| October 17, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
This year, a record 83 exchanges around the world rang bells and held events and workshops for World Investor Week to promote financial literacy and raise awareness about the importance of investor education and protection. Exchanges from the Abu Dhabi Securities Exchange (ADX) to the Zimbabwe Stock Exchange (ZSE) participated in World Investor Week. This is what World Federation of Exchanges CEO Nandini Sukumar had to say about financial literacy:
"Financial literacy is integral to the mandate that we have as an industry. Exchanges and CCPs place investor protection at the core of the regulated public market model. We strive to foster trust in markets even as we grow these markets. It's more important than ever as retail investor participation grows. All market infrastructures, whether large or small, whether in a developed market or a frontier market, prioritise investor education at the heart of their business and as a foundation of market integrity."
The United States and its allies should provide Ukraine whatever military and humanitarian supplies it needs to defeat Russia. These attacks on civilians are just intolerable and it is time for the U.S. to give Ukraine the tools to end these atrocities. Russia is not fighting a war, it is waging genocide. I have reached my tipping point. I am going to the White House website to share my thoughts today with my congressman and senators.
Today's top headline is interesting: "Truss Faces Market Judgment as BOE Exit Leaves UK Exposed" from Bloomberg. If UK Prime Minister Liz Truss steps down, it will not be because she was voted out of office at the ballot box, but because she was booted from office by the market sentiment. The market is a powerful force not to be trifled with.
Four members of Parliament have called on Truss to resign, even though she has rescinded much of the tax cuts that caused her so much trouble and dropped the cap on energy prices.
Bloomberg has an interesting story about a video game that makes fun of cryptocurrency, and how the developers of the game revolted when they found out the publisher had announced an NFT deal, which they saw as a way to grift their users. Pretty cool way to make a statement about crypto.
Bloomberg also has an intriguing story about how bicycles conquered Amsterdam, titled "Inside the Bicycle's Conquest of Amsterdam." The story talks about how the "Dutch capital embarked on a decades-long campaign to design streets around the needs of cyclists, not drivers."
FIA Tech is looking for a business development manager in London. You can find out more about the opportunity HERE.
Congratulations to Alli Brennan, who has been promoted to managing director, head of the Americas & EMEA at CQG, Inc. See her LinkedIn page for the update on her title.
Elma Johnson is starting a new position as executive director, organizational development at the OCC. She was previously director of talent and organizational development at the OCC.
Former JLN marketing head Ryan Lothian (my first nephew and brother to Patrick) has a new job as head of marketing for the central region for RES, which stands for Resource Environmental Solutions. They bill themselves as "the nation's largest ecological restoration company focused on restoring a resilient earth for a modern world." It looks to me like Ryan has found the company and job that align his interests and talents all in one.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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MWE SHORT: Steve Hamilton - Demystifying the Current Trading Environment
JohnLothianNews.com
Steve Hamilton, the former COO of CurveGlobal, doesn't buy the over-the-top headlines about the state of trading. To him, the evolution of the market has been logical, and not as drastic as some would have you believe. The bottom line is that people still make trading decisions based upon risk taking and risk mitigation, and then discover price in order to execute their strategy. The change has been the venue where this occurs - a screen rather than a pit.
In this video from JLN's MarketsWiki Education event in London, Hamilton runs through the shift from the pits to the screen, while admitting he doesn't get some of the semantic games happening in trading.
Watch the video »
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Leaders in Trading 2022: Meet the nominees for... Outstanding Exchange Group; Learn more about the four firms shortlisted for our Editors' Choice Award for Outstanding Exchange Group this year: including Cboe Global Markets, Euronext, London Stock Exchange Group and SIX Swiss Exchange.
Laurie McAughtry - The Trade
In the first of our introductions to the distinguished nominees for Leaders in Trading 2022, we bring you the shortlist for one of the most highly coveted awards of the industry: the category of Outstanding Exchange Group. Cboe Global Markets, Euronext, London Stock Exchange Group (LSEG) and SIX Swiss Exchange are all in the running, so read on for more information on their activities over the past year.
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***** I read this headline and thought I was watching an old rerun of "The Dating Game." "Bachelor number one, come on down."
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Robbie Coltrane, Hagrid in the 'Harry Potter' Films, Dies at 72; The veteran Scottish actor and comedian also won acclaim for playing a gambling-addicted psychologist on the crime series "Cracker" in the 1990s.
Amanda Holpuch and Alex Marshall - The New York Times
Robbie Coltrane, the veteran Scottish actor who played the beloved half-giant Rubeus Hagrid in the "Harry Potter" films and starred on the cult British crime series "Cracker," died on Friday in Larbert, Scotland. He was 72. His death, in a hospital, was confirmed by Belinda Wright, his British agent. Ms. Wright said that Mr. Coltrane's family had not disclosed a cause, but that he had been "unwell for some time." Mr. Coltrane veered from the comic to the gritty in a four-decade career in film and television. He was an antihero detective on "Cracker" (1993-96), a K.G.B. agent turned ally to James Bond in two films, and a gangster who disguises himself as a nun after betraying his fellow criminals in the comedy "Nuns on the Run" (1990), alongside Eric Idle of Monty Python.
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***** Coltrane was a giant of a talent with a great range of characters, good and evil. ~JJL
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How to Save the Planet in Less Than Two Hours; Daybreak, a cooperative board game by Pandemic creator Matt Leacock, gives players all the tools to keep global warming below 2C.
Erin X. Wong - Bloomberg
When world leaders arrive in Egypt next month for COP27, they'll be charged with navigating some of the weightiest challenges humanity has ever faced, from setting aggressive emissions-reduction targets to deciding if poor countries are owed reparations for the climate havoc wreaked by rich countries. Negotiations will last for weeks, only to pick up again in another year at COP28. For players of Daybreak, the challenges are identical - but the solutions roll out in seconds.
/jlne.ws/3TpiSaP
***** The secret is to build those green houses on Boardwalk and Park Place rather than the hotels.~JJL
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Friday's Top Three
Our top story Friday was the disturbing article Alaska snow crab season canceled as officials investigate disappearance of an estimated 1 billion crabs, from CBS News. Second was Sam Bankman-Fried says he's a 'scaled down' J.P. Morgan of the crypto industry, from MarketWatch. And third was The Fed's Next Crisis Is Brewing in US Treasuries, a Bloomberg opinion piece.
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MarketsWiki Stats
27,037 pages; 241,238 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
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| Lead Stories | Truss Faces Market Judgment as BOE Exit Leaves UK Exposed
David Goodman and Libby Cherry - Bloomberg
UK financial markets will get a fresh opportunity to pass judgment on Prime Minister Liz Truss's economic program on Monday without the Bank of England around to offset any turmoil. Rarely has a developed economy's political fortune been so caught up in market gyrations. Traders' brutal rejection of the premier's fiscal plan have already sent the pound to record lows and forced Truss to sack Chancellor Kwasi Kwarteng, leading to the rollback of some of her marquee tax cuts. Questions about what would it take to bring back investor confidence and Truss' own future are also swirling.
/jlne.ws/3ENnQKg
Goldman Plans Sweeping Reorganization, Combining Investment Banking and Trading; Marcus, the Wall Street firm's consumer arm, to be part of a combined asset, wealth business
Justin Baer - The Wall Street Journal
Goldman Sachs Group Inc. plans to fold its biggest businesses into three divisions, undertaking one of the biggest reshuffles in the Wall Street firm's history. Goldman will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman's consumer-banking arm, will be part of the asset- and wealth-management unit, the people said. A third division will house transaction banking, the bank's portfolio of financial-technology platforms, specialty lender GreenSky, and its ventures with Apple Inc. and General Motors Co., the people said.
/jlne.ws/3g6QNGN
SPAC Sponsors Were Winners Even on Losers; Money managers who oversaw blank-check companies kept making profits even in the face of significant losses to stock investors
Eliot Brown - The Wall Street Journal
Since AEye Inc. went public by merging with a special-purpose acquisition company in August 2021, shareholders have had a rough go. The laser-technology company's stock is down over 90% in the midst of missed revenue projections and the broader rout in growth stocks. The company that ran the SPAC has fared far better. The financial-services firm Cantor Fitzgerald LP invested less than $10 million in the deal, but has since reaped at least $35 million in fees related to the listing, share sales and the value of remaining holdings, securities filings show.
/jlne.ws/3D0qtqS
Smartphone Apps Bury the Case for a Pan-Asian Currency; A new world wide web of payments may be the best way to move money quickly and cheaply across borders.
Andy Mukherjee - Bloomberg
Unrealistic as it was technically, the idea of a pan-Asian currency always had some political support: Since 2005, the Japanese have published the exchange value of something called the Asian Monetary Unit, a precursor to what would one day become the region's equivalent of the euro. The debt crisis in southern Europe - and the threat it posed to the single currency in the early part of the last decade - ended that pipe dream. Now there's a more modest goal: Keep money national, but allow it to jump borders effortlessly. This vision could start becoming a reality in three years and have a far-reaching impact on a continent expected to account for half of the world's consumption growth in the current decade.
/jlne.ws/3TqgdgZ
Goldman Shakes Up Leadership Ranks in Yet Another Overhaul; ; EO unwinds key changes from previous restructuring in 2020
Bank strips down consumer-banking business after missed goals
Sridhar Natarajan - Bloomberg
Goldman Sachs Group Inc's David Solomon is embarking on his third major reorganization in just four years as chief executive officer, undoing some of the signature moves he made as recently as 2020. The Wall Street giant plans to once again combine its expanded asset management and private wealth businesses into one unit run by Marc Nachmann, according to people familiar with the matter. Goldman will also fuse its investment-banking and trading operations under one group run by Dan Dees, Jim Esposito and Ashok Varadhan. The money-losing consumer unit will be broken up.
/jlne.ws/3g2OX9U
Get out the Red Bull, 24/7 stock trading is coming, market execs say
John Mccrank - Reuters
Around-the-clock trading, a feature of cryptocurrency markets, is likely coming to U.S. equities within five years, some retail brokerages and exchange operators, including Robinhood Markets (HOOD.O) and Cboe Global Markets (CBOE.Z), said on Thursday. At Robinhood, nearly three-quarters of the firm's around 14 million active monthly users, whose top recurring investment is in bitcoin, do their investment research outside market hours, and they want to trade at their convenience, said Chief Brokerage Officer Steve Quirk.
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Pensions Drama Sparks Call for Rethink of £1.6 Trillion Market; Blame game begins for the gilt meltdown of recent weeks; Regulators, trustees and accountants face calls for reform
William Shaw and Greg Ritchie - Bloomberg
Pressure is growing for a sweeping rethink of the UK's pension fund regulation after the sector's near-implosion wreaked havoc across financial markets and helped bring about a humiliating government retreat. Pensions were caught on the hop by rapidly rising gilt rates after the government's mini-budget last month, forcing them into a wave of asset sales. The Bank of England stepped in to contain what it saw as "fire sale dynamics" -- an emergency measure that's already prompting questions about why a huge but hitherto sleepy corner of the financial sector could spiral in this way.
/jlne.ws/3s1TeNA
The stock market crash is exposing Wall Street's biggest charlatans
Linette Lopez - Insider
I told you these people were not your friends. About two years ago, financial influencers were everywhere. They made instructional YouTube videos. They bought Super Bowl ads. They called in to CNBC to tell you that you could be an amazing investor if you only followed their advice. They gave you tips about stocks that would go "to the moon." They were selling more than investment ideas, they said - they were offering the keys to your financial freedom. So where are those charlatans now?
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Global economic warning lights are flashing red; Policymakers need to be level-headed and focus on building resilience
Financial Times
"Polycrisis": this was the description Jean-Claude Juncker gave the nexus of challenges facing the EU in 2016, when he was European Commission president. Last week the International Monetary Fund underscored how multiple clouds - including the European energy crisis, rapid interest rate rises and China's slowdown - have been gathering over the global economy. What has seemed like separate crises emerging from many different regions and markets are now coalescing: we may be facing a polycrisis on a global scale.
/jlne.ws/3Ti3cWS
Coinbase CEO Reveals Sale Bombshell Following $2 Trillion Bitcoin, Ethereum And Crypto Price Crash
Billy Bambrough - Forbes
BitcoinBTC and major U.S. crypto exchange CoinbaseCOIN are suffering through a brutal crypto winter that could blow up the market. The bitcoin price has crashed over the last year amid market "panic" that's wiped 80% from the value of Coinbase. EthereumETH, the second-largest cryptocurrency after bitcoin, has also plummeted (though some think it could be about to surge).
/jlne.ws/3EJvS6X
Exxon boss snapped at employees during virtual town hall and told them to 'work for Amazon' if they were unhappy - with workers scolded for not holding HANDRAILS in offices
Keith Griffith - Daily Mail
Exxon Mobil is experiencing its highest employee attrition in decades, with disgruntled workers complaining of a strict, fear-based company culture, according to a new report. In the past two years, even as Exxon reaped record profits, it has lost 12,000 employees globally, less than half of whom were laid off, according to a lengthy report in Bloomberg Businessweek on Thursday.
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Soaring Dollar Leaves Food Piled Up in Ports as World Hunger Grows; Importers from Ghana to Pakistan have struggled to pay for cargoes, risking shortages and adding to global food inflation.
Agnieszka de Sousa, Ekow Dontoh, and Ismail Dilawar - Bloomberg
Food importers from Africa to Asia are scrambling for dollars to pay their bills as a surge in the US currency drives prices even higher for countries already facing a historic global food crisis. In Ghana, importers are warning about shortages in the run up to Christmas. Thousands of containers loaded with food recently piled up at ports in Pakistan, while private bakers in Egypt raised bread prices after some flour mills ran out of wheat because it was stranded at customs.
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Bank Run Shows Risks From Widening Vietnam Corruption Probes
John Boudreau - Bloomberg
It was a jarring image for one of the world's fastest growing economies: Scores of Vietnamese flooded branches of the nation's fifth-largest bank to pull out their savings amid rumors the lender was tied to a real estate conglomerate under investigation for fraud.
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Gazprom CEO says gas price cap would lead to supply halt
Reuters
Gazprom CEO Alexei Miller on Sunday said plans to cap the price of Russian gas exports would cause supplies to be halted, echoing a similar threat from President Vladimir Putin. The conflict in Ukraine has prompted European Union customers to reduce their purchases of Russian energy while the G7 and the EU are trying to impose a price cap on Russian oil and gas.
/jlne.ws/3ME2CAD
EU to Offer Last-Resort Plan for Gas-Price Cap on Dutch Exchange; European Commission is drafting regulation to curb energy cost; Leaders will discuss soaring gas prices at summit this week
Ewa Krukowska and John Ainger - Bloomberg
The European Union is set to unveil a proposal that would limit surging prices on the bloc's biggest gas exchange. But it may only ever be used as a last resort. The European Commission is drafting a temporary dynamic price limit for transactions on the Dutch Title Transfer Facility, whose main index is the benchmark for all gas traded on the continent. Yet as part of an intervention package to be proposed on Tuesday, it will stop short of putting forward a detailed proposal to make it work immediately, according to a draft of the EU document seen by Bloomberg.
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EU to Boost Protection of Infrastructure as Sabotage Fears Grow; Bloc will create 'blueprint' for tackling future incidents; Nord Stream leaks highlight vulnerability of EU infrastructure
John Ainger and Alberto Nardelli - Bloomberg
The European Union will step up efforts to protect critical infrastructure from acts of sabotage, which in recent weeks have highlighted the bloc's vulnerability. The European Commission, the EU's executive arm, will recommend this week that member states boost cooperation and stress test key infrastructure, starting with energy and followed by other high-risk sectors such as communications, transport and space, according to a draft document seen by Bloomberg News. The bloc will also create a "blueprint" mapping out how it will respond to future crises.
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Africa Is Being Marginalized on World Stage, Finance Chiefs Say; Continent is bearing the brunt of shocks from food to climate; Africa's leaders become increasingly critical of rich nations
Prinesha Naidoo - Bloomberg
Africa's influence on issues of global importance remains far too narrow for a continent of 1.2 billion people who are bearing the brunt of external shocks, finance ministers said. "We are at the table and increasingly so, but we occupy a small stool at the table," Zimbabwean Finance Minister Mthuli Ncube told reporters Saturday after the annual meetings of the International Monetary Fund and World Bank. "Most of the time we are recipients of support -- of aid, of resources -- as opposed to the giver of resources to the rest of the world and that creates a naturally uneven relationship, but we should strengthen ourselves and we should be listened to."
/jlne.ws/3gd530W
'A $28 Trillion Opportunity'-Crypto Braced For A Huge Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing
Billy Bambrough - Forbes
BitcoinBTC, ethereum and other top ten cryptocurrencies have found a floor following a huge sell-off this year that could turn into "panic." The bitcoin price has crashed 70% since hitting a peak of almost $70,000 per bitcoin in November last year, crumbling in the face of the Federal Reserve's "brutal" interest rate hikes. The crash has wiped around $2 trillion from the price of ethereum and other top ten cryptocurrencies BNBBNB, XPR, solana, cardano and dogecoin (though a major U.S. regulator this month issued a surprise bitcoin and crypto price prediction).
/jlne.ws/3EP2ZGM
Climate graphic of the week: World weather agency sounds alarm on dams, power and nuclear plants; Water stress and floods place infrastructure at 'significant risk', World Meteorological Organization reports
Aime Williams - Financial Times
The world's energy infrastructure is at "significant" risk from climate change, as extreme weather events threaten dams, thermal power plants and nuclear stations, the World Meteorological Organization said this week. In its latest report, the WMO said existing energy infrastructure was already "under stress" and climate change was likely to directly affect fuel supply, energy production and the physical resilience of existing and future energy projects.
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Saudi Arabia's Super Fund Leans on Influence of BCG Power Broker; Partner Ihab Khalil is a critical lynchpin for PIF, people say; Boston Consulting says consultant doesn't act on fund's behalf
Dinesh Nair, Matthew Martin, and Ben Bartenstein - Bloomberg
Saudi Arabia's plan to use its massive sovereign wealth fund to pursue grand ambitions has helped create a $1.8 billion bonanza for global consulting firms. One man signifies the success those companies have had in winning influence in the kingdom: Ihab Khalil, a Boston Consulting Group senior partner.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Westerners in no mood for concessions to Russia in Ukraine, poll finds
Jon Henley - The Guardian
Nearly eight months into Vladimir Putin's war on Ukraine, citizens in core western alliance countries show little appetite for the kind of concessions to Russia that might form part of an eventual agreement to end the fighting, according to a major survey. The YouGov-Cambridge globalism project, which gauged public opinion in 25 of the world's largest countries, also found strong support for maintaining, and often toughening and expanding, military and economic measures against Moscow. But while the survey found respondents in most western nations in an uncompromising mood, multiple countries around the world - including some in the west - were markedly more ambivalent, or even sympathetic, towards Russia.
/jlne.ws/3CEesWX
Elon Musk Foments More Geopolitical Controversy With Ukraine Internet Dispute; The world's richest man, whose Starlink internet service is critical to the Ukrainian Army, said he could not "indefinitely" fund the system's use in Ukraine.
Cade Metz, Cassandra Vinograd and Helene Cooper - The New York Times
Shortly after Russia invaded Ukraine, Elon Musk gave the Ukrainians a digital lifeline by providing them with the Starlink internet service operated by his rocket company, SpaceX. But those actions landed the world's richest man in an international controversy on Friday when Mr. Musk said his company could not "indefinitely" fund Ukraine's use of Starlink, which has become crucial for the Ukrainian Army's communication as it advances into territory occupied by Russia and defends against continued Russian attacks.
/jlne.ws/3ghFnjS
U.S., Allies Negotiating Price Level for Russian Oil Cap; Keeping Russian oil flowing to world-at lower price-could help counter global inflation
Andrew Duehren - The Wall Street Journal
The U.S. and its partners are rushing to hammer out an agreement on a level for a price cap on Russian oil in the next couple of weeks as they seek to contain global oil costs in the wake of a production cut by the Organization of the Petroleum Exporting Companies and its Russia-led allies. The Group of Seven large advanced democracies, along with Australia, are working to put into place a plan ahead of a Dec. 5 deadline that would bar the use of financing, insuring and shipping services for Russian oil unless the oil is sold below a set price limit.
/jlne.ws/3D3x4RB
Russian Strikes on Ukraine Knock Out Power in Kyiv; Though Ukraine continues to advance toward Russian positions, concerns about electricity and fuel supplies grow as winter approaches
Ian Lovett - The Wall Street Journal
Power was knocked out again in parts of Kyiv on Saturday morning, stirring fresh concerns about the impact of Russian strikes on Ukraine's electricity supply as winter approaches, while Ukrainian forces continued to push to retake occupied parts of the southern Kherson region. "Today, the enemy launched another barbaric attack on critical infrastructure. As a result, an energy-infrastructure facility in the Kyiv region suffered severe destruction," Ukrenergo, Ukraine's electricity-transmission-system operator, wrote on social media Saturday morning.
/jlne.ws/3D31mUr
U.S. to provide Ukraine with more weapons as Putin signals end to unpopular mobilization drive
Hyder Abbasi - NBC News
Missiles, rockets and anti-tank weapons will form part of a new security assistance package for Ukraine, the Defense Department said Friday, hours after Russian President Vladimir Putin signaled an end to his unpopular mobilization drive. Valued at up to $725 million, the Pentagon said in a statement that the package would include, additional ammunition for High Mobility Artillery Rocket Systems (HIMARS), 5,000 anti-tank weapons, as well as vehicles and artillery rounds. "The United States has delivered unprecedented security assistance to Ukraine and will continue to work with allies and partners to ensure Ukraine has the support it needs," the statement said.
/jlne.ws/3VzSI72
Elon Musk says SpaceX will keep funding Starlink internet in Ukraine; World's richest man's company previously said it could not pay for satellite internet in country indefinitely
Alex Hern - The Guardian
Elon Musk on Saturday announced that his company would continue to pay for Starlink satellite internet in Ukraine, a day after suggesting he could not keep funding the project, which he said was losing around $20m a month. "The hell with it," the world's richest man wrote on Twitter. "Even though Starlink is still losing money & other companies are getting billions of taxpayer $, we'll just keep funding Ukraine govt for free."
/jlne.ws/3CDsWGu
As Putin escalates war, some in Russia's business elite despair
Catherine Belton - The Washington Post
When Vladimir Putin launched missile strikes targeting Ukrainian cities and critical infrastructure this week, the move seemed to earn the Russian president a reprieve from hard-liners who had been demanding more decisive action. "Run, Zelensky, run," cheered Ramzan Kadyrov, the Chechen leader who has sent militias into Ukraine to fight in the war, referring to the Ukrainian president. Kadyrov declared himself to be "100 percent happy" with the conduct of the war after weeks of lambasting Russia's military leadership over recent disastrous retreats.
/jlne.ws/3eyYu8k
Elon Musk Drops Threat to Halt Internet Service in Ukraine
The New York Times
Internet service provided by Mr. Musk's company, SpaceX, has been crucial for the Ukrainian army's communication as it moves to retake Russian-occupied territory. Russia's Defense Ministry said two men shot and killed fellow soldiers at a training camp in the Belgorod region.
/jlne.ws/3VAOMDh
Elon Musk Backs Down From Demands for Starlink Funding; 'To hell with it,' SpaceX CEO says of earlier pullback threat; System has been essential to Ukraine's fight against Russia
Susanne Barton - Bloomberg
Elon Musk said Space Exploration Technologies Corp. will continue to fund its Starlink broadband service in Ukraine in an apparent step back from seeking support from the US Defense Department. The shift comes a day after Musk confirmed on Twitter that the closely held company had told the Pentagon it couldn't indefinitely fund the system that's helped Ukraine combat against Russia's invasion. The Defense Department confirmed Friday it was in talks with SpaceX while pointedly adding that the US is looking at other options.
/jlne.ws/3rZ5E8X
Russia's Air-Power Strategy Is Bound to Backfire; Putin is betting that a bombing campaign will overcome a determined Ukrainian ground force. He won't like the outcome.
Brooke Sample - Bloomberg
In the rapidly shifting Ukraine war, the growing failure of Russian President Vladimir Putin's ground game is causing him to seek asymmetrical responses. Most visibly, he is turning to what is essentially a terror-bombing campaign against the civilian population of Ukraine. Much like the V2 blitzes Nazi Germany directed against British cities in World War II, these missile attacks will accomplish very little tactically..
/jlne.ws/3ERZVtv
Failure to Control Ukraine's Skies Betrays Key Flaw in Russia's War Strategy; Without air supremacy, Moscow can't stop Kyiv's offensive or target precisely, relying on drones and missiles
Daniel Michaels - The Wall Street Journal
Russia's struggling invasion of Ukraine has faced problems from poor coordination to unmotivated soldiers, but overshadowing and aggravating all was a critical blunder in the war's early days, say Western military officials: failure to win control of Ukraine's skies. Without air superiority, Russia has been unable to stop Ukrainian attacks on its soldiers with U.S.-supplied M142 High Mobility Artillery Rocket Systems, or Himars, and other weapons. Kyiv's forces have capitalized on Russia's limited ability to respond by retaking hundreds of square miles of territory from the invading army since early last month.
/jlne.ws/3EKKNhi
Russian Troops in Belarus Spark Fears of New Front for Ukraine; Belarus's president has resisted being pulled directly into the war, but pressure from Moscow appears to be increasing
Ann M. Simmons - The Wall Street Journal
An influx of Russian troops and a surge in military activity in Belarus is stirring unease that its autocratic leader, President Alexander Lukashenko, could take a more direct role in Moscow's faltering war in Ukraine. On Sunday, Belarus's Defense Ministry announced that the aviation component of a fresh Russian troop deployment had begun to arrive in the country, the day after ground forces started moving in.
/jlne.ws/3T8IYyW
Ukraine Gets Help Bundling Up for Frigid Winter Fight; U.S., allies donate winter wear along with bombs and bullets, tap Canadian expertise
Nancy A. Youssef - The Wall Street Journal
In addition to artillery pieces, tactical vehicles, light arms and other weapons, the U.S. and its allies have begun providing the Ukrainians with warm materiel for their arsenal: parkas, socks, pants and other cold-weather gear. With winter approaching on the Ukrainian steppe, where overnight lows can drop below freezing next month, U.S. officials have said the provision of warm clothing is one way allies who are unable-or unwilling-to turn over lethal weapons can contribute to the Ukrainian war effort. And it is expected to give the Ukrainians a battlefield advantage over Russian forces, who have struggled with logistics throughout the war.
/jlne.ws/3S0OiDm
Russia is grabbing men off the street to fight in Ukraine
Robyn Dixon and Natalia Abbakumova - The Washington Post
Police and military officers swooped down on a Moscow business center this past week unannounced. They were looking for men to fight in Ukraine - and they seized nearly every one they saw. Some musicians, rehearsing. A courier there to deliver a parcel. A man from a Moscow service agency, very drunk, in his mid-50s, with a walking disability.
/jlne.ws/3yPr1xl
Putin says no need for massive new strikes on Ukraine
Reuters
Russian President Vladimir Putin said on Friday there was no need for massive new strikes on Ukraine and that Russia was not looking to destroy the country. Putin told a news conference at the end of a summit in Kazakhstan that his call-up of Russian reservists would be over within two weeks and there were no plans for a further mobilisation. He also repeated the Kremlin position that Russia was willing to hold talks, although he said they would require international mediation if Ukraine was prepared to take part.
/jlne.ws/3D2WzST
Putin Tried for Years to Stop His Military From Using Western Parts - And Mostly Failed
Alberto Nardelli - Bloomberg
Even before sanctions cut off access to vital components and technologies for President Vladimir Putin's defense industry, an internal Russian government review found years of attempts to reduce reliance on imports had largely failed. Previously unreported assessments show a program with specific targets was put in place from 2019 to slash Russia's dependence on Western parts for its arsenal by 2025 - everything from radar to advanced submarines to anti-missile defense systems. But an internal review of the plan 10 months before Putin invaded Ukraine found it was falling short on almost every metric.
/jlne.ws/3VxiCZf
How Russian Ships Are Laundering Grain Stolen From Occupied Ukraine
K Oanh Ha, Aine Quinn and Samuel Dodge - Bloomberg
For several months now, Amur 2501, a small Russian cargo ship with a prominent white bridge section and a long barge-like body, has been making curious runs in the Black Sea. It collects grains not just from the Russian port of Azov but also from Sevastopol in sanctions-hit Crimea - a harbor from where Ukraine says almost all departing commodities are stolen from its occupied territories by Kremlin troops. At several points during its trips, Amur 2501 goes dark, with its tracking system not transmitting its location. It then appears to participate in multi-ship transfers of cargo in the open seas off the Russian port of Kavkaz with large vessels that then proceed to countries including Libya and Iran.
/jlne.ws/3s1LCe7
EU warns Iran of more sanctions over alleged weapon supplies to Russia; Foreign ministers gather to discuss response to drone attacks on Kyiv
Henry Foy and Christopher Miller - Financial Times
EU foreign ministers have warned that Iran would face further sanctions if its military support for Russia's war in Ukraine is proved, ahead of talks in Luxembourg to discuss the attacks on Kyiv allegedly using Iran-made drones. Witnesses said the explosions that struck Ukraine's capital on Monday morning were preceded by a humming noise similar to a loud lawnmower engine, a description that suggests Iran's Shahed 136 drones may have been used.
/jlne.ws/3T9nkuq
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | DBS Bank becomes first LCH SwapClear direct member in Singapore; Through DBS' direct connection, LCH becomes the first global offshore clearing house to accept Singapore Government Bonds as collateral.
Annabel Smith - The Trade
One of APAC's largest regional participants, DBS Bank, has joined LCH SwapClear as the first direct member in Singapore. It joins a growing member network in the Asia Pacific region at SwapClear, which now has 13 APAC direct members and 170 clients.
/jlne.ws/3eCel69
NGX, US Consulate To Partner On Driving Bilateral Investments, Trade
United States Consulate and Nigerian Exchange Limited
The United States Consulate and Nigerian Exchange Limited (NGX or The Exchange) have announced a decision to collaborate on boosting investments and trade between Nigeria and the US. The US Consul General, Mr Will Stevens, giving his remarks at the Closing Gong Ceremony held to commemorate his courtesy visit to NGX on Friday, 14 October 2022, said that the US is committed to facilitating its strategic interests of which increasing US investments to Nigeria; Nigerian investments to the US; and trade between the US and Nigeria is paramount.
/jlne.ws/3EMMD12
Exchanges Ring The Bell All Week For Financial Literacy
Mondo Visione
Exchanges around the world have united to promote financial literacy, investor protection and financial inclusion, ringing the bell in multiple countries on multiple days all week during World Investor Week ("WIW") 2022. WIW is a week-long, global campaign to raise awareness about the importance of investor education and protection and promote financial literacy. In 2022, a record 83 exchanges held bell ringing ceremonies, workshops and events to drive awareness of the important and necessity of financial literacy.
/jlne.ws/3yKoeFE
London Stock Exchange's Voluntary Carbon Market
London Stock Exchange
One of the most pressing priorities of our time is the just transition to net zero. Addressing climate change has become an unprecedented challenge for the financial ecosystem. The public market framework is uniquely positioned to stimulate the scaling of the global voluntary carbon market through capital at scale and transparency through disclosure. The London Stock Exchange is launching our Voluntary Carbon Market to facilitate financing at scale into projects that mitigate climate change.
/jlne.ws/3rZ7dUs
Strike the Gong for Financial Literacy 2022
HKEX
Join HKEX to celebrate WorldInvestorWeek, a global campaign that highlights the importance of investor education and financial literacy! We will host the annual StrikeTheGong for Financial Literacy with IFEC on 21 October, joined by a number of industry leaders who will share their views on sustainable finance from the perspective of the regulatory landscape, capacity building and recent market developments.
/jlne.ws/3S5UlXd
BOX Options: Mandatory Annual Virtual Trading Floor Test
BOX Options
This notice is being issued to announce the mandatory annual Virtual Trading Floor ("VTF") test on Saturday, November 5, 2022 from 9:00 a.m. to 11:00 a.m. CT for all.
/jlne.ws/3D4nj5m
Increase of the March 2023 Coupon Rates for all of the Eris US Dollar Swap Futures, Eris SOFR Swap Futures, Eris BSBY Swap Futures, MAC SOFR Swap Futures, and MAC US Dollar Swap Futures Contracts
CME Group
Effective Sunday, October 30, 2022, for trade date Monday, October 31, 2022, and pending all relevant CFTC regulatory review periods, The Board of Trade of the City of Chicago, Inc. ("CBOT" or "Exchange") will increase the March 2023 coupon rates for the Eris US Dollar Swap Futures, Eris SOFR Swap Futures, MAC SOFR Swap Futures and MAC US Dollar Swap Futures contracts(the "Contracts") as noted in the table below. There is no open interest in the March 2023 contract month of the Contracts.
/jlne.ws/3z9yBDp
MSCI Index derivatives: Introduction of additional products and amendments in the Liquidity Provider Schemes
Eurex
Eurex Circular 096/22 MSCI Index derivatives: Introduction of additional products and amendments in the Liquidity Provider Schemes.
/jlne.ws/3D4azvR
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BaFin Innovation Hub; Improved information and communication pathways for start-ups and fintech companies
BaFin
With its innovation hub, BaFin wants to engage in dialogue with companies working with new technologies on the financial market and to provide these companies with information that is more up-to-date and more closely aligned with market developments. Frequently asked questions are intended to become one of the main features of the page. These FAQs will cover issues that may arise at financial companies specifically in relation to the use of innovative technologies and business models.
/jlne.ws/3Sfmyes
Is fintech losing its lustre for career changers?; The shifting economic tide has taken the shine off a post-EMBA move for some alumni
Sid Venkataramakrishnan - Financial Times
For years, technology companies sought to woo senior staff from traditional industries, offering them both the opportunity of a leading role in the future of technology and highly competitive pay. "The reason people wanted to [join such companies] is that they were promising high salaries and huge amounts of shares," says Sam Burks, executive director at recruitment agency Nicoll Curtin. "Even if they didn't end up going public, they could still end up being worth a lot more money in five or 10 years."
/jlne.ws/3D4Yab4
Twitter Faces Only Bad Outcomes If the $44 Billion Musk Deal Closes; The company has been damaged by the drama over the deal, and things look bumpy if it goes through.
Kurt Wagner - Bloomberg
When Twitter Inc. co-founder Jack Dorsey invited Elon Musk to speak at a companywide retreat in early 2020, he asked the Tesla Inc. chief executive officer a prescient hypothetical question. "If you were running Twitter-by the way, do you want to run Twitter?" Dorsey joked as employees laughed. "What would you do?"
/jlne.ws/3D2vW0l
India launches 75 digital banking units across rural areas in financial inclusion push
Manish Singh - TechCrunch
India on Sunday launched 75 digital banking units in villages and small towns across the country in a move that it said will help bring financial services and literacy to more citizens. The digital banking units, set up in collaboration with over 20 public and private banks, are brick-and-mortar outlets that are equipped with tablets and internet services to help individuals and small businesses open their savings accounts, access government identified schemes, perform verifications, make transactions and avail loans and insurance.
/jlne.ws/3gbiQ88
Coinbase Hires Fintech Executive to Lead European Expansion; Firm seeks crypto approvals in France, Spain, UK and Ireland; Company to hire for core roles in Europe as part of push
ByIvan Levingston and Emily Nicolle - Bloomberg
Coinbase Global Inc. has hired Daniel Seifert, a senior executive from German financial technology company Solarisbank AG, to lead its European expansion while contending with a protracted downturn in cryptocurrency markets and trading.
/jlne.ws/3TdDtPF
South Korea Aims to Boost Economy With Digital ID on Blockchain; Government to allow smartphones to replace existing ID cards; Korea sees economic value of digital IDs at around 3% of GDP
Sam Kim - Blooomberg
South Korea plans to offer a digital identity secured by blockchain to citizens with a smartphone as it taps into the world's most tech-savvy population to boost economic growth. Smartphone-implanted IDs are among the latest emerging technology underpinning a digital economy that has expanded as more people work from home, make cashless payments and explore the metaverse.
/jlne.ws/3Vx88ZI
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| Cybersecurity | | Top stories for cybersecurity | Hacker Gets $50 Million in Heist of DeFi's Mango; Mango was exploited for more than $100 million in heist; Platform promised not to prosecute hacker or freeze funds
Olga Kharif - Bloomberg
The community of decentralized-finance application Mango DAO on Saturday got back a portion of about $100 million stolen this week after letting the hacker keep about $50 million of the funds. The settlement wraps up several days of tense negotiations between the hacker and Mango, which is governed by its community of token holders who vote on any changes. Soon after the theft, the hacker posted a proposal in the app's governance forum asking for bad debts on the platform to be erased -- a deal that was not approved by the majority of Mango token holders even after the hacker voted for it with some of the stolen tokens.
/jlne.ws/3EHwSZs
$1B Cybersecurity Grant Program Still Coming Into Focus
Daniel C. Vock - Route Fifty
State and local governments are preparing to use $1 billion from the federal infrastructure law to improve cybersecurity. It marks the most significant federal support yet for protecting the computer networks and data of smaller governments.
/jlne.ws/3ewymv2
Raising cybersecurity awareness is good for everyone - but it needs to be done better
Danny Palmer - ZDNET
It's October, so that means it's that time of year. No, not Halloween. It's Cybersecurity Awareness Month which means reminders about how important it is to be aware of cybersecurity threats. You've likely seen warning from HR about some of the most common cybersecurity issues you need to be aware of - things like phishing attacks and the importance of using a strong password or maybe even multi-factor authentication (MFA) if the organisation has it in place.
/jlne.ws/3TtJeIE
Former WSJ reporter says law firm used Indian hackers to sabotage his career
Raphael Satter - Reuters
A former Wall Street Journal reporter is accusing a major U.S. law firm of having used mercenary hackers to oust him from his job and ruin his reputation. In a lawsuit filed late Friday, Jay Solomon, the Journal's former chief foreign correspondent, said Philadelphia-based Dechert LLP worked with hackers from India to steal emails between him and one of his key sources, Iranian American aviation executive Farhad Azima.
/jlne.ws/3VzgMXW
Prepare for the Worst in Cybersecurity
Adam Stringer - Infosecurity
Financial services organizations have always been conscious of the lurking cyber threat. Most are fortunate and can successfully defend against the (seemingly) never-ending and ever-increasing volume of attacks. However, some senior leaders are now citing cybersecurity as their greatest concern due to the prevalence of nation-state attacks and the scale of potential rewards for cyber-criminals if they are successful.
/jlne.ws/3MzJ28J
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| Cryptocurrencies | | Top stories for cryptocurrencies | A Huge Glut of Bitcoin Mining Rigs Is Sitting Unused in Boxes
Eliza Gkritsi - CoinDesk
Hundreds of thousands of brand new mining rigs that could be generating bitcoin (BTC) have never been used, further skewing the economics of cryptocurrency mining, a sector that has been hit hard by sinking prices for bitcoin and other tokens and by high energy costs. Last year, miners struggled to buy enough rigs. Manufacturers couldn't fulfill orders fast enough. Now, Matt Schultz, executive chairman of bitcoin miner CleanSpark (CLSK), figures 250,000 to 500,000 mining rigs are still sealed up in boxes in the U.S. alone, based on his conversations with analysts. Ethan Vera, chief operating officer of mining services firm Luxor Technologies, put the number at 276,000 worldwide in September.
/jlne.ws/3yL5ntY
A Shake-Up to Accounting Rules Is Coming to Crypto. It Will Impact Tesla and Others.
Jack Denton - Barron's
The world of crypto is cheering-but it isn't about Bitcoin prices or something Elon Musk said about Dogecoin. Instead, the celebration is over a reform to reporting rules suggested by the Financial Accounting Standards Board. The changes are being touted as a factor that could help move the needle on institutional adoption of digital assets.
/jlne.ws/3gdPo1p
A Goldman Sachs alum turned crypto exec breaks down why Wall Street's next push into digital assets will be through bitcoin
Morgan Chittum - Insider
BNY Mellon, the oldest bank in the United States, said on Tuesday that it would soon custody cryptocurrencies for its clients. In September, private equity behemoth KKR made part of its health care fund available on layer-1 blockchain, Avalanche. The string of news follows closely on the heels of a partnership between $10 trillion asset manager, BlackRock, and Coinbase.
/jlne.ws/3TaY0Ew
Here's What Crypto Traders Are Doing With Volatility Gone; Bitcoin has been a in narrow range since spring price collapse; Some are selling options, others resort to staking for returns
Vildana Hajric and Muyao Shen - Bloomberg
Besides dangling the opportunity to get rich quickly, one of the biggest attractions for crypto traders was the ability to profit from wild price swings. Now with volatility all but gone -- at least for now -- both professionals and amateurs are altering their strategies as the crypto winter drags on. A volatility gauge for Bitcoin has dropped in recent days to its lowest level since April, reaching 61 on Friday. That's a far cry from the 140 it hit in May amid the collapse of the Terra stablecoin ecosystem. After surging to an all-time high of almost $69,000 in November, the largest digital asset by market value has been trading in a narrow range of around $20,000 since June.
/jlne.ws/3MJ0x6A
Man blocked from accessing $1.8 million Bitcoin as he can't remember answer to security question from 2005
Anish Vij - LADbible
A very unlucky man has been blocked from accessing $1.8 million worth of Bitcoin for the most ridiculous reason ever. Watch the madness unfold below:
/jlne.ws/3g2AWck
Why the CEO of Binance, the world's biggest crypto exchange, doesn't give his employees verbal compliments
Matthew Loh - Business Insider
Changpeng Zhao, the CEO and founder of the world's biggest cryptocurrency exchange, published a 6,000-word document on Thursday about his managing style. Binance employs thousands of staff members in engineering, marketing, business development, and other roles. One thing those employees won't hear much from Zhao? Compliments.
/jlne.ws/3MAbWp7
The CEO of Binance published a 6,000-word memo that explains his principles and how he runs the world's biggest crypto exchange. Here are the 9 biggest takeaways.
Matthew Loh - Business Insider
Changpeng Zhao, the CEO and founder of the world's biggest cryptocurrency exchange, published a 6,000-word document on Thursday about his management style. Binance employs thousands of staff members across engineering, marketing, business development, and other roles. The company has been the center of both acclaim and frequent controversy, as it faces concerns from authorities on whether it can be used to transfer illicit funds.
/jlne.ws/3EPzq80
NFT Bargain-Hunting Is in as Crypto Bust Craters Prices; Average selling prices for NFTs have tumbled in recent months; NFT sales plunged 67% in the third quarter, DappRadar says
Olga Kharif - Bloomberg
A year ago, Daniel Maegaard, one of the higher-profile collectors of nonfungible tokens, was spending tens of thousands of dollars on CryptoPunks featuring funky-looking people or apes. In the last few months, he's been buying NFTs that typically sell for less than $2,000. The shift is indicative of the metamorphosis taking place in the market for the once-coveted digital images promoted by the likes of Justin Bieber and Madonna. NFT sales plunged 67% sequentially in the third quarter as speculators and celebrities made an exodus, leaving the sector mostly to the dedicated long-term believers in the various potential use cases, and collectors betting that the plunge in prices will rekindle speculative demand.
/jlne.ws/3MA6EKn
Company Documents Show Meta's Flagship Metaverse Falling Short; Most visitors to Horizon Worlds generally don't return after first month; 'an empty world is a sad world'
Jeff Horwitz, Salvador Rodriguez and Meghan Bobrowsky - The Wall Street Journal
Nearly a year after Mark Zuckerberg rebranded Facebook as Meta Platforms Inc. in a bet-the-company move on the metaverse, internal documents show the transition grappling with glitchy technology, uninterested users and a lack of clarity about what it will take to succeed. While Mr. Zuckerberg has said the transition to a more immersive online experience will take years, the company's flagship metaverse offering for consumers, Horizon Worlds, is falling short of internal performance expectations.
/jlne.ws/3CvNtwA
Most Metaverse users don't even make it a month, WSJ reports
Katherine Tangalakis-Lippert - Insider
Inside the Horizon Worlds platform, Meta is struggling to keep users engaged with glitchy features and empty worlds. With a $400 pricetag to access the platform via the Quest 2 headset, the metaverse isn't yet accessible to the casual user. Those who do get a chance to try the tech experience baffling branded content, persistent bugs, and empty worlds with no user interactions. Even employees appear not to enjoy the platform, saying there is a "quality" problem. Last month, in response to user complaints, Meta put the Horizon platform into "lockdown" - pausing the rollout of new features while it works to improve the user experience of existing elements in the virtual reality world, The Wall Street Journal reported.
/jlne.ws/3eBmBDn
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| Politics | | An overview of politics as it relates to the financial markets | Why the business world is so bad at politics; From Elon Musk to woke CEOs, the commercial cast of mind doesn't understand fanaticism
Janan Ganesh - Financial Times
Before the ritual self-disembowelment, Yukio Mishima had other ways of getting his point across. The point was that Japan had lost its martial soul in the postwar boom. There was too much of the pocket camera and not enough of the sword for the great writer's chivalric tastes. One of his lesser works, spoofing the consumer cult, tells of an office chump who takes out a tabloid ad. What he puts up for sale is the right to kill him. Mishima performed seppuku two years later.
/jlne.ws/3D3vM9e
Peter Thiel, Major U.S. Political Donor, Is Said to Pursue Maltese Citizenship; Obtaining citizenship in Malta would provide another passport for Mr. Thiel, who is one of the largest individual donors for the U.S. midterm elections.
Ryan Mac and Justin Scheck - The New York Times
At the end of a narrow road, past crushed beer cans and the remnants of a chain-link fence, a weathered sandstone building overlooks the Mediterranean coast. The British tourist who answered the door of a third-floor apartment had no idea she was staying at the residence of one of the world's richest men.
/jlne.ws/3TopTbZ
Founder of Electric Truck Maker Is Convicted of Fraud; Trevor Milton was accused of boasting about nonexistent technology to inflate the stock price of Nikola, a maker of electric trucks.
Jack Ewing - The New York Times
A federal jury on Friday found Trevor Milton guilty of defrauding investors by lying about the supposed technical achievements of Nikola, the electric truck maker he founded. Mr. Milton was convicted of one count of securities fraud and two counts of wire fraud, the most serious of which carry a maximum prison sentence of 20 years. He was acquitted on an additional count of securities fraud. The jury in U.S. District Court in Manhattan delivered the verdict after about four weeks of testimony and about six hours of deliberation.
/jlne.ws/3s0BS3H
After Trading Scandal, a Fed President Corrects His Financial Reports; The Federal Reserve was rocked by scandal over trading by three of its officials. Now, the head of the Atlanta Fed is reporting undisclosed transactions.
Jeanna Smialek - The New York Times
Raphael Bostic, the president of the Federal Reserve Bank of Atlanta, reported on Friday that he had failed to previously disclose financial transactions on his official central bank forms - including ones that ran afoul of Fed rules that limit trading ahead of Federal Reserve meetings. Mr. Bostic also failed to initially disclose transactions that took place during the height of the central bank's coronavirus response in 2020, when the Fed was intervening in markets.
/jlne.ws/3D5aBni
READOUT: Deputy Secretary of the Treasury Wally Adeyemo's Meeting of Countries Imposing Economic Restrictions on Russia
U.S. Department of Treasury
Top officials representing ministries of finance and other government agencies from 33 countries met at the U.S. Department of the Treasury today to discuss the effects of international sanctions and export controls on Russia's military-industrial complex and critical defense supply chains. All countries in attendance have implemented sanctions and/or export controls on Russia for its brutal war against Ukraine. The meeting's leaders-Deputy Secretary of the Treasury Wally Adeyemo, Deputy Secretary of Commerce Don Graves, and Deputy Director of National Intelligence Morgan Muir- shared information and analysis from the U.S. government on how these joint actions have disrupted Russia's military operations and defense procurement and undermined its efforts on the battlefield.
/jlne.ws/3CHaMn0
China's Rich New Friend Capitalizes on US Oil Spat
Chris Anstey - Bloomberg
The US economic relationship with Saudi Arabia has been tight for the better part of a century. The origin of the name of the world's biggest oil company reveals as much: Saudi Aramco is derived from "Arabian American Oil Company." US-Saudi tensions also go back a long ways, with the 1970s Saudi-led oil embargo a prominent example. But fundamentally, there was a strong basis for cooperation between the world's largest consumer of energy and a Middle East kingdom with giant reserves of oil.
/jlne.ws/3Vym9X9
Cities ban natural gas appliances to curb emissions
CBS News
In order to fight climate change, some local governments are mandating that new homes and businesses run their appliances on electricity rather than gas. But the switch to electric isn't cheap, leaving people wondering what to do. Ben Tracy takes a look.
/jlne.ws/3MIWOG8
Cryptocurrency voters could impact midterm races in key battleground states: poll
Hanna Kang - Insider
People who either own cryptocurrency or are interested in purchasing it could impact close races in key battleground states, a new poll asserts. And crypto-friendly candidates in races that might only be decided by a percentage point or two stand to benefit significantly, said said Bobby Kaple, a senior advisor to GMI PAC, which helped commissioned the poll of 1,000 likely general election voters. "If you look at those margins, to be able to connect with the crypto voter on crypto issues could unlock just enough to support to win one of these tight races," Kaple said said.
/jlne.ws/3Dcs25r
Tesla Fires After Hurricane Raise Alarm for Florida Officials
Lillianna Byington - Bloomberg
A Florida senator is calling for action from the Transportation Department and automakers after a series of electric vehicle fires tied to Hurricane Ian. The storm caused flooding and destruction across the state, and fire officials say they are still seeing its impact with EV batteries catching fire after saltwater damage. The National Highway Traffic Safety Administration is aware of multiple fires in Tesla Inc. vehicles, the agency said in a letter sent Friday to a Florida official and obtained by Bloomberg Government.
/jlne.ws/3rYgxYG
U.S. moves to dismiss price-fixing case against two former Pilgrim's Pride execs
Mike Scarcella - Reuters
The U.S. Justice Department on Sunday moved to dismiss an antitrust indictment against two former Pilgrim's Pride Corp executives who were the remaining defendants in a conspiracy prosecution that has failed to secure any convictions. Federal prosecutors asked U.S. District Judge Daniel Domenico to dismiss the case against Jason McGuire, who was a former executive vice president of sales at Pilgrim's Pride, and Timothy Stiller, a former general manager.
/jlne.ws/3VBRUyv
Joe Biden's limited room for manoeuvre on Saudi Arabia; US president under pressure from Democrats to target the area that would hurt America's ally the most: security
Andrew England, Samer Al-Atrush and Felicia Schwartz - Financial Times
As Joe Biden weighs his response to Saudi Arabia's decision to slash oil production, the US president faces mounting calls from Democrats to do the one thing they believe would hurt Riyadh most: freeze arms sales and curb security co-operation with the kingdom. But if Biden, who on Tuesday warned that Saudi Arabia would face consequences, without elaborating, decides to go down that avenue, he will have limited room for manoeuvre, say diplomats and analysts.
/jlne.ws/3TpidGn
Trump's secret, ugly breakup with Deutsche Bank is revealed in new allegations by NY's attorney general
Laura Italiano - Insider
For the past 10 years, Deutsche Bank has been Donald Trump's banking bestie, loaning him more than $400 million as he developed a Miami golf resort, a tower in Chicago, and a luxury hotel in the heart of Washington, DC. But the two are now in the midst of an ugly, shotgun divorce, according to revelations in a new court filing by New York's attorney general, Letitia James - with Deutsche Bank holding the shotgun.
/jlne.ws/3D339cd
Liz Truss battles for survival as City figures and MPs call on her to quit; UK prime minister's allies warn Tory 'plotters' they risk a fresh general election if they succeed in ousting her
Sebastian Payne and Daniel Thomas - Financial Times
Liz Truss is battling for her political survival as leading business figures and Conservative MPs pile pressure on the UK prime minister to resign after a series of damaging U-turns that have shredded her credibility. Truss's decision to appoint Jeremy Hunt as chancellor and scrap key parts of her economic platform have failed to reassure markets and the City, critics said. But her allies lashed out at those trying to remove her, warning that "plotters" were forcing the Tories towards a general election.
/jlne.ws/3MDHJW1
There will be a risk premium on UK assets as long as Truss holds power; The prime minister's volte-face may initially reassure markets but the credibility of British policymaking has been damaged
Duncan Weldon - Financial Times
Not since 1976 has a British government been forced by market pressure into such an abrupt U-turn on its fiscal policy. On that occasion Denis Healey, then the chancellor, had at least only reached the departure lounge at Heathrow airport on his way to the annual IMF meetings when he was summoned back to Downing Street. Kwasi Kwarteng, by contrast, had to endure the humiliation of flying back early from those very same meetings in Washington only to be fired on arrival.
/jlne.ws/3gfC10r
The unravelling: the full story of how Liz Truss lost her way - and her authority in the Tory party
Michael Savage - The Guardian
After an astonishing eight-minute press conference, in which Liz Truss attempted to salvage her imploding leadership by firing her closest political ally and ditching a totemic policy that won her the job, the most telling reaction was that of officials who had served in Boris Johnson's chaotic Downing Street. Just a few short months ago, they had been forced to endure months of scandal, followed by the resignations of dozens of ministers. They had even awkwardly brushed shoulders with cabinet members gathered in Downing Street to tell Johnson that his time was up. But after watching Truss's hunted demeanour on Friday afternoon, their suffering suddenly seemed trifling.
/jlne.ws/3VyIQe0
Truss Faces Whim of Markets and Mutinous UK MPs in Key Week; Truss bracing for market reaction to major economic U-turn; Conservative MPs start publicly calling for her resignation
Kitty Donaldson, Alex Wickham, and Joe Mayes - Bloomberg
Britain's beleaguered prime minister Liz Truss is battling to rescue her premiership this week, when financial markets will deliver a fresh verdict on her screeching economic reset while mutinous backbenchers plot to oust her. Only 40 days in office, Truss spent Sunday huddling with new Chancellor of the Exchequer Jeremy Hunt, her pick to restore stability after a humiliating climbdown that included sacking her initial choice for the job and junking an economic plan that triggered a sell-off in UK assets. While markets will be testing Truss, her fate ultimately rests with a Conservative Party that has her scrambling to save her job.
/jlne.ws/3S7HxPW
Brussels to propose temporary gas price ceiling to curb extreme prices; Draft emergency mechanism would allow EU to step in as part of effort to control energy crisis
Javier Espinoza - Financial Times
Brussels is planning to propose an emergency mechanism to curb the price of gas when it reaches extreme levels, as the EU seeks to get a grip on the bloc's energy crisis. According to a draft European Commission proposal, the EU should be able to set a maximum "dynamic price" at which gas transactions can take place on the Dutch Title Transfer Facility, a benchmark for gas traded in the bloc.
/jlne.ws/3yOTxzk
India Test Fires Ballistic Missile From Submarine; India's missiles can target China and Pakistan from underwater; Test demonstrates India's nuclear deterrence capability
Sudhi Ranjan Sen - Bloomberg
India test fired a ballistic missile capable of carrying nuclear warheads from a submarine, the Ministry of Defense said in a statement. The missile, which was test fired in the Bay of Bengal by India's only known operational nuclear powered submarine, Arihant, met all "operational and technological parameters" the Defense ministry said.
/jlne.ws/3MFEJZA
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| Regulation & Enforcement | | Stories about regulation and the law. | BMO Nesbitt Burns sanctioned for oversight failures; Firm settles IIROC allegation of inadequately supervising new-issue trading
James Langton - Investment Executive
BMO Nesbitt Burns Inc. is being sanctioned by the Investment Industry Regulatory Organization of Canada (IIROC) for failing to supervise a former rep who admitted to generating high commissions from unsuitable trading in new issues for a couple of clients. An IIROC hearing panel approved a settlement that saw BMO Nesbitt Burns admit to violating IIROC rules in connection with oversight failures involving Paul Brum, a former rep in Vancouver.
/jlne.ws/3S2bGQJ
Credit Suisse pays $495 mln to settle U.S. case
Reuters
STORY: Credit Suisse is paying $495 million to settle a case brought against it in the U.S. It's just the latest in a series of scandals and blunders that have battered the bank's reputation. The new payout covers a case brought by the New Jersey attorney general over mortgage-backed securities sold by the firm prior to 2008.
/jlne.ws/3EK4PbF
SEC must clarify which NFTs will be regulated, says commissioner; Some digital art could be treated like stocks or bonds, according to Hester Peirce
Stefania Palma and Patrick Temple-West - Financial Times
US regulators have kept digital art creators and investors in the dark about which non-fungible tokens (NFTs) could qualify as securities, according to SEC commissioner Hester Peirce. In an interview with the Financial Times, the US stock market regulator's senior Republican member said some NFTs could be regulated like stocks or bonds. She called for the SEC to publish more information on the market, which includes the Bored Ape caricatures.
/jlne.ws/3D38uQB
Summary Report for Dealers, Advisers and Investment Fund Managers
Ontario Securities Commission
The Ontario Securities Commission (OSC) today published OSC Staff Notice 33-752 - Summary Report for Dealers, Advisers and Investment Fund Managers (Summary Report). The Summary Report describes the work conducted by the OSC's Compliance and Registrant Regulation Branch (CRR) during the 2020-2021 fiscal year and discusses important matters impacting registration, outcomes from compliance reviews, recent conduct matters and other ongoing initiatives impacting registrants.
/jlne.ws/3CHajBg
EBA publishes list of third country groups and third country branches of credit institutions operating in the EU/EEA
European Banking Authority
The European Banking Authority (EBA) today published the list of all third country groups (TCGs) operating in the European Union and European Economic Area (EU/EEA) with the intermediate EU parent undertakings IPU(s), where applicable. The EBA also published the list of all third country branches (TCBs) of credit institutions authorised to operate in the EU/EEA.
/jlne.ws/3eI9tfH
New Jersey Real Estate Development Firm and Four Executives Charged with $600 Million Ponzi-Like Fraud
SEC
On October 13, 2022 the Securities and Exchange Commission announced charges against New Jersey-based National Realty Investment Advisors LLC (NRIA) and four of its former executives for running a Ponzi-like scheme that raised approximately $600 million from about 2,000 investors.
/jlne.ws/3yL2Pw2
SEC Obtains Final Judgment Against Recidivist Investment Adviser Charged with Defrauding Retirees
SEC
On September 2, 2022, the Securities and Exchange Commission obtained a final judgment against California-based investment adviser Keith Springer and his firm, Springer Investment Management, Inc. dba Springer Financial Advisors (SFA), whom were charged with defrauding hundreds of retail clients, most of whom were retirees or near-retirees. Springer and SFA agreed to settlements that included $400,000 in penalties and an associational bar against Springer.
/jlne.ws/3VqSxLg
Former Victorian director pleads guilty to million dollar fraud
ASIC
Steven Phillip Heaton of South Melbourne, Victoria has pleaded guilty to two charges of fraud totalling $1,092,500.33.
Mr Heaton was a former director of Independent Products Pty Ltd A.C.N. 169 714 032 (now deregistered) and HVPS Holdings Pty Ltd A.C.N. 169 713 615 (In Liquidation). The companies were incorporated to commercialise an air-conditioning invention that claimed to have significant energy efficiencies.
/jlne.ws/3VwdSTI
Timeshare company Ultiqa penalised $900,000 by Federal Court
ASIC
The Federal Court has ordered timeshare company Ultiqa Lifestyle Promotions Ltd (in liquidation) pay a $900,000 penalty.
The penalty follows the May 2022 Federal Court decision that Ultiqa financial advisers advised consumers to invest in the Ultiqa Lifestyle Scheme despite this advice not being in the consumers' best interests and not being appropriate to their circumstances
/jlne.ws/3CE8zZJ
ASIC places interim stop orders on Holon crypto funds
ASIC
ASIC has made interim stop orders preventing Holon Investments Australia Limited (Holon) from offering or distributing three funds to retail investors because of non-compliant target market determinations (TMDs).
/jlne.ws/3gihwR6
Credit broker Trevor King charged with 74 offences
ASIC
On 14 October 2022, Mr Trevor William King, of Sydney, New South Wales, appeared in the Parramatta Local Court, charged with 74 offences of making false documents under the Crimes Act 1900 (NSW).
Mr King part-owned and operated two credit brokerage businesses, JT King Finance Pty Ltd (JT King) and Australia Enterprises Pty Ltd (Australia Enterprises), which assisted clients to obtain home loans, personal loans, credit cards and car loans. The businesses generated income by earning commissions on approved loans referred to lenders.
/jlne.ws/3Vy2yq8
Members' voluntary liquidator charged with dishonestly withdrawing company funds
ASIC
Ronald Lester Cardwell of Cherrybrook, New South Wales, has been charged with dishonestly using his position as a company officer and failing to comply with a notice issued by ASIC.
Mr Cardwell was appointed members' voluntary liquidator of Loch-Co No 6 Pty Ltd on 2 December 2013.
/jlne.ws/3Tay9MQ
ESMA Temporarily Amends CCP Collateral Requirements To Provide Liquidity Relief On Energy Derivatives Markets
European Securities and Markets Authority
ESMA's Final Report provides draft regulatory technical standards (RTS) which temporarily expand for a period of 12 months the pool of CCP eligible collateral to uncollateralised bank guarantees for NFCs acting as clearing members and to public guarantees for all types of counterparties. The report published today follows ESMA's earlier response to the Commission and is accompanied by a Q&A clarifying the eligibility of bonds and commercial paper as collateral for CCPs.
/jlne.ws/3TbrvpU
ESMA Publishes Latest Edition Of Its Newsletter
European Securities and Markets Authority
Your one-stop-shop in the world of EU financial markets features in July an article on the development of key retail risk indicators (RRIs) for the EU single market. The identified RRIs highlight risks around inexperienced investors, use of digital tools by younger investors and spikes in overall trading during periods of market stress.
/jlne.ws/3D5bpZm
FCA fines Gatehouse Bank £1.5m for poor anti-money laundering checks
Financial Conduct Authority
Between June 2014 and July 2017 Gatehouse failed to conduct sufficient checks on its customers based in countries with a higher risk of money laundering and terrorist financing. Gatehouse also failed to undertake the correct checks when some of the customers were classed as Politically Exposed Persons (PEPs). In one instance, Gatehouse Bank set up an account for a company based in Kuwait to aggregate customer funds. Gatehouse Bank did not require the company to collect information about customers' source of funds or wealth, which was required under Gatehouse's anti-money laundering policies.
/jlne.ws/3rWvtqs
Important Measures-FSC adopts a rule requiring insurance marketing materials to provide a cautionary statement which advises that "based on the principle of substantive taxation, life insurance death benefits or annuity certain paid to a designated beneficiary after an insured person's death may sometimes be subject to taxation"-Financial Supervisory Commission
FSC
To consider consumers' insurance needs during the solicitation process, the FSC requires life insurance solicitors to provide and explain the cautionary statement regarding the principle of substantive taxation in their insurance product marketing materials instead of simply touting insurance products as tax avoidance tools.
/jlne.ws/3IrQAIC
Important Measures-FSC amends "Regulations Governing the Offering and Issuance of Securities by Foreign Issuers"-Financial Supervisory Commission
FSC
In order to strengthen its reviews and controls of the capital raising deals of companies with a primary listing on the TWSE or TPEx, to ensure equitable regulatory treatment of securities offerings by domestic and foreign securities issuers, and to ease regulatory restrictions on the currencies in which foreign emerging stock board companies issue straight corporate bonds, the FSC amended the "Regulations Governing the Offering and Issuance of Securities by Foreign Issuers" on 5 September 2022.
/jlne.ws/3IrQAIC
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Champagne Flows at Pension Gathering in Midst of a UK Crisis; British pension experts met at an annual conference in Liverpool this week as the industry deals with one of its biggest crises
Loukia Gyftopoulou and Will Louch - Bloomberg
It's four o'clock on a Wednesday afternoon and the alcohol is flowing as the suits who oversee millions of people's retirement savings in the UK fete themselves in Liverpool. You'd never know the British pension industry is in the midst of a crisis -- one that's shaken financial markets in the UK and around the world.
/jlne.ws/3TostyC
Do Private Insurers Out-Compete The Federal Government?
Jack Guttentag - Forbes
A recent article of mine posed the question: If you want the largest possible HECM credit line in the years ahead do you take it now or wait until you are older? I suggested that it was advantageous for borrowers to wait because the line grows over time, and it will grow more rapidly if interest rates rise during the period. A reader took me to task because I did not consider what the borrower did with the line. The best possible use, according to the reader, would be to purchase a HECM tenure payment, which is a fixed dollar amount for as long as the borrower lives in the house. As I will show, however, using a HECM to buy a private annuity is a better option.
/jlne.ws/3T9hr0n
Rolex Prices to Drop Further as Supply Surges: Morgan Stanley; Pre-owned watch market flooded with Rolex, Patek and AP; Some brand prices are rising even as Rolex, Patek fall
Andy Hoffman - Bloomberg
Prices for the most popular pre-owned Rolex, Patek Philippe and Audemars Piguet watches will fall further as the market has been flooded with supply, analysts at Morgan Stanley said in a report. After surging in 2021 and during the first quarter of 2022, an index of the most popular models from Daytona chronograph maker Rolex tracked by WatchCharts has fallen by 21% since the market peak in April. Prices for the most popular Nautilus-maker Patek Philippe references are down an average of 19% on the secondary market while those for Audemars Piguet, the maker of the Royal Oak, have declined 15% since the peak.
/jlne.ws/3CE7bGt
Hong Kong's Hang Seng Index Had a Makeover-Then the Market Got Ugly; The city's stock benchmark is near its lowest level in more than a decade
Weilun Soon - The Wall Street Journal
Hong Kong's half-century-old stock market benchmark has become a victim of poor market timing. The Hang Seng Index, the main barometer of the city's $4 trillion equities market, is down 29% this year. It is now trading around its lowest level since October 2011. The index's poor performance is partly due to an overhaul in its constituent stocks that began last year.
/jlne.ws/3T9ie1l
With So Much Riding on the Fed's Moves, It's Hard to Know How to Invest; Where the markets go from here depends on whether and how deftly the Federal Reserve pivots from its hawkish stance.
Conrad de Aenlle - The New York Times
Making money was easy for investors when they could still plausibly believe that the Federal Reserve might back down on its aggressive campaign to subdue inflation at any cost. But harsh words from the Fed chairman, Jerome H. Powell, backed by a string of large interest rate increases, finally convinced markets that the central bank meant business, sending stock and bond prices tumbling.
/jlne.ws/3TsYKV8
New E.T.F.s Turn the Funds' Virtue of Low Risk on Its Head; Using a variety of means to bet on the direction of a single stock, they add a layer of complexity that worries some investment professionals.
Brian J. O'Connor - The New York Times
Consider the attributes of the exchange-traded fund: low fees, less tax liabilities than a mutual fund, the ability to hold a broadly diversified portfolio in one security, lower risk and trading flexibility. In other words, the E.T.F. is the financial embodiment of the KISS theory: "Keep It Simple, Stupid." Until this year.
/jlne.ws/3Tnmafj
Small-Time Options Traders Bet Big on US Stocks Falling Further; Traders bought many more puts to open than calls last week; 'First time in history that puts were 3x calls': Goepfert
Isabelle Lee - Bloomberg
Look no further than retail traders for a picture of pessimistic sentiment toward US equities, with bets on declines outnumbering wagers on gains by more than three to one. Small-lot options traders -- those buying no more than 10 options contracts at a time -- snapped up $19.9 billion worth of puts to open last week while purchasing only $6.5 billion in calls to open, data compiled by Sundial Capital Research Inc. show.
/jlne.ws/3s4tbWd
European Retail Investors Using Increasingly Popular Euro Derivatives To Hedge FX Exposure
Spectrum Markets
Spectrum Markets, the pan-European trading venue for securitised derivatives, has published its SERIX sentiment data for European retail investors for September, highlighting strong bearish trading on the Euro against the British Pound and Japanese Yen, in contrast to wider market sentiment on these currencies. The SERIX value indicates retail investor sentiment, with a number above 100 marking bullish sentiment, and a number below 100 indicating bearish sentiment. (See below for more information on the methodology).
/jlne.ws/3gfuP4J
Credit Suisse FX Chief Says He 'Didn't Love' Trader Chat Rooms; Chat room transcripts show 'colorful, demeaning language'; Bank is lone defendant left in trial over alleged spread fix
Bob Van Voris - Bloomberg
A former head of Credit Suisse Group AG's foreign-exchange business told jurors he "didn't love it" when his traders participated in chat rooms with other banks, because of the inherent risk of communicating with competitors. "But I realized it was valuable."
/jlne.ws/3CD7SQu
How Britain's pension-scheme hedge became a trillion-pound gamble
Tommy Wilkes and Carolyn Cohn - Reuters
It started out simply enough: British pension schemes were looking for a way to match their assets to future pension payments. Schemes run for pharmacy Boots and bookseller WHSmith were early adopters in the 2000s of an investment strategy of dumping stocks for bonds, to shield themselves from interest rate changes. But fifteen years later, the strategy now adopted by nearly two-thirds of pension schemes has ended up revolving around financial derivatives rather than just bonds - injecting a growing amount of risk to schemes that is only now becoming apparent as interest rates surge.
/jlne.ws/3ge2awB
The '60/40 Portfolio Is Having Its Worst Year in a Century. What's Next.
Jacob Sonenshine - Barron's
The boilerplate "60/40" portfolio so far this year has had its worst stretch in a century. The pain will subside at some point. Such portfolios are comprised 60% of stocks and 40% of fixed-income and cash. It's a supposedly less-volatile model often used by people who are contemplating or approaching retirement. They don't have a long-enough investment time horizon to recoup potential losses in the risky stock market. Since they need access to their money fairly soon, they stabilize the value of their portfolio by owning the safer bond market, which also pays interest. Holding some cash adds ballast, too.
/jlne.ws/3VwVSsj
Gloom Grips China Investors Like Never Before Ahead of Congress; Shanghai Composite Index caps worst pre-Congress performance; Traders consider it unlikely for event to bolster China stocks
Bloomberg
Sunday brings a historic moment for Xi Jinping's political legacy, but investors are far less excited about the prospects of a market turnaround: Chinese stocks have never performed so poorly in the run-up to any Communist Party Congress. The Shanghai Composite Index lost more than 5% over the past month, its worst pre-Congress showing since the gauge's inception in 1991. The yuan is down more than 10% this year against the dollar, heading for the worst annual performance since 1994. China's dollar-denominated junk bonds have plunged to near record lows amid a widening fallout of a property crisis.
/jlne.ws/3VBRqsb
Numis, Peel Hunt Among Stockbrokers Cutting Jobs: The Times; FinnCap and Zeus Capital also seen cutting during deal freeze; Dealmaking slowed amid surging interest rates, recession fears
Silas Brown - Bloomberg
A number of small and mid-cap brokers in the UK are cutting jobs in response to a slowdown in dealmaking, the Times of London reported Sunday.
/jlne.ws/3MD211V
Schonfeld's Mitesh Parikh on Gilt Yields, Liquidity
Bloomberg Daybreak: Europe
Mitesh Parikh, co-head of discretionary macro and fixed income at Schonfeld Strategic Advisors, discusses the Bank of England, pension funds, the Fed, and more. He speaks with Bloomberg's Manus Cranny and Dani Burger on "Bloomberg: Daybreak Europe."
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The cost to capture carbon? More water and electricity; A Louisiana power company's plan to capture climate emissions is raising concerns about the state's water supplies
Sara Sneath - The Guardian
A carbon capture proposal for a central Louisiana power plant has been titled "Project Diamond Vault" by its owner, Louisiana utility Cleco. The utility says the project will have "precious value" to the company, customers and state. Yet less than six months after announcing the project to capture carbon from the plant's emissions and store them underground near the plant, Cleco revealed in a recent filing to its state regulator the $900m carbon capture retrofit could reduce electricity produced for its customers by about 30%.
/jlne.ws/3ggvX8h
Update: Four More States Move Toward Anti-ESG Regulations
Morgan Lewis - JD Supra
Anti-ESG state legislation continues to focus on public retirement plan investing and asset management. Over the last year, 18 states have proposed or adopted state legislation or regulation limiting the ability of the state government, including public retirement plans, to do business with entities that are identified as "boycotting" certain industries based on environmental, social, and governance (ESG) criteria. Since our last update, four states have either adopted or proposed legislation or other forms of regulation that would restrict ESG activities using state assets.
/jlne.ws/3S1zFQ8
Did The Texas ESG Ban Have Any Bite?
Shivaram Rajgopal - Forbes
ESG and politics have become inextricably intertwined in the last six months or so. A prominent initiative along these lines is the announcement of Glenn Hegar (the Texas Comptroller) that Texas state agencies have to divest from 348 specific funds and 10 asset management companies that promote ESG. In particular, on August 24, 2022, Glenn Hegar directed the Employees Retirement System of Texas, Teacher Retirement System of Texas, Texas Municipal Retirement System, Texas County and District Retirement System, Texas Emergency Services Retirement System, and the Permanent School Fund to notify his office within 30 days if the pension funds held the banned ESG funds or investments administered by the banned asset management companies.
/jlne.ws/3CHbd0C
Is Big Oil Already Becoming Big Natural Gas? Here Are The 5 Biggest Natural Gas Stocks Worldwide
Q.ai - Forbes
Natural gas producers are among some of the largest and most powerful companies in the world. With a relatively small group of companies creating one of the world's most necessary resources, investing in natural gas stocks may offer a good payoff. However, cost, consumer demand for green energy and the ongoing war in Ukraine are all big variables driving the world's energy market.
/jlne.ws/3yNcNNr
Exxon Bets on Ex-Auto Executive for Climate-Friendly Profits; Dan Ammann, an oil-industry novice, is tasked with leading new carbon-cutting business aimed at tackling climate change
Collin Eaton - The Wall Street Journal
Exxon Mobil Corp. hopes an outsider who most recently headed General Motors Co.'s driverless-car unit can shake up its efforts to build a climate-friendly business unit. The oil giant recently tapped Dan Ammann, a former investment banker and longtime GM executive, to lead its fledgling low-carbon business. Mr. Ammann's task is daunting: turn a new unit intended to reduce carbon emissions into a profit center.
/jlne.ws/3gfyyiJ
Nations hope World Bank and IMF are no longer in denial over climate; There was optimism at this week's meetings that the lenders would help finance environmental measures
Aime Williams and Camilla Hodgson - Financial Times
In a bleak series of IMF and World Bank annual meetings in Washington this week, policymakers left reeling by the Covid pandemic, war in Ukraine and spiralling inflation were reminded by the IMF of yet another crisis: climate change. "The world has lived through shock after shock after shock," said IMF managing director Kristalina Georgieva earlier this week. "And there is no pause button on the climate crisis while we deal with these other crises."
/jlne.ws/3S5jfGr
How digital tech can help companies improve ESG reporting, fight climate change; Developments in fintech and green technology have led to greater sophistication in analysing ESG related data, says FTSE Russell's Helena Fung; All of the nearly 2,500 Hong Kong-listed companies are required to publish annual sustainability reports on their ESG performance
Martin Choi - South China Morning Post
Digital technology can help companies improve ESG reporting and track their progress, as pressure mounts on firms to prove their contributions to fighting climate change, according to analysts. Collecting and analysing data related to firms' environmental, social and governance progress has grown in importance as countries around the world have made pledges to reduce emissions and tackle climate change.
/jlne.ws/3S1yRe4
BP to Buy US Biogas Producer Archaea for $4.1 Billion; London-based energy giant pledged net-zero emissions by 2050; Archaea captures waste gas emissions from landfills and farms
Simon Casey and James Herron - Bloomberg
BP Plc agreed to acquire biogas producer Archaea Energy Inc. for about $4.1 billion including debt, the latest step in the UK energy giant's expansion into into lower-carbon fuels. BP will pay $26 per share, a 38% premium to the average share price in the 30 days to Oct. 14, Archaea said Monday in a statement. The Houston-based company, which captures waste-gas emissions from landfills and farms, will become a key part of BP's bioenergy business and accelerate its growth, according to the statement.
/jlne.ws/3T9YYkj
The Coal Is Gone, But the Mess Remains; How big companies shed their obligations to clean up old mines.
Josh Saul, Zachary Mider and Dave Mistich - Bloombeerg
Miles Hatfield was walking into his dining room when he felt the wooden floor give way. His legs dropped hip-deep into water that had pooled under his brick house in the green hills of eastern Kentucky where he had lived for the past 40 years, trapping him in his own floor.
/jlne.ws/3T445T8
Energy billionaire Harold Hamm lifts bid to buy Continental Resources; New offer from shale revolution pioneer values equity of the US oil producer at about $27bn
James Fontanella-Khan - Financial Times
Energy billionaire Harold Hamm agreed to increase his offer to buy Continental Resources, valuing the equity of the US oil producer at about $27bn. Hamm, one of the pioneers of the US shale revolution of the past two decades, agreed to pay $74.28 a share in cash to buy the 17 per cent of Continental that his family does not already own.
/jlne.ws/3EMTSGp
Soaring gas prices put North Sea back on exploration map; Energy crisis has made smaller fields more viable but any rise in production is unlikely to lower bills
Gill Plimmer - Financial Times
In March, the valves on an offshore pipeline 30 miles off the Norfolk coast were opened for the first time to release gas drilled from more than 7,000 feet under the seabed. Aim-listed IOG will pump it to the nearby Bacton terminal where it will be processed for sale to BP's gas marketing arm, which will distribute it to households, power stations and industrial groups making goods such as plastics and medicines.
/jlne.ws/3CYyw6D
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup's Profit Falls as Consumer Strength Is Offset by Market Weakness; The bank reported a 25 percent decline in profit in the third quarter, versus last year, in part because of "very challenging markets."
Stephen Gandel - The New York Times
The negative effects of market turbulence outweighed the positives from consumer spending at Citigroup, the third largest bank in the United States, in the third quarter. The bank's quarterly profit, announced on Friday, was down from the previous year but better than analysts expected, a sign that Main Street, if not Wall Street, remained resilient.
/jlne.ws/3eyWeOo
Big Banks' Profits Drop, but Consumers Cushion the Blow; Lenders foresee economic "headwinds," but household spending is mostly holding up, buffering profits from turmoil in financial markets.
Stacy Cowley, Emily Flitter and Stephen Gandel - The New York Times
Big banks are bracing for an economic slowdown but haven't yet seen any major signs of trouble, as consumer spending remained strong despite the dent that market turbulence left in their latest quarterly profits. Citigroup, JPMorgan Chase and Wells Fargo all said on Friday that they had bolstered their reserves to guard against future loan losses - a sign of potential trouble with rising interest rates putting borrowers under strain and high inflation curtailing spending.
/jlne.ws/3EMzkO7
Fed Approves U.S. Bancorp Acquisition of MUFG Union Bank; Central bank signals it is starting related rule-making process to ease wind down of failed regional banks
Andrew Ackerman - The Wall Street Journal
The Federal Reserve on Friday approved U.S. Bancorp's acquisition of MUFG Union Bank's core retail-banking business, one of a series of large regional bank mergers pending before federal regulators. In conjunction with the approval, regulators said they would launch a related rule-making process to enhance regulators' ability to wind-down large regional banks in an orderly way should they fail.
/jlne.ws/3TsAVgo
Credit Suisse May Sell Assets Held by Domestic Bank Unit: FT
Sarah Jacob - Bloomberg
Credit Suisse is looking to sell parts of its Swiss domestic bank as it seeks to plug a gaping capital shortfall, the Financial Times reports, citing people familiar with the matter.
/jlne.ws/3Tt77jy
Philippine Central Bank Monitors Peso for Signs of Speculation; Bangko Sentral is taking action to smooth peso moves: Diokno; Local currency hit all-time low against the dollar this week
Siegfrid Alegado - Bloomberg
The Philippine central bank is monitoring currency transactions for potential speculation as part of its efforts to mitigate the peso's volatility, Finance Secretary Benjamin Diokno said. "The central bank has initiated actions to moderate sudden movements in the peso, including participation in the foreign-exchange market as well as looking into possible cases of speculative activities," said Diokno, who sits on the monetary authority's board.
/jlne.ws/3MBLAmA
Wall Street Banks to Dominate Sleepy Primary Bond Markets; Bank of America, Goldman Sachs will both soon report earnings; Leveraged-loan market has two deals with commitments due
Josyana Joshua - Bloomberg
Investors are on the lookout for a wave of fresh bond issuance to wash over otherwise parched US primary markets as the nation's largest lenders replenish their coffers. The floodgates are expected to open in the coming week for new investment-grade bond sales by major US banks after earnings, with Barclays Plc betting on a total deluge this quarter of up to $45 billion.
/jlne.ws/3T84FPQ
'Conquer cancer': Goldman Sachs' puzzling new recruiting ads leave Wall Street bankers scratching their heads
Lydia Moynihan - NY Post
Goldman Sachs has launched a new ad campaign to recruit fresh talent - and bankers on Wall Street are scratching their heads. The new ads, circulated mainly on Instagram to court younger job applicants, show photos of fresh-faced professionals with catchphrases that fail to mention Goldman's core business. Instead, they tout the bank's supposed ecological, technological - and even oncological - prowess.
/jlne.ws/3yNOvTH
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Which states have the most long COVID patients; Share who have experienced long COVID
Tina Reed - Axios
Nearly a third of Americans who know they've had COVID say they've also experienced the often disabling aftereffects known as long COVID, according to recent CDC data.
/jlne.ws/3s1652H
Long Covid is said to affect white middle-aged women more - but data suggests otherwise
Tik Root - The Guardian
Nisha Viswanathan is a physician at the University of California, Los Angeles (UCLA), where she also directs the institution's long Covid program. Her work involves both researching the mounting chronic health crisis, as well as treating patients suffering from its symptoms. But, she says, the divide between what her research shows and who she sees in her clinic is alarming.
/jlne.ws/3eBugSd
New Omicron Covid-19 Subvariants on the Rise in U.S., CDC Says; BQ.1 and BQ.1.1 subvariants together drove an estimated 11.4% of recent U.S. cases
Jon Kamp and Brianna Abbott - The Wall Street Journal
New offshoots of the Omicron Covid-19 variant that virus experts say appear to spread easily are on the rise in the U.S., the latest federal data show, underscoring how the virus is mutating and presenting new risks as it proliferates. Two of the Omicron subvariants, both related to the BA.5 version that drove the most recent U.S. surge, are called BQ.1 and BQ.1.1. They were estimated to represent a combined 11.4% of U.S. Covid-19 cases by mid-October, according to estimates the Centers for Disease Control and Prevention released Friday.
/jlne.ws/3S7J9t5
BA.5 is finally fading-sublineages BQ.1 and BQ.1.1 rise from variant stew; BQ.1 and BQ.1.1 now account for 1-in-10 US COVID infections.
Beth Mole - Ars Technica
New omicron coronavirus sublineages are finally threatening BA.5's dominance, as many experts fear the US is on the cusp of a winter wave. For months, BA.5 has reigned in the US and worldwide. The hypertransmissible omicron subvariant rose up early in the summer to elbow out previous subvariants BA.2 and BA.2.12.1, which had themselves displaced the original omicron strain, BA.1, that swept the world at the start of the year. But amid BA.5's months-long rule, hundreds of other sublineages have been stewing in the background, gaining new mutations.
/jlne.ws/3s1pgcI
Distressing Study On Long COVID-19 Reveals Just How Enduring It Can Be; New data on the condition indicates that many people may deal with symptoms for a number of months after infection.
Jillian Wilson - HUFF POST
While most people can recover from COVID-19 and go back to their normal lives, many still have symptoms for months after an initial infection, according to new research from Scotland. A study published Wednesday in the Nature Communications journal followed 33,281 people with recent COVID-19 infections, as well as a control group of 62,957 people who had never been infected, to determine what symptoms were most associated with long COVID-19. This way, vague symptoms that are often dismissed like "brain fog" or confusion could be more definitively linked to long COVID.
/jlne.ws/3s3WdFr
Pfizer's New Omicron-Targeting Booster Produces Strong Immune Response; Preliminary results are the first from human testing of the shots
Jared S. Hopkins - The Wall Street Journal
The retooled Covid-19 booster from Pfizer Inc. and BioNTech SE generated a strong immune response against the Omicron substrains BA.4 and BA.5, the companies said. The data, which the companies reported in a news release Thursday, offer the first window into how the new shots rolling out across the U.S. perform. An early look at data from ongoing testing in people at least 18 years old found the booster generated higher levels of neutralizing antibodies against the two substrains compared with levels measured before the extra shot, the companies said.
/jlne.ws/3eEWk7h
World Faces New Threats From Fast-Mutating Omicron Variants
Jason Gale - Bloomberg
Since emerging in late 2021, the highly transmissible omicron strain of SARS-CoV-2 has splintered into a dazzling array of subvariants that are now driving fresh waves of Covid-19 cases around the world. The proliferation of such a diversity of variants is unprecedented, and pits numerous hyper-mutated iterations against each other in a race for global dominance. That's turbo-charged Covid, making it one of the fastest-spreading diseases known to humanity, and further challenging pandemic-mitigation efforts in a global population already weary of frequent booster shots, testing and masking.
/jlne.ws/3D3zO1l
Why did he suspect a COVID surge was coming? He followed the digital breadcrumbs
Manuela López Restrepo - NPR
Over the course of the pandemic, social media sleuths, epidemiologists and health nerds alike began noticing an interesting trend in the review section for Yankee candles on Amazon. Whenever there was an influx of negative reviews citing no smell, there was usually a spike in COVID cases to go along with it. Losing your sense of smell is one of the more recognized symptoms of an infection.
/jlne.ws/3D34Ztx
Vaccine makers face revenue slump as demand falls for Covid jabs; Pharmaceutical companies hunt for new revenue streams as coronavirus becomes endemic
Jamie Smyth - Financial Times
Makers of some of the most lucrative pharmaceutical products ever produced are headed for a slump in revenues as deliveries of Covid-19 vaccines almost halve next year, according to new forecasts. Airfinity, a health data analytics group, said Pfizer, BioNTech and Moderna had begun raising vaccine prices but this would not fully compensate for the drop in demand for Covid inoculations in 2023. It forecasts sales of Covid-19 vaccines falling by about a fifth to $47bn next year.
/jlne.ws/3VxogKV
The Nightmare COVID Variant That Beats Our Immunity Is Finally Here
David Axe - The Daily Beast
A new subvariant of the novel-coronavirus called XBB dramatically announced itself earlier this week, in Singapore. New COVID-19 cases more than doubled in a day, from 4,700 on Monday to 11,700 on Tuesday-and XBB is almost certainly why. The same subvariant just appeared in Hong Kong, too. A highly mutated descendant of the Omicron variant of the SARS-CoV-2 virus that drove a record wave of infections starting around a year ago, XBB is in many ways the worst form of the virus so far. It's more contagious than any previous variant or subvariant. It also evades the antibodies from monoclonal therapies, potentially rendering a whole category of drugs ineffective as COVID treatments.
/jlne.ws/3S7XAh1
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Censors 'Beijing' After Rare Protest in City Against Xi; Two banners criticizing Xi, Covid Zero were displayed in city; Chinese leader is preparing for crowning moment in capital
Bloomberg
Chinese censors have taken the extreme step of restricting the search term "Beijing" on social media, after a rare public denouncement of President Xi Jinping days before his highly anticipated crowning moment in the capital. Two banners were unfurled from the Sitong Bridge, in northwestern Beijing, on Thursday, blasting Xi and his strict Covid Zero policy of lockdowns and mass testing. Photos and videos circulating on social media showed smoke rising from a fire behind the handwritten slogans, which were soon after removed by authorities.
/jlne.ws/3ewYtlv
China Halts LNG Sales to Foreign Buyers to Ensure Own Supply; State-owned importers had been reselling LNG to Europe; Sales had offered some relief to energy-starved buyers
Bloomberg News
China told its state-owned gas importers to stop reselling LNG to energy-starved buyers in Europe and Asia in order to ensure its own supply for the winter heating season. The National Development and Reform Commission, the nation's top economic planner, asked PetroChina Co., Sinopec and Cnooc Ltd. to keep winter cargoes for domestic use, according to people with knowledge of the matter who asked not to be named as the information isn't public. While the sales had offered some relief to European buyers, rapidly filling inventories and record-high shipping costs also reduced the appeal of reshipping fuel, they said.
/jlne.ws/3yMEGW0
Farm Workers and Environmental Activists March Through Central London
Sam Hall, The Press Association - Bloomberg
Hundreds of farm workers and environmental activists have marched through central London in support of sustainable farming. Members of the Landworkers' Alliance and other farming groups marched from Parliament Square, up Whitehall and past Buckingham Palace on Saturday. They were led by Gerald Miles, a 74-year-old organic farmer who travelled to London from his South Wales farm in a tractor that was built in 1967.
/jlne.ws/3s0Dpqt
Energy-rich Norway is coining it from Putin's war - but what will it do with the money?
Peter Conradi - The Times
When Jonas Gahr Store, Norway's prime minister, opened the new National Museum in Oslo this summer, he admitted that the final bill, more than half a billion pounds, was "an awful lot" of money. But there is no doubt his country could afford it. Clad in slate tiles and capped with translucent marble, the largest gallery in Scandinavia is the latest example of how Norway's oil and gas wealth has transformed parts of its capital into a Nordic take on Qatar or Abu Dhabi.
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EDF Postpones Six French Nuclear Reactor Restarts Amid Strikes
Francois De Beaupuy and Will Mathis - Bloomberg
Electricte de France SA postponed the restart of six nuclear reactors amid worker strikes, putting further strain on French power supply as the country grapples with lower-than-usual atomic output. The strike action is blocking maintenance works and repairs at the reactors, CGT union leader Sebastien Menesplier said in a statement Friday. The delays in the restarts range from one day to three weeks, EDF data show.
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Winter's Approach Raises Stakes in European Energy Crisis; Countries prepare for worst-case scenario involving blackouts and energy rationing
Joe Wallace and Margherita Stancati - The Wall Street Journal
Europe is as ready as it can be for a winter without Russian natural gas, but there is no margin for error. Storage facilities of gas for heating and power generation are almost full, consumption is down and liquefied natural gas tankers are steaming in. Europe is in a stronger position than feared in recent months, after Moscow slashed gas deliveries in retaliation for Western sanctions over the invasion of Ukraine.
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French refinery strike further hits petrol supplies, prime minister says
Mathieu Rosemain - Reuters
Petrol supplies at French service stations fell further over the weekend due to a weeks-long strike at oil major TotalEnergies (TTEF.PA), Prime Minister Elisabeth Borne said on Sunday, prompting possible further requisitioning of services. President Emmanuel Macron's government is facing mounting social unrest due to high inflation, with thousands protesting on Sunday against soaring prices and several trade unions calling for a general strike.
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Spain Risks Losing Recovery Fund Cash After Missed Deadlines; At stake are new payments from 160 billion-euro share; Madrid is the second-biggest beneficiary from EU fund
Jorge Valero and Alonso Soto - Bloomberg
Spain missed a second deadline last month to implement a reform required to unlock money from the European Union's pandemic recovery fund, putting at risk new payments from the €160 billion ($156 billion) it's eligible to receive. The Spanish government has failed to set up a new auditing system, one of the milestones it agreed to as part of the EU's €724 billion Recovery and Resilience Facility, according to people familiar with the matter. Madrid has already been handed about €31 billion of its total allocation.
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Nigeria's Fidelity Bank Settles $400 Million Eurobond Due Monday
Anthony Osae-Brown - Bloomberg
Nigeria's Fidelity Bank sent $421 million to settle a Eurobond due Monday, as the West African nation grapples with a growing scarcity of foreign exchange. The Lagos-based bank transferred the sum on Oct. 13 for the settlement of the five-year, dollar-denominated bond issued in 2017 with a coupon of 10.75%, according to a document seen by Bloomberg and confirmed by the lender's head of investor relations, Samuel Obioha. The remitted amount includes the due coupon payments for six months, Obioha said.
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More than 80 percent of the U.S. is facing troubling dry conditions; There has not been more widespread abnormally dry and drought conditions in the U.S. since at least 2000.
Zach Rosenthal - The Washington Post
The most recent update to the U.S. Drought Monitor revealed a startling figure: Nearly 82 percent of the country is facing at least abnormally dry conditions - the highest percentage since the drought monitor launched in 2000. Severe to exceptional drought conditions remain common in the West, which has been battling its driest period in the past 1,200 years. But the drought is now far more widespread, with unusual dryness continuing in parts of the Northeast and expanding extreme drought conditions in the Midwest.
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Retirees steer clear: These 15 US cities have the worst weather for living your best life in retirement; It's not just snow and smog you have to worry about in these locations.
Serah Louis - MoneyWise
Brace yourself for smoky skies and a twister or two if you plan to live out your golden years in one of these cities. Location is a big factor while building your retirement plans as the last thing you want to risk is your wellbeing - or your home - by settling down in one of these areas, no matter how large their nest egg.
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'Like a train that can't be stopped': how the climate crisis threatens clammers; Soft shell clams are declining and those who depend on the state's second-most-valuable fishery are having to adapt
Kate Olson - The Guardian
Clams have long been a source of food and income for a variety of people in Maine: the Indigenous Wabanaki, commercial harvesters or anyone willing to dig in the mud. But their populations are declining steeply. Maine produces 62% of the nation's softshell clams. They are the second most economically valuable fishery in the state behind lobster and sustain people's livelihoods up and down the coast.
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Moving to a Low-Tax State Can Be an Expensive Way to Save Money; What could be better than avoiding income taxes? Having a higher salary.
Alexis Leondis - Bloomberg
Do people really move because they think their state income taxes are too high? It's been a longstanding debate. Finally, a recent report from the Tax Foundation provides some compelling evidence that yes, they do. The right-leaning group analyzed data from the Internal Revenue Service that compares the addresses for tax returns filed for tax years 2018 and 2019. These are returns that were sent to the IRS starting in 2019 up until July 15, 2020 (because taxpayers were granted a three-month extension during the pandemic for their 2019 returns).
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Higher Heating Bills Poised to Hit U.S. Households This Winter; More expensive natural gas, heating oil, propane and electricity are colliding with forecasts for slightly colder temperatures
Ryan Dezember - The Wall Street Journal
High fuel prices have been a big driver of inflation, pumping up the cost of summer travel and air conditioning, and federal energy forecasters say that staying warm this winter will be more expensive as well. Americans should expect bigger home-heating bills compared with last winter, thanks to higher prices for natural gas, heating oil, propane and electricity as well as slightly colder weather, the U.S. Energy Information Administration said in its seasonal outlook.
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Shasta Lake Helped Water California; Now Its Dryness Is a Threat to the State; State's largest reservoir is at 33% of capacity due to drought, jeopardizing farmers, cities, small towns and salmon
Jim Carlton - The Wall Street Journal
Few places are more critical to the water supply in California than this immense northern reservoir in the foothills of the Cascade Range. Fed by runoff from 14,163-foot Mount Shasta and other peaks, California's largest reservoir opened in 1945 as part of the federal Central Valley Project, an elaborate system of man-made dams, pumps and aqueducts that aims to reduce flood risks and deliver water to farms and cities in the heart of the semiarid state.
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Land Is Power, and the Osage Nation Is Buying Theirs Back; Over a century, theft, murder, and business dealings stripped the Osages of oil and land wealth. They're clawing it back, tract by tract.
Rachel Adams-Heard - Bloomberg
Raymond Red Corn remembers every bit of the drive up to Kansas to buy back his people's land. Red Corn, who was the assistant principal chief of the Osage Nation, had gotten up early one morning in January 2016 and, with a colleague, loaded up in a Ford SUV they jokingly called "the chief mobile."
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| Miscellaneous | | Stories that don't quite fit under the other sections | Want to Get Ahead? Pick the Right Company
Lauren Weber and Theo Francis - The Wall Street Journal
Retail workers at Gap Inc. are significantly more likely to become managers than at other companies in their industry. Apple Inc. is among the best places to work if you want to land a bigger job elsewhere. For employees seeking security, few companies offer better job stability than Exxon Mobil Corp. These are among the findings of a new five-year analysis of career mobility for millions of U.S. workers led by Philadelphia think tank Burning Glass Institute, focusing on jobs that don't necessarily require a college degree. Certain companies, it turns out, excel at helping workers in these jobs move up the career and pay ladder.
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