| July 25, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Bloomberg is reporting that the extreme heat is threatening Europe's $2 trillion travel industry and that "Climate change is set to make the tourist-friendly weather in some places unrecognizable. A 2019 study predicted that Madrid's climate in 2050 will resemble the north African city of Marrakesh; London will be more like Barcelona and Stockholm like Budapest."
Are you confused by corporate jargon? I know I can be. I started MarketsWiki to help people understand market jargon. A company named Haystack has started a glossary to help people understand corporate jargon. Move the needle. Boil the ocean. Blue-sky thinking. You can learn what they mean with Haystack's glossary, Bloomberg reports.
Acuiti posted a plug in LinkedIn for its report, "Expanding Connectivity: Exploring the Challenges and Solution in Trading New Markets" under the title of "What are the top new markets for international trading firms and how can exchanges capitalise on the demand?"
Elon Musk may have a problem with his Twitter rebrand and logo destruction. It turns out that Microsoft actually owns a trademark on X, according to the site Futurism. And Reuters reports that both Microsoft and Meta have trademarks on the letter X, Microsoft with its X-box video games. Reuters said, "Meta Platforms - whose Threads platform is a new Twitter rival - owns a federal trademark registered in 2019 covering a blue-and-white letter "X" for fields including software and social media."
The little blue bird might not be dead yet.
LME Clear appointed Michael Carty as its new CEO and LME Clear board director, effective October 2, 2023. Carty joins LME Clear from Euroclear Group, where he held various positions, including chief information officer and chief operations officer for Euroclear Sweden and Euroclear Finland, as well as CEO of Euroclear Sweden and most recently CEO of Euroclear UK and International.
Northern Trust quietly joined the CME Group and other Wall Street players in cutting staff, lopping off 900 jobs, Crain's Chicago Business reported. Northern Trust, which is now Chicago's second largest bank by deposits to leader BMO, is eliminating more jobs than it has in any single year in recent memory, Crain's said.
On this day in 1995, my wife called me at exactly 3:15, the close of the stock futures markets, to tell me that her water had broken and I needed to come home immediately. She was eight months and one week pregnant with our first child, Timothy James Lothian, who would be born later that evening by cesarean section. I remember driving home early that morning from the hospital thinking "new dad crashes car" because my eyes were so drenched in tears of joy. The pure feeling of love you feel for the birth of a child, especially your first child, is overwhelming and life changing.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Euronext is hosting a week of debate around sustainable finance, combining virtual workshops and webinars with local sessions online and in person. Euronext Sustainability Week, September 4-8, kicks off in Milan on September 4 with "Achieving net zero: the perspective for corporates and investors on the path to a carbon-neutral world," and continues with sessions in Oslo, London, Brussels, Copenhagen, Paris, Amsterdam and Frankfurt. The week includes public opportunities for debate and moments of direct dialogue between companies and investors, covering topics such as sustainable investing, ESG reporting, and green finance. ESG experts, issuers, investors, governmental delegates, and representatives from financial institutions will contribute to these discussions via local sessions online and in person, workshops, and webinars. You can learn more, identify your sessions and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- The US economy is in for rollercoaster inflation and could be headed for an ultra-rare 'full employment recession,' BlackRock says
- Beware Collateral Damage from Explosive Derivative Prices
- OIC 2023 Educational Series: Complex Spreads and Volatility Strategies ~JB
++++
Gary Flagler Talks Up Growing Interest in MexDer Markets at IDX with JLN's Julie Ros
JohnLothianNews.com
Gary Flagler, the head of international business development at MexDer, was interviewed by JLN Correspondent Julie Ros at the FIA International Derivatives Week (IDX) in London in June about the growing interest in trading in Latin America and South America.
He spoke about the various uses of the Mexican peso by various market players and countries to hedge risk because of the liquidity in the peso.
Watch the video »
++++
Record Hot Oceans Are Driving Weather Disasters Around the World; Soaring water temperatures are triggering extreme heat, storms and drought.
Brian K Sullivan - Bloomberg
Heat searing enough to knock out mobile phones. Wildfire smoke that turns the skies an apocalyptic orange. Flash floods submerging towns in upstate New York and Vermont. This grim procession of recent disasters is being driven in part by climate change. But there's one particular facet of global warming that's providing potent fuel to make extreme weather even more intense: record-hot oceans. Global ocean surface temperatures in June were the highest in 174 years of data, with the emergence of the El Nino weather pattern piling onto the long-term trend. Near Miami, coastal Atlantic waters are pushing 90F (32C.)
/jlne.ws/44TUgfW
****** It is so hot it makes you want to go up north to Canada. Oops, no wait, that is not going to work so well.~JJL
++++
Jeff Bezos is Spending US$400 Million to Make Underserved Communities Greener
Abby Schultz - Barron's
In the West Woodlawn neighborhood of Chicago's South Side, the nonprofit Blacks in Green has been creating a "sustainable square mile" built around creating self-sustaining Black communities that are walkable with plentiful plant-filled spaces and locally sourced jobs. This effort for tackling pollution and poverty got a huge boost last week with a US$1.5 million grant from the Bezos Earth Fund, a US$10 billion philanthropic initiative to combat climate change from Amazon founder Jeff Bezos.
/jlne.ws/472j5Za
***** Bezos spent $250 million to buy The Washington Post, so this is a significant investment by comparison.~JJL
++++
Affirmative action for rich kids: It's more than just legacy admissions
Greg Rosalsky - NPR
A few weeks ago, the U.S. Supreme Court ended affirmative action in college admissions. The ruling held that the race-conscious admission programs of Harvard University and the University of North Carolina violated the Equal Protection Clause of the Fourteenth Amendment. It's now deemed unconstitutional for colleges - both public and private - to weigh race as a factor in who they should admit.
/jlne.ws/473RuXl
***** How the cards are stacked against those not in the top 1%, according to a study by Raj Chetty and David J. Deming, of Harvard University, and John N. Friedman, of Brown University: "Among a number of other discoveries, the economists find that kids from the richest 1% of American families are more than twice as likely to attend the nation's most elite private colleges as kids from middle-class families with similar SAT scores." Maybe there was a reason we needed affirmative action after all. ~JJL
++++
Monday's Top Three
Our most read story Monday, by a lot, was Nickel Set to Flood the LME, Turning Metal Squeeze Into Glut, from Bloomberg. Second was Musk Says Twitter Will Change Logo to X, 'Bid Adieu' to Bird, also from Bloomberg. Third was Americans in Their Prime Are Flooding Into the Job Market, from The Wall Street Journal. Honorable mention goes to the link for the NYSE logo in JLN, which was among the top three clicked items yesterday.
++++
|
| | | | |
| Lead Stories | Women, Wall Street and Unfinished Business; Making it in the financial industry is still much harder if you're a woman.
Timothy L. O'Brien - Bloomberg
Wall Street can be a minefield for any competitive or ambitious person seeking a rewarding career, a name for themselves - and handsome paydays. They quickly find themselves surrounded by other competitive and ambitious people looking for exactly the same things. For women, the challenges can run even deeper, and for them, the world of Wall Street is particularly fraught. Consider this: The biggest US banks were all run by men until Jane Fraser became Citigroup's CEO in 2021. Asset management firms - particularly glamorous private equity and hedge funds - are largely ruled by men. Even when women find a way into Wall Street firms, pay gaps persist despite the fact that the Equal Pay Act was enacted way back in 1963. Other abuses can also crop up.
/jlne.ws/3OsOBYR
Robinhood Appoints New UK CEO Ahead of Planned Launch
Emily Nicolle - Bloomberg
Robinhood Markets Inc. has appointed a new chief executive to run its UK entity, as the US stock-trading app pushes ahead with the latest attempt to launch its services overseas. A register maintained by the UK's Financial Conduct Authority on Tuesday showed Jordan Dane Sinclair had been named and approved by the regulator to act as Robinhood UK Ltd.'s chief executive. The platform is planning to launch brokerage services to individual UK retail investors this year, according to accounts filed by its UK entity in May having previously attempted to debut in the country twice.
/jlne.ws/3Os3utB
Banks Are Going on a Diet; Regional lenders are cutting back on some lending to preserve capital
Telis Demos - The Wall Street Journal
Regional banks are trying to slim down. Their customers might have to tighten their own belts as a result. One way for banks to relieve the many pressures on them right now has been to shrink. Doing less lending or selling investments can mean less need to gather deposits at a time when it is increasingly expensive to do so. Banks that unload low-yielding bonds or loans, or let them mature and not replace them, can raise the average interest rates they earn on their assets, and improve the margins they earn on lending and investments. It can also help preserve a bank's capital, which is especially useful when government capital requirements are set to rise significantly.
/jlne.ws/3Q86n5b
Jamie Dimon's Luxembourg Visit Signals Nation's Key Role in EU Banking; Bank of America, HSBC expanded operations in past year; Political and social stability burnish country's appeal
William Shaw, and Nicholas Comfort - Bloomberg
Jamie Dimon touched down for JPMorgan Chase & Co.'s golden jubilee in Luxembourg this month in the latest reminder of how the tiny European country is winning big business from Wall Street's largest banks after Brexit. With $59 billion in client assets and credit, JPMorgan is among the biggest foreign players in the Grand Duchy, which houses banking assets several times larger than its gross domestic product.
/jlne.ws/451iRQ2
US security officials scrutinise Abu Dhabi's $3bn Fortress takeover; Cfius previously intervened on SoftBank's acquisition of the US investment firm
Arash Massoudi and Demetri Sevastopulo - Financial Times
US national security officials are scrutinising an Abu Dhabi sovereign wealth fund's planned $3bn takeover of New York-based Fortress Investment Group amid concerns in Washington over the United Arab Emirates' ties to China, people close to the situation told the Financial Times.
/jlne.ws/3Kczr7R
Sam Altman's vision for AI puts him on collision course with regulators; OpenAI chief says public sector has 'lack of will' to lead innovation
George Hammond and Scott Chipolina - Financial TImes
Sam Altman rolled out a new project to distinguish humans from increasingly smart robots this week, highlighting the OpenAI chief's belief that breakthroughs in artificial intelligence will soon create new challenges for society - and his conviction that he can solve them.
/jlne.ws/3O6qdeu
JPMorgan reimbursed Jes Staley for trips to meet Jeffrey Epstein, filings allege; Documents reveal further details about relationship among banking giant, its former executive and the late sex offender
Joe Miller and Joshua Franklin - Financial Times
JPMorgan Chase reimbursed former executive Jes Staley for trips he took to meet Jeffrey Epstein, according to allegations in New York court filings that shed further light on the US banking giant's entanglements with the late sex offender. Staley, who is accused of witnessing and participating in Epstein's sex crimes, also testified under oath that he told JPMorgan chief executive Jamie Dimon about the financier's misdeeds in 2006, the filings said.
/jlne.ws/3O9Vgpw
The problem with X? Meta, Microsoft, hundreds more own trademarks to new Twitter name
Blake Brittain - Reuters
Billionaire Elon Musk's decision to rebrand Twitter as X could be complicated legally: companies including Meta and Microsoft already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges - and the company formerly known as Twitter could face its own issues defending its X brand in the future.
/jlne.ws/3K8s01u
Twitter Turning Into X Is Set to Kill Billions in Brand Value
Aisha Counts and Jesse Levine - Bloomberg
It's rare for corporate brands to become so intertwined with everyday conversation that they become verbs. It's rarer still for the owner of such a brand to announce plans to intentionally destroy it. On Sunday, in the middle of a quiet summer weekend, Elon Musk decreed that Twitter's product name would be changed to "X," and that he is getting rid of the bird logo and all the associated words, including "tweet." Musk's move wiped out anywhere between $4 billion and $20 billion in value, according to analysts and brand agencies.
/jlne.ws/3OrrWwi
Musk Explains Why He's Dumping Twitter Name and Iconic Bird Logo; Billionaire to build fintech services atop social platform; Discarding the Twitter name reflects loftier goals, he says
Vlad Savov - Bloomberg
Elon Musk on Monday explained his decision to strip Twitter of its famous blue-bird logo as a move to remake the business into a broad platform for communications and financial transactions, a target he's described as the everything app.
/jlne.ws/3rKbAGb
FTX's Bankman-Fried denies witness tampering, accepts gag order
Mrinmay Dey - Reuters
Lawyers for FTX founder Sam Bankman-Fried rejected prosecutors' claims that his discussions with a New York Times reporter amounted to witness tampering but agreed to accept a gag order, they said in a letter to the judge in the criminal fraud case. The letter, released on Sunday, came after prosecutors sought to bar Bankman-Fried and allies from making public statements that could interfere with the case.
/jlne.ws/3qbbgzD
A new name tops the list of Chicago's largest banks as many see a dip in assets
Sophie Rodgers - Crain's Chicago Business
BMO Bank has surpassed Northern Trust on this year's list of Chicago's Largest Banks, taking the No. 1 spot with $177 billion in assets, a 6% increase from 2021 to 2022. Northern Trust, which has held Crain's No. 1 spot for the last three years, fell to No. 2 with $154.5 billion in assets, a 16% plunge from the previous year. On average, the top 25 banks saw assets grow by 2.4% from 2021 to 2022.
/jlne.ws/44CiA6D
Elon Musk and Mark Zuckerberg should cage fight over whose rebrand is worse
Amanda Silberling - Tech Crunch
Elon Musk is the best thing that could have ever happened to Mark Zuckerberg. As Musk begins to change Twitter's branding to X, Facebook's rebrand to Meta doesn't seem all that bad. Zuckerberg might be good at lifting weights these days, but he still needs to pull Meta out from a seriously rough few years. After rebranding to Meta in 2021, the company formerly known as Facebook spent $13.7 billion on VR and AR in 2022, though its social VR apps like Horizon Worlds remain incredibly unpopular.
/jlne.ws/43ArW1i
Sam Bankman-Fried Might Have Leaked Caroline's Diary, But Lawyers Say 'He's Done Nothing Wrong'
Connor Sephton - Decrypt
Attorneys representing Sam Bankman-Fried confirm that he talked to and shared documents with The New York Times for a story about Caroline Ellison last week, but insist "he's done nothing wrong." Ellison, his former lover and one-time CEO of Alameda Research, was the subject of an in-depth article in the Gray Lady last week.
/jlne.ws/3K8aJFG
US regulator accuses banks of misreporting deposit data; FDIC eyes problems with uninsured balances amid tensions over Silicon Valley Bank and Signature Bank levies
Stephen Gandel - Financial Times
A top US banking regulator has accused some US lenders of misreporting deposit data at a time of industry tension over how deposit levels will be used to assess the cost of this year's failures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Corporation, in an open letter to bank chief executives on Monday, said it had "observed that some depository institutions" had "incorrectly" lowered the value of their uninsured deposits.
/jlne.ws/470PNtM
Wall Street's Next Prize Is a $2 Trillion Australia Pension Pot; Pension giants reap more than A$1 billion of inflows a week; They're joining more global funds in private market deals
Richard Henderson, and Amy Bainbridge - Bloomberg
Morgan Stanley chief James Gorman has been tapping his Australian roots to access one of the world's fastest-growing corners of global capital. The bank's Melbourne-born boss is one of a string of executives from Wall Street and beyond doing more business with the largest players in Australia's A$3.5 trillion ($2.4 trillion) pensions industry. The big attraction: inflows of more than A$1 billion a week that need to find an investment destination.
/jlne.ws/3DztCgJ
LME Clear appoints new Chief Executive Officer
LME
LME Clear is pleased to announce the appointment of Michael Carty as Chief Executive Officer and LME Clear Board Director, effective 2 October 2023. Michael brings with him a wealth of knowledge and experience in financial infrastructure and technology. He joins LME Clear from Euroclear Group, where he has held various senior roles over the last 15 years, including Chief Information Officer and Chief Operations Officer for Euroclear Sweden and Euroclear Finland, CEO of Euroclear Sweden and, most recently, CEO of Euroclear UK and International.
/jlne.ws/4511E9k
The UK Government's research rules reform: Growing pains and the eventual boost in market attractiveness; The TRADE speaks to Matt Short, equity trading desk manager at BNY Mellon Pershing, about the impacts the UK government's reforms will have on the industry, the drivers behind the move and the potential growing pains that could ensue.
Wesley Bray - The Trade
Earlier this month, the UK government revealed plans to establish a one-stop-shop research platform as it moves closer to reversing the ban on free research for clients inherited from the EU under Mifid II. The unbundling regulation, introduced under Mifid II, required firms to separate the cost of investment research from trading costs - with the aim to increase transparency and reduce conflicts of interest.
/jlne.ws/3O1UZ8a
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Hundreds of thousands of people fled Russia after it invaded Ukraine - and now the countries that took them in are seeing a boost in their economies
Huileng Tan - Business Insider
Hundreds of thousands of Russians who fled their homeland following the country's invasion of Ukraine have resettled in neighboring countries - and are boosting their economies. The exodus of Russians started after many highly educated professionals - such as academics, finance, and tech workers - left Russia in the early days of the war, Insider's Jason Lalljee reported in March 2022.
/jlne.ws/3YazaI7
Russia's Crude Flows From Western Ports Slump to Seven-Month Low; Overall flows are down by 640,000 barrels a day from their February levels
Julian Lee - Bloomberg
Russia's seaborne crude flows from Baltic and Black Sea ports slumped to the lowest in seven months as Moscow belatedly implements cuts that it promised for March. Shipments from the ports of Primorsk, Ust-Luga and Novorossiysk fell to 1.17 million barrels a day in the week to July 23, a drop of 625,000 barrels a day from the previous week, according to vessel-tracking data monitored by Bloomberg and corroborated by other data sources.
/jlne.ws/3Kf3KdQ
Nuclear Monitors Chide Russia Over Slack Safety at Ukraine Plant; IAEA observed mines placed inside Zaporizhzhia's safety buffer; Agency still hasn't received roof access 20 days after request
Jonathan Tirone - Bloomberg
Atomic monitors stationed at a Russian-occupied nuclear plant in southern Ukraine criticized Rosatom Corp. officials for slack safety oversight. International Atomic Energy Agency observers saw mines placed in a buffer zone surrounding the Zaporizhzhia power plant during an inspection on Tuesday. While it's not the first time explosives have been observed, their presence onsite at Europe's biggest atomic power station "is inconsistent" with the IAEA's safety standards, the Vienna-based watchdog wrote late Monday.
/jlne.ws/3OpiVUl
NATO Convoys Can Protect Ukraine's Grain Harvest From Putin; A naval plan that worked against the Iranian enemy in the 1980s can succeed against the Russian enemy today.
James Stavridis - Bloomberg
In the latest escalation of his war crimes against Ukraine, Russian President Vladimir Putin has pulled out of the painfully negotiated grain deal that for months has permitted exports of Ukrainian and Russian agricultural products from Black Sea ports.
/jlne.ws/3Qc7eBB
Russia's Space Program Reels After Putin's Ukraine Invasion; Roscosmos is courting developing countries as partners cut ties because of the war.
Bruce Einhorn - Bloomberg
The Soviet Union was the first country to launch a satellite and first to reach the moon (with the uncrewed Luna 2, in 1959), and the first person to orbit Earth was a Russian, Yuri Gagarin, in 1961. But the Soviets lost the moon race when Neil Armstrong and Buzz Aldrin landed on the lunar surface in 1969, and no cosmonauts have ever made it there. Although the Soviets landed a few more uncrewed lunar missions, the last one was in 1976, the same year NASA marked the US bicentennial with a mission to Mars.
/jlne.ws/3Oskxg1
Russian Attack Threatens Even Alternative Routes for Ukrainian Grain; The attack on a grain hangar on the Danube River, an alternative export route that has become an economic lifeline, complicates Ukraine's efforts to export its grain.
Jenny Gross and Patricia Cohen - The New York Times
/jlne.ws/3Y4raIP
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LuxSE and GICE&SDGs join forces to strengthen sustainable finance education in India
Luxembourg Stock Exchange
Committed to fostering greater levels of sustainable finance education throughout the world, the Luxembourg Stock Exchange today announced that it has entered into a partnership with the Global Institute for Circular Economy Sustainable Development Goals, to provide sustainable finance courses to the Indian market. The Luxembourg Stock Exchange (LuxSE) and the India-based Global Institute for Circular Economy Sustainable Development Goals (GICE&SDGs) are joining forces to strengthen sustainable finance knowledge and education in India, a significant step to foster the development of sustainable funding solutions in the world's most populous country.
/jlne.ws/3OqWX3o
Western Cape Department of Economic Development & Tourism partners with JSE on multi-year SME development programme
Johannesburg Stock Exchange
The Western Cape's Department of Economic Development and Tourism (DEDAT) and the Johannesburg Stock Exchange (JSE) the largest exchange on the continent, announced today their collaboration on an exciting new initiative. This multi-year Small to Medium Enterprises (SME) development programme aims to stimulate the growth of the SME sector in the province.
/jlne.ws/473kSx2
Euronext makes TradeLog, its employee trading monitoring tool, available to companies across Europe
Euronext
Euronext today announces that TradeLog, its online software which allows companies to monitor and automate pre-clearance for employees' personal trading, is now available to companies across Europe, after its successful launch in Denmark and Norway.
/jlne.ws/3rHW3ql
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The App Formerly Known as Twitter; Elon Musk has given his social-media service a new name - X - but can he change its identity?
Jessica Karl - Bloomberg Opinion
Elon Musk's decision to sunset the bird app's original identity, Twitter, and replace it with "X," the everything app that will supposedly define the "future state of unlimited interactivity," is obviously controversial. But Musk's best - and perhaps only - defense comes from his fellow Canadian, Drake: X is shorter than Twitter.
/jlne.ws/3DrJ7r5
How Deutsche Bank's 13-year attempt to kill off an IT system finally worked
Olaf Storbeck - Financial Times
Over the first weekend in July, the most ambitious and fraught integration project in Deutsche Bank's history was confronted with the unlikeliest of obstacles. Inside one of the lender's buildings in Frankfurt, a 200-strong team of retail bankers and IT specialists were racing to complete the final 2,833 tasks needed to transfer the remaining data of German lender Postbank's 12mn customers over to Deutsche's computer systems.
/jlne.ws/3DuM5vc
Clearwater Analytics to launch new generative artificial intelligence solution for investment management; The solution - which claims to be the first of its kind for the investment management industry - will be available to select clients in the second half of this year.
Annabel Smith - The Trade
Clearwater Analytics is set to launch a new generative artificial intelligence solution aimed at improving the way institutional clients analyse investment data and respond to changing market dynamics. Named Clearwater-GPT, the solution claims to be the first AI-generative tool for the investment management industry and will be available to select clients throughout the second half of this year.
/jlne.ws/3QtK6z1
Tradeweb treads fine line as API trend brings challenges
Lukas Becker and Joe Parsons - WatersTechnology
A growing number of buy-side firms are taking more direct control over their execution of rates products on Tradeweb without visiting the platform itself. It's a trend that is seen by some as the first step on a slippery slope-albeit a small step, and a long slope-that leads to irrelevance.
/jlne.ws/43B9l53
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | France's Thales to buy Imperva in $3.6 bln cybersecurity deal
Tim Hepher and Mathieu Rosemain - Reuters
France's Thales (TCFP.PA) said on Tuesday it would buy U.S. cybersecurity company Imperva in a deal worth $3.6 billion as it steps up expansion outside its historic defence business in the war against bots and hackers. Thales' move signals the group is ready to spend large sums to beef up its digital identity and security (DIS) division and take market share in the United States, where Imperva serves some of the biggest companies.
/jlne.ws/43GNDwJ
Cyber Risk Is Business Risk: What Boards Need To Know To Remain Resilient
Kevin Lynch - Forbes
Once the domain of the IT department, cybersecurity now encompasses the entire organization. From increasingly sophisticated cybercriminals and an exploding attack surface to heightened financial consequences of successful attacks and new cyber regulations, cyber risk is business risk-making cybersecurity a central element of board governance.
/jlne.ws/3Dv17Ro
How the administration's cyber strategy falls short
Jeffrey Wells - The Hill
In response to the White House's newly released National Cybersecurity Strategy (NCS) Implementation Plan, one cannot help but voice concerns over its alarming lack of clarity and specificity. Unfortunately, it reflects an ongoing pattern within this administration, a puzzling avoidance of detail, and a seeming underestimation of such specificity's role in successful strategy execution.
/jlne.ws/3OuUgxU
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Fidelity-backed crypto exchange EDXM expands institutional access with Talos
James Hunt -The Block
Institutional-focused crypto exchange EDX Markets (EDXM) is integrating with Talos, an institutional trading technology provider for digital assets. The collaboration sees Talos become the first Order and Execution Management System (OEMS) to integrate with EDXM, offering institutional investors access to a wider range of liquidity venues via its front-end interface and trading tools, according to a statement.
/jlne.ws/3Kdt7gf
Judge in FTX Case Mulls Gag Order on Contact with Media
Elizabeth Napolitano - CoinDesk
A federal judge is considering forbidding "parties and witnesses" in the FTX case from speaking to the media, days after the U.S. Department of Justice alleged that FTX founder Sam Bankman-Fried leaked private documents from one of his co-conspirators to the press, according to court filings. The proposed order, filed Monday, comes as the DOJ claims Bankman-Fried shared former Alameda CEO Caroline Ellison's private diary to obstruct a "fair trial."
/jlne.ws/3NZe6Q4
FTX's Bankman-Fried denies witness tampering, accepts gag order
Mrinmay Dey - Reuters
Lawyers for FTX founder Sam Bankman-Fried rejected prosecutors' claims that his discussions with a New York Times reporter amounted to witness tampering but agreed to accept a gag order, they said in a letter to the judge in the criminal fraud case. The letter, released on Sunday, came after prosecutors sought to bar Bankman-Fried and allies from making public statements that could interfere with the case.
/jlne.ws/3qbbgzD
Peer-to-Peer Crypto Exchanges Lose Ground in Shrunken Market; Volumes falling more sharply at decentralized crypto exchanges; Traditional financial firms may add to competitive challenges
Sidhartha Shukla - Bloomberg
Crypto exchanges that connect buyers and sellers directly without Wall Street-style middlemen are under pressure to improve their services amid a decline in market share. These so-called decentralized platforms facilitate trading via algorithmic, blockchain-based software known as smart contracts, with users retaining custody of tokens rather than handing them to an intermediary institution.
/jlne.ws/44FCTzR
Sam Altman's Worldcoin Token Soars on First Day of Trading
Sidhartha Shukla - Bloomberg
Worldcoin, the token of the crypto project co-founded by OpenAI Chief Executive Officer Sam Altman, rallied on its first day of trading on Monday as investors piled into the hype around artificial intelligence. Worldcoin jumped to as high as $3.58 from the initial price of $1.70 before falling back to $2.52 as of 11:12 a.m. in London, data compiled by CoinMarketCap data showed.
/jlne.ws/470gPS5
Stan Lee NFT Collection Sells Out Almost Instantly, Rises 500%; Digital collectibles selling for $81 after launching at $15; Sale illustrates strong demand for some NFT launches exists
Immanual John Milton - Bloomberg
/jlne.ws/3OsuJ8d
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Leon Black's $158 Million Payments to Epstein Spark Senate Probe; Sen. Wyden questions whether Black owes gift taxes on payments; Wyden says Black art collection worth more than $1 billion
David Voreacos - Bloomberg
The $158 million in payments that private equity titan Leon Black made to sex offender Jeffrey Epstein is under investigation by the US Senate Finance Committee, which is questioning whether the sum amounted to gifts for which Black owes taxes.
/jlne.ws/44YVyXf
Funding Poised to Dry Up for Water Projects in Ohio and Other States if Proposed Budget Cuts Become Law; A House proposal looks for deep cuts to infrastructure programs, slashes environmental justice funding and more.
Kathiann M. Kowalski - Inside Climate News
Proposed federal funding cutbacks for water programs would severely impact communities in Ohio and other states as they strive to provide safe drinking water, replace aging infrastructure, respond to climate change and more. Among other things, the bill terms reported out by the House Appropriations Committee on July 19 would dramatically slash money going from the U.S. Environmental Protection Agency to state revolving funds for clean water and drinking water projects. The House would also eliminate funding for environmental justice programs, block the Biden Administration's orders on diversity, equity and inclusion and block certain rulemaking and enforcement actions.
/jlne.ws/46W8AGG
Canada Bans Some Fossil Fuel Subsidies, Meeting Decade-Old G-20 Pledge; Government targets handouts that mainly benefit oil and gas; But projects that reduce net emissions will be exempted
Laura Dhillon Kane - Bloomberg
Canada revealed new rules to ban some fossil fuel subsidies, targeting those that unfairly advantage oil and gas, solely support sector activities or endorse consumption of fuels that worsen climate change. Environment Minister Steven Guilbeault billed the move as the first fulfillment among Group of 20 nations of a 14-year-old old climate promise.
/jlne.ws/44YFBQR
London's Top Earners Reaped Biggest Pay Raises Since Start of Pandemic; IFS analysis says business services see highest wage growth; Trend reverses two decades of narrowing of the UK wealth gap
Jill Namatsi - Bloomberg
London's highest earners have reaped the biggest pay raises since the start of the pandemic, widening the gap between the richest and poorest people in the UK for the first time in two decades, an influential research group found. The Institute for Fiscal Studies said average earnings for workers in the capital have increased 5% to £4,400 ($5,646) a month before tax since February 2020. That's almost double the 2.7% national average.
/jlne.ws/3q18z3C
Nigel Farage Ups the Ante on Corporate Wokery; A UK banking scandal brings a harsh reminder of the political risks companies face when they leap into the culture war cauldron.
Adrian Wooldridge - Bloomberg
You do not have to like Nigel Farage to recognize that he is one of the most consequential politicians of our time. He terrified the Conservatives into Brexit, first by founding a political party, UKIP, that campaigned for a referendum and then by founding another one, the Brexit Party, that campaigned for the full-strength version. Now he is taking a wrecking ball to corporate wokery.
/jlne.ws/44ZxSBX
Russia Supplies African Ally Mali With Wheat as Ties Strengthen; Shipments destined for Mali are arriving in Guinea's Conakry; Russia's invasion of Ukraine has limited world wheat supplies
Katarina Hoije, and Antony Sguazzin - Bloomberg
/jlne.ws/3Yep0pZ
India's Food Security Is Being Choked by Climate Change; A warming planet is destabilizing the cycles of rain and sun that are keeping the country fed.
David Fickling - Bloomberg Opinion
/jlne.ws/44F3Rrs
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | US regulator reports rising number of flawed audits; Firms cite factors including high staff turnover and hybrid work patterns, according to PCAOB report
Stephen Foley - Financial Times
US regulators have seen a jump in the number of flawed audits carried out by global accounting firms, according to figures released on Monday night that point to the difficulties of high staff turnover and hybrid work. The Public Company Accounting Oversight Board said that its inspectors found deficiencies in 30 per cent of audits carried out by the US businesses of the global network firms - the Big Four of Deloitte, PwC, KPMG and EY, plus Grant Thornton and BDO - last year. That was up from 21 per cent of audits inspected in 2021.
/jlne.ws/3KdGwVL
SEC Wins Access to Some Covington & Burling Clients' Names; Judge allows limited release of names in data breach probe; Law firms argued ruling weakens attorney-client privileg
Robert Burnson - Bloomberg
Covington & Burling LLP must turn over the names of seven clients whose data was compromised in a cyberattack to the US Securities and Exchange Commission, despite objections by the firm and others that to do so would weaken attorney-client privilege. The SEC had asked in March for the names of almost 300 "public company clients" of the law firm, saying it needed them to determine if the hackers had used the information they stole to engage in illicit trading.
/jlne.ws/3O7AnLV
India Introduces ESG Subcategory for Equity Schemes
Ranamita Chakraborty - Regulation Asia
The Securities and Exchange Board of India (SEBI) has opted to adopt a separate sub-category for ESG investments under the thematic category of equity schemes. The provision of a new category for ESG schemes will take effect immediately. The board will now allow mutual funds to introduce multiple ESG schemes, each with unique strategies namely exclusion, integration, positive screening, impact investing, sustainable objectives, and transition or transition-related investments. Previously, mutual funds were limited to launching only one ESG scheme under the thematic category for equity schemes.
/jlne.ws/3q3lZMB
CFTC Charges Tennessee Husband and Wife Realtors for Operating a $6 Million Digital Assets Commodity Pool Scheme
CFTC
The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Middle District of Tennessee against Michael and Amanda Griffis of Clarksville, Tennessee. The complaint charges the defendants with defrauding over 100 people across the U.S. and failing to register with the CFTC in connection with a multi-million dollar commodity pool scheme they operated from approximately July 2022 through January 2023.
/jlne.ws/471xnt0
SEC Charges Former Pfizer Statistician with Insider Trading Ahead of Covid-19 Announcement
SEC
On June 29, 2023, the Securities and Exchange Commission filed insider trading charges against Amit Dagar, a former Pfizer Inc. employee, and his close friend and business partner, Atul Bhiwapurkar, for trading in advance of the company's November 5, 2021, announcement that a randomized, double-blind study of its COVID-19 antiviral treatment, Paxlovid, was successful. Following that announcement in which Pfizer's CEO referred to the news as a "game-changer" in the global efforts to "halt the devastation" of the pandemic, the company's stock price increased by nearly 11 percent, the largest single-day price move in the stock since 2009.
/jlne.ws/44InMWC
SEC Charges Twice-Convicted Fraudster Eliyahu Weinstein and Five Others with $38 Million Ponzi-Like Scheme to Defraud Investors
SEC
Along with Weinstein, the SEC charged Aryeh L. Bromberg, Joel L. Wittels, Richard M. Curry, Christopher J. Anderson, and Alaa Mohamed Hattab for their roles in the fraudulent scheme, which involved raising investments to fund purported deals to purchase, distribute, and sell in-demand healthcare products. The SEC alleges that, beginning in or around November 2021, Weinstein, Bromberg, and Wittels raised money from investors for purported deals through Optimus Investments Inc. while concealing Weinstein's identity, criminal history, and involvement from investors. Beginning in January 2022, Anderson and Curry allegedly began raising money for Optimus deals through Tryon Management Group LLC, and, by August 2022, they joined the other defendants in actively concealing Weinstein's role in the venture. Hattab provided substantial assistance to the other defendants in carrying out the scheme.
/jlne.ws/3Ov2o1p
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The APEs Can Be Saved; Also the Trump SPAC settles, Twitter = X and beer advertising is securities fraud.
Matt Levine - Bloomberg Opinion
The story in brief. AMC Entertainment Holdings Inc. became a meme-stock company and sold a lot of stock to retail investors to raise money to buy, among other things, a gold mine. Eventually it sold all the common stock that its corporate charter allowed it to sell, and it couldn't get its shareholders to approve more, because meme-stock investors mostly don't vote.
/jlne.ws/3O8YmKp
Traders Burned by AMC-APE Arbitrage Bet Get Lifeline From New Filing
Yiqin Shen and Bailey Lipschultz - Bloomberg
Traders burned Friday by an arbitrage bet on AMC Entertainment Holdings Inc.'s stock got a lifeline when the movie-theater chain revised a plan to convert preferred shares that may enable it to win legal approval for the move.
/jlne.ws/3KdWVtj
Rice Risks Hitting Decade-High as Indian Curbs Rock Market; Senior Thai industry official warns prices look set to 'spike'; Costlier staple would add to stresses on global food markets
Pratik Parija, and Napat Kongsawad - Bloomberg
Rice prices are set to surge after top exporter India banned a large chunk of shipments, adding to stresses on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine. "In the short term, the price is definitely going up, it's just a question of how high up it will go," said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, one of the world's biggest shippers of the grain.
/jlne.ws/3Q7MUS9
Splitting a Second Home With Family or Friends? Get a Lawyer; Plan specifying how bills are paid might reduce conflict among co-owners
Veronica Dagher - The Wall Street Journal
Buying a vacation home with family or friends might seem great on paper. Often, those who do so regret the decision. Home buyers who split the purchase of a vacation spot with family or friends say they are doing so to cope with high mortgage rates, steep home prices or rising home-repair costs. Others are inheriting vacation property as more of their baby-boomer parents die.
/jlne.ws/43AsXXa
Investment masterclass: WTF are ETFs? What should investors look out for when selecting an ETF?
Money Clinic with Claer Barrett - Financial Times Podcast
Exchange traded funds or ETFs have been growing in popularity recently but as Money Clinic listener Saranya has found, there's a bewildering array of different types of ETFs to choose from. Presenter Claer Barrett is joined in the studio by Dave Baxter, funds editor at the Investors' Chronicle, and Lynn Hutchinson, head of ETF and index solutions at investment manager Charles Stanley. They unpick the many different types of ETFs, how to use them to build an investment portfolio and what to look out for in terms of fees.
/jlne.ws/3KcFnO4
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | IOSCO endorses the ISSB's Sustainability-related Financial Disclosures Standards
International Organization Of Securities Commissions
In a major step towards consistent, comparable and reliable sustainability information, IOSCO announces today that it has decided to endorse the sustainability-related financial disclosures standards, recently issued by the International Sustainability Standards Board (ISSB), IFRS S1 and IFRS S2. IOSCO has engaged extensively with the ISSB over the last two years, culminating in a comprehensive and independent review of the final ISSB Standards. After a detailed analysis, IOSCO has determined that the ISSB Standards are appropriate to serve as a global framework for capital markets to develop the use of sustainability-related financial information in both capital raising and trading and for the purpose of helping globally integrated financial markets accurately assess relevant sustainability risks and opportunities.
/jlne.ws/44KqomH
JPMorgan, Citi Listed as Top Oil and Gas Banks in the Amazon; About $20 billion directed to funding fossil fuels since 2009; Banks play critical role in shifting the energy economics
Natasha White - Bloomberg
As the Amazon may face a catastrophic tipping point that's eroding its status as a major carbon sink, a new study maps out which banks have pumped the most money into oil and gas extraction from the world's largest rainforest. An analysis by Stand.earth, a nonprofit with offices in Canada and the US, lists JPMorgan Chase & Co. and Citigroup Inc. as the two banks that have dominated financial backing to fossil fuels in the Amazon basin over the past 15 years. In all, JPMorgan and Citigroup were behind $3.8 billion in loans and bonds for oil and gas production and infrastructure, according to Stand.earth.
/jlne.ws/44WTqiE
South Korea Emerges As Key Partner for America's Energy Transition; More than a third of all manufacturing investments under the Inflation Reduction Act went to South Korean firms, but the country struggles to ramp up clean energy projects domestically.
June Kim - Inside Climate News
On June 22, the U.S. The Department of Energy announced that it will grant a $9.2 billion loan to BlueOval SK LLC (BOSK), a joint venture between Ford and SK On, a Korean battery manufacturer. The loan will be used to construct three manufacturing plants in Tennessee and Kentucky. Once operational, the facilities have the potential to displace 455 million gallons of gasoline annually by propelling the shift toward low-carbon transportation.
/jlne.ws/3Drcudh
Big Six Audit Firms Pushed on Climate Inaction
Vibeka Mair - ESG Investor
Law firm ClientEarth has written to the world's six largest accounting firms to warn that they are failing on their commitments to improve how climate change is addressed in financial reporting and audit. The letter, addressed to the Global Public Policy Committee (GPPC) comprised of senior leaders of BDO, Deloitte, EY, Grant Thornton, KPMG and PwC, said there is a lack of transparency on climate risk in financial reporting and audit that is required by accounting standards. In 2020, the International Accounting Standards Board (IASB) issued guidance on climate reporting, and the GPPC promised to play its part in supporting greater transparency on climate matters.
/jlne.ws/43FAfsH
Christian Nonprofit Ditches Barclays Over Oil and Gas Financing; UK charity Christian Aid said it would be moving its banking to Lloyds over Barclays' fossil fuel links.
Olivia Rudgard - Bloomberg
Christian Aid, a British nonprofit, announced that it will no longer bank with Barclays Plc due to the bank's funding of oil and gas projects. The 78-year-old charity has kept its money with Barclays since 2015. Between 2016 and 2022, Barclays financed some $190 billion in fossil fuel projects, according to an analysis by the Rainforest Action Network. Those included projects for fracking and for drilling in the Arctic.
/jlne.ws/3OtE7bS
EC Approves euro 3 Billion German Net Zero Investment Scheme
Jack Grogan-Fenn - ESG Investor
The European Commission (EC) has ratified a euro 3 billion (US$3.33 billion) German scheme to support private investments in specific strategic goods needed for a net zero transition. The scheme was approved under the State aid Temporary Crisis and Transition Framework, which was adopted in March to support measures in sectors key to accelerate the green transition and reduce fuel dependencies. The scheme will take the form of direct grants, tax advantages, subsidised interest rates on new loans, and guarantees on new loans. The scheme will be open to companies producing relevant equipment for the net zero transition, including batteries, solar panels, wind turbines, heat-pumps, electrolysers, equipment for carbon capture usage and storage.
/jlne.ws/3q4S6eS
UK CO2 Emissions Drop For The First Time in Two Years, ONS Says
Liza Tetley - Bloomberg
/jlne.ws/3Y56d08
Chevron Considers Lithium Production in Latest EV Bet by Big Oil; Oil giants could use drilling skills to extract lithium; Exxon recently said it's also exploring lithium opportunities
Mitchell Ferman, and Kevin Crowley - Bloomberg
/jlne.ws/453tWQR
This Summer's Heatwaves Would Have Been 'Almost Impossible' Without Human-Caused Warming, a New Analysis Shows; The deadly temperatures that scorched parts of North America, Europe and Asia in early July will be common in a few decades unless greenhouse gas emissions are cut fast.
Bob Berwyn - Inside Climate News
/jlne.ws/43AWq3j
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Northern Trust quietly chopping 900 jobs
Steve Daniels - Crain's Chicago Business
There have been no public pronouncements - no cost-cutting program nicknames like 2017's "Value for Spend" - but Northern Trust so far this year is eliminating more jobs than it has in any single year in recent memory. Chicago's largest locally headquartered bank is in the middle of cutting 900 jobs, about 4% of its global workforce, as of the end of 2022.
/jlne.ws/3KcCsos
UBS to Pay $387 Million in Credit Suisse-Tied Archegos Fines; Bank's consent order with the US Fed totals $268.5 Million; UK regulators fine the Swiss bank a record £87 million
Katanga Johnson and Myriam Balezou - Bloomberg
UBS Group AG will pay a total of about $387 million in fines related to misconduct by Credit Suisse Group AG in its dealings with Archegos Capital Management as the new owner of the collapsed Swiss rival starts picking up its legal tab. In a consent order with the Federal Reserve, UBS agreed to pay $268.5 million for "unsafe and unsound counterparty credit-risk management practices" at Credit Suisse, which UBS acquired in June.
/jlne.ws/44Qqglk
EU Stablecoin Issuers With Bank Assets in Reserve Will Get Extra Regulation, EBA Draft Says
Jack Schickler - CoinDesk
European stablecoin issuers would face extra rules if their reserves have a lot of derivatives or covered bonds under draft rules circulated by the European Banking Authority Monday. New laws known as the Markets in Crypto Assets regulation (MiCA) mean any stablecoins deemed to be overly connected to the financial system face extra capital requirements and centralized supervision by the European Union (EU).
/jlne.ws/3Y8qT7z
Credit Suisse fined $388mn over Archegos collapse; US and UK regulators criticise 'serious' and 'significant' failings behind $5.5bn trading loss at defunct Swiss bank
Stephen Morris - Financial Times
Credit Suisse has been fined $388mn by US and British regulators for "significant failures in risk management and governance" related to the collapse of Archegos Capital, which caused a $5.5bn trading loss and helped bring about the demise of the Swiss lender. The US Federal Reserve imposed a $269mn penalty on the bank for "unsafe and unsound counterparty credit risk management practices", while the UK Prudential Regulation Authority levied a record £87mn fine, according to a series of co-ordinated statements on Monday.
/jlne.ws/3QaTUNS
Hedge fund Sculptor agrees $639mn takeover by Rithm Capital; Sale ends lengthy dispute between billionaire founder Daniel Och and his former protégé
Ortenca Aliaj and Antoine Gara - Financial Times
culptor Capital Management, once one of the world's largest hedge funds, has agreed to be sold for $639mn in a takeover that ends a bitter fight between its billionaire founder Daniel Och and his former protégé Jimmy Levin. New York-based real estate firm Rithm Capital will pay Sculptor shareholders $11.15 per class A share, an 18 per cent premium to the fund's closing price on Friday. Sculptor's stock price was up 16.5 per cent in Wall Street trading on Monday.
/jlne.ws/3q2hH8g
JPMorgan ignored Epstein's 'nymphettes,' US Virgin Islands says
Reuters
/jlne.ws/44Ff2Ae
Lazard Launches New Arm Focused on Capital Raising; CEO-elect Peter Orszag internally unveils new team that will also focus on debt advisory
Lauren Thomas - The Wall Street Journal
/jlne.ws/3DppS1z
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Hidden Career Cost of Being Overweight
Ray A. Smith - The Wall Street Journal
Looking back, Michelle Matthews said she often internalized co-workers' comments about her weight. At one work lunch, a teammate remarked on how much she was eating. A higher-up told her she needed to "show up physically as a leader" after she failed to win a promotion. It wasn't until the tech-product design director switched to remote work in 2020 that she grasped how much such slights had colored her office career.
/jlne.ws/3Y55j3Q
The share of America's oldest workers - aged 75 and up - is growing rapidly, and it's the only age group expected to expand by 2030. Here's why
Kerry Gold - MoneyWise
American politicians aren't the only ones working well into their 70s and beyond. Increasingly, people much older than the traditional retirement age of 65 are forgoing days on the golf course or volunteering at bake sales and instead staying in the office. The Bureau of Labor Statistics in 2021 published figures showing the number of people in the labor force who are 75 and older grew 53.7% from 2010 to 2020 and is projected to grow 96.5% between 2020 and 2030.
/jlne.ws/450fXva
The 3,300 employees of an oil trading firm each made almost $800,000 last year - way more than Wall Street bank staff
Jordan Hart - Business Insider
Staff at Vitol Group received huge raises this year after the oil trading firm posted a record profit of $15.1 billion. Vitol's 3,311 staff each earned an average of $785,000 in salary and bonuses, according to Bloomberg, up from $394,000 in 2022. Their pay vastly outstrips the average compensation at Wall Street banks such as Goldman Sachs and Morgan Stanley that paid an average of $312,000 and $280,000 respectively last year.
/jlne.ws/470Q5B1
Return-to-Office Stalwart Austin Increasingly Working From Home; Workers in the Texas tech capital came into offices more often than those in any other big US city last year, but that's changing fast.
Matthew Boyle - Bloomberg
Austin, once a national leader in returning to the office, is quickly becoming a laggard. The Texas capital, where technology giants Google, IBM Corp. and Apple Inc. have ambitious expansion plans, has seen its office-occupancy rate fall from 68% in early March to 57% last week - the biggest drop by far among the 10 major US cities tracked by security firm Kastle Systems.
/jlne.ws/3KcD8KE
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Could the Next Pandemic Start at the County Fair? Since 2011, there have been more human swine flu cases reported in the United States than anywhere else in the world. Most have occurred at farm-animal showcases.
Emily Anthes - The New York Times
It was showtime at the youth swine exhibition, and the pig barn was bustling. The competitors, ages 3 to 21, were practicing their walks for the show ring and brushing pig bristles into place. Parents were braiding children's hair, adding ribbons and pig-shaped barrettes. Dr. Andrew Bowman, a molecular epidemiologist at Ohio State University, was striding through the barn in waterproof green overalls, searching for swine snot. As he slipped into one pen, a pig tried to nose its way out, then started nibbling his shoelaces.
/jlne.ws/3Y8Nn8t
Undoing Health System Monopolies May Be a Lost Cause
Elisabeth Rosenthal - The New York Times (opinion)
When Mark Finney moved to southwestern Virginia with his young family a decade ago, there were different hospital systems and a range of independent doctors to choose from. But when his knee started aching in late 2020, he discovered that Ballad Health was the only game in town: He went to his longtime primary care doctor, now employed by Ballad, who sent him to an orthopedist's office that had been purchased by Ballad. That doctor sent him to get an X-ray at a Ballad-owned facility and then he was referred to a physical therapy center called Mountain States Rehab that was now owned by Ballad as well.
/jlne.ws/3QbgwxK
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Names Pan Gongsheng as New Central Bank Governor to Revive Economy
Bloomberg News
China named Pan Gongsheng as governor of the central bank, strengthening his position as head of the institution tasked with boosting the world's second-largest economy.
/jlne.ws/4714kWy
The dangerous game of floating by China's new rules; Bankers and lawyers told to tone down language on China risk
Craig Coben - Financial Times
Back in February bankers rejoiced when China announced new rules for overseas listings, hoping it would reopen the flow of IPOs into the Hong Kong and New York markets after a 20-month freeze. "The rules," wrote Bloomberg, "could revive a wave of IPOs."
/jlne.ws/43FEaWr
De Beers prospects blemished after Botswana cuts new diamond deal; Critics warn arrangement following populist campaign will be bad for the industry as well as the company
Harry Dempsey and Joseph Cotterill - Financial Times
After four years of tense negotiations, the world's biggest diamond miner and the largest producing country by value struck a landmark deal last month aimed at guaranteeing supply of the precious stones to the world's jewellers and retailers for years to come.
/jlne.ws/3OsLobV
It hit 120 degrees in this California town. For the homeless, 'it's a miserable life out here'
Ruben Vives and Akiya Dillon - Los Angeles Times
At a homeless encampment dubbed the Lost City, hidden behind a cluster of pine trees off Highway 95, Charles Johnson was sweltering. He was drenched in sweat, worsening the heat rash on his back and arms. His sunburned skin ached. He was hungry. He was desperate for water. And he yearned for ice - which he can't keep from melting while living outside, under the unforgiving desert sun.
/jlne.ws/3q1CLvw
|
| | | |
|
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.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
