| April 23, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
According to The Wall Street Journal, there is some good news from the IRS that impacts me directly. I received one third of the balance of my mother's IRA when she passed away in 2022. According to the rules, I have to take required annual withdrawals over a 10 year period. The IRS has extended the deadline for non-spouse heirs to withdraw money from inherited retirement accounts until 2024, postponing enforcement of a 2019 law that required most inheritors to empty IRAs within 10 years. Initially interpreted as allowing heirs to delay withdrawals until year 10, proposed IRS rules in 2022 mandated annual withdrawals during this period. In response to complaints from taxpayers and financial-services companies, the IRS announced it wouldn't penalize missed required minimum distributions (RMDs) until finalizing details, effectively allowing inheritors to defer withdrawals. This extension offers heirs more flexibility in managing their inherited accounts and potentially lowering their tax burdens.
The SEC's Division of Investment Management hosts an annual Conference on Emerging Trends in Asset Management, providing a platform for industry professionals to explore the evolving landscape of investment management. The conference agenda covers a wide range of topics, including trends in asset management products and strategies, an insightful examination of past, present, and future asset management trends, and an exploration of tech-driven innovations shaping the industry. Regulatory perspectives are also highlighted, offering attendees valuable insights into the regulatory landscape and its impact on asset management practices. Scheduled for May 16th from 8:00 AM to 4:00 PM CDT, the conference serves as a crucial forum for industry leaders to stay informed, exchange ideas, and navigate the complexities of the asset management sector. You can see the agenda and register HERE.
The New York Times has a story that asks how much money is enough and tells the story of the first investor in Google who was recently convicted of insider trading. The title of the story is "In Silicon Valley, You Can Be Worth Billions and It's Not Enough" and the subheadline is "Andreas Bechtolsheim, the first investor in Google, has an estimated $16 billion fortune. He recently settled charges that he engaged in insider trading for a profit of $415,726."
According to a story in The New York Times, global carbon dioxide levels have reached a new milestone, surpassing 419 parts per million in 2023, approximately 50 percent higher than pre-Industrial Revolution levels. This increase intensifies the greenhouse effect, trapping heat and contributing to global warming. The rise in carbon dioxide levels correlates with a steady increase in global temperatures, emphasizing the urgent need to address emissions. Despite efforts to reduce emissions, carbon dioxide levels continue to rise at near-record rates, as indicated by data from the National Oceanic and Atmospheric Administration's Global Monitoring Laboratory.
Heike Eckert reported on LinkedIn that Deutsche Borse achieved a second place finish, or silver medal, in LinkedIn's ranking for finance and insurance employers in Germany, a recognition of its commitment to professional development. LinkedIn evaluated eight factors promoting career growth in their latest Top Companies ranking, affirming Deutsche Borse's status as an employer of choice.
Maureen Gaffney is starting a new position as operational risk business oversight - consumer lending at Wells Fargo.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Jane Street's $1 Billion Trade Puts Spotlight on Indian Options from Bloomberg.
- Virtu Financial CEO Doug Cifu Talks With JLN About Regulation, the SEC, and Spot Bitcoin ETFs at FIA Boca from John Lothian News.
- New Stock ETFs Offering '100%' Downside Protection Are Coming from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Is ESG dead? ICE's Bennett, LuxSE's Hamon, Nasdaq's Thyblad and the WFE weigh in
JohnLothianNews.com
The question "Is ESG dead?" has become a meme in the business press - it's ubiquitous, eye-catching and controversial - convincing some that the movement is with certainty on its way out. Contributing to this doomsday scenario are headlines like these: "ESG is beyond redemption: may it RIP; The investing framework is now facing a mountain of troubles, almost all of them of its own making," from the Financial Times; "Step Aside, ESG. BlackRock Is Doing 'Transition Investing' Now. The world's biggest asset manager has abandoned the acronym while pumping billions of dollars into clean energy," from The Wall Street Journal; and "ESG takes a $14 trillion hit as financial firms pull back on commitments," from Marketplace.
Watch the video »
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TMX's Luc Fortin Discusses AI Integration and Global Expansion Plans at FIA Conference
JohnLothianNews.com
At the FIA International Futures Industry Conference in Boca Raton, FL, Luc Fortin, president and CEO of Montréal Exchange (MX) and global head of trading of TMX Group, revealed to JLN that TMX is actively exploring the integration of artificial intelligence (AI) into its trading operations. The exchange, which is a prominent player in Canada and the West, views AI as a significant trend worth close attention. The interview was part of the JLN Industry Leader video series, sponsored by Wedbush.
Watch the video »
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New Head of CFTC's Whistleblower Office Highlights Potential Rewards for Reporting Fraud
JohnLothianNews.com
Sixty years ago, Fred Schwed penned "Where Are the Customers' Yachts?" The title was inspired by a tale from over a century ago when a visitor in New York marveled at the lavish yachts owned by Wall Street insiders who profited from dispensing financial advice. This visitor pondered the absence of yachts belonging to the customers themselves, highlighting the stark reality that providing financial advice yields far more profit than receiving it. Today, there are new contenders for lavish yachts; whistleblowers.
Listen to the podcast »
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Virtu Financial CEO Doug Cifu Talks With JLN About Regulation, the SEC, and Spot Bitcoin ETFs at FIA Boca
JohnLothianNews.com
JLN spoke with Doug Cifu, the CEO of Virtu Financial Inc., at the FIA Futures Industry Conference in Boca Raton in March about which market structure problems are the biggest cause of concern right now, the SEC requirement that proprietary traders who deal with government bonds register as broker-dealers, what's driving demand for Bitcoin ETFs, and more.
Watch the video »
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Danish Heirs to Sell $72 Million Rare Coin Collection After 100 Years; An unusual and iron-clad will locked one of the most important coin collections in the world away for a century.
James Tarmy - Bloomberg
The descendants of the Danish butter magnate Lars Emil Bruun waited exactly 100 years to claim their now $72 million inheritance. Not by choice. At least one grandchild reportedly tried and failed to break Bruun's will, which specified that his 20,000-piece coin collection should remain intact and stored away, then be sold at auction after a century elapsed. Now, finally, the time has come. The trove of coins and medals will be sold over several years via the coin auction house and dealer Stack's Bowers. The first tranche of the collection is set to hit the block this fall. "When I first heard about the collection a couple years back," says Vicken Yegparian, the company's vice president for numismatics, "I was flabbergasted that something like this could exist."
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******* I am not sure 100-year-old comic books would age as well.~JJL
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Monday's Top Three
Our top story Monday was Is ESG dead? ICE's Bennett, LuxSE's Hamon, Nasdaq's Thyblad and the WFE weigh in, a JLN video roundtable discussion conducted by Sally Duros. Second was a tie between TMX's Luc Fortin Discusses AI Integration and Global Expansion Plans at FIA Conference, a John Lothian video interview from FIA Boca 2024, and Virtu Financial CEO Doug Cifu Talks With JLN About Regulation, the SEC, and Spot Bitcoin ETFs at FIA Boca, another John Lothian video interview from FIA Boca 2024. And third was New Head of CFTC's Whistleblower Office Highlights Potential Rewards for Reporting Fraud, a blog post by John Lothian, who spoke with the CFTC's Brian Young.
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| Lead Stories | TikTok fortune of billionaire Republican donor Jeff Yass threatened by Washington; Investor's Susquehanna International Group owns estimated $40bn stake in parent company ByteDance as app faces potential ban
Ryan McMorrow, Tabby Kinder, Demetri Sevastopulo and Alex Rogers - Financial Times
Jeff Yass's Susquehanna International Group first invested $80,000 in ByteDance, the Chinese owner of TikTok, on the back of an idea sketched on a napkin in a Beijing coffee shop more than a decade ago. His global quantitative trading firm followed up with another $2mn months later, becoming the first big backer of ByteDance founder Zhang Yiming and helping to kick-start a social media revolution. SIG now owns roughly 15 per cent of ByteDance, a stake worth about $40bn that represents a significant chunk of Yass's net worth, according to people familiar with the matter.
/jlne.ws/3UbGpy7
Crypto Industry Groups Sue SEC Over New 'Dealer' Rule
Vicky Ge Huang - The Wall Street Journal
Two crypto industry groups sued the Securities and Exchange Commission on Tuesday to challenge a new rule that broadened the definition of what the regulator considers to be a "dealer" of securities. Blockchain Association and the Crypto Freedom Alliance of Texas said in a complaint filed in a federal court in Texas that the SEC exceeded its authority and approved a rule that was arbitrary and capricious.
/jlne.ws/4b8V03Y
Turning a Vault Into a Bomb Shelter: How Citigroup Has Kept Its Bank Running Inside Ukraine; Two years into the war, Citigroup is the only U.S. bank around, navigating a sometimes treacherous landscape
David Benoit - The Wall Street Journal
A piece of shrapnel from a Russian missile hangs on the wall of Citigroup banker Alexander McWhorter's office in Kyiv. He got it from a client whose factory was struck early in the war, a token of their long relationship and their plans to rebuild. Two years into the Ukrainian war, Citigroup is the only U.S. bank around, navigating a sometimes treacherous landscape. McWhorter, the bank's top executive in the country, juggles keeping Citi's staff alive with the role of helping giant companies such as McDonald's and Unilever stay open.
/jlne.ws/4b7NZAm
Hong Kong's biggest IPO of 2024 flops; Shares of Chinese bubble tea chain ChaPanda drop as much as 38% on first day of trading
Chan Ho-him and William Sandlund and Thomas Hale - Financial Times
Hong Kong's biggest initial public offering of the year flopped on Tuesday as shares of Chinese bubble tea chain ChaPanda dropped as much as 38 per cent from its listing price in its trading debut. ChaPanda, also known as Chabaidao, raised almost HK$2.6bn (US$331mn), with shares priced at HK$17.50. The public offering, only 0.5 times subscribed, comes as the city struggles to revive its stock market. Hong Kong's benchmark Hang Seng index has fallen more than 15 per cent over the past year.
/jlne.ws/49R8tfY
In Silicon Valley, You Can Be Worth Billions and It's Not Enough; Andreas Bechtolsheim, the first investor in Google, has an estimated $16 billion fortune. He recently settled charges that he engaged in insider trading for a profit of $415,726.
David Streitfeld - The New York Times
Andreas Bechtolsheim doesn't like to waste time. The entrepreneur made one of the most celebrated investments in the history of Silicon Valley - the initial $100,000 that bankrolled a search engine called Google in 1998 - while on the way to work one morning. It took just a few minutes. Twenty one years later, Mr. Bechtolsheim may have seized a different kind of opportunity. He got a phone call about the imminent sale of a tech company and allegedly traded on the confidential information, according to charges filed by the Securities and Exchange Commission. The profit for a few minutes of work: $415,726.
/jlne.ws/3UwWiR7
Financial stability in the last mile; Policymakers should remain vigilant about outstanding risks to the global financial system
Editorial Board - Financial Times
The economic sentiments from last week's IMF and World Bank meetings were sanguine, at least compared to warnings of a ponderous recovery at the last meetings in October. Key to the mood is the surprising resilience of the global financial system. Central banks are near peak interest rates and geopolitical tensions are mounting, but the system seems to be weathering it. Reports from the IMF and the Financial Stability Board, which monitors the global financial system, concur, however, that there are some notable remaining risks, and hidden ones may emerge on the bumpy road to disinflation. Policymakers must be vigilant.
/jlne.ws/3wfVxSS
FCA under pressure to abandon plans to name firms in UK deterrence drive; Regulator confronts growing concerns within government that move will undermine competitiveness
George Parker and Suzi Ring - Financial Times
Britain's top financial regulator on Monday faced mounting pressure to abandon its plan to "name and shame" companies under investigation, with claims the move would undermine the City of London and unfairly tarnish reputations. Bim Afolami, City minister, said the Treasury was engaging with the Financial Conduct Authority over its plan, amid growing concerns in government circles that the regulator is undermining competitiveness.
/jlne.ws/3QD2IMf
Binance's Rivals Muscle In on Bitcoin Trading Around the World; Share of non-US Bitcoin trading slid after fee promotion ended; Rivals are chasing licenses as regulations tighten globally
Suvashree Ghosh - Bloomberg
Crypto exchanges are eating into Binance's share of Bitcoin trading outside the US as overseas expansion efforts and changing regulations reshape the competitive dynamics of the digital-asset industry. Over the past year, the world's largest crypto exchange saw its share of such Bitcoin trading drop to 55.3% from 81.3%, according to research firm Kaiko. For smaller tokens known as altcoins, the proportion fell to 50.5% from 58%.
/jlne.ws/3UcOFh3
Shadow banking collapse would 'put millions of jobs at risk'; Bank of England official warns against surge in lending by private equity firms
Tim Wallace - The Telegraph
Millions of jobs will be at risk if a surge in lending by so-called shadow banks ends in disaster, a top Bank of England official has warned. Nathanael Benjamin, executive director for financial stability, strategy and risk at Threadneedle Street, advised that runaway growth in lending by private equity companies is complex, opaque and potentially risky. The market has surged in size since the financial crisis, with private equity racing to fill the gaps and secure higher returns after traditional banks cut back.
/jlne.ws/44evBDG
The Secret Trade Was Options in India; Jane Street vs. Millennium, Trump Media vs. Citadel Securities, the Mango guy, gambling, risk parity, Costco and XLYO.
Matt Levine - Bloomberg
One obvious problem with Jane Street's approach is that, if you are an extraordinarily profitable and somewhat secretive proprietary trading firm, and you file a public lawsuit saying "someone stole our extraordinarily profitable and secret proprietary trading strategy," people are going to be very interested. Everyone is going to try to figure out what the strategy is. Of course, if you are Jane Street, people are always trying to figure out what your strategies are, but filing the lawsuit - even if you redact all the details of the trading strategy - is going to give them an extra incentive, and some clues.
/jlne.ws/3Ue4q7F
Ex-Citadel exec's trading firm expanding, moving to revamped Loop tower
Danny Ecker - Crain's Chicago Business
A quantitative trading firm run by a former top Citadel executive is doubling the size of its workspace and moving it to an office tower that's being revamped in the Loop. Aquatic Capital Management recently signed a lease for about 30,000 square feet on the 23rd floor at 225 W. Randolph St., according to people familiar with the deal. Aquatic is poised to relocate to the 31-story landmark building from 1 N. Wacker Drive, where it occupies about 14,000 square feet today.
/jlne.ws/3Uv4Zvg
The IRS says it's going after wealthy tax cheats. Here's what new audit stats show.
Andrew Keshner - MarketWatch
After Congress approved billions of extra funding for tax compliance, the Internal Revenue Service pledged it would get tougher on rich taxpayers and corporations while avoiding extra scrutiny of middle-class households. New audit statistics hint that the tax collector is indeed combing through more tax returns filed wealthy taxpayers - but it's still too soon to say how tough the IRS gets with them, according to tax experts. And it's too soon to be sure the taxman will go easy on less-wealthy households, even if there are encouraging signs, they add.
/jlne.ws/3Qh0QIK
How US shale keeps sheltering America from the next oil price surge; Middle East turmoil no longer poses such a threat to the world's thirstiest petrol consumers
Myles McCormick and Jamie Smyth - Financial Times
In 1973 and 1979 war in Israel and turmoil in Iran twice ruptured the oil market, triggering an inflationary surge that sapped western economies and unseated a US president. In the decades since, the possibility that new strife in the Middle East could deliver another administration-ending jump in oil and petrol prices has hung like a spectre over the White House. Last week, the fears suddenly looked overblown.
/jlne.ws/3xMc4hY
The TRADETech Daily launches in Paris as your official guide to the event! The magazine features exclusive buy-side interviews and insights, in depth content and the official accompanying event agenda.
Editors - The Trade
The TRADE is delighted to present the digital edition of The TRADETech Daily 2024, the official magazine of TradeTech Europe, crammed full of news and exclusive interviews with buy-side speakers. Covering all the top stories of the past few months, regulatory developments and industry insights from buy-side speakers at the event, The TRADETech Daily can be accessed here.
/jlne.ws/3w69a7e
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | UK Sends Ukraine Long-Range Missiles in Biggest Aid Package
Alex Wickham - Bloomberg
The UK will send more Storm Shadow long-range missiles to Ukraine as part of its single biggest military aid package to the country since Russia's invasion, Prime Minister Rishi Sunak said. As well as the Storm Shadows, which are precision-guided cruise missiles with a firing range in excess of 250 kilometers (155 miles), Britain is also sending more than 1,600 strike and air defense missiles, Sunak's office said. The package amounts to £500 million ($620 million) of new spending, taking total UK military aid to Ukraine this financial year to £3 billion.
/jlne.ws/3xHxHQo
Russia Threatens to Increase Strikes on Ukraine Over US Aid
Bloomberg News
Russia threatened to step up strikes on Ukraine in response to the US vote to provide new military aid to the government in Kyiv. "We will increase the intensity of attacks on logistics centers and storage bases for Western weapons" in Ukraine, Russian Defense Minister Sergei Shoigu said Tuesday at a meeting with senior military staff, according to the ministry's Telegram channel. Russia will strengthen its armed forces "and increase the production of the most in-demand weapons and military equipment" in response to the support of the US and its allies for Ukraine, he said.
/jlne.ws/49P69G0
Germany Urges US to Send Kyiv Another Patriot Missile System: Berlin pressing allies to supply Kyiv more air defense systems; Germany's campaign part of effort to prod EU, NATO allies
Alberto Nardelli, Michael Nienaber, and Jennifer Jacobs - Bloomberg
German Chancellor Olaf Scholz's government is pushing the US to deliver at least one more Patriot anti-missile system to Ukraine to help close the air-defense gap as Russia escalates a barrage of attacks, according to people familiar with the matter. Berlin's pressure campaign aimed at its transatlantic ally is part of a coordinated effort to get NATO and European Union partners to step up assistance for Ukraine on air defense, the people said on condition of anonymity. Germany will also keep pressing European allies this week, including France and Italy, to assess what they're able to deliver.
/jlne.ws/3w4y5If
Russia to cash in as Sberbank pays $8bn in dividends; Record profits at lender will bolster state coffers to help fund war on Ukraine
Anastasia Stognei - Financial Times
Russian state-controlled lender Sberbank is to pay Rbs752bn ($8bn) in dividends after posting its largest-ever profit last year, in a sign of the health of the country's banking sector despite western sanctions. The payout by Russia's largest bank amounts to half of its 2023 profit, chief executive Herman Gref said on Tuesday.
/jlne.ws/3Jxr5H4
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli troops storm back into eastern Khan Younis
Nidal al-Mughrabi and Ramadan Abed - Reuters
Israeli troops fought their way back into an eastern section of Khan Younis in a surprise raid, residents said on Monday, sending people who had returned to abandoned homes in the ruins of the southern Gaza Strip's main city fleeing once more. Elsewhere in Khan Younis, scores more bodies were recovered from what Palestinian authorities said were mass graves on the site of the city's main hospital, abandoned by Israeli troops. Further south there were fresh air strikes on Rafah, the last refuge where more than half of the enclave's 2.3 million people have sought shelter.
/jlne.ws/3JxmRPI
Israel Wants Hamas Out of Gaza but Even Rooting It From the North Hasn't Worked; Israeli forces confront a resurgence in areas they had declared cleared
Margherita Stancati and Abeer Ayyoub - The Wall Street Journal
Fighting between Israel and Hamas intensified in northern Gaza, the first battleground in the war, where 200 days into the conflict territory is still heavily contested and Israel says thousands of militants remain. The renewed violence, in areas Israeli forces had previously largely cleared of Hamas, serves as a sobering example for Israel's forces of the difficulty of consolidating gains as they prepare an offensive in Rafah, the militant group's last major bastion.
/jlne.ws/4aNgi7J
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group U.S. Credit Futures to Begin Trading on June 17; New contracts based on Bloomberg corporate bond indexes will bring greater flexibility for risk management
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its new credit futures are scheduled to begin trading on Monday, June 17, 2024, pending regulatory review. Launching alongside the company's leading U.S. Treasury complex, CME Group credit futures will be the first futures contracts to help market participants manage duration risk through an intercommodity spread with U.S. Treasury futures. In addition, for the first time ever, investors can gain exposure to and manage credit component risk through futures on Bloomberg's duration-hedged index.
/jlne.ws/3xP25IO
ASX releases industry whitepaper on T+1 settlement
ASX
ASX has today released an industry whitepaper to facilitate a discussion on the potential move from T+2 to T+1 settlement in Australia and is inviting industry stakeholders to make a submission. The whitepaper outlines how Australia's unique market structure, size, time zone, investment flows, and trading activity necessitates careful industry consideration of the risks, benefits, and costs of transitioning to T+1. ASX Group Executive, Securities and Payments, Clive Triance, said: "ASX has a critical role to play in facilitating the discussion on whether shortening the settlement cycle promotes the interest of the Australian market as a whole.
/jlne.ws/46R1Cme
Integrating FX futures in a hybrid world; This is the second in a series of articles outlining the current views on FX futures.
Eurex
Tobias Rank, Head of FX Product Sales at Eurex, looks at how a growing number of OTC FX market participants are using exchange-traded FX futures to optimize their portfolios from a capital and funding perspective. The foreign exchange (FX) market is going through a transitionary phase following on the heels of regulatory changes related to The Standardized Approach for Counterparty Credit Risk (SA-CCR) and Uncleared Margin Rules (UMR). Market participants are looking into ways they can integrate FX futures into their execution models, what the role of FX prime brokers should be when it comes to FX futures, and how platforms are incorporating exchange-traded derivatives into existing workflows.
/jlne.ws/3WdLhFC
Euronext Securities rolls-out a harmonised corporate actions service to tackle post-trade fragmentation in Europe
Euronext
The new harmonised corporate actions service has been available since 8 April for the Portuguese fixed income market. It will be extended to all markets by the end of 2025. The service tackles post-trade fragmentation in Europe as customers will be able to process corporate actions more efficiently through a single, harmonised platform across markets. Euronext Securities, the central securities depository (CSD) network connecting European economies to global capital markets, today announced the first go-live of its new harmonised corporate actions service. The service, now available for Portuguese fixed income securities, uses a platform developed in partnership with software provider Vermeg to manage the entire lifecycle of corporate actions. It will be extended to Danish fixed income securities this year, and all asset classes across Euronext Securities' markets by the end of 2025.
/jlne.ws/3w3kRM0
Selection of SX Brands 2024
Tokyo Stock Exchange
Tokyo Stock Exchange (TSE) and the Ministry of Economy, Trade and Industry (METI) have started a project for selecting and awarding the designation of "SX (Sustainability Transformation*) Brands" to a group of progressive companies. These are corporations that are enhancing their ability to create a source of funds for growth in a sustainable manner, using SX to improve their corporate value. From October 2 to November 30, 2023, TSE and METI issued a call for TSE-listed companies to apply for designation as SX Brands. They then selected 15 companies to be the first cohort: the "SX Brands 2024." TSE and METI are scheduled to hold a commendation ceremony for the SX Brands 2024 at the SX Symposium 2024 to be held on May 24, 2024.
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Join us on April 30 at the Options Industry Conference
OCC
We hope you'll join us on April 30 at the Options Industry Conference for three days of discussions on everything options. Our CEO, Andrej Bolkovic, will join industry leaders for the final panel on Thursday, Embedded Optionality: Shaping the Future of the Industry, to discuss exchange operations, the state of competition, the return of floor trading and resiliency for the next 50 years.
/jlne.ws/4aG8moC
SHFE Made Debut in FOW Trading Amsterdam 2024
Shanghai Futures Exchange
On April 10, 2024, FOW Trading Amsterdam 2024 was successfully held in the Netherlands, one of the early places of origin of futures trading. For the first time, Shanghai Futures Exchange (SHFE) participated in FOW Trading Amsterdam as an exhibitor and shared the latest developments of China's futures market in recent years, attracting wide attention from various participants of the event. This is the 14th year that FOW held this premier event for the derivatives trading community in Amsterdam. This year's themes focus on trends and innovations in derivatives markets, European interest rate derivatives, European equity derivatives, Asian investment opportunities, advances in trading technology, etc. The FOW Trading Amsterdam 2024 brought together more than 300 worldwide participants from banks, proprietary traders, asset management companies, technology providers, etc.
/jlne.ws/3Wcghpb
Diapason partners with SIX to integrate market data into its myDiapason solution
SIX
Tuesday April 23, 2024, Diapason, the leading provider of treasury and market risk management solutions, teams up with SIX, the leading provider of financial data to offer Diapason's customers a solution integrating the provision of quality market data. SIX, the global provider of financial information, offers a complete range of data delivery solutions: from bulk-based repository feeds to on-demand flat files, cloud solutions and APIs. Among this diverse portfolio, our solution for delivering fully encoded files appeared to be the most suitable one for obtaining, on demand, the Forex and reference rates needed to fuel the myDiapason platform. In fact, thanks to its usage flexibility and ease of integration, it allows to receive in a request-response mode the reference and pricing data for Diapason's master files at any time, even when they change.
/jlne.ws/4b8zOLu
SGX RegCo wants boards to help enable shareholder-requisitioned meetings
Singapore Exchange Group
To improve board-shareholder engagements, Singapore Exchange Regulation (SGX RegCo) is proposing a rule change to require listed issuers to assist shareholders who have requisitioned a general meeting so that the meeting can take place as soon as practicable. Issuers are to commence facilitative efforts within 21 days of deposit of the requisition notice. An issuer who disputes the validity of the requisition notice must apply for a court ruling within the same timeline.
/jlne.ws/49UWk9z
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Revolut plans advertising sales push as it waits for banking licence; The London-based fintech has hired a TikTok executive to lead a 'media strategy' as it seeks to diversify revenues
Akila Quinio - Financial Times
Revolut is exploring plans to monetise customer data through sharing it with advertising partners, as the fintech seeks new sources of revenue while its application for a UK banking licence remains in limbo. "We could become a media [business]...a place where you have an audience and data about the audience and you monetise this," Revolut's head of growth Antoine Le Nel told the Financial Times in an interview.
/jlne.ws/4d82S7Q
14Peaks Closes Inaugural $30M Fund to Power Software Startups in Fintech and Future of Work Space
Fintech Finance News
Venture capital firm 14Peaks Capital has successfully closed its first fund at $30 million in capital commitments from an impressive consortium of limited partners (LPs), consisting of influential High Net Worth Individuals (HNIWs) and family offices spanning Europe and the United States. Established in 2022 by Edoardo Ermotti, the fund's solo General Partner (GP), 14Peaks invests at the earliest stages (from pre-seed to series A) in B2B SaaS companies, with a specific interest in Fintech and the Future of Work.
/jlne.ws/3w8gS0H
Baidu and Zhipu AI's large language models top Chinese generative AI rankings, but OpenAI, Anthropic remain ahead in overall performance
Kelly Le - South China Morning Post
Baidu's Ernie Bot 4.0 and start-up Zhipu AI's GLM-4 rank top among Chinese large language models (LLMs), but their foreign rivals still lead in overall capabilities, according to a new test by Tsinghua University in Beijing. The SuperBench assessment report examined 14 representative LLMs - the technology underpinning generative artificial intelligence (AI) chatbots - and found that overseas models, such as OpenAI's GPT-4 and Anthropic's Claude-3, came out on top in multiple capabilities, including semantic comprehension, coding abilities and alignment with human commands.
/jlne.ws/4aSIlCQ
AI can be a great leveller for the Global South. Just look at Bangladesh
Anir Chowdhury - South China Morning Post
Artificial intelligence (AI) has long attracted an air of mystique. Depending on where you stand, it will either enrich us or kill us. Yet, rather than indulging in science fiction, we have to understand how AI affects the here and now.
If managed without caution, the rise of AI could be an unprecedented driver of inequality. But if managed correctly, it could prove to be one of the great social levellers. It could allow many in the developing world to leapfrog traditional developmental stages to become truly global, digitally enabled citizens in their own right.
/jlne.ws/3JvBbbu
Vietnam's FPT to invest $200 million in AI factory using Nvidia chips
Reuters
Vietnam's top tech firm FPT plans to build a $200 million artificial intelligence (AI) factory using Nvidia's graphics chips and software, the two firms said on Tuesday. FPT plans to use Nvidia's support to boost AI research in Vietnam with the aim of developing AI applications and solutions at the planned data centre factory, including for generative AI and autonomous driving, the firms said in a joint statement.
/jlne.ws/3W7b0PX
BCG says AI consulting will supply 20% of revenues this year; CEO projects share of sales will double as companies integrate technology into operations
Anjli Raval and Simon Foy - Financial Times
/jlne.ws/3xP28nY
AI Developers Agree to New Safety Measures to Fight Child Exploitation; Companies including OpenAI, Meta and Google work to throttle exploitive material and plug holes in their current defenses
Deepa Seetharaman - The Wall Street Journal
/jlne.ws/4dcDIVq
Google invests $640 million in new data centre in Netherlands
Reuters
/jlne.ws/3xQ8YcT
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| Cybersecurity | | Top stories for cybersecurity | 10 colleges and universities shaping the future of cybersecurity education
Sinisa Markovic - Help Net Security
The Information Networking Institute (INI) at Carnegie Mellon University (CMU) educates and develops engineers through technical, interdisciplinary master's degree programs in information networking, security and mobile and IoT engineering that incorporate business and policy perspectives.
/jlne.ws/4b4v6hW
Cybersecurity executive order requirements are nearly complete, GAO says; CISA and OMB have just a handful of outstanding tasks to finish as part of the president's 2021 order.
Matt Bracken - FedScoop
Just a half-dozen leadership and oversight requirements from the 2021 executive order on improving the nation's cybersecurity remain unfinished by the agencies charged with implementing them, according to a new Government Accountability Office report. Between the Cybersecurity and Infrastructure Security Agency, the National Institute of Standards and Technology and the Office of Management and Budget, 49 of the 55 requirements in President Joe Biden's order aimed at safeguarding federal IT systems from cyberattacks have been fully completed. Another five have been partially finished and one was deemed to be "not applicable" because of "its timing with respect to other requirements," per the GAO.
/jlne.ws/4b3Soo7
CISO-CEO communication gaps continue to undermine cybersecurity; Qualys CEO says disconnect can hinder effective security strategies.
Francesca Dean - The Stack
CISO and CEOs still face a communication barrier, making it difficult for senior executives to understand what cyber risks - and cybersecurity - mean for their companies, the CEO and president of Qualys said in London last week. "To be able to decide on how much you spend on cybersecurity, you need to be able to articulate what is the potential of loss that comes from cybersecurity," Samedh Thakar, told the audience at the vendor's user conference.
/jlne.ws/3xW4FMY
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| Cryptocurrencies | | Top stories for cryptocurrencies | Sam Bankman-Fried Agrees to Help FTX Investors Go After Celeb Promoters
Cheyenne Ligon - CoinDesk
Sam Bankman-Fried has inked a settlement agreement with a group of FTX customers who have agreed to drop their class action lawsuit against him in exchange for his help going after celebrity promoters of the collapsed exchange. The agreement, filed in a Miami court on Friday, has not yet been approved by a judge. If approved, the settlement would release Bankman-Fried from both current and future civil liability tied to the collapse of FTX.
/jlne.ws/3xMgohl
Crypto.com Postpones Expansion Into South Korea Retail Market; Firm had announced plans to launch some services on April 29; The company didn't disclose a new South Korea launch date
Sidhartha Shukla - Bloomberg
Just six days before its planned retail expansion, the crypto exchange Crypto.com postponed its launch in South Korea so it can communicate further with regulators. "Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans," the firm said in an email statement on Tuesday. "We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls," it added.
/jlne.ws/3Wb3jZ5
Bitcoin Halving Arrives in Murky Legal and Regulatory Waters; Davis Polk's Dan Gibbons analyzes crypto regulatory landscape; Bitcoin halving comes at key juncture in industry's evolution
Dan Gibbons - Bloomberg Law
With this past weekend's Bitcoin halving event in the rearview mirror, it's a good time to take stock of the legal and regulatory landscape surrounding digital assets in the US. But first, you ask, what is a Bitcoin halving? At its core, the halving is a testament to the decentralized nature of Bitcoin and its ingenious economic design. Unlike traditional fiat currencies subject to inflationary pressures-or the whims and fancies of central banks and governments-Bitcoin operates on a fixed supply schedule.
/jlne.ws/3UrgdRo
Bitcoin's Post-Halving Demand to Be 5x Greater Than Supply, Bitfinex Estimates
Omkar Godbole - CoinDesk
Bitcoin's {{BTC}} recent mining reward halving has altered the market in such a way that it could potentially lead to cryptocurrency's demand being five times greater than that of supply, according to the latest projection by analysts at the crypto exchange Bitfinex. On Saturday, the per-block reward paid to miners was cut in half to 3.125 BTC from 6.25 BTC. Per Bitfinex, the halving of rewards means the notional value of the total number of new coins added to the supply daily could drop to $30 million. That's a significant decrease, equating to five times less than the average daily demand for the U.S. spot ETFs.
/jlne.ws/3Jyc6MU
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| Politics | | An overview of politics as it relates to the financial markets | Trump Set for Another $1.3 Billion in Shares He Can't Sell Yet; Former president to get 36 million extra Trump Media shares; Sweetener set to bring Trump's stake to $4.1 billion on paper
Bailey Lipschultz - Bloomberg
The blank-check deal that brought Donald Trump's media startup public is set to give him another $1.3 billion in stock after meeting certain targets to his present windfall from the merger, yet he remains unable to cash any of it in. With shares of Trump Media & Technology Group Corp. regaining steam last week, the former president and insiders are set to receive 40 million shares to split as soon as today's close after fulfilling terms related to a so-called earnout.
/jlne.ws/3xMtWct
Joe Biden's energy policies are fuelling Donald Trump's campaign in Pennsylvania; A pause on new liquefied natural gas projects has angered the shale gas industry in a critical election swing state
Jamie Smyth - Financial Times
When Donald Trump held a rally in rural Pennsylvania last week, he hit familiar themes: immigration, his legal woes and rising prices. But he got his loudest cheers when he promised to lift Joe Biden's ban on new natural gas exports, highlighting the unpopularity of the policy in a critical swing state. The White House's decision to pause approvals for new liquefied natural gas projects has angered the shale gas industry, a big employer in Pennsylvania. It has also raised concerns among local Democrats, who warn a policy designed to appeal to young climate-conscious voters could harm Biden's campaign in a state that produces a fifth of America's natural gas.
/jlne.ws/3Wb7hkr
Live Updates: Judge to Consider Holding Trump in Contempt for Verbal Attacks; Prosecutors in Donald J. Trump's criminal trial say he has violated a gag order barring him from attacking witnesses and others close to the case, which centers on a hush-money payment to a porn star. Testimony is set to resume later Tuesday morning.
Jonah E. Bromwich and Ben Protess - The New York Times
Here's the latest on the trial. Manhattan prosecutors are poised to push their case against Donald J. Trump into a critical new phase on Tuesday, as they prepare to question a key witness and urge the judge to hold the former president in contempt for attacking witnesses and jurors in the landmark trial.
/jlne.ws/4498tXn
German staffer in EU parliament arrested on China spying charges; Employee of far-right AfD's lead candidate is latest figure to be accused of passing information to Beijing
Sam Jones - Financial Times
Police have arrested a staffer working for a German far-right member of the European parliament on charges of spying for Beijing, the latest alleged Chinese agent to be unmasked in a trend alarming security authorities across the continent. Jian Guo, an employee of Maximilian Krah, was accused by Germany's federal prosecutor on Tuesday of being covertly employed by China's Ministry of State Security.
/jlne.ws/4b7TKyk
Hong Kong leader John Lee says no need for law targeting fake news, citing faith in practitioners' self-discipline
Natalie Wong - South China Morning Post
Hong Kong does not need a law targeting fake news as the media industry has improved and practitioners' "self-discipline and professionalism" can curb the circulation of falsehoods, the city's leader has said, confirming an earlier exclusive Post report. Chief Executive John Lee Ka-chiu made his position clear on the controversial issue on Tuesday ahead of the weekly meeting of his key decision-making Executive Council. It followed Secretary for Justice Paul Lam Ting-kwok's revelation in an exclusive interview with the Post that a fake news law was off the legislative agenda.
/jlne.ws/3UuTrbm
China Finance Ministry Voices Support for Central Bank Bond Trading; China's central bank officials haven't made any treasury bond trades since October last year
The Wall Street Journal
China's finance ministry has said it is in favor of the central bank resuming trading Treasury bonds, a move that would see the monetary authority dust off a rarely used tool in its policy kit. Officials at the ministry said that they would support the People's Bank of China gradually restarting to trade Treasury bonds in open-market operations as they look to better coordinate the country's fiscal and monetary policies.
/jlne.ws/3xW6BoI
China's 'extreme' national security focus a drag on business, US trade group says
Kinling Lo - South China Morning Post
/jlne.ws/3JtWQAX
Tech war: China acquired US-restricted Nvidia AI chips built in Super Micro, Dell and Gigabyte Technology servers, tenders show
Reuters via South China Morning Post
/jlne.ws/49Ogli3
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Crypto Oversight Risks Regulating Public Digital Systems; Linda Jeng says digital infrastructure is out of SEC scope; SEC is stretching beyond claims that tokens are securities
Linda Jeng - Bloomberg Law
During the Cold War, the US government supported development of an information sharing network, or ARPANET, that was intended to withstand a nuclear attack. More computer networks formed, and in 1983, the TCP/IP common communications protocol was adopted, giving birth to the internet. Today's internet is an open, public digital infrastructure that we all expect to have the right to access and use.
/jlne.ws/44cXs7s
Crypto Trader's Fraud Conviction Undercuts Exchange Code Defense; 28-year-old convicted of fraud over DeFi trading scheme; Prosecutors called it old-fashioned fraud, manipulation
Matthew Bultman - Bloomberg Law
A crypto trader's fraud conviction for exploiting cryptocurrency exchange rules to steal $110 million is a strike against the "code is law" argument championed by some decentralized finance proponents. But Avraham Eisenberg's conviction last week also raises questions about the reach of US wire fraud laws, which target using electronic communications to defraud people and have increasingly been used in crypto cases.
/jlne.ws/4482nGJ
China's securities watchdog revising investment-fund laws to boost accountability, confidence in line with 9 guidelines; The role of fund managers and custodians will be strengthened, and the cost of rule violations will increase substantially, a lawyer says; 'Likely rise of institutional capital and ETFs could boost the "quality premium" for large-cap stable growers,' according to Goldman Sachs
Yuke Xie - South China Morning Post
China's stock-market watchdog is actively revising the country's long-standing securities investment fund law, with analysts anticipating increased accountability for fund managers and greater confidence among overseas investors. The work by the China Securities Regulatory Commission (CSRC) is a direct response to the nine guidelines recently unveiled by the country's cabinet, which aim to mitigate risks in the capital markets. The proposed revisions are also expected to enhance the protection of investors' legal rights, they said.
/jlne.ws/3U91ZTH
Ripple Says $10M Penalty Enough, Rejects SEC's Ask of $1.95B Fine in Final Judgment
Amitoj Singh - CoinDesk
Ripple Labs filed its opposition on Monday against the U.S. Securities and Exchange Commission's (SEC) proposal to ask a New York judge to impose a nearly $2 billion fine against the company behind the XRP Ledger blockchain. "The Court should deny the SEC's requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million," the filing said.
/jlne.ws/4b6wBft
CFTC to Hold a Commission Open Meeting April 29
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Monday, April 29 at 9:30 a.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public can attend the meeting in person, listen by phone, or view a live stream at CFTC.gov.
/jlne.ws/3W69PjH
CFTC Extends Public Comment Period for Proposed Rule for Designated Contract Markets and Swap Execution Facilities Regarding Governance and Conflicts of Interest
CFTC
The Commodity Futures Trading Commission today announced it is extending the deadline for the public comment period on a proposed rule that makes certain modifications to rules for SEFs and DCMs in Part 37 and 38 that would establish governance requirements regarding market regulation functions, as well as related conflicts of interest standards. The deadline is being extended to May 13, 2024.
/jlne.ws/49Op3Nm
Federal Court Grants SEC Summary Judgment Over Claims That Municipal Advisor Breached Fiduciary Duties Owed to Its School Clients and Entered into Prohibited Fee-Splitting Arrangement
SEC
On April 15, 2024, the U.S. District Court for the Southern District of California granted the Securities and Exchange Commission partial summary judgment against a Texas- and Colorado-based municipal advisor, Choice Advisors, LLC, and one of its principals, Matthias O'Meara. The Court principally found that the defendants breached the fiduciary duties owed to their charter school clients, violated Municipal Securities Rulemaking Board (MSRB) rules, unfairly dealt with their clients, and engaged in unregistered municipal advisory activities.
/jlne.ws/49MnOyd
Federal Court Grants SEC Summary Judgment Over Claims That Municipal Advisor Breached Fiduciary Duties Owed to Its Clients and Violated MSRB Rules
SEC
On April 15, 2024, the U.S. District Court for the Western District of New York granted the Securities and Exchange Commission partial summary judgment against a New York-based municipal advisor, Capital Markets Advisors, LLC (CMA), and two of its principals, Richard Tortora and Richard Ganci. The Court found that the defendants breached the fiduciary duties owed to their municipal entity clients and violated Municipal Securities Rulemaking Board (MSRB) rules.
/jlne.ws/3Wb4ZSn
Start preparing now: Early ASIC guidance on the mandatory climate disclosure regime
ASIC
More than 6,000 entities will be required to report under new climate-related disclosure requirements in the next few years. They need to start preparing for the future, now. As I've said before, the growing interest in environmental, social, and governance (ESG) issues is driving the biggest changes to financial reporting and disclosure standards in a generation. This is a transformational issue for global markets, and we need to be ready to meet that change at every step of its development. To do that, we must maintain high standards of governance and disclosure.
/jlne.ws/3Qh37ng
Liquidity risk management guide
FMA
Managing liquidity risk is fundamental to managing scheme property and investments. In doing so, the law requires Managers to exercise care, diligence and skill. This guide outlines how Managers and Supervisors can demonstrate they are effectively managing and overseeing liquidity risk.
/jlne.ws/3Uagff1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors price in growing chance of another Federal Reserve interest rate rise; While base case remains reduction in borrowing costs, options market shows a 20% probability of increase
Kate Duguid and Harriet Clarfelt - Financial Times
Traders have built up bets that the Federal Reserve could raise interest rates again, a once-unthinkable prospect that highlights a shift in market expectations after stronger than expected US economic data and hawkish comments from policymakers. Options markets now suggest a roughly one in five chance of a US rate increase within the next 12 months, up sharply from the start of the year, according to analysts. The shift in expectations has hit bond markets, with interest rate-sensitive two-year Treasury yields - which move inversely to prices - reaching a five-month high of 5.01 per cent. Wall Street stocks incurred their longest losing streak in 18 months before jumping on Monday.
/jlne.ws/4daUFQ5
Goldman says we're still in phase 1 of AI's stock-market takeover. Here's how they expect phases 2 through 4 to play out.
Filip De Mott - Business Insider
Artificial intelligence has already propelled markets into overdrive, and yet this equity power fuel is nowhere close to running low, Goldman Sachs said. Instead, stocks are just in the first phase of the AI-led upsurge, which will broaden out to uplift more and more sectors, the bank said in a Tuesday post. "If Nvidia represents the first phase of the AI trade, Phase 2 will be about other companies that are helping to build AI-related infrastructure," it said. "Phase 3 deals with companies incorporating AI into their products to boost revenue, while Phase 4 is about the AI-related productivity gains that should be possible across many businesses."
/jlne.ws/3JtYT87
Altice Billionaire Recasts Finance's Natural Order; The battle over Patrick Drahi's telco debt needs to re-establish the norm that creditors come first, shareholders last.
Chris Hughes - Bloomberg
You used to be able to count on bondholders getting better treatment than stock investors when companies hit the skids. Not so much anymore. Telecoms firm Altice France is trying to force losses on creditors in a way that could create gains for billionaire founder and owner Patrick Drahi. Little more than a year after the controversial rescue of Credit Suisse, where some bondholders got wiped out while the bank's shareholders retained a stake, the convention that says debtholders come before equity investors is again being tested.
/jlne.ws/4ddBDJ9
Delaware, Inc agonises about Musk backlash as its lawyers seek changes; About two-thirds of US companies are incorporated in the small, mid-Atlantic state
Sujeet Indap - Financial Times
The drop just before the long Easter holiday weekend did not seem like a coincidence. On Thursday, March 28, a group of powerful Delaware lawyers put in motion a plan to make a series of changes to the state's eminent corporate code, known as the Delaware General Corporation Law. The lawyers are members of the Delaware state bar association that customarily makes such proposals to update the state's corporate law. But this set of revisions had come hastily and was, according to the plan, to be quickly approved by the Delaware legislature in order to take effect by August 1.
/jlne.ws/44atSiY
What Is a Backdoor Roth IRA? This retirement savings strategy lets high-earners bypass income limits but can have tax consequences
Bernice Napach - The Wall Street Journal
A Roth IRA is a great way to save for retirement. But they are closed off to high earners-unless you use the back door. Roth IRAs are retirement savings vehicles with a number of advantages over traditional individual retirement accounts, or IRAs. The biggest: You contribute after-tax dollars, but then your savings grow tax free and you can also withdraw them tax-free in retirement.
/jlne.ws/3xIPMgW
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Biden marks Earth Day with $7bn 'solar for all' investment amid week of climate action
Richard Luscombe - The Guardian
Funds will be targeted at disadvantaged areas to create 200,000 jobs, after last week's oil and gas lease restrictions in Alaska. Joe Biden marked Monday's Earth Day by announcing a $7bn investment in solar energy projects nationwide, focusing on disadvantaged communities, and unveiling a week-long series of what the White House say will be "historic climate actions". The president was speaking at Prince William Forest Park, in Triangle, Virginia, touting his environmental record and unveiling measures to tackle the climate crisis and increase access to, and lower costs of, clean energy.
/jlne.ws/3Qeb4cK
World Bank and IMF Spring Meetings deliver limited progress on climate finance
Michael Holder - BusinessGreen
COP29 President-Designate hails 'very productive' series of meetings, but campaign groups warn far more action needed to secure ambitious outcome on climate finance in Baku. High level meetings at the World Bank wrapped up in Washington DC at the weekend, after several days of talks delivered a handful of new green finance pledges that could unlock tens of billions of dollars of investment in climate projects in the coming years. But campaigners warned the modest progress left a huge amount of work ahead for diplomats, if they are to secure an ambitious new accord on how to boost flows of climate finance at the COP29 Climate Summit in Azerbaijan later this year.
/jlne.ws/3Udp1sv
Earth Day Q&A: Your Questions on Plastics Pollution Crisis Answered
Siobhan Wagner - Bloomberg Green
This Earth Day the focus is on the global plastic pollution crisis. Plastic waste is everywhere, from the deepest part of the ocean to inside human bodies. Readers sent in questions on the problems and solutions around plastic. We learnt about the challenges of reducing emissions from plastic production and recycling. Readers were curious about plastic medical waste, microplastics from car tires, material alternatives and what's happening with the global plastics treaty. And one more: What can we expect to happen with efforts to pass a global plastic treaty? This week nations from across the globe are meeting to try hammer out a draft of a legally-binding treaty on plastic. As we said earlier, it is not easy to get this many nations to agree on anything. But there is a hopeful precedent. The Montreal Protocol of 1987 brought the world together to save the ozone layer by phasing out the production and consumption of ozone-depleting substances. And its worked! Advocates are hoping we can do it again.
/jlne.ws/4aNa7R5
As plastic treaty talks open, countries more divided than ever
Valerie Volcovici - Reuters
Countries are under pressure to make progress on a first-ever global plastics treaty this week, but they face tense negotiations in the Canadian capital with parties deeply divided over what the treaty should include as talks begin on Tuesday. If governments can agree on a legally binding treaty that addresses not just how plastics are discarded, but also how much plastic is produced and how it is used, the treaty could become the most significant pact to address global climate-warming emissions since the 2015 Paris Agreement.
/jlne.ws/3U3H844
Global plastic pollution treaty talks hit critical stage in Canada
Jennifer Mcdermott - Associated Press
/jlne.ws/3xQb3pd
Exxon leads industry fight against UN plans to limit plastic; Petrochemical companies oppose global agreement that would cut production to curb pollution
Amanda Chu, Jamie Smyth and Kenza Bryan - Financial Times
/jlne.ws/49TNHfw
Hot desking and remote working helps UK firms cut energy usage by a fifth
Stuart Stone - BusinessGreen
/jlne.ws/4b7R2Ja
Exclusive: Ecuador examining new Amazon and Ocean linked debt-for-nature swaps
Marc Jones - Reuters
/jlne.ws/3UtJAlR
Wind overtakes fossil fuels for UK electricity generation
Gavin Maguire - Reuters
/jlne.ws/4aM3A9g
Six Small Ways to Turn Climate Anxiety Into Positive Action; There's a lot of worrying news about climate change, but readers have told Bloomberg Green how they're trying to make life for the planet better.
Alicia Clanton - Bloomberg
/jlne.ws/4aNvi5h
The White House knows that the global south has a point; Rich countries espouse active industrial policy at home while continuing to impose outdated policies abroad
Rana Foroohar - Financial Times (opinion)
/jlne.ws/3Wita0W
Saudi Aramco chief executive defends China's role in green transition amid closer ties; Amin Nasser praises Beijing's efforts to make solar panels and electric vehicles cheaper
Malcolm Moore and Tom Wilson - Financial Times
/jlne.ws/3QbSguI
Asian region reels from heat and floods as WMO warns of climate change effects; More than 100,000 evacuated in Chinese floods, schools close in India and Bangladesh, warnings in Thailand and Philippines
Attracta Mooney - Financial Times
/jlne.ws/3xIJEFs
China can't quit coal by 2040, researchers say, despite global climate goals
Colleen Howe - Reuters
/jlne.ws/3UebOjq
The West's electric car giants now risk destroying themselves; As demand stalls, the EV revolution looks more like a battle for survival
Ben Marlow, Associate Editor - The Telegraph
/jlne.ws/3U9cc2I
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS gets backing for capital plan, Ermotti pay from Norway wealth fund
Stefania Spezzati - Reuters
Norway's sovereign wealth fund has backed UBS' plan to make its Additional Tier 1 (AT1) bonds, a form of debt, more appealing to investors by protecting them from a wipeout, and also signed off on UBS CEO Sergio Ermotti's pay package. The vote from the Norwegian fund, UBS' second-largest shareholder, at the bank's annual general meeting this week is a boost for UBS, which is seeking to prop up its capital buffers to satisfy Swiss regulators' demands as it integrates its former rival Credit Suisse.
/jlne.ws/4b9orDk
Citi managing director details 'pervasive' sexual harassment in lawsuit
Lananh Nguyen - Reuters
A Citigroup (C.N), opens new tab managing director said the bank failed to protect her from a supervisor's violent threats and abuse because of its "pervasive" culture of sexual harassment and gender discrimination, according to an amended legal filing on Monday. Ardith Lindsey, who worked as Americas head of electronic sales trading, added details to her November lawsuit outlining threats from Mani Singh, once the bank's North America Markets head of cash equity execution services. He resigned in November 2022.
/jlne.ws/3WisIzM
City advisers rake in £80m from Nationwide's planned £2.9bn Virgin Money takeover; Revealed fees likely to reignite controversy over Nationwide deal
Michael Bow - The Telegraph
City advisers are set to make almost £80m from Nationwide's planned £2.9bn Virgin Money takeover. Nationwide expects to fork out £41m on fees and expenses in total, documents published on Monday show, while Virgin Money will spend £38m. Bankers from Goldman Sachs and JP Morgan, who are working for Virgin Money, are expected to receive £30.5m of the pot. Nationwide is set to pay £15.5m for financial advice from UBS. Nationwide is spending a further £12.07m on legal fees and £1.4m on PR advice.
/jlne.ws/3Wbss5L
Diego Megia's Millennium-Backed Hedge Fund Plans Milan Office; Taula Capital is joining peers expanding to the Italian city; Generous tax breaks have increased Italy's attractiveness
Liza Tetley - Bloomberg
Former Millennium Management portfolio manager Diego Megia's new hedge fund is setting up an office in Italy, joining peers seeking to take advantage of the tax incentives offered by the European country. Taula Capital Management, which already has established its footprint in London, New York, Dubai and Jersey, is opening a new trading outpost in Milan, people familiar with the move said, asking not to be identified discussing internal matters.
/jlne.ws/3U5xL42
JPMorgan AM surges to dominance in Europe active ETF market; Market share of 44% in fast-growing part of industry far exceeds Pimco's 15% and Fidelity's 11%
Steve Johnson - Financial Times
JPMorgan has carved out a dominant position in Europe's nascent market for actively managed exchange traded funds, far surpassing the level in its US home market where it manages the largest such vehicle. The bank's asset management arm boasted a 44.2 per cent market share in Europe at the end of March, according to figures from Morningstar, far ahead of Pimco, with 14.6 per cent and Fidelity with 11.1 per cent.
/jlne.ws/49KDUbz
Cathie Wood's Popular ARK Funds Are Sinking Fast; Investors have pulled a net $2.2 billion from ARK's active funds this year, topping outflows from all of 2023
Jack Pitcher - The Wall Street Journal
Cathie Wood's investors are jumping ship. They rushed into her funds and won big during the pandemic, when the star fund manager became a social-media sensation by making bold bets on disruptive technology stocks such as Tesla, Zoom Video Communications and Roku. They largely stuck with her when the funds' fortunes reversed after the Federal Reserve raised interest rates. Now, after years of bruising losses, many of them have had enough.
/jlne.ws/49RAZhx
Blackstone's Beleaguered Real-Estate Fund Stems Exodus; Breit fundraising hasn't returned to its previous robust levels
Peter Grant - The Wall Street Journal
For signs that the turbulent commercial real-estate market is beginning to stabilize, look at Blackstone's largest real-estate fund, known as Breit. The firm was able to fulfill all investor redemption requests in February and March for the first time since late 2022, when a flurry of withdrawals compelled it to limit how much it could pay out.
/jlne.ws/3W8mwub
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | They Say Drugs Make Them Better at Their Jobs. Are They Tripping? A small but vocal share of workers swear ketamine and psychedelics can boost creativity and focus on the job
Callum Borchers - The Wall Street Journal
So, what happens when the boss tries ketamine? At insurance brokerage Frontier Risk, the remote team of 12 gets summoned to a weekly, hourlong video call that mostly involves watching each other work. People are free to talk, but there is no agenda. The workers aren't on drugs, but Chief Executive James Whitcomb hatched the idea for the sessions during a $1,000 psychedelic experience at a ketamine clinic in Connecticut.
/jlne.ws/3w4NLvb
Survey: Feds question the 'why' behind return-to-office push; A Federal News Network survey of 6,300 feds finds leaders' return-to-office visions aren't meeting reality for many employees with new in-office requirement
Drew Friedman - Federal News Network
Editor's Note: This Federal Report covers initial analysis of Federal News Network's April 2024 return-to-office survey of federal employees. The story includes results for several of the survey's questions, but not all of them. We will have more coverage of the survey results in the coming weeks. It's been a year since the Biden administration first called for more frequent, "meaningful" in-person work at agencies. In that time, initial uncertainties over whether a return-to-office would really happen have been replaced with a bigger burning question for federal employees: Why?
/jlne.ws/3Wb9lc8
'We want to enjoy now': Young Japanese choose work-life balance over notoriously long office hours; Only 30 per cent of young Japanese now feel that climbing the corporate ladder is important, according to a recent survey by the Japan Research Institute.
Channel News Asia
In a country that has coined a term for death from overwork - "karoshi", Japan's younger generation is slowly making work-life balance their priority. A post-COVID-19 pandemic reset and shifting attitudes among young workers is changing the nation's unforgiving work culture, which has long been characterised by lengthy hours, obligatory drinking parties, and a rigid hierarchy.
/jlne.ws/3UtU7NW
Who wore it worst: China's youth are staging a rebellion with 'gross' work outfits
Christy Choi and Hassan Tayir - CNN
There's a new kind of "get ready with me" video trending in mainland China Â- one of "gross" work outfits. China's youth are donning their worst pajama bottoms, hairiest slippers and heading to the office in a tongue-in-cheek rebellion against everything from bad bosses and poor work conditions to low pay and long hours. And they're gleefully showing off their creations online. For months, Chinese social media users have posted under hashtags like #grossoutfitforwork #uglyclothesshouldbeforwork #ootd (outfit of the day) and are asking others to share their own takes, unleashing a competition of who wore it worst.
/jlne.ws/3UvWH6m
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Which foods have the most plastics? You may be surprised
Sandee LaMotte - CNN
"How much plastic will you have for dinner, sir? And you, ma'am?" While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality. Ninety percent of animal and vegetable protein samples tested positive for microplastics, teeny polymer fragments that can range from less than 0.2 inch (5 millimeters) down to 1/25,000th of an inch (1 micrometer), according to a February 2024 study. Anything smaller than 1 micrometer is a nanoplastic that must be measured in billionths of a meter.
/jlne.ws/3UtDKRB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Apec Business Advisory Council meeting: Hong Kong teeming with wealth-creation opportunities despite headwinds
Mia Castagnone - South China Morning Post
Hong Kong offers plenty of wealth management and stock market opportunities despite a flurry of headwinds and uncertain economic outlook in China, top business leaders said at a high-level conference on Tuesday. Some 200 key business leaders from across the region, representing 21 economies, are in Hong Kong for a four-day summit of the Apec Business Advisory Council (ABAC), the advisory body's second meeting of the year.
/jlne.ws/3xWidrL
Japan Is 'Very Close' to Intervention, Former Forex Chief Says; Furusawa says authorities will move by 160 at the latest; Sees BOJ rate hike in July and one more this year as possible
Erica Yokoyama and Emi Urabe - Bloomberg
Japan is on the brink of currency intervention if the yen weakens any further, according to one of the country's former top currency officials. "Amid no change in US and Japan interest rates, the yen has depreciated against the dollar quite rapidly," said Mitsuhiro Furusawa, former vice minister of finance for international affairs, in an interview with Bloomberg on Tuesday.
/jlne.ws/3Qi8kLE
India seeks to secure critical mineral resources in race for lithium; New Delhi pushes for exploration in Latin America and Africa and auctions domestic mining blocks
John Reed, Ciara Nugent in Buenos Aires and Harry Dempsey - Financial Times
India is seeking to shore up its access to critical minerals such as lithium, a government official said, as the world's most populous country rushes to catch up with rivals including China in the race to build next-generation energy supply chains. New Delhi is pushing state-owned mining groups to pursue mineral reserves in South America and Africa as well as inviting bids to develop domestic mining blocks as it seeks to expand industries such as electric vehicles and renewables, where Beijing has a commanding lead.
/jlne.ws/3Wh5evf
Germany Probes 'Spotless' Bank Bonds Over Real Estate Values; BaFin examines real estate used to secure Pfandbrief bonds; German banks piled into commercial property before turmoil
Nicholas Comfort, Stephan Kahl, and Arno Schuetze - Bloomberg
Germany's financial regulator BaFin is taking a closer look at the real estate used by lenders to secure covered bonds known as Pfandbriefe, a euro 400 billion market traditionally considered among the safest in credit. While the watchdog conducts such cover audits every three years, the current reviews are notable because of their level of scrutiny, according to people familiar with the matter.
/jlne.ws/49R7z34
De Beers' diamond output drops after slow recovery triggers production cut; Anglo American unit's output down 23% as luxury pullback and emergence of lab-grown gems take toll
Harry Dempsey - Financial Times
Diamond output for De Beers slumped 23 per cent in the first quarter, as production was cut in response to a slow recovery in demand amid a pullback in luxury spending and the proliferation of lab-grown equivalents. De Beers was the only unit of Anglo American to adjust its full-year production forecast on Tuesday, reducing its guided range to 26mn to 29mn carats of output, from 29mn to 32mn, and lifting expected average costs to $90 per carat, from $80.
/jlne.ws/44bZowS
El Salvador's 'absurd' bond deal; Lord, make me solvent, but not yet
Robin Wigglesworth - Financial Times
Sovereign debt restructuring daddy Lee Buchheit once told FT Alphaville that the "pathological procrastination" of financially stricken countries that should simply accept the inevitable and default was a "testament to the belief in the efficacy of prayer".
/jlne.ws/3w76HJS
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