| September 17, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Vermiculus has launched VeriTrade, its next-generation trading platform designed for ultra-low latency and high performance, the firm announced today. Built on a microservice architecture, it offers scalability, 24/7 operations, and seamless adaptability to market demands and regulatory changes, Vermiculus says. The system supports on-premise and cloud deployments, and handles all asset classes with deterministic order matching in single-digit microseconds, providing a significant edge for high-frequency traders.
CCP Global published its CCP Public Quantitative Disclosure Quarterly Trends Report and Public Quantitative Disclosure Newsflash for 2024 Q2.
Here are excerpts from in front of FOW's paywall from some recent stories: The Bank for International Settlements (BIS) reported that hedge funds became highly exposed to market turbulence during the peak of August's volatility. Climate Impact X (CIX) appointed a former UBS managing director as its new CEO, part of a leadership reshuffle. Euronext successfully completed its multi-year migration of equity derivatives clearing from LCH SA to its own clearinghouse and reflected on its landmark project. Additionally, One Trading secured investment from Standard Chartered's arm to support launching crypto perpetual futures under EU's MiFID II rules.
Two of the top three of Bloomberg's "Best Business School Rankings 2024-25" are in the Chicago area, with Chicago (Booth) and Northwestern (Kellogg) following number one Stanford, which has led the ranking for the last five years.
It looks like Tupperware's financial situation is getting a bit airtight. After years of trying to seal the deal with creditors, they're finding it hard to contain their debt. It seems their party days may be over, as bankruptcy talks are turning sour. Let's hope they don't snap under the pressure as Bloomberg reports that "Tupperware Brands Plans to File for Bankruptcy."
Today is Chris Damilatis' last day at ADM Investor Services, where he has been for the last 15 years of his career. He is officially retiring, he shared on LinkedIn. He started his career in the audit department of the Chicago Board of Trade back in 1980. He also had stops at Drexel Burnham Lambert, HSBC and Prudential Bache. Congratulations to Chris on his retirement and his well earned free JLN retirement subscription.
The FIA Forum: Frankfurt 2024 will take place on October 9, 2024, at the Hilton Hotel in Frankfurt. The event will focus on regional and global trends in the cleared derivatives market, covering topics such as trading, clearing, product development, regulatory compliance, and industry operations. It will bring together industry experts to discuss the key developments affecting listed and cleared derivatives in the region. Learn more and register HERE.
CFTC Commissioner Caroline D. Pham will deliver the keynote address at the Exchequer Club of Washington, DC, on Wednesday, September 18, 2024, at 1:00 p.m. EDT. The event will be held at the Mayflower Hotel, in the East Ballroom, located at 1127 Connecticut Avenue, NW, Washington, DC.
Commissioner Pham will also speak on a panel about cybersecurity and systemic risk at The Brookings Institution's Global Conference on Frontier AI on September 17, 2024 at 11:30 AM EDT. The conference will be held at the Brookings Institution's Falk Auditorium in Washington, D.C.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- IEX Enters Options Market with Top Talent and Innovative Solutions from IEX.
- 'Flash Boys' Exchange IEX Preps Options Venue as Market Booms from Bloomberg.
- What's Left to Be ETF'd? from The Wall Street Journal. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
 FIA Survey Reveals European Markets' Optimism and Challenges JohnLothianNews.com A new industry report reveals that market participants in Europe, including the UK, EU, and Nordic countries, are optimistic about growth potential and innovation in the region. The report, created in partnership with Acuiti and FIA, indicates resilience to shocks but highlights a growing sentiment that firms see more wealth potential outside Europe, with the U.S. and India emerging as key markets of interest. Regulatory hurdles remain a significant challenge, with firms calling for reduced barriers to unlock further growth. Watch the video »
++++
IEX to Expand into Options
Shanny Basar - MarketsMedia
IEX Group believes that its record of protecting market participants from adverse selection and maximizing best execution in equities will be an advantage when it launches an options exchange, subject to regulatory approval. Bryan Harkins, group president of IEX, told Markets Media: "IEX spent the last decade innovating to build technology that protects market participants from adverse selection and maximizes best execution, and this will be the foundation for our entry into options."
/jlne.ws/4gvsixG
****** I just keep thinking who will be next?~JJL
++++
Omnipresent AI cameras will ensure good behavior, says Larry Ellison; "We're going to have supervision," says billionaire Oracle co-founder Ellison.
Benj Edwards - Ars Technica
On Thursday, Oracle co-founder Larry Ellison shared his vision for an AI-powered surveillance future during a company financial meeting, reports Business Insider. During an investor Q&A, Ellison described a world where artificial intelligence systems would constantly monitor citizens through an extensive network of cameras and drones, stating this would ensure both police and citizens don't break the law. Ellison, who briefly became the world's second-wealthiest person last week when his net worth surpassed Jeff Bezos' for a short time, outlined a scenario where AI models would analyze footage from security cameras, police body cams, doorbell cameras, and vehicle dash cams.
/jlne.ws/3zoo2Q2
***** Am I the only person who has read "1984" and finds this disturbing? ~JB
++++
Monday's Top Three
Our top clicked item on Monday was IEX Enters Options Market with Top Talent and Innovative Solutions, an IEX Group press release. Second was Howard Lutnick's LinkedIn post honoring the Cantor Fitzgerald employees who were killed on 9/11 and including a video of Lutnick on Fox Business Network with Liz Claman. Third was Should Betting on Elections Be Legal? from The New York Times Dealbook.
++++
++++
|
|  | | | |
 | |
| Lead Stories | Vermiculus launches its VeriTrade trading product, built from the ground up on a microservice architecture with an ultra-low latency high performance matching engine and extensive business functionality
Vermiculus
Vermiculus, a global provider of trading, clearing, and CSD technology, today announced the launch of its next-generation ultra-low latency trading platform, a generic system designed to support all instruments and asset classes while addressing the ever-evolving needs of today's exchanges and marketplaces. Built on a cutting-edge microservice architecture, the system supports both on-prem and in the cloud deployment. It is engineered to rapidly adapt to diverse regulatory frameworks while managing increasing trading volumes and complex order types, all with support of 24/7 operations. These enhancements underscore Vermiculus' commitment to providing the fastest, most reliable trading solutions in the industry.
/jlne.ws/3TxuWZU
Successful expansion of Euronext Clearing to all Euronext financial derivatives markets
Euronext
Euronext, the leading pan-European market infrastructure, is pleased to announce the successful completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets. This milestone marks the conclusion of the migration from LCH SA to Euronext Clearing and the end of the contractual relationship with LCH SA. This was the final phase in the European expansion of Euronext Clearing, to create Euronext's multi-asset class clearing house. This achievement, realised on schedule in September 2024, marks the last critical achievement in completing Euronext's 'Growth for Impact 2024' strategic plan and the integration of the Borsa Italiana Group, three years after it was acquired by Euronext.
/jlne.ws/4dhHewU
'Flash Boys' Exchange IEX Preps Options Venue as Market Booms; New exchange targets 2025 launch pending regulatory approval; Options volume has soared since the pandemic lockdowns
Katherine Doherty - Bloomberg
IEX Group Inc. is preparing to open an options exchange, the latest firm to capitalize on the boom in derivatives trading across the US. The equity exchange operator will enter the options market next year, pending regulatory approval, according to President Bryan Harkins. It will be an electronic-only venue that provides access to the entire options market.
/jlne.ws/4eoEz5b
US regulator to propose strengthened rules for banks working with fintechs
Hannah Lang - Reuters
A top U.S. banking regulator is set to propose that banks bolster recordkeeping requirements for accounts held by fintech companies on behalf of their customers, following the collapse of bank-fintech middleman Synapse Financial Technologies earlier this year, which led to the freezing of thousands of accounts. Taken together, the new requirements would ensure consumers have timely access to their funds, even in the absence of a bank's failure, the Federal Deposit Insurance Corp said.
/jlne.ws/4equx3B
Trump Rolls Out His New Cryptocurrency Business; In a livestream, Donald Trump formally introduced World Liberty Financial, a crypto venture led by two digital currency entrepreneurs with little experience running high-profile businesses.
David Yaffe-BellanySharon LaFraniere and Matthew Goldstein - The New York Times
A day after an apparent assassination attempt against former President Donald J. Trump, he appeared on a livestream on Monday to champion his latest business venture: cryptocurrencies. "Crypto is one of those things we have to do," Mr. Trump said on X. "Whether we like it or not, I have to do it." Beside him were his collaborators, including a family friend; Mr. Trump's two oldest sons, Donald Trump Jr. and Eric Trump; and two little-known crypto entrepreneurs with no experience running a high-profile business. Together, they were rolling out Mr. Trump's crypto venture, World Liberty Financial, a project that has already raised concerns about the former president's conflicts of interest and even alarmed some of his most vocal supporters in the industry.
/jlne.ws/3ZrqSOI
Vanguard experiment in shareholder democracy finds investors prefer to defer; Nearly half of participants in pilot programme allowed to vote their shares chose to let the asset manager do it for them
Madison Darbyshire - Financial Times
Vanguard gave investors in a handful of its funds the chance to vote their shares last year, part of a revolutionary push to give people a say in the governance of America's largest companies. Instead, almost half of investors opted to let Vanguard do it for them after all. Nearly 45 per cent of shareholders chose to let the $9.7tn asset manager vote their shares, data shows, the default option for investors who have not been offered the chance to vote their shares at all.
/jlne.ws/3XM0duO
An Endowment ETF Plans to Ride Wall Street's Private-Asset Craze; Issuers are looking to launch ETFs with private-asset exposure; It's the beginning of a new industry frontier: BI's Psarofagis
Vildana Hajric - Bloomberg
An ETF issuer, best known for riding thematic trades, is seeking to launch a new diversified investment strategy that channels the playbook of university endowments - including bets on the booming world of private markets. The Tema Endowment ETF is set to put about 50% of its holdings toward equities or derivatives, 30% to fixed income and 20% to "other securities," potentially including allocations to private funds, interval funds or business-development companies, according to a filing with the US Securities and Exchange Commission.
/jlne.ws/4d4jsnS
Banking's New Era of Capital Puts Watchdogs on the Spot; The post-2008 rules are all (mostly) finally settled. Now they have to be enforced and monitored.
Paul J. Davies - Bloomberg
The 16th anniversary of the collapse of Lehman Brothers has been marked by regulators signaling that the era of toughening up capital rules is over. The strength of banks and standards of safety have been significantly bolstered since 2008. From now on, what matters is that supervision is well-funded and rigorous so that none of this is undermined or chipped away in the years ahead. Be warned, the pressures of competition in finance and myriad other calls on government funds make this no certainty.
/jlne.ws/3Bgdwuy
NYC Startup Touts Automated Deal Modeling Aimed at Overworked Junior Bankers; Onex alum behind deal-modeling tool for PE firms, i-bankers; Tool automates grunt work old guards see as rite of passage
Natalie Lung and Katherine Doherty - Bloomberg
Wall Street has a reputation for overworking its junior bankers with cumbersome deal calculations, multiple spreadsheet revisions and copious slide deck formatting. A New York-based software startup says it has a fix. The company, Mosaic, lets dealmakers input key elements of a potential business acquisition, such as revenue, earnings growth or valuation on a simple interface, and then calculate the profitability of an investment in minutes. Other time-saving features include the ability to export the finished financial model as an Excel, PDF or PowerPoint file.
/jlne.ws/3Bbeyby
IM and default funds drive big variance in EU bank CCP exposures BNP Paribas accounts for 55% of top dealers' EUR126 billion exposures
Lorenzo Migliorato - Risk.net
Exposures to central counterparties (CCPs) by five systemic European Union dealers reached EUR125.6 billion ($139.7 billion) at the end of June, stemming from a diverse mix of trades, initial margin (IM) and default fund contributions. At an aggregate level, exposure at default (EAD) from trades - comprising over-the-counter and exchange-traded derivatives (ETDs), as well as securities financing transactions (SFTs) - made up 57.8% of total CCP exposure across BNP Paribas, Crédit Agricole, Deutsche
/jlne.ws/4ethcI2
Endgame manoeuvre: US banks put SLR reform back in spotlight; Plan to ease Basel III brings renewed focus to impact of leverage ratio on US Treasury market
Sharon Thiruchelvam - Risk.net
It's always been a blunt instrument. The US supplementary leverage ratio (SLR) was designed to act as a capital backstop for banks. But the Covid pandemic exposed a potentially fatal flaw - that it became instead a binding constraint in times of stress. Regulators promised to review it, but the idea seemed to drift into the long grass. Now banks are making noise about the ratio in the hope of putting a review back on the agenda. In March 2020, as the Federal Reserve expanded its balance sheet to
/jlne.ws/47t36DU
Wall Street CEO Peter Orszag downplays worries about junior bankers' long hours: 'Interesting work'
James Franey - NY Post
A top Wall Street chief executive has dismissed concerns about younger bankers suffering from burnout, claiming junior staff should be able to tolerate long hours of "interesting" work. Lazard CEO Peter Orszag appeared to downplay suggestions that newer arrivals to the finance industry are being overworked - despite JP Morgan's capping its work week for junior team members at 80 hours. The comments from the Wall Street titan come after a young Bank of America executive, who was being subjected to a gruesome 100-hour work week, died earlier this year.
/jlne.ws/3zmBPXe
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin orders Russian army to become second largest after China's at 1.5 million-strong
Andrew Osborn - Reuters
President Vladimir Putin on Monday ordered the regular size of the Russian army to be increased by 180,000 troops to 1.5 million active servicemen in a move that would make it the second largest in the world after China's. In a decree published on the Kremlin's website, Putin ordered the overall size of the armed forces to be increased to 2.38 million people, of which he said 1.5 million should be active servicemen.
/jlne.ws/3B8Vcnl
NATO's Stoltenberg says each country must decide if Ukraine can use its long-range missiles on Russia
Reuters
The outgoing head of NATO Jens Stoltenberg said on Monday he welcomed talks on Ukraine's use of long-range missiles to strike inside Russian territory, but any decision on the issue would have to be made by individual allies. Ukrainian President Volodymyr Zelenskiy has been pleading with allies for months to let Ukraine fire Western missiles including long-range U.S. ATACMS and British Storm Shadows deep into Russia to limit Moscow's ability to launch attacks.
/jlne.ws/3ZrTesn
Germany pledges additional 100 million euros in winter aid for Ukraine
Reuters
Germany will provide an additional 100 million euros ($111 million) in aid for Ukraine this winter, German Foreign Minister Annalena Baerbock announced during a visit to Moldova on Tuesday. Russia is once again planning a "winter war with the aim of making the lives of people in Ukraine as terrible as possible", Baerbock said ahead of a ministerial conference in Chisinau.
/jlne.ws/4gvRyE3
Ukraine's Allies Are Starting to Look at How a Cease-fire Could Work; Some officials are gaming out what an off-ramp could look like; Allies insist that no one is pressuring Ukraine to enter talks
Natalia Drozdiak, Alex Wickham, and Alberto Nardelli - Bloomberg
Some of Ukraine's allies are starting to talk about how the fight against Russia's invasion might end, raising concerns in several other Western capitals that these efforts could lead to Kyiv being forced into a premature cease-fire. As part of their discussions of strategy for the next year, officials are more seriously gaming out how a negotiated end to the conflict and an off-ramp could take shape, according to people familiar with the matter who asked for anonymity to discuss private deliberations.
/jlne.ws/3Xsn2Cj
Biden Must Let Zelenskiy Bomb Putin to the Negotiating Table; The leaders of the United States and Ukraine must deliver two messages when they meet and then go to the United Nations: First, bombs away. Second, jaw-jaw.
Andreas Kluth - Bloomberg
When it comes to Ukraine, none of the three people in or near presidential power in the United States looks convincing right now. That can change this month - provided Joe Biden, the lame-duck incumbent, makes optimal use of a visit by Ukrainian President Volodymyr Zelenskiy and his own speech at the United Nations General Assembly in New York.
/jlne.ws/3TwK9L8
One Million Are Now Dead or Injured in the Russia-Ukraine War; High losses on both sides are posing problems on battlefield and accelerating demographic fears
Bojan Pancevski - The Wall Street Journal
/jlne.ws/47xxE7S
|
| | | |
|
| |
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu Allies Make the Case for Firing Israeli Defense Minister; Sacking Yoav Gallant would remove the anchor of Israel's crucial relationship with the U.S. and a fierce advocate of a cease-fire in Gaza
Anat Peled - The Wall Street Journal
TEL AVIV-Israeli Prime Minister Benjamin Netanyahu's political allies vigorously made the case for him to replace his defense minister amid bitter disagreement over the war in Gaza, a move that would deepen the divide between the leader and his security establishment and remove the government's main advocate of a tighter relationship with the U.S.
/jlne.ws/3MPsyu8
U.S. Warns Israel Against Escalating Fight With Hezbollah; Israeli defense minister says only military action can return Israelis to their homes on Lebanese border
Shayndi Raice and Carrie Keller-Lynn - The Wall Street Journal
A top U.S. envoy warned Israel over escalating the fight with Hezbollah in Lebanon, while Israel's defense minister said military action is becoming the only way to return Israelis evacuated from northern border areas back to their homes. The U.S. message, delivered in meetings top Biden administration diplomat Amos Hochstein held with Israeli Prime Minister Benjamin Netanyahu and Israeli Defense Minister Yoav Gallant in Tel Aviv on Monday, reflect growing U.S. concern that the conflict in Gaza could spread.
/jlne.ws/4e93L06
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext acquires leading research and market data benchmarking provider Substantive Research
Euronext
Euronext today announces that it has acquired 100% of Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. Founded in 2015 and headquartered in London, Substantive Research provides research and market data benchmarking to a growing base of over 100 global clients, across Europe and North America, including asset managers, hedge funds, wealth managers, sell-side institutions and private markets. Substantive Research provides valuable insights into research pricing and spending, benchmarks of market data providers, and automated delivery of user-customised research content.
/jlne.ws/3zccnUt
Eurex Clearing AG participates in Project Agora
Eurex
Project Agora, launched by the Bank for International Settlements (BIS), a group of leading central banks, and the Institute of International Finance (IIF), will proceed to the next phase with more than 40 private sector financial firms in their exploration of how tokenization can enhance wholesale cross-border payments.
/jlne.ws/4gqwdvQ
Longtime Servicing Client PNC Expands Use of ICE Data and Analytics to Further Benefit From End-to-End, Integrated Technology Ecosystem
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that PNC has expanded its use of ICE's data and analytics solutions as part of their renewal of the MSP loan servicing system . ICE's proprietary mortgage data sets and advanced analytic models help companies adapt to changing market conditions and evaluate and mitigate portfolio risk. "Today's mortgage market is more challenging and nuanced than we've seen in decades," said Tim Bowler, President of ICE Mortgage Technology. "As PNC works to maximize its technology investment, they are also realizing the value of ICE's trusted valuation solutions, mortgage performance data, and prepayment and default models to help manage risk and uncover opportunities."
/jlne.ws/4gvSXKP
LSEG and National Bank of Serbia launch new Market Tracker tool to enhance financial transparency
LSEG
LSEG (London Stock Exchange Group) and the National Bank of Serbia announced the launch of the LSEG Market Tracker, designed to enhance market transparency and automate regulatory compliance. This collaboration aims to provide real-time monitoring and reporting of financial trades, marking a significant milestone in Serbia's financial market modernization.
/jlne.ws/4gpKdpH
LuxSE and CEB mark EUR 10bn of Social Inclusion Bonds
LuxSE
The Council of Europe Development Bank has passed the EUR 10 billion mark in total Social Inclusion Bond issuance since its first social bond was issued in 2017. Today, CEB celebrated this important milestone at the Luxembourg Stock Exchange, where the bonds are listed.
/jlne.ws/3MPrPZW
September 2024 Final Foreign Currency Settlement Prices
CME Group
/jlne.ws/3B8dncI
Caution for Investors
NSE
It has been brought to the notice of the Exchange that persons named "Anil Sharma Deshmukh" and "Amit" from entity named "N Traditional" operating through mobile numbers "8401395388" and "9913178361" respectively, are providing securities market tips for trading, assured/guaranteed returns on investments in stock market and offering to handle trading account of investors by asking investors to share their Login ID/password.
/jlne.ws/3B55zIK
Caution for Investors
NSE
It has been brought to the notice of the Exchange that a person named "Arun" operating through mobile number "8108390527" is providing securities market tips for trading, assured/guaranteed returns on investments in stock market and offering to handle trading account of investors by asking investors to share their Login ID/password.
/jlne.ws/4ersOLn
OCC Stories: Ari Silverman on Tackling Challenges Through Teamwork
OCC
Ari Silverman is part of Middleware + Infrastructure Software and Support at OCC, overseeing the Database Administration, Software Engineering: DevOps, and Software Engineering: Middleware teams. His OCC story describes how colleagues quickly come together when they're needed to meet complex challenges.
/jlne.ws/3Xwp1Wi
Opening remarks by Tan Boon Gin, CEO of Singapore Exchange Regulation, at the SID Briefing for SGX ListCo Directors on CG Watch Asean
SGX Group
1. In a few minutes you will hear from Mr Amar Gill, Secretary General of the Asian Corporate Governance Association (the ACGA), about how Singapore fared against other ASEAN countries in the ACGA's biannual corporate governance review called the CG Watch.
/jlne.ws/3B3NHOy
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Intuit releases enterprise suite of financial products to tap new customers
Reuters
TurboTax maker Intuit said on Tuesday it has released a new customizable enterprise suite of its financial products in the United States to capture new customers looking for an all-in-one solution for managing their financial needs. Enterprise customers are increasingly looking to invest in AI-powered platforms that integrate various products of their choice into a single solution, and help them automate key processes including finance and accounting.
/jlne.ws/4dfk1ep
Algorithmic analyst aversion; Everyone wants to use AI, but no one trusts it
Robin Wigglesworth - Financial Times
A decade ago, three researchers at the University of Pennsylvania coined the term "algorithm aversion" to describe how people instantly distrusted a weather forecasting programme as soon as it made a mistake - even when it was patently more accurate than the human forecasters pitted against it. This has remained at the back of FT Alphaville's hivemind whenever we've written posts on whether ChatGPT can day trade; pass the CFA exam; obtain an economics degree; decipher central banking babble or get a job as a sellside analyst.
/jlne.ws/3z9Vgmg
Microsoft, G42 Deepen Ties With Two AI Centers in Abu Dhabi
Abeer Abu Omar - Bloomberg
Microsoft Corp. and G42 are establishing two artificial intelligence centers in Abu Dhabi, months after they inked a $1.5 billion deal and the United Arab Emirates firm agreed to divest from China. One center will help develop best practices and industry standards for the responsible use of AI, according to a statement Tuesday. The US firm will also open its first 'AI for Good Research Lab' in the region to support social goals, including advancing food security and strengthening climate resilience. "We are committed to additional steps with G42 that advance responsible AI use for customers and that strengthen the relationship not only between our two companies, but between our two countries," Brad Smith, vice chairman and president of Microsoft, said in a statement.
/jlne.ws/3MPIRXQ
Microsoft wants more 'clarity' over AI chip curbs to Middle East; Tech giant creates new AI institutes with UAE's G42 as it awaits decision to lift US controls on chip shipments
Madhumita Murgia and Chloe Cornish - Financial Times
Microsoft has said it wants more "clarity and consistency" over US export controls that have held up the shipping of cutting-edge artificial intelligence chips to the Middle East, as the tech giant announces the opening of new AI institutes alongside its Abu Dhabi-based partner G42. The Seattle-based company this year invested $1.5bn in G42, seeking to use the United Arab Emirates' biggest AI company as a gateway to markets in Africa and Asia, where it believes demand for AI is unmet and growing.
/jlne.ws/3Xxg4fo
Hong Kong Considers Rules for AI Use in Finance; Financial bureau plans to unveil statement late Oct.: sources
Kiuyan Wong and Newley Purnell - Bloomberg
The Hong Kong government is preparing to issue its maiden policy statement on the use of artificial intelligence in finance, according to people familiar with the matter, a move that could catalyze the use of the technology in areas from trading to investment banking and cryptocurrencies. The city's Financial Services and Treasury Bureau plans to issue a framework of guidelines to touch on the ethical use of AI and general principles for applying the technology in the finance world, the people said, asking not to be identified discussing private information. Officials are still drafting the document while getting feedback from the industry, the people said. Details are still subject to change in the coming weeks, they said.
/jlne.ws/3XuRegd
Salesforce Needs to Sell Its Latest AI Vision; Cloud pioneer hopes AI agents make a splash at Dreamforce conference and rejuvenate growth prospects
Dan Gallagher - The Wall Street Journal
Low expectations make for unfamiliar ground at Salesforce CRM 0.92%increase; green up pointing triangle. Given the uncertainty that artificial intelligence has cast over the cloud software industry, they may also be welcome. As Salesforce kicks off its annual confab known as Dreamforce this week, the pioneer of the software-as-a-service-or SaaS-category finds itself with a lot to prove. Years of turbocharged revenue growth through relentless sales deals and acquisitions has finally slackened, with Salesforce's revenue expected to rise at a single-digit percentage for the first time ever in the current fiscal year. That has put a bit of a cloud over the company's stock price, which is down about 2% since the start of the year.
/jlne.ws/3B8fihq
Intel to Make Custom AI Chip for Amazon, Delay German Plant; Shares jump after Intel announces Amazon win, efficiency plans
Ian King - Bloomberg
Intel Corp. Chief Executive Officer Pat Gelsinger has landed Amazon.com Inc.'s AWS as a customer for the company's manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker.
/jlne.ws/3Txw7bM
Google takes Chile data center plans back to square one on environmental concerns
Reuters
/jlne.ws/4e5rJt2
The Way We Interact With AI Chatbots Is Changing
Olivia Solon and Seth Fiegerman - Bloomberg
/jlne.ws/3TuGq0g
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | The cybersecurity labor gap now stands at 4M+ open jobs. Intezer has raised $33M for AI tools to plug it
Ingrid Lunden - TechCrunch
Cybersecurity has one of the biggest and most urgent talent shortages in the tech industry. Malicious attacks are on the rise, and the techniques being used to worm into networks are growing ever more sophisticated. Yet, the World Economic Forum recently found that there are 4 million cybersecurity positions unfilled globally, and it expects that number to balloon to 85 million in the next five years.
/jlne.ws/3B6gJx3
Mike Lindell Group Accused of 'Impersonating' Election Cybersecurity Initiative; Lindell's Election Crime Bureau emailed election officials requesting their home addresses and info about how they monitor security threats
Justin Glawe, Andrew Perez and Aswin Suebsaeng - Rolling Stone
AN "ELECTION CRIME" group helmed by MyPillow founder Mike Lindell sent out emails requesting personal information from local election officials as well as information about security programs designed to detect threats in those counties, according to emails obtained by Rolling Stone and American Doom. Lindell is a prolific supporter of election denial causes and one of the most prominent voices of a movement that falsely claims the 2020 election, which Donald Trump lost to President Joe Biden, was beset with widespread fraud.
/jlne.ws/4grY3aW
Why aren't we treating cybersecurity as an election issue?
Thomas P. Vartanian - The Hill
The Harris-Trump debate has come and gone. Now the fight is over who won and who lost. For my money, it was the American people who lost, because many of the critical issues facing the country received no mention at all.
/jlne.ws/3BaBvLR
Cybersecurity: A Key Business Imperative, Not Just A Technical Problem
Chirag Shah - Forbes
Cybersecurity has become a pivotal business imperative, transcending mere technical challenges. While many organizations still view cybersecurity as an IT issue, the reality is that it fundamentally impacts every facet of a business, from reputation and customer trust to regulatory compliance.
/jlne.ws/3MLFNvN
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Donald Trump promotes sons' crypto company; World Liberty Financial Republican presidential candidate courts digital asset sector in his campaign
Alex Rogers in New York and George Hammond in London - Financial Times
Donald Trump and his sons are promoting a new crypto platform as the Republican presidential nominee courts the digital asset sector just 50 days before the US election. Trump, Donald Trump Jr and Eric Trump, along with New York-based property developer and big Trump donor Steve Witkoff and sons Alex and Zach Witkoff, joined an X Spaces conversation on Monday where World Liberty Financial was officially announced. The company said its "mission is crystal clear: make crypto and America great by driving the mass adoption of stablecoins and decentralised finance".
/jlne.ws/3MKVBPr
Do I owe UK tax on my crypto assets? I've had a letter from HMRC; does this mean I've made a mistake on my last tax return?
Lucy Warwick-Ching - Financial Times
I have received a letter from HMRC about my crypto assets. Does this mean I've made a mistake on my last tax return and owe them tax? Henry Lowe, a partner at Mercer & Hole, says HMRC is closely scrutinising the reporting of all crypto transactions, including for cryptocurrencies and non-fungible tokens, and this summer has sent out so-called "nudge" letters to remind individuals, with more due to go out this month. This doesn't mean you have made a mistake, but it is a reminder to double-check your returns.
/jlne.ws/47u8S8l
DYdX to Debut Perpetual Futures on Prediction Markets as DEX Seeks to Raise Profile; Decentralized finance needs to develop a unique offering relative to centralized venues, dYdX Foundation CEO Charles d'Haussy said.
Omkar Godbole - CoinDesk
Perpetuals-focused decentralized cryptocurrency exchange dYdX will soon enter the prediction markets sector, allowing users to place leveraged bets on the outcome of binary events, as it looks to divert attention from centralized trading venues. "DYdX will launch perpetual futures on prediction markets," dYdX Foundation CEO Charles d'Haussy said in an interview, explaining that decentralized finance (DeFi) needs to offer something special to differentiate itself from centralized venues.
/jlne.ws/3TwPodM
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Trump's Banker Brawls With Whistleblowers, Marxists and Shorts; At the top of Axos Financial, Gregory Garrabrants wants to win his way.
Max Abelson - Bloomberg
A meeting between a school's leaders and dozens of dads was drawing to a peaceful end in February 2022 when the bank executive Gregory Garrabrants made his move. Months earlier, the head of Axos Financial Inc. had emailed the other parents at the private Christian school in California, asking them to vote him onto the board so he could fight against a "secular, leftist, anti-American ideology." The school's head kicked out the family, citing the banker's "overly aggressive" behavior. Garrabrants sued, and a judge let his kids return while the case played out, so long as he continued to "stand down." At the meeting a few days later, he stood up.
/jlne.ws/3BgdOSa
Meta Bans Russia's RT From Facebook, Instagram for 'Foreign Interference'; Ban follows U.S. sanctions against the media outlet for alleged attempts to interfere in foreign elections
Sam Schechner - The Wall Street Journal
Facebook owner Meta Platforms is kicking Russian TV channel RT off its apps, depriving the Kremlin-backed media outlet of one of its biggest remaining distribution platforms in the West. The ban comes days after the U.S. government announced sanctions against the state-owned channel and its related entities, accusing them of carrying out covert influence operations aimed at interfering in foreign elections, including recent Moldovan elections.
/jlne.ws/3ZnqD7q
US chokehold on China's AI progress 'unlikely to succeed', says Washington-based think tank
South China Morning Post
US efforts to hold back China's artificial intelligence (AI) advancement "are unlikely to succeed", as the mainland finds ways to skirt Washington's export curbs and nurture local innovations, rapidly challenging American dominance in the technology, according to recent research by a US think tank. Since Microsoft-backed US start-up OpenAI unveiled its groundbreaking ChatGPT chat bot in late 2022, China has been increasing investments nationwide to catch up in the field of generative AI (GenAI).
/jlne.ws/47Lnv7H
U.S. Shrugs as World War III Approaches; A devastating report on global threats and American weakness is met with indifference.
Walter Russell Mead - The Wall Street Journal (opinion)
The news from abroad is chilling. Washington Post columnist David Ignatius reports from Kyiv that Ukraine is "bleeding out" as its weary soldiers struggle against a numerically superior Russia. The New York Times reports that China is expanding the geographical reach and escalating violence in its campaign to drive Philippine forces from islands and shoals that Beijing illegitimately claims. And Bloomberg reports that Washington officials are fearful that Russia will help Iran cross the finish line in its race for nuclear weapons.
/jlne.ws/3ZmscT8
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | UniCredit Plans to Seek ECB Nod to Own up to 30% of Commerzbank; Step would bring UniCredit closer to potential takeover; German law states that a 30% stake must trigger takeover offer
Sonia Sirletti and Nicholas Comfort - Bloomberg
UniCredit SpA is set to ask for regulatory permission to build a stake of as much as 30% in Commerzbank AG, as Chief Executive Officer Andrea Orcel pursues a potential takeover of the bank. The Italian lender will likely file the application to the European Central Bank, which is the euro area's top banking regulator, in the next few days, according to a person familiar with the matter. The move doesn't necessarily mean UniCredit will end up reaching that threshold or even buy any additional shares, the person said, asking not to be named discussing private information.
/jlne.ws/3XLXbXs
SEC Charges Former Chairman and CEO of Tech Co. Kubient With Fraud and Lying to Auditors; Former CFO and Audit Committee Chair Also Charged
SEC
The Securities and Exchange Commission today filed charges against Paul D. Roberts, the former Chair, CEO, and president of Kubient Inc.; Joshua A. Weiss, the company's former chief financial officer; and Grainne M. Coen, the company's former audit committee chair, for their roles in a scheme in which Kubient overstated and misrepresented its revenue in connection with two public stock offerings.
/jlne.ws/3XMJJmj
Open Meeting
SEC
Sep 18, 2024; 10:00AM - 12:00PM ET
/jlne.ws/47wkDvh
Omakase: Statement on In the Matter of Flyfish Club, LLC
Commissioner Hester M. Peirce and Commissioner Mark T. Uyeda - SEC
For curmudgeonly commissioners like us, crypto enforcement feels a bit like a trip to a restaurant for a meal, Omakase style. Omakase translates to, "I'll leave it up to you." This directive is wonderful in the hands of a renowned chef, but disastrous in the hands of a crypto-obsessed Commission. Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake. By its very nature, Omakase dining requires a deep level of trust. Americans should be able to extend a similar trust to our regulators. Today's settled enforcement action with Flyfish Club for its sale of non-fungible tokens ("NFTs") is just the latest dish that undermines trust in Chef SEC.[1] Accordingly, we dissent.
/jlne.ws/3XtFDOr
SEC Charges Former Financial Consultant for Providing Father and Friends Inside Information Regarding Firm's Client
SEC
The Securities and Exchange Commission today charged Federico Nannini, his father, and two of his friends for insider trading in advance of the pending acquisition of Infrastructure and Energy Alternatives, Inc. (IEA) by MasTec Inc., a client of the financial consulting firm where Nannini worked as an associate.
/jlne.ws/3ZmmWPo
SEC Charges Former Chairman and CEO of Tech Co. Kubient With Fraud and Lying to Auditors - Former CFO and Audit Committee Chair also Charged
SEC
The Securities and Exchange Commission today filed charges against Paul D. Roberts, the former Chair, CEO, and president of Kubient Inc.; Joshua A. Weiss, the company's former chief financial officer; and Grainne M. Coen, the company's former audit committee chair, for their roles in a scheme in which Kubient overstated and misrepresented its revenue in connection with two public stock offerings.
/jlne.ws/4dhEDDa
Effective compliance: Perspectives from the regulator
ASIC
Speech by ASIC Chair Joe Longo at the Australian Compliance Institute Annual Conference, 17 September 2024.
/jlne.ws/47tkp86
ASIC expands operational resilience guidance for market participants
ASIC
ASIC has today released a letter to market participants outlining technological and operational resilience guidance, clarifying how to identify critical business services and notification of a major event. The guidance relates to the technological and operational resilience requirements detailed in Chapters 8A and 8B of the ASIC Market Integrity Rules (Securities Markets) 2017 and ASIC Market Integrity Rules (Futures Markets) 2017.
/jlne.ws/3B8DdNI
FMA files criminal proceedings against individual for alleged insider trading
FMA
The Financial Markets Authority - Te Mana Tatai Hokohoko - has filed criminal proceedings against an individual for alleged insider trading relating to the buying and selling of shares in Heartland Group Holdings Limited (HGH). The FMA alleges the individual traded, and encouraged others to trade or hold, HGH shares on several occasions between July 2020 and February 2021, while holding material information that was not generally available to the public. The individual also disclosed material information that was not generally available to the public to others. The individual was a junior Heartland Bank Limited (HBL) employee at the time of the alleged offending.
/jlne.ws/3XstlG7
Promethean Finance Limited tribunal decision
FCA
On 5 August 2024, the Upper Tribunal published its decisionLink is external regarding a reference made by Promethean Finance Limited in respect of a Supervisory Notice issued by the Financial Conduct Authority to Promethean in June 2023. The Tribunal found that the FCA's decision to impose requirements on Promethean was reasonable and that the requirements were proportionate to concerns identified.
/jlne.ws/3MMOHJm
Frameworks for effective fraud prevention measures
FCA
Speech by Andrea Bowe, director of the specialist directorate, at the Westminster Legal Policy Forum Keynote Seminar.
/jlne.ws/3B8E6Wy
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Oil Consumers Hedged in Droves as Prices Fell Below $70 a Barrel; Swap dealer long positions soared as futures prices slumped
Alex Longley - Bloomberg
Oil consumers posted one of the largest hedging additions on record when prices briefly fell below $70 a barrel last week. The number of long contracts held by swap dealers on global benchmark Brent jumped by almost 50,000 lots last week, the most since March 2023 and the third-largest increase on record. For Europe's diesel benchmark, swap dealer longs were the highest since 2020. Swap dealer positions are often seen as a proxy for the hedges of industrial consumers like airlines and shipping companies, as they show where banks and other dealers lay off the risk they take on in over-the-counter trades.
/jlne.ws/4eqDdXF
Emerging markets has become a redundant term; Innovations around EM indices are required with more thematic benchmarks
Gene Frieda - Financial Times (opinion)
As the Fed moves towards rate cuts, some have heralded the imminent resurgence of "emerging markets". But what are they referring to? Kenya or Qatar? Korea or Colombia? Commodity exporters or tech titans? Whether in equities or in bonds, the term "emerging markets" no longer does justice to the wide array of constituents within the various EM indices created to attract investor interest in the first place.
/jlne.ws/3zubUwM
Microsoft Plans New $60 Billion Buyback, Raises Dividend 10%; Share repurchase plan replaces previous $60 billion program; Buyback agreement is less than 2% of Microsoft's market value
Andrew Pollack - Bloomberg
Microsoft Corp. raised its quarterly dividend 10% and unveiled a new $60 billion stock-buyback program, matching the size of a repurchase plan three years ago. The software company said shareholders as of Nov. 21 will receive a quarterly dividend of 83 cents a share, compared with the current 75 cents. The share repurchase agreement, which has no expiration date, replaces a buyback program announced in 2021 that was also $60 billion.
/jlne.ws/3TyIsfV
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Data centres must work 'within climate limits', says Irish minister; Energy demands of AI place strain on power supplies
Attracta Mooney - Financial Times
Technology companies will have to "work within the climate limits", Ireland's environment minister has warned, as the popular hub for data centres grapples with the surge of energy-intensive systems. Eamon Ryan, minister for the environment, climate and communications, said he had met "all the big [tech] companies] recently" as pressure grows on national energy systems to cope with the immense strain placed by the computer power needed to run generative artificial intelligence.
/jlne.ws/3MNY2AD
COP29 host skips over fossil fuels to waste methane and energy storage; Baku list of priorities focuses on batteries and the grid rather than the phaseout of oil and gas and coal consumption
Kenza Bryan - Financial Times
The host country for the upcoming UN COP29 climate summit skipped over the transition from fossil fuels in a list of priorities for the gathering in Azerbaijan, focusing instead on energy storage, waste methane and war. The "action agenda" of global initiatives and pledges that Azerbaijan plans to put forward in Baku in November includes a sixfold increase in battery storage capacity, sweeping expansions to electricity networks and cuts in emissions from methane from organic waste. It also includes a call for action plans for tourism and water.
/jlne.ws/4gwvwkP
JBS Teams With US Firm to Turn Cow, Chicken Waste Into Energy; GreenGasUSA to process methane at beef and poultry plants
Gerson Freitas Jr - Bloomberg
JBS SA has teamed with GreenGasUSA to turn animal waste into marketable fuel as the world's largest meat producer seeks to reduce harmful emissions. Under the agreement, GreenGasUSA will initially collect, process and trade biogas - a fuel made of methane, a potent planet warming gas - at two beef plants in Nebraska and Utah as well as at a chicken plant in South Carolina. The projects are expected to be completed in 2025, JBS said in a statement.
/jlne.ws/3zykLNY
The Biden Administration Is Fighting Smugglers of a Potent Greenhouse Gas; Since the start of this fiscal year alone, Customs and Border Protection agents have confiscated 211,000 metric tons of planet-warming chemicals.
Stephen Lee - Bloomberg
The Biden administration has launched a new initiative to crack down on smugglers at US borders and ports. The concern isn't drugs or counterfeit goods, though; it's a refrigerant that's also a dangerous greenhouse gas. The US Environmental Protection Agency (EPA), Customs and Border Protection (CBP) and other agencies are arming themselves with new weapons - like AI tools that can pick out suspicious shipments - and rethinking ways of teaming up to combat the threat.
/jlne.ws/3zuez9K
OPEC+ Faces a New Problem: A Texas Gas Pipeline; The new path to market for Permian Basin shale gas could could foil oil producers' plan to curb output.
Javier Blas - Bloomberg
Now is the moment when common sense says the US shale industry should be slowing. With oil prices plunging 25% over the last year, you'd expect companies would surely react by cutting drilling. Yet American oil output growth is about to reaccelerate. The burst of activity would come at an awful time for OPEC+. Saudi Arabia and Russia, which lead the oil cartel, are already wrestling with an oversupplied market, particularly in early 2025.
/jlne.ws/3MLAs7J
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Morgan Stanley renews efforts to regain stock trading crown; Bank has stepped up attempts to win back hedge fund business after Archegos-induced caution
Joshua Franklin in New York and Costas Mourselas in London - Financial Times
Morgan Stanley has stepped up efforts to regain its traditional dominance in stock trading, a position it ceded to longtime rival Goldman Sachs in the wake of the 2021 implosion of Archegos Capital Management. Under new chief executive Ted Pick, who previously headed the bank's equities trading business, Morgan Stanley has narrowed the gap with Goldman to its smallest since 2022. In the latest quarter, Morgan Stanley's revenues from equities trading increased by almost 20 per cent from a year ago to $3bn, far in excess of analysts' expectations. That compared with a 7 per cent increase to $3.2bn at Goldman, and a 21 per cent increase to just shy of $3bn at JPMorgan Chase.
/jlne.ws/3XOQyTh
UniCredit's Takeover Bid Should Be Welcomed by Europe; A merger with Commerzbank could be a step toward the financial union both Germany and Europe desperately need.
The Editorial Board - Bloomberg
Germany's political elite is in shock: Italian bank UniCredit SpA is making a play for Commerzbank AG, the country's second-largest bank by assets, generating worried speculation about the repercussions for everything from jobs to the governing coalition's electoral prospects. Actually, the combination is a good idea, and it could be an important step toward the financial union the European Union has long needed.
/jlne.ws/4epOCaq
Fund managers bemoan lack of choice in UK stock market; Rise in foreign takeovers and shortage of IPOs reduce pool that investors can select from
Emma Dunkley - Financial Times
An increasing number of the UK's larger companies are being taken off the stock exchange through acquisitions, in a blow to domestic fund managers who fear they are being left with a smaller selection of quality stocks they want to buy. Thirty London-listed companies received firm takeover offers for an average value of £1bn in the first half of this year, according to data from investment bank Peel Hunt. That compares with 27 offers with an average value of £443mn in the first half of last year.
/jlne.ws/3XsnLUe
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Amazon orders staff back to office 5 days a week; Company says in-person presence makes work 'simpler and more effective' as its rolls back pandemic-era remote policy
Stephen Morris - Financial Times
Amazon has told staff they must return to the office five days a week from the start of next year, one of the strictest corporate crackdowns on remote working that has become commonplace since the pandemic. "We've decided that we're going to return to being in the office the way we were before the onset of Covid," chief executive Andy Jassy wrote in a memo to employees globally on Monday. "We've observed that it's easier for our teammates to learn, model, practice, and strengthen our culture; collaborating, brainstorming, and inventing are simpler and more effective.
/jlne.ws/3TyZfzv
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Tony Robbins: Motivational Speaker, Author ... Hotelier?
Nora Walsh - The New York Times
The self-help guru is joining the hotel mogul Sam Nazarian to open a chain of luxury preventive-medicine resorts, aiming for a slice of the $5.6 trillion wellness industry.
/jlne.ws/3TsNxXh
High Stress Hits U.S. Workers; Wellness Benefits Underutilized
PR Newswire
A new survey from Firstup reveals alarming levels of workplace stress, underscoring the urgent need for improved wellness communication to address this growing crisis. Firstup, pioneer of the intelligent communication platform for the workforce, today released the results of its Workplace Communication & Wellbeing Survey, which explores the impact of workplace stress and highlights a wellbeing crisis. Firstup surveyed 1,000 U.S. adults working full- or part-time who identified as stressed and uncovered a troubling trend - the majority of respondents (60%) consider their jobs to be a significant source of their stress, which has a profound impact on their work and well-being.
/jlne.ws/3zmj1aC
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong's Biggest Listing in Years Lures Back Global Investors; Midea shares jumped in its debut on Tuesday in Hong Kong
Julia Fioretti - Bloomberg
Chinese appliance maker Midea Group Co.'s $4 billion listing in Hong Kong is fueling cautious optimism that the worst of the city's capital markets drought may be coming to an end. Midea's Hong Kong-listed shares jumped almost 8% from its offer price on Tuesday, a strong performance that vindicates the company's decision to price at the top of the range and increase the size of the share sale by 15%. The listing was Hong Kong's biggest since Kuaishou Technology's $6.2 billion initial public offering in early 2021. Beyond a much-needed fee bonanza for banks, the deal has been closely watched as a sign of the city getting its mojo back after years of slumping deal activity.
/jlne.ws/3TyWYEx
DP World Teams With Nedbank to Finance More Africa Trade
Brendan Murray - Bloomberg
Port and logistics giant DP World is teaming up with Nedbank, a Johannesburg-based lender, to expand trade financing to small businesses facing working-capital challenges across sub-Saharan Africa. According to the deal announced Tuesday, UAE-based DP World has launched a supply chain finance program on its platform. Nedbank acts a the financer, letting DP World's suppliers in the region have access to early payments on approved receivables.
/jlne.ws/3MLVjrg
Norway's Oil Capital Stavanger Feels the Squeeze as Krone Slides
Heidi Taksdal Skjeseth and Ott Ummelas - Bloomberg
Stavanger harbor bustled in the sun on a recent afternoon, the hoisting cranes, working ships and rigs under construction testament to the city's status as Norway's oil capital, and the main source of its wealth. Lately, though, cracks have appeared in this outpost of prosperity as the Norwegian krone has taken a battering, suffering the biggest decline this year among a basket of 10 most-traded currencies.
/jlne.ws/4grStp0
French Power Turns Negative as Demand Undershoots Estimates
Eva Brendel - Bloomberg
French power prices turn negative for several hours on Tuesday as low demand combines with an increase in wind generation and strong solar output. French intraday prices are trading as low as -EUR20 a megawatt-hour on the Epex Spot exchange. Electricity demand is persistently undershooting the daily estimates made by grid operator RTE as European economies struggle with little or no growth.
/jlne.ws/47xegYj
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | Guardian in talks to sell the Observer to Tortoise Media; Media start-up pledges to invest £25mn in world's oldest Sunday newspaper
Daniel Thomas and Maxine Kelly - Financial Times
The Guardian Media Group is in talks to sell the Observer, the world's oldest Sunday newspaper, to online start-up Tortoise Media. In a memo to staff on Tuesday, the GMG said it was in negotiations after being approached by Tortoise with an offer for the 233-year-old title.
/jlne.ws/3Xq1lmB
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
