| August 27, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Commodity Futures Trading Commission (CFTC) will host a Career Forum for law students and recent J.D. graduates on September 25, 2024, in Washington, D.C. The event will feature a discussion with Sharon Bowen, chair of the New York Stock Exchange, and CFTC Chairman Rostin Behnam. In conjunction with the forum, the CFTC is launching its inaugural Attorney Honors Program, aimed at providing recent law graduates with hands-on regulatory experience. The application deadline for this program is September 9, 2024. The forum will provide attendees with insights into the Attorney Honors Program, various attorney career paths, and the CFTC's role in regulating derivatives markets.
Last Tuesday I had a lunch appointment downtown but decided to postpone it a week because of the Democratic National Convention and its impact on traffic. The lunch was again postponed due to the extreme heat Chicago is experiencing today and the heat advisory in effect. There is no good reason to take unnecessary risk.
A dangerous heat wave is expected to test the capabilities of the largest U.S. power grid, PJM Interconnection, which covers 13 states in the Mid-Atlantic and Midwest. With temperatures soaring, emergency conditions might arise as residents increase air conditioner use. On Tuesday, Chicago's O'Hare International Airport is forecasted to hit 97°F (36°C), breaking the daily record. The heat is set to shift to the Mid-Atlantic on Wednesday, affecting cities like New York City and Philadelphia. This intense heat also poses risks such as health hazards and disruptions to transportation due to rail expansion, Bloomberg reported.
In the Northeast, there are additional problems. Extreme rainfall is increasingly threatening the Northeastern U.S., leading to more frequent and severe flash floods in states like New York and Connecticut. Recent storms have brought record-breaking rain, with some areas experiencing what are known as "1,000-year" rainfall events. Scientists attribute this rise to climate change, which has made the atmosphere capable of holding more moisture, thus increasing the likelihood of heavy downpours. The region's infrastructure and flood management strategies are struggling to keep up with these changes, posing significant risks to highly developed urban areas that are often unprepared for such extreme weather events, Bloomberg reported.
Meanwhile, the U.S. is not the only place with weather issues, Bloomberg says. Thunderstorm warnings are in effect across Southern Europe, from the south of France to the Balkans. Italy's regions of Lombardy, Piedmont, Tuscany, and Umbria are under orange alerts, while Serbia faces similar warnings. The French Riviera is also on yellow alert for storms. The rising temperatures of the Mediterranean Sea, linked to climate change, are intensifying these storms. In Greece, there is a high risk of wildfires in areas like Athens, Peloponnese, and various islands, though firefighting efforts have helped prevent major outbreaks. Meanwhile, southern Scotland is under a yellow rain warning, with London expected to warm up to 28°C (82°F) later this week.
Here are excerpts from in front of FOW's paywall from some recent stories: MIAX Sapphire, which launched on August 12, has added 88 US blue-chip equity options, including those for AT&T, Bank of America, Ferrari, and Hyatt Hotels. Meanwhile, the CFTC commissioner emphasized the need for consistent penalties for reporting violations, following the $5 million fine imposed on Bank of New York Mellon for such infractions. In other market developments, Euronext announced plans to enter the Nordic power derivatives market through a partnership with Nord Pool, slated to begin next year. Additionally, Indian index options showed significant growth in July, leading the global listed derivatives volumes, with the top six derivatives by volume being Indian index options.
The ETH Kipu Foundation has partnered with the Ministry of Education in Buenos Aires, Argentina, to include Ethereum and blockchain in high school curricula. This initiative aims to prepare students for the tech economy and includes the development of an online Solidity course to train 500 young adults in coding Ethereum applications. Additionally, 30 teachers will receive specialized training. The program, starting on August 27, also offers students professional internships in blockchain projects, positioning Argentina as a leader in blockchain education in Latin America, Bitcoin.com News reported.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- An ETF that tracks the stock trades of Democrats in Congress has been beating the S&P 500 on the strength of Magnificent 7 tech bets from Business Insider via Yahoo Finance.
- Understanding the VIX index from CNN.
- Next-Gen ETFs Buck Vanguard Effect With Fees Near Decade Highs from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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JPX Market Explorer: Bridging the Information Gap for Global Investors
JohnLothianNews.com
In an ambitious move to enhance the accessibility and attractiveness of Japanese stocks, Shun Takato, chief representative and head of fintech at JPX Market Innovation & Research, Inc., has launched the JPX Market Explorer. This platform, introduced as a proof of concept in February, aims to tackle the persistent issue of insufficient English-language information for international investors interested in Japan's stock market.
Watch the video »
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NYSE, B3, And TMX: Why Investors Are Embracing ISSB Sustainable Finance Standards
JohnLothianNews.com
Comparability and interoperability in sustainable finance reporting standards topped the discussion in a recent roundtable with executives from stock exchanges around the world.
Watch the video »
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Russell 2000 Index quarterly chartbook - August 2024
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The Russell 2000 Chartbook offers you the ability to drill down on the information and research you value most. Have patience as exhibit graphics may take a moment to resolve onscreen. View the report: Russell 2000 Index Quarterly Chartbook - August 2024 | LSEG
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Russian Oligarchs' Investments in Elon Musk's X Raise Questions About Potential Putin Connections; Venture capital investor 8VC is drawing criticism for ties to Denis Aven and Jack Moszkowicz, the sons of Russian oligarchs
Natalie Korach - The Wrap
Elon Musk faces questions about his ties to two Russian oligarchs after a court document revealed investors in the billionaire's acquisition of Twitter, now X. The reveal came after a federal court forced Musk to disclose shareholders for X as part of the ongoing legal battle with former Twitter employees claiming Musk violated their arbitration agreements by withholding certain payments after he bought the social media platform for $44 billion. Disgraced hip-hop mogul Sean "Diddy" Combs and Silicon Valley investors including Larry Ellison, Marc Andreessen and Bill Ackman were also named as early investors in the acquisition. Among the investors, venture capital firm 8VC is drawing criticism for its ties to Denis Aven and Jack Moszkowicz, the sons of Russian oligarchs Petr Aven and Vadim Moszkowicz. Both have strong political and economic ties to Russian President Vladimir Putin. Both men have also been subject to Western sanctions due to their associations with the Kremlin amid the ongoing war in Ukraine.
/jlne.ws/3yLmTBU
****The Wrap News Inc., a digital media company, was founded in 2009 by Sharon Waxman, an experienced journalist who previously worked for The New York Times and The Washington Post. Waxman is also the CEO and editor-in-chief of The Wrap. The company focuses on covering the entertainment industry, including film, television, media, and other related sectors. The Wrap is generally considered a reliable source and has established itself as a credible and authoritative outlet for Hollywood news, industry analysis, and entertainment business reporting. It features experienced journalists and editors who provide accurate and timely information.~JJL
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Nvidia Rally Mints Millionaires Too Busy to Bask in New Wealth; Many of the chipmaker's employees have grown rich but still face a stress-filled work life.
Rya Jetha and Evan Gorelick - Bloomberg
It's a summer day in Santa Clara, California, and an assortment of luxury cars - Porsches, Corvettes, Lamborghinis - take up parking spots previously occupied by humbler models. Some have new paint jobs in the lime green from Nvidia Corp.'s logo. And they are stuck where their owners want to be: at the office. Nvidia stock has gained 3,776% since the start of 2019 as the company benefits from selling the main chip necessary for artificial intelligence work, minting many new multimillionaires in the process. But the work hours are just as grueling and high-stress, current and former employees said, leaving little time for the jet-setting, homebuying and leisure many can now afford. A culture problem is brewing, said the 10 people, who asked not to be identified for fear of retribution.
/jlne.ws/474WVFT
***** This is a real conundrum.~JJL
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Banks and accounting firms should brace for cost of AI job losses, unions warn; UK employee groups step up calls for regulation of new technology in workplace
Jim Pickard and Anna Gross - Financial Times
Banks, insurers and accounting firms should be braced to pay for the retraining of millions of employees whose jobs could be displaced by artificial intelligence, UK unions will warn at the Trades Union Congress next month. Accord, which represents banking workers, will call on financial services groups to prepare to fund a "major" programme to reskill many of their almost 2.5mn UK staff in a motion to the labour movement's annual conference.
/jlne.ws/3MHzcm9
***** I wonder if the Union asked ChatGPT to research this question for them?~JJL
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Increased sausage demand may be red flag, Dallas Fed survey says; Inflation-weary shoppers have been trading down to less expensive products such as dinner sausage as they stretch their budgets.
Alex Harring - CNBC
An uptick in sausage demand can offer the latest sign of consumers tightening their belts as they continue grappling with high prices. There's been "modest growth" in the dinner sausage category for one producer, according to the Dallas Federal Reserve's Texas Manufacturing Outlook Survey released Monday. This underscores the trends of shoppers opting for cheaper products and pulling back spending all together as cumulative inflation bites into purchasing power. "This category tends to grow when the economy weakens," the respondent said, according to edited comments included in the Dallas Fed's report. That's because "sausage is a good protein substitute for higher-priced proteins and can 'stretch' consumers' food budgets."
/jlne.ws/4cH7Re3
****** Increased sausage demand is a sign of hot weather and people heading to Wisconsin lakes to cool off.~JJL
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Monday's Top Three
Our top read story Monday was Geneva Lake harmful algal bloom, health officials issue warnings, from FOX6 News Milwaukee. Second was Chicago Is About to Sizzle Under Hottest Days of the Summer, from Bloomberg. And third was Ikea launches secondhand marketplace to compete with eBay, from the Financial Times.
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| Lead Stories | Warsaw stock market aims for revival after 'lost' years; Bourse's new CEO says foreign investors had been put off, but he is encouraged by changes at state-controlled groups
Raphael Minder - Financial Times
The new head of the Warsaw stock exchange is upbeat that his bourse can recover from a lost decade in which it failed to keep pace with Poland's booming economy. Last year the total capitalisation of companies listed in Warsaw dropped to 22 per cent of Polish GDP, compared with 35 per cent in 2013. That has come as fresh initial public offerings have dwindled - Polish parcel locker company InPost opted to float in Amsterdam in 2021, raising EUR2.8bn - and trading volumes across Europe have fallen away.
/jlne.ws/474WA6r
In Europe's Gas Market, Enough May Not Be Enough; Stockpiles are brimming and demand is dropping. So why are prices so high?
Javier Blas - Bloomberg
When is enough still insufficient? Looking at recent price action, commodity traders - and lots of speculators - reckon that's probably the case for European natural gas. As I see it, they aren't wrong. European gas stockpiles are brimming, and regional demand is heading down to a level unseen since the early 1980s. Yet gas prices remain sky high, having recently touched an eight-month peak. The reason? Enough gas today may not be sufficient if something unexpected - a cold weather snap, say, or a disruption in Russian supply - occurs. And few, very few, are willing to bet everything will go just fine.
/jlne.ws/3Z3bgB2
The U.S. Corn Crop Is Great. Farmers' Finances, Not So Much; Grain prices have been in free fall since the Covid commodity boom ended, forcing some growers to consider difficult changes
Kirk Maltais - The Wall Street Journal
The U.S. farm belt is headed for a bumper crop. Few farmers are celebrating, though. Grain prices, under pressure since the Covid commodity boom crested, have fallen further in 2024. Rainfall has been ample across farm country for the first time in years, staving off the drought that has plagued the central U.S. and putting Midwestern corn and soybean harvests on track to set records.
/jlne.ws/3XiY5dS
Nasdaq seeks SEC approval for bitcoin index options
Suzanne McGee - Reuters
Nasdaq is seeking the green light from regulators to launch and trade options on a bitcoin index, the exchange operator said on Tuesday. The U.S. Securities and Exchange commission has yet to approve options based on any of the individual exchange-traded funds tied to spot bitcoin prices that made their debut in January, including a Nasdaq application to trade options on BlackRock's $21.3-billion iShares Bitcoin Trust ETF. The proposed index options - listed derivatives offering a quick and inexpensive way to amplify exposure to bitcoin - on a bitcoin index would give institutional investors and traders an alternative way to hedge their exposure to the world's largest cryptocurrency. "It's important for options on bitcoin to be available for this asset class to be fully normalized," said Matt Hougan, chief investment officer of Bitwise, one of the group of asset managers that brought bitcoin ETFs to market this year. "We're missing a part of the liquidity picture that ETF options would provide."
/jlne.ws/3Mk4uiy
BNY to Pay $5 Million to Settle CFTC Case Over Swaps Reporting; Firm is latest to settle with CFTC over derivatives reporting; BNY says it 'takes its regulatory responsibilities seriously'
Stephanie Stoughton - Bloomberg
Bank of New York Mellon Corp. will pay a $5 million penalty after a US regulator said that it failed to properly report millions of swaps transactions and supervise a unit that deals the derivatives. The US Commodity Futures Trading Commission on Monday said BNY repeatedly failed to "correctly report millions of swap transactions to a registered swap data repository." The CFTC also said BNY violated a prior order the regulator had against the firm.
/jlne.ws/3X9d88O
U.S. SEC Settles with Abra Over Unregistered Sales of Securities; The securities regulator says Abra sold half a billion dollars in unregistered Abra Earn while also operating without registration as an investment company.
Jesse Hamilton - CoinDesk
Abra has agreed to a settlement with the U.S. Securities and Exchange Commission over accusations the platform, owned by Plutus Lending, inappropriately pushed Abra Earn to customers when the product qualified as a security that should have been registered, the agency said Monday.
/jlne.ws/472xEMC
CME, Ice tread nuanced path to US Treasury clearings CME floats "hybrid" model, Ice commits to agent clearing, while LCH is yet to reveal its hand
Bernard Goyder and Helen Bartholomew - Risk.net
CME Group and Ice are pitching subtly different access models for their proposed US Treasury clearing houses. CME has in recent weeks briefed key stakeholders - including banks, broker-dealers and hedge funds - on preliminary plans for its proposed central counterparty (CCP) for US Treasury trades. A clearing executive at a large US bank describes CME's proposal as a "hybrid" approach that will allow banks and broker-dealers to offer US Treasury clearing as a standalone service or bundle it with
/jlne.ws/3Z2397M
Banks Likely 'End Game' for Repo Market as Treasury Supply Grows
Alexandra Harris - Bloomberg
Banks will have a bigger footprint in the market for repurchase agreements as US Treasury coupon bond issuance swells and demand for financing grows in the coming years.
The supply of new Treasury coupons is expected to increase by over $3 trillion in the next two years, which means Wall Street will need to find another $200 billion to $400 billion of additional repo, according to Citigroup Inc. strategist Jason Williams, in a note dated Aug. 23. With balances at the Federal Reserve's overnight reverse repo facility, or RRP - considered an alternative to T-bills or private market repo - potentially close to being drained, actual bank participation in the market is more critical, he said.
/jlne.ws/4cBZRLy
Banking industry loses challenge to CFPB small business loan rule
Nate Raymond - Reuters
A federal judge on Monday rejected a banking industry-backed challenge to a rule adopted by the U.S. Consumer Financial Protection Bureau that requires lenders to gather demographic data on small business borrowers. U.S. District Judge Randy Crane in McAllen, Texas, had blocked the agency from enforcing the rule nationwide after a federal appeals court in a separate case declared the bureau's funding structure unconstitutional.
/jlne.ws/3T7Ye1k
Rothschild plans to shut Chicago office, move staff to New York
Gillian Tan - Bloomberg
Rothschild & Co. plans to shut its Chicago office as the French firm shrinks its North American footprint, according to people with knowledge of the matter.The firm will transfer staff from its West Wacker Drive office to New York, said one of the people, all of whom requested anonymity to discuss confidential information. Details including timing of the relocations and when the office will be closed couldn't immediately be learned. Senior Rothschild bankers currently based in Chicago include the head of the North American media and telecom group, Jon Herbst, who is a partner, according to Financial Industry Regulatory Authority records.
/jlne.ws/3MlCX0d
Big banks are no longer afraid to confront their D.C. overseers
David Hollerith - Yahoo Finance
When JPMorgan Chase (JPM) told investors this month about a possible Consumer Financial Protection Bureau enforcement action targeting bank-owned payments app Zelle, it also offered a warning to those same regulators. The New York banking giant said it was evaluating whether to sue the CFPB over the Zelle inquiries, according to a quarterly filing made on Aug. 5. Regulators and some lawmakers are concerned about fraud on the platform, which is owned by seven lenders including JPMorgan. "The firm is evaluating next steps, including litigation," the bank said in its filing. This is not the first time in 2024 that JPMorgan has tossed out the possibility of suing its D.C. overseers.
/jlne.ws/4dVkfZ5
Griffin to break ground on 54-story Miami tower next year
Anna J Kaiser - Bloomberg
Ken Griffin is expecting to break ground next year on a 54-story tower in Miami that will serve as headquarters of his Citadel financial empire, enlisting a Philadelphia developer as a consultant on the project. The proposed building at 1201 Brickell Bay Drive will have 1.7 million square feet, combining offices and a roughly 413,000-square-foot hotel on the upper floors, according to plans filed with Miami-Dade County on Monday. The waterfront project is expected to break ground in the third quarter of 2025, a spokesperson for Griffin said.
/jlne.ws/3T7Rpwx
Optica CEO Departs Amid Probes Into Society's Links to Huawei; Bloomberg had reported Huawei funded research competition; Optica said it would return Huawei money after ties emerged
Kate O'Keeffe - Bloomberg
The leader of Washington-based scientific society Optica and the head of its foundation have left the group amid investigations into its decades-long alliance with sanctioned Chinese telecommunications giant Huawei Technologies Co. Optica Chief Executive Officer Elizabeth Rogan and Chad Stark, who ran the group's foundation, are no longer with the organization, according to an internal email seen by Bloomberg News. Their departures come after Bloomberg reported how Optica had cultivated ties with Huawei for years despite national-security concerns around the company.
/jlne.ws/4g2m48w
US Oil Dominance Hinges on Quiet Corner of New Mexico; The key to challenging the global influence of OPEC+ is a small swath of the American Southwest where drilling costs are high and most flaring is illegal.
Mitchell Ferman - Bloomberg
About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US's world oil dominance. After pumping less crude in the years leading up to the pandemic than top counties in neighboring Texas, New Mexico's Lea County has been rapidly gaining ground. Output there has expanded faster than in any other US county, last year becoming the first to ever produce more than 1 million barrels per day, according to energy research firm Enverus. Neighboring Eddy County will hit the million-barrel-a-day milestone by September next year, predicts energy analytics firm Novi Labs.
/jlne.ws/4dDuNwh
The IPO Hopeful's Dilemma: Cram Into Fall Window or Wait for '25; Some to test markets as US election narrows available dates; Greater China listing slump weighs on global IPO volume
Bailey Lipschultz - Bloomberg
Companies itching to go public face a tough choice as the fall IPO window opens: take the leap with markets near all-time highs, or wait until next year when risks around interest rates and the US election have faded. The window, roughly the nine-week stretch from Labor Day until the Nov. 5 vote, will likely be the last chance this year for a clutch of the best-prepared companies. Initial public offering bankers and advisers expect the election will freeze activity globally, putting a damper on IPO volume, which is unlikely to overtake last year's even after bouncing back in the first half from the post-pandemic lull.
/jlne.ws/4dEfDGS
The IPO Market Gets Cold Feet; Fears of stock turbulence could further delay a rebound in new listings
Corrie Driebusch - The Wall Street Journal
September is a popular time for companies to go public. This month's stock-market volatility is putting some plans on ice. Companies weighing whether to make their stock-market debuts face a critical decision in the coming weeks: pull the trigger soon so they can launch their deals before year-end or hold off until 2025.
/jlne.ws/3AHazTP
Progress on US banks' EVE transparency grinds to a halt No additional disclosures of key metric linked to SVB collapse in latest round of public filings
Joshua Walker - Risk.net
Nearly 18 months after the collapse of Silicon Valley Bank, progress to improve US banks' transparency on their economic value of equity (EVE) sensitivity - an indicator that assesses the impact of interest rate changes on the net cashflow of a bank's balance sheet - have stalled. A Risk Quantum analysis found the number of banks disclosing figures for EVE sensitivity remained unchanged between December 2023 and June 2024.
/jlne.ws/4727nhr
'My Living Nightmare': Detained Binance Exec's Wife Begs for His Immediate Release; Tigran Gambaryan's family says he can no longer walk and has battled multiple bouts of malaria pneumonia.
Cheyenne Ligon - CoinDesk
The wife of Tigran Gambaryan, the American Binance employee detained in Nigeria, released a new video statement on Monday pleading for his immediate release from prison.
"It has been six months since I last saw my husband, since our children last held their father's hand," Yuki Gambaryan said in the video. "His health is deteriorating to the point where he can no longer walk. Between bouts of malaria pneumonia and the unimaginable mental toll of his detention, he is now reaching the point of no return."
/jlne.ws/3T6Y8a5
Ex-Barclays Wealth Chief Barred From Job for Misleading FCA; Tom Kalaris blocked from top role at Saranac Partners; FCA had been investigating 2008 Barclays capital raising
Jonathan Browning - Bloomberg
Former Barclays Plc wealth head Tom Kalaris failed to gain approval to hold a senior position in UK finance after a London court declared that he'd acted dishonestly when quizzed about the bank's controversial capital raising with Qatar. Kalaris, who was facing scrutiny over his role in the injection of funds at the height of the 2008 financial crisis, has been trying to move on with a new wealth management venture after he was acquitted of fraud. He'd sought approval to be chief executive officer of Saranac Partners only to be blocked by the Financial Conduct Authority.
/jlne.ws/471PcZs
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Hits Ukraine With Over 100 Missiles Targeting Energy; Barrages have been ongoing, aimed at cities across Ukraine; Zelenskiy says energy sector sustained significant damage
Kateryna Chursina - Bloomberg
Ukraine said Russia fired more than 100 missiles and nearly as many drones at cities across the country on Monday in a massive attack against power infrastructure that caused blackouts and left at least three people dead. The energy sector has sustained significant damage, President Volodymyr Zelenskiy said in a post on the X social media network, calling the strike one of the largest since the Kremlin's invasion of his country began more than two years ago.
/jlne.ws/3Z24Ylc
Russian attacks on Ukraine kill five in second day of major strikes, Kyiv says
Valentyn Ogirenko and Gleb Garanich - Reuters
Russia launched missile and drone attacks targeting scores of Ukrainian regions and killing at least five people, officials said on Tuesday, a day after Moscow's biggest air attack of the war on its neighbour. Two people were killed when a hotel was "wiped out" by a missile in the central city of Kryvyi Rih, regional officials said. Three died in drone attacks on the southeastern city of Zaporizhzhia.
/jlne.ws/3Xle9f2
Russia seizes more than $100M from Google to fund war propaganda campaign: report
Ariel Zilber - NY Post
Russia seized more than $100 million from Google and used the money to fund its propaganda campaign in support of President Vladimir Putin's ongoing war in Ukraine, according to a report. Court documents obtained by the British newspaper Telegraph show that Google's bank accounts in Russia were emptied out shortly after the invasion two years ago, leading to the bankruptcy of the tech giant's Russian division. The confiscated cash was transferred to state-owned Russian channels including RT and Tsargrad, a network that pledged to use the money to back the war effort.
/jlne.ws/3X0dBdk
Moscow says US involvement in Ukrainian incursion into Russia's Kursk is 'an obvious fact'
Reuters
Russian Deputy Foreign Minister Sergei Ryabkov said on Tuesday that the involvement of the United States in Ukraine's ongoing incursion into Russia's western Kursk region was "an obvious fact", the TASS state news agency reported. Washington says it was not informed about Ukraine's plans ahead of its Aug. 6 incursion into Kursk. The United States has also said it did not take any part in the operation.
/jlne.ws/3YZFDrM
Russia is turning to crypto as sanctions snarl payments, report says
Filip De Mott - Business Insider
Russia, home to anti-crypto legislation, plans on testing digital assets as a way to break away from Western sanctions, Bloomberg reported. Moscow will initiate cryptocurrency exchange trials as soon as September 1, anonymous sources told the outlet. The intention is to ease payment difficulties for Russian exporters, caused by restrictions related to Moscow's war in Ukraine. Sources said the National Payment Card System will be used to swap between rubles and cryptocurrencies in these trials. The network was chosen due to its preexisting functions, such as an interbank settlement and clearing feature, and its full regulation by the central bank.
/jlne.ws/3YUtnJg
Trump warns Ukraine's incursion into Russia could spark 'World War 3' as he trashes Harris on foreign policy
John Bowden and Andrew Feinberg - The Independent
Donald Trump's latest attempt to pivot his campaign towards policy-oriented attacks on Vice President Kamala Harris saw him fall back into a familiar pattern of offering concessions to Vladimir Putin and Russia as he attempted to paint Joe Biden and Kamala Harris as pushing America towards a third world war. The ex-president, who was speaking to members of the National Guard Association of the United States in in Detroit, appeared to take a stance against the recent Ukrainian incursion into Russian territory near Kursk. The gaining of ground by Ukrainian troops, which analysts have said is meant to relieve pressure for Ukrainian troops elsewhere in the theater of war, Trump argued was actually another sign that "World War 3" was closer than ever.
/jlne.ws/3yKBbCP
Russia 'destroys weapons depot containing F-16 ammunition' in strikes on Ukraine
Verity Bowman - The Telegraph
/jlne.ws/3X4tyPu
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel-Hamas War Day 326 | Israeli Hostage Held by Hamas Rescued by IDF From Gaza
Eden Solomon - Haaretz
Soroka Medical Center in southern Israel reported that rescued hostage Kaid Farhan Elkadi is fully conscious and that his general condition is good. The hospital added that Elkadi underwent an initial medical examination, and that "he was very excited when he saw a family member."
/jlne.ws/4755VLo
Live Updates: Israeli Forces Rescue Hostage From Gaza; The Israeli military said it had freed a 52-year-old Israeli Arab man from a tunnel in southern Gaza. He is the eighth hostage to be rescued alive of the approximately 250 abducted 10 months ago.
Aaron Boxerman - The New York Times
Here are the latest developments. Israeli forces rescued an Arab citizen of Israel taken hostage in the Hamas-led attacks last Oct. 7 during an operation in southern Gaza, the Israeli military said on Tuesday, more than 10 months after he was abducted alongside roughly 250 others. Israeli officials identified the man as Farhan al-Qadi, 52, a member of the country's Bedouin Arab minority and the first Israeli Arab hostage to be rescued alive. The Israeli military said he had been freed from a tunnel by Israeli soldiers and special forces during a "complex operation," but disclosed few other details, citing concerns over security and the safety of the remaining hostages.
/jlne.ws/3XiKdQN
Israel's war on Gaza live: 20 killed in Israeli attacks this morning
Stephen Quillen and Nils Adler - Al Jazeera
Israeli attacks on Gaza, mainly in Deir el-Balah and Khan Younis, have killed at least 20 people this morning, reports our correspondent in the Gaza Strip. The director of Kamal Adwan Hospital in Beit Lahiya says Israel is denying the medical sector fuel and aims for its destruction.
/jlne.ws/3z37VXO
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Collaborates with Space Intelligence to Launch ICE's Commodity Traceability Service
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE Benchmark Administration Limited (IBA) is collaborating with Space Intelligence, a provider of high accuracy nature mapping data, to launch the ICE Commodity Traceability Service (ICE CoT). ICE CoT is a technology platform designed to facilitate the continued frictionless trade of physical cocoa and coffee by automating the process of submitting, storing, validating and sharing due diligence information mandated by the European Union's Deforestation Regulation (EUDR). The EUDR is designed to reduce the EU's impact on global deforestation and forest degradation by requiring proof that specified goods entering or sold in the EU are "deforestation-free" and lawfully produced. Europe is the largest market for cocoa and coffee worldwide.
/jlne.ws/3T6JsrA
CME Group Opens Registration for its 21st Annual Global University Trading Challenge
CME Group
CME Group, the world's leading derivatives marketplace, today announced that registration is now open for the 21st annual CME Group University Trading Challenge, which will be held from Sunday, October 6, 2024 through Thursday, October 31, 2024. Interested students can register no later than 2 p.m. CT on Tuesday, October 2, where they can also familiarize themselves with the challenge rules and gain additional market knowledge through the wide range of resources available.
/jlne.ws/3MiqsCJ
Euronext and Nord Pool announce Nordic and Baltic power futures market
Euronext
Euronext today announced that Nord Pool, the European power market, is to enter a new area of business with the launch, together with Euronext, of a dedicated Nordic and Baltic power derivatives market. The new Euronext Nord Pool Power Futures market will be traded on Euronext's pan-European Optiq trading platform and cleared by Euronext Clearing. The announcement comes after extensive consultation with market participants. Euronext Nord Pool Power Futures will be designed to answer the need expressed by the market to have a long-standing, sustainable market infrastructure committed to developing secure power futures trading in the Nordic and Baltic regions, with a strong Nordic foundation. Client testing will open as soon as March 2025. Euronext Nord Pool Power Futures will offer trading of cash-settled futures for all maturities on System Price and EPADs across the Nordics and Baltics. Underlying spot indices will be provided by Nord Pool.
/jlne.ws/4cYhm9b
HKEX Names Head of Global Issuer Services
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Tuesday) pleased to announce the appointment of Mr Johnson Chui as Managing Director, Head of Global Issuer Services. Mr Chui will join the Group on 2 September 2024, reporting jointly to Wilfred Yiu and Glenda So in their capacity as HKEX Co-Heads of Markets. In his new role, Mr Chui will lead HKEX's Global Issuer Services teams based in Hong Kong, Mainland China, London and Singapore, driving the Group's efforts to further diversify and expand its listed issuer base. He will be assuming oversight of this important function from Christina Bao, Co-Head of Sales and Marketing, who after eight years at HKEX, has decided to explore opportunities outside the Group.
/jlne.ws/3MmV8m5
Nasdaq and CF Benchmarks to Drive Development and Adoption of Digital Asset with New Index Options
Nasdaq
Nasdaq (Nasdaq: NDAQ), in partnership with CF Benchmarks, today announced its filing with the Securities and Exchange Commission to list and trade Nasdaq Bitcoin Index Options (XBTX). Upon regulatory approval, investors will be able to manage positions and hedge investments in cryptocurrency through options, furthering the maturity and liquidity of the asset class.
/jlne.ws/3MHs1ud
Amendments to Rule 3XXX2.I. ("Price Limits and Trading Halts") and Basis Trade at Index Close ("BTIC") Trading Hours of all Nikkei and TOPIX Equity Futures Contracts to Align with Japan Exchange Group, Inc. Extended Trading Hours
CME Group
Amendments to Rule 3XXX2.I. ("Price Limits and Trading Halts") and Basis Trade at Index Close ("BTIC") Trading Hours of all Nikkei and TOPIX Equity Futures Contracts to Align with Japan Exchange Group, Inc. Extended Trading Hours
/jlne.ws/4cPZptm
CME SPAN Software Update Now Available (Version 4.5.610.151) - Effective August 26, 2024
CME Group
The SPAN software suite, including PC-SPAN/SPAN Risk Manager®, SPAN Real-time Component Interface and SPAN Risk Manager Clearing, have been enhanced and a new version, number 610.151, is now available for download in the CME CORE Download Center. This is now the active version; support for earlier versions will cease in the coming months.
/jlne.ws/3Xj91Ie
Variable Storage Rate (VSR) Results for Wheat and KC HRW Wheat Premium (Storage) Rates
CME Group
Variable Storage Rate (VSR) Results for Wheat and KC HRW Wheat Premium (Storage) Rates
/jlne.ws/3ACTRol
Coronation Lists Two More AMETFs on the JSE
JSE
These latest offerings - namely Coronation Global Optimum Growth Prescient Feeder AMETF and Coronation Global Emerging Markets Prescient Feeder AMETF - provide investors with access to global and emerging market equity opportunities, each tailored to capture distinct market advantages through their unique investment strategies. The new AMETFs broadens their range of investment offerings available on the JSE.
/jlne.ws/4cKllWq
Caution for Investors
MCX
It has been brought to the notice of the Exchange that Telegram Channel named "Bharat Trading Yatra" is providing tips and assured returns in the market. It may be noted that MCX is in no way connected to such an illegal entity. It may be further noted that "Bharat Trading. Yatra" is neither associated with a member nor an Authorized Person of any of the Members of the Exchange.
/jlne.ws/3yV3wWW
NYSE Bonds - Redemptions - Traded Bonds
NYSE
The New York Stock Exchange, Inc. has been advised that the following securities have been called for redemption:
/jlne.ws/3Zk24IH
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Elon Musk's Grok Is a Risky Experiment in AI Content Moderation; The unfettered image generation tool on X is a test case for safe AI
Davey Alba - Bloomberg
A deluge of bizarre computer-generated images swept Elon Musk's social platform X last week - including violent, offensive and sexually suggestive content. In one, Trump piloted a helicopter as the World Trade Center buildings burned in the background. In others, Kamala Harris wore a bikini, and Donald Duck used heroin. Amidst the online furor, Musk posted, "Grok is the most fun AI in the world!"
/jlne.ws/3z3bBZB
Sweden's Klarna says AI chatbots help shrink headcount
Supantha Mukherjee - Reuters
Swedish payments group Klarna said it had reduced hundreds of jobs and sees more reductions to come as it implements AI to handle customer queries, saying on Tuesday chatbots can sharply reduce the time taken to resolve issues. The "buy now pay later" company, widely expected to seek a stock market listing next year, has been one of the early adopters of GenAI to cut costs and boost productivity.
/jlne.ws/4cJGRef
Klarna aims to halve workforce with AI-driven gains; Chief executive of buy now, pay later group heralds benefits of the technology as it narrows quarterly loss
Richard Milne - Financial Times
Klarna aims to extend artificial intelligence-driven cuts to its workforce with plans to axe almost half of its staff, as the lossmaking Swedish buy now, pay later company gears up for a stock market flotation. Chief executive Sebastian Siemiatkowski heralded the benefits of AI in Klarna's second-quarter results on Tuesday, which showed a significant narrowing of its net loss from SKr854mn ($84mn) a year earlier to SKr10mn.
/jlne.ws/3AGH0Sc
Klarna Profit Soars as Fintech Preps for Potential IPO Next Year
Aisha S Gani - Bloomberg
Klarna Bank AB said revenue jumped 27% in the first half of this year, buoying adjusted profit as the fintech continues to prepare for one of the most anticipated potential initial public offerings. The Stockholm-based company's adjusted profit rose to 673 million kronor ($66 million) for the quarter ending in June. That compares with an adjusted loss of 456 million kronor in the same period a year ago.
/jlne.ws/3X9Nelk
Using fear to sell AI is a bad idea; Constant warnings about the technology's power primes early users for disappointment
Elaine Moore - Financial Times
Eighteen months ago I went to a party in San Francisco that was thrown to celebrate generative AI as the next industrial revolution. The mood was cheerfully nihilistic. AI was about to demolish our way of life, said one partygoer. We were like farmers tending to our crops, unaware of the machinery that was on its way to chew us all up.
/jlne.ws/4dVi1ZE
Tokenized Treasury Funds Pass $2B Market Cap Amid BlackRock's Explosive Growth; BlackRock's BUIDL has quickly topped $500 million in market cap.
Helene Braun, Krisztian Sandor - CoinDesk
This comes only five months after the funds hit the $1 billion milestone in March.
Less than five months after hitting $1 billion in market capitalization, tokenized Treasury notes have doubled in size again, crossing the $2 billion level on Saturday, according to data from RWA.xyz. Tokenized Treasuries are digital representations of U.S. government bonds that can be traded as tokens on blockchains such as Ethereum, Stellar, Solana, Mantle and others. While $2 billion is an impressive milestone for the recently launched funds, there is far more potential given the Treasury market's massive size of $27 trillion.
/jlne.ws/3AIOG6E
Meta Platforms strikes geothermal energy deal to power US data centers
Reuters
/jlne.ws/4dFks2K
Swiss launch instant payments to catch up with Europe
Reuters
/jlne.ws/3T7S7Kd
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| Cybersecurity | | Top stories for cybersecurity | CISA seeks public feedback on information collection request to OMB for cybersecurity data review
Anna Ribeiro - Industrial Cyber
The U.S. Cybersecurity and Infrastructure Security Agency (CISA) cybersecurity division (CSD) within the Department of Homeland Security (DHS) published Monday a notice in the Federal Register to submit an information collection request (ICR) to the Office of Management and Budget (OMB) for review and clearance following the Paperwork Reduction Act (PRA) of 1995. The 60-day notice and request for comments are open for feedback, which will be accepted until Oct. 25.
/jlne.ws/3yINsrq
Three ways GRC offers promising career opportunities in cybersecurity
Adekunle Agbetiloye - Business Insider Africa
The Governance, Risk, and Compliance (GRC) industry is currently valued around $50 billion projected to reach over $180 billion by 2031. Despite this strong growth, it is still a wildly underserved industry. However, with its continued growth, the industry is quickly becoming a promising place for those looking to enter the cybersecurity field. Here are several reasons it is a promising industry.
/jlne.ws/4g0KWxc
European Agencies are Taking Cybersecurity Seriously and Your Business Should, Too; It's time businesses meet government expectations to put more effort into protecting their digital assets.
Nenad Zaric - Entrepreneur Europe
Cybersecurity has taken hits left, right, and center in the past year. Europe hasn't been spared, with high-profile breaches like the UK Ministry payroll hack exposing the personal information of members serving in the armed forces in May 2024. While numbers are looking more encouraging for the continent compared to global breach reports (more than 24 million reported breaches against more than 5 billion respectively in April 2024), Europe isn't quite out of the woods yet.
/jlne.ws/3T4xrmm
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Asset Manager Grayscale Offers AVAX Token Investment in New Avalanche Trust; The provider of bitcoin and ether ETFs now offers more than 20 crypto investment products.
Ian Allison - CoinDesk
Cryptocurrency asset manager and exchange-traded funds (ETF) provider Grayscale Investments said it added an Avalanche blockchain token trust to the slew of new products the firm has introduced in recent weeks. The Grayscale Avalanche Trust, announced Thursday, offers investors exposure to the AVAX token, used to pay transaction fees and secure the high-speed, ultra-scalable competitor to Ethereum.
/jlne.ws/3YVL2Aj
Trump's 'Made in USA' Bitcoin Threatens China Juggernaut Bitmain's Reign; Bitmain has 90% mining-rig market share by its own estimate; Some rivals seize on China-US tensions to grab business
Ryan Weeks and Sidhartha Shukla - Bloomberg
For years, a Chinese company has dominated one of the most lucrative corners of the cryptocurrency universe. Rising political tensions, and the prospect of Donald Trump retaking the White House, pose an unprecedented threat to that reign. Beijing-based Bitmain Technologies Ltd. has a 90% share of the market for computers used to mine Bitcoin. One top customer likens it to diamond producer De Beers at its height: so powerful that it can dictate global prices just by adjusting the output of its machines.
/jlne.ws/473Pv5T
Hong Kong Regulator Finds 'Unsatisfactory Practices' at Some Crypto Entities Seeking Full License: Report
Amitoj Singh - CoinDesk
Hong Kong's Securities and Futures Commission (SFC) has found "unsatisfactory practices" at "some" of the cryptocurrency exchanges seeking a full license from it after conducting on-site inspections, Bloomberg reported on Thursday, citing people familiar with the situation.
/jlne.ws/3T66L4J
The Crypto Bull Market Has Created 88K New Millionaires in 2024: Henley Global; Five of the six new billionaires became so through bitcoin investments.
Oliver Knight - CoinDesk
The recent cryptocurrency bull market has created more than 88,000 new crypto millionaires and six crypto billionaires in 2024, according to a report by New World Wealth and Henley & Partners. Globally there are now 172,000 people that hold over $1 million worth of cryptocurrency, a 95% increase from last year. This comes after a market surge that saw bitcoin (BTC) reach record high of $73,800 in March.
/jlne.ws/3AEZK4J
Ethereum and Blockchain to Be Included in High School Curricula in Argentina
ETH Kipu Foundation, an organization focused on supporting and developing the Ethereum ecosystem in Latam, has partnered with the Ministry of Education of the City of Buenos Aires in Argentina to include Ethereum and blockchain as part of high school curricula. Additionally, these two institutions are working to develop an online Solidity course to train young adults to code Ethereum apps.
/jlne.ws/4dGfkvm
Ether ETFs Have Bled Money, but That's Not the Whole Story
Helene Braun - CoinDesk
The headline could easily be this: Recently launched ether exchange-traded funds have been a dud. After all, investors have removed $465 million of assets in total from the nine funds that began trading in the U.S. a month ago. Dig a little deeper and you'll find success, however. BlackRock's iShares Ethereum Trust (ETHA) just passed $1 billion of net inflows, making it the seventh-most-successful ETF launch this year, according to Nate Geraci, president of the ETF Store. Fidelity's Advantage Ether ETF and the Bitwise Ethereum ETF have taken in $390 million and $312 million, respectively, according to data from Farside Investors.
/jlne.ws/3T7GaUV
Solana daily transaction fees drop to multi-month low as memecoin hype cools
Brian McGleenon - The Block
The total daily transaction fees paid on the Solana blockchain, measured in U.S. dollars, have fallen to a level not observed since early May 2024. On Monday, daily transaction fees on Solana dropped to $639,000 - representing a 65% decrease from this month's peak of $1.83 million on August 8 and an 87% decline from the all-time high of $5.08 million on March 18, according to The Block's Data Dashboard.
/jlne.ws/3T4vciW
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| Politics | | An overview of politics as it relates to the financial markets | Why Telegram's Extremism Worries Governments So Much
Eleanor Thornber and Jeff Stone - Bloomberg
Whether it's spreading conspiracy theories or organizing riots, messaging app Telegram has become a focus of extremist activity online. The service, started in 2013, is one of the most downloaded apps worldwide. Its private chat setting has made Telegram a free space for open discussion in countries with authoritarian regimes. But a relatively light-touch approach to content moderation means it's now a prime target for governments trying to stop criminal activities and the spread of misinformation that can destabilize societies. On Aug. 24, French authorities arrested Chief Executive Officer Pavel Durov over an alleged failure to take steps to prevent the criminal use of Telegram, including the spread of child sexual abuse material. The company put out a statement that it abides by European laws.
/jlne.ws/3yJAWId
Trump Says We 'Gotta' Restrict the First Amendment; The former president vowed to torch free-speech protections days after RFK Jr. touted him as anti-censorship
Nikki McCann Ramirez - Rolling Stone
On Friday, Robert F. Kennedy Jr. made a show of selectively exiting the presidential race and throwing his support behind Donald Trump, hailing the former president as a champion of free speech. Less than a week later, Trump is already promising to crush First Amendment protections if elected in November. On Monday, Trump complained about pushback to a proposal to sentence people to a year in jail for burning the American flag. "I wanna get a law passed [...] You burn an American flag, you go to jail for one year. Gotta do it - you gotta do it," Trump said. "They say, 'Sir, that's unconstitutional.' We'll make it constitutional." People may tell Trump that jailing anyone who burns the flag is unconstitutional because burning the flag is protected by the First Amendment.
/jlne.ws/3T5gkRE
Elon Musk's Hard Turn to Politics, in 300,000 of His Own Words; The billionaire's posts show his metamorphosis from a businessman who largely avoided politics to a vocal Trump supporter
Andrea Fuller, Alexa Corse, John West and Kara Dapena - The Wall Street Journal
When Elon Musk endorsed former President Donald Trump's campaign in July, X was his megaphone to reach his almost 200 million followers. The endorsement not only made Musk one of Trump's most influential supporters, but also represented a remarkable shift in his eagerness to weigh in on political debates compared with just a few years ago. Musk posted about 13,000 times this year through the end of July-almost as much as in all of 2023. That's about 61 posts a day, compared with nine in 2019.
/jlne.ws/3yVB871
Elon Musk voices support for California bill requiring safety tests on AI models
Reuters
Tesla chief Elon Musk, who also owns social media platform X, said on Monday he feels California should pass an AI bill that would require tech companies and AI developers to conduct safety testing on some of their own models. "For over 20 years, I have been an advocate for AI regulation, just as we regulate any product/technology that is a potential risk to the public," Musk said in a post on X, while calling on the state to pass the SB 1047 bill.
/jlne.ws/3X4C15v
Donald Trump is not exactly Nostradamus
Aaron Blake - The Washington Post
As his polls have soured in recent weeks, Donald Trump has turned to an old chestnut, warning about the hellscape that awaits America if Vice President Kamala Harris is elected. He has said she would "obliterate" Social Security and Medicare, and "destroy" the country. He's said she would "end" not just fracking but also fossil fuel use as a whole. He has predicted her election would lead to a stock market crash on par with the Great Depression. And on Sunday, he even predicted annihilation. "There will be no future under Comrade Kamala Harris, because she will take us into a Nuclear World War III!" Trump said on X. But if you are looking for your own personal American Nostradamus, you might want to look elsewhere. Trump's prognostications on this front have regularly proved wrong.
/jlne.ws/3AHChQj
Zuckerberg Says White House 'Pressured' Meta to Pull Covid Posts
Kurt Wagner - Bloomberg
Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg alleged that Facebook was "pressured" by the US government to censor content related to Covid-19 during the global pandemic and that he regrets the company's decision to accede to the demands. "In 2021, senior officials from the Biden Administration, including the White House, repeatedly pressured our teams for months to censor certain COVID-19 content, including humor and satire," wrote in a letter to the Committee on the Judiciary of the US House of Representatives. And while it was Meta's decision whether to remove content, he continues, "the government pressure was wrong, and I regret that we were not more outspoken about it."
/jlne.ws/4dX4DnU
Cannabis Reclassification Would Expand Banking Access to Industry, Advocate Says; U.S. Rep. Earl Blumenauer says cannabis will likely be rescheduled to a less restricted drug before the end of this year, giving state-legal cannabis businesses wider banking options
David Smagalla - The Wall Street Journal
A congressional advocate for the federal legalization of cannabis says changes are coming that could lead to better access to banking services for companies that grow or sell the drug. The co-founder and co-chair of the Congressional Cannabis Caucus, Rep. Earl Blumenauer (D., Ore.) has pushed to liberalize marijuana laws throughout his political career. Elected to Congress in 1996, Blumenauer says recent moves by the Biden administration toward rescheduling cannabis from a Schedule I drug-alongside substances such as heroin and LSD-to a less restrictive Schedule III drug will open opportunities for the growing industry, which is legal in some form in 38 states, but still not under federal law.
/jlne.ws/4g2ytJt
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| Regulation & Enforcement | | Stories about regulation and the law. | Bank of New York Mellon to pay $5 mln over swap reporting, supervision failures, CFTC says
Reuters
The Bank of New York Mellon has agreed to pay $5 million to settle U.S. Commodity Futures Trading Commission charges for repeatedly failing to correctly report millions of swap transactions, violating a previous order, the regulator said in a statement on Monday.
/jlne.ws/3AGcCaz
SEC and CFTC Rake In $474 Million in Fines for Off-Channel Communications, Rewarding Registrants That Self-Disclosed
Alston & Bird via JD Supra
Two and a half years after the first major settlement with some of the world's largest financial institutions, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) persist in their campaign against using off-channel communications. Our Investment Funds, Privacy, Cyber & Data Strategy, and White Collar, Government & Internal Investigations Groups unpack the latest enforcement actions, including how the agencies are looking for substantial settlements from smaller registrants.
/jlne.ws/3yYCi1F
Abra settles SEC charges of unregistered sale of crypto asset securities in Abra Earn
MK Manoylov - The Block
Abra settled a July 2020 case brought by the SEC alleging that Abra used customer digital assets "to generate income for itself and to fund interest payments."
In addition, the firm offered and sold securities that "did not qualify for an exemption from SEC registration," the agency said in a Monday release. The United States Securities and Exchange Commission settled its charges from July 2020 against Plutus Lending LLC, operating as Abra, for offering and selling unregistered crypto asset securities in its crypto lending product.
/jlne.ws/4cH9hVS
FinCEN Reminds Financial Institutions to Remain Vigilant to Suspicious Transactions Associated with Synthetic Opioids
FinCEN
During Overdose Awareness Week as the nation honors and remembers loved ones lost to the drug overdose epidemic, the Financial Crimes Enforcement Network (FinCEN) reminds financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids. FinCEN continues its efforts to marshal resources and expertise to combat the trafficking of illicit fentanyl through its participation in the Department of the Treasury's Counter-Fentanyl Strike Force. This past spring, FinCEN partnered with IRS Criminal Investigation (CI) to launch its "Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl" (PROTECT) series of FinCEN Exchange events that are being held in U.S. cities that are highly impacted by the opioid epidemic as part of the Counter-Fentanyl Strike Force. To date, PROTECT events have been held in Boston, Massachusetts; Tucson, Arizona; Miami, Florida; and just this month, FinCEN and CI hosted two additional PROTECT events in Portland, Oregon and Denver, Colorado.
/jlne.ws/3AO4LYq
Telegram Says It Is Compliant With EU Digital Services Act After Founder Pavel Durov's Arrest; The company says its CEO has nothing to hide as Toncoin's losses subside.
Sam Reynolds - CoinDesk
Messaging app Telegram said that it is fully complies with European Union law and its content moderation practices are within "industry norms." "Telegram abides by EU laws, including the Digital Services Act - its moderation is within industry standards and constantly improving," the company said in a statement. "Telegram's CEO Pavel Durov has nothing to hide and travels frequently in Europe." The statement comes a day after its CEO was arrested at a French airport by local authorities.
/jlne.ws/3MowXUu
CFTC to Host a Career Forum for Law School Students
Registration Opens Today for September 25 Event and Features Chair of the New York Stock Exchange Sharon Bowen
CFTC
The Commodity Futures Trading Commission will host an in-person Career Forum for law school students and recent J.D. graduates on Wednesday, September 25, 2024. This event will feature a fireside chat with Sharon Bowen, former CFTC Commissioner and current Chair of the New York Stock Exchange, alongside CFTC Chairman Rostin Behnam.
/jlne.ws/475y3hC
CFTC Orders The Bank of New York Mellon to Pay $5 Million for Swap Reporting and Supervision Failures and Violation of a Prior CFTC Order
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with The Bank of New York Mellon (BNYM) for repeatedly failing to correctly report millions of swap transactions to a registered swap data repository, in violation of a prior CFTC order against BNYM, and for failing to properly supervise its swap dealer business as required by the Commodity Exchange Act (CEA) and CFTC regulations. [See CFTC Press Release Nos. 8033-19 and 8042-19] The order imposes a $5 million civil monetary penalty and incorporates BNYM's decision to retain an independent compliance consultant to review and provide advice regarding its compliance program.
/jlne.ws/3yXKqQ3
CFTC Orders Wisconsin Man to Pay Civil Monetary Penalty for Acting as an Unregistered Commodity Trading Advisor
CFTC
The Commodity Futures Trading Commission today announced it entered an order requiring Mark Hendershott, located in Wisconsin, to pay a $75,000 civil monetary penalty for acting as an unregistered commodity trading advisor (CTA). The order finds, from in or about May 2018 through at least June 2021, Hendershott violated Section 4m(1) of the Commodity Exchange Act, 7 U.S.C. § 6m(1), by making use of the mails or any means or instrumentality of interstate commerce in connection with his business as a CTA without being registered with the CFTC as required.
/jlne.ws/3X4b29R
SEC Charges Brothers Jonathan and Tanner Adam with $60 Million Ponzi Scheme; SEC obtains emergency relief to freeze defendants' assets
SEC
The Securities and Exchange Commission today announced that it obtained emergency asset freezes against Jonathan Adam, a resident of Angleton, Texas, and his brother, Tanner Adam, a resident of Miami, Florida, and against their respective entities, GCZ Global LLC and Triten Financial Group LLC, to halt an alleged $60 million Ponzi scheme impacting more than 80 investors across the country.
/jlne.ws/3XkCJNa
SEC Charges Abra with Unregistered Offers and Sales of Crypto Asset Securities
Abra also allegedly operated as an unregistered investment company
SEC
The Securities and Exchange Commission today filed settled charges against Plutus Lending LLC, which does business as Abra, for failing to register the offers and sales of its retail crypto asset lending product, Abra Earn. The SEC also charged Abra with operating as an unregistered investment company.
/jlne.ws/3AGz1EH
SEC Charges Sound Point Capital Management for Compliance Failures in Handling of Nonpublic Information; Fund adviser's policies failed to consider potential impact of material nonpublic information gained from role as company lenders
SEC
The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser Sound Point Capital Management LP for failing to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information (MNPI) concerning its trading of collateralized loan obligations (CLOs). To settle the SEC's charges, Sound Point agreed to pay a $1.8 million civil penalty.
/jlne.ws/3Z26BPQ
Former Brisbane financial adviser Ben Jayaweera sentenced to 12 years imprisonment for fraud at retrial
ASIC
Ben Jayaweera, a former financial adviser and director of Growth Plus Financial Group Pty Ltd (in Liquidation), has been sentenced to 12 years' imprisonment following a hearing in the Brisbane District Court on 26 August 2024. On 23 August 2024, a jury found Mr Jayaweera guilty of 28 counts of fraud pursuant to section 408C(1)(e) Criminal Code Act 1899 (Qld). Over the course of 28 transactions, Mr Jayaweera caused 12 former clients a total detriment of $5,958,870.
/jlne.ws/4g2xcSB
Upper Tribunal ruling on Thomas Llewellyn Kalaris
FCA
On 27 August 2024, the Upper Tribunal ruled in the FCA's favour on the refusal to allow Thomas Llewellyn Kalaris to perform senior manager functions. Laura Dawes, director of authorisations at the FCA, said: 'We welcome the Tribunal's ruling. It unanimously found that Mr Kalaris was dishonest in 2 enforcement interviews the FCA conducted into events that occurred during his time at Barclays. He is therefore not fit to be a senior manager in a business regulated by us. It is vital financial firms are led by those who are honest, transparent and who act with integrity.'
/jlne.ws/46ZRbNP
Japan Fintech Week 2025 and Newsletter
FSA
/jlne.ws/3XksYOX
Equities Market Review Group Convenes Inaugural Meeting, Identifies Priority Areas, and Announces Members of Workstreams
MAS
The Equities Market Review Group held its inaugural meeting on 19 August, chaired by Mr Chee Hong Tat, Minister for Transport, Second Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore. The meeting discussed key challenges and opportunities facing Singapore's equities market, and set out its strategic direction for the review.
/jlne.ws/3Z38YBW
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Disconcerting Signal Behind China's Epic Bond Rally; Low yields suggest investors are souring on growth and taking on financial risks
Jason Douglas and Rebecca Feng - The Wall Street Journal
Beijing to investors: Stop bidding up our bonds. It's making us look bad. In recent weeks, bond traders have been piling into the perceived safety of Chinese government bonds, driving an epic buying spree that has pushed yields on the benchmark 10-year note, which move inversely to prices, to record lows. The rally has elicited an unusual response from China's central bank, which is responsible for managing the state treasury and maintaining financial stability: Stop buying these notes.
/jlne.ws/4dDYCwI
Warren Buffett Is Selling Bank of America. Maybe You Should Buy It.; The lender has some advantages relative to its megabank peers in an interest-rate-cutting scenario
Telis Demos - The Wall Street Journal
Warren Buffett's Berkshire Hathaway has recently been selling down some of its long-held stake in Bank of America. You might consider buying. Over the past month, Bank of America has underperformed the KBW Nasdaq Bank Index, down about 4% versus a roughly 1.5% drop for the index. Given Buffett's lifetime record, it would be hard to fault someone inclined to follow his lead on a trade. But Berkshire's motives are opaque. And as of mid-August, it still held roughly 12% of Bank of America's shares outstanding, according to Dow Jones Market Data. It has also already earned billions of dollars on the investment.
/jlne.ws/3XjtigN
Once-acquisitive Chinese oil giant looks to revive global dealmaking
Chen Aizhu - Reuters
CNPC, Asia's top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from aging wells, the head of its research arm said. China National Petroleum Corp (CNPC) and its listed arm PetroChina face stagnant oil output at home and a scarcity of new projects globally to boost reserves even as slowing economic growth and surging EV usage erode domestic demand, although mounting geopolitical barriers limit its room to manoeuvre.
/jlne.ws/4e1OqxY
'T-Bill and Chill' Is a Hard Habit for Investors to Break
Michael Mackenzie, Ye Xie and Alexandra Harris - Bloomberg
It's been the ultimate no-brainer for more than a year: Park your money in super-safe Treasury bills, earn yields of more than 5%, rinse and repeat. Or as billionaire bond investor Jeffrey Gundlach put it last October, "T-bill and chill." Even now, with Federal Reserve officials poised to ease benchmark interest rates from a two-decade high - a move that would instantly push down yields on bills and other short-term debt - money-market funds are thriving. They raked in $106 billion this month alone and their balances, at $6.24 trillion, have never been higher.
/jlne.ws/4g1hk2Q
NFL Owners Set to Vote on Letting Private Equity Invest in Teams; League approved PE firms Arctos, Ares & Sixth Street Partners; Firms could be able to buy 10% stakes in NFL franchises
Randall Williams - Bloomberg
NFL owners are set to vote on selling stakes in their franchises to private equity, potentially joining a shift by professional sports leagues to attract institutional investors. The discussion will take place on Tuesday afternoon in a Minneapolis hotel during a special one-day league meeting, according to people familiar with the matter. Barring a last minute change in the schedule, a vote will then follow.
/jlne.ws/3X5ps9M
Bob Diamond-Backed SPAC Inks Merger to Bring Events.com Public; Events.com pro forma enterprise value nearly $400 million; Deal to list Events.com on New York Stock Exchange under RSVP
Bailey Lipschultz - Bloomberg
Event management platform Events.com has struck a deal to merge with a blank-check firm led by Bob Diamond and Jeff Tuder at a pro forma enterprise value of nearly $400 million. The deal with special purpose acquisition company Concord Acquisition Corp. II is expected to list Events.com on the New York Stock Exchange under the ticker RSVP, the companies said in a press release confirming a Bloomberg News report. The terms give Events.com a pre-money equity value of about $314 million.
/jlne.ws/3Xl61LK
Institutional Investors Pay Half Price of Retail Buyers in Muni Trades; Smaller trades, a proxy for retail, paid average spread of $10; Retail buyers rely heavily on the secondary market: report
Nic Querolo - Bloomberg
Retail investors, who hold the largest share of municipal bonds, pay roughly twice the spread that major institutional investors pay when trading recently issued debt. The Municipal Securities Rulemaking Board measured the spread between prices on deals in the primary market and recent trades in the secondary market. Results showed trades of $100,000 or less, a proxy for retail buyers, paid an average spread of about $10, while trades of $1 million or more paid a spread of $4.42, according to a report published Monday. Institutional investors include major Wall Street firms, insurance companies, regional banks and foreign buyers, among others.
/jlne.ws/4g34h12
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Ex-Goldman Sachs Banker Plans to 'Massively' Scale New Steyer Venture
Frances Schwartzkopff - Bloomberg
Joseph Sumberg, a former managing director at Goldman Sachs Group Inc., is betting his career on the idea that climate change is about to turn the real estate market on its head. Since late 2022, Sumberg has been working with billionaire investor Tom Steyer to build strategies around the unique challenges facing real estate as the planet heats up. As founder and head of the real estate division within Steyer's investment vehicle, Galvanize Climate Solutions LLC, Sumberg is in charge of buying up properties and making them climate-proof.
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Alarm raised on sea level rise and ocean warming as Pacific Islands leaders meet; UN secretary-general calls for action as World Meteorological Organization highlights peril to low-lying nations in report
Aime Williams - Financial Times
Faster-than-average sea level rise, ocean warming and acidification are threatening the Pacific Islands, the World Meteorological Organization said, as regional leaders meet to discuss economic and security issues this week. The latest WMO report found that sea surface temperatures in the Pacific had risen three times faster than the global average since 1980. Marine heatwaves had also doubled in frequency over the same period.
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Scientists tied to chemical industry plan to derail PFAS rule on drinking water; Michael Dourson receives funds from chemical makers and plans to develop and publish studies that benefit firms
Tom Perkins - The Guardian
Scientists with financial ties to industry and histories of producing controversial research to derail chemical regulations are mobilizing to attack strict new federal drinking water limits for toxic PFAS, or "forever chemicals", documents reviewed by the Guardian reveal. In July, Michael Dourson, a contentious toxicologist who receives some funding from chemical makers, sent an email to scientists, consultants and lawyers detailing a plan to develop and publish peer-reviewed science for chemical companies to wield as evidence against PFAS limits. It went out just after industry groups mounted a legal challenge to the restrictions.
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The Secret Behind Germany's Record Renewables Buildout; As most countries struggle to install clean energy fast enough, Germany tackled the industry's toughest problem: slow permitting.
Marilen Martin and Akshat Rathi - Bloomberg
Talk to renewable-energy executives for long enough and almost everyone will complain about the time it takes to get government permits to build their power plants. Unless you're operating in Germany these days. "We're quite pleased," said Karsten Brüggemann, vice president of Nordex, which manufactures wind turbines. Particularly since 2022, he said, Nordex has seen a rapid rise in the number of turbines deployed and future wind farms permitted.
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Libyan Oil Shutdown Begins as UN Warns Feud Risks Economic Chaos; Output falls after eastern government escalates row with rival; Tussle surrounds central bank, manager of vast energy revenue
Salma El Wardany and Hatem Mohareb - Bloomberg
Libyan oil output dropped as authorities in the OPEC member's east enforced a shutdown, escalating a crisis the United Nations warned runs the risk of collapsing the economy. Production at the El-Feel field in southwestern Libya has stopped, according to people familiar with the matter, while local operators are indicating they'll gradually halt pumping nationwide.
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Could wavering investors undermine Europe's energy transition?
edie
Europe has set bold targets to accelerate renewable energy deployment this decade, but only a minority of projects have reached a final investment decision (FID), with investors deterred by political uncertainty, grid bottlenecks and arduous planning processes.
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AI's insatiable energy demand is going nuclear
Rachelle Akuffo - Yahoo Finance
Amazon (AMZN) is ubiquitous in today's world, not just for being one of the biggest and most established online marketplaces but also for being among the largest data center providers. What Amazon is far less known for is being the owner and operator of nuclear power plants. Yet that's exactly what its cloud subsidiary, AWS, did in March, purchasing a $650 million nuclear-powered data center campus next to a nuclear power plant from Talen Energy in Pennsylvania.
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The Secret Behind Germany's Record Renewables Buildout; As most countries struggle to install clean energy fast enough, Germany tackled the industry's toughest problem: slow permitting.
Marilen Martin and Akshat Rathi - Bloomberg
Talk to renewable-energy executives for long enough and almost everyone will complain about the time it takes to get government permits to build their power plants. Unless you're operating in Germany these days. "We're quite pleased," said Karsten Brüggemann, vice president of Nordex, which manufactures wind turbines. Particularly since 2022, he said, Nordex has seen a rapid rise in the number of turbines deployed and future wind farms permitted.
/jlne.ws/3WUIVKc
Exxon warns of oil shock if suppliers assume demand will fall by 2050; Bullish forecast from US supermajor contrasts with predictions of rapid transition form fossil fuel
Jamie Smyth - Financial Times
ExxonMobil has said global oil demand will remain virtually unchanged by 2050 and warned that any move to curtail investment in fossil fuels would trigger a new energy price shock. In a forecast released on Monday, the US supermajor said oil demand would stay above 100mn barrels a day over the next 25 years - a forecast that assumes an energy transition will fail to curb the world's thirst for fossil fuels. Exxon warned of a new global oil shock if companies failed to keep investing to match that demand, saying crude prices could quadruple as supply fell.
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Petrobras Eyes Argentina Deals to Boost Energy Imports
Peter Millard, Mariana Durao and Jonathan Gilbert - Bloomberg
/jlne.ws/4dCbNy1
Indian solar panels face US scrutiny for possible links to China forced labor
Lewis Jackson and Nichola Groom - Reuters
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The People's Bank of China has a transparency problem; A central bank communication strategy is vital if it is to achieve its aims
Eswar Prasad - Financial Times
If monetary mystique is an art, the People's Bank of China takes that to the extreme. Among the major central banks in both advanced and emerging markets, it is the only one that does not make changes to interest rates and other aspects of monetary policy linked to a predictable cycle of policy committee meetings. Instead, policy changes are made on an ad hoc basis and communicated through press release.
/jlne.ws/3Mnntc0
2 longtime partners at Pritzker venture fund leave to launch their own
John Pletz - Crain's Chicago Business
Two longtime partners at Pritzker Group Venture Capital are launching a $50 million fund. Sonia Nagar and Adam Koopersmith have begun raising money for SNAK Venture Partners I, according to a securities filing. The fund will focus on digital marketplaces, an area of investment they led at PGVC, a fund co-founded by Illinois Gov. J.B. Pritzker.
/jlne.ws/3T53rGY
Rise of active ETFs highlights looming prospect of dwindling fees; Active ETFs in Europe have so far launched with much lower fees than mutual funds, Morningstar analysis shows
Anna Devine - Financial Times
The growing number of asset managers entering the active exchange traded fund arena in Europe is opening a debate on the revenues managers can generate from these products. Over 90 per cent of assets in European exchange traded funds are managed passively, with a large part of the products' growth linked to the low fees they typically charge.
/jlne.ws/3ACjNRg
Nvidia employees can work 7 days a week until 2 a.m. - but few leave because of AI chip giant's lavish pay: report
Ariel Zilber - NY Post
Employees at AI chipmaker Nvidia are expected to be at their desks seven days a week and often until 2 a.m. - but workers are loathe to leave due to the company's generous pay package, according to a report. Ten people who either worked at the company or are still employed at the firm described the environment as a pressure cooker in which meetings often descend into shouting matches, according to Bloomberg News. A former marketing employee at Nvidia told Bloomberg News that she would often attend up to 10 meetings per day - each of them involving more than 30 people.
/jlne.ws/3MnLEHg
Opinion: College has to offer a better return on investment than students are getting; America's universities need a reality check - and American business could provide it
Peter Morici - MarketWatch
With students heading back to campuses, America's universities need a reality check - and American business could provide it. Even before recent demonstrations disrupted campuses and forced embarrassing confrontations between university presidents and congressional leaders, Americans' confidence in higher education was declining.
/jlne.ws/3z6j0r7
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The new COVID vaccine is out. Why you might not want to rush to get it
Arthur Allen - ABC News
The U.S. Food and Drug Administration has approved an updated COVID-19 shot for everyone 6 months old and up, which renews a now-annual quandary for Americans: Get the shot now, with the latest COVID outbreak sweeping the country, or hold it in reserve for the winter wave? The new vaccine should provide some protection to everyone. But many healthy people who have already been vaccinated or have immunity because they've been exposed to COVID enough times may want to wait a few months.
/jlne.ws/3ySJDjo
Does zinc really boost your immunity and metabolism? Experts explain the health benefits
Karla Pope - Fortune
Many people take zinc supplements, despite the fact that most people in the U.S. get adequate amounts of it from food. Many people believe zinc, an essential mineral found in almost every cell, is akin to a magic pill able to keep sniffles at bay and also help with weight loss. That may be why so many people take zinc supplements, despite the fact that most people in the United States get adequate amounts of this mineral from food. But does science back up those immune-boosting and calorie-burning beliefs? Experts suggest there's some truth to the claims.
/jlne.ws/4g1qjkr
Lilly Sells Zepbound Vials at 50% Discount to Meet Weight Loss Drug Demand; Vials sold via LillyDirect cost either $399 or $549 a month; Patient-led campaign asked drugmaker to #ReleaseTheVials
Madison Muller - Bloomberg
Eli Lilly & Co. is now selling vials of its blockbuster weight-loss drug Zepbound to patients for as little as $399 a month as it works to overcome supply shortages of wildly popular shots. Patients with a prescription for Zepbound can purchase a month's supply of single-use vials through Lilly's direct-to-consumer site starting Tuesday, the company said in a statement. The vials are priced at about half of what shots cost, with a higher dose going for $549 a month.
/jlne.ws/3AJlcp5
The cost of cracking cancer: what the $1tn race for a cure leaves behind; The first in an FT series looking at the new energy behind the fight for cancer cures
Oliver Barnes and Ian Johnston - Financial Times
People with aggressive forms of breast, lung and prostate cancer have been offered a lifeline in recent years as new treatments hit the market including AstraZeneca's Enhertu, Merck's Keytruda and Novartis's Pluvicto. But a new weapon to fight pancreatic cancer, the deadliest common form of the disease that kills seven out of eight patients within five years of diagnosis, has not emerged. Go-to treatment Folfirinox is a cocktail of four medicines, one of which was first approved in 1962.
/jlne.ws/3WZAzkJ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | A $1.4 Million IPO Overbought 400 Times Shows India Stock Frenzy; Resourceful Automobile seeks to raise $1.4 million in offering; New listings market remains hot despite regulator warnings
Ashutosh Joshi - Bloomberg
A planned initial public offering by an Indian motorcycle dealership with just two outlets and eight employees has been oversubscribed by more than 400 times, demonstrating how overheated the nation's new-share market has become. Resourceful Automobile Ltd. is seeking to raise 120 million rupees ($1.4 million), which it plans to use to repay debt and open new showrooms, according to the New Delhi-based company's offer document. Operating under the brand name Sawhney Automobile, the company is an authorized dealer for Yamaha Motor Co. Calls placed to the firm for comment were not answered.
/jlne.ws/3MktYwr
Fed Cuts May Send $1 Trillion FX 'Avalanche' to China, Jen Says
Ruth Carson and Anchalee Worrachate - Bloomberg
Chinese companies may be enticed to sell a $1 trillion pile of dollar-denominated assets as the US cuts interest rates, a move which could strengthen the yuan by up to 10%, according to Stephen Jen. The chief executive of Eurizon SLJ Capital said currency is now the biggest risk that's not priced in properly across markets - and the yuan may play an outsized role. "Think an avalanche," Jen said about the impact of the repatriation flows. The yuan "will appreciate and probably be allowed to - five to 10% would be modest and acceptable to China."
/jlne.ws/4g2AF3S
Massive Fires to Hurt Sugar Production in Top Supplier Brazil
Dayanne Sousa - Bloomberg
An unprecedented outbreak of fires that hit sugar-cane fields in the world's top exporter Brazil over the weekend is set to impact global supply of sweetener and elevate prices. The consequences could be bigger than those from a major frost that damaged sugar cane in Brazil in 2021, according to top sugar trader Alvean. "The scope of the issues now is much bigger," Mauro Virgino, trading intelligence lead at Alvean, said in an interview. "The fires of 2024 are like the frosts of 2021, but on steroids."
/jlne.ws/4cJ6lIH
A $557 Billion Drop in Office Values Eclipses a Revival of Cities; Commercial real estate turmoil is centered mostly on aging central business districts - with outer neighborhoods holding up better or even thriving.
John Gittelsohn - Bloomberg
The sun-splashed streets of Los Angeles' Century City evoke the prestige associated with the world's entertainment mecca. The aptly named Avenue of the Stars teems with traffic to the headquarters of Creative Artists Agency, talent manager for celebrities such as Brad Pitt, Steven Spielberg and Zendaya. LA's wealthiest discreetly hand their cars off to valets at the offices of UBS Private Wealth Management and Goldman Sachs Group Inc. Cranes are hoisting I-beams for a new 37-story tower that will be the future home of CAA, law firm Sidley Austin and private equity manager Clearlake Capital Group.
/jlne.ws/3XhQnAH
Indonesia Sells Longest-Ever 40-Year Bond as Easing Pivot Nears; Government issues rupiah bond due 2064 via private placement; Notes cater to demand from pension funds and insurers
Grace Sihombing and Norman Harsono - Bloomberg
Indonesia sold 40-year local-currency bonds for the first time as looming interest-rate cuts boost the allure of longer-tenor debt. The government raised 3 trillion rupiah ($194 million) from the sale of debt papers due 2064 through a private placement, Finance Ministry Director Deni Ridwan said in a statement on Tuesday. The note, which is a record maturity for a rupiah-denominated issue, carries an annual coupon of 6.875%.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Philanthropy has entered the race to save local news. Will it be enough?
Judith Crown - Crain's Chicago Business
These are tumultuous times at City Hall in south suburban Harvey. Last month, Mayor Christopher Clark ordered police to remove the audience from chambers after speakers critiqued the administration. In June, a preservationist and former planning commission member was arrested at a City Council meeting. At an earlier session, two local aldermen staged a walkout. You can read all about it in the Harvey World Herald, a young online publication started by town native and recent New York University graduate Amethyst Davis.
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