military Medals and a Famous Last Name: How a Con Man Made Off With Millions in Texas; Derek Hamm-no relation to fracking tycoon Harold Hamm-cultivated a persona of war hero turned family oilman before prosecutors stepped in
Dan Frosch - The Wall Street Journal
In a city where reverence for the oil fields and veterans runs deep, Derek Hamm made a powerful impression. Six-foot-three with a mountain man's beard, he wore a jacket festooned with combat medals he said were from Green Beret tours in Iraq and Afghanistan, and was always accompanied by a service dog to help ease his PTSD, acquaintances recalled. Charming and well-spoken, Hamm told people he was the favorite nephew of one of the pioneers of fracking, the Oklahoma oil tycoon Harold Hamm, and was amassing his own empire of wells. That pedigree opened doors in East Texas.
/jlne.ws/3UxQS8O
ICYMI: Commissioner Pham to Speak on ARK Invest For Your Innovation Podcast with Cathie Wood
CFTC
Commissioner Caroline D. Pham will speak on the ARK Invest for Your Innovation (FYI) podcast with ARK CEO and CIO Cathie Wood and ARK Advisor Angie Dalton on the interplay between technology, finance, and regulation.
/jlne.ws/3uykOHb
New Members Appointed to FINRA Foundation Board; Jonathan Sokobin Named Chair
FINRA
New members have been appointed to the Board of Directors of the non-profit FINRA Investor Education Foundation (FINRA Foundation), and Jonathan Sokobin has been named Chair, effective February 12.
/jlne.ws/42KKUDx
SEC Obtains Final Judgment Against Massachusetts Resident in $1.6 Million Securities Fraud; Securities and Exchange Commission v. John Feloni et al., No. 1:23-cv-12233 (D. Mass. filed Sept. 29, 2023)
SEC
On February 8, 2024, the Securities and Exchange Commission obtained final judgments against John Feloni and his company Stock Squirrel, Inc. Among other things, the judgments order payment of over $2 million in disgorgement of ill-gotten gains, prejudgment interest, and civil penalties to be paid variously by the two defendants.
/jlne.ws/3unBQYJ
Former director of Reiwa-Capital pleads guilty to using investor funds dishonestly
ASIC
The former director of Reiwa-Capital, Russell Sandiford, has pleaded guilty to two counts of dishonest conduct in relation to a financial product contrary to section 1041G of the Corporations Act with section 1311, following an ASIC investigation.
/jlne.ws/3UJYsNP
ASIC permanently bans Yanchep financial adviser
ASIC
ASIC has made two orders permanently banning Yanchep-based financial adviser Mark Raymond Sebo following his convictions of fraud.
/jlne.ws/3uvK5ls
FCA bans and fines Floris Jakobus Huisamen over London Capital & Finance plc financial promotions
UK FCA
The FCA has fined a former director of London Capital & Finance plc (LCF) £31,800 and banned him from working in financial services. Floris Jakobus Huisamen was responsible for compliance at LCF but recklessly signed off hundreds of financial promotions, which contributed to thousands of investors being misled.
/jlne.ws/48gfWEx
Administrative Fine Imposed on the Responsible Person of The Unitel High Technology Corporation
Financial Supervisory Commission - Taiwan
The board of directors of Unitel High Technology Corporation (hereinafter referred to as Unitel High Technology) did not prepare the meeting minutes and record in detail the key points of the proceedings and the results, which is verified to have violated paragraph 8, Article 26-3 of the Securities and Exchange Act and paragraph 1, Article 17 of the Regulations Governing Procedure for Board of Directors Meetings of Public Companies (hereinafter referred to as Procedure for Board of Directors Meetings).
/jlne.ws/3w8GHxa
Hong Kong Securities and Futures Commission Warns of Fraudulent Websites Posing as MEXC
Hope C - CoinMarketCap
Hong Kong authorities are sounding the alarm on a sophisticated scam targeting cryptocurrency investors. A fraudulent entity posing as the legitimate exchange MEXC has been luring victims via social media and siphoning off their funds.
/jlne.ws/48gjaYF
FirstEnergy Ex-C.E.O. and 2 Others Are Indicted in Bribery Scandal; Ohio's attorney general accused a former chairman of the state's Public Utilities Commission of taking more than $4.3 million in bribes from FirstEnergy executives.
J. Edward Moreno - The New York Times
Two former executives of FirstEnergy and a former public utility commissioner have been indicted in a multimillion-dollar public corruption scandal, Ohio's attorney general, Dave Yost, said on Monday. Charles Jones, who was FirstEnergy's chief executive from 2015-20, and Michael Dowling, a former vice president of external affairs at the company, are accused of paying Samuel Randazzo, a former chairman of Ohio's Public Utilities Commission, more than $4.3 million to allow the company to overcharge customers, among other offenses.
/jlne.ws/4bCTCrG
ESMA officially scraps 'hardly read' RTS 28 best execution reports; The decision follows an agreement reached by the European Union and Parliament concerning the Mifid/Mifir review in June last year.
Annabel Smith - The Trade
The European Securities and Markets Authority (ESMA) has officially scrapped RTS 28 best execution requirements following the milestone agreement reached last summer by the European Union and Parliament. In a statement released on 13 February, ESMA said it no longer expected National Competent Authorities (NCAs) to prioritise supervisory actions towards investment firms relating to the periodic reporting obligation to publish the RTS 28 reports.
/jlne.ws/48f0kRF
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Money Markets Show Impact of ECB's Liquidity Drain, BofA Says
Alice Gledhill - Bloomberg
The European Central Bank's drive to mop up trillions of euros in excess liquidity is already lifting borrowing costs in the region's funding markets, according to a Bank of America strategist. On a secured or unsecured basis, rates are likely to continue increasing for the region's lenders, as the ECB makes further headway in reversing years of easy monetary policy, strategist Ronald Man said.
/jlne.ws/3UEzXBj
Retiring baby boomers are driving a US credit-market rally
Filip De Mott - Business Insider
Sky-high demand for annuities is a leading driver behind rallying credit markets, Bloomberg reported, citing data from the life insurance trade association LIMRA. In 2023, $385 billion in annuities were sold, marking a 23% gain from the prior year and a fresh all-time record.
/jlne.ws/3OHCbfB
These Families Are Shutting Down the Bank of Mom and Dad; Parents are supporting their adult children for far longer than in prior generations, leading to tough conversations about cutting the financial cord
Veronica Dagher - The Wall Street Journal
Parents are cutting the financial cord with their adult kids later than ever. They hope it isn't awkward. The parents have been paying the monthly phone bill and covering rent for far longer than in prior generations. Some are helping their children with down payments to buy homes. Others are putting a roof over their kids' heads well into their 20s and 30s to help them save because they can't cover rising costs of living.
/jlne.ws/49dFkfh
MSCI Drops 66 Companies From China Index Amid Market Slump; The changes will take the total number of index constituents to just over 700 after years of largely adding names to the index
Tracy Qu - The Wall Street Journal
Stock market index compiler MSCI is cutting dozens of companies from its benchmark China index after a prolonged selloff and volatile trading in the world's second-largest economy. The global index compiler will remove 66 companies in sectors ranging from property and pharmaceuticals to aviation from its MSCI China Index, a quarterly review showed Monday. The deletions from the broad gauge of Chinese shares, which will take effect at the end of the month, include the likes of China Southern Airlines, Greentown China, Weibo and China Everbright Environment Group.
/jlne.ws/3SVW8Sh
C-Day Landing Is the Moment of Truth for Markets; Looking under the hood of the CPI for clues on how soon the Fed will cut rates. And is S&P 5,000 like Dow 5,000?
John Authers - Bloomberg
CPI Day is almost upon us. Within hours of receiving this, the Bureau of Labor Statistics will publish US consumer price index data for January. For some years now, this has been the most closely watched economic release on the planet, largely but not exclusively because of the influence it has on the Federal Reserve's decision-making. How much does it matter now and are we looking at the right number?
/jlne.ws/4bEm4Ju
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The power of Europe's rebellious farmers; The extraordinary concessions they won from Brussels this week illustrate their potential to reshape the bloc's politics
Alice Hancock and Andy Bounds - Financial Times
The highway from the Belgian city of Namur to Brussels suffered a traffic jam like none other last week. Around 700 tractors and 1,500 farmers blocked the road, many staying for 36 hours. It was not an isolated event. Farmers who have been protesting across the EU for several months have dramatically escalated their actions over the past few weeks, obstructing major arteries and city streets in France, Romania, Germany, Spain, Poland, the Netherlands and Latvia among other EU states.
/jlne.ws/3SWtWPa
Green jobs: ESG and sustainability skills in high demand as employers struggle to find qualified candidates; Numerous sectors are creating more green jobs, fuelled by the growth of sustainability-focused markets; Candidates who can prove their ability to effectively implement green initiatives are especially prized, a recruiter says
Martin Choi - South China Morning Post
Specialised skills and knowledge about sustainability-related business practices are in high demand as employers scramble to find qualified candidates for green jobs amid a shortage of professionals with such expertise. Knowledge and experience with reporting, climate-change adaptation and mitigation, corporate sustainability and renewable energy are among the requirements that are in short supply, leading to difficulties filling green jobs in Hong Kong and the Asia-Pacific region, said Timothy Smith, business director of sustainability with recruitment firm Hays Hong Kong.
/jlne.ws/4bAvVjs
The World Is Quietly Losing the Land It Needs to Feed Itself; Land degradation is a growing problem for not just climate change but food and water security. Why isn't it getting more attention?
Akshat Rathi - Bloomberg
The greatest threats to our existence today are caused by human activity rather than nature acting alone, according to a recent United Nations report. Many people are familiar with human contribution to climate change and perhaps also the loss of biodiversity. But there's a third environmental impact that rarely gets the attention it deserves: desertification, also known as land degradation.
/jlne.ws/3SBNsza
IEA Expects Comfortable Oil Markets, Moderate Prices in 2024
Grant Smith, Kriti Gupta and Tom Mackenzie - Bloomberg
Global oil markets should remain "comfortable" this year as new supplies satisfy demand and keep prices in check, according to the International Energy Agency. World consumption will increase by 1.2 million to 1.3 million barrels a day in 2024, a "significantly weaker" pace than last year as economic growth slows in China and elsewhere, Executive Director Fatih Birol said. This will be easily matched by swelling production from the Americas, predominantly the US, Canada, Brazil and Guyana.
/jlne.ws/3UEG2xL
Will New York State Divest From Big Oil? The manager of the state's largest pension fund is expected to decide soon whether to sell shares in Exxon, Chevron and other major oil companies.
Nicholas Kusnetz - Inside Climate News
New York State officials are poised to decide whether to sell off more than $1 billion in investments in major oil companies, in what could be one of the most consequential steps by a large institution to divest from fossil fuels. With an announcement expected within weeks, some climate activists are calling on the manager of the state's largest pension fund to blacklist ExxonMobil, Chevron and other leading oil companies from its portfolio.
/jlne.ws/42APzIf
New Texas Fossil-Fuel Power Plant Planned to Shore Up Shaky Grid
Mark Chediak - Bloomberg
/jlne.ws/3uHjNMZ
Meet the Startup Stripping Old Planes for EV Parts; There will be ample opportunity to pick apart old planes, with the number of retired aircraft set to triple over the next decade.
Danny Lee and Angus Whitley - Bloomberg
/jlne.ws/3OJpz7M
Busting myths and calls to action - a round-up of environment books; Recent titles focusing on climate change include an interrogation of claims about data and pointers for citizens to make their voice heard
Pilita Clark - Financial Times
/jlne.ws/3HWUkCf
In $100 Million Colorado River Deal, Water and Power Collide; The new owners of the water right intend to make no changes to its flow, leasing it to the hydropower plant currently using it and then sending it downstream to communities, farmers and fish in western Colorado.
Alex Hager - Community Radio for Northern Colorado
/jlne.ws/48eYbp4
Corporates face greenwashing concerns over misaligned trade association memberships
edie
/jlne.ws/3SXlDmf
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Macquarie Banker Who Earned More Than Jamie Dimon Steps Down; O'Kane was paid A$58 million last year, more than firm's CEO; Macquarie warns profit is 'substantially down' from last year
Ainsley Thomson - Bloomberg
Macquarie Group Ltd.'s powerhouse commodities head Nick O'Kane, who famously earned more than Wall Street chiefs such as JPMorgan Chase & Co.'s Jamie Dimon and Citigroup Inc.'s Jane Fraser, will step down later this month. The 28-year veteran of the firm will resign as head of commodities and global markets and from the executive committee on Feb. 27, to "pursue opportunities outside Macquarie," the bank said in a statement Tuesday.
/jlne.ws/3OGjGs0
Investors pay higher hedge fund fees for first time in a decade; Demand has been growing for multi-manager firms that charge more
Costas Mourselas - Financial Times
Investor eagerness to allocate more money to the hedge fund industry's costly mega-managers has driven up average fees for the first time in a decade. Management and performance fees fell every year between 2014 and 2023, according to a survey by BNP Paribas of 238 hedge fund investors, except for 2020 and 2021 when the French bank did not record the data, as investors pulled money from the industry following often-lacklustre returns.
/jlne.ws/3HY4Mtq
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 20 Trust-Building Strategies For A Strong, Healthy Work Culture
Forbes
Creativity and collaboration thrive in spaces where team members feel safe to speak up, share ideas and admit to their mistakes. Business leaders play a critical role in fostering a culture of trust in their organizations, which leads to stronger, more productive teams. Below, 20 members of Forbes Business Council share their best strategies for how business leaders can build and maintain a culture of trust. Follow their suggestions to achieve consistent communication and transparency as you work to build long-term trust within your organization.
/jlne.ws/3I4FDgp
People say they use recordings of random company Zoom meetings they found on YouTube to pretend they're busy at work
Kwan Wei Kevin Tan - Business Insider
People trying to dodge work and avoid small talk have been turning to an unlikely tool - pretending to be in a meeting by playing Zoom recordings they found on YouTube. In 2020 and 2021, organizations like the software company GitLab and the City of Santa Fe uploaded videos of their Zoom meetings on YouTube. Though the videos were probably meant for record-keeping purposes, some people have figured out that playing them on one's computer is a neat way to look busy.
/jlne.ws/42DFUR6
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What, Exactly, Should You Eat? Inside the $190 Million Study Trying to Find the Answer; Scientists are investigating how different people respond to different diets
Andrea Petersen -The Wall Street Journal
At a biomedical center here, there's a man scarfing down Frosted Flakes and tater tots while hooked up to an IV. His job? To help the government figure out what you should eat. That man, Kevin Elizabeth, a 28-year-old tech worker, is one of 500 Americans who will be living at scientific facilities around the country for six weeks, eating precisely selected meals and undergoing hundreds of medical tests. He is part of a new study, costing $189 million, that is one of the most ambitious nutrition research projects the National Institutes of Health has ever undertaken.
/jlne.ws/3SZmLWJ
This Valentine's Day, More People Are Saying 'I Love You'-To Themselves; Self-gifting soars, with half of U.S. adults single-and many others refusing to settle for dud presents
Suzanne Kapner - The Wall Street Journal
For some people it's easy to pick the perfect Valentine's Day gift. They're buying for themselves. Self-gifting is on the rise for Cupid's holiday as more consumers grow tired of receiving duds from their spouse or significant other, enjoy the empowerment of treating themselves or celebrate the single life. It's yet another way Feb. 14 is getting a makeover when nearly half the U.S. adult population is unmarried and many say they aren't looking for a romantic relationship.
/jlne.ws/3SVS2cZ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Latham & Watkins cuts off its Hong Kong lawyers from international databases; US law firm acts as data security laws in territory look set to be strengthened on same lines as China's
Chan Ho-him, Kaye Wiggins and Suzi Ring - Financial Times
US law firm Latham & Watkins is cutting off automatic access to its international databases for its Hong Kong-based lawyers, in a sign of how Beijing's closer control of the territory is forcing global firms to rethink the way they operate. The world's second-highest-grossing law firm has told staff that while Hong Kong will have access by default to China documents, from this month they will not be able to see other content in its international databases unless specifically given permission, according to two people with knowledge of the matter.
/jlne.ws/42zz7YN
China's 'national team' propels EM ETF flows to new record; Chinese equity funds accounted for vast majority of the new money, but foreign investors preferred ex-China vehicles
Steve Johnson - Financial Times
A wave of domestic buying by China's "national team" of large, state-affiliated institutions helped propel overall net inflows to emerging market equity exchange trade funds to record levels in January. EM equity ETFs took in $23.3bn in January, according to data from BlackRock, surpassing the previous record of $22.8bn in January 2022. However, 99 per cent of this money was pumped into ETFs listed in the Asia-Pacific region, in contrast to a more normal month such as December when 30 per cent of EM equity buying was through US-listed ETFs.
/jlne.ws/3SVTewZ
Why tens of thousands of Indian farmers are marching toward the capital in protest
Krutika Patti - Associated Press
Tens of thousands of Indian farmers are marching toward the capital to demand guaranteed crop prices, renewing a movement from two years ago that succeeded in getting the government to repeal contentious new agricultural laws. On Tuesday, police used tear gas, detained a number of farmers and heavily barricaded border points to block the protesters from entering New Delhi.
/jlne.ws/4949kKB
Australia Fossil Fuels Should Face New Climate Levy, Experts Say; Former government advisers say action can help grow economy; Nation targeting emissions cuts of 43% of 2005 levels by 2030
Ben Westcott - Bloomberg
Producers and consumers of fossil fuels in Australia, one of the world's coal and gas powerhouses, should pay a new climate levy under efforts to accelerate a transition to a greener economy, according to two former government advisers. The charge would impact more than 100 businesses and be levied on each ton of pollution at a rate equivalent to the European carbon price, Rod Sims and Ross Garnaut of the pro-climate action think tank The Superpower Institute said Wednesday.
/jlne.ws/3HYaAmB
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