| August 28, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today JLN has an exclusive preview of an Inside the ICE House podcast with Vinnie Viola, the founder of Virtu and its chairman emeritus. This is another excellent interview by ICE Chief Communications Officer Josh King
Interesting side note, when Viola was the NYMEX chairman and NYMEX held a press event at the FIA Boca conference in the early 2000s, that was where I first met Viola, but also when I first met in person JLN Editor-in-Chief Sarah Rudolph. Sarah was working for Securities Week in New York at the time, and while we had talked on the phone, with Sarah using me as a source, we had never met until that NYMEX press event.
Today we also have a video interview I conducted with Cassini Systems CEO Liam Huxley. JLN had interviewed Huxley at Boca, but had problems with the audio recording, so this is a fresh interview, though this time over Zoom.
Later this morning JLN will publish a podcast with Paula DiPerna, the author of the book "Pricing the Priceless: The Financial Transformation to Value the Planet, Solve the Climate Crisis, and Protect Our Most Precious Assets."
FIA welcomed Glencore International AG as a new member. FIA shared on LinkedIn that "Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, it produces, processes, recycles, sources, markets and distributes the commodities that support decarbonisation while meeting the energy needs of today."
The Financial Times has a story titled "Germany's ruling party plans to curb rent increases" with the subheading "SPD set to unveil measures to tackle soaring costs facing tenants, says senior lawmaker," and my first thought was, wasn't rent freezes and their impact on housing one of the causes of World War II?
An Italian banker is being hailed as a hero after catching a toddler who fell from a fifth floor balcony on Saturday in central Turin, Italy, CNN reports.
One of the greatest price discovery proponents who showcased it transparently for millions of people to see every day has died at the age of 99. Bob Barker, the longtime host of the game show "The Price is Right" has died, Bloomberg reported. Barker went to Hollywood to be an actor, but instead became a gameshow host for "Truth or Consequences" and then "The Price is Right," the longest running game show in history. It took Adam Sandler in the movie Happy Gilmore to make him an actor.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories last Friday on JLN Options were:
- EXCLUSIVE: Cboe challenges perceived narrative on US equity market structure reform
- Biggest Yuan Bears Fail to Gain Traction Among Option Traders
- Powell Leaves Door Open to September Rate Increase ~JB
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Exclusive: JLN ICE House Vinnie Viola NYSE Interview by Josh King
JohnLothianNews.com
ICE Chief Communications Officer Josh King has done it again, with an in-depth and rich ICE House interview, this time with former NYMEX Chairman and Virtu Founder Vinnie Viola. JLN was given an exclusive preview of the interview, which is to be published on Monday, August 28.
In his ICE House interviews, King, who is also the NYSE's head of corporate affairs, is able to connect his own life with that of his interviewee in a way that sets up the interview perfectly. King's interview is like none I had ever heard or seen with Viola before.
Watch the video »
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Liam Huxley Talks Cassini Systems and the Challenges Firms Face Holistically
JohnLothianNews.com
John Lothian News interviewed Cassini Systems Founder & CEO Liam Huxley over Zoom recently and asked him about the origin of Cassini, the problems it was founded to solve and what is new. Huxley said Cassini is focused on its four pillars of an operating model, including margin optimization, collateral optimization and forecasting or stress testing. The fourth pillar is for firms to be able to manage liquidity and profitability.
Watch the video »
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The Sum of All Fears, Just in Time for Sunday; As scientific breakthroughs grow, so too do the odds of entering a great-power nuclear crisis.
Jessica Karl - Bloomberg
The 21st century will be remembered for a lot of things. The first-ever nuclear fusion ignition. The rise of artificial intelligence. And of course, that mugshot. But what we don't want it to be remembered for is nuclear war. Yet as our technological capacities grow, so too do the odds of entering a great-power nuclear crisis. To illustrate how such a catastrophe might arise, I've made you a triple Venn diagram:
/jlne.ws/3OSBBuS
***** My fears are not arithmetic, but algorithmic.~JJL
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The Market Is Dictating How We Raise Our Kids; People worried about government child care should consider Americans' bleak options under the existing system.
Kathryn Anne Edwards - Bloomberg
Who wants the government to decide how they should raise their children? This is what opponents fear will happen if the state provides free child care: Families will be powerless, mothers will be forced to work, children will be removed from their homes. What they fail to recognize is that the market already limits families' freedom of choice more than the government ever could.
/jlne.ws/3suSIv6
***** If the market is dictating how we raise our children, can I use a stop limit order? Probably not a fill or kill, though sometimes it might be called for. ~JJL
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Starting the day like Jamie Dimon set me up for success; Many CEOs rely on a regular morning routine, so I decided to experiment
Grace Lordan - Financial Times
For many chief executives, morning routines are a go-to fix for taking control of their day. It makes sense. There is a widespread belief that a purposeful start boosts productivity and wellbeing. The problem is there is a great variation in the types of ritual being recommended. JPMorgan CEO Jamie Dimon likes to rise at 5am and voraciously read for up to two hours. When Jack Dorsey ran X Corp, he favoured a morning ice bath.
/jlne.ws/3PgaY4r
***** Jamie and I both get up at five and ready voraciously, but I am not doing the ice bath of Jack Dorsey.~JJL
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Friday's Top Three
Our top story Friday was the letter Cboe Global Markets shared on LInkedIn responding to the SEC's proposed rule on minimum pricing increments. Second was The impact fund betting on community lawsuits, from The Financial Times (premium subscription needed to read). Third was the FIA's post on LinkedIn welcoming the trading and market data software company Sinara as a new member.
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| Lead Stories | The 'Fidelity Mafia' Behind Big Crypto; The mutual-fund powerhouse was a bitcoin pioneer and built a deep talent pipeline for the industry
Vicky Ge Huang - The Wall Street Journal
Some of the most prominent players in the digital-assets industry cut their teeth at the same place: Fidelity Investments. A storied mutual-fund powerhouse, Fidelity is a cornerstone of the traditional financial system that the founders of bitcoin and other cryptocurrencies intended to disrupt. Yet the 77-year-old company became a bitcoin pioneer in 2014, mining the token when it was trading around $400.
/jlne.ws/3EbNOWy
Bitcoin's Dirty History Offers a Lesson for AI's Future; A lot of money and energy is expended on the cryptocurrency, but AI could be even more power hungry.
Tim Culpan - Bloomberg Opinion
Surging interest in artificial intelligence systems will add further strain to global electricity grids with the potential to rival the massive energy consumption of Bitcoin. Thankfully, the premier cryptocurrency has shown us a way to mitigate the impact. A doubling of data-center revenue at Nvidia Corp. last quarter shows that demand for generative applications like ChatGPT hasn't yet hit its peak.
/jlne.ws/45GwlRy
Wagers on the Weather? Insurers Offer a Way for Businesses to Hedge Climate Risks; Parametric insurance, which lets businesses tie their policies directly to weather conditions such as wind speed and flood depth, has garnered interest amid tough conditions for insurance buyers
Richard Vanderford - The Wall Street Journal
As weather grows hotter, wetter and stormier-and insurance becomes harder to come by-some businesses are warming up to an esoteric tool that lets companies effectively place bets on weather events with few strings attached. Parametric insurance, as it is called, remains a niche product, though it functions in a relatively straightforward way: It pays out when certain conditions, or parameters, are met.
/jlne.ws/45JHjG4
China's $10 trillion hidden debt mountain could be the 'ticking time bomb' that Joe Biden warned of
Joseph Wilkins - Business Insider
For some time now, markets have been buffeted almost on a daily basis by gloomy economic news filtering out of China. The world's second-largest economy is grappling with a raft of economic troubles - ranging from deflation to record youth unemployment, and a deepening property crisis - and its much-anticipated post-pandemic rebound has failed to materialize.
/jlne.ws/3YUg21x
Offshore Yuan Seen Tumbling to New Low Against Dollar in China Selloff
Bloomberg News
Global investors have little confidence that China will succeed in shoring up its financial markets, predicting that mounting economic stress will drive the yuan's offshore exchange rate to historic lows. The yuan traded internationally is seen depreciating to 7.6 per dollar before the end of the year, according to the median estimate by 455 respondents in the latest Markets Live Pulse survey. That implies a drop of 4% from Friday's close of 7.29 and would be a record low for the offshore currency.
/jlne.ws/45HcuCx
Beijing's Stock Market Playbook Won't Work for Long; Return to old tactics to prop up market will only help short-term
Jacky Wong - The Wall Street Journal
The lackluster Chinese stock market seems to have finally pushed Beijing to do something. But its latest moves to support the market will provide only a short-term lift without broader measures to shore up confidence in the economy.
/jlne.ws/3swbbaI
BRICS Shows It's Little More Than a Meaningless Acronym; The group seeks to counter US influence but mostly practices cynical expediency
Pankaj Mishra - Bloomberg Opinion
The 15th summit of BRICS countries, which just concluded in South Africa, received unprecedented international attention. Some commentators even invoked the Bandung conference of 1955, where leaders of India, China, Indonesia, Egypt, and Yugoslavia launched the non-aligned movement. It seemed as though another generation of leaders, this time from Brazil, Russia, India, China and South Africa, were building an alternative to the US-dominated global order.
/jlne.ws/3KYMtGo
A Startup in the New Jersey Suburbs Is Battling the Giants of Silicon Valley
Ben Cohen - The Wall Street Journal
Michael Intrator wasn't planning to leave his job in finance to work in the world's hottest industry. Until the day his office nearly overheated. He was running a natural-gas fund in 2017 when he stumbled into another market that was about to become huge. Intrator and his colleague Brian Venturo purchased their first GPU, the graphics chip they initially used for cryptocurrency mining that has since become essential to a more lucrative business: artificial intelligence.
/jlne.ws/44tZHSc
Marathon to Shut Third-Largest US Oil Refinery After Storage Tank Fire
Barbara Powell and Robert Tuttle - Bloomberg
Diesel futures surged to a seven-month high in New York after Marathon Petroleum Corp. said it was shutting the third largest US oil refinery following a blaze at a storage tank. The fire at the Garyville refinery in south Louisiana was contained but ongoing late Friday afternoon, according to Marathon spokespeople. It's the third blaze to strike the plant in less than a year. Parish officials have ordered residents within a two-mile radius to evacuate.
/jlne.ws/3PersKh
Wall Street WhatsApp, Texting Fines Exceed $2.5 Billion; BNP, Wells Fargo among firms to pay fines to SEC and CFTC; Regulators say probes discovered recordkeeping lapses
Austin Weinstein - Bloomberg
Wells Fargo & Co. and BNP Paribas SA are among firms that will pay hundreds of millions of dollars in penalties for employees using unofficial communications like WhatsApp, personal texts or email to conduct business - the latest in US regulators' crackdown on Wall Street's failure to keep records. Three Wells Fargo units agreed to pay a total of $125 million to the Securities and Exchange Commission, and BNP will pay $35 million, the regulator said Tuesday.
/jlne.ws/3qSKPPF
Investors warn 'fluffy' ESG metrics are being gamed to boost bonuses; Majority of S&P 500 companies use environmental, social or governance criteria to guide pay
Patrick Temple-West and Eva Xiao - Financial Times
A growing number of blue-chip US companies are using environmental and social factors to decide bonuses for top executives, but investors are worried the metrics are being gamed to increase payouts.
/jlne.ws/3KUrIf2
Darrell Duffie on How to Fix the World's Most Important Market
Tracy Alloway and Joe Weisenthal - Bloomberg
In the global financial system, US Treasuries play a special role. They're basically as close to cash as a financial asset can get and their yields act as the "risk-free" rate against which all other assets are measured. In other words, the US Treasury market is supposed to be the safest and most liquid in the world. But Treasuries have also been at the center of some pretty big financial events in recent years, including the March 2020 sell-off and the collapse of Silicon Valley Bank this year. The Federal Reserve has had to step in to support the market, and now there's concern over who will buy all these bonds as the US Treasury ramps up its borrowing.
/jlne.ws/3PaYWcp
Shipowners and traders clash over cost of climate regulations; Dispute over who pays for cleaning up shipping emissions deepens struggle to decarbonise global trade
Oliver Telling - Financial Times
The shipping industry is clashing with traders over who should pay the financial cost of new environmental regulations, as the highly polluting sector faces increasing pressure to clean up. Shipping groups have been pushing the companies that lease vessels, such as oil and commodities traders, to cover losses suffered if ships are downgraded under new regulations that rate their carbon intensity.
/jlne.ws/47K6lXz
How China's Downturn Could Save the World; Strains in the country's CO2-intensive growth model may be an issue for its economy, but good for the planet.
David Fickling - Bloomberg Opinion
The story of emissions over the past two decades has been written in Chinese. Since it joined the World Trade Organization in 2001 and became the world's factory, China has contributed nearly two-thirds of the growth in carbon pollution globally. Even in per-capita terms, it's now a bigger greenhouse emitter than the European Union.
/jlne.ws/3EbtIf7
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukrainian forces appear to widen breach of Russian defenses on southern front lines
Tim Lister, Josh Pennington, Olga Voitovych and Anna Chernova - CNN
Signs are growing that Ukrainian forces have penetrated Russian defenses along part of the southern front lines in Zaporizhzhia region and are expanding a wedge toward the strategic town of Tokmak, while stepping up attacks on Russian-occupied Crimea. The Ukrainian General Staff said Friday there had been further success in two areas - towards the village of Novoprokopivka and further east in the direction of another small settlement, Ocheretuvate.
/jlne.ws/3Z8LPfr
Russia launches overnight air attack on northern, central Ukraine
Reuters
Russia launched an overnight air attack against Ukraine on Sunday, sending missiles over other northern and central parts of the country, authorities said. The Ukrainian military reported shooting down four cruise missiles out of up to eight total airborne targets detected, adding that the rest of the targets were "probably false". It also said there were no immediate reports of strikes.
/jlne.ws/3OWvXYD
Ukraine says it hit Russian military base in annexed Crimea
Reuters
Ukraine's GUR military intelligence agency said on Friday a Ukrainian drone attack had hit a Russian military base deep inside annexed Crimea, while residents reported casualties, explosions and a road closure. Early on Friday, Russia reported one of the biggest coordinated Ukrainian air raids yet over Russian-controlled territory but said air defence systems had downed all 42 drones attacking Crimea before they could hit their targets.
/jlne.ws/3PfALto
'The Market Is Dead': Ukraine's Farmers Count the Cost of Grain Deal's Collapse
Alistair MacDonald - The Wall Street Journal
As Russia squeezes Ukraine's ability to export its huge grain harvests, it is farmers like Valery Kolosha who are counting the cost. Russia last month pulled out of an international agreement that facilitated Ukrainian exports via the Black Sea and has since launched a series of attacks on port facilities in the country. Together, those actions have hindered the exit points for three-quarters of Ukraine's grain.
/jlne.ws/3Peo6qD
Zelenskiy vows to end Russian occupation of Crimea, defends strategy
Reuters
Ukrainian President Volodymyr Zelenskiy vowed on Wednesday to end Russia's occupation of Crimea, and deflected criticism of Kyiv's handling of a grinding counteroffensive. Russia seized and annexed the Crimea peninsula in 2014 in a move not recognised by most other countries, and has occupied other parts of Ukraine in the south and east since its full-scale invasion in February 2022.
/jlne.ws/44qFvRq
Russia sends in elite troops to halt Ukrainian counter-offensive
Roland Oliphant - The Telegraph
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Ukraine Says Second Ship to Sail From Odesa Reaches Romania
Aliaksandr Kudrytski - Bloomberg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Intercontinental Exchange and Black Knight Announce Entry into Agreement Containing Consent Orders with FTC's Bureau of Competition; ICE's acquisition of Black Knight is expected to close on September 5, 2023. The deadline for Black Knight stockholders to elect their preferred form of merger consideration is September 1, 2023.
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) and Black Knight, Inc. (NYSE: BKI) today announced that they have entered into an Agreement Containing Consent Orders (the "ACCO") with the Bureau of Competition of the Federal Trade Commission (the "FTC") regarding ICE's pending acquisition of Black Knight. The ACCO contains an agreed form of consent order that will be submitted to the FTC for acceptance and approval.
/jlne.ws/3KXWq6S
ASX, SGX earnings driven by diversified revenue
Wei-Shen Wong - Waterstechnology
In line with the trend for some of the major global exchanges to diversify revenue streams away from transaction and listing revenues, both the Australian Securities Exchange (ASX) and the Singapore Exchange (SGX) are already benefiting from doing so despite the challenging market and economic environment. SGX reported an 8.7% year-on-year increase in revenue to S$1.2 billion ($877 million) for the full financial year ended June 30, mainly driven by derivatives revenue, which includes equity
/jlne.ws/3QWJoKw
15 Years of Exchange Traded Currency Derivatives Segment on NSE
National Stock Exchange of India
A new beginning for the Exchange Traded Derivatives was marked with the addition of new asset class of Currency, on August 29, 2008. National Stock Exchange of India (NSE) launched the Exchange Traded Currency Derivatives Segment with launch of Futures on currency spot rate US Dollar - Indian Rupee. The first day of trading witnessed trading of 65,798 contracts worth Rs 291 crores with participation from more than 150 trading members including Banks. Exchange traded currency derivatives have served as a viable mechanism for price discovery for different types of market participants with currency exposures, particularly for those who are looking for competitive FX pricing.
/jlne.ws/3FOrfHc
The position of Senior Communication Officer (video)
Luxembourg Stock Exchange
In this video, the third episode of our series Life at LuxSE, we sit with Senior Communication Officer Lorraine Bedo. While highlighting the role of our communication team, Lorraine takes time to reflect on what it's like to work at LuxSE and her leading role in our Gender Committee.
/jlne.ws/3PeIUhz
Battle of the Bonds: Interest Rates Trading Challenge
CME Group
Get to know our trading challenges; CME Group offers three types of trading challenges - designed to meet your needs. Whether you are a professor looking to host a challenge for your class, a firm trying to set up a private challenge, or just someone interested in trying out the markets in a risk-free environment, our trading challenges have something to offer you.
/jlne.ws/3sxdDOg
Notice of Disciplinary Action
CME Group
Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations. Pursuant to an offer of settlement in which Vitol Inc. neither admitted nor denied the rule violation or factual findings upon which the penalty is based, on August 23, 2023, a Panel of the Chicago Mercantile Exchange ("CME") Business Conduct Committee ("Panel") found that at the close of trading on December 5, 2022, Vitol held a long position of 771 contracts in December 2022 Live Cattle futures, which was 171 contracts (28.5%) over the spot month position limit.
/jlne.ws/44odpWJ
Notice of Disciplinary Action
CME Group
No person shall place or accept buy and sell orders in the same product and expiration month, and, for a put or call option, the same strike price, where the person knows or reasonably should know that the purpose of the orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known or referred to as wash sales).
/jlne.ws/45NSgX4
MIAX Options And MIAX Emerald Options Exchanges - Rollback Of Certain Non-Transaction Fee Changes
MIAX Exchange Group
On August 3, 2023, the Securities and Exchange Commission suspended ToM and cToM fee changes for MIAX Options and MIAX Emerald Options. As a result, fee changes that were refiled for January 1, 2023 effectiveness were rolled back on August 3, 2023.
/jlne.ws/44qF89u
Repo transactions with an open date became available to money market participants of the Moscow Exchange
MOEX
Starting August 28, 2023, repo transactions with an open date became available to professional money market participants of the Moscow Exchange. The new type of repo transactions provides the parties to the transaction with a unique opportunity to execute the second part of the repo transaction at any time convenient for them, which provides additional flexibility and expands the possibilities of operational liquidity management.
/www.moex.com/n63418
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple's iPhone Supply Chain Splinters Under US-China Tensions; The shift beyond China threatens to push up prices for consumers.
Nguyen Dieu Tu Uyen, Nguyen Xuan Quynh, John Boudreau and Debby Wu - Bloomberg
The daily tangle of trucks and buses jostling to get off Vietnam's Highway 17 - a key artery to one of the world's newest electronics hubs - begins forming at dawn. Just a couple of miles away, hordes of tired-looking night workers are shuffling out of a device factory and a recruiter with a bullhorn is barking instructions at a crowd outside another facility. These fresh high-school grads are looking for work with Apple's biggest supplier, Foxconn Technology Group.
/jlne.ws/45M73l7
Banks call for direct oversight of cloud providers by US regulators; Tri-opoly of cloud vendors "poses systemic risk" to financial sector, say risk managers
Menghan Xiao - Risk.net
Senior risk managers at three large global banks tell Risk.net they want US bank regulators to exercise direct oversight of cloud service providers, such as Amazon, Google and Microsoft. "Those big cloud providers already pose systemic risk to the financial sector," says the head of third-party risk management at a large European bank with operations in the US. "Regulators cannot shy away from regulating them directly."
/jlne.ws/3QV5gWM
Data arms race heats up as venues and vendors eye buy-side business through new initiatives; As the buy-side increasingly seek higher quality and comprehensive data, providers are answering the call, focused on enhancing their services and increasing their scope.
Claudia Preece - The Trade
Across the market, businesses have been increasingly turning their attention to data quality and accessibility, seeking to enhance their offerings for buy-side clients with ample recent movement in the last few weeks. Over recent months, historical Level 3 data provider BMLL has seen a surge in activity as it continues to expand its equities and ETF data coverage. Its products now include data from the Hong Kong Stock Exchange (HKEX), Cboe Europe Indices, and more recently this month, the Shenzhen Stock Exchange.
/jlne.ws/3qQWhv2
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| Cybersecurity | | Top stories for cybersecurity | FTX, Genesis, BlockFi Customer Data At Risk in Bankruptcy Hack
Jonathan Randles - Bloomberg
Business and legal services provider Kroll said it's cooperating with federal law enforcement after a hacker gained access to files that may have contained personal information for customers of bankrupt crypto platforms FTX, BlockFi Inc. and Genesis Global Holdco. Kroll said Friday it appears the attack occurred on or about August 19 and that the company is cooperating with the Federal Bureau of Investigation.
/jlne.ws/47N2kl9
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| Cryptocurrencies | | Top stories for cryptocurrencies | India's digital finance moonshot; CBDC project aims to extend its position at the vanguard of financial innovation
Patrick Jenkins - Financial Times
When Narendra Modi proclaimed "the dawn of the new India" last week, the prime minister was hailing his nation's debut moon landing. But the pronouncement could equally have related to India's growing confidence in the vanguard of financial innovation.
/jlne.ws/3suVmRy
Binance Drops Sanctioned Russian Banks From Peer-to-Peer Service
Angus Berwick and Patricia Kowsmann - The Wall Street Journal
Binance has stopped offering clients the option to pay one another through sanctioned Russian banks, days after a Wall Street Journal article detailed how the crypto giant was helping Russians move money abroad. The cryptocurrency company's peer-to-peer service no longer lists five sanctioned Russian lenders on its website as a method for users to transfer rubles to each other.
/jlne.ws/3qS3j2P
U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares 'Some' Decentralized Exchanges
Jesse Hamilton and Nikhilesh De - CoinDesk
The U.S. Treasury Department has finally unveiled its definition of a "broker" for the crypto industry, defining how crypto companies and investors will need to meet tax reporting obligations and answering a years-old question over whether decentralized finance platforms and miners will need to gather their users' personal data.
/jlne.ws/45M32x3
Sam Bankman-Fried's lawyers renew claim that the FTX founder can't prepare for trial behind bars
Larry Neumeister - The Associated Press
Lawyers for Sam Bankman-Fried said Friday that prosecutors have delivered another four million pages of documents for the FTX founder to examine six weeks before trial, making it impossible for the former cryptocurrency executive to adequately review the evidence for an October trial from behind bars. Bankman-Fried lost the right to remain free on bail when a judge decided two weeks ago that the fallen cryptocurrency wiz had repeatedly tried to influence witnesses against him.
/jlne.ws/3OTRIID
Leak Reveals Elon Musk, X And Wall Street Could Be About To Cause Bitcoin And Crypto Price Chaos With 'PayPal Update'
Billy Bambrough - Forbes
Tesla billionaire and X owner Elon Musk has a habit of causing wild swings for the bitcoin price and other major cryptocurrencies (with Musk lobbing a grenade into the crypto market earlier this month). The bitcoin price has swung wildly over the last few months as economic and regulatory pressures mount-though traders are now braced for a $15.5 trillion September Wall Street earthquake.
/jlne.ws/45K8TmK
Treasury Aims to Snag Tax Cheats With Crypto Broker Proposal; Proposal would give government more data on crypto trades; Decentralized exchanges would also be subject to reporting
Allyson Versprille and Erin Slowey - Bloomberg
US-based cryptocurrency exchanges such as Coinbase Global Inc. and Kraken would have to report detailed information on their clients' transactions to the IRS starting in 2026 under a new Treasury proposal. The proposed regulations from the Treasury Department and Internal Revenue Service offer clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion by offering more transparency into customer trades.
/jlne.ws/3suCzFY
U.S. Tackles Crypto Tax Mess; Long-delayed regulations would treat crypto platforms more like brokers who handle stocks and mutual funds
Richard Rubin and Paul Kiernan - The Wall Street Journal
/jlne.ws/47NT7cd
Coinbase pushes deeper into derivatives-but how many people want to buy them?
Jeff John Roberts - Fortune
/jlne.ws/45rI32W
U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares 'Some' Decentralized Exchanges
Jesse Hamilton and Nikhilesh De - CoinDesk
/jlne.ws/483BTIb
Tornado Cash Indictment 'Very Disappointing' for Crypto Industry: Legal Exec
CoinDesk
/jlne.ws/3su4GVT
Bitcoin Miners' Stock Market Lifeline Becomes Irritant to Shareholders; CEOs cite better balance sheets, stock prices to ease concern; Tumble in Bitcoin prices may spur more stock, token sales
David Pan - Bloomberg
/jlne.ws/3qM27hr
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| Politics | | An overview of politics as it relates to the financial markets | The World Is Contemplating a Second Trump Administration; Possibility that former president will win next year's election has capitals across globe on edge
Stacy Meichtry, Austin Ramzy and Bojan Pancevski - The Wall Street Journal
The U.S. presidential election is more than a year away, but allies and adversaries around the world have already begun to contemplate-and even plan for-the return of Donald Trump to the White House. For many foreign capitals, the possibility of a second Trump administration is a source of anxiety. Allies from Paris to Tokyo regard Trump as an erratic leader with little interest in cultivating long-term ties to counter Russian and Chinese expansionism.
/jlne.ws/45oIFpW
From biotech booster to Republican contender: the rise of Vivek Ramaswamy; Presidential candidate makes polling gains by capitalising on image as successful businessman
Alex Rogers, Jamie Smyth and Brooke Masters, and Lauren Fedor - Financial Times
None of the contenders for the Republican presidential nomination cared much about Vivek Ramaswamy six months ago, when the 38-year-old biotech entrepreneur launched his campaign with a promise to vanquish "the woke left".
/jlne.ws/3YROrOq
BlackRock hit by backlash after fall in environmental and social votes; New York City comptroller accuses $9.4tn asset management group of giving in to 'war against ESG'
Nicholas Megaw, Brooke Masters and Madison Darbyshire - Financial Times
Liberal-leaning US pension fund leaders and politicians have warned BlackRock and other big asset managers against backtracking on their commitment to environmental, social and governance causes, after a sharp drop in support for shareholder proposals at annual meetings.
/jlne.ws/3qObEo2
It's only a matter of time until the ESG movement will R.I.P.
Charles Gasparino - NY Post
ESG is on its last legs. How do I know this? Consider the actions of BlackRock, the big money manager and one of the initial and fiercest advocates of the Environmental, Social, and Governance investing technique. Last week, the firm, its founder and CEO Larry Fink announced something courageous in my view: The company stated emphatically that the ESG movement has gone too far, and BlackRock will be part of the solution to prevent its excesses from destroying the US economy.
/jlne.ws/3KVtDzV
John Kerry urges oil and gas chiefs to bring climate change plans to UN summit; US climate envoy urges the industry to commit to renewable energy investment and emissions cuts by 2030
Attracta Mooney and Aime Williams - Financial Times
US climate envoy John Kerry has been meeting global oil and gas industry leaders to urge them to bring concrete plans to boost renewable energy and cut greenhouse gas emissions by 2030 to the upcoming UN climate summit. Climate experts and campaigners are concerned that the COP28 gathering taking place in the petrostate of the United Arab Emirates in three months will become an "oil COP", with the industry being given an outsized role in discussions to tackle climate change.
/jlne.ws/3PfyOgw
The Republican Party Needs Chris Christie; The GOP needs someone willing to take on Donald Trump and help push it in a different direction.
Jonathan Bernstein - Bloomberg Opinion
One thing we can be fairly sure of about Wednesday's first Republican presidential debate is that Chris Christie will denounce Donald Trump, including calling him a coward for not showing up. Another thing we can be fairly certain of is that Christie is not going to be the Republican nominee for president. That doesn't make Christie's effort pointless.
/jlne.ws/3KUvgO3
Ramaswamy's Luck Will Run Out in Trump's GOP; In field after field, Indian Americans have shown they can make it. But a newly minted debate star thinks he can fake it.
Mihir Sharma - Bloomberg Opinion
/jlne.ws/3YQ6mFf
Journalism fails miserably at explaining what is really happening to America
Will Bunch - The Philadelphia Inquirer Opinion
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Kerry and Gore highlight an emerging climate divide; Differing positions on the fossil fuel industry illustrate important splits in the wider climate debate
Simon Mundy - Financial Times
/jlne.ws/45tzZP4
Trudeau Confronts Challenge of Climate and Economy in Canada's Far North; Sustainable growth 'is the only thing that's going to matter'; Indigenous buy-in is key to region's development, PM says
Danielle Bochove - Bloomberg
/jlne.ws/3QZyjss
'It's sad that French society is too insecure to let an American work for the EU'
Szu Ping Chan - The Telegraph
/jlne.ws/3YRUuCA
DNA results confirm Yevgeny Prigozhin's death, Moscow says
Polina Ivanova - Financial Times
/jlne.ws/44skghW
'Eliminate Putin': Target Placed on Leader by Russian Fighters
Aleks Phillips - Newsweek
/jlne.ws/47TinxY
Why the US and Europe Still Buy Russian Nuclear Fuel
Jonathan Tirone - Bloomberg
/jlne.ws/44ohR7T
Sweden Charges Man for Transferring Military Tech to Russia
Niclas Rolander - Bloomberg
/jlne.ws/3PeLLqZ
A Crisis of Confidence Is Gripping China's Economy
Daisuke Wakabayashi and Claire Fu - The New York Times
/jlne.ws/3YSVrus
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Approves IntelligentCross ATS
Editorial Staff - Traders Magazine
The US Securities and Exchange Commission (SEC) has approved a FINRA proposed rule change to add IntelligentCross ATS as a new entrant to the FINRA Alternative Display Facility (ADF). "This decision is a win for all investors," said Roman Ginis, Founder and CEO of Imperative Execution, the parent company of IntelligentCross ATS. "The addition of our displayed liquidity to the public quote will make these quotations available to all market participants and enable them to access better prices, bringing more quality liquidity, performance, and price discovery to the broader markets," he added.
/jlne.ws/3swzwgJ
Closing Remarks of Commissioner Christy Goldsmith Romero at the Global Research Alliance for Sustainable Finance and Investment Annual Conference
CFTC
Thank you to the Global Research Alliance for Sustainable Finance and Investment for inviting me to close out this highly informative conference. The timing is certainly appropriate, at the end of the warmest summer on record-a summer that experienced extreme heat events such as smoke days that made it unsafe to go outside, a month-long stretch of 110+ days in Phoenix, and the heartbreaking deadly Maui wildfires.[1] It's inspiring to be here in a group of people who are looking for sustainable finance and investment solutions to the emerging risks from climate change, particularly one year after the passage of the landmark Inflation Reduction Act.
/jlne.ws/47NEVjt
SEC Announces First Fee Rate Advisory for Fiscal Year 2024
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced that the fees that public companies and other issuers pay to register their securities with the Commission will increase from $110.20 per million dollars to $147.60 per million dollars, effective Oct. 1. The new fee rate will be applicable to the registration of securities under Section 6(b) of the Securities Act of 1933, the repurchase of securities under Section 13(e) of the Securities Exchange Act of 1934, and proxy solicitations and statements in corporate control transactions under Section 14(g) of the Securities Exchange Act of 1934.
/jlne.ws/3qLKT3N
SEC Awards Whistleblower More Than $18 Million
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced an award of more than $18 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. After initially reporting misconduct internally, the whistleblower submitted information to the Commission that prompted the opening of an investigation.
/jlne.ws/3qPIEfK
SEC Charges 3M with Foreign Corrupt Practices Act Violations Relating to China Subsidiary
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced that 3M Company agreed to pay more than $6.5 million to resolve charges that it violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act (FCPA). The SEC's order finds that employees of a 3M wholly owned subsidiary based in China arranged for Chinese government officials employed by state-owned health care facilities to attend overseas conferences, educational events, and health care facility visits, ostensibly as part of the Chinese subsidiary's marketing and outreach efforts.
/jlne.ws/3Pfq6yP
The Importance of a Comprehensive Risk Assessment by Auditors and Management
Paul Munter - SEC
Management's and auditors' risk assessment processes are critical to the decisions regarding financial reporting and the effectiveness of internal control over financial reporting (ICFR). Accordingly, we are troubled by instances in which management and auditors appear too narrowly focused on information and risks that directly impact financial reporting, while disregarding broader, entity-level issues that may also impact financial reporting and internal controls.[2] Such a narrow focus is detrimental to investors as it can result in material risks to the business going unaddressed and undisclosed, thereby diminishing the quality of financial information.
/jlne.ws/45GN4Ek
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Emerging-Market Funding Gets Creative as Dollar Bonds Dry Up; Debt-for-nature deals, loan syndication become popular routes; Local-currency bond sales surge as high rates lure investors
Selcuk Gokoluk and Colleen Goko - Bloomberg
At the BRICS summit in Johannesburg this week, a key item on the agenda was reducing dollar dependence across emerging markets. In bond sales, it's already happening. The sale of dollar bonds from developing countries sunk to the lowest since 2021 in August as global yields spiked to multi-year highs and 15 emerging nations traded at distressed levels.
/jlne.ws/3sBo3Mz
Rising Long-Term Rates Loom Over Autumn on Wall Street
Karen Langley - The Wall Street Journal
Jerome Powell's much-anticipated speech Friday did little to resolve the conflict gripping markets late this summer: whether a rapid climb in interest rates spells doom for the surprising 2023 stock-market rally. The Federal Reserve chair said inflation remains too high and officials are open to raising rates again, if needed, in his address at the Kansas City Fed's annual symposium.
/jlne.ws/45NIUKS
Japanese Companies Are Making Big Promises to Boost Their Stock Prices
Dave Sebastian - The Wall Street Journal
Japanese companies, long viewed as moribund, are trying to change how investors think about them by promising better growth, governance and returns. Snack maker Calbee said earlier this year that it had been hampered by a "conservative, inward-facing corporate culture and weak ability to effect change." The 74-year-old company has pledged to revamp its business and boost its profits.
/jlne.ws/3KYkN4o
Ex-Goldman Trader Building New California City Will Need to Appease Local Opponents; Developer, investors who bought $800 million of land unmasked; Project already embroiled in a lawsuit, faces zoning scrutiny
Karen Breslau and Tom Giles - Bloomberg
The mystery surrounding a project to convert farmland into a new green city in California is finally being unraveled. The would-be "mega-city" is the brainchild of a novice developer backed by some of Silicon Valley's most prominent names. But despite the heavyweights behind the project, it has already been embroiled in legal tussles and is being greeted by suspicion from talkative neighbors in and around Fairfield, a city in Solano County about 50 miles (80 kilometers) northeast of San Francisco.
/jlne.ws/45wZ37V
Advance of the AI adviser: machine learning's role in managing fortunes
Philip Coggan - Financial Times
Artificial intelligence can beat the finest human minds at chess and even at Go, the Japanese board game, where there are more potential moves than there are atoms in the known universe. So setting an AI programme to beat the stock market might seem like a potentially easy task by comparison. However, while many fund management companies are planning to use AI, they do not think it is ready to take over the entire investment process.
/jlne.ws/44trDG1
Goldman Sachs Sees Long-Term AI Trade Reaching Far Beyond Nvidia; Median stock in index could see EPS grow 72% from baseline; Bank strategists focus on productivity increases from AI
Carly Wanna - Bloomberg
/jlne.ws/3QRfbwC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | As Companies Eye Massive Lithium Deposits in California's Salton Sea, Locals Anticipate a Mixed Bag; Frontline communities in Lithium Valley are cautiously optimistic about the economic potential, but are also concerned about the health and environmental issues mining could create.
June Kim - Inside Climate News
When Sonia Herbert, 78, opened a restaurant in Bombay Beach, a small California neighborhood about 80 miles northeast of San Diego, she welcomed the bustle of tourists and locals visiting the Salton Sea shoreline. Located in Imperial County, the lake and its wetlands offer crucial habitats for migratory birds and a refuge for people from the hot desert sun.
/jlne.ws/45s2gpo
Maui Fire: How 'Risk Blindness' Made it Worse
Bloomberg Originals (video)
The Hawaii wildfire that took more than 100 lives and razed the town of Lahaina wasn't inevitable. Just as with earlier fires in California and Colorado, the conflagration was spawned by a combination of natural and human-made factors. As climate change heightens the risk of extreme weather events that endanger lives and livelihoods, a common factor in many of these disasters is emerging: risk blindness.
/jlne.ws/44svByD
Drones, AI and Goats: The New Playbook to Curb Wildfires; Wildfires of unprecedented intensity are forcing firefighters in Europe to rapidly adopt more sophisticated and unusual techniques.
Liza Tetley and Laura Millan - Bloomberg
As the planet continues to warm, so grows the list of countries impacted by wildfires. Turkey, Greece and Spain have all dealt with blazes this year, and this month's wildfire in Hawaii killed at least 115 and razed the town of Lahaina. Canada is in the throes of a historic wildfire season, with more than 15 million hectares burned. Officials there are scrutinizing the limits of traditional firefighting tactics.
/jlne.ws/3suo2dv
At 30%, Solar Panel Tax Credits Are at a High Point for Now
Ann Carrns - The New York Times
Americans are increasingly turning to rooftop solar panels to save money on their energy bills, and over the next decade, federal tax credits can help reduce the cost of installing them. Tax breaks for solar panels aren't new, but the Inflation Reduction Act, passed last year, expanded and extended them as part of the government's effort to reduce greenhouse gases that contribute to climate change.
/jlne.ws/3QYkrhZ
Korea's Jeju Island Is a Leader in Clean Energy. But It's Increasingly Having to Curtail Its Renewables; It's a cautionary tale for places, including those in the U.S., where wind and solar power generation outpace the capabilities of the electrical grid.
June Kim - Inside Climate News
Along the turquoise beaches of South Korea's Jeju Island, hundreds of wind turbines spin as ferociously as the coastal wind. A few kilometers inland, large solar farms are hard at work converting the sun's light into power. During periods of high wind, the wind farm receives notices to halt its power generation. This is to prevent excess influx of power into the grid, which could potentially compromise the stability of the system and create a blackout. Consequently, hundreds of wind turbines gradually decelerate until they come to a standstill, standing eerily still amid the blustering wind.
/jlne.ws/3YT4zz8
Investors warn 'fluffy' ESG metrics are being gamed to boost bonuses; Majority of S&P 500 companies use environmental, social or governance criteria to guide pay
Patrick Temple-West and Eva Xiao - Financial Times
/jlne.ws/3KUrIf2
BlackRock hit by backlash after fall in ESG votes
Nicholas Megaw, Brooke Masters and Madison Darbyshire - Financial Review
/jlne.ws/3OSejVO
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wells Fargo Overcharged Clients $27 Million in Fees, SEC Alleges
Austin Weinstein - Bloomberg
Wells Fargo & Co. has agreed to pay a $35 million penalty to settle allegations that it overcharged more than 10,900 investment advisory accounts, the Securities and Exchange Commission said. The overcharges at two Wells Fargo units amounted to over $26.8 million in advisory fees, the SEC said in a statement Friday.
/jlne.ws/3KYM4Uu
Wells Fargo Settles with SEC for Charging Excessive Advisory Fees
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively, Wells Fargo) for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees. Wells Fargo agreed to pay a $35 million civil penalty to settle the SEC's charges.
/jlne.ws/480Rok7
UBS Considers Its First AT1 Bond Sale Since Credit Suisse Rescue
Abhinav Ramnarayan and Tasos Vossos - Bloomberg
UBS Group AG is exploring its first sale of additional tier 1 bonds since its rescue acquisition of collapsed Swiss peer Credit Suisse Group AG, people familiar with the bank's plans said. The sale of the risky instruments could come as early as September, one of the people added. There are no formal arrangements in place yet for an offering, and the bank could still decide not to press ahead. A spokesperson for UBS declined to comment.
/jlne.ws/3YQyHvd
Bitcoin Miners' Stock Market Lifeline Becomes Irritant to Shareholders; CEOs cite better balance sheets, stock prices to ease concern; Tumble in Bitcoin prices may spur more stock, token sales
David Pan - Bloomberg
The equity lifeline used by many Bitcoin miners to help weather the most recent crypto winter is beginning to irk some shareholders. The 12 major publicly-traded miners, including Marathon Digital Holdings Inc. and Riot Platforms Inc., raised about $440 million through stock sales in the second quarter, a jump of almost 60% from the previous three months, according to data complied by TheMinerMag.
/jlne.ws/3qM27hr
UK challenger banks bemoan regulator foot-dragging on model approval
Laura Noonan - Financial Times
Three of the UK's oldest challenger banks are growing increasingly concerned over delays to regulatory approvals that could save them hundreds of millions of pounds. Metro Bank, Close Brothers and Paragon have spent years pushing the Bank of England's Prudential Regulation Authority to allow them to use their own internal models to calculate their risk-weighted assets, according to people familiar with the situation.
/jlne.ws/3YVoxcP
Western Banks Help Fund Blacklisted Oligarch's Charity
Monika Pronczuk and Valerie Hopkins - The New York Times
/jlne.ws/3sxf0fS
Who Wins When a Bank Fails? Wine Guy Frank Martell
Gina Heeb - The Wall Street Journal
/jlne.ws/3YSHRqR
We Need Instant Payments AND Central Bank Digital Currencies
David G.W. Birch - Forbes
/jlne.ws/45LuQ4N
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Kick Off the Heels. It's Time to Update Lawyer Barbie
Heidi Friedman - Bloomberg Law
Right now, it's all pink all the time, and you can't go anywhere without someone mentioning the "Barbie" movie. Although I had my share of Barbies growing up, I was mostly looking forward to my first trip to a movie theater since before the pandemic. The comfy reclining seats in a dark room with no cellphones for two hours sounded like a dream.
/jlne.ws/3ORDUOQ
The Truth About Long-Term Communications Success
Gini Dietrich - LinkedIn
While down with Covid a couple of weeks ago, I was aimlessly scrolling through Facebook. My head hurt too bad to focus on anything bigger, like a book, and I was already bored with Netflix. So I took to social media to pass the time until the Covid fatigue took over, and I needed another nap. I read an article in The Atlantic titled, "In the Age of Ozempic, What's the Point of Working Out?"
/jlne.ws/3ReXkA3
This Company Created a Return-to-Office Plan That Employees Actually Like
Chip Cutter - The Wall Street Journal
J.M. Smucker's leaders aren't worried about their sparsely populated campus, which anchors one end of this town. At the main entrance stands founder Jerome Monroe Smucker's 1907 home, with a sweeping front porch and hydrangea bushes overlooking Main Street, its rooms used for company dinners and occasional board meetings.
/jlne.ws/45Jqlrt
Advance of the AI adviser: machine learning's role in managing fortunes
Philip Coggan - Financial Times
Artificial intelligence can beat the finest human minds at chess and even at Go, the Japanese board game, where there are more potential moves than there are atoms in the known universe. So setting an AI programme to beat the stock market might seem like a potentially easy task by comparison. However, while many fund management companies are planning to use AI, they do not think it is ready to take over the entire investment process.
/jlne.ws/44trDG1
Four-Day Weeks Are Good for Employee Health, Study Suggests; New research on shortened workweek points to long-term benefits for work-life balance and focus
Jo Constantz - Bloomberg
A year after launching a pilot program testing a four-day workweek at companies in the US and Canada, employees' average hours continued to fall as companies found new ways to save time. New research from 4 Day Week Global, a nonprofit organization that coordinated the study, tracked the health, well-being and business outcomes of 41 firms as they adopted shorter hours last year.
/jlne.ws/3qRoCBG
What the Barbie Movie Tells Us About Workplace Culture; Films and novels offer as much of a window into the current soul of workers as business books.
Julia Hobsbawm - Bloomberg
/jlne.ws/3R0XPxh
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Q&A: Ami Zota on the Hidden Dangers in Beauty Products-and Why Women of Color Are Particularly at Risk; The Columbia researcher has been documenting how racialized beauty norms compel women of color to disproportionately use cosmetics-and face a higher threat from potentially harmful chemicals. She calls it "the environmental injustice of beauty."
Victoria St. Martin - Inside Climate News
In a way, when environmental researcher Ami Zota looks at data about patterns of cosmetics use by women of color in 2023, she's gazing back in time. There were the fledgling days of the environmental justice movement in the 1980s, when activists began placing a name on the discriminatory ecological practices that adversely affect communities of color. There was the lax regulation of beauty products, guidelines that were first brought under the purview of the Food and Drug Administration in the 1930s and that critics say have undergone too few updates in the decades since. And, looking back even further, there was the antebellum period when racialized notions of beauty-from hair texture to skin tone to body odor-were formally codified by captors of the enslaved.
/jlne.ws/45txBb4
Superbugs: why it's so hard to stop the 'silent pandemic'; Antimicrobial resistance already kills millions and is projected to get worse. But there is little incentive for Big Pharma to tackle the issue
Hannah Kuchler - Financial Times
In the summer of 2021, researchers at MIT and McMaster University in Canada fed an algorithm 7,000 chemical compounds in the hope that it would identify one that could kill Acinetobacter baumannii.
/jlne.ws/4826m9s
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Here's How Argentina's Milei Plans to Dollarize; Dollarization is fix to 'extreme' case, adviser says; Country is headed for its sixth recession in 10 years
Ignacio Olivera Doll - Bloomberg
Javier Milei wants to turn Argentina into the world's biggest dollarization experiment. A political outsider who swept Sunday's primary vote and is now seen as the favorite to win October presidential elections, Milei has pitched the idea of ditching the battered peso to crush inflation that's running at 113% and stifling the $600 billion economy.
/jlne.ws/3qFduYA
China Asks Some Funds to Avoid Net Equity Sales to Boost Market
Bloomberg News
Chinese authorities asked some mutual funds to avoid selling equities on a net basis a day after financial regulators announced a slew of measures to "invigorate capital markets and boost investor confidence."
/jlne.ws/3OSCHXs
Markets Show China Needs a Stimulus 'Bazooka' to Woo Investors; Authorities took series of steps to boost market sentiment; CSI 300 Index's 5.5% rally fizzles in blow to Beijing's effort
Bloomberg News
Chinese stocks started Monday by surging after authorities took a raft of steps to bring investors back to one of the world's worst-performing equity markets. But most of the gains were gone by the end of the session, with foreign funds extending what's set to be a record outflow this month.
/jlne.ws/3YSflWo
Citigroup Sees Silver Lining to Nigerian, Angolan Currency Rout; Ivory Coast, Senegal to benefit once Eurobond market reopens; Nations are seeking infrastructure financing after pandemic
Eric Ombok - Bloomberg
Nigeria, Angola and Kenya are among African countries that could draw greater foreign investment flows in the wake of sharp declines this year for their currencies, according to Citigroup Inc. "Countries where we've seen significant FX adjustments are clear winners from an investment perspective," George Asante, Citi's head of markets for Sub-Saharan Africa, said in an interview in Nairobi. "All these from a local market perspective offer opportunities."
/jlne.ws/3qQ5Avm
Permian Shale Drilling Shrinks at Fastest Pace in Three Years
David Wethe - Bloomberg
Explorers in the Permian Basin pulled back on rig use at the fastest pace in three years as the world's most prolific shale basin shrinks amid consolidation and the slow return in oil demand. Rigs targeting both crude and natural gas in the West Texas and southeast New Mexico region declined by 7 to 320 this week, according to data released Friday by Baker Hughes Co. It's the biggest weekly drop in the Permian since June 2020.
/jlne.ws/47JL3JD
After America's summer of extreme weather, 'next year may well be worse'
Oliver Milman - The Guardian
/jlne.ws/3OWvkyf
Rural town braces for Tyson plant closure as manufacturing booms elsewhere
J.J. McCorvey - NBC News
/jlne.ws/3Pda7S2
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| Miscellaneous | | Stories that don't quite fit under the other sections | How a small-town feud in Kansas sent a shock through American journalism
Jonathan O'Connell, Paul Farhi and Sofia Andrade - The Washington Post
The phone conversation between the journalist and the town's newly hired police chief quickly turned contentious. Tipsters had been telling Deb Gruver that Gideon Cody left the police department in Kansas City, Mo., under a cloud, supposedly threatened with demotion. So now she was asking him difficult questions on behalf of the weekly Marion County Record about the career change that had brought him to this prairie community of 1,900 people.
/jlne.ws/3sxeFK8
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