| March 17, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I am still in Sarasota, FL, my travel plans thwarted by a huge storm front that swept across the U.S. spinning 52 tornados in the Southeast states I was about to travel through to drive back to the Midwest. I decided to wait until today to depart, after the storms had passed, though there are still very strong winds on the backside of this storm. I have been in Sarasota before for St. Patrick's Day, though it was when my father was alive and playing his bagpipes in a local bar to celebrate the holiday. Those were magical days.
There is a terrific story from New York Magazine about Shayne Coplan, the founder of Polymarket. If you don't know his story and how Polymarket was started, then you might be eligible to be a juror for any upcoming trials he has. His approach is to innovate first, ignore or worry about the regulations later.
In a recent speech at the Department of Justice, former President Donald Trump accused media outlets like CNN and MSNBC of being corrupt and illegal, suggesting their actions should be investigated, The Hill reported. He claimed these networks act as political arms of the Democratic Party, influencing judges and changing laws through coordinated reporting. Trump argued that such media behavior should be deemed illegal and stopped. His remarks, which also included attacks on the Biden administration and claims of political persecution, reflect ongoing tensions between the White House and the press, including a dispute with The Associated Press over access and editorial choices. Another story on the same theme is the Trump Administration dismantling the Voice of America and replacing some broadcasts with music. Where have I heard this kind of thing before?
So much for the First Amendment.
France24 reported that French MEP Raphael Glucksmann has called for the return of the Statue of Liberty, arguing that the U.S. no longer upholds the values that led France to give it to us in 1886. Speaking at a convention, Glucksmann criticized President Donald Trump's administration for siding with authoritarian regimes, cutting funding for research, and dismissing scientists. He suggested that if the U.S. no longer values scientific freedom and innovation, France would gladly welcome the affected researchers. He also condemned far-right figures in France for supporting Trump and Elon Musk's cost-cutting policies. Paris already has a smaller replica of the statue on the Seine.
Here are the headlines from in front of FOW's paywall from some recent stories:
Nearly nine in ten listed firms use over-the-counter derivatives - ISDA, CME Group adds Solana to cryptocurrency futures market - FOW Data, ANALYSIS: ElectronX targets gap in US power futures market and ANALYSIS: CME builds traction in alternative contracts amid US equity volatility
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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Our most read stories from our previous edition of JLN Options were:
- How options markets and leveraged ETFs could be driving Friday's stock-market rebound from MarketWatch.
- Volatility's Next Act: Could Recession Fears Finally Push the VIX Through 40? from tastylive.
- Beyond 60/40: Using Options-Based Strategies in Portfolios from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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The Fiscal, Economic, and Distributional Effects of 20% Tariffs on China and 25% Tariffs on Canada and Mexico
The Budget Lab - Yale University
The Trump Administration has announced that this week they will institute the previously-paused 25% tariffs on Canada and Mexico, as well as levy an additional 10% broad tariff on all Chinese imports. This would come on top of the 10% China tariff that went into effect February 1. This analysis presents the fiscal and economic effects of all tariffs announced by the second Trump Administration to date, assuming the new China, Canada, and Mexico tariffs go into effect as scheduled this week. This comprised a 20% total tariff on Chinese imports (the February 1 10% plus this week's 10%) and the 25% on Canada and Mexico. The Budget Lab (TBL) modeled these tariffs under two assumptions: "limited retaliation", in which the only retaliatory tariffs are those announced by China as of February 28, and "full retaliation", where each of the three countries responds tit-for-tat with matching tariffs on each commodity. TBL's methodology largely follows prior tariff analysis.
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***** From the article, here is the tl;dr: "The price level rises by 1.0-1.2%, the equivalent of an average per household consumer loss of $1,600-2,000 in 2024$. Real GDP growth is 0.6 lower in 2025. In the long-run, the US economy is persistently 0.3-0.4% smaller, the equivalent of $80-110 billion annually in 2024$." ~JB
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USAID Cuts Imperil Free Press, Human-Rights Advocacy in Autocracies
Kateryna Chursina, Jim Wyss, and Katarina Hoije - Bloomberg
The demise of the US Agency for International Development is sapping billions of dollars of funding for health and social programs that will be difficult for the world to replace. But it's also leaving behind a complicated legacy as a promoter of American values abroad. Donald Trump and his efficiency czar Elon Musk made USAID an early target of their cost-cutting campaign in part because the president is prioritizing domestic issues over international support. The agency funded journalistic outlets, human-rights groups and anticorruption efforts that critics at home and abroad argued were unnecessary interventions in other countries' affairs.
/jlne.ws/41v6JH3
****** We need free press for free markets. It is as simple as that.~JJL
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Trump Calls Biden Pardons 'Void' Because of Autopen Usage
Gregory Korte and Jennifer A Dlouhy - Bloomberg
US President Donald Trump said his predecessor's 11th-hour pardons of members of Congress who investigated the January 6 insurrection were "void, vacant and of no further force or effect," signaling his administration may attempt to upend more than a century of law and practice for presidential pardons. In a statement on his Truth Social platform just after midnight Monday Washington time, Trump said the pardons were void because Joe Biden signed them with an autopen. His comments follow similar arguments from the conservative Heritage Foundation that Biden used an autopen based on seemingly identical signatures found on several Biden documents. Trump in his Truth Social post did not present any evidence. The pardon power has long been considered one of the most absolute powers a president has - and courts have been reluctant to put any limits on how they're granted. While Trump acknowledged the courts should ultimately decide on the validity of the pardons, his comments open the possibility that the Justice Department may attempt to prosecute some of the president's biggest political adversaries.
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***** So much for the Constitution.~JJL
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What if Ukraine decides to fight on without America? Although Kyiv has agreed to a potential ceasefire, most people in the country expect the war to continue and retain the will to keep battling
Alec Russell, Ben Hall and Christopher Miller - Financial Times
Oleh Kiper, the governor of Ukraine's Odesa region, is bone-tired - and with good reason. Three years after Russia's full-scale invasion, the Black Sea port, traditionally the beating heart of the Ukrainian economy, is miraculously functioning, with ships slipping in and out. But it is a shadow of its former bustling self and the city is still facing relentless night-time attacks by Russian missiles and drones. "They hit our energy sector all the time," says Kiper. "A lot of power stations have been damaged. We need better air defences but we don't have enough. And the enemy are continuously upgrading their drones."
/jlne.ws/4bH8p52
***** One way or another, Ukraine will fight on.~JJL
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Friday's Top Three
Our top story Friday was LaSalle Street office tower hits the market at a tough time, about 190 S. LaSalle Street, the former home of the infamous Russ Wasendorf Sr.'s Peregrine Financial Group, from Crain's Chicago Business. Second was Wall Street Goes All In on Great Crypto Comeback Fueled by Trump, from Bloomberg. Third was From London to New York via Switzerland: the booming trade in gold bars, from the Financial Times.
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| Lead Stories | Shayne Coplan's Big Bet Is Paying Off; He upended political polling by creating the billion-dollar betting platform Polymarket. But is it legal?
Jen Wieczner - New York Magazine
At 6 a.m. on Wednesday, November 13, eight FBI agents in black windbreakers burst through the door of Shayne Coplan's Soho apartment with a battering ram, surprising him and his girlfriend in bed. They seized his phone from the bedside table but wouldn't let him touch it, not even to unlock it, lest he destroy evidence that might criminally implicate him or his company, Polymarket, the popular betting platform that over a week before had set off celebrations at Mar-a-Lago when it showed Donald Trump winning the presidential election well before the networks did. After grabbing both his and his girlfriend's devices, the FBI spent hours sifting through his belongings and eclectic art collection. Coplan popped up on X later that day to write, "new phone, who dis?"
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Robinhood Unveils Prediction Markets Hub for US Retail Traders
Paige Smith - Bloomberg
Robinhood Markets Inc. is unveiling a hub inside its popular app for retail traders to bet on the likelihood of certain event outcomes. Prediction markets have grown in popularity among investors, spurred on by the surge of wagers ahead of the November US presidential race where Robinhood customers could bet on election outcomes. Last month, the company rolled out - and then quickly rescinded - sports-event contracts, with the Super Bowl specifically in mind.
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Darker Than a Dark Pool? Welcome to Wall Street's 'Private Rooms'; A new kind of gated stock venue is emerging amid the historic shift of trading away from US public exchanges.
Katherine Doherty - Bloomberg
Wall Street's infamous dark pools are getting even darker. A decade after being engulfed by a controversy that culminated in multiple enforcement actions and a regulator clampdown, these off-exchange trading platforms are touting a way to buy and sell stocks that's even more opaque. They're offering what are dubbed private rooms, gated venues that take the core benefit of a dark pool - the ability to hide big equity deals so they won't impact prices - and add exclusivity, specifying exactly who can partake in any trade.
/jlne.ws/3FyJ2q1
India's Options Trading Curbs Drive Speculators Out of Market
Chiranjivi Chakraborty and Savio Shetty - Bloomberg
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. India's retail options trading activity has plunged to a three-year low, marking an early victory for the nation's market regulator after it imposed strict measures late last year to rein in the frenzy in derivatives. The 30-day rolling average of options contracts traded by individual investors on the National Stock Exchange has declined 77% since the first set of curbs by the Securities and Exchange Board of India took effect in November, according to data compiled by Bloomberg. The number of derivatives traders also slumped to the lowest in 17 months in January, latest data showed, while turnover on major exchanges nosedived.
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DLT and digital contracts for market data: Has the hammer found the nail? Waters Wrap: A new platform that a custom-made DLT underpins is coming to market. Anthony examines its merits and, surprisingly, finds a lot.
Anthony Malakian - Waters Technology
Alan Ross has spent the last three decades working in market data. He's served in several senior roles at Reuters and then Thomson Reuters. He's held management positions at JP Morgan and Deutsche Bank. And from 2011 until December 2021, he worked at UBS, rising up to global head of market data services. When it comes to market data, Alan Ross knows the pain points that end-users face daily. A while back, an idea started rattling around in his head. The topic of data contracts is certainly not the
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OCC Reappoints Six Board Members, Names Robert Hocking as Special Advisor to the Chairman
OCC
OCC, the world's largest equity derivatives clearing organization, today announced the reappointment of Public Directors Mark Dehnert and Susan Lester, Member Directors Stuart Bourne (Bank of America), Alicia Crighton (Goldman Sachs), and Boudewijn Duinstra (ABN AMRO Clearing, US), and Management Director Andrej Bolkovic. These reappointments are subject to approval at OCC's Annual Stockholder meeting on April 10, 2025. In conjunction with OCC's long term strategic and Board succession planning efforts, OCC also named Robert Hocking as Special Advisor to Chairman Craig Donohue. In this new role, Hocking will work closely with Donohue on board governance and organizational strategy.
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How A.I. Companies Are Turning Into Energy Companies
Karen Weise, Laura Bult, James Surdam and Ramon Dompor - The New York Times (video)
The race to build the best artificial intelligence products is resulting in a worldwide search for new energy sources to power tech giants' data centers. Karen Weise, a technology correspondent for The New York Times, describes how these A.I.-specific data centers are more power-intensive and how tech companies are investing in new ways to bring more electricity to the grid.
/jlne.ws/4i9URS1
Managed futures hedge fund ETF launches in Europe; The momentum-surfing vehicles have taken off in the US with investors seeking the potential of uncorrelated returns
Steve Johnson - Financial Times
Europe's only exchange traded fund that aims to replicate the performance of the managed futures hedge fund industry, but for a fraction of the cost, starts trading today. The move comes amid growing interest in the strategy. BlackRock launched a managed futures ETF in the US last week, becoming the biggest-name player in the "liquid alternatives" sector, while fellow industry heavyweights Invesco and Fidelity have also filed to launch "trend-following" managed futures ETFs in the US.
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Social Security Employees Warn of Damage From DOGE; Current and former employees, both Republican and Democratic, are raising alarms about the damage cost-cutting efforts could do to the agency's ability to serve the public.
Tara Siegel Bernard - The New York Times
When Eleanor H., 66, called the Social Security Administration last month seeking details about her retirement benefits, she didn't expect to comfort the representative who answered. The woman started sobbing. "I asked her what was wrong, and she said she and her co-workers were informed by email to accept a taxable $20,000 payout or risk termination," said Eleanor, who lives in New Jersey (she asked to use only her first name out of privacy concerns). The rep still answered all of Eleanor's questions. "Through her tears she said, 'What am I going to do?'"
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'Give us back the Statue of Liberty'-France wants sculpture back, says U.S. no longer shares its values
AFP via Fortune
France should take back the Statue of Liberty because the US no longer represents the values that led France to offer the statue, a French Euro-deputy said Sunday.
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Eggs Are So Expensive People Are Smuggling Them in From Mexico; The contraband is yet another sign of how far consumers will go to battle soaring prices
Jeanne Whalen - The Wall Street Journal
The 64 pounds of meth stuffed into the seats and spare tire of a pickup truck caught the attention of border agents in El Paso, Texas, who seized the drugs last month. But it was the trays of eggs that really alarmed them. As egg prices soar in the U.S., travelers have been stocking up on cheaper supplies in Mexico and, to some degree, Canada. The U.S. Department of Agriculture bans such imports because eggs not inspected through official channels can spread disease. So-called egg interceptions are up 36% nationwide so far this fiscal year, compared with the previous year, according to U.S. Customs and Border Protection.
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US listings often fail to boost European companies' valuations; FT analysis finds that while liquidity usually improves, adding a New York listing does not always boost multiples or coverage
Nikou Asgari and Patrick Mathurin - Financial Times
European companies that have added a US listing often do not see an uplift to their valuations, the Financial Times has found, in a challenge to some executives' claims that a New York stock market presence is a sure-fire route to higher share prices. An analysis of 12 European-listed companies that have added US listings since 2016 - including Ferguson, CRH and Flutter Entertainment - found that, in half of cases, valuations fell, while in a number of cases there was no uptick in the number of analysts following the stock. However, two-thirds of the companies did enjoy greater liquidity in their shares after the move.
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Big oil gathers in Texas - but beneath the bravado, Trump-induced anxiety; Energy summit in Houston makes clear US is nowhere close to curbing fossil fuels, but tariffs are causing disquiet
Dharna Noor - The Guardian
This week, the world's most influential fossil-fuels conference, which has been dubbed the "Coachella of oil", featured an industry displaying outward glee but barely managing to conceal its anxiety. As recently as last year, sustainability was a major focus at the annual Houston convention, known as CeraWeek, with fossil-fuel companies touting climate plans. But in the wake of Donald Trump's re-election, the industry is undergoing a vibe shift, forgoing talk of the energy transition and instead parroting the president's focus on energy "dominance".
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Putin Allows Some Western Funds to Sell Russian Securities
Yuliya Fedorinova - Bloomberg
President Vladimir Putin allowed some international funds including American ones to sell Russian securities, a day before planned talks with President Donald Trump on a possible ceasefire in the war on Ukraine. Putin is allowing the US-registered 683 Capital Partners LP to buy securities of Russian companies that were owned by about a dozen western asset-management and hedge funds, according to a presidential decree published Monday. Franklin Advisers Inc., Templeton Asset Management Ltd. and Baillie Gifford Overseas Ltd. were among funds that received the right to sell assets. The decree also empowered two Russian entities to conduct transactions with 683 Capital Partners related to these securities. The Kremlin didn't provide any additional information.
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Odey Banned From UK Finance Industry for 'Lack of Integrity'; FCA finds Crispin Odey is not a 'fit and proper person'; Financier intends to challenge the ruling in Upper Tribunal
Jonathan Browning - Bloomberg
Crispin Odey was fined £1.8 million ($2.3 million) and banned by the UK's financial regulator for showing a "reckless disregard" for governance at his former investment fund. The Financial Conduct Authority said in a statement Odey's conduct demonstrated that he was not a "fit and proper person" to work in the financial services industry after he moved to frustrate a disciplinary hearing into his own conduct in late 2021.
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Lutnick Puts Cantor's Bankers 'A Few Laps' Ahead in Trump Era
Todd Gillespie - Bloomberg
Big believers in crypto toasted their good fortune and tucked into the lobster salad at Le Bernardin, the luxurious power restaurant in Midtown Manhattan. Their host last Tuesday: Cantor Fitzgerald LP, longtime realm of Howard Lutnick, who's now down in Washington serving as Donald Trump's crypto-loving Commerce secretary. Michael Novogratz, self-styled "Forrest Gump of Bitcoin," and the Winklevoss twins, Cameron and Tyler, all attended the private dinner with Cantor. Paolo Ardoino, mastermind of the controversial Tether "stablecoin" - on his first ever trip to the US after earlier fearing arrest - was also among the cryptocurrency leaders who'd turned up.
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Investors seek to profit from Russia as Trump pursues rapprochement; Hedge funds and brokers eye the country's corporate bonds and the rouble
Joseph Cotterill - Financial Times
Investors are turning to sanctions-proof bets on Russian bonds and the rouble to wager that Donald Trump's rapprochement with Vladimir Putin will send a wave of capital back into Russia's economy. Hedge funds and brokers have been scoping out how to trade Russian assets that have been shunned by the west but which they believe could rally sharply if the US president relaxes sanctions as part of a deal to broker a ceasefire in Russia's war against Ukraine, investors and traders said.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Trade War With Europe Puts $9.5 Trillion at Risk, U.S. Firms Say; Damage could ripple far beyond whiskey and Champagne, American business group warns
Kim Mackrael - The Wall Street Journal
The escalating trade war between the U.S. and Europe threatens a commercial relationship that is worth an estimated $9.5 trillion in two-way trade and investment, say American businesses caught in the crossfire. The American Chamber of Commerce to the European Union, which represents U.S. companies that operate in Europe, said tariffs risk damaging far more than just sales of goods that are directly taxed. They could also harm trans-Atlantic investments, which are more than three times as valuable.
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'I'm a little angry': Canadian firms boycott US products
Sam Gruet - BBC News
Three words that are now a common presence on Canadian shelves, after Donald Trump's tariffs sparked a trade war with the US's northern neighbour. In Canada the economic measures against it have been met with a wave of patriotism, with some consumers and businesses boycotting American products. Others with operations in the US face a choice - ride out the uncertainty or bring their enterprise back home. "Right now, I'm a little angry. I don't want to invest in American companies," says Joanna Goodman, owner of Au Lit Fine Linens, a Toronto-based bedding and nightwear company. "It's about having your eggs in one basket. And right now, that basket is very reckless and very precarious," she continues.
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Trump's Trade Salvos Test Nerves of Central Bankers
Craig Stirling - Bloomberg
An anxious sense of wait-and-see may emerge from central banks in the coming week, in their first collective assessment of how President Donald Trump's trade policies are impacting the world economy. While officials from Washington to London and Tokyo have already set borrowing costs once since the US president entered the White House in January, those decisions preceded a marked escalation in his rhetoric and measures against neighbors, allies and competitors alike.
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Canadians were urged to boycott travel to the US in response to tariffs - and numbers suggest they listened
Thibault Spirlet - INSIDER
Canadians are pulling back on travel to the US amid a scrap between the two nations over tariffs first imposed by President Donald Trump. According to Statistics Canada data released Monday, the number of Canadians driving to the US fell 23% in February compared with the same month last year, marking the second consecutive monthly decline and the second decline observed since March 2021.
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Fear and resignation after 'world's most powerful company' pays Trump a $100 billion 'protection fee'
John Liu and Wayne Chang - CNN
It was a surprise ceremony at the White House presided over by President Donald Trump to unveil a $100 billion investment from what he called the world's most powerful company, Taiwan Semiconductor Manufacturing Company (TSMC). But nearly 8,000 miles away, the mood was far from celebratory. Instead, the shock announcement last week has reignited fears in Taiwan about losing its crown jewel, its world-beating semiconductor industry, to the US due to political pressure. The island democracy's former President Ma Ying-jeou wasted no time in accusing the ruling Democratic Progressive Party (DPP) of "selling TSMC" to Trump as a "protection fee."
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Trump Says Both Reciprocal and Sectoral Tariffs Coming April 2
Jennifer A Dlouhy - Bloomberg
President Donald Trump said he would be imposing both broad reciprocal tariffs and additional sector-specific tariffs on April 2. Trump told reporters aboard Air Force One that "in certain cases, both" types of levies would be placed on foreign goods imported to the US. "They charge us and we charge them and then in addition to that on autos on steel on aluminum we are going to have additional tariffs," Trump said on Sunday. The remarks signal that Trump plans to press ahead with a more aggressive tariff regime, despite initial moves roiling financial markets and straining alliances.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Trump says he will talk with Putin about 'dividing up certain assets' in Ukraine on Tuesday
Chris Megerian and The Associated Press via Fortune
President Donald Trump said he would speak to Russian President Vladimir Putin on Tuesday as he pushes to end the war in Ukraine.
/jlne.ws/4kUcffa
The US Has Turned Its Back on Its Past. Now What?; Lech Walesa schools Donald Trump on how American presidents should act.
Max Hastings - Bloomberg Opinion
Whatever happens to Ukraine and Gaza, to markets, to Canada and the Atlantic alliance, global trust in the Trump-ruled US is irrecoverable even if fear persists indefinitely. In 1969, Richard Nixon failed to frighten the North Vietnamese into making a quick peace through propagation of his "madman theory" - that he was capable of anything if they failed to yield - because they didn't believe he was mad.
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NATO Chief Says Russia Relations Should Be Restored Post War
Annmarie Hordern and Andrea Palasciano - Bloomberg
NATO Secretary General Mark Rutte said relations with Russia should eventually be normalized once the fighting ends in Ukraine, while stressing the need to keep pressure on Moscow to ensure progress in ceasefire negotiations. "It's normal if the war would have stopped for Europe somehow, step by step, and also for the US, step by step, to restore normal relations with Russia," Rutte said in an interview on Bloomberg TV Friday. "But we are absolutely not there yet, we have to maintain the pressure on them" to guarantee that Russia takes the negotiations seriously, he said.
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Putin says Ukrainians face choice of 'surrender or die' as Russia tightens squeeze in Kursk
Vladimir Soldatkin and Mark Trevelyan - Reuters
President Vladimir Putin said on Thursday that Russia had trapped the remaining Ukrainian soldiers in its western Kursk region, where they have clung on for more than seven months in one of the key battles of the war. A day after instructing his top commanders to complete the ejection of Ukrainian forces as fast as possible, Putin told a news conference that the situation in Kursk was "completely under our control, and the group that invaded our territory is in isolation". Ukraine's top commander denied this week that his men were being encircled, but said they were adopting better defensive positions. Its general staff said on Thursday that five Russian attacks had been repelled and clashes were continuing in four locations.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Expands Credit Products with High Yield Duration-Hedged Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced the first day of trading in High Yield Duration-Hedged Credit futures, its fourth contract based on Bloomberg corporate bond indexes. The new product enables investors to manage credit exposure with greater precision as demand for fixed income hedging tools continues to grow.
/jlne.ws/4ieZIkW
BME implements new reform to bolster Spanish settlement system; The move, coordinated by Iberclear, aims to harmonise the Spanish market with European standards.
Wesley Bray - The Trade
BME has announced a reform to Spain's securities settlement system to improve efficiency, align the Spanish market with European standards, and prepare it for the T+1 settlement cycle by 2027. Coordinated by Iberclear, the new settlement model has come into force following the approval of Law 6/2023, on Securities Markets and Investment Services, and Royal Decree 814/2023.
/jlne.ws/3FKk0Eg
BME boosts the efficiency of the Spanish Settlement System with the implementation of a new Reform
BME-X
A new era in the Spanish post-trade system. The new Iberclear Settlement process has come into force following the approval of Law 6/2023 (March 17), on Securities Markets and Investment Services, and Royal Decree 814/2023 (November 8). The Reform marks a new milestone in the harmonisation of the Spanish market with European standards. The law includes the elimination of the obligation for the Central Securities Depository to have an Information System for the supervision of trading, clearing, settlement, and registration of negotiable securities (PTI or Post-Trading Interface), as a mandatory element for the traceability of operations on negotiable securities from trading to their final settlement.
/jlne.ws/4idtKW4
JSE Kicks Off Annual Virtual Trading Game and Investment Challenge to Enhance Financial Literacy
JSE
These engaging educational programmes, tailored for university students and high school learners, as well as the South African public, provide participants with the invaluable opportunity to acquire real-world investing and trading knowledge and skills. Participants have the opportunity to immerse themselves in a dynamic simulated trading environment, with top performers standing the chance to win a series of amazing prizes. This year, the JSE's long standing Investment Challenge heads into its 52nd year with the continued goal of fostering financial literacy among South Africa's high school learners and university students.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Clear Street partners with Blue Ocean Technologies to enable 24/6 trading; Partnership follows a string of similar moves from venues including Nasdaq, NYSE and Cboe Global Markets, who plan to extend trading hours on their respective platforms.
Wesley Bray - The Trade
Clear Street has entered a connectivity partnership with Blue Ocean Technologies to expand its market services for after-hours trading. The firm has expanded to 24-hour, 6-day trading capabilities to further enhance liquidity access and risk management for its global client base. The development follows the launch of Clear Street's OCC Cross-Margin, enabling futures and options traders to consolidate margin requirements and improve capital efficiency.
/jlne.ws/4hfFJ4g
Klarna, nearing IPO, plucks lucrative Walmart fintech partnership from rival Affirm
Hugh Son - CNBC
Swedish fintech firm Klarna will be the exclusive provider of buy now, pay later loans for Walmart, taking a coveted partnership away from rival Affirm, CNBC has learned. Klarna, which just disclosed its intention to go public in the U.S., will provide loans to Walmart customers in stores and online through the retailer's majority-owned fintech startup OnePay, according to people with knowledge of the situation who declined to be identified speaking about the partnership.
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Monopoly, The Game That Mimics An Economy With No Credit, Goes Fintech
Ann Rutledge - Forbes
The iconic, 91-year-old game Monopoly is the ultimate refresher course for economic lessons we forgot or never learned. Owned by the American toy company Hasbro, Monopoly is licensed to 113 countries and printed in 46 languages around the globe. Its popularity derives from creating vivid, universally valid experiences of how the zero-sum game financial economy--the economy that lacks organized credit markets--ruins lives.
/jlne.ws/4kWTzeE
Jim Cramer's SoFi (SOFI) Strategy: FinTech Giant or Overhyped?
Dionysis Partsinevelos - Yahoo Finance
We recently published a list of Was Jim Cramer Right About These 13 Stocks?. In this article, we are going to take a look at where SoFi Technologies, Inc. (NASDAQ:SOFI) stands against other stocks that Jim Cramer discussed. During the latest episode of Mad Money, Jim Cramer focused on the recent market volatility and the reasons behind it. He explained that the reason behind this volatility is the escalating trade war with Canada. Here's how he explained the situation:
/jlne.ws/3Recy6U
Data center build-out stokes fears of overburdening biggest US grid
Laila Kearney - Reuters
The rapid development of AI data centers is intensifying concerns about how well an aging U.S. electrical grid can hold up to that demand, energy executives and regulators said at the CERAWeek conference in Houston this week. The build-out of Big Tech's giant computer warehouses, which at a single site can consume as much power as a mid-sized U.S. city, is propelling U.S. electricity consumption to record highs. Government agencies project data center demand will triple within the next three years, consuming 12% of the entire U.S. power supply.
/jlne.ws/4byqNgr
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| Cybersecurity | | Top stories for cybersecurity | Officials warn against dangerous Medusa ransomware attacks. Here's how to stay protected.
Ashley Ferrer and Thao Nguyen - USA TODAY
Federal cybersecurity agencies and the FBI have warned the public against a dangerous ransomware scheme that has affected hundreds of people. The FBI, Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) issued a joint cybersecurity advisory last week to share information about Medusa ransomware. The advisory is part of CISA's ongoing #StopRansomware initiative, which flags ransomware variants and threat actors, as well as their observed tactics, techniques, and procedures.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Leak Reveals Russia Is Quietly Priming Bitcoin And Crypto For A Price Bombshell
Billy Bambrough - Forbes
Bitcoin and cryptocurrencies have been embraced by world leaders in recent years, with U.S. president Donald Trump reportedly planning to buy up huge swathes of bitcoin. The bitcoin price has surged to around $80,000 per bitcoin, up from around $50,000 this time last year, though one legendary trader's prescient bitcoin price prediction has forecast a huge shift has already begun.
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Abu Dhabi's $2 Billion Binance Deal Signals Growing Crypto Ambitions
Adveith Nair - Bloomberg
Abu Dhabi's MGX made a significant foray into crypto last week, snapping up a minority stake in Binance for $2 billion. While that marked the artificial intelligence fund's first deal in the sector, the United Arab Emirates' oil-rich capital has been quietly making inroads. Mubadala, one of the city's three main wealth funds and a backer of MGX, disclosed a position in BlackRock's iShares Bitcoin Trust exchange traded fund last month - one of its biggest new buys in the final quarter of 2024. And in January, another wealth fund, ADQ, led a $16 million investment into a firm that helps large companies build and embed crypto wallets in their operations and applications.
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Crypto market's biggest risks in 2025: US recession, circular crypto economy; While analysts foresee Bitcoin reaching $180,000 by late 2025, Tezos' co-founder warns that crypto's circular economy poses a significant risk.
Zoltan Vardai - CoinTelegraph
While most analysts expect the crypto bull cycle to continue until the end of 2025, concerns over an economic recession in the United States, along with crypto's "circular" economy, may still threaten crypto valuations. Despite the recent market correction, most crypto analysts expect the bull cycle to peak after the third quarter of 2025, with Bitcoin price predictions ranging from $160,000 to above $180,000.
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David Sacks sold $200 million in crypto-related holdings before taking White House job, ethics memo says
MacKenzie Sigalos - CNBC
David Sacks, the Trump administration's AI and crypto czar, sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job, according to a memo from the White House. Of the the assets sold, the documents said that at least $85 million "is directly attributable to Sacks." The memo, from White House counsel David Warrington, added that Craft remains an investor in some other funds that have digital assets in their portfolios.
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In Pursuit of the Bitcoin God Years of studying Satoshi Nakamoto led me to a new prime suspect. What if crypto's creator is just a jerk?
Benjamin Wallace - New York Magazine
If Satoshi Nakamoto, the pseudonymous inventor of Bitcoin, was who I believed him to be, he was not going to acknowledge it. He probably wouldn't talk to me. And seeing him was going to mean sitting on a plane for 20 hours and driving another eight. But I needed to try to have a conversation with him, and it had to be face-to-face. Nakamoto had disappeared in the spring of 2011. I learned about him that summer, when I wrote one of the first magazine feature articles about Bitcoin, the internet-based currency that operates beyond the control of a government or bank. Twelve years later, Bitcoin's creator remained unknown and his enormous, multibillion-dollar fortune untouched. The modern history of science supplied no precedent for someone who brought a revolutionary technology into the world without taking credit, or spending a penny of the billions of dollars it earned him.
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Top Trump official's crypto ties raise red flags as the administration touts digital assets
Allison Morrow - CNN
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Crypto Exchange OKX Suspends DeFi Service After EU Scrutiny
Sidhartha Shukla - Bloomberg
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Brooklyn man's Seinfeld joke turns out to be multi-million dollar scam
Michael Loria - USA TODAY
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Strategy Buys More Bitcoin After Announcing Preferred Offering
Dave Liedtka - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | The GOP's Fears About Musk Are Growing
Russell Berman - The Atlantic
Representative Richard Hudson has a bold prediction for how Donald Trump and Elon Musk's purge of the federal government will play out for his party in next year's elections. "I think voters are going to reward us," the North Carolina Republican told me. "The Democrats have made a huge miscalculation by establishing themselves as the party defending waste, fraud, and abuse." As chair of the National Republican Congressional Committee (NRCC), Hudson is tasked with keeping the GOP in power, and his enthusiasm suggests that the party leadership won't be backing away from Musk and his Department of Government Efficiency anytime soon. When I asked Hudson whether he had any concerns about DOGE or its billi
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As Voice of America Goes Dark, Some Broadcasts Are Replaced by Music; President Trump's executive order on Friday calling for the dismantling of the federal agency that oversees the broadcaster is part of a wider campaign to weaken the news media.
David Enrich - The New York Times
For more than 80 years, Voice of America transmitted the news into countries, many of them authoritarian, where reliable sources of information about the outside world were often hard to come by. Now those broadcasts - long viewed as an important part of U.S. efforts to promote democracy and transparency overseas - are flickering out.
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The Office That Won the Cold War, RIP; Hegseth shuts the Office of Net Assessment for no good reason.
The Editorial Board - The Wall Street Journal
The Trump Administration is bulldozing departments across the federal government, and few warrant a requiem. But a brief word on the dismantling of a little-known Pentagon office that helped America win the Cold War. The Pentagon said late last week that Defense Secretary Pete Hegseth had ordered "the disestablishment of the Office of Net Assessment," sometimes referred to as the Defense Department's internal think tank. The staff will be reassigned, a brief Pentagon statement said, and some new iteration will emerge "in alignment with the Department's strategic priorities."
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Trump administration touts deportations under Alien Enemies Act after a judge temporarily blocked its use; Administration officials said they expect the fight over using the wartime act to ultimately head to the Supreme Court.
Megan Lebowitz, Julia Ainsley, Gary Grumbach and Nnamdi Egwuonwu - NBC News
Trump administration officials Sunday announced the deportations of hundreds of immigrants the White House alleges are members of a Venezuelan gang to El Salvador under the wartime Alien Enemies Act after a judge temporarily blocked the effort Saturday. "The president invoked this authority to deport nearly 300 of them who are now in El Salvador, where they will be behind bars where they belong, rather than roaming freely in American communities," White House press secretary Karoline Leavitt said in an interview on Fox News' "Sunday Morning Futures."
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Elon Musk Has an Efficiency Problem; The modern-day doge could learn a few lessons on governance from medieval Genoa and Giuseppe Verdi.
Tobin Harshaw - Bloomberg Opinion
Spare Us the Cutter
Almost as soon as we found out that Elon Musk would be running a job-slashing entity with the nifty acronym DOGE, the wags in the press flooded us with hackneyed analogies between the richest man in the world and the former leaders of the richest republic of medieval Europe, the city-state of Venice. From 697 to 1797, Venetians elected, through an almost unfathomably intricate process1, a doge: a lifetime position charged with keeping the oligarchy fat and happy.
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New Prime Minister Mark Carney vows Canada will 'never, ever' be part of the US as he seeks alliances in Europe
Rob Gillies and The Associated Press via Fortune
New Canadian Prime Minister Mark Carney is heading to Paris and London on Monday to seek alliances as he deals with U.S. President Donald Trump's attacks on Canada's sovereignty and economy.
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Reeves to meet regulators in drive to cut red tape
Charlotte Edwards and Esyllt Carr - BBC News
Measures to speed up economic growth are set to be discussed in a meeting of industry regulators with the chancellor on Monday. Rachel Reeves is expected to outline more plans for cutting the cost of regulation, including environmental measures, as well as scrapping some bodies in their entirety. It comes as the Organisation for Economic Co-operation and Development (OECD) cut its UK growth forecast for 2025 and 2026 as it downgraded prospects for the global economy because of worries over the mounting trade war.
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Carney Tries to Pull France, UK Closer With More Tariffs Coming From Trump
Brian Platt and Samy Adghirni - Bloomberg
Mark Carney used his first international trip as Canada's prime minister to pitch a closer alliance with European allies as the country aims to reduce its dependence on an increasingly antagonistic US. Standing beside French President Emmanuel Macron in Paris, Carney said Canada must deepen its trade and security ties with the democratic nations of Europe. "I want to ensure that France and the whole of Europe works enthusiastically with Canada, the most European of non-European countries," he said.
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Europe's Elon Musk Problem; He and other tech oligarchs are making it impossible to conduct free and fair elections anywhere.
Anne Applebaum - The Atlantic
During an American election, a rich man can hand out $1 million checks to prospective voters. Companies and people can use secretly funded "dark money" nonprofits to donate unlimited money, anonymously, to super PACs, which can then spend it on advertising campaigns. PodÂcasters, partisans, or anyone, really, can tell outrageous, incendiary lies about a candidate. They can boost those falsehoods through targeted online advertising. No special courts or election rules can stop the disinformation from spreading before voters see it. The court of public opinion, which over the past decade has seen and heard everything, no longer cares. U.S. elections are now a political Las Vegas: Anything goes.
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How Venezuela's Maduro Is Testing Trump; Caracas restarts repatriation flights in hopes of getting sanctions relief it doesn't deserve.
Mary Anastasia O'Grady - The Wall Street Journal (opinion)
A Venezuelan military patrol ship sailed into Guyanese waters on March 1 and approached an ExxonMobil offshore platform. There was no physical confrontation. But Venezuelan dictator Nicolas Maduro's intention to harass the American oil company was unmistakable. Guyana said it "condemned" the action "in the strongest possible terms." The State Department called the move by Venezuela "unacceptable and a clear violation of Guyana's internationally-recognized maritime territory." It added: "Further provocation will result in consequences for the Maduro regime. The United States reaffirms its support for Guyana's territorial integrity and the 1899 arbitral award."
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Republican legislation seeks to ban Chinese nationals from studying in the US
Fu Ting - Associated Press
A group of House Republicans on Friday put forward legislation seeking to prevent Chinese students from studying in American schools, as some U.S. lawmakers are targeting China over national security concerns. Rep. Riley Moore, R-W.Va., introduced the bill that could bar Chinese nationals from receiving visas that allow foreigners to travel to the U.S. to study or participate in exchange visitor programs. Five other Republicans co-sponsored the measure.
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| Regulation & Enforcement | | Stories about regulation and the law. | 'Italian vendetta': SEC targeted by triumphant crypto industry; The industry's pushback reflects the hostile reality facing federal agencies and workers today - one that Trump has openly welcomed.
Declan Harty - Politico
The cryptocurrency industry endured a legal onslaught from the Securities and Exchange Commission - and won. Now, some of its biggest names are firing back at the Wall Street regulator.
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SEC Extends Compliance Dates for Amendments to Investment Company Names Rule
SEC
The Securities and Exchange Commission today announced a six-month extension of the compliance dates for amendments adopted in September 2023 to the Investment Company Act "Names Rule," which addresses fund names likely to mislead investors about a fund's investments and risks. The compliance date for larger fund groups is extended from Dec. 11, 2025, to June 11, 2026, and the compliance date for smaller fund groups is extended from June 11, 2026, to Dec. 11, 2026.
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SEC Charges Foreign Traders in International Insider Trading Scheme
SEC
On March 4, 2025, the Securities and Exchange Commission filed charges against German national, Eamma Safi, and Singaporean national, Zhi "Josh" Ge, for their alleged involvement in an international insider trading scheme that generated millions of dollars in illicit profits from trading in advance of market-moving announcements between 2017 and 2024.
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SEC Files Settled Fraud Charges against Massachusetts Resident
SEC
On March 13, 2025, the Securities and Exchange Commission charged Tewksbury, Massachusetts resident Jonathan Webb for defrauding investors in a securities offering that included low-income cemetery employees. Webb has agreed to settle the case and to pay almost $400,000 in monetary relief.
/jlne.ws/3FLNNwj
Update for investors in the First Guardian Master Fund
ASIC
ASIC has applied to the Federal Court for the appointment of liquidators to Falcon Capital Limited (Falcon), the responsible entity for the First Guardian Master Fund (First Guardian), and for orders directing the liquidators to wind up First Guardian. ASIC is also seeking the appointment of a receiver and manager to the personal property of one of Falcon's directors, David Anderson. This action follows previous action that ASIC took in February 2025 to help protect investor funds while an investigation is continuing. On 24 February 2025, the Federal Court made orders freezing the assets of Falcon, First Guardian and Mr Anderson (25-027MR).
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ASIC announces action against 17 SMSF auditors
ASIC
During the second half of 2024, ASIC took action against the registration of 17 approved self-managed superannuation fund (SMSF) auditors. This is in addition to the announcement that ASIC suspended 3 high-volume auditors in October, 2024 (24-241MR).
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ESMA and Bank of England conclude a revised MoU in respect of UK-based CCPs under EMIR
ESMA
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Consultation: Proposed reporting, audit and assurance exemptions for schemes in wind-up
FMA
We are considering a class exemption to provide relief from certain reporting, audit and assurance obligations under the Financial Markets Conduct Act 2013 and the Financial Markets Conduct Regulations 2014 for registered Managed Investment Schemes that are in wind-up.
During wind-up, a scheme's objectives and priorities shift. The cost of complying with some reporting, audit and assurance obligations may outweigh the benefits of compliance where the original purpose of the obligation will not be met (or will only be partially met).
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FCA decides to fine and ban Robin Crispin Odey
FCA UK
Mr Odey has referred his Decision Notice to the Upper Tribunal where he and the FCA will present their cases. Any findings in the Decision Notice are therefore provisional and reflect the FCA's belief as to what occurred and how it considers his behaviour should be characterised. The FCA has decided to fine Crispin Odey of Odey Asset Management LLP (OAM) £1.8m and ban him from the UK financial services industry for a lack of integrity. The FCA considers that Mr Odey deliberately sought to frustrate OAM's disciplinary processes into his conduct to protect his own interests. Mr Odey showed reckless disregard for OAM's governance, causing OAM to breach certain regulatory requirements. In addition, the FCA considers that Mr Odey's behaviour towards both OAM and the FCA lacked candour. The FCA considers Mr Odey's conduct demonstrated that he is not a fit and proper person to perform any function related to regulated activities.
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The Japan-Bermuda bilateral meeting on insurance
FSA
On 12 March 2025, the representatives from the Japan Financial Services Agency, and the Bermuda Monetary Authority held an in-person bilateral meeting in Tokyo. The authorities exchanged views on insurance related matters, including regulatory updates.
/jlne.ws/41TXmAP
Statement on SFC 2025/2026 budget
SFC
In response to media enquiries regarding the proposed remuneration adjustments set out in the Securities and Futures Commission's (SFC) 2025/2026 budget, the SFC would like to reiterate that the proposal is subject to the approval of the SFC Board. No final decision has been made. Faced with the challenges to Hong Kong's financial markets in recent years, the SFC has adopted a prudent financial policy approach entailing identifying new sources of income, minimising expenditure and lowering cost, as well as optimising efficiency.
/jlne.ws/4kwCzfe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Ride Out the Market Turmoil? Not These Investors.; Some people are shifting their investment strategies as the stock market sours on President Trump, despite advice to maintain their savings and wait out the angst.
Danielle Kaye - The New York Times
After the dot-com bubble burst in the early 2000s, Lars Staack decided to play it safe and invest his retirement savings in S&P 500 index funds, which are diversified and carry lower risk than owning individual stocks. It was a strategy that brought him peace of mind for more than two decades - until President Trump was elected in November. As he reviewed Mr. Trump's comments in support of sweeping tariffs, Mr. Staack, 62, who retired two years ago, became increasingly uneasy about the savings he planned to use for the rest of his retirement.
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The Market Made You Rich. Now Stay That Way
Merryn Somerset Webb - Bloomberg
You got rich. Now stay rich. If you've invested in the same things most people have over the last decade, you will have done very well. You might even be rich. Sure, the last few weeks might have felt bad-the S&P 500 is down close to 10% from its peak and around 8% in the last month. The Nasdaq is down around 12% in the last month and the MSCI World Index has lost in the neighborhood of 7%. But go back just six months and these indices are all but flat. Go back a year and they're still firmly in positive territory (up 7.2%, 7.3% and 6.4% respectively). Over five years they have all made investors a lot of money-the MSCI World is up 110% in that time.
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Ramelius Plans to Buy Spartan, Valuing Gold Explorer Around $1.5 Billion; The board of Spartan has unanimously recommended the company's shareholders support the deal
Rhiannon Hoyle - The Wall Street Journal
Ramelius Resources wants to acquire Spartan Resources to create a larger gold-mining company that's more appealing to investors, in a deal that values Spartan around 2.4 billion Australian dollars (US$1.5 billion). Ramelius proposes paying 25 Australian cents in cash and 0.6957 of a new Ramelius share for each Spartan share, the companies said in a joint statement on Monday. The implied value of A$1.78 per share is an 11% premium to the gold explorer's closing price of A$1.60 on Friday.
/jlne.ws/4bT7rT6
World's Biggest Stock Rout Deepens as Thai Market Rescue Falters
John Cheng and Anuchit Nguyen - Bloomberg
An ambitious campaign to revive Thailand's battered stock market is falling flat, as entrenched pessimism about the economy accelerates a foreign funds exodus. Seven months after $4.5 billion was newly injected into the Vayupak Fund, analysts have been left perplexed by how little it's helped the benchmark SET Index. The stock gauge has tumbled more than 16% this year, making it the world's worst performer among 92 indexes tracked by Bloomberg. Over the past 12 months, foreigners pulled out $4.2 billion, the most across Southeast Asia.
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Why it might get worse for US stocks
Financial Times
Uncertainty over Trump policy will soon hit the economy with few short-term catalysts for a turnaround
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Wind and Solar Firms Have a Pitch for Trump: 'You're Going to Need Us'; Electricity demand is soaring and gas-burning power plants are in short supply. The renewable industry sees an opening - even if Washington is souring on green energy.
Brad Plumer - The New York Times
As President Trump works to blunt the growth of wind and solar power and expand fossil fuel production in the United States, the renewable energy industry is making a new pitch: You need us. Wind and solar developers are increasingly pointing out that America's demand for electricity is soaring, driven by a boom in data centers, and it's proving difficult to build enough new gas plants to supply all the extra power that the nation needs.
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Line 5, a Trump donor, is profiting off a pipeline deal threatening pollution; Trump administration accused of 'quid pro quo' for fast-tracking controversial fossil fuel proposal in Michigan
Tom Perkins - The Guardian
Donald Trump's administration is being accused by activists of a quid pro quo as it attempts to fast-track a controversial fossil fuel pipeline proposal in Michigan that would in part be built by a donor with deep financial ties to the president. While Canadian oil giant Enbridge owns the Line 5 oil and gas pipeline that it is attempting to replace in the Great Lakes region, the contractor is Tim Barnard, who, along with his wife, gave $1m to Trump's campaign last year, Federal Election Commission records show.
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Europe's Green Deal Has Been a Raw Deal for Farmers; The EU's leaders should learn from their mistakes, rather than sacrificing the environment.
Mark Whitehouse - Bloomberg
When the European Union embarked on its Green Deal, Paule Lucht had good reason to believe that the initiative would benefit his family's small organic farm, located in the former East German state of Saxony. The Luchts generate solar energy, grow diverse crops, make space for fauna to flourish, use no chemical fertilizers or pesticides, and sell locally - all crucial for supporting biodiversity and combating climate change. Yet when new green rules for agriculture started to take effect in 2023, his faith gave way to frustration - driving him to join a surging protest movement that threatened to shift Europe's politics in a dangerous direction.
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The Oil Industry Is Over a Half-Empty Barrel; Delight over Trump's election has passed for executives worried about falling prices.
Javier Blas - Bloomberg
"Remember: The Barrel Is Always Half Full." That's the message on a huge electronic billboard in Midland, Texas, the capital of the US shale oil revolution. The meaning is clear: Throughout booms and busts, American oilmen should always look to a brighter future. Yet, that upbeat spirit is nowhere to be seen today. Overwhelmingly, the industry sees the barrel as half empty. "There's a lot less optimism," Scott Sheffield, a shale pioneer, told me in Houston last week during CERAWeek by S&P Global, the annual gathering of the American energy industry.
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Trump's Science Cuts Have Thrown the Research World Into Chaos; Firing federal workers and freezing grants are upending a world-class system the US has built since World War II.
Zahra Hirji, Jessica Nix, Lauren Rosenthal, and Janet Lorin - Bloomberg
Harvard University is imposing a temporary freeze on hiring faculty. Columbia University is grappling with cuts to $400 million in federal funding. California Institute of Technology is leaving postdoctoral positions unfilled. A University of Washington researcher is wondering about a climate and health grant after a government site was taken offline. These are just some of the disruptions that resulted from President Donald Trump's sweeping changes to the federal government. Though the private sector has historically provided more funding for research and development in the US, experts say, Trump's mass firings and freezing of billions of dollars appropriated by Congress could have ripple effects on the US scientific enterprise for years to come.
/jlne.ws/4kzbJmM
Brazil Has a $125 Billion Plan to Make COP30 a Rare Climate Success; The host of the next UN climate summit is launching a massive investment fund for forestry as part of a grand vision for future multilateral action on global warming.
Martha Viotti Beck and Simone Iglesias - Bloomberg
Brazil plans to launch an ambitious $125 billion fund to protect tropical forests when it hosts the COP30 climate summit this November. The investment vehicle is part of a broad strategy to turn the talks into action after a US withdrawal from climate diplomacy threatens to slow progress. Discussions are advanced and some countries have already expressed interest in joining the list of anchor contributors, including Germany, France, United Arab Emirates and Singapore, according to Rafael Dubeux, executive-secretary at Brazil's finance ministry. The new fund should be ready to receive contributions by the time the summit starts in the city of Belém, Dubeux said.
/jlne.ws/4hiWGL8
Scrutiny for Florida Agencies Charged with Managing Treasured Waters Sparks Unease; The proposed legislation comes as Gov. Ron DeSantis initiates a DOGE-like cost-cutting effort and suggests Florida should take over Everglades restoration from the federal government.
Amy Green - Inside Climate News
The state agencies charged with managing Florida's treasured and troubled waterways, from world-renowned springs in the north to the vast Everglades in the south, would face greater scrutiny under a measure introduced in the Legislature this session. Florida's five water management districts, their boundaries defined by the regions they serve, are responsible for water supply and conservation and flood control in this low-lying peninsula of a state. Explosive population growth has pressured fragile freshwater resources here, as have hotter temperatures, rising seas and more intense storms as the global climate warms.
/jlne.ws/4ivlC31
Peruvian farmer takes Germany's RWE to court in landmark climate case
Riham Alkousaa - Reuters
A Peruvian farmer who says German energy giant RWE's emissions have contributed to the melting of Andean glaciers, increasing the flood risk to his home, took his case to court on Monday in a hearing that could set a precedent for climate litigation. The case, which began a decade ago and is now being heard in Hamm in Germany, could deliver a landmark ruling if the court holds the company accountable for past emissions and requires it to help fund climate adaptation for affected communities.
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UBS Purges DEI From Annual Report Amid Trump's Backlash
Paula Doenecke and Noele Illien - Bloomberg
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US multinationals purge website references to climate change
Financial Times
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The Prime Suspect Behind California's Eaton Fire: A 'Zombie' Power Line; An investigation by utility Southern California Edison is increasingly focused on whether a decommissioned line was re-energized, sparking the deadly blaze
Katherine Blunt - The Wall Street Journal
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Asia's green jet fuel ambitions exceed demand, heralding exports
Trixie Sher Li Yap - Reuters
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS's auditor warns over bank's financial reporting controls
Stefania Spezzati and Tommy Reggiori Wilkes - Reuters
UBS's auditors have expressed an "adverse opinion" on the bank's internal controls over its financial reporting for 2024 after it failed to resolve issues related to misstatements inherited from Credit Suisse, the Swiss lender said on Monday. An adverse opinion - a rare rebuke for a global bank - is generally understood to be a warning to investors that indicates that a company's financial statements could be misrepresented, misstated, and do not accurately reflect its financial performance and health.
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UBS Awards CEO Ermotti $17 Million Amid Political Scrutiny
Noele Illien - Bloomberg
UBS Group AG awarded Chief Executive Officer Sergio Ermotti just under 15 million Swiss francs ($17 million) for 2024, keeping his compensation below the maximum possible at a time of heightened scrutiny in Switzerland over bankers' pay. Ermotti's package includes 2.8 million francs in fixed and 12.1 million francs in variable compensation, UBS said in its annual report on Monday. Under rules adjusted last year, executive board members can receive bonus pay of up to 7 times fixed compensation.
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Banks That Saw $3,000 Gold Coming Are Staying Bullish for Now
Yvonne Yue Li, Mark Burton, and Jack Ryan - Bloomberg
Bank of America Corp., Citigroup Inc. and Macquarie Group Ltd. have been vocal cheerleaders for gold during a breakneck rally that has taken prices to record highs above $3,000 an ounce. With anxiety about the global economy growing, they see plenty of reasons to stay bullish. Gold has been on the charge since late 2022, with elevated central-bank purchases and a buying spree in China causing prices to almost double in a little over two years. Now, it is bullion's time-tested status as a haven asset that's drawing investor interest.
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Bank of America Tightens Oversight of Junior Bankers' Hours; The bank also eliminated around 150 junior investment banking roles last week
Alexander Saeedy - The Wall Street Journal
Bank of America says it is stepping up its oversight of young bankers' workloads, the firm's latest change since the death of an employee working 100-hour weeks sparked an outcry across Wall Street. The bank previously relied on midlevel employees on one-year rotations to assign work to its thousands of junior investment bankers. One of their responsibilities was supposed to be ensuring young bankers aren't overworked. But the midlevel employees weren't always provided incentive or equipped to enforce limits, according to people who work at the bank.
/jlne.ws/4iWf4KQ
Morning Coffee: "It's worse than COVID" as banks interview, but don't hire. What if Trump imposes tariffs on money?
Sarah Butcher - efinancial careers
A refrain of the past few years has been the complaint that wary of making mistakes, banks have taken longer to make hiring decisions. The hope in 2025 was that this would come to an end as dealmaking returned and banks were compelled to hire once more. This has not come to pass. Speaking to Business Insider, Brianne Sterling, head of the investment-banking recruiting practice at Selby Jennings, said banks have been interviewing, but they haven't been hiring because - once again - they are delaying recruitment until fairer times when the market (hopefully) improves. "I think we will still see hiring," said Sterling, hopefully. "I just don't think it'll be as aggressive or as much volume as we initially anticipated, but we'll see how the year goes."
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Job Seekers Hit Wall of Salary Deflation; The salary bump that people who switch jobs used to command has vanished
Katherine Bindley and Lynn Cook - The Wall Street Journal
It used to pay to switch jobs. Now it doesn't. The salary difference between those who stay in their roles and those who change jobs has collapsed to its lowest level in 10 years, according to the latest federal data. Job stayers increased their wages by about 4.6% in January and February. Meanwhile, those who switched jobs received only slightly more at 4.8%. That gap has narrowed considerably since the start of 2023, when job switchers could fetch an average salary bump of 7.7%, compared with job stayers' 5.5%.
/jlne.ws/3DIU6Ak
Why political uncertainty is a career-defining moment for aspiring CEOs
Ruth Umoh and Lily Mae Lazarus - Fortune
Companies are urgently seeking strategies to mitigate the impact of President Donald Trump's recent tariffs. From ServiceNow CEO Bill McDermott to JPMorgan's Jamie Dimon, top executives are sounding the alarm on current political uncertainty. "Business doesn't like uncertainty, capital markets don't like uncertainty, and there is a lot of uncertainty," McDermott told the Wall Street Journal, echoing Dimon's remarks to Semafor: "Uncertainty is not a good thing."
/jlne.ws/41WLUnU
Gen Z Is Taking 'Micro-Retirement.' Don't Laugh; Young workers have rebranded sabbaticals - and they may be onto something.
Erin Lowry - Bloomberg Opinion
Gen Z has been in the workforce just long enough to want out. Well, at least temporarily. The concept of a micro-retirement has started to trend (again) on social media, which makes it seem as if an entire generation of twenty-somethings wants to take an adult gap year. Is this a rebranding of the more well-known sabbatical? Yes, with a couple of noteworthy caveats: Micro-retirement isn't employer-granted - say goodbye to pay while you're away or a guaranteed job upon return - and it's meant to be more of a routine lifestyle choice to combat burnout and pursue personal passions.
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The Unintended Consequences of Trump's Firing Spree; From veterans hospitals to national parks, rapid cuts to federal workers are eating into services
Lindsay Ellis - The Wall Street Journal
At Veterans Affairs facilities in Detroit and Denver, staff reductions have led to canceled health programs and left homeless veterans without their dedicated coordinator to help them find an apartment and line up a deposit. In Alabama, job cuts at the Education Department have slowed efforts to get disabled children access to classrooms. And in California, Yosemite National Park paused new reservations for more than 500 campsites during peak summer months because of staffing uncertainty. An unprecedented effort to shrink the federal labor force is impeding work at government sites across the country and spawning unintended consequences for services Americans rely on.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Measles Cases Are Climbing; Who Needs Another Shot?; Most of us are protected, but some may need a booster. Here's who should check.
Sumathi Reddy - The Wall Street Journal
Most U.S. measles cases this year are from an outbreak in West Texas, largely in unvaccinated people. As measles cases proliferate across the country, more people are asking: Do I need a booster? Booster fatigue is real in some circles, post-Covid. Rest assured, the short answer for most of us is no, you probably don't need a measles booster unless you live in an area with an outbreak. But there's no harm in getting one if you only had one shot or are unsure of your status. First, let's back up. A measles booster is getting the measles, mumps and rubella, or MMR vaccine, again. In late 1989 U.S. health agencies started recommending that children receive two doses of the vaccine: the first around age 1 and a second when children are between 4 to 6 years old. Two doses makes you 97% protected against measles.
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Goodbye, church ... Hello, Wellness Industrial Complex!
Brittany Luse, Liam McBain, Neena Pathak, Barton Girdwood and Veralyn Williams - NPR
America is a deeply spiritual nation. Over 70% of us say that we feel spiritual in some way. But - at the same time - we're getting less religious. So for people who are spiritual-but-not-religious - what's replacing organized religion? What do they believe - and where does that show up in their day-to-day lives? In our new series called Losing My Religion, It's Been a Minute is going to find out.
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RFK Jr thinks government should send 'addicts' to tech-free 'wellness farms' and grow organic food
Gustaf Kilander - AOL
Independent presidential candidate Robert F Kennedy Jr has said he wants to create tech-free "wellness farms" for those struggling with addiction to "reparent" them away from using both legal and illegal drugs. The anti-vaccine conspiracy theorist took part in a live recording of the Latino Capitalist podcast during a virtual "Latino Town Hall" last week when he shared his idea for new addiction treatment programs for "addicts" using opiates, but also antidepressants, and ADHD medication.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Grangemouth: A new dawn for the home of UK's oldest oil refinery?
Kevin Keane - BBC Scotland
There is both concern and optimism about the Grangemouth site's long-term future
The history of Grangemouth has been built on fossil fuels - but now its future depends on its reinvention as Scotland's green energy industrial hub.The site, on the south bank of the Firth of Forth, is home to the UK's oldest oil refinery, which dates back to 1924. It is being closed down by owner Petroineos, with the loss of 400 of the 2,000 jobs which are based at the sprawling industrial complex. The Scottish and UK governments have funded a report - known as Project Willow - into the options for the site, which is expected to be published in the coming days.
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Europe needs 'big bang moment' to boost investment, says Deutsche Borse chief
Financial Times
Stephan Leithner says EU should take advantage of investors switching into region's markets away from US as tariff concerns grow
on.ft.com/3XQAi4M
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| Miscellaneous | | Stories that don't quite fit under the other sections | Jeffrey Epstein's Background Was a Mystery, Jes Staley Says
Harry Wilson - Bloomberg
Jes Staley said many details of his former friend Jeffrey Epstein's life were a mystery, even after knowing him for more than a decade. "I really didn't know how much money he had," Staley said in a London court, in his fourth and final day of testimony in an attempt to overturn a lifetime ban from the UK finance industry. "His actual banking business was not something that I was aware of."
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