| October 31, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Happy Halloween!
Yesterday after we published JLN, the family of Patrick Birley shared an obituary for him and we published it to JohnLothianNews.com. You can find it HERE.
Bloomberg has a story about how "Wall Street Raked in $1.7 Billion in Fees From NYC Pensions Last Year," which seems a lot, and is. It was a $150 million increase from the year before on the pension's $253.3 billion in assets. That is the kind of number that leads to increased pitchfork sales.
The headline of the Financial Times editorial board's The FT View this morning is "The catastrophe unfolding in Gaza", with the subheading "Israel must stop the bombing, and allow more aid into the besieged strip."
The Washington Post published a story yesterday titled "Why are some people so afraid of clowns?" The fear of clowns is called "coulrophobia." The story says, "A first-of-its-kind study helps explain our fear of the white-faced, red-nosed jokesters."
I am not afraid of clowns. I grew up going to the Shrine Circus in Chicago for my birthday every year and the clown unit for Medinah Temple would perform at the circus. I was used to seeing older men in grease paint and oversized clothing. I also grew up watching Bozo the clown on television in Chicago. My parents took me and my brother to Bozo's Circus at WGN TV when we were kids and I later conducted a merit badge class at WGN with a fellow Scouter who worked there and was able to visit the Bozo studio again.
There was the clown/serial killer in Chicago who did ruin the whole clown thing for a later generation, and Steven King and other writers have not helped the situation.
In fact, I had a scary story I would tell the Scouts on campout, particularly when we were close to a train tracks, about a clown gone mad after a train accident killed all his fellow clowns. It used to scare some of the Scouts to the point they had to leave and go to their tents. One of my Eagle Scouts, who is an Assistant Scoutmaster for the troop, carries on the tradition to tell the story of Captain Chuckles, the murderous mad clown.
I am getting ready for a new Apple laptop in the new year. My current version is from 2019, so it will be five years old, which is when I normally replace my laptops. Another determination is whether I can read any of the keys anymore. The A, S, D and C keys are completely worn off from my work producing this newsletter on the laptop. Luckily muscle memory reminds me where those keys are located. The good news for me is that Apple has come out with new iMacs and MacBook Pros with new Apple manufactured M3 chips that boost performance and graphics horsepower. Bloomberg has the story of the new offerings from Apple.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
"Chicago Doesn't Own Its Own Streets" is the latest episode of Climate Town, a program of Climate Changemakers. This episode explains the infamous and rushed parking meter deal Chicago made in 2008 in which the city's 36,000 parking meters and its parking spaces were leased for $1.16 billion to Morgan Stanley and a group of investors including the Amir of Abu Dhabi. We learn from this video how this 75-year deal makes it difficult for Chicago to adapt to climate change because the city has to pay Morgan Stanley back for "lost revenue" anytime it changes the parking infrastructure. This has affected changes to bus routes to ease traffic congestion; restaurants planning more curbside eateries; and the potential for electric car charging stations. Chicago's car-centric city must remain so for more than 60 years - until 2084 - even as other cities are becoming more pedestrian friendly. Climate Town is informative and entertaining. View the Chicago episode here. ~SAED
Our most read stories yesterday on JLN Options were:
- Crude oil sees new short sales as interest rates rise from Reuters.
- Volatility Is Picking Up. Don't Rush Into Low-Vol ETFs. from Barron's.
- Miami International Holdings Appoints Kelli Annequin as Chief Marketing Officer from MIAX. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Patrick Birley, obituary
JohnLothianNews.com
Patrick Birley, the former CEO of NEX Exchange, LCH.Clearnet, the Climate Exchange and SAFEX and devoted father to his three daughters, passed away on 25 October.
Read the article »
++++
What a third world war would mean for investors
The Economist
Europe had been moving towards the slaughterhouse for years, and by 1914 a conflict was all but inevitable-that, at least, is the argument often made in hindsight. Yet at the time, as Niall Ferguson, a historian, noted in a paper published in 2008, it did not feel that way to investors. For them, the first world war came as a shock. Until the week before it erupted, prices in the bond, currency and money markets barely budged. Then all hell broke loose. "The City has seen in a flash the meaning of war," wrote this newspaper on August 1st 1914.
/jlne.ws/3tSd2XX
***** War gives meaning to losing everything.~JJL
++++
Miami International Holdings Appoints Kelli Annequin as Chief Marketing Officer
Miami International Holdings, Inc.
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), MIAX Sapphire, LLC (MIAX SapphireTM), Minneapolis Grain Exchange, LLC (MGEXTM), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading, LLC (Dorman Trading), today announced that Kelli Annequin has joined the company as Chief Marketing Officer. In this newly created position, Ms. Annequin will oversee MIH's global marketing and branding functions to support the company's business goals.
/jlne.ws/46RHpfQ
****** I was in a Zoom meeting with Kelli when this news came out and she did not say a thing, Congratulations, Kelli.~JJL
++++
Why many scientists are now saying climate change is an all-out 'emergency'; Escalating rhetoric comes as new study shows there's just six years left to keep global warming to 1.5 degrees Celsius at current CO2 emissions rate.
Shannon Osaka - The Washington Post
Bill Ripple had never been an activist. The Oregon State University ecologist had spent his career wandering through the hills and canyons of Yellowstone National Park, tracking the health of wolves and other large carnivores. Nor was he particularly outspoken: As a college student, he was so concerned about taking a debate class that he considered dropping out and returning to his family farm.
/jlne.ws/3s47Vne
***** Are you there yet? When will you be there?~JJL
++++
US daylight saving time: When is it and why was it created?
Josie Kao - Reuters
As countries including the United States, Canada and Cuba prepare to set clocks back an hour on Nov. 5 as daylight saving time ends, debate is once again emerging in the U.S. over whether and how to end this practice. Here is everything you need to know about daylight saving time and the arguments to end it.
/jlne.ws/3QhVMTB
****** I wish I could save time. I only seem to waste it.~JJL
++++
Friday's Top Three
Our top story Friday was The Wall Street Journal's Hedge Fund Two Sigma Is Hit by Trading Scandal. Second was Fortune's The 'great wealth transfer' isn't $72 trillion but $129 trillion, BofA says-and the government gave most of it to baby boomers. Third was The Wall Street Journal's The Hunt for Crypto's Most Famous Fugitive. 'Everyone Is Looking for Me,' about Do Kwon, the creator of TerraUSD and Luna.
++++
|
|  | | | |
 | |
| Lead Stories | Texting: Wall Street's Latest Dilemma; The challenges of enforcing regulations against the use of off-channel communications have gone beyond encrypted apps such as WhatsApp, industry participants say
Mengqi Sun - The Wall Street Journal
Wall Street firms are facing a problem that is growing more difficult by the day: how to capture staff communications as required by regulators while the ways their employees talk to each other keep changing. On one hand, the Securities and Exchange Commission has been cracking down on so-called off-channel communications, where employees use personal devices and banned apps to send business-related messages that rules say must be recorded. On the other hand, the ways people communicate have changed since the regulations were first enacted, with almost everyone texting about almost everything these days.
/jlne.ws/47eDZDw
A Year After FTX, Crypto Market Makers Adapt to Survive; Volumes are still down 50%, despite slight recovery in October; Some firms are reducing exposure, others are diversifying
Suvashree Ghosh and Olga Kharif - Bloomberg
Almost one year after the collapse of Alameda Research, the trading firm at the heart of Sam Bankman-Fried's failed cryptocurrency empire, market making in digital assets is still struggling to make a significant comeback. While trading volumes were boosted by a rally last week that saw Bitcoin jump nearly 16%, they still have a long way to go before recovering to their pre-crypto winter days. Volumes were up this month for the first time since June, but are down 50% from the days prior to the bankruptcy of Bankman-Fried's exchange FTX in November 2022, according to CCData.
/jlne.ws/47flWwX
UK pushes ahead with plans to regulate crypto market; Ministers seek to strengthen oversight of stablecoins, bringing rules in line with traditional financial services
Nikou Asgari - Financial Times
The UK is pushing ahead with plans to regulate the crypto industry, starting with stablecoins, as it seeks to strengthen oversight of the digital assets market. The Treasury on Monday published its response to a consultation on the future of crypto industry rules, which comes as the government tries to bolster protections for investors while also attracting investment in digital tokens to London.
/jlne.ws/477sy0q
The world needs a better cross-border payments network; Linking the multitude of systems would make transferring money cheaper, faster and more transparent
Fabio Panetta - Financial Times
In recent decades, the world has witnessed a remarkable surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. Global payments are expected to rocket from $190tn in 2023 to a staggering $290tn by 2030, according to one study. Despite such spectacular growth, cross-border payments remain prohibitively expensive and sluggish, leaving the most vulnerable behind. Fees for international payments currently average 1.5 per cent for corporates and as much as 6.3 per cent for remittances. And it can take up to several days for these payments to reach their recipient.
/jlne.ws/3s77kBc
Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy
Jacob Shamsian - Business Insider
As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. According to prosecutors, Bankman-Fried violated a slew of criminal fraud and money-laundering laws by stealing money from customers on FTX, the cryptocurrency exchange he ran that was once valued at $32 billion.
/jlne.ws/45VNRBl
Sam Bankman-Fried Plays the Hits, Maybe for One Last Time
Mark Milian - Bloomberg
Context is everything. During his short reign as crypto's most famous billionaire, Sam Bankman-Fried regaled audiences at conferences, in television interviews and on podcasts with the same stories of a charmed upbringing and his discoveries of incredible financial opportunities. He trotted them out again, and perhaps for one last time, for a jury that'll decide whether he'll go to prison.
/jlne.ws/3QiaYjy
Bankman-Fried Trial Renews Conjecture About Alameda's Tether Ties; Alameda was the largest non-exchange customer of Tether; Wallets connected to FTX sent $3.9 billion in USDT to Tether
Emily Nicolle - Bloomberg
As the trial of FTX co-founder Sam Bankman-Fried unfolds, the relationship between his exchange's trading outfit Alameda Research and stablecoin issuer Tether is under the microscope of crypto sleuths. Alameda was Tether's largest non-exchange customer between 2020 and 2022, with blockchain data showing it received almost $40 billion in transfers of its stablecoin USDT directly from the company - equal to roughly 20% of all USDT tokens ever issued.
/jlne.ws/3QhVKej
Sam Bankman-Fried grilled over what he told the public about FTX and Alameda; Former crypto boss pressed by prosecutors in criminal trial over statements about the two entities before their collapse
Joshua Oliver and Joe Miller - Financial Times
Sam Bankman-Fried faced an onslaught of questions on Monday about his past public statements and whether he told the truth about the relationship between his private trading firm Alameda Research and the FTX exchange, as New York prosecutors cross-examined the former cryptocurrency mogul on trial for fraud.
/jlne.ws/3tWVLwX
Prosecutor takes aim at Sam Bankman-Fried's credibility at trial of FTX founder
Larry Neumeister - Associated Press
A prosecutor began cross-examining Sam Bankman-Fried at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.
/jlne.ws/3QfMRlH
Breaking With Precedent-New Guidance on Future CFTC Enforcement Resolutions
Matthew B. Kulkin, Elizabeth L. Mitchell, Ashley E. Bashur and Matthew Beville - WilmerHale
The Commodity Futures Trading Commission (CFTC) Division of Enforcement recently released a new advisory to its staff related to penalties, corporate compliance monitors and consultants, and admissions in CFTC enforcement actions (the Advisory).1 The Advisory reflects Enforcement's focus on achieving accountability and minimizing future misconduct when negotiating a proposed resolution to recommend to the CFTC. The Advisory also applies to proposed resolutions of federal court or administrative enforcement actions.
/jlne.ws/47a2jXo
Oil industry megadeals open fee gusher for Wall Street advisers; Morgan Stanley and Goldman Sachs the biggest winners as energy industry bucks M&A downturn
James Fontanella-Khan and Myles McCormick - Financial Times
Two megadeals that will reorder the US energy industry have raised hopes of a gusher of advisory fees in an otherwise moribund M&A market and set up a battle between the sector's leading banks: Morgan Stanley and Goldman Sachs. Chevron's $53bn takeover of renowned operator Hess and ExxonMobil's $60bn acquisition of shale specialist Pioneer have made oil and gas a rare bright spot for Wall Street's dealmakers. Merger and acquisition activity in the sector is up 52 per cent so far this year, with more than $260bn in transactions, compared to a 21 per cent drop across all industries, according to Refinitiv.
/jlne.ws/3SjWH8E
Wall Street Predicts a Record $114 Billion US Quarterly Debt Refunding; Consensus among primary dealers is for a jump of $11 billion; Minority sees smaller boost after last refunding jolted yields
Elizabeth Stanton and Carter Johnson - Bloomberg
Wall Street bond dealers expect the US Treasury to unveil another round of increases this week to its note and bond auctions, though a sizable minority forecast the department will slow the pace of growth to avoid jolting yields higher. Against a backdrop of swelling US deficits, the Treasury is set to announce auction details for November through January on Wednesday. The consensus projection for next week's so-called quarterly refunding sales - encompassing three-, 10- and 30-year securities - is for a $114 billion combined slate, up from $103 billion three months ago.
/jlne.ws/47cgk6R
Glen Point Fraud Verdict Signals White-Knuckle Trades Are Fading; Neil Phillips was already rare breed before Oct. 25 conviction; Trial offered window into Soros-backed macro fund's operations
Carter Johnson and Greg Farrell - Bloomberg
Just a few years ago, Glen Point Capital co-founder Neil Phillips was celebrated as an aggressive but canny trader in the mold of one of his macro hedge fund's main investors, George Soros. As of last week, Phillips is a convicted felon.
/jlne.ws/45Y30Sq
BOJ Is Handing Back the Japanese Bond Market to Investors; Central bank will stop daily unlimited bond buying operation; Yield-curve control is being dismantled: UBS Asset Management
Masaki Kondo and Ruth Carson - Bloomberg
The Bank of Japan is bringing an end to its near monopoly of control over the nation's bond market. Japan's central bank has tightly overseen the government debt market since it introduced yield-curve control in September 2016, with its ownership of outstanding bonds surpassing 50%. But with the authority now suggesting it's ready to let the benchmark 10-year yield rise beyond 1%, investors look set to take back the helm. It's the third time since December that the BOJ adjusted the effective ceiling for the 10-year yield, underscoring the challenges the bank has faced in maintaining YCC. Less clear guidance will put more pressure on yields to rise, reflecting inflation in Japan that's near a four-decade high and hawkish policy stances maintained by other major central banks.
/jlne.ws/49d7rM1
Global Green Investment Surge Needs New Guardrails; Instead of complaining about clean-energy subsidies, world leaders should agree on better rules to govern them.
The Editorial Board - Bloomberg
Governments around the world are engaged in a race to dominate green technologies - the batteries, wind turbines, heat pumps and more needed to combat climate change. This competition could descend into counterproductive trade wars, or it could accelerate progress toward net-zero emissions.
/jlne.ws/47aJPpI
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia tightens capital controls on western companies; Restrictions on foreign currency transactions are aimed at shoring up rouble
Anastasia Stognei, Max Seddon and Courtney Weaver - Financial Times
Russia has restricted western companies that sell their Russian assets from withdrawing the proceeds in dollars and euros, imposing additional de facto currency controls in an effort to shore up the weakening rouble. Western companies exiting Russia must agree on a sale price in roubles or, if sellers insist on receiving foreign currency, face delays and even losses on the amounts that can be transferred abroad, according to people familiar with the matter.
/jlne.ws/3QmEULg
Russia Has Lost 300,000 Troops In Ukraine War: Kyiv
Ellie Cook - Newsweek
Russia has lost more than 300,000 soldiers in its grueling 20-month-long war in Ukraine, according to Kyiv's military, as the conflict shows no signs of abating in the bleak winter months. The Kremlin has lost a total of 300,810 troops since February 24, 2022, when Russia launched its full-scale invasion, the General Staff of Ukraine's military said on Tuesday. This updated count includes 870 Russian casualties in the past 24 hours.
/jlne.ws/3FE9US9
Ukrainian family of nine shot dead in their sleep in Russian-occupied Donetsk
Yulia Kesaieva and Kathleen Magramo - CNN
A family of nine, including two young children, were found shot dead in their home in the Russian-occupied eastern Ukrainian town of Volnovakha in a slaying that has sparked outrage in Ukraine and triggered investigations by both nations. Images from the Ukrainian Donetsk Region Prosecutor's Office showed a horrific murder scene of multiple family members shot while in their beds, still tucked in each others arms, with blood spatters visible on the walls.
/jlne.ws/3SpVsEX
Ukraine-Russia war - live: Kyiv troops advance on two fronts as Putin's air defences 'struck in Crimea'; The attack used 'combined' weapons like ATACMS, storm shadow missiles and sea drones, Russian sources say
Alexander Butler, Arpan Rai - Independent
Ukrainian troops have made confirmed advances near Bakhmut, Donetsk, and Robotyne, Zaporizhzhia, according to the Institute for the Study of War. "Geolocated footage posted on 30 October shows that Ukrainian forces have advanced northeast of Kurdyumivka (10km southwest of Bakhmut)," it said.
/jlne.ws/45YNt4S
Russians are hunting the Ukrainian drone pilots destroying their tanks and firing everything they've got, if they pick up their electronic trail, operator says
Erin Snodgrass - Insider
Ukrainian and Russian reliance on cheap but powerful first-person-view drones in recent months has made their pilots prime targets beyond the frontlines. Since spring, the battlefield in Ukraine has become increasingly littered with FPV drones flown by controllers who manipulate the vehicles in real-time while wearing video game-esque goggles and operating behind the frontlines.
/jlne.ws/3FCERpQ
|
| | | |
|
| |
| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Israel says it attacked Hamas gunmen inside Gaza tunnels
Nidal Al-Mughrabi and Emily Rose - Reuters
Israel said its forces attacked Hamas gunmen inside the militants' vast tunnel network beneath the Palestinian enclave of Gaza after Prime Minister Benjamin Netanyahu dismissed calls for a halt to fighting to ease a worsening humanitarian crisis. The tunnels are a prime objective for Israel as it expands ground operations inside Gaza to wipe out Hamas, which rules Gaza, following its deadly surprise attack on southern Israel three weeks ago.
/jlne.ws/3Std1DY
Israel Latest: Iran Says Need to Use 'Last' Chance to Halt War
Bloomberg News
Israel struck targets in Lebanon and Syria overnight and said its soldiers engaged with Hamas militants deep in the Gaza Strip. Prime Minister Benjamin Netanyahu said a cease-fire would only allow Hamas to regroup and restock on weapons.
/jlne.ws/3sdkoVt
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Is Now the Second-Largest Bitcoin Futures Exchange: Coinglass
CoinDesk
The Chicago Mercantile Exchange (CME) is now the second-largest bitcoin futures exchange, with only Binance holding a greater market share, according to data from Coinglass. "First Mover" hosts Jennifer Sanasie and Lawrence Lewitinn discuss, as some observers believe that the recent rally in the crypto market is institutionally led.
/jlne.ws/473Tu1c
Aquis hires from within to replace retiring chief operating officer Jonathan Clelland; Current chief operating officer (COO) Clelland is set to retire next year, stepping down in April 2024 after 11 years with Aquis.
Claudia Preece - The Trade
Aquis exchange chief operating officer Jonathan Clelland is set to depart next April, with chief revenue officer and head of Aquis Markets David Stevens appointed to replace him. The board change comes following the business' AGM wherein Clelland's announced his intention to retire following a long and respected career. Prior to joining Aquis, he was chief operating officer at HSBC Investment Bank corporate finance division and of Shearman & Sterling in London.
/jlne.ws/477si29
HKEX Signs Agreement With CEEX Shenzhen To Advance The Greater Bay Area's Carbon Market Ecosystem
Mondovisione
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Tuesday) pleased to announce it has signed a Memorandum of Understanding (MOU) with the China Emissions Exchange Shenzhen (CEEX Shenzhen) to cooperate in accelerating the carbon market ecosystem development in Hong Kong and across the Greater Bay Area.
/jlne.ws/40qoaYj
Notice Of Disciplinary Action
CME Group
CME 21-1502-Bc. Effective Date 30 October 2023. Non-Member: Xiao Hu Liu. CME Rules: Rule 432.C General Offense. It shall be an offense to engage in dishonest conduct. Rule 432.G. General Offenses It shall be an offense to prearrange the execution of transactions in Exchange products for the purpose of transferring equity between accounts. Rule 432.L.3. General Offenses It shall be an offense: L. 3. to fail to produce any books or records requested by duly authorized Exchange staff, in the format and medium specified in the request, within 10 days after such request is made or such shorter period of time as determined by the Market Regulation Department in exigent circumstances.
/jlne.ws/3SkFf3O
Moomoo Singapore Deploys Nasdaq Trade Surveillance Solutions to Uphold Market Integrity
Nasdaq
Nasdaq (Nasdaq: NDAQ) and Moomoo Singapore, a fully digitalized brokerage and wealth management platform, announced today that Moomoo Singapore will leverage Nasdaq Trade Surveillance technology to advance its surveillance and market integrity efforts. Aligning with the company's mission to provide retail investors a seamless, trustworthy trading experience, the move reinforces the digital brokerage's commitment to safeguarding market integrity, promoting fair trading practices and maintaining a secure trading environment. With 30 years of expertise and a growing community of retail brokers, Nasdaq Trade Surveillance will enable Moomoo Singapore to adapt their surveillance programs to help better protect their investors and meet regulatory obligations.
/jlne.ws/40leO07
TMX Group Limited Declares Dividend of $0.18 per Common Share
TMX Group
The Board of Directors of TMX Group Limited today declared a dividend of $0.18 on each common share outstanding. This dividend is payable on December 1, 2023 to shareholders of record at the close of business on November 17, 2023. TMX Group hereby advises that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.
/jlne.ws/40q0Jys
The Moscow Exchange has introduced a service for requesting quotes on the money market
MOEX
On October 30, 2023, participants in the repo and deposit market with a central counterparty (CCP) entered into the first transactions on the money market of the Moscow Exchange using a new service - Request For Quote (RFQ). The service simplifies the search and selection of a counterparty for concluding transactions with money market instruments, allows you to flexibly configure order parameters based on your own needs, and select the best quotes for concluding a transaction. Participants can submit a request for quotes based on their own list of counterparties or the entire market, as well as make an anonymous request for quotes and with the possibility of partial execution of the request.
/jlne.ws/46TKgoo
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ANNA and DTI Foundation align ISIN and DTI standards for Digital Tokens; ANNA issues first set of ISINs for crypto assets
The Association of National Numbering Agencies
The Association of National Numbering Agencies (ANNA), a global member association seeking to foster standardisation within the financial industry and ISO Registration Authority for ISO 6166 International Securities Identification Numbers (ISINs), and The Digital Token Identifier Foundation (DTIF), created by Etrading Software (ETS) to provide ISO standard identifiers for digital assets based on open data principles, today announce the next phase of their Task Force with a joint Memorandum of Understanding (MOU). The MOU will allow the phased introduction of new ISINs to identify crypto assets to further optimise and automate more comprehensive data sets within both ISO standard registries.
BondbloX makes its bond trading platform available for individual investors; A first for Asian markets, the platform will also be accessible to individual investors globally, aiming to democratise access to global bond markets via a fractional investment model.
Wesley Bray - The Trade
BondbloX Bond Exchange (BBX) has revealed plans to make its unified platform for tracking and trading bonds available to individual investors globally. The BondbloX platform will allow individual investors to buy, track and trade bonds through the integrated app, essentially providing digital access to the platform via a smartphone.
/jlne.ws/40z3Y6R
Why Verifiable Computing Matters In The Decentralized Cloud Era
Max (Chong) Li - Forbes
The push for data privacy combined with the allure of cost savings has propelled the decentralized cloud to the forefront of technological evolution. Such projects include Dfinity, OORT, Akash, and more. Unlike a mere spin-off of traditional centralized cloud services like AWS and Google Cloud, the decentralized cloud now lays the groundwork for decentralized applications (dApps), the sprawling Web3 ecosystem, and the ever-evolving metaverse. Yet, as we venture into this new era, technical challenges, like verifiable computing, emerge prominently.
/jlne.ws/3Mq7ESq
X Says It Is Worth $19 Billion, Down From $44 Billion Last Year; The social media company's valuation was disclosed in the paperwork for stock grants that it handed to employees on Monday.
Ryan Mac - The New York Times
X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55 percent from the $44 billion that Elon Musk paid to buy the firm a year ago, according to internal documents seen by The New York Times.
/jlne.ws/47eI1f5
Crypto billionaire's nonprofit buys $500 million of AI data center chips
Max A. Cherney and Anna Tong - Reuters
A nonprofit organization funded by cryptocurrency billionaire Jed McCaleb bought roughly $500 million of Nvidia advanced chips and plans to lease computing capacity to companies for artificial intelligence projects.
/jlne.ws/49jUpN1
Regulate AI? Here's What That Might Mean in the US
Courtney Rozen - Bloomberg
Governments don't have a great track record of keeping up with emerging technology. But the complex, rapidly evolving field of artificial intelligence raises legal, national security and civil rights concerns that can't be ignored. Some US cities and states have already passed legislation limiting use of AI in areas such as police investigations and hiring, and the European Union has proposed a sweeping law that would put guardrails on the technology. While the US Congress works on legislation, President Joe Biden is directing government agencies to vet future AI products for potential national or economic security risks.
/jlne.ws/3ShEl8n
New Laws to Regulate AI Would Be Premature; Market experimentation has the highest return now, when we are debating the best and most appropriate uses for the technology.
Tyler Cowen - Bloomberg
All of a sudden there is a flurry of activity around artificial intelligence policy. President Joe Biden is scheduled to issue an executive order on the topic today. An AI safety summit is being held in the UK later this week. And last week, the US Senate held a closed-door forum on research and development in AI.
/jlne.ws/3QjNCu3
Sam Altman warns AI could kill us all. But he still wants the world to use it
Samantha Kelly - CNN
/jlne.ws/40pY3AU
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Under Siege: Cybersecurity Failures Sound The Alarm
Emil Sayegh - Forbes
The public has been aware of cyber incidents for a long time, but recent high-profile cybersecurity breaches have ignited fresh concerns and garnered elevated attention. These incidents underscore the persistent threats that exist to businesses across industries, hospitals, and even the cryptocurrency market. What valuable lessons can we extract or re-emphasize from these events this Cybersecurity Awareness Month?
/jlne.ws/45QmzMt
Cybersecurity workforce shortage reaches 4 million despite significant recruitment drive
Michael Hill - CSO Online
The cybersecurity workforce shortage has risen to a record high of just under 4 million despite the cybersecurity workforce growing by almost 10% in the last year. That's according to the latest Cybersecurity Workforce Study from ISC2, the nonprofit member organization for cybersecurity professionals. The gap between the number of workers needed and the number available has risen 12.6% year over year, with cutbacks, economic uncertainty, artificial intelligence (AI), and a challenging threat landscape as key driving forces, the research found. The current global workforce gap is estimated to be 3,999,964 while the workforce itself is estimated to be 5,452,732, according to ISC2. Meanwhile, organizations are investing in strategies to prevent or mitigate the staffing issues they face.
/jlne.ws/3MnwgLs
Closing the gender gap: 7 ways to attract more women into cybersecurity
WeLiveSecurity
Global Diversity Awareness Month is a timely occasion to reflect on the steps required to remove the obstacles to women's participation in the security industry, as well as to consider the value of inclusion and diversity in the security workforce.
/jlne.ws/3FBj1Dg
Alliance of 40 countries to vow not to pay ransom to cybercriminals, US says
Zeba Siddiqui - Reuters
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers' funding mechanism, a senior White House official said on Tuesday. The International Counter Ransomware Initiative comes as the number of ransomware attacks grows worldwide. The United States is by far the worst hit, with 46% of such attacks, Anne Neuberger, U.S. deputy national security adviser in the Biden administration for cyber and emerging technologies, told reporters on a virtual briefing.
/jlne.ws/45TnXhh
Russian Hackers Breached 632,000 DOJ And Pentagon Email Addresses In Massive MOVEit Cyberattack, Report Says
Ty Roush - Forbes
The email addresses of about 632,000 employees from the Justice and Defense departments were accessed in a hack earlier this year, Bloomberg reported Monday, adding to the number of organizations-including airlines, universities and other U.S. agencies-impacted by a series of data breaches largely blamed on a Russian-speaking criminal group.
/jlne.ws/49dae7X
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | They Cracked the Code to a Locked USB Drive Worth $235 Million in Bitcoin. Then It Got Weird; Stefan Thomas lost the password to an encrypted USB drive holding 7,002 bitcoins. One team of hackers believes they can unlock it-if they can get Thomas to let them.
Wired
AT 9:30 AM on a Wednesday in late September, a hacker who asked to be called Tom Smith sent me a nonsensical text message: "query voltage recurrence." Those three words were proof of a remarkable feat-and potentially an extremely valuable one. A few days earlier, I had randomly generated those terms, set them as the passphrase on a certain model of encrypted USB thumb drive known as an IronKey S200, and shipped the drive across the country to Smith and his teammates in the Seattle lab of a startup called Unciphered.
/jlne.ws/3s7ah4K
SBF Admits to a Bigger Role at Alameda Under Tough Questioning; Bankman-Fried begins cross-exam during third day on stand; SBF answered 'I'm not sure' more often as day wore on
Bob Van Voris, Yueqi Yang, and Chris Dolmetsch - Bloomberg
Sam Bankman-Fried, the co-founder of FTX, told a New York court he was aware that Alameda Research hadn't taken steps to properly hedge its risk even as he approved billions of dollars of investments before both companies collapsed last year.
/jlne.ws/3QgrJf3
Sam Bankman-Fried testifies he thought hedge fund could cover $8 billion debt to FTX
Luc Cohen and Jody Godoy - Reuters
FTX founder Sam Bankman-Fried testified on Monday that he believed his Alameda Research hedge fund had enough assets to cover an $8 billion debt to the cryptocurrency exchange until days before both collapsed.
/jlne.ws/3FCU1eT
Bankman-Fried: Alameda Only Hedged Against Stock Crashes
Vicky Ge Huang - The Wall Street Journal
FTX founder Sam Bankman-Fried said the hedging strategy that his crypto hedge fund Alameda Research had used to reduce risks didn't work on Nov. 7 and Nov. 8, 2022. Two of Alameda's major crypto holdings, in-house token FTT and solana, fell 50%. He said Alameda had hedged against stock crashes, and this was not a stock crash, so the strategy didn't work.
/jlne.ws/3sdlSPG
HKMA says Hong Kong digital currency pilot points to 'tremendous impact' on banking, financial services
South China Morning Post
The e-HKD, Hong Kong's central bank digital currency (CBDC), could help to settle payments quicker and be more cost effective for businesses, a pilot trial has shown. As part of this pilot, which began in May, 16 banks and payment companies tested six potential uses of the e-HKD with a small group of clients. These uses included online payments, payments in shops and restaurants, the collection of government payouts, tokenised deposits, tokenised asset settlement and Web3 trading and clearing.
/jlne.ws/46PHIb1
Alameda Absorbed Huge Losses from FTX Customer Account, SBF Says
Vicky Ge Huang - The Wall Street Journal
/jlne.ws/3tV5UKr
Sam Bankman-Fried Grilled in Crucial Day on Witness Stand; FTX founder faces hours of uncomfortable questions and sidesteps some answers in fraud trial
James Fanelli,Corinne Ramey and Vicky Ge Huang - The Wall Street Journal
Sam Bankman-Fried faced his biggest test in the legal hot seat Monday, grilled by a federal prosecutor who was intent on poking holes through the FTX founder's claims that unfortunate management mistakes, not criminal activity, were to blame for the crypto exchange's collapse.
/jlne.ws/40i2j5e
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | World leaders are gathering at the U.K.'s AI Summit. Doom is on the agenda; Vice President Harris, Tesla CEO Elon Musk and other top executives are heading to the United Kingdom's Bletchley Park, as Prime Minister Rishi Sunak warns AI could pose catastrophic risks to humanity.
Cat Zakrzewski, Anthony Faiola and Gerrit De Vynck - The Washington Post
When British Prime Minister Rishi Sunak first announced plans in June to host a global artificial intelligence summit, policymakers were in a state of panic. Hundreds of scientists and tech executives had signed a one-sentence letter urging regulators to recognize "the risk of extinction from AI" as a threat akin to a pandemic or a nuclear war. But lawmakers were only beginning to consider how to respond to the rise of advanced chatbots such as ChatGPT.
/jlne.ws/3Sms8Pz
Hong Kong Will Send Finance Minister to APEC Meeting in US
Tania Chen - Bloomberg
Hong Kong's finance minister will attend a major economic summit in the US in place of the city's leader John Lee. Hong Kong received the invite for the Asia-Pacific Economic Cooperation meeting in San Francisco next month and has already responded that Lee will not be present due to "scheduling issues," according to a government statement Tuesday. Financial Secretary Paul Chan will go instead, it said.
/jlne.ws/473P2Q2
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Biden's 'Junk Fee' Crackdown Comes for Retirement Advice; Regulators propose new protections for Americans who roll retirement savings into IRAs
Anne Tergesen - The Wall Street Journal
Americans rolling over their money into an individual retirement account from a 401(k) will have more protections on the advice they get as part of a Labor Department proposal released Tuesday. Under a 1974 federal law that governs retirement accounts, employers have a duty to manage 401(k) plans in the best interest of employees, including to vet the investments and fees. Known as Erisa, the law also imposes this fiduciary standard on advisers to act in a client's best interest when giving advice in 401(k)s.
/jlne.ws/3tN89iQ
U.S. sues SolarWinds for fraud over alleged cyber security neglect ahead of stunning Russian hack into Justice and Homeland Security departments
Frank Bajak and the Associated Press via Fortune
U.S. regulators on Monday sued SolarWinds, a Texas-based technology company whose software was breached in a massive 2020 Russian cyberespionage campaign, for fraud for failing to disclose security deficiencies ahead of the stunning hack.
/jlne.ws/49idFKQ
SEC Sues SolarWinds Over 2020 Hack Attributed to Russians; Regulator says software company defrauded investors by misleading them about its cyber vulnerabilities
Dave Michaels and Kim S. Nash - The Wall Street Journal
The Securities and Exchange Commission on Monday sued SolarWinds SWI -1.70%decrease; red down pointing triangle, the software company victimized by Russian-linked hackers over three years ago, alleging the firm defrauded shareholders by repeatedly misleading them about its cyber vulnerabilities and the ability of attackers to penetrate its systems.
/jlne.ws/469HVEZ
Russian oligarch Kuzmichev detained in France in laundering, sanctions probe
Reuters
Russian tycoon Alexey Kuzmichev has been detained for questioning in France in connection with alleged tax evasion and money laundering and for violating international sanctions, the French Financial Prosecutors' office said on Tuesday. Searches took place on Monday at Kuzmichev's Paris home and in the Mediterranean Var region as part of the investigation, the office said, confirming a report in French daily Le Monde.
/jlne.ws/3QCsiRQ
Quantum Computing Has Potential to Reshape Securities Industry, New FINRA Report Says
FINRA.org
FINRA released today a new report, Quantum Computing and the Implications for the Securities Industry. While practical quantum computing remains nascent, the research examines how the emerging technology that relies on quantum mechanics to perform complex calculations could significantly alter the securities industry in the future. The report also looks at potential cybersecurity threats and regulatory considerations regarding the technology.
/jlne.ws/46QqNF3
Do Kwon and Terraform Labs' lawyers urge judge to nix SEC's allegations
Sarah Wynn - The Block
Lawyers representing Terraform Labs and co-founder Do Kwon asked a judge last week for a summary judgment, which could mean the case won't be brought to a full trial.
/jlne.ws/3sdxAJY
Commissioner Pham to Speak at Columbia Business School
CFTC
Commissioner Caroline D. Pham will speak to Columbia Business School students on financial regulation, innovation, and digital assets.
/jlne.ws/3QDh4eL
NFA orders New York, N.Y. introducing broker Oscar Gruss & Son Inc. to pay a $140,000 fine
NFA
NFA has ordered Oscar Gruss & Son Inc. (Oscar Gruss & Son) to pay a $140,000 fine. Oscar Gruss & Son is an introducing broker (IB) Member of NFA located in New York, N.Y.The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Oscar Gruss & Son, in which the firm neither admitted nor denied the allegations in the Complaint. The Complaint charged Oscar Gruss & Son with failing to comply with its communication recordkeeping obligations, in violation of NFA Compliance Rule 2-10(a), and allowing unregistered individuals to act as associated persons (AP) without being registered as APs and NFA Associates, in violation of NFA Bylaw 301(b). The Complaint further charged Oscar Gruss & Son with a failure to supervise, in violation of NFA Compliance Rule 2-9(a).
/jlne.ws/46RzmQd
ASIC releases second publication on insights from the reportable situations regime
ASIC
ASIC has released its second publication on information lodged under the reportable situations regime. Over 16,000 reports were made to ASIC by financial services and credit licensees under the regime between 1 July 2022 and 30 June 2023.
/jlne.ws/3tV68Bg
Climate-Related Disclosures - Scenario Analysis Information Sheet
New Zealand Financial Markets Authority
This information sheet details compliance expectations of the FMA for scenario analysis disclosures made under the climate-related disclosures (CRD) regime. It will be useful for climate reporting entities (CREs), their directors, and other interested parties.
/jlne.ws/3tQpszv
FCA secures contract changes for buy-now-pay-later customers as more consumers use the product
UK FCA
New research from the FCA shows that there has been a significant increase in the use of buy-now-pay-later (BNPL).
/jlne.ws/3Slwbvu
FCA joins forces with global regulators to foster digital innovation with Project Guardian
UK FCA
We are partnering with regulators across the world as part of the Monetary Authority of Singapore's (MAS) Project Guardian, a collaborative initiative with the financial industry that explores fund and asset tokenisation use cases, and decentralised finance. The FCA joins MAS, Singapore's central bank, the Financial Services Agency of Japan (FSA), and the Swiss Financial Market Supervisory Authority (FINMA) as part of the project.
/jlne.ws/3Qmr4c4
MAS to Launch SGQR+ Proof of Concept to Enhance Interoperability for QR Payments
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today announced that it will launch a proof of concept (POC) for an interoperable Singapore Quick Response Code Scheme (SGQR+). The POC, to be conducted from 1 to 30 November 2023, will explore the feasibility of enabling merchants in Singapore to accept QR payments from a variety of payment schemes through a single financial institution.
/jlne.ws/3sdshKy
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How This Year's Hottest Investment Could End Up Costing You; Money-market funds are seeing record interest, but advisers say cash is no substitute for stocks and bonds
Eric Wallerstein - The Wall Street Journal
Cash has rarely been this hot on Wall Street. Financial advisers warn holding too much can burn a hole in your portfolio. With markets rocky and cash earning 5% or more, investors have boosted their holdings of money-market funds to a near-record $5.6 trillion, according to the Investment Company Institute. Both individuals and institutional investors are piling in-asset managers now have roughly one-fifth of their portfolios in money-market funds, State Street data show.
/jlne.ws/3tWrf6p
MSCI posts higher third-quarter profit as subscriptions rise
Reuters
Global index provider MSCI (MSCI.N) on Tuesday posted a higher third-quarter profit as product subscriptions benefited from a market recovery led by bets of the U.S. Federal Reserve easing up on rate hikes. MSCI, recognized for its stock indexes, also offers clients subscriptions for information, data, and tools to help them evaluate and invest in diverse global markets.
/jlne.ws/3SmIVlI
Nobody puts bonds in a corner; At least not for long
Robin Wigglesworth - Financial Times
No question, it's been a pretty bad couple of years for the bond market. Multi-trillion dollar losses etc etc. But the pain of higher rates is having little impact on actual borrowing activity. Excluding governments, global bond issuance fell almost 20 per cent last year, but that was after a remarkable spree in 2020 and 2021, and only took issuance back to 2019 levels. Non-sovereign fixed-income sales have picked up again this year and are approaching the $6tn mark, according to S&P Global.
/jlne.ws/46Vj2hs
Supercharged Tesla and Nvidia bets sold through single-stock ETFs; Leveraged wagers on individual companies draw the attention of US regulators
Will Schmitt - Financial Times
US traders willing to stomach the risks of devastating losses in hopes of lucrative short-term gains can now double their bets on Tesla and Nvidia's volatile stocks, as asset managers add new products to a market that has boomed despite negative returns.
/jlne.ws/477mmGp
China leads record central bank gold buying in first nine months of year; Central banks in emerging markets look to reduce reliance on US dollar for reserves holdings
Harry Dempsey - Financial Times
China has spearheaded record levels of central bank purchases of gold globally in the first nine months of the year, as countries seek to hedge against inflation and reduce their reliance on the dollar.
/jlne.ws/3tTb35V
Millennials Prefer Bond ETFs Even More Than Boomers; 45% of millennial ETF portfolios dedicated to bonds: Schwab; Boomers prefer manufactured-yield ETFs: Bloomberg Intelligence
Katherine Greifeld and Isabelle Lee - Bloomberg
Far from their reputation as speculative daredevils, millennials are embracing bond exchange-traded funds to a greater degree than other generations as muscle memory from past recessions kicks in.
/jlne.ws/40iT2tE
BP's Interim CEO Defends Strategy Amid US Flurry of Megadeals; Exxon, Chevron have done deals worth more than $100 billion; BP is focused on growing low-carbon business, not oil and gas
Laura Hurst - Bloomberg
/jlne.ws/47dhmzy
Rising Small Business Bankruptcies Are a Red Herring; America's smallest companies tell us a lot about the economy's vulnerabilities. So far, they have been resilient in the face of rising borrowing costs.
Jonathan Levin - Bloomberg
/jlne.ws/47h02cZ
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UAW Settles With Big 3 U.S. Automakers, Hoping to Organize EV Battery Plants
Dan Gearino and Aydali Campa - Inside Climate News
The shift to electric vehicles is looking better today for U.S. auto workers than it did before a strike against the three major Detroit automakers, thanks to agreements that expand the reach of the United Auto Workers to include battery manufacturing plants. But the legacy of the strike-at least as it relates to EVs-will depend on the extent to which the United Auto Workers can use its gains from new contracts to build momentum in organizing nonunion plants, like those operated by Tesla, Honda and Toyota.
/jlne.ws/40gasap
European Nations Join Island States in Calling for Fossil-Fuel Phaseout; High Ambition Coalition lays out measure for success at COP28; Austria and France among countries backing decline in oil, gas
John Ainger - Bloomberg
An influential alliance including several European countries and island states has thrown its weight behind a commitment to globally phase out fossil fuels - potentially pitting them against China in what is set to be a central debate at this year's COP28 climate summit. The High Ambition Coalition - which counts the Marshall Islands, Austria and France among its members - called for a decline in fossil fuel production and use. The nations also said a decision at the summit should include ending both new coal production and expansion of existing coal mines, as well as reducing methane emissions to near-zero.
/jlne.ws/47cMX4d
The struggles of the offshore wind industry; Governments around the world have set ambitious targets to tackle climate change, but developers say power prices will have to rise to pay for it
Rachel Millard - Financial Times
"Today is a good day," declares Graeme Watters, as he watches the 114 turbines at the giant Seagreen wind farm rotate. It is mid-October, and the project that began off Scotland's east coast almost 14 years before is now fully operational. Seagreen, a joint venture between French group Total Energies and SSE Renewables, a division of energy group SSE, is Scotland's biggest wind farm. It can generate electricity to power 1.6mn homes and potentially displace around 2mn tonnes of carbon dioxide emissions from fossil fuel generation each year to help tackle global warming.
/jlne.ws/477lOQ4
This TikTok Chef Wants You to Ditch Your Gas Stove; Jon Kung uses his popular cooking videos to draw links between cooking and the climate crisis.
Bloomberg News
Chef Jon Kung uses his popular cooking videos to draw links between the food we eat and its impact on the climate crisis. Moving to induction cooking is better for the climate, for health and for safety, he says. Lately, he's focusing on how he can inspire change: "My effort recently has been trying to convince myself that all is not lost. Keep doing what you're doing, keep trying, and hopefully we can turn this ship around." The Detroit chef releases his first cookbook, Kung Food: Chinese American Recipes from a Third-Culture Kitchen, on Oct. 31. - As told to Kendra Pierre-Louis. I have been a big believer in electrifying kitchens, especially in the advent of induction technology. For me, it's not just about sustainability but also about worker comfort, health, and safety. Gas stoves don't just heat up the pans; they heat up the kitchen with their excess heat. So, as a result commercial kitchens are hot - very, very hot. https://jlne.ws/46RCknP
America's Offshore Wind Ambitions Are Coming With Bigger Price Tags; Higher rates expected in New York after industry slammed by rising costs
David Uberti - The Wall Street Journal
Soaring costs are pushing up the price of big wind-power projects, challenging the country's shift to renewable energy and potentially leading to larger-than-expected bills for residents. New York state officials in recent days unveiled a slate of wind-farm proposals that would result in higher electricity rates for residents than previously approved plans. That has firms behind older bids rushing to see if they can resubmit their plans at or near the new rate.
/jlne.ws/40h8NBi
Global efforts show progress on plastic pollution is possible - but world remains off track
Ollivier Girard - United Nations Environment Program
/jlne.ws/46QtvKJ
EPA to Fund Studies of Toxic 'Forever Chemicals' in Agriculture; Environmental regulators announced new grants to help researchers investigate how harmful PFAS affect plants and animals in agricultural environments.
Liza Gross - Inside Climate News
/jlne.ws/3Stgbrk
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Equity hedge funds cut risk in portfolios, less confidence in rallies
Carolina Mandl - Reuters
U.S. equity long/short hedge funds have cut to six year lows the level at which swings in the S&P 500 (.SPX) affect their profits or losses, as portfolio managers are taking less directional bets, data from hedge fund research firm PivotalPath showed.
/jlne.ws/3QmGDjI
Blackstone, Vista Equity to buy software firm Energy Exemplar -sources
Anirban Sen - Reuters
Blackstone (BX.N) and Vista Equity Partners have agreed to acquire Australia's Energy Exemplar, a provider of energy market software, for more than $1 billion, according to people familiar with the matter. The deal represents a bet on energy transition, as power utilities, grid operators and renewable energy developers turn to simulation software to fine-tune use of production capacity and maximize efficiencies.
/jlne.ws/46S90gY
Goldman Sachs Sees AI Lifting US GDP Over Next Decade
Christopher Anstey - Bloomberg
Goldman Sachs Group Inc. lifted its long-term growth estimates for the US and many other major economies as generative artificial intelligence is set to boost productivity over the next decade.
/jlne.ws/3SlBB9O
Odey Asset Management to close down after sexual assault allegations against founder; Crispin Odey has already been ousted from the business he founded in 1991
Antonia Cundy - Financial Times
Odey Asset Management is to close down five months after allegations of sexual assault and harassment against its founder Crispin Odey plunged the firm into a crisis. "Odey Asset Management, including Brook Asset Management and Odey Wealth, will be closing. Fund Managers and Funds have moved to new Asset Managers," the company announced on its website on Tuesday.
/jlne.ws/3FDisZp
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'Super commuting' is on the rise - and that spells big trouble for mid-size cities; Thanks to the flexibility of hybrid work, some Americans are commuting 7.5 hours to work - one way.
Aki Ito - Insider
In America, the average commute to work takes 26 minutes. Lee Robinson's is 17 times that. To get to the office, Robinson gets up at 5 in the morning, drives to the airport near his home in Des Moines, Iowa, whips through security, hops on a 6 a.m. flight to Denver, waits for his connection at the airport, boards a second flight to San Francisco, and takes an Uber to the city's financial district, where he works as a VP of developer experience at the tech startup Vercel. Door to door, the trip takes seven and a half hours - on a good day. Granted, Robinson doesn't make the commute five days a week. He's expected to show up at Vercel's headquarters once or twice a month, mostly to attend executive meetings. He stays at a Hilton near the office for a night or three, then commutes back to Iowa, where he grew up, to be close to his family and friends.
/jlne.ws/3QijQWy
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Pfizer swings to quarterly loss as COVID product demand slump sparks charges
Reuters
Pfizer (PFE.N) on Tuesday reported its first quarterly loss since 2019, as demand fell for its COVID products and it recorded a hefty charge mainly from the U.S. government returning millions of doses of its antiviral treatment Paxlovid. The company recorded a $5.6 billion charge in the third quarter related to Paxlovid and vaccine Comirnaty, most of which was disclosed earlier this month.
/jlne.ws/46TwuCb
Doctors Wrestle With A.I. in Patient Care, Citing Lax Oversight; The F.D.A. has approved many new programs that use artificial intelligence, but doctors are skeptical that the tools really improve care or are backed by solid research.
Christina Jewett - The New York Times
In medicine, the cautionary tales about the unintended effects of artificial intelligence are already legendary. There was the program meant to predict when patients would develop sepsis, a deadly bloodstream infection, that triggered a litany of false alarms. Another, intended to improve follow-up care for the sickest patients, appeared to deepen troubling health disparities. Wary of such flaws, physicians have kept A.I. working on the sidelines: assisting as a scribe, as a casual second opinion and as a back-office organizer. But the field has gained investment and momentum for uses in medicine and beyond.
/jlne.ws/3FDey2H
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Thailand to Scrutinize Sugar Exports in Bid to Curb Inflation; India extended curbs on shipments of the sweetener this month; Brazil's exports of a record crop stymied by port bottlenecks
Patpicha Tanakasempipat and Suttinee Yuvejwattana - Bloomberg
Thailand, the world's second-biggest sugar exporter, will start regulating domestic prices of the sweetener and scrutinize exports in an attempt to control inflation and maintain food security.
/jlne.ws/3SlzyCU
Taiwan rules on dividend ETFs will not deter investors, experts say; 'Earnings equalisation mechanisms' used by managers to help artificially increase dividend payouts are under scrutiny
Sinyi Au - Financial Times
Regulatory pressure on Taiwanese asset managers to disclose how much capital is being used to make payouts from high-dividend exchange traded funds is unlikely to dent investor enthusiasm for the products, experts say.
/jlne.ws/45SMenY
Japan Stayed Out of FX Market in October Despite Yen Around 150
Erica Yokoyama - Bloomberg
Japan stayed out of the foreign exchange market in October, keeping traders guessing over the finance ministry's appetite for intervention as the yen continues to trade around levels that prompted such action a year ago. The Japanese government didn't intervene in the currency market between Sept. 28 and Oct. 27, according to monthly data disclosed by the Ministry of Finance Tuesday.
/jlne.ws/45RCrys
How to fix London's markets (if you get a chance, no worries if not); Mo' money, hopefully fewer problems?
Louis Ashworth - Financial Times
As floats flop and foreign buyers pluck good companies away with steady M&A action, being a prominent broker for London's small- and mid-caps is like being the Titanic's customer retention manager.
/jlne.ws/45Pn4q1
|
| | | |
|
| |
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.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
