| August 24, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
One of the greats of asset management passed away yesterday. Tiger Management founder Julian Robertson died at the age of 90. He was one of the most influential hedge fund managers of all time. Here are some of the media that covered the story: Financial Times, Reuters, The Wall Street Journal, The New York Times, CNN, MarketWatch and Bloomberg
The FIA published an analysis titled "Data Spotlight - Bond futures trading surges at Eurex; Futures on the Bund, Bobl and Schatz all see increases over prior year."
The Wall Street Rides FAR Team of the Week for the upcoming ride on October 2 is the team representing Security Traders Association of New York (STANY).
The Chicago Crusader gave the Greenwood Project some love with a story titled "Greenwood Project Co-Founder Elois Sprolls Inspires Underserved Youths." The Crusader Newspaper Group consists of two weekly newspapers in Illinois and Indiana featuring news, commentary, and lifestyle reporting geared toward the African American community.
Bloomberg has a story titled "How to Prepare Your House for Climate Change." It is more than just solar panels and fire protection.
Former federal prosecutor, legal analyst and trial lawyer Renato Mariotti shared on LinkedIn that he is starting a new position as partner at Bryan Cave Leighton Paisner LLP in their white collar investigations practice.
The Federation of Euro-Asian Stock Exchanges reported on LinkedIn that "the TSE (Tehran Stock Exchange)'s new Board of Directors held on 21 August 2022, with the majority of votes, Mahmoud Goudarzi was appointed as the CEO and spokesperson of the company for the second consecutive term."
IMC has published a video titled "IMC Chicago Summer Interns Wrap Video 2022."
Congratulations to William Khoury, the son of author and all-around good-guy Rob Khoury, who has earned the rank of Eagle Scout. William will be honored at an Eagle Court of Honor on September 17.
I had to chuckle when the link for the Six Million Dollar Man television series, season one, was in the top three clicked links from Monday's JLN. As someone said, they can rebuild me, it just might add up to more than $6 million when all is said and done.
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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MWE SHORT: Lee Hodgkinson - Lessons from the 4-Minute Mile
JohnLothianNews.com
"Everything is possible; nothing is easy."
Roger Bannister, Clarence "Captain" Birdseye and Fedex founder Fred Smith all have one thing in common - they each proved that something previously declared "impossible" was not impossible, just really difficult. Whether it is the 4-minute mile, flash-frozen vegetables or getting a package delivered "absolutely, positively, anywhere overnight," it can be done, says Euronext UK CEO Lee Hodgkinson in this MarketsWiki Education talk. He says that achieving the impossible requires focus, persistence and determination.
Watch the video »
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Eventus appoints industry veteran Robbie McDonnell Sales Director, Australia & New Zealand
Eventus
Eventus, a leading global provider of multi-asset class trade surveillance and market risk solutions, announced today that Robbie McDonnell has joined the firm as Sales Director, Australia & New Zealand. McDonnell is a nearly 30-year veteran of financial markets technology, serving in a variety of senior roles, including in global sales and regional expansion in the Asia-Pacific (APAC) region. Based in Sydney, McDonnell is reporting to Scott Leader, the firm's Managing Director, APAC. Leader said: We're delighted Robbie has joined Eventus to grow out our business in the Australia and New Zealand markets. He brings extensive capital markets sales and global technology experience and a strong track record of building relationships with sell-side and buy-side clients, as well as exchanges, over the course of his career."
/jlne.ws/3KfbY4H
****** Robbie!!!!! Congratulations to Eventus on a great hire.~JJL
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Billionaire hedge fund manager Julian Robertson dies at 90- spokesman
Svea Herbst-Bayliss and Carolina Mandl - Reuters
Billionaire investor Julian Robertson, whose Tiger Management once ranked among the world's biggest and most successful hedge funds and who trained generations of prominent managers known as "Tiger Cubs," has died at age 90. Robertson died at his home in New York from cardiac complications, said his spokesman, Fraser Seitel. The North Carolina-born investor who specialized in picking stocks co-founded Tiger Management in 1980 and grew the firm to oversee roughly $22 billion by the late 1990s, boasting an average annual return of 32%.
/jlne.ws/3R9u3Dd
****** Robertson was a true gentleman and down to earth despite being a billionaire, which is not easy to do.~JJL
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EU Eyes Emergency Talks on Energy Crisis With Prices Spiking; Czech Republic considers calling ministerial gathering; Prague currently holds rotating presidency of European Union
Lenka Ponikelska, Peter Laca, and Samy Adghirni - Bloomberg
European Union energy ministers may hold an emergency meeting to discuss the spike in power markets as leaders strike a more urgent tone on the unfolding crisis. The Czech Republic, which holds the EU's rotating presidency, is considering calling a gathering to debate the idea of capping electricity prices, the CTK newswire cited Industry Minister Jozef Sikela as saying. He added the Czechs would favor an EU-wide price limit but gave no details on the potential new measures.
/jlne.ws/3cfld8u
****** There are times that demand that you do something. Now is one of those times.~JJL
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Congress Admits UFOs Not 'Man-Made,' Says 'Threats' Increasing 'Exponentially'; The new budget for America's intelligence services directs the Pentagon to focus its UFO investigation on those objects that it can't identify.
Matthew Gault - VICE
After years of revelations about strange lights in the sky, first hand reports from Navy pilots about UFOs, and governmental investigations, Congress seems to have admitted something startling in print: it doesn't believe all UFOs are "man-made." Buried deep in a report that's an addendum to the Intelligence Authorization Act for Fiscal Year 2023, a budget that governs America's clandestine services, Congress made two startling claims. The first is that "cross-domain transmedium threats to the United States national security are expanding exponentially." The second is that it wants to distinguish between UFOs that are human in origin and those that are not: "Temporary nonattributed objects, or those that are positively identified as man-made after analysis, will be passed to appropriate offices and should not be considered under the definition as unidentified aerospace-undersea phenomena," the document states.
/jlne.ws/3dPx6lN
****** Thank goodness we have the Space Force to deal with this threat.~JJL
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Tuesday's Top Three
Our top story Tuesday was Bloomberg's Wall Street, Crypto Giants Line Up to Back Startup Prime Broker, about Hidden Road Partners. Second was the LinkedIn profile for Kate Day, who just joined Trading Technologies as marketing communications manager. Third was our MarketsWiki Education short video presentation, "Lisa Dunsky - Hit By a Brick: How Setbacks Shape Your Career."
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MarketsWiki Stats
26,986 pages; 240,397 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
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| Lead Stories | The 30-Year-Old Spending $1 Billion to Save Crypto
Alexander Osipovich - The Wall Street Journal
Crypto is ailing. Sam Bankman-Fried is betting a billion dollars he can fix it. The chief executive of cryptocurrency exchange FTX Trading Ltd. has appointed himself the industry's savior—and crypto investors are closely watching his moves after months of market carnage. This year, he bailed out a troubled digital-currency lender and tried to stabilize another. He acquired crypto exchanges in Canada and Japan. He appeared in magazine ads opposite supermodel Gisele Bündchen in a bid to keep mainstream investors enthusiastic about crypto despite the downturn. That kind of speed is routine for Mr. Bankman-Fried, a 30-year-old billionaire with a mop of curly hair who sleeps a few hours a night and toys with a fidget spinner during interviews. Last year, when regulatory scrutiny of crypto led Mr. Bankman-Fried to move FTX's headquarters from Hong Kong to the Bahamas, dozens of employees relocated to the island nation within about a month.
/jlne.ws/3cfDQZT
Nasdaq's growing ESG business is under threat — from Nasdaq; Stock exchange fights US regulator's climate proposals despite risk to expanding unit
Patrick Temple-West and Nicholas Megaw - Financial Times
On Nasdaq's most recent earnings call, chief executive Adena Friedman trumpeted the success of the stock exchange's efforts to make money out of the clamour for companies to be greener, fairer to workers, and more socially responsible.
/jlne.ws/3wtYlZD
Hidden Cost of Free Trading? $34 Billion a Year, Study Says
Eva Szalay - Bloomberg
Last year, five US professors opened two brokerage accounts and placed identical orders to test an algorithm. The next day, one was down by $150. The other was up $12. They discovered it wasn't a one-time anomaly. Over more than five months, the academics used their own funds to execute 85,000 trades in 128 different stocks and made what they consider an important discovery: They were getting significantly different prices to buy and sell shares, depending on which brokerage handled the trade. Extrapolating from the results, they estimate it costs small-time US investors as much as $34 billion a year, said Christopher Schwarz, the finance professor at the University of California, Irvine who wrote the study along with four colleagues.
/jlne.ws/3QOAmwi
World food shortage going from 'bad to worse,' UN official says
Akiko Fujita - Yahoo! Finance
Rising global food prices brought on by Russia's invasion of Ukraine and commodity shortages triggered by climate emergencies are threatening to "destabilize" economies around the world, a United Nations (U.N.) official warned. The number of people acutely hungry have dramatically accelerated since the beginning of the COVID-19 pandemic. While 135 million people faced acute food insecurity before the pandemic, that number has more than doubled to 276 million over the last two years. "It's the story that keeps getting from bad to worse," U.N. World Food Programme (WFP) Chief Economist Arif Husain told Yahoo Finance Live (video above). "When the World Food Programme is setting records, that's not a good thing for the world. And we have been doing that since at least 2021."
/jlne.ws/3dX4AyU
East Versus West Split in US Corn Belt Means Harvest Is in Doubt; Crop scouts are analyzing yield potential in Midwest; Drought hurts western crops, while rains boost eastern fields
Kim Chipman and Tarso Veloso Ribeiro - Bloomberg
Drought and extreme heat in the western US crop belt has wreaked havoc on corn: Plants are short. The stalks are browning. And cobs very often aren't filling completely with yellow kernels. In the east, though, things aren't so bad. Plentiful rains have helped keep soils moist in parts of Indiana and Ohio. The outlook for yields varies by farm, even by acre. But in some places, there's optimism that conditions are good enough to beat historical averages.
/jlne.ws/3dT9Xie
China's Power Crisis Could Reach a Himalayan Scale; The drought triggering power cuts along the Yangtze heralds a far bigger problem that may doom hydro projects across much of Asia.
David Fickling - Bloomberg
If you're looking for an iconic example of humanity's ability to harness nature to produce clean energy on a massive scale, it's hard to ignore the Three Gorges Dam. Built through the 2000s just as China's rise was at its most headlong, the world's largest power station can generate 22.5 gigawatts, equivalent to 20 nuclear plants. Two more of the world's six biggest generators are upstream of its reservoir on the Yangtze River. Together, they pump out enough electricity to light up Poland.
/jlne.ws/3chWRe9
Hedge Fund Titans Remember Julian Robertson as 'True Mentor'
Hema Parmar and Katherine Burton - Bloomberg
Julian Robertson, the founder of Tiger Management who died Tuesday, was a pioneer of the hedge fund industry and inspired a generation of successful managers, his so-called "cubs." Here are some reactions and remembrances from prominent investors across Wall Street about the billionaire philanthropist, who they described as "a true mentor" and someone who did "much good in the world."
/jlne.ws/3QNpDCt
US fund manager under fire over sponsorship of climate sceptics; Clash between environment champion Federated Hermes and its clients highlights ESG tensions
Chris Flood and Patrick Temple-West - Financial Times
Federated Hermes, a champion of environmentally friendly investment strategies, is coming under increasing pressure to explain its sponsorship of a coalition of senior US public officials which opposes action on climate change. Three Danish pension fund clients of Federated Hermes are demanding to know why it agreed to act as a gold sponsor for the State Financial Officers Foundation — a Republican group which has threatened to remove state pension assets from financial companies that do not support fossil fuel industries.
/jlne.ws/3Kf3omx
Miami Trio Duped Banks, Crypto Exchange in $4 Million Scam; Prosecutors allege the men used fake passports and drivers' licenses to open accounts at a cryptocurrency exchange then reported to banks that the cryptocurrency purchases were unauthorized
Dylan Tokar - The Wall Street Journal
U.S. authorities on Tuesday arrested three men who allegedly engaged in a scheme to steal millions of dollars in cryptocurrency, duping U.S. banks and a major cryptocurrency exchange in the process. Esteban Cabrera Da Corte, Luis Hernandez Gonzalez, and Asdrubal Ramirez Meza were charged by the U.S. attorney's office in Manhattan with a variety of offenses, including wire fraud and aggravated identity theft. The three men, residents of Miami, bought more than $4 million in cryptocurrency by opening accounts with a leading cryptocurrency exchange using photos of fake U.S. passports and drivers' licenses, according to an unsealed indictment.
/jlne.ws/3PTPw2k
Payment for Order Flow Worries the SEC. Perhaps It Shouldn't, Study Indicates.
Bill Alpert - Barron's
Critics of retail brokers like Robinhood Markets HOOD +1.55% condemn those companies for routing customers' orders to market makers like Citadel Securities in exchange for payments. Gary Gensler, the chair of the Securities and Exchange Commission, has suggested banning those payments for order flow, arguing that those customers must be getting worse pricing on their stock trades. The suspicion is that greater payments to brokers must be offset by less favorable execution prices. But that isn't what a new study finds.
/jlne.ws/3wpP58I
Thames Water is Raising £127 Million in Private Debt Amid Leaks and Sewage Row; Water utility plans to sell at least $150 million privately; Companies may turn to private debt as borrowing costs rise
Silas Brown - Bloomberg
Thames Water Utilities Ltd. is looking to raise at least another $150 million (£127 million) from the private debt markets, according to people familiar with the matter, as the company comes under pressure to fix leaky pipes and prevent sewage from flowing into rivers.
/jlne.ws/3R8a48g
FTX Could Buy BlockFi for Only $15M - or a Lot More If Crypto Lender Hits Big Goals
Tracy Wang - CoinDesk
As cryptocurrency lenders crumbled earlier this year, billionaire Sam Bankman-Fried swooped in several times as a backstop. His actions prodded creative headline writers to evoke the market panic of 1907 and argue the co-founder of the FTX exchange and trading giant Alameda is a modern day J.P. Morgan - a financier with deep enough pockets to save the industry. BlockFi was one beneficiary, getting a $400 million credit line from the U.S. arm of Bankman-Fried's exchange empire. His company also got the option to acquire BlockFi entirely for up to $240 million. The "up to" part is important. That maximum price tag was widely reported. What was not made public, however, was what BlockFi must do to earn that amount, and how far it is from those goals. And nobody accurately revealed how little Bankman-Fried's company could end up paying.
/jlne.ws/3TgTCV8
Germany Gives Fuel Cargo Priority on Rail Amid Energy Crunch; Decree aims to stop disruption of energy supplies this winter; Trains carrying passengers, other goods could have to wait
Josefine Fokuhl - Bloomberg
Germany will prioritize shipments of coal and fuel for power stations on the country's rail network in the government's latest move to prevent the energy crisis from spiraling out of control this winter.
/jlne.ws/3wtTHLb
Once Unthinkable Ideas Gain Traction to Fight UK Energy Crisis; Cost-of-living surge set to squeeze household budgets harder; Energy bills are about to become unafforadble for many people
Philip Aldrick and Celia Bergin - Bloomberg
Ideas that were once unthinkable are starting to gain traction among experts looking at how to solve the UK's energy crisis. With natural gas prices 10 times above their average over the last decade and millions of households facing a choice between paying for heat and food, government officials are starting to draw up options to get through the winter.
/jlne.ws/3CrC7LC
Will Global Regulations Stifle the Crypto Industry or Encourage New Users?
Zac Colbert - CoinDesk
With the Australian government announcing a new cryptocurrency regulatory regime on Monday, and news in April that the U.K. government will introduce new regulations for stablecoins, steps are being taken around the globe to monitor and control the fast-moving digital asset industry, under the guise of consumer protection. Australian Treasurer Jim Chalmers said in a statement that the "Treasury will prioritize 'token mapping' work in 2022, which will help identify how crypto assets and related services should be regulated." (Mapping is a strategy that would account for a cryptocurrency's underlying code and actual use when classifying an asset - theoretically allowing Australia to take a more flexible approach to digital asset oversight.)
/jlne.ws/3CwydB9
Short seller Carson Block's former research partner has filed a new lawsuit ripping the SEC's whistleblower team as 'hopelessly incoherent.' Here's why he's mad.
Jack Newsham - Insider
A China-focused short seller who sued Carson Block for half of a $14 million whistleblower award from the Securities and Exchange Commission has also sued the SEC itself, saying the agency's decision to give the whole award to Block made no sense. The case, filed by Kevin R. Barnes, also reveals new information about the process that led to the disputed award. Even though Block sent their report on the Chinese advertising company Focus Media to certain people at the SEC, Barnes says that Adam Grace, an SEC enforcement lawyer, opened the case after finding the report on his own.
/jlne.ws/3AKAzLE
Emerging Markets Burn Through Currency Reserves as Crisis Risks Grow; Biggest drawdown since 2008 leaves little buffer against the rising dollar, surging borrowing costs and high food and energy prices
Chelsey Dulaney - The Wall Street Journals
Emerging markets are burning through stockpiles of U.S. dollars and other foreign currency at the fastest rate since 2008, raising the risk of a wave of defaults across the world's most fragile economies. Emerging and developing nations' foreign reserves have shrunk by $379 billion this year through June, according to data from the International Monetary Fund. Excluding the effects of exchange-rate fluctuations and the large foreign-exchange holdings of China and Gulf oil exporters, emerging markets are seeing the biggest drawdowns since 2008 according to JPMorgan Chase & Co.
/jlne.ws/3Kf5vGZ
Three-quarters of Wall Street's junior bankers want to quit their jobs: survey
Lydia Moynihan - NY Post
More than three-quarters of Wall Street's junior bankers want to quit their jobs — despite big banks hiking compensation to record levels during the pandemic, according to a new survey. The analysis, conducted by UpSlide, found 76% of bank analysts — first-, second- and third-year bankers — said they'd take less money for more flexible hours and more work-life balance. Indeed, 86% of junior bankers said they had to take days off due to the stress of their grueling responsibilities.
/jlne.ws/3wtzOUF
LSEG's Turquoise partners with M-DAQ to offer cross-currency equity trade settlements; The cooperation looks to reduce operational risks faced by brokers alongside improving efficiencies to equity capital markets.
Wesley Bray - The Trade
The London Stock Exchange Group's multilateral trading facility (MTF), Turquoise, has signed a cooperation agreement with M-DAQ to deliver multi-asset market efficiencies. Subject to regulatory approval, the collaboration will provide investors with the ability to execute cross-currency securities transactions and settle in their currency of choice via their brokers.
/jlne.ws/3QOagK0
EuroCCP CEO departs to head up BNY Mellon Pershing's EMEA business; Incoming CEO will work closely with financial institutions in the region, providing them with custody, clearing, settlement and trading solutions.
Chris Lemmon - The Trade
BNY Mellon's Pershing has confirmed the appointment of Cécile Nagel as CEO of its EMEA business, joining the company from EuroCCP where she has served as CEO since 2018. Effective from October 2022, Nagel will lead the EMEA management team in the UK, Channel Islands and Ireland, working closely with financial institutions, providing them with custody, clearing, settlement and trading solutions. Based in London, Nagel will also become a member of Pershing's global executive committee.
/jlne.ws/3R84S3Y
Mark Cuban Calls Out SEC Chair Gensler Over Crypto Regulation Comments
Coindesk
In a recent Wall Street Journal op-ed, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated in part that "there's no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology." "The Hash" panel discusses Gensler's stance and why billionaire Mark Cuban is calling him out on Twitter.
/jlne.ws/3wppv3G
Mellon's Pershing appoints Cécile Nagel as Chief Executive Officer of Pershing's EMEA business
BNY Mellon
BNY Mellon's Pershing, a leading global provider of financial business solutions, is pleased to announce the appointment of Cécile Nagel as Chief Executive Officer of its EMEA business, Pershing Limited. Cécile will become a member of Pershing's global Executive Committee and will be based in London. Her appointment will be effective October 2022, subject to customary regulatory approvals.
/jlne.ws/3T8z8hf
Accounting Today Ranks RSM No. 1 on its 2022 VAR 100 List
RSM US LLP
RSM US LLP ("RSM") - the nation's leading provider of audit, tax and consulting services focused on the middle market - was recently ranked No. 1 on Accounting Today's annual Value-Added Reseller (VAR) 100 list. This is the eighth year that RSM has earned the No.1 ranking on the VAR 100 list.
/jlne.ws/3AqJvEC
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Germany to Provide Ukraine With More Than $500 Million in Aid
Michael Nienaber - Bloomberg
German Chancellor Olaf Scholz has finalized a planned shipment of additional weaponry and ammunition worth more than 500 million euros ($499 million) to Ukraine, according to government officials familiar with the plans. The German government will provide more ammunition, anti-drone devices and armored recovery vehicles to Ukraine in the coming weeks as part of a fresh package announced by the German leader on Tuesday. Scholz spoke to a conference in Kyiv along with other world leaders via video link.
/jlne.ws/3AIIh8T
Russia ammunition stored near border catches fire, official blames heat
Reuters
Ammunition being stored in southern Russia near the border with Ukraine caught fire on Tuesday, the second such incident in a week, and a local official said high temperatures were to blame. Vyacheslav Gladkov, the governor of Belgorod region, said people near the village of Timonovo were evacuated after the ammunition started to spontaneously combust. No one was injured, he said in a statement. Last week inhabitants of Timonovo and Soloti, 15 km (9 miles) from Ukraine, were evacuated after a nearby ammunition storage depot caught fire. It was not clear from Gladkov's comments whether Tuesday's blaze had taken place in the same depot or among ammunition that had been moved. Gladkov has in previous months blamed Ukrainian forces for a series of blasts in and around Belgorod, which is around 650 km (400 miles) south of Moscow.
/jlne.ws/3Aq2sY2
Analysis: As Ukraine war drags on, Europe's economy succumbs to crisis
Balazs Koranyi - Reuters
It was meant to be Europe's stellar year. A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense of normality after two dreadful years. But all that changed on Feb. 24 with Russia's invasion of Ukraine. Normality is gone and crisis has become permanent. A recession is now almost certain, inflation is nearing double digits and a winter with looming energy shortages is fast approaching. Though bleak, this outlook is still likely to get worse before any significant improvement well into 2023.
/jlne.ws/3Ro09eX
Britain Imports No Fuel From Russia for First Time on Record
David Goodman - Bloomberg
The UK imported no fuel from Russia for the first time on record in June as the government achieved its ambition to phase out all purchases of natural gas and oil in the wake of the invasion of Ukraine.
/jlne.ws/3wtqe49
Banning Russian Travelers Won't Help Win the War in Ukraine; Europe shouldn't punish ordinary Russians. Encouraging a brain drain would do far more to hurt Vladimir Putin's regime.
The Editors - Bloomberg
Ukraine's president wants the West to ban Russian travelers in the hopes of boosting internal pressure against President Vladimir Putin. Calls from European states for a crackdown on visas are also growing louder. Such measures may seem appealing in light of Putin's aggression, but there's no guarantee that they'd work as proponents expect. Far better to lay out the welcome mat for Russia's best and brightest.
/jlne.ws/3cig1QY
Russia Seen Floating Long-Term Oil Discounts Amid Price-Cap Push; Moscow discussed idea with some Asian countries, official says; US has been pushing for tweaks to EU sanctions on Russian oil
Kevin Whitelaw - Bloomberg
Russia has approached several Asian countries to discuss possible long-term oil contracts at steep discounts as US officials continue to push a plan that would cap the price of the country's oil, according to a Western official.
/jlne.ws/3Cts4FP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Malaysia, Singapore to sign framework of cooperation on digital, green economies by year-end; The framework will serve as the basis for future bilateral initiatives for both countries on both economies
Aufa Mardhiah - The Malaysian Reserve
Malaysia and Singapore have concluded two frameworks of cooperation which encompasses digital economy and green economy, and the framework will be inked by the end of 2022. The framework will serve as the basis for future bilateral initiatives for both countries related to the digital and green economies. On digital economy, the framework will facilitate intensified cooperation in wide-ranging areas such as on trade facilitation, digital identities, standards, investment promotion and facilitation in digitalisation, as well as digitalisation of micro, small and medium enterprises (MSMEs).Meanwhile, on green economy, the framework will witness cooperation of both countries in next-generation mobility (including electric and autonomous vehicles) such as environmental, social and governance (ESG) policy exchanges, capacity development for exporters, low-carbon solutions including hydrogen and carbon capture, utilisation and storage, carbon credits industry collaborations and renewable energy technology standards.
/bit.ly/3R34rrK
Product Modification Summary: Reminder on Juneteenth 2023 impact on Final Settlement Date for CME Eurodollar Futures and Options
CME Group
Notice Date 23 August 2022; Effective Date 23 August 2022. Reminder that due to Juneteenth as exchange holiday on June 19, 2023, the final settlement date for Eurodollar June 2023 Futures and Options will be June 20, 2023. The last day of trading will remain June 19, 2023. The final settlement date is the first date for which money is banked to the final settlement price.
/bit.ly/3pHPksc
Iyo Bank Becomes First Regional Bank In Japan To Adopt Dtcc's Itp Services; The bank is leveraging DTCC's solutions to achieve no touch post-trade processing across equities and fixed income asset classes
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that The Iyo Bank, Ltd. ("Iyo Bank"), has become Japan's first regional bank to adopt their Institutional Trade Processing (ITP) services, leveraging the offerings to achieve no touch post-trade processing for equities and fixed income transactions.
/bit.ly/3pI4zRM
Admission of Government Bonds into CCASS - Silver Bond Series HK$35,000,000,000 Retail Bonds Due 2025
HKEX
The Silver Bond Series of Retail Bonds (the "Retail Bonds") to be issued by the Government of the Hong Kong Special Administrative Region of the People's Republic of China (the "Issuer") under its retail bond issuance programme on 14 Sep 2022 will be admitted into CCASS as Eligible Securities on the same day.
/bit.ly/3AlCHrw
Barloworld lists South Africa's first gender-linked bonds on the JSE
Khashanem - JSE
Barloworld, an industrial processing, distribution and services company with two primary areas of focus: Industrial Equipment & Services and Consumer Industries (food and ingredient solutions), has listed two gender bonds on the Johannesburg Stock Exchange (JSE). The listing will help the company to increase the participation of women in its leadership structures and supply chain. From the sale of the three-year and five-year bonds, which trade under the codes BAWGL1 and BAWGL2 on the JSE's Sustainability Segment, Barloworld aims to raise R1.1 billion to finance the company's women empowerment initiatives.
/bit.ly/3QImQdE
FINNIFTY derivatives surpass trading of 1 crore contracts on a single day
NSE
FINNIFTY derivatives (Nifty NSE Financial Services Index derivatives) on NSE witnessed trading activity of more than 1 crore contracts today for the first time since its launch. The Exchange had launched index derivatives on the Nifty Financial Services Index on January 11, 2021. Today, exchange witnessed trading of 1.07 crore contracts with premium turnover of Rs. 869.21 crores in options and 347 contracts worth Rs. 24.77 crores in futures.
/bit.ly/3pM7Mja
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange Closed for Labour Day
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Monday, September 5, 2022 for the Labour Day holiday. The Exchanges will re-open and resume regular trading hours on Tuesday, September 6, 2022.
/bit.ly/3Age3sx
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple's return-to-office order sparks anxiety among tech workers; Big Tech companies have been slower to call staff back over concerns it could trigger exodus of top talent
Dave Lee - Financial Times
When Tim Cook sent his workforce home in March 2020, calling coronavirus a "challenging moment", it is unlikely the Apple chief executive anticipated that he would have a battle on his hands to get those workers back to the office two-and-a-half years later.
/jlne.ws/3CK2Pzt
Andreessen Horowitz bets on crypto to break up Big Tech power; Partner Chris Dixon hits out at dominance of companies that the venture capital firm played a prominent role in creating
Cristina Criddle, Josh Gabert-Doyon and John Thornhill - Financial Times
Andreessen Horowitz, the Silicon Valley venture capital group, is betting on crypto to break up the excessive concentration of Big Tech power that the firm played a prominent role in creating, according to one of its leading partners.
/jlne.ws/3AJysHV
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| Cybersecurity | | Top stories for cybersecurity | Twitter Whistle-Blower Allegations Spark Concerns About National Security Risk; Former head of security claims company had outdated technology and allowed foreign agents to access data.
Jeff Stone - Bloomberg
Accusations from a former Twitter Inc. executive that the social network had lax data protections have sparked concerns among lawmakers and cyber experts that the alleged vulnerabilities pose a threat to national security.
/jlne.ws/3ceEEhJ
Hacked Coinbase User Blasts Help Desk's 'Impenetrable Screens'
Robert Burnson - Bloomberg
A Coinbase Inc. account holder says he spent days trying to reach customer support at the cryptocurrency exchange before he was finally able to get help after hackers took over and drained his account. By that time, more than $200,000 in cryptocurrency had been siphoned from Manish Aggarwal's account, his lawyers said in a proposed class-action lawsuit filed Tuesday in federal court in San Francisco.
/jlne.ws/3R4BsUl
More than networks, America needs better cybersecurity
Shane Tews - The Hill
Foreign actors are waging a digital war on the backbone of the U.S. economy. The SolarWinds cyberattack, perpetrated by Russian hackers and undiscovered until nine months after it occurred, was a digital intrusion that had no precedent in our nation's history. The hackers wormed their way into key federal agencies including the departments of State, Energy, Defense, Treasury and Justice.
/jlne.ws/3pEeY0S
An anatomy of crypto-enabled cyber crime; At least one corner of the cryptosphere is booming
Robin Wigglesworth - Financial Times
Oligopolies rule everything around us. Our emphasis below. Assembling a diverse set of public, proprietary, and hand-collected data including dark web conversations in Russian, we conduct the first detailed anatomy of crypto-enabled cybercrimes and highlight relevant economic issues. Our analyses reveal that a few organized ransomware gangs dominate the space and have evolved into sophisticated firm-like operations with physical offices, franchising, and affiliation programs. Their techniques also have become more aggressive over time, entailing multiple layers of extortion and reputation management.
There is an urgent need to reduce systemic cyber risks; The finance sector ought to strengthen its collective defences
The editorial board - Financial Times
Like most investors, Norway's giant sovereign wealth fund, which owns the equivalent of 1.5 per cent of every listed company in the world, has a lot to worry about in an era of gyrating market valuations, surging cost pressures across many industries and heightened geopolitical uncertainty over Ukraine and Taiwan. But what tops its worry list? The 100,000 cyber attacks the fund faces every year, Nicolai Tangen, chief executive of Norges Bank Investment Management, told the Financial Times.
/jlne.ws/3AGp5Zt
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| Cryptocurrencies | | Top stories for cryptocurrencies | Rising Ether Prices Spark Liquidity Crisis at NFT Lender BendDAO; Bored Ape NFTs worth millions of dollars faced liquidation; Lending against pricey NFTs emerges as a fresh trend in DeFi
David Pan - Bloomberg
One of the most popular lending platforms for holders of NFTs such as Bored Apes to borrow against their collections is revising its terms after a drop in prices threatened to trigger the liquidation of much of the collateral backing many of the loans. A majority of the community of investors known as a decentralized autonomous organization that runs BendDAO voted to support changes in the protocol's code to make borrowers' NFT collateral more liquid, while also enticing lenders to stay put with higher interest rate. Users had started rushing to withdraw deposits from the platform amid concern about a potential liquidity crunch on Friday. The total value of crypto assets locked in BendDAO's protocol dropped by about 50% to around $41 million during the weekend, according to data from DeFi Llama.
/jlne.ws/3dGeMvh
Bored Ape NFTs Nearing Mass Liquidations on BendDAO
CoinDesk
Dozens of Bored Ape Yacht Club non-fungible tokens (NFT) used as collateral for loans on NFT lending platform BendDAO sit perilously close to being forcibly sold, and there's worry that could trigger even more liquidations. "The Hash" panel discusses the outlook for Bored Apes and NFT lending at large amid a cooling digital collectibles market.
/jlne.ws/3pJ8Q7H
Celsius 'withhold' account depositors lawyer up to seek claims
Ningwei Qin - Forkast
Another group of claimants against bankrupt crypto lender Celsius Network LLC is banding together to retain legal representation and seek to form an ad hoc group in bankruptcy hearings to get their money back.
/jlne.ws/3PPhcoK
Failed Crypto Lender Celsius Fires Back, Accusing Ex-Employee of Fraud
Stephen Alpher - CoinDesk
Bankrupt lender Celsius Network on Tuesday filed a countersuit against KeyFi and its CEO, Jason Stone, accusing the defendants of stealing valuable property from Celsius and demanding damages and restitution. Celsius acquired part of KeyFi in mid-2020. "This action arises from the defendants' incompetence, deceit and conversion," according to the bankruptcy court filing by Celsius. The lender labels KeyFi and Stone as "not just incompetent, they were also thieves." Further, according to Celsius, Stone and company used the recently banned Tornado Cash crypto "mixer" to cover any tracks left by their theft of assets.
/jlne.ws/3Kfg10E
Latin American Crypto Firm Ripio Launches Prepaid Crypto Card in Brazil
Andrés Engler - CoinDesk
Latin American crypto company Ripio has started rolling out a prepaid debit card in Brazil that allows payments to be made in cryptocurrency and earns cashback rewards in bitcoin, Ripio CEO Sebastian Serrano told CoinDesk last week. The company hopes to release 250,000 cards, which were developed in partnership with Visa (V), by the end of the year, offering the product to the one million users it has in the South American country, the company said, adding that the digital version of the card is already available.
/jlne.ws/3Aj8VE3
Coinbase CEO Addresses Crypto Winter Concerns; RBI Governor Says Central Bank's Warnings Pushed People to Avoid Crypto
CoinDesk
Coinbase CEO Brian Armstrong admits crypto winter has been tough on the crypto exchange, calling it a "little painful." The Reserve Bank of India's governor says he's glad the central bank sounded the alarm about crypto, suggesting this spared many investors the pain of losses during the market downturn. The founder of Andreessen Horowitz's crypto arm says the venture capital firm sees potential for Web3 and cryptocurrencies to disrupt the power imbalance created by big tech giants like Facebook and Twitter. "All About Bitcoin" host Adam B. Levine presents the day's top stories.
/jlne.ws/3KhyYzW
Coinbase hit with lawsuit over allegedly poor security
Lachlan Keller - Forkast
U.S.-based cryptocurrency exchange Coinbase has been hit with a class action lawsuit last week over claims the firm allegedly failed to properly secure customers' accounts, leaving them vulnerable to unauthorized activity.
/jlne.ws/3cf9syE
Coinbase Allegedly Failed to Secure User Accounts, Faces Class Action Lawsuit
CoinDesk
Coinbase is facing a class action lawsuit after the crypto exchange allegedly failed to properly secure customers' accounts, leaving it vulnerable to theft and unauthorized transfers. "The Hash" panel breaks down the lawsuit and outlook on investor protection in the crypto sector.
/jlne.ws/3clmn1Z
Tether Is Working to Be More Transparent. But the Crypto Issuer Is Still Falling Short.
Jack Denton - Barron's
Tether, the largest issuer of cryptocurrency stablecoins, has hired a major accounting firm to review its quarterly reserve reports in a push for transparency. The move comes as Tether faces competitive threats from rival Circle.
/jlne.ws/3CtkKdd
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| Politics | | An overview of politics as it relates to the financial markets | DeSantis vs. ideological investing
Andrew Ross Sorkin - The New York Times
Gov. Ron DeSantis of Florida yesterday advanced his campaign against environmental, social and governance investing. The State Board of Administration, on which he sits, adopted his proposal to ban the consideration of "social, political or ideological interests" when making investment decisions for the state's pension fund. "Corporate power has increasingly been utilized to impose an ideological agenda on the American people through the perversion of financial investment priorities under the euphemistic banners of environmental, social and corporate governance and diversity, inclusion and equity," DeSantis, a Republican, said in a statement. The resolution imposes broad limits on the pension fund's investments. State administrators will be instructed to prioritize "the highest return on investment for beneficiaries, without consideration for nonpecuniary beliefs or political factors."
/nyti.ms/3TceqwG
DeSantis Amps Up ESG Attack, Banning Strategy for State Pensions
Danielle Moran - Bloomberg
Florida Governor Ron DeSantis is the latest Republican politician to take aim at environmental, social and governance investment strategies by eliminating such considerations for the state pension funds. DeSantis, along with other trustees of the State Board of Administration, passed a resolution on Tuesday that directs fund managers of Florida's pensions to invest state funds in a way that prioritizes the highest return possible, without considering ESG criteria, according to a statement from the governor.
/bloom.bg/3Aemzbo
Why Warren and Sanders Object to Crypto Rules; Sensible regulation would make it harder to establish a financial system under total government control.
Brian P. Brooks and Charles W. Calomiris - The Wall Street Journal
America's $15 trillion national banking system is supervised by more than 2,000 examiners. Many work full-time on bank premises to ensure that risks to the financial system are caught early. The system isn't perfect. It failed to prevent the 2008 financial crisis and other major problems over the years. During our tenure overseeing the Office of the Comptroller of the Currency, we imposed almost $1 billion in fines on various banks for risk-management violations. But the U.S. requires banks to undergo the most rigorous oversight of any industry because it makes the system safer.
/jlne.ws/3Q0T8zD
Scotland's Push to Secede From UK Won't Go Away
Liza Tetley - Bloomberg
In a 2014 referendum on whether Scotland should break away to become Europe's newest nation state, Scots voted to stay in the three-centuries-old union with England and Wales by 55% to 45%. Rather than settling the matter, though, the separatists gathered in strength and numbers. They became key political power brokers by winning most of Scotland's seats in the UK Parliament. Now they're laying the ground for another vote, even though the government in London has refused to allow one, and the push for an independent Scotland shows no sign of going away.
/jlne.ws/3Ai6MZ6
Macron Seeks Warmer Algeria Ties, But a Gas Deal Is Elusive; French president will travel to former colony Thursday
Visit is about relations, not gas deals, officials say
Samy Adghirni and Salah Slimani - Bloomberg
Emmanuel Macron travels this week to Algeria, a former French colony and one of the world's largest gas producers. But it's unlikely the French president will return with the one thing that has European leaders scouring the globe for: commitments for alternative supplies of liquefied natural gas.
/jlne.ws/3Thl2Ky
Modi's India Is Where Global Democracy Dies
Debasish Roy Chowdhury - The New York Times
Prime Minister Narendra Modi stood last month atop India's nearly completed new Parliament, built to mark the country's 75 years of independence, and pulled a lever. A sprawling red curtain fell back to reveal the structure's crowning statue. Many across India gasped.
/jlne.ws/3Ak2ZdN
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| Regulation & Enforcement | | Stories about regulation and the law. | Commissioner Johnson to Serve as Keynote Speaker at the ABA Private Equity & Venture Capital Committee's Annual Meeting
CFTC
Commissioner Kristin N. Johnson will serve as keynote speaker at the American Bar Association Private Equity & Venture Capital Committee's Annual Meeting.
/jlne.ws/3PHRz9n
Singapore High Court Recognizes Three Arrows Capital Liquidation Order: Report
Oliver Knight - CoinDesk
The liquidators of Three Arrows Capital (3AC) secured a crucial court decision in Singapore, which will give them the ability to probe the local assets of the defunct crypto hedge fund, Bloomberg reported citing people familiar with the matter.
/jlne.ws/3T5TAz4
Singapore Authorities Take Actions Against Noble Group Limited and Former Directors of Noble Resources International Pte Ltd
Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS), Accounting and Corporate Regulatory Authority (ACRA), and Commercial Affairs Department (CAD) of the Singapore Police Force (SPF) have concluded their joint investigations into Noble Group Limited (NGL) and Noble Resources International Pte Ltd (NRI), which was NGL's wholly owned subsidiary in Singapore at the material time.
/jlne.ws/3R7tkm9
Singapore fines Noble for 'misleading' financial statements; Commodities group's near-collapse precipitated by highly critical reports on its accounting practices
Mercedes Ruehl and Oliver Telling - Financial Times
Singapore has fined commodities business Noble Group S$12.6mn ($9.1mn) for publishing "misleading information" in its financial statements, following an investigation that has taken almost four years to complete. The announcement by the city state's accounting authority concludes its probe of a high-profile accounting scandal that brought Noble to the brink of collapse. It also flagged "stern warnings" given to two unnamed former directors of the group.
/jlne.ws/3wqpv3w
Is bank capital the next flashpoint over City regulation? Topic has potential to cause schism between Westminster and Threadneedle Street
Helen Thomas - Financial Times
So what will be the next Solvency II? The regulatory requirements for insurance companies have become an improbable flashpoint between politicians searching for the benefits of post-Brexit regulatory freedom and City watchdogs prioritising the protection of customers and the financial system.
/jlne.ws/3wtuMYh
ASIC's regulatory efficiency work
ASIC - Australian Securities and Investments Commission
Earlier this year ASIC spoke to a wide range of our stakeholders, to find out how we could streamline our interactions with them, engage with them more efficiently, and remove unnecessary frictions in our administration of the law.
Thank you for your input to that process. We now have three initiatives under way.
/jlne.ws/3wowKcs
SEC Charges Denver Real Estate Developer with Securities Fraud
SEC
The Securities and Exchange Commission filed charges against Denver real estate developer WDC Holdings LLC d/b/a Northstar Commercial Partners and its owner and chief executive officer, R. Brian Watson, alleging that they misrepresented their own investments in securities offerings to fund ten separate real estate projects.
/jlne.ws/3Akq53Q
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Exchange Giant CME's Bitcoin Futures Just Hit a Huge Discount to Spot Prices
Lyllah Ledesma - CoinDesk
Bitcoin (BTC) futures at the Chicago Mercantile Exchange, one of the world's biggest derivatives markets, just traded at the largest discount to spot prices in at least 2 1/2 years after a big market plunge and right before August contracts expire. Arcane Research keeps tabs on the average difference between CME's front-month bitcoin futures - those expiring soonest - and the current market price for bitcoin itself for rolling one-month periods. On Monday, that showed front-month futures at a 3.36% discount. That's a record low in the firm's dataset that goes back to Jan. 1, 2020 - though CME bitcoin futures have been trading since December 2017.
/jlne.ws/3Al76WV
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How to Prepare Your House for Climate Change; From fire-proofing to backup power, there are multiple ways to ready a home for climate impacts — and save money in the process.
Todd Woody - Bloomberg
Living on a warming planet requires protecting your home from threats exacerbated by climate change. But protection doesn't only mean playing defense: In addition to anticipating extreme weather or wildfire threats, for example, homeowners can make proactive upgrades to save themselves headaches and money, and to avoid unnecessary emissions. Here are five ways you can think about climate-proofing your house.
/jlne.ws/3wroUi6
A 'Tsunami of Shutoffs': 20 Million US Homes Are Behind on Energy Bills; Surging electricity prices spur worst-ever crisis in late utility payments.
Will Wade and Mark Chediak - Bloomberg
Adrienne Nice woke up early on the morning of July 25 to news she'd been dreading. The power company, Xcel Energy Inc., had shut off the electricity to the small Minneapolis apartment she shares with her teenage son, just as a heat wave was bearing down on the city.
/jlne.ws/3PLIjB6
This power line could save California — and forever change the American West
Sammy Roth - Los Angeles Times
I know the wind turbine blades aren't going to kill me. At least, I'm pretty sure. No matter how many times I watch the slender arms swoop down toward me — packing as much punch as 20 Ford F-150 pickup trucks — it's hard to shake the feeling they're going to knock me off my feet. They sweep within a few dozen feet of the ground before launching back toward the heavens, reaching nearly 500 feet above my head — higher than the highest redwood. They're eerily quiet, emitting only a low hum. But in the howling wind, the tips could be barreling past at 183 mph. So yes, I'm a little terrified — but also full of awe. These machines are changing the world, after all.
/jlne.ws/3QO02ZU
Firms make deals to boost LNG exports 60% from U.S., Canada, Mexico
Scott Disavino - Reuters
North American liquefied natural gas (LNG) developers and producers this year have struck deals to sell 48 million tonnes of LNG, which will eventually pump up exports 60% from current levels, although much of the output remains years away. LNG demand is soaring as the conflict in Ukraine pushes global prices to their highest in at least 14 years. Buyers in Europe have looked West in a move away from Russian gas, and Chinese buyers are striking long-term deals after a pause. New gas-export plants are being developed across the United States, and Mexico and Canada are poised to join as significant gas exporters, with plants proposed for their west coasts.
/jlne.ws/3pCwmmO
Economy and Society, August 23, 2022: Attorney General ESG push back across the states
Ballotpedia staff - Ballotpedia
ESG Developments This Week; BlackRock warns SEC about its proposed ESG rule; Last week, BlackRock - the world's largest asset manager, with $10 trillion in assets under management - warned the SEC about its proposed new rule for regulating ESG funds. Unlike various state attorney generals, who recently indicated that they believe the SEC is overstepping its authority, BlackRock argued that the new rule would confuse investors and would create larger problems than it solved: "The world's largest asset manager BlackRock Inc. (BLK.N) warned the U.S. Securities and Exchange Commission (SEC) this week that its proposed rules aimed at fighting "greenwashing" by fund managers will confuse investors. BlackRock made the claims in a letter filed this week in response to a SEC May proposal to stamp out unfounded claims by funds about their environmental, social and corporate governance (ESG) credentials. The rules also aim to create more standardization around ESG disclosures.
/bit.ly/3KguSIe
On Wall Street and in the private sector; Is ESG a Thing? Or should E, S, and G be unbundled?
Ballotpedia staff - Ballotpedia
Recently, Util, an ESG data company, conducted an analysis of thousands of US investment funds and determined that the "ESG" label is not helpful in determining which funds, investments, and corporations are, in its words, good from an ESG perspective and which ones are not: "An analysis of 6,000 US funds has concluded there is no such thing as a "good" or "bad" investment in terms of the UN's Sustainable Development Goals. Instead, the picture is far more complex, according to Util, a sustainable investment data specialist, which is calling for the unbundling of environmental, social and governance (ESG) factors in a report that identifies leaders and laggards according to UN SDGs.
/bit.ly/3KguSIe
Call it a pandemic reckoning: New ESG expectations spur surge of pharma good deeds
Beth Snyder Bulik - Fierce Pharma
Sanofi launched a nonprofit unit last week specifically set up to get its medicines to more people in lower-income countries and fund local support programs. The company's fleet of cars will go carbon neutral by 2030. By 2027, Sanofi vaccines will no longer ship in blister packs that end up in landfills. And those are just three of the initiatives the French drugmaker announced. In short, like many other companies seeing their responsibilities to society with new eyes, Sanofi stepped up its environmental and social goals.The efforts "were existing before, but we decided to scale up those ambitions," Sandrine Bouttier-Stref, Sanofi's global head of corporate social responsibility, said. Why now? Simply put, the pandemic.
/bit.ly/3dNgZFn
Looming Regulation Hasn't Slowed a Boom in ESG Labels; Managers are still keen to introduce new funds that promote environmental, social and governance characteristics, even though they are likely to face more scrutiny.
Tim Quinson - Bloomberg
The pressure keeps growing and growing for managers of ESG funds. In the US, the Securities and Exchange Commission may soon start requiring managers to disclose additional information about how environmental, social and governance principles fit into their investment strategies. Industry trade groups, including the Investment Company Institute, and some asset managers are already opposing parts of the SEC's plan.
/jlne.ws/3KkUMec
5 steps for finance teams to upskill on ESG reporting; The move towards mandatory ESG reporting will require finance to assess the knowledge already in the team and new expertise needed — as a starting point.
Anita Dennis - Financial Management
Is your finance team ready to begin reporting a new level of environmental, social, and governance (ESG) information? Globally, regulators and standard-setters are establishing requirements on where and how ESG data is reported. The new International Sustainability Standards Board (ISSB), created by the IFRS Foundation in 2021, brings together numerous existing ESG-related standard-setters under the auspices of a global financial standard-setting organisation. On the regulatory front, the US Securities and Exchange Commission's proposed climate disclosure rule will certainly have an impact on many companies globally as will new requirements for some of the largest UK-registered companies based on recommendations set by the Task Force on Climate-related Financial Disclosures (TCFD).
/bit.ly/3R4hmtx
Almost half of Europe under drought warning conditions; Scientists say weather will stay hotter and drier until November, compounding concerns about food and energy
Alice Hancock - FT
Almost half of the EU remains under drought conditions, an EU agency has said, with the weather set to remain hotter and drier until November. This will compound fears about crop shortages and energy supply in a continent already hit by a significant reduction in gas flows from Russia.
/jlne.ws/3wrv6a1
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FTSE UK Index Series - Indicative Quarterly Review Changes September 2022
FTSE Russell
FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and FTSE 250, based on data as at Friday 19 August 2022. PLEASE NOTE: The actual review of the FTSE UK Index Series will be conducted using data as at market close on Tuesday 30 August 2022. Confirmed rebalance changes will be announced after market close on Wednesday 31 August 2022.
/jlne.ws/3dPNW40
New Vanguard Account Fees Will Increase Costs for Some of Its Most Loyal Customers
Lewis Braham - Barron's
Lately, some of Vanguard's most loyal long-term investors have been getting letters and emails that state: "If you choose to remain on the mutual fund-only platform after September 30, 2022, you'll be charged a $20 annual account service fee for each fund account to offset the costs and complexity of maintaining this system." After decades of supporting two investment platforms—its brokerage and its legacy one just for in-house mutual funds—Vanguard is putting pressure on retail investors to leave the legacy one and join the brokerage. Any investor with less than $1 million in the mutual-fund-only platform will pay $20 annually per fund that they own. Prior to this shift, fees were only applied to investors with less than $10,000.
/jlne.ws/3R3Ly87
Credit Suisse's Outsiders Need to Be Brave and Brutal; It will be a rough ride for employees — and shareholders
Paul J. Davies - Bloomberg
Credit Suisse Group AG's poaching of Dixit Joshi from Deutsche Bank AG to become its new chief finance officer means the Swiss bank now has outsiders in three top executive roles. They all have plenty of experience fixing problems in their former roles.
/jlne.ws/3R2MJFr
Tiger Management founder Julian Robertson dies at 90; Influential hedge fund manager spawned dynasty of 'Tiger cubs' who trace origins to firm
Laurence Fletcher, Ortenca Aliaj, Harriet Agnew and Antoine Gara - Financial Times
Julian Robertson, the founder of Tiger Management and one of the most influential hedge fund managers of all time, has died at the age of 90. Robertson achieved heroic status both for his record at New York-based Tiger Management during the early days of the hedge fund industry and for the dynasty of hedge fund traders known as the "Tiger cubs" that he helped launch.
/jlne.ws/3CxeP74
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Japan to Scrap Covid-Test Requirement for Vaccinated Travelers; Decision on raising daily entry cap to be made later; Prime minister announces easing while recovering from Covid
Jon Herskovitz - Bloomberg
Japan will scrap a requirement to show a negative Covid-19 result to enter the country for boostered travelers, as it faces pressure from the tourism industry and businesses to roll back some of the most stringent pandemic border restrictions left globally.
/jlne.ws/3PLI4pG
Hong Kong Could Consider Tighter Curbs as Covid Cases Rise; Officials are worried about health-care system capacity; City reported 7,884 total new Covid-19 cases Wednesday
Tania Chen - Bloomberg
Hong Kong health officials said tighter social distancing restrictions could be considered if rising Covid-19 cases worsen the pressure on the city's health system. The city reported 7,884 new Covid-19 cases Wednesday, the highest number since the end of March. Increased hospitalizations have put pressure on the health-care system, prompting hospitals to scale back non-emergency services and the reopening of community isolation facilities.
/jlne.ws/3QS1x9B
Bavarian Nordic rushes to boost output of monkeypox vaccine; Danish manufacturer of only approved shot against disease seeks to expand manufacturing capacity
Donato Paolo Mancini - Financial Times
Bavarian Nordic is making "every effort" to satisfy demand for its monkeypox vaccine, the only approved shot against the rapidly spreading disease, as countries grapple with severely limited supplies.
/jlne.ws/3coSSfI
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India to Tell US That Russia Oil Price Cap Needs Consensus; US Treasury officials rallying support to cut Russian revenue; India expected to seek consensus among all buyers on price cap
Sudhi Ranjan Sen and Debjit Chakraborty
India will seek broader consensus before it supports US-led efforts to cap the price of Russian oil, which American officials are expected to push for this week when they travel to Mumbai and New Delhi. The South Asian nation, which has emerged as one of the biggest buyers of Russian oil since the invasion of Ukraine, is hesitant to join the plan unless a consensus is reached with all buyers, according to people familiar with the matter, asking not to be identified because the deliberations aren't public.
/jlne.ws/3wvaPAb
China's Fragile Economy Is Being Hammered by Driest Riverbeds Since 1865; Factories shut down as extreme heatwave strains energy grids; Sichuan is hardest hit as hydropower output slashed by half
Bloomberg News
Wan Jinjun, a 62-year-old retiree who has swum the Yangtze River almost every day for the past decade in Wuhan, said he's never seen a drought like this before. An extreme summer has taken a toll on Asia's longest river, which flows about 3,900 miles (6,300 kilometers) through China and feeds farms that provide much of the country's food and massive hydroelectric stations, including the Three Gorges Dam — the world's biggest power plant. A year ago, water lapped almost as high as the riverbank where Wan swims. Now, the level is at the lowest for this time of year since records began in 1865, exposing swathes of sand, rock and oozing brown mud that reeks of rotting fish.
/jlne.ws/3Ag5Ft3
Coffee Lovers Set for Price Pain as Vietnam Reserves Shrink; Stockpiles in top grower seen halving by end of next month; Local robusta prices jump to record as beans getting scarce
Mai Ngoc Chau - Bloomberg
Vietnam's vast hoard of coffee beans is shrinking, a phenomenon that's set to push rising global prices even higher. Stockpiles will halve by the end of September from a year earlier, according to the median estimate in a Bloomberg survey of traders. Output from Vietnam, the world's largest robusta supplier and second-largest coffee producer, is also expected to drop in 2022-23.
/jlne.ws/3QNqH9r
Chinese Nickel Trader Lygend Readies $1 Billion IPO Launch, Sources Say; Ningbo-based firm plans to start taking investor orders; Lygend could start trading in Hong Kong as soon as September
Bloomberg News
Lygend Resources & Technology Co., a Chinese nickel producer and trader, is planning to start taking investor orders for an initial public offering in Hong Kong as early as September, according to people with knowledge of the matter. The Ningbo-based company is working with advisers and is seeking to raise as much as $1 billion. After its first application for the listing in February lapsed, it is planning to refile in September and could make its trading debut as soon as the same month, one of the people said.
/jlne.ws/3cgadaR
Japan turns back to nuclear power in post-Fukushima shift; Prime minister says government to step up reactor restarts and study construction of new plants
Kana Inagaki and Leo Lewis - Financial Times
Prime Minister Fumio Kishida has moved to restore Japan's status as a nuclear-powered nation for the first time since the 2011 Fukushima crisis, accelerating the restart of reactors and signalling the construction of new plants.
/jlne.ws/3pCCZ8J
Russian Diamonds Are Quietly Flowing Again After Sanctions Chaos
Bloomberg
The panic that gripped the diamond world this year is starting to unwind as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels. Alrosa accounts for about a third of global rough-diamond supply, and the $80 billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn't or wouldn't finance payments.
/jlne.ws/3pDUghF
Surviving Energy Bills Forces Drastic Steps by UK Businesses; Small firms face existential threat from whopping increases; Consumers face rising prices as companies pass on burden
Todd Gillespie and Katie Linsell - Bloomerg
Baking at midnight. Closing down midweek. Covering a barn roof with solar panels. Lisa-Jane Fraser is trying whatever she can to keep her wedding and restaurant business in rural England running as energy costs snowball. The monthly bill more than doubled to £3,800 ($4,512) in March, and she fears it may catapult to £7,000 in November, when her fixed-price contract ends and puts the venue at the mercy of a turbulent market.
/jlne.ws/3cfaqLi
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| Miscellaneous | | Stories that don't quite fit under the other sections | In New Holocaust Doc, Ken Burns Traces Culpability of US Corporations; A Q&A with the famed filmmaker ahead of "The US and the Holocaust."
Martine Paris - Bloomberg
What US leaders knew about the plight of millions of Jews escaping the Nazis during World War II—and when they knew it—is the subject of Ken Burns's searing documentary The US and the Holocaust. From 1933 through 1945, fewer than 250,000 visas were granted by the US as 6 million Jews perished across Europe; of his almost 40 films over the past 40 years for PBS, Burns has said he'll never work on one more important than this.
/jlne.ws/3dTC5C7
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