| October 02, 2017 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
By JLN Staff
Today we have part 2 of our interview with the CFTC's Chief Innovation Officer Daniel Gorfine and head of the agency's new LabCFTC initiative.~JJL
Two weeks from today is our MarketsWiki Education Recruiting event at the CBOE. College students are encouraged to sign up and/or submit their resumes for consideration at our www.marketswikieducation.com website.~JJL
We are still accepting sponsors for the recruiting event, event if you can't be there. If you want access to the database of student resumes, please contact us at johnlothian@johnlothian.com.~JJL
Spread Networks LLC's new lines from Brazil to the US cost $55,000 per month, according to today's Bloomberg piece The Company That Sped Up U.S. Markets in 'Flash Boys' Is Eyeing Brazil. ~JK
CME Group's Wednesday weekly treasury options see 62 percent of volumes executed on Tuesday and Wednesday. ~SD
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The CFTC and Fintech Innovation, Part 2 - First Steps for LabCFTC
JohnLothianNews.com
"It's certainly been an incredibly powerful tool for us to utilize in just the last few months. We've met with nearly 100 different organizations and entities in that time and we're beginning to wrap our head around some of the innovations taking place within our markets."
In Part 2 of JLN's interview with Daniel Gorfine, the CFTC's chief innovation officer and head of the agency's new LabCFTC initiative, he talks about how LabCFTC will be beneficial for the industry and breaks down GuidePoint, the component of LabCFTC through which fintech companies will give feedback and engage with the agency.
Watch the video »
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The U.S. Can No Longer Afford Deficit-Increasing Tax Cuts; Compared with 1981 and 2001, revenue is down and the debt is way up as a share of GDP.
Jason Furman - WSJ
During the debt-ceiling crisis and fiscal negotiations of 2011-12, I frequently heard from business leaders about the need for a grand bargain to raise revenue and cut spending in the manner proposed by the Simpson-Bowles fiscal commission. The tax-reform proposal announced by the White House and Republican leaders last week would do the opposite, adding trillions of dollars to the debt. If the business community still believes in fiscal responsibility, now would be the time to speak up.
/goo.gl/NGXs5S
***** Ahem!~JJL
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Bridging the Week: September 25 to 29 and October 2, 2017 (Failure to Supervise Redux; Where Are the Digital Coins?; CFTC's New Enforcement Math)
Gary DeWaal - Bridging the Week
Last week, the Commodity Futures Trading Commission brought and settled two enforcement actions for failure to supervise against two separate commodity pool operators. In one case, the CPO purportedly failed to monitor the fund's bank account - a failure that the Commission claimed allowed the fund's administrator to act on fake wire transfer instructions by an unauthorized person without being caught. In the second case, the CPO supposedly did not detect the alleged spoofing trading activity of one of its employees - even after being alerted to it following the identification of such activity by a non-US exchange. Separately, the Securities and Exchange Commission filed a lawsuit against two companies and their owner for purportedly running a fraudulent initial digital coin offering that, the SEC alleged, involved no digital coins.
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Rich Men With Extreme Politics Have the Happiest Marriages; American marriages aren't what they used to be.
Ben Steverman - Bloomberg
People are being pickier about who they marry and waiting longer to tie the knot. And with half of marriages ending in divorce, it's gotten a lot easier to exit unpleasant unions. So, the state of the American marriage should be happier than ever, right?
/goo.gl/JWJx6u
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Friday's Top Three
Our top three stories from Friday were led by the Financial Times story on White House commits to ending Wall Street tax loophole. Second went to Business Insider's piece What is a stock trading? A Goldman Sachs exec explains. Third went to the Wall Street Journal's piece SEC Chairman Froze Agency's Approval of Chicago Stock Exchange Sale
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MarketsWiki Stats
108,545,369 pages viewed; 22,824 pages; 209,699 edits
MarketsWiki Statistics
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| Lead Stories | SEC Data Center Storing Market-Moving Information Had Security Flaws
Dave Michaels - WSJ
A data center holding servers for the computer system that securities regulators disclosed last week was hacked had physical security gaps that cost about $370,000 to fix, according to an audit from the agency's inspector general.
/goo.gl/N1v1Y5
Hedge Funds Ain't Dead Yet; With an improved environment for stock picking, the average hedge fund is up an average 5.4% through August
Rob Copeland - WSJ
Written off less than a year ago as overpriced and underperforming, hedge funds are pulling off an unexpected two-step this year: making money and taking in new cash.
/goo.gl/bScuLd
Nex warns on key division's profitability; Michael Spencer's fintech group says overspending on post-trade unit to hit margins
Philip Stafford - FT
Nex Group, the UK financial technology group headed by Michael Spencer, has warned on first-half profitability in a key subsidiary after spending more than it expected reshaping the unit.
/goo.gl/fbFd4f
Cryptocurrency Flash Crash Draws Scrutiny From Watchdog
Lily Katz and Matt Robinson
U.S. regulator asking Coinbase about June plunge in ether; Agency sent letter to exchange asking about margin trading A popular digital-coin exchange is drawing scrutiny from U.S. regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes.
/goo.gl/bbJ5LD
The Company That Sped Up U.S. Markets in 'Flash Boys' Is Eyeing Brazil
Brian Louis - Bloomberg
Spread Networks service uses undersea cable link to America; Network is poised to lure high-speed arbitrage traders
Spread Networks LLC was thrust into the spotlight by Michael Lewis, who wrote in his book "Flash Boys" about the company's work drilling through mountains and under parking lots to run a straighter -- and therefore faster -- fiber-optic network connecting major exchanges on the U.S. East Coast and near Chicago.
/goo.gl/5Ggnyq
Wolf of Wall Street's Jordan Belfort: 'The lessons of the crash have been forgotten'; The convicted fraudster who inspired Martin Scorsese's film of Wall Street excess is back with a new book and a warning that a big market correction is on the way
Dominic Rushe - The Guardian
The Wolf of Wall Street forgives but he never forgets. Ten years ago when I last met Jordan Belfort, convicted criminal, aspiring author and shortly to be a man at the center of a fierce bidding war for his biography, I suggested his hair was "the sort of dark brown that only passes for natural in LA". Also his skin was a little too taut and maybe he wore lifts.
/goo.gl/zucstL
Hudson River Trading Is Exploring Possible Deal to Buy Sun Trading; Deal would combine one of the largest U.S. high-frequency traders with Chicago rival
By Alexander Osipovich - WSJ
Hudson River Trading LLC, one of the largest U.S. high-speed traders, is exploring a deal to buy rival Sun Trading LLC, people familiar with the situation said, as the once-lucrative business of high-frequency trading is pressured by low volatility and rising costs.
/goo.gl/4ZcYCb
Hedge Funds Come Together to Share Cost of MiFID and Research
Suzy Waite and Nishant Kumar - Bloomberg
Funds are joining platforms to share rising cost of MiFID II; Being up to speed on rules costs $25,000-plus a year: Privium
With MiFID II looming, hedge funds are concluding there's strength in numbers.
/goo.gl/R1fgSu
FCA urged to strengthen fund board independence; Regulator weighs governance regime requiring two or more independent directors
Attracta Mooney - FT
The UK's financial watchdog is facing calls to introduce strict rules requiring independent directors to make up the majority of fund boards as fears mount that asset managers' interests are being put ahead of those of investors.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Börse's cash markets are selling EUR 117.7 billion in September
Deutsche Börse
Average daily trading volume of Xetra rose by ten percent
At the cash markets of Deutsche Börse, a total of EUR 117.7 billion was implemented in September (September 2016: EUR 109.1 billion). EUR 107.3 billion was traded on Xetra (September 2016: EUR 100.8 billion) and EUR 3.4 billion on Frankfurt Stock Exchange (September 2016: EUR 3.3 billion). At the Tradegate Exchange, sales amounted to EUR 7.0 billion (September 2016: EUR 5.0 billion).
/goo.gl/1pvDFt
New Market Datafeed gives an insight into the entire stock market book of the Irish Stock Exchange
Deutsche Börse
As of October 2017, Deutsche Börse is offering the new Mark Datafeed CEF Ultra + Irish Stock Exchange Order by Order. The latest high-performance data feed provides insight into the entire Irish Stock Exchange's visible order book and provides customers with comprehensive market data for all ISE-traded equities and ETFs.
/goo.gl/FWvqr8
Deutsche Boerse develops data feed for Irish Stock Exchange; The CEF ultra+ Irish Stock Exchange order feed provides equities and ETF data on order book.
Hayley McDowell - The Trade
Deutsche Boerse has launched a new market data feed providing access to all Irish Stock Exchange (ISE) order book equity data.
/goo.gl/vfV7v6
Nasdaq Corporate Solutions Unveils Nasdaq Boardvantage, its Next Generation Board Portal and Team Collaboration Software
GlobeNewswire
Nasdaq Corporate Solutions, a business of Nasdaq, Inc. (Nasdaq:NDAQ), today unveils its next generation board portal and team collaboration software, Nasdaq Boardvantage. Nasdaq Boardvantage is available as a web-based, tablet and mobile solution and offers enhanced governance and collaboration solutions for C-suite leadership, board members, corporate secretaries, and other corporate and private organization professionals beyond the boardroom.
/goo.gl/xgz4cz
MPs and Soccer Legends Score For A Good Cause at SGX Bull Charge Charity Futsal
SGX
The annual Singapore Exchange (SGX) Bull Charge Charity Futsal match - featuring Speaker of Parliament Tan Chuan-Jin, other Members of the Parliament and Singapore soccer legends - raised $125,250 for five beneficiaries today.
/goo.gl/RGwk8o
Trading Overview in September 2017 & First Half of Fiscal Year 2017 (April to September)
JPX
Japan Exchange Group released Trading Overview in September 2017 & First Half of Fiscal Year 2017 (April to September).
In the first half of FY2017, the daily average trading value for the TSE 1st Section (domestic common stocks) was JPY 2.6589 trillion.
In the first half of FY2017, total derivatives trading volume was 148,412,376 contracts. In terms of individual product, TOPIX Futures marked its second-highest trading volume over the same period.
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London Stock Exchange Group Plc - Total Voting Rights
Mondovisione
The following notification is made in accordance with the FCA's Disclosure Guidance and Transparency Rules.
/goo.gl/RcvGHp
The Trading Volume On The Spanish Stock Market Reached EUR42.3 Billion In September, Inline With 2016
Mondovisione
Trading volume grows 25.7% from August
In the first nine months of the year trading volume totalled EUR493 billion
The number of equity trades in September grew 5.1% from the previous month
The trading volume in MEFF in September was up almost 10% year-on-year
New admissions on MARF in September were up 51.6% on the year
/goo.gl/ryN7Yo
SIX Securities Services Goes Live With Its Trade Repository To Report Derivatives Transactions In Switzerland
Mondovisione
Today - six months after receiving approval from FINMA - the Swiss trade repository service provided by SIX Securities Services officially went live. The vast majority of the large financial counterparties in Switzerland (classified as FC+), starting their reporting obligations in the first phase today, decided in favor of the SIX Securities Services solution and are set up in the system.
/goo.gl/pSsjfK
DGCX Records Its Highest-Ever Daily Volume And Sees Growth In Euro Futures Trading Amidst Volatility Spikes
Mondovisione
The Dubai Gold and Commodities Exchange (DGCX), the region's largest and most diversified derivatives bourse, recorded its highest ever daily volume on September 27, trading 202,571 contracts with a notional value of USD 4 billion. Amidst spikes in market volatility following months of relative calm, monthly volumes also reached their highest ever in September, with 1.87 million lots transacted, and an all-time high Average Daily Volume (ADV) record of 93,604 contracts.
/goo.gl/2t3Y9M
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | IBM: International Blockchain Model of the future?
Finextra
According to a recent Juniper Research study "Blockchain Enterprise Survey", IBM is seen as the number one provider of blockchain to business, well ahead of its competitors. These results are based on a survey of 400 business users from organisations actively considering, or in the process of deploying blockchain technology. Of the surveyed 43% ranked IBM first, followed by Microsoft (20%) and Accenture.
jlne.ws/2fKSvz4
Bitcoin Bug Bites Japan and South Korea as China Clamps Down
Nathaniel Popper - NY Times
Until recently, China was a center of Bitcoin activity while the rest of Asia looked on with little interest.
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What's an Initial Coin Offering? ICOs Explained in 11 Questions
Paul Vigna - WSJ
A new method of capital raising called the initial coin offering has exploded this year. It is a process where tech startups, mainly from inside the digital-currency sector, create a new virtual coin or token and offer it for public sale. It lies somewhere between a traditional initial public stock offering and a crowdfunding. Firms raised a record $1.32 billion this way in the third quarter alone.
/goo.gl/ZydLSE
Dubai to Launch a State Issued Blockchain Based Digital Currency
Trustnodes.com
Dubai's government is to launch a cryptocurrency following a partnership between Emcredit, a subsidiary of Dubai's Department for the Economy (also known as Dubai Economy) and a UK based blockchain start-up called Object Tech Grp.
/goo.gl/ELUnqz
EFF: Stupid patents are dragging down AI and machine learning; "The patent reads like the table of contents of an intro to AI textbook."
Joe Mullin - Ars Technica
Each month, the patent lawyers at the Electronic Frontier Foundation shine a spotlight on one particular patent they believe is a drag on innovation. This month, they're looking at one of the fastest-growing sectors of technology: machine learning and artificial intelligence.
/goo.gl/cSqwYc
NEX Group Plc - Investor Teach-In And Trading Update
Mondovisione
NEX Group plc ("NEX") (NXG.L), a financial technology company at the centre of global markets, is today hosting an analyst and investor teach-in on NEX Optimisation, a division of the Group.
/goo.gl/An7pmL
NPL And QuantHouse Partner To Provide NPLTime® Precise Timing Service To Meet Demand Ahead Of MiFID II Implementation - New Distribution Agreement Signed With QuantHouse To Deliver Traceable And Accurate Timestamping To Financial Institutions
Mondivisione
NPL, the UK's National Measurement Institute, is expanding its precise timing service, NPLTime®, through a distribution agreement with QuantHouse, the independent provider of trading and infrastructure solutions and innovative market data services to the quant trading community.
/goo.gl/Mf49kP
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| Politics | | An overview of politics as it relates to the financial markets | US delivers electric shock with coal and nuclear subsidy plan; Energy proposals signal most radical industry shake-up in decades
Ed Crooks in New York - FT
A legal battle over the future of the US electricity system is looming after the Trump administration shocked the industry with proposals for new subsidies for coal-fired and nuclear power plants.
/goo.gl/iJbWBq
Donald Trump's war on trade deficit backfires
FT
The US president has made correcting the imbalance a focus of his administration. But the deficit has risen during his administration and he is partly to blame
/goo.gl/34K5by
The Link Between Economic Growth and Tax Cuts Is Tenuous; Trump administration and GOP leaders say lower rates will fuel a boom, but history suggests that isn't necessarily the case
By Kate Davidson - WSJ
The Trump administration and congressional Republicans are counting on an overhaul of the U.S. tax code to rev up the anemic U.S. economic growth rate. History suggests that isn't a sure outcome.
/goo.gl/hhvtCM
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Senate panel sets hearing for agriculture trade negotiator nominee
P.J. Huffstutter - Reuters
The Republican-led Senate Finance Committee on Thursday set an Oct. 5 confirmation hearing for Gregory Doud, President Donald Trump's nominee for the top agricultural negotiator job at the U.S. Trade Representative.
reut.rs/2xLsUvN
MiFID II to see payments for research plummet by two-thirds; Research suggests number of analysts providing services to fund managers could also halve over the next 12 months.
Hayley McDowell - The Trade
MiFID II's unbundling rules could see overall payments for investment research in the UK plummet by two-thirds over the next few years, according to research.
/goo.gl/iAogFj
HSBC fined $175m as traders use chartrooms for illicit gains; FX traders allegedly used electronic chatrooms to manipulate benchmarks and fix market prices.
Hayley McDowell - The Trade
HSBC has been fined more than $175 million in the US after its FX traders used electronic chatrooms and misused confidential customer information.
/goo.gl/rNaqum
Proposed Rule Change to Amend FINRA Rule 6121 to Reflect Recent Amendments
to the Regulation NMS Plan to Address Extraordinary Market Volatility
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA Rule 6121 (Trading Halts Due to Extraordinary Market Volatility) to reflect recent amendments to the Regulation NMS Plan to Address Extraordinary Volatility ("Plan") regarding the resumption of trading in a security subject to the Plan.
/goo.gl/gdsHQ9
FINRA Makes Available Frequently Asked Questions and Guidance and Extends Effective Date of Margin Requirements for Covered Agency Transactions
FINRA
In June 2016 the SEC approved FINRA's rule change (referred to as the "rule change") amending FINRA Rule 4210 to establish margin requirements for Covered Agency Transactions. To assist members in complying with the rule change, FINRA has made available a set of frequently asked questions and guidance. In addition, FINRA is extending, to June 25, 2018, the effective date of the requirements pursuant to the rule change that otherwise would have become effective on December 15, 2017.
/goo.gl/k7jYTz
SEC Exposes Two Initial Coin Offerings Purportedly Backed by Real Estate and Diamonds
SEC
The Securities and Exchange Commission today charged a businessman and two companies with defrauding investors in a pair of so-called initial coin offerings (ICOs) purportedly backed by investments in real estate and diamonds.
/goo.gl/CUymmu
Former Corporate Insider, Middleman Tipper, and Six Traders Charged With Insider Trading
SEC
The Securities and Exchange Commission today charged a former executive at Life Time Fitness Inc., a middleman tipper, and six traders with insider trading ahead of the announcement that the company would be purchased and taken private.
/goo.gl/NJxKNA
Fee Rate Advisory #2 for Fiscal Year 2018
SEC
When fiscal year 2018 starts on Oct. 1, 2017, the Securities and Exchange Commission will be operating under a short-term continuing resolution, and thus will not have received a regular appropriation for FY 2018.
/goo.gl/ga1vhf
Barred Broker Charged in Real Estate Investment Scheme
SEC
The Securities and Exchange Commission today charged a former broker, his company, and his business partner in an alleged real estate investment scheme utilizing high-pressure sales tactics to pilfer $6 million from retirees and other investors while using the proceeds to fund the broker's lavish lifestyle and start e-cigarette businesses.
/goo.gl/pFkpMX
IOSCO Launches World Investor Week 2017 - Securities Regulators Across The Globe Are Promoting Investor Education And Protection
Mondovisione
The International Organization of Securities Commissions (IOSCO) today launched its first World Investor Week (WIW). A bell-ringing ceremony at the Tokyo Stock Exchange marked the start of this week-long campaign to promote greater investor education and protection worldwide that will run from today, October 2nd, through October 8th.
/goo.gl/ecuiMN
ESMA: Not Enough Review Time Before MiFID II - Response From Fidessa Regulatory Expert
Mondovisione
ESMA have made a public statement that there is not enough time to review all the pre-trade transparency waivers and position limits before MiFID II comes into force on 3rd January.
/goo.gl/VbEzSC
Saudi market regulator loosens asset management rules
The Star
Saudi Arabia's markets regulator loosened its rules for licensing asset management and other investment firms on Sunday, according to a presentation by senior officials at the Capital Market Authority (CMA).
/goo.gl/WjvADm
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Wall Street investors hedge against US tax cuts; Banks buy up stocks of companies that pay highest effective rates and stand to gain most
John Authers and Nicole Bullock in New York - FT
Wall Street investors have started trying to hedge against a possible deal to cut US corporate tax rates by buying up the stocks of companies that currently pay the highest effective rates, and therefore stand to benefit the most.
/goo.gl/Cidr7b
Stock Picker Who Snared a 7,000% Hong Kong Return Eyes His Next Win
Sofia Horta E Costa and Beth Mellor - Bloomberg
Allianz GI small-cap fund manager is turning bullish on banks; 'Digital derivatives' also attractive for Allianz GI
Money manager Andrew Neville barely blinks when asked to pick his portfolio's crown jewel.
/goo.gl/38BXAg
Federal Reserve does little to shake 'buy the dip' mindset; US central bank raises expectations for December rate rise without rattling markets
Markets Insight
Mohamed El-Erian - FT
Federal Reserve officials are at it again, skilfully. Through verbal guidance, chair Janet Yellen and some of her Federal Open Market Committee colleagues managed  in a policy move reminiscent of last March, though not as extreme  to drive up market expectations of an impending interest rate rise.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Favorite to be next Fed chair believes central bank is a 'slave' to the stock market
David Reid and Patti Domm - CNBC
Kevin Warsh, the favorite to be the next chairman of the U.S. Federal Reserve, apparently believes the central bank has become a servant to the stock market after years of loose monetary policy.
/goo.gl/jSA6Pr
Mark Tucker wastes no time choosing next HSBC chief; New chairman is waiting for the UK regulator to approve the chosen candidate
Martin Arnold and Emma Dunkley - FT
Mark Tucker has wasted little time in making his mark at HSBC. Even before he took over as chairman of Europe's biggest bank by assets on Monday, the 59-year-old quickly made up his mind on who should replace Stuart Gulliver as chief executive.
/goo.gl/tGxypW
Fed Eyes Rates as Asset-Price Tool in Break With Hands-Off Past
Rich Miller - Bloomberg
Yellen says easy money policy can cause financial stability; Strategy echoes approach backed by Fed chair contender Warsh
Federal Reserve policy makers are embarking on a subtle shift in strategy with potentially big implications for investors: using interest rates as a tool to contain the knock-on effects of lofty stock and asset prices on financial stability and the economy.
/goo.gl/hLDW54
Guggenheim sought to sell more assets to Invesco; Rival looked at other retail units before settling on $1.2bn ETF business
Joe Rennison, Sujeet Indap and Kara Scannell in New York - FT
Guggenheim Partners attempted to sell its entire retail investment products division before settling on the smaller $1.2bn deal it announced on Thursday in which rival asset manager Invesco agreed to buy its exchange traded fund business.
/goo.gl/hywZuC
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Wall Street Sees 'Existential Crisis' as Venezuela Payday Nears
Ben Bartenstein - Bloomberg
Traders fear payment delay as upcoming debt lacks grace period; Default on bonds backed by Citgo would put refiner in play
Venezuelan investors are getting ready for a wild ride over the next five weeks as the government stares down $3.5 billion in debt payments.
/goo.gl/xKi6La
British banks must find £4bn extra in 'bail-in' debt by 2022 says Bank of England
Jasper Jolly - City AM
The Bank of England is tasked with protecting financial stability (Source: Getty)
The Bank of England today said it expected British banks to raise an extra £4bn by 2022 from investors who will take the hit if the lender fails, as it seeks to prevent the need for massive government bail-outs in the future.
/goo.gl/9dVN8X
China Throws Its Sinking Private Sector a Life Vest; Getting rich in the new China isn't getting any easier
Nathaniel Taplin - WSJ
It's not easy being an entrepreneur in China. A high-level document published last week by China's cabinet emphasized that entrepreneurs are important contributors to growthÂbut also that they need to be more patriotic and approach their role with the mind-set of serving society. Little wonder private investment has been weak for years.
/goo.gl/Rt7csL
Norway's Withdrawals From Sovereign Wealth Fund Now Falling Fast
Jonas O Bergman - Bloomberg
Norway's government is cutting withdrawals from its sovereign wealth at a faster clip than estimated amid rising oil prices and falling unemployment.
/goo.gl/nWFajy
Hong Kong's TideBit drawing Chinese bitcoin investors frozen out in Beijing's crackdown; Company drawing new accounts from Chinese looking to continue trading virtual currencies after mainland exchanges shut down
Amanda Lee - South China Morning Post
Hong Kong-based tech company TideBit is looking to expand its bitcoin trading operations, seeing growing demand from Chinese investors frozen out by Beijing's crackdown on the virtual currency.
/goo.gl/HnjZ6s
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Cabinet is split over how Brexit should happen, Hammond admits; Chancellor says there are differences over way UK should leave EU, but senior Tories, including Johnson, need to show unity
Peter Walker and Jessica Elgot
Philip Hammond has conceded that the cabinet is split over the implementation of Brexit and warned Boris Johnson that his interventions risk weakening the UK's negotiating position.
/goo.gl/U7nWRh
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| Miscellaneous | | Stories that don't quite fit under the other sections | Google Plans to Help News Publishers Increase Subscriptions; Search engine to end 'first click free' policy that upset industry; new subscription tools in works
Jack Nicas - WSJ
Google is rolling out a package of new policies and services to help news publishers increase subscriptions, a move likely to warm its icy relationship with some of the biggest critics of its power over the internet.
/goo.gl/sDETRB
Cher Sues Billionaire Entrepreneur Over Stock Sale; Pop star alleges she was duped into selling stake in Altor BioScience for 'fraction' of real value
Joseph Walker - WSJ
Pop star Cher alleges she was duped into selling her shares in a small biotechnology company to billionaire entrepreneur Patrick Soon-Shiong "at a fraction" of their real value, according to a civil complaint filed in Los Angeles Superior Court on Friday.
/goo.gl/co1KDh
Noble Group expects to sell oil liquids business by end-December
Reuters
Noble Group Ltd (NGL) expects to sell its oil liquids business by the end of December as part of a plan to slim down drastically and focus on its core Asian coal trading business after a crisis-wracked two years.
/goo.gl/MzR2Gh
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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