| February 07, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2025 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
It appears the CFTC is not immune to the administrative chaos that has marked the beginning of the Trump administration. Yesterday afternoon, Bloomberg published a story accusing Acting Chair Caroline D. Pham of having removed the head of human resources at the CFTC-a person the report alleged was investigating Pham.
The Bloomberg story can be summarized this way: Acting Chair Caroline Pham of the CFTC removed HR head Marti Tracy-who was investigating allegations that Pham created a hostile work environment-and replaced her with chief diversity officer Tanisha Cole Edmonds, despite a Trump administration directive placing DEIA staff on leave. Pham also ousted CFO Joel Mattingly, who had challenged her expense practices for luxury travel and commutes. The moves follow a union grievance alleging that Pham repeatedly intimidated and harassed staff, including a 30-minute berating of an enforcement official. Pham was an unexpected pick as acting chair, as the junior Republican commissioner. She has faced criticism for reassigning key senior staff and bypassing established agency processes, fueling internal concerns over her leadership style at the CFTC.
The CFTC countered later in the afternoon with a press release titled "CFTC Statement on False Allegations Targeting Acting Chairman." The CFTC release said the HR executive was removed from her position pending an internal investigation into several HR matters, including "Concerns raised by a federal judge and a former United States Attorney about false statements to the court and other alleged misconduct by Division of Enforcement staff; Reports that unionized CFTC staff were working remotely from outside of the United States, jeopardizing agency cybersecurity and violating agency policy and applicable laws; and Targeting Republicans illegally in violation of the First Amendment, including senior officers of the United States and Presidential appointees that are protected from the Biden Administration's politically motivated attacks."
Citing anonymous sources, the Bloomberg article said there were "staff complaints against Pham for creating a hostile work environment." The CFTC release said, "Allegations by unnamed sources in a Bloomberg article attempting to smear Acting Chairman Caroline D. Pham are baseless, were not fact-checked with the CFTC, and an unfortunate attempt by disgruntled individuals that are under investigation to distract from the CFTC's important mission."
The Bloomberg story referred to Edmonds as still being in her position, while the release from the CFTC said, "She was replaced by an employee who previously served as the CFTC's Equal Employment Opportunity officer. No part of this move violated any Executive Order." I understand that Edmonds was removed as the chief diversity officer, but her role as the CFTC's Equal Opportunity officer is a statutory position that must be filled.
Regarding the accusations associated with issues with travel expenses, the CFTC release said, "Claims about Acting Chairman Pham's travel are categorically false. All aspects of Pham's travel have been reviewed and approved by agency officials, including the Chief Financial Officer, the Ethics Office, and the General Counsel with voluminous supporting documentation."
If you want to know why zero days to expiration options, or 0DTE options, are growing even more popular, think about the volatility that the unpredictable President Donald Trump brings to the markets broadly, and to individual regions, countries and companies. See The Wall Street Journal story titled "Traders See Profits Evaporate in Minutes as Trump Convulses Bets; Positions have become very short dated" for reference. Long 0DTE options allow you to be in the market with limited risk and a built in stop. You don't have to worry about the slippage runs and liquidity vacuums occurring when the market suddenly changes directions. You might also want to check out a story in the Financial Times titled "How investors can harness Trump-induced volatility."
I saw many retail brokers move more towards options trading years ago, long before Trump was a market factor, as the speed and increased access of electronic trading created more sudden moves, which some people called "flash crashes." These were just liquidity vacuums, like what we saw back in the day on the trading floor when local traders would put their hands in their pockets waiting for the market to discover some commercial buying or selling they could lean on. The biggest reason these retail brokers moved to options, though, was pure capital preservation. The customer could only lose so much on a long option trade, or so they thought.
For the record, I once had a client who bought a corn call option, and the position prospered. It was ten cents in the money at expiration, so he exercised and took the long corn futures position. The following trading day there was a government report and the market was limit-down for two straight days, and the customer ended up losing more than the original investment in the option when he was finally liquidated. The lesson learned, there is the theoretical way things work and then there is reality, which can be different.
The SIFMA Compliance & Legal (C&L) Annual Seminar, a key event for compliance and legal professionals in the financial services industry, will take place in Austin, TX from March 23-26, 2025. CFTC Commissioner Kristin N. Johnson is scheduled to participate in a "Regulatory Perspectives and Priorities" panel and deliver a keynote address at the Women's Luncheon on March 24.
Additionally, Johnson is scheduled to participate in a panel discussion titled "The Changing Face of Clearing" at FIA Boca50 on Tuesday, March 11, 2025, at 9:50 a.m. (EDT) in Boca Raton, Florida.
DTCC weighed in yesterday with a statement regarding the UK Accelerated Settlement Taskforce (UK AST) UK T+1 Code of Conduct, published yesterday, and the recently issued Financial Markets Standards Board (FMSB) Standard for Sharing of Standard Settlement Instructions (SSI). DTCC said:
"DTCC supports the recommendations set forth in the UK Accelerated Settlement Taskforce (UK AST) UK T+1 Code of Conduct, published today, and the recently issued Financial Markets Standards Board (FMSB) Standard for Sharing of Standard Settlement Instructions (SSI). We believe these initiatives are key to driving efficiency, reducing risk, and enhancing transparency in post-trade processes across jurisdictions. In particular, we commend the UK AST's call for the completion of allocation and confirmation processes no later than 23:59 UK time on trade date (T+0), which is a key enabler for T+1 settlement on all trades. The UK AST also recommends that market participants begin preparing for an accelerated settlement cycle by implementing automated trade solutions to achieve T+1 settlement as soon as possible.
As observed in the US' move to T+1 settlement, the automation of post-trade processes, including ensuring the accuracy and immediate availability of SSIs, is critical to achieving T+1 settlement. By aligning with these key recommendations, market participants can better navigate the complexities of accelerated timelines and a rapidly evolving financial market ecosystem, driving greater efficiency and ensuring the continued integrity of financial markets. DTCC remains committed to sharing our expertise and advancing industry-wide solutions that help firms achieve greater levels of automation in the post-trade process to meet accelerated settlement timelines, including our CTM and ALERT best practice solutions. At the same time, our expert consultants stand ready to support firms as they consider the impact of T+1 on their operations and develop plans to achieve readiness."
CME Group Inc. announced its slate of director nominees for election at the annual meeting on May 8, 2025. The board recommends that Class A and Class B shareholders elect a diverse group of candidates, including CEO Terrence A. Duffy; industry veterans Kathryn Benesh (Deloitte), Timothy S. Bitsberger (The TCW Group and former Freddie Mac and U.S. Treasury official), Charles P. Carey, and Bryan T. Durkin; and financial experts Harold Ford Jr. (PNC Financial Services), Martin J. Gepsman, Daniel G. Kaye, Phyllis M. Lockett, and Deborah J. Lucas from MIT. Also on the slate are Rahael Seifu from Google, William R. Shepard, Howard J. Siegel, and Dennis A. Suskind from Goldman Sachs
Nodal Exchange announced yesterday that it set new January trading records in its power and environmental markets, surpassing last year's volumes. The exchange achieved a record 282.6 million MWh in power trading-up 5%-and ended the month with 1.43 billion MWh in futures open interest, capturing a 57% market share. In its environmental segment, a record 48,460 lots were traded, marking a 6% increase, while open interest surged to 392,258 lots, up 32% year-over-year. Notably, carbon futures and options open interest soared 159% to 48,029 lots, with renewable energy certificates and renewable fuels open interests rising by 20% and 47%, respectively.
The interview that I conducted with Dr. Pedro Gurrola-Perez, head of research, and Richard Metcalfe, head of regulatory affairs at The World Federation of Exchanges, about the WFE's priorities for 2025 comprises two videos. The first video is 10 minutes and 33 seconds long and the second part of the interview is a video of 11 minutes and 51 seconds. You can find both of the videos on the post on JohnLothianNews.com for the story titled "World Federation of Exchanges Outlines 2025 Priorities, Emphasizes Public Markets and ESG."
Here are the headlines from in front of FOW's paywall from some recent stories: Cboe hits annual revenue record on options boom, ICE hits short-term interest rate records on UK rates cut, CFTC objects to Bloomberg article over Pham's treatment of HR head, Eurex makes strong start to 2025 with monthly volume up 13%, ANALYSIS: Policy shifts to drive energy, rates markets in 2025 - ICE and
ANALYSIS: European regulators signal shift to promote competitiveness.
Jamal Oulhadj is starting a new position as business development - clearing (MENA) at Marex, he shared on LinkedIn.
Michael Kingsley has joined State Street as vice president of public relations, after seven years at Forefront Communications, he shared on LinkedIn.
Kathleen Provost has been promoted to marketing manager at Cboe Global Markets
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
Cboe says overnight stock trading in Europe unlikely amid US retail frenzy from Financial News.
Tonight we're going to stonk-punt like it's 2021 from the Financial Times.
Cboe Global Markets Reports Trading Volume for January 2025 from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
| Sponsored Content |
Japan's Single Stock Options Markets Primed for Revitalization after Regulatory Improvements
The recent upturn in Japanese stock markets has drawn attention from domestic and overseas investors. Originally listed in 1997, Japan's Single Stock Options (JSSO) market is set for a dynamic revitalization, JSSOs are attracting both domestic and international investors. Together with Nikkei 225 and TOPIX derivatives, JSSOs are poised to be an important part of the Japanese equity derivatives markets.
In 2024, Osaka Exchange (OSE) has made groundbreaking changes:
1. Revised margin rules and dedicated SSO accounts to lower additional margin requirements for certain trades.
2. Expanded the number of eligible underlying assets, including popular stocks favored by retail investors.
3. Created an enhanced market-making environment for individual stock SSOs.
4. Improved rules for setting strike prices, making trading more attractive.
In addition to the existing local and international brokers, with the entry of new brokerage firms, the JSSO market is becoming more accessible to retail investors. This wave of improvements is expected to significantly boost market participation and liquidity.
Investors are encouraged to explore the exciting opportunities in Japan's revitalized SSO market, poised for substantial growth and offering diverse investment prospects. Join the momentum and capitalize on the emerging potential of Japan's Single Stock Options market today!
Click here for the full story!
|
++++
Mrabet: Cumulus9 Integrates AI Chatbots for Proactive Risk Management
JohnLothianNews.com
Cumulus9 has advanced its risk management platform by embedding AI-powered chatbots, enabling real-time client interaction and predictive analytics, Rafik Mrabet, managing director at Cumulus9, told John Lothian News during an interview at FIA EXPO. "We're turning our innovative risk system into an AI-enabled tool," Mrabet said, noting that users can now query exposures conversationally. For example, a risk manager can ask, "Can you give me my top five exposures?" and receive instant insights on high-risk accounts.
Watch the video »
++++
World Federation of Exchanges Outlines 2025 Priorities, Emphasizes Public Markets and ESG - Part 1 and Part 2
JohnLothianNews.com
The World Federation of Exchanges (WFE) has set its sights on strengthening public markets, advancing ESG initiatives, and navigating technological innovation for the coming year, according to top officials in a recent video interview over Zoom with John Lothian News.
Dr. Pedro Gurrola-Perez, head of research, and Richard Metcalfe, head of regulatory affairs at The World Federation of Exchanges, outlined six key priorities for 2025, including the role of market infrastructures, ESG leadership, technology innovation, private and public markets, clearing, and education.
Watch the video »
++++
Front-runners skim gains on US pension fund trades, study finds; Speculators are capitalising on predictable timing of routine trades to rebalance portfolios
Sun Yu - Financial Times
US public pension funds are losing out on billions of dollars in gains each year to speculators who front-run their periodic trades to rebalance stock and bond portfolios, according to a new study. The research by three US finance experts found that some traders take advantage of the funds' "predictable" moves to realign allocations by making similar trades in advance, thereby worsening the price retirement funds get. The lost value each year amounts to at least $16bn - one per cent of annual investment gains or about $200 per retiree - the research found. Pension funds are aware of the problem but have been slow to get their investment committees to fine-tune the rebalancing practices.
/jlne.ws/4hQz0OZ
***** These pension funds need to learn how to legally spoof.~JJL
++++
The Purge of Public Servants; The human side of a national crisis - in more ways than one.
Olivia of Troye - Livingitwitholiviatroye.com
There's a certain camaraderie among federal workers. Though we work in vastly different organizations and roles, one thing unites us: our love of country and commitment to public service. These last few weeks have been unimaginably difficult for the 2.3 million people who make up the federal workforce, as they are forced to decide whether to accept the "buyout offer" from the Trump Administration or not. There's also a lot of confusion about who is even eligible and whether the administration will keep its word and honor the deal. In the latest development, a U.S. judge temporarily blocked the Trump administration's proposed buyout for federal workers until Monday, giving an initial win to labor unions that sued to stop it.
/jlne.ws/40Qyr0E
***** If there was not a Deep State, this type of activity will create one.~JJL
++++
Surge in Cocoa Prices Shows Why Hershey Bets on Derivatives; Chocolatier posts $460 million pretax gain on commodity derivatives as cocoa futures hit record last year
Roshan Fernandez - The Wall Street Journal
Record-breaking cocoa prices have left a bitter taste for candy companies, and show why derivatives markets can offer some relief. Pennsylvania-based Hershey said it booked a $460 million pretax gain last year from its commodity derivative positions, which the chocolatier uses to help price future inventory needs. More than half of that accounting gain came in the fourth quarter. Its full-year profit totaled $2.22 billion. Cocoa is one of the biggest commodity costs for Hershey, which makes products like Reese's Peanut Butter Cups and Kit Kats. It works to make its business less volatile by entering contracts to buy goods at certain prices in the future, knowing it will benefit if prices skyrocket.
/jlne.ws/42MQIP4
***** Good story on using futures to hedge your risk.~JJL
++++
Virginia McCaskey, the Chicago Bears' matriarch, has died
Steven R. Strahler - Crain's Chicago Business
Virginia McCaskey, the accidental matriarch of the Chicago Bears who recoiled from the limelight while keeping a tight hold on the football franchise founded by her father, George Halas, has died. She turned 102 on Jan. 5 - just three years younger than the team itself. During a lifespan covering all but 36 Bears games, McCaskey came to be regarded as the first lady of the National Football League, the last link to its earliest days. Starting with Red Grange, Bronko Nagurski and Sid Luckman, continuing with Mike Ditka, Gale Sayers and Dick Butkus, and up through Walter Payton, Dan Hampton, Brian Urlacher and Justin Fields, she knew every famous face of the Bears and many other NFL legends.
/jlne.ws/3EE90rt
***** End of an era for the Grand Dame of the NFL.~JJL
++++
Investing in the Future; Sharon Bowen has built an impressive track record as a mentor and leader on Wall Street.
Lindsay Gellman - Northwestern Magazine
Sharon Bowen stands on the New York Stock Exchange (NYSE) trading floor, surrounded by a group of college students. Moments earlier, they had watched as Bowen '82 JD, MBA, '23 H, on the podium overlooking the historic space, participated in the afternoon closing bell ceremony to signal the trading day's end. As a line of visitors snakes past, the students pepper Bowen with questions. A young woman asks about imposter syndrome. The notion comes up whenever Bowen is asked about being the first woman or person of color to chair NYSE's board of directors. In fact, Bowen's career in corporate law and financial regulation comprises many firsts - moments where she broke gender or racial barriers - and she has excelled in mentoring others who hope to follow in her footsteps.
/jlne.ws/3Q5ofw2
***** Nice profile of the NYSE chair in her alma mater's magazine.~JJL
++++
Thursday's Top Three
Our top story Thursday was Changes from Exchanges: Interesting Developments from the LME, Eurex and MGEX, a post by Andy Jennings on the BornTec blog. Second was Best Drip Coffee Makers for a Perfect Cup Every Morning, from The Wall Street Journal. And third was Intercontinental Exchange Reports Strong Full Year 2024 Results, from ICE.
++++
|
| | | | |
| Lead Stories | CFTC Acting Chair Pham Removes the HR Head Investigating Her
Lydia Beyoud - Bloomberg
The Commodity Futures Trading Commission's acting chair, Caroline Pham, removed the agency's head of human resources, who was leading an internal investigation into staff complaints against Pham for creating a hostile work environment, according to people with direct knowledge of the matter. Pham replaced HR head Marti Tracy with the CFTC's chief diversity officer, Tanisha Cole Edmonds, the people said. That goes against a directive last month from the Trump administration, which ordered the staff of diversity, equity, inclusion and accessibility offices at government agencies to be placed on administrative leave. Other DEIA employees working for Edmonds were placed on leave, the people said. The memo also asked agencies to provide plans for firing DEIA employees. The White House didn't immediately respond to a request for comment on whether it granted the CFTC a waiver to the directives.
/jlne.ws/4hOcKF8
Traders See Profits Evaporate in Minutes as Trump Convulses Bets; Positions have become very short dated: K2 Asset Management; FX options trading volumes have surged to multi-year highs
Ruth Carson, Alice Atkins, and Carolina Wilson - Bloomberg
The early days of Donald Trump's trade war have been marked by a flurry of advances and retreats, forcing traders to adapt by increasingly making bets that are more conservative than usual or easily reversed. "The market is trying to predict and trade off a very unpredictable situation and person," said Antony Foster, the London-based head of Group-of-10 spot trading at Nomura International Plc, who has taken to running smaller positions on currencies. "You could look like a hero one minute, only for the situation to turn on a sixpence and you look like a zero the next."
/jlne.ws/3EneTJy
How investors can harness Trump-induced volatility; Some want their portfolio to take cover with cash or gold - for others, it's a huge buying opportunity
Alan Livsey - Financial Times
Imagine the world as a snowglobe-style paperweight. Donald Trump seems to perceive it as such, fond of turning it upside down with a shake. In a world filled with random events, his rapid-fire pronouncements can cause price flutters - volatility - across all asset markets. Certainly, his latest pronouncements on trade tariffs with Canada, Mexico and China have roiled markets. Volatility can signal investor fear but also offer an opportunity to clear minded buyers. Among professional portfolio managers, views vary on what action to take to protect their clients' funds. Some will have a proactive hedging policy, others will prefer to remain fully invested lest they mistime any asset sales.
/jlne.ws/40S0xsa
US dealmaking suffers worst start to a year in a decade amid Trump volatility; Wall Street executives say uncertainty over trade and economic policy has put sudden chill on M&A
James Fontanella-Khan, Jamie Smyth, George Steer and Antoine Gara - Financial Times
US dealmaking has suffered its worst start to a year in a decade after policy volatility following Donald Trump's election and escalating rhetoric over tariffs put a sudden chill on activity. The overall number of US mergers and acquisitions collapsed nearly 30 per cent in January to 873 deals compared with a year ago, the lowest level since 2015, according to LSEG data. In dollar terms, deal activity fell 18 per cent compared with a year ago.
/jlne.ws/4aO7m2u
'Sovereign Wealth' for Politicians; All the reasons Trump's government investment fund is a very bad idea.
The Editorial Board - The Wall Street Journal
Now here's an idea: Leverage federal assets to create a new investment fund for the political class to invest in whatever it pleases, including private companies. What could possibly go wrong? The answer is plenty, which is why President Trump's proposal Monday to create a new sovereign wealth fund deserves to die in Congress. His executive order included scant details. But it said the fund would "promote fiscal sustainability," "establish economic security for future generations, and promote United States economic and strategic leadership internationally." More likely, it would take resources from the private economy, fund political boondoggles, and mess with the business decisions of private companies.
/jlne.ws/414R7ep
US Banks Tell Me They Want Basel Implemented, BOE's Bailey Says
Irina Anghel - Bloomberg
Bank of England Governor Andrew Bailey said American lenders are keen for new capital requirements to be introduced, even as regulators pause the measures to see how the Trump administration approaches Wall Street. Bailey was speaking at a dinner in London on Thursday night, where he was asked about the UK government's plans to stop regulation from stifling economic growth.
/jlne.ws/42OW1gL
Citadel Details Lucrative Run to $57 Billion of Gains at Multistrategy Funds
Siddharth Vikram Philip, Katherine Burton, and Michael Gambale - Bloomberg
Citadel offered a rare glimpse under the hood of its multistrategy funds during a lucrative period for the most profitable hedge fund firm ever. The firm's $1 billion bond offering this week required Ken Griffin's secretive hedge fund to produce a prospectus for investors, a copy of which was obtained by Bloomberg. While it doesn't give a full picture of Citadel, it offers financial results for its largest funds for almost four years, from the start of 2021 through September of last year.
/jlne.ws/3CDpq2W
Europe Hobbled by Broken Markets as Trump Amps Up the Pressure; A fractured system is frustrating businesses and hurting the economy.
Sagarika Jaisinghani, Pablo Mayo Cerqueiro, Jan-Patrick Barnert, and Neil Campling - Bloomberg
The natural location for UK payments firm Zilch Technology Ltd.'s public listing should be its hometown of London. Instead, there's a real chance the company, last valued at $2 billion, picks the US. That would put it in the growing list of European companies chasing higher valuations in New York, attracted by its deep financial pools. With start-ups often struggling to access proper funding to grow, there's widespread unhappiness with Europe's markets, which have failed to keep up with the needs of businesses and help them go toe-to-toe with rivals.
/jlne.ws/4aRBCtl
Gutting USAID threatens billions of dollars for U.S. farms, businesses; U.S. businesses that sold goods and services to USAID are in limbo, including American farms dealing in rice, wheat and soybeans purchased as food aid.
Daniel Wu - The Washington Post
The Trump administration's efforts to dismantle the U.S. Agency for International Development, which officials have said is intended to rein in wasteful spending, has left American workers in limbo and threatens billions of dollars the agency spends on American businesses and organizations, global development experts and industry representatives told The Washington Post. USAID oversees projects such as food aid, disaster relief and health programs in over 100 countries with a staff of more than 10,000 and a budget of around $40 billion. Billions of those dollars flowed back into the American economy until President Donald Trump ordered a 90-day freeze on foreign-aid spending last month.
/jlne.ws/3CNX7Pa
US farmers 'prepare for the worst' in new Trump trade war; President's latest tariff threats have sparked alarm in Republican breadbasket states such as Iowa
Guy Chazan - Financial Times
Aaron Lehman's soyabean farm in the heartland of Iowa feels like an oasis of calm in the turbulence and tumult of President Donald Trump's second term. Yet all that could change in a matter of weeks. Lehman is bracing himself for the impact of a potential trade war hatched in Washington that he says could lay low the US corn belt and irreparably harm America's standing with its neighbours.
/jlne.ws/4htRkgM
Ex-Yale Football Player Ascends to Key Crypto Job at White House; Little-known Republican Bo Hines will serve as a conduit between the cryptocurrency industry and the new Trump administration.
Claire Ballentine, Stephanie Lai, and Teresa Xie - Bloomberg
Two months ago, Bo Hines was a twice-failed candidate for a North Carolina congressional seat with loose ties to a memecoin. Now, the 29-year-old will be guiding cryptocurrency policy in Washington. After a campaign full of promises for the industry, from deregulation to a national Bitcoin stockpile, attention is turning to the key crypto players in President Donald Trump's inner circle. Once-obscure Hines is among them.
/jlne.ws/4gvDJEr
Gold glitters as the unimaginable becomes imaginable; The US president wants to weaken the dollar while preserving its exorbitant privilege
Gillian Tett - Financial Times
Another week, another record high for the gold price. Cue wild celebration among goldbugs - and frantic speculation from everyone else about the reason for the explosion in demand for the precious metal. Geopolitical turmoil is one obvious explanation. Inflation concerns amid insane tariff dramas is another. However, there is a third, less noticed, issue bubbling away too: some hedge fund contemporaries of Scott Bessent, the hedgie-turned-US Treasury secretary, are speculating about a revaluation of America's gold stocks.
/jlne.ws/4hJSBQE
How to dismantle the UK's regulatory Tower of Babel; Labour's erratic, piecemeal approach will not deliver lasting change
Andy Haldane - Financial Times
There is an ocean of difference between the political philosophies of the governments either side of the Atlantic. But along one policy dimension the US and UK are in accord: the desire to deregulate to unshackle business. The task is immense with rule books and regulators having ballooned over the past 50 years. Beyond that the similarities end. In the US, the drive to deregulate is an article of political faith. In the UK, it is a political necessity born of weak growth. This distinction is mirrored in the very different ways deregulation is being tackled: how best to dismantle a high-rise regulatory Tower of Babel erected brick by brick over many decades?
/jlne.ws/4grB3YA
London is better than New York for float, says energy chief planning UK listing; Metlen Energy and Metals' Evangelos Mytilineos says companies run risk of 'disappearing' in the crowd in the US
Rachel Millard - Financial Times
London's stock market is a better option than New York for a flotation as companies run the risk of "disappearing" in the crowd in the US, according to the chief executive leading one of the largest planned listings in the UK. Evangelos Mytilineos, head of Greece-based Metlen Energy and Metals, also said the UK's beleaguered stock market was on course for a revival after one of the quietest years for initial public offerings in 2024.
/jlne.ws/4aOJwE2
What Elon Musk Wants
Ezra Klein - The New York Times (opinion)
At the beginning, Elon Musk's Department of Government Efficiency seemed to have a fairly narrow mandate. The Trump executive order creating it says that the purpose of D.O.G.E. is "modernizing federal technology and software to maximize governmental efficiency and productivity." But in the last couple of weeks, it has become clear that Musk's role is a whole lot larger than that. He has gained access to information technology systems, dismantled the U.S. Agency for International Development and unleashed a fire hose of attacks on his platform, X, accusing the bureaucracy of various conspiratorial crimes.
/jlne.ws/40NfT15
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia says US needs to formulate its stance on how to end the Ukraine conflict
Reuters
The Russian Foreign Ministry said on Thursday that the United States needed to formulate its policy on ending the conflict in Ukraine and that Moscow could then base its own position on specific U.S. action. U.S. President Donald Trump and Russian President Vladimir Putin have not spoken by phone since Trump's inauguration, according to public statements from officials on both sides. Russia's RIA state news agency earlier on Thursday quoted a senior lawmaker as saying that preparations for a meeting between Putin and Trump were at an "advanced stage" however.
/jlne.ws/3CFLCt8
Russian Missile Attacks Force Ukraine to Buy Gas From EU
Daryna Krasnolutska and Kateryna Chursina - Bloomberg
Russian missile attacks on state-owned natural gas assets in Ukraine have forced the country to buy expensive replacement fuel from the European Union, according to people with knowledge of the matter. Airstrikes have curbed output from key producer Naftogaz Group by as much as a third, and the nation will need to import about 1 billion cubic meters of gas, said the people, who asked not to be identified because the matter is private.
/jlne.ws/3Qalw4O
It's Russian Men Against Ukrainian Machines on the Battlefields in Ukraine; Desperately short of infantry, Kyiv is using aerial drones to pick off Russian infantry. It is slowing, but not stopping, the Russian advance.
Ian Lovett and Nikita Nikolaienko - The Wall Street Journal
In the flat farmland and shattered mining towns surrounding this eastern Ukrainian city, the war has become mainly a contest between Russian foot soldiers and Ukrainian explosive drones. After nearly three years of fighting, Ukraine is desperately short on infantry to man the trenches. They are outnumbered at least 5-to-1 along most of the eastern front, and the men they have are mostly older, recently conscripted, and lacking motivation and experience in battle, Ukrainian officers said.
/jlne.ws/4hrwhvw
|
| | | |
|
| Middle East Conflict | | News about the current conflict in the Middle East that began with the October 2023 Hamas attack on Israel. | Israel considers sending Gazans to Puntland - and Somalia could be open to it; Palestinians say they have no intention of going to the bitterly poor Somalian region where IS still operate
Memphis Barker, Senior Foreign Correspondent; Jotam Confino in Israel; Sakarie Farah, Ruwaida Amer in Khan Younis - The Telegraph
Israel is considering plans to send Gazans to Puntland, an autonomous region of Somalia, after Donald Trump's pledge to resettle them in "far safer and more beautiful" communities. On Thursday, Israel Katz, Israel's foreign minister, ordered the IDF to prepare for the "voluntary" emigration of Palestinians from the Gaza Strip, including "special arrangements" for sea and air departures. Mr Trump doubled down on his proposal for the United States to occupy and rebuild Gaza, despite White House officials attempting to soften the move.
/jlne.ws/4jRpWuL
Trump's Gaza Deal: War Crimes in Exchange for Beachfront Property
Michelle Goldberg - The New York Times
When Donald Trump, speaking beside Prime Minister Benjamin Netanyahu of Israel, announced this week that the United States would be taking over Gaza and "permanently" resettling its population elsewhere, few in American politics took him seriously. Trump, after all, has already made trollish imperialistic threats against Greenland, Canada and Panama, but so far, he doesn't seem ready to back up his bluster with military force. And while some parts of his base are tingling with excitement at the prospect of national renewal through conquest, in the country at large, there's little appetite for new nation-building campaigns.
/jlne.ws/413HP2g
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Buffer stop: Eurex clearing members shunt default fund; Clearing house's CRO says both members and clients opt to pay more margin instead
Luke Clancy - Risk.net
In the delicate relationship balance between banks and exchanges, banks regularly bemoan the fact that exchanges carry more weight. But at Eurex Clearing, it seems clearing members can also put their thumb on the scale. Last year, when the clearing house proposed adding a 15% operational buffer to its default fund - instead of enforcing the standard principle of 'defaulter pays' by way of increased margins - its clearing members pushed back.
/jlne.ws/4jGYfVH
CME Group Inc. Names Slate of Director Nominees
CME Group
CME Group Inc., the world's leading derivatives marketplace, today announced its slate of candidates for its board of directors for election at the company's annual meeting to be held Thursday, May 8, 2025. The board of directors recommends the Class A and Class B shareholders voting together elect the following individuals to the board:
/jlne.ws/416HGv3
Pioneering Biotech Company BioVersys Opens IPO Season at SIX Swiss Exchange
BME-X
Today, BioVersys (Ticker "BIOV"), a leading Swiss biotech company specializing in novel antibacterial products for serious life-threatening infections, listed its shares at SIX Swiss Exchange. At an opening price of CHF 36.50 per share, the resulting market capitalization of BioVersys was around CHF 216 million. With today's successful Initial Public Offering (IPO), BioVersys marks a significant milestone in its journey from a Basel-based startup to a publicly traded company, reinforcing the positioning of SIX as Europe's leading life sciences exchange and Switzerland's market stance as a global hub for biotech innovation.
/jlne.ws/4jPRQY1
Cboe Global Markets Reports Results for Fourth Quarter 2024 and Full Year
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the fourth quarter of 2024 and full year. "Cboe reported strong fourth quarter results, capping full year 2024 net revenue growth of 8% to a record $2.1 billion, diluted EPS of $7.21, and record adjusted diluted EPS1 of $8.61, up 10% year-over-year," said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. "While the robust options volumes were a standout for 2024, the results were notable in that each category - Derivatives Markets, Data Vantage, and Cash and Spot Markets - contributed to the fourth quarter and full year growth. We enter 2025 on solid footing, with a refined strategic focus and the financial flexibility to execute on our vision. We remain well positioned to benefit from the secular market trends to drive durable growth for shareholders."
/jlne.ws/4aSsuoj
Performance Bond Requirements: Agriculture, Cryptocurrency, Energy, FX, Interest Rate and Metal Margins - Effective February 07, 2025
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on February 07, 2025.
/jlne.ws/42MY0lI
Review of Collateral Haircuts - Effective February 6, 2025
CME Group
In conjunction with the regular review of market volatility and to ensure adequate collateral coverage, please find below the current acceptable collateral and haircuts for CME Clearing.
/jlne.ws/3Q9muhA
IEX Grows Displayed Market Share
Shanny Basar - MarketsMedia
Equities exchange IEX has tripled its displayed market share since June 2024 after introducing new pricing tiers, but said it has maintained market quality. Bryan Harkins, president of IEX Group, told Markets Media: "We are particularly proud of our displayed market share as market quality has not been sacrificed for growth. On the contrary, our displayed growth has improved the performance of our dark venue."
/jlne.ws/4guHuu2
Miami International Holdings Reports Trading Results for January 2025; MIAX Exchange Group Options Volume Jumps 26.2% to Record Level with MIAX Futures Volume Surging 48.7%
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported January 2025 trading results for its U.S. exchange subsidiaries-MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire (collectively, the MIAX Exchange Group), and MIAX Futures.
/jlne.ws/4hEmKkq
Nasdaq Stockholm Welcomes Asmodee to the Main Market
Nasdaq Stockholm
Nasdaq (Nasdaq: NDAQ) announces that trading in the B-shares of Asmodee Group AB (ticker name: ASMDEE B) will commence today on the Nasdaq Stockholm Main Market. Asmodee is a large-cap company within the Consumer Discretionary sector. Asmodee is the 5th company to be admitted to trading on Nasdaq's Nordic and Baltic markets in 2025.
/jlne.ws/4jPQb4J
Nodal Exchange achieves January trading records in power and environmental markets
Nodal Exchange
Nodal Exchange announced new trading records in power and environmental markets today. Nodal surpassed last January's volume and achieved a calendar month record with traded volume of 282.6 million MWh, up 5% from January 2024. Nodal continues to be the North American power market leader ending January at 1.43 billion MWh of futures open interest, a 57% market share. Nodal posted a calendar month trading record for January in its environmental markets with 48,460 lots traded, up 6% from 45,837 lots a year earlier. Environmental open interest at the end of January was 392,258 lots, up 32% from 298,055 a year earlier.
/jlne.ws/40RqOqu
TMX Group Consolidated Trading Statistics - January 2025
TMX Group
TMX Group Limited today announced January 2025 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).
/jlne.ws/4hxVlkr
Correction to ASX Group Monthly Activity Report - Jan 2025
ASX
ASX advises that an error appeared in the "ASX Group Monthly Activity Report - January 2025" that was released today. The error related to Centre Point and Trading Report volumes in Cash Markets for the month of January 2025 and the financial year to date:
/jlne.ws/3CSxLjb
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Asia's fintech firms are eyeing the Middle East for expansion because of low competition and a 'future friendly' regulator
Lionel Lim, Nicholas Gordon - Fortune
Rising consumer spending, massive pools of capital and closer financial ties with the rest of the world is turning Middle Eastern countries like the United Arab Emirates, Qatar, and Saudi Arabia into attractive markets for fintech firms with global ambitions.
/jlne.ws/3Cve2Gn
Quantum computing is overshadowed by rapid advances in AI; Potentially transformative, the idea has yet to show practical value, as the boundaries between the two fields shift
Richard Waters - Financial Times
The rapid advances in artificial intelligence that have transfixed the tech industry have put another potentially transformative idea - quantum computing - in the shade. It's hard to focus on the more distant and unproven benefits of quantum machines when the headlong rush of AI dominates the headlines. This is more than just a question of perception, though. According to two of the leading figures in AI, quantum computing could be much further off, and of considerably less importance, than many of the people working in the field like to claim. Their comments have forced the quantum computing industry into a defensive crouch and revived a question that has been hard to shake off: where is the line between hype and reality for a supposedly world-changing technology that has yet to produce anything of practical value?
/jlne.ws/4htgZpX
How China's DeepSeek Outsmarted America; AI startup developed a top system by relying on inexperienced engineers and a loophole in U.S. export controls
Stu Woo and Raffaele Huang - The Wall Street Journal
Take a team of young Chinese engineers, hired by a boss with disdain for experience. Add some clever programming shortcuts, and a loophole in American rules that allowed them to get advanced chips. That is the formula China's DeepSeek used to shock the world with its artificial-intelligence programs. Conventional thinking held that developing leading AI required loads of expensive, cutting-edge computer chips-and that Chinese companies would have trouble competing because they couldn't get those chips. DeepSeek defied those predictions with a resourcefulness that led to a $1 trillion bloodbath on Wall Street and is spurring Silicon Valley to rethink its approach.
/jlne.ws/3CHTSZA
SoftBank's Masayoshi Son and OpenAI's Sam Altman bet on AI - and each other; The two billionaires lead talks over record deal to make Japanese investor biggest backer of ChatGPT maker
David Keohane, George Hammond, Arash Massoudi and Stephen Morris - Financial Times
When Masayoshi Son and Sam Altman first met each other in 2017 at SoftBank's offices in Tokyo, the younger entrepreneur lacked a project large enough to tempt the tech billionaire to get his cheque book out. Over the next two years, as Altman's OpenAI evolved into one of the world's most potent artificial intelligence companies, Son tried to invest close to $1bn in the ChatGPT maker. Altman refused.
/jlne.ws/4aOkPaM
Coming soon: Will AI ever make any money? Generative AI is impressive, but can it be profitable?
Tech Tonic - FT Podcast
Generative AI is impressive, but can it be profitable? Since the emergence of ChatGPT in 2022, Silicon Valley investors and tech giants have poured billions into developing generative AI models and tools. But when will it start generating returns? The FT's artificial intelligence editor Madhumita Murgia investigates efforts to develop a 'killer app' for AI, the use of AI in the workplace, and asks if some of the most highly valued AI companies in Silicon Valley are getting it all wrong.
/jlne.ws/4hvasLE
Tech Giants Double Down on Their Massive AI Spending; Amazon, Google, Microsoft and Meta pour billions into artificial intelligence, undeterred by DeepSeek's rise
Nate Rattner and Jason Dean - The Wall Street Journal
Tech giants projected tens of billions of dollars in increased investment this year and sent a stark message about their plans for AI: We're just getting started. The four biggest spenders on the data centers that power artificial-intelligence systems all said in recent days that they would jack up investments further in 2025 after record outlays last year. Microsoft, Google and Meta Platforms have projected combined capital expenditures of at least $215 billion for their current fiscal years, an annual increase of more than 45%.
/jlne.ws/3Erou26
AI-Native Companies Are Growing Fast and Doing Things Differently; Unlike established companies, these startups take AI as the starting point
Steven Rosenbush - The Wall Street Journal
/jlne.ws/4hMv8yq
Big Tech lines up over $300bn in AI spending for 2025; Amazon, Meta, Microsoft and Alphabet forecast massive capital expenditure despite investor concerns about returns and DeepSeek
Stephen Morris and Rafe Uddin in San Francisco - Financial Times
/jlne.ws/4174NW0
The U.S. reportedly plans to investigate China's dominance of legacy chips
Lionel Lim - Fortune
/jlne.ws/3CCuqF1
Investors Eye Data Center IPOs to Ride AI Infrastructure Boom
Natalia Kniazhevich - Bloomberg
/jlne.ws/3WPYLH5
Online Payments Firm Paysafe Weighs Sale After Getting Takeover Interest; Bill Foley-backed payments firm is working with an adviser; Paysafe went public in 2020 in SPAC deal valued at $9 billion
Jan-Henrik Foerster and Ryan Gould - Bloomberg
/jlne.ws/3CuuAyf
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Phishing Tests, the Bane of Work Life, Are Getting Meaner; Researchers say the ruses, aimed at teaching gullible employees about the dangers lurking online, don't even work
Robert McMillan - The Wall Street Journal
It was a Sunday morning in August, about a month before the start of classes, when Alicia Riley got the email about an Ebola outbreak at the University of California, Santa Cruz. "Oh, my God!" thought Riley, a sociologist who studies infectious diseases. She texted a friend-a former epidemic intelligence officer-to see if they'd heard anything. Then she clicked on the link.
/jlne.ws/40LFx6p
How to break into the lucrative field of cybersecurity, according to the pros
Ana Altchek - Business Insider
So you're thinking about pursuing a job in cybersecurity - where do you start? Cybersecurity jobs pay well and offer stability in the fast-changing tech landscape - but while there's high demand, positions in the field aren't necessarily easy to break into. That's partially because the industry hasn't been around that long. Jon France, chief information security officer at member organization for cybersecurity professionals ISC2, told Business Insider that it can be a "little tricky" to get people into the industry because it's a "relatively young" profession.
/jlne.ws/413HOeI
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Tether Revs Up Deal Machine After Its Embrace by 'Establishment'; Tether invested in firm in which Lutnick, Sacks owned shares; Crypto firm plans to step up dealmaking as earnings rise
Ryan Weeks, Anna Irrera, and Jim Wyss - Bloomberg
Paolo Ardoino, the chief executive officer of $140 billion stablecoin giant Tether Holdings Ltd., had a triumphant message for the crypto faithful gathered in San Salvador late last week. The "establishment," according to Ardoino, had unfairly maligned Tether, which has long been the target of scrutiny among authorities over the use of its token by criminals and terrorists. But that changed when Donald Trump returned to the White House with an administration packed with crypto advocates, just days before Ardoino took the stage at Tether's annual Plan B Forum.
/jlne.ws/4hOwzfK
Trump's World Liberty Financial Plans to Create 'Strategic' Token Reserve; WLF bought $470,000 worth of ONDO tokens on Thursday; Co-founder didn't say what purpose the reserve would serve
Teresa Xie and Muyao Shen - Bloomberg
Chase Herro, co-founder of President Donald Trump's DeFi project, World Liberty Financial, said the platform plans on creating a "strategic reserve" with tokens bought. Herro was introduced by Donald Trump Jr., who sat on a panel with World Liberty co-founders Zak Folkman, Zach Witkoff and Herro at startup Ondo Finance's inaugural summit in New York. Zach is the son of Steve Witkoff, a close-ally to Trump who helped connect the President's family to World Liberty Financial's founders, but has since been picked to be Trump's envoy to the Middle East.
/jlne.ws/4aOamvU
Canada's Crypto Industry Turns to Alberta Government-Owned Bank
Monique Mulima - Bloomberg
Crypto companies in Canada have found an unlikely ally - a bank owned by the Alberta government. ATB Financial, a provincial crown corporation, has become one of the most reliable banking partners for the crypto and blockchain industry at a time when other financial institutions are refusing service - and when Alberta's government is targeting billions more in revenue from blockchain firms.
/jlne.ws/4jPUGfC
Winklevoss Twins' Crypto Exchange Gemini Is Said to Weigh IPO
Olga Kharif, Matthew Monks, and Vildana Hajric - Bloomberg
Gemini, the cryptocurrency firm backed by the billionaire Winklevoss twins, is considering an initial public offering as soon as this year, according to people familiar with the matter. The crypto exchange and custodian is in talks with potential advisers on a listing, the people said, asking not to be identified as the information isn't public.
/jlne.ws/3Q8mz5a
Crypto's First Family Is Deepening the Swamp
Lionel Laurent - Bloomberg Opinion
Eric Trump thinks it's a good time to buy Ethereum. Maybe he's right; his endorsement temporarily lifted its price, at least. But now would also be a good time for politicians and regulators to set up stronger guardrails around the growing and deeply conflicted crypto empire that the Trump presidency and its entourage seem eager to build. It's now clear that the First Family wants to do more than put the US on a pro-crypto track via friendlier regulation; it also wants a stake in the outcome. World Liberty Financial, a decentralized-finance platform backed by the Trumps, has built a war chest of tokens including about $340 million worth of ether.
/jlne.ws/4jQJ5wO
Texas wants Bitcoin reserves before the Fed, Blockchain leader says
Rob Nelson - TheStreet
Lee Bratcher, President of the Texas Blockchain Council, is making one thing clear - states like Texas and Florida aren't waiting around for Washington when it comes to Bitcoin adoption. "When we look to 2025, states like Texas and Florida are both pursuing strategic Bitcoin reserves," Bratcher said in a discussion with Rob Nelson on Roundtable. "We're hoping to beat the federal government to the punch there in the name of friendly competition. Of course, we want the federal government to do it as well."
/jlne.ws/42NBgSQ
Nobel Prize-winning economist: Bitcoin will be worth nothing in 10 years
Sabrina Toppa - TheStreet
/jlne.ws/4jRpRar
Donald Trump's memecoin copycats spark fears for investors; More than 700 coins deposited into US president's wallet in apparent attempts to suggest his endorsement
Oliver Hawkins, Eade Hemingway and Nikou Asgari - Financial Times
/jlne.ws/4gC0syK
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Trump Fires Head of Federal Election Panel, But She Won't Leave; Commissioner Ellen Weintraub says procedures weren't followed; Weintraub, a frequent Trump antagonist, joined the FEC in 2002
Bill Allison - Bloomberg
The chairwoman of the Federal Election Commission posted a letter from President Donald Trump informing her that she'd been fired, but she's refusing to leave. "Received a letter from POTUS today purporting to remove me as Commissioner & Chair," Ellen Weintraub, a frequent critic of Trump, wrote on the social media network X Thursday evening. "There's a legal way to replace FEC commissioners - this isn't it," she added.
/jlne.ws/3WMjA6b
Donald Trump seeks to close tax loophole enjoyed by private equity groups; US president tells lawmakers he wants to strike 'carried interest' rule used by leading financiers
James Politi and Alex Rogers in Washington and Antoine Gara in New York - Financial Times
Donald Trump has told lawmakers he wants to end the special tax treatment of private equity and hedge fund profits known as "carried interest", setting up a potential clash with America's wealthiest financiers. The push by Trump - in a White House meeting on Thursday with Republican leaders from Capitol Hill - comes as the president intensifies talks over a broader tax cut bill he wants passed this year that is core to his domestic economic agenda. Karoline Leavitt, the White House press secretary, told reporters that Trump had "laid out" his "tax priorities" to the lawmakers, including measures to "close the carried-interest tax deduction loophole", eliminate tax breaks for "billionaire sports-team owners" - and deliver on campaign promises such as eliminating income tax on tips.
/jlne.ws/3CDXZGc
The Constitution is collapsing. A lack of character is to blame; The Founders would not have envisioned a Congress so supine in the face of Trump's barrage.
Karen Tumulty - The Washington Post (opinion)
Congress's abdication of its constitutional powers and responsibilities to an executive branch run amok - or, you might say, run-a-Musk - would surely have horrified the Founders. "In republican government, the legislative authority necessarily predominates," James Madison wrote. But during Donald Trump's first weeks in office, he has begun to unilaterally dismantle the U.S. Agency for International Development, which was made an "independent establishment" by Congress. He set a target on other parts of government with a legislative mandate, including the Education Department. He put a block on trillions in funding that lawmakers appropriated to a host of federal programs, until a court order stopped him. He fired 17 inspectors general without giving the 30-day notice to Capitol Hill required by law.
/jlne.ws/3WRctJI
Elon Musk barred from accessing US Treasury payments data; Judge issues temporary order restricting access by 'Doge' to multitrillion-dollar system
Joe Miller - Financial Times
Elon Musk's crusade to slash US government spending suffered setbacks on Thursday after a federal judge barred the Treasury department from handing data from its payments system to outsiders and one of the billionaire's staffers was forced to resign over racist social media posts. Judge Colleen Kollar-Kotelly put the temporary order in place after Musk boasted that his team at the "Department of Government Efficiency" (Doge) was "rapidly shutting down" Treasury remittances. They apparently gained access to the system that disburses trillions of dollars, including social security payments and Medicare, each year.
/jlne.ws/4hEz3xi
How Trade Wars Threaten Food Flows and Higher Prices
Agnieszka de Sousa - Bloomberg
This week has been dominated by the Trump administration's plan to impose tariffs on Mexico and Canada next month and the opening shots in a fresh trade war between the US and China. What could that mean for food and farming? The three countries are key agricultural trade partners of the US, accounting for about half of all American farm exports. As Bloomberg News' Ilena Peng, Kim Chipman and Michael Hirtzer write, that threatens to upend markets and unleash food-price inflation.
/jlne.ws/42JRTyA
Nato allies discussed sending troops to Greenland after Trump threats; European countries held informal talks on options if US president moves to seize Danish island
Joe Barnes - The Telegraph
Nato countries discussed deploying troops to Greenland in response to Donald Trump threatening to use the US military to seize the Danish island. Germany was among dozens of European allies understood to have held informal talks over "what Nato troops would do" if the US president followed through on his threats, diplomatic sources told The Telegraph. Questions were even raised over whether Article 5, the Western military alliance's mutual defence clause, could be invoked in the event of an American invasion of a fellow Nato member state.
/jlne.ws/3WPuM1M
The Great American egg crisis looming over Trump; US faces soaring cost of eggs as well as shortages sparked by the biggest bird flu outbreak in a decade
Cameron Henderson - The Telegraph
/jlne.ws/3CHmS3F
How flawed data is leaving the UK in the dark; Trouble at the Office for National Statistics means policymakers cannot rely on key economic numbers, including on employment
Delphine Strauss and Amy Borrett in London - Financial Times
/jlne.ws/42SGV9U
China builds huge new wartime military command centre in Beijing; Complex will be bigger than Pentagon and include bombproof bunkers for leaders, say US intelligence officials
Demetri Sevastopulo in Washington, Joe Leahy and Ryan McMorrow in Beijing, Kathrin Hille and Chris Cook in London - Financial Times
/jlne.ws/4ggpm6N
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Former Brokerage Firm Operations Head Indicted for Tax Crimes
U.S. Department of Justice
An indictment was unsealed today charging Dominick Pannitti, formerly of North Bellmore, N.Y., with tax crimes, the Justice Department announced. According to the indictment, which was returned by a grand jury on Sept. 26, 2013, Pannitti was Head of Operations at a securities brokerage firm in Syosset, N.Y. The securities firm had an automated system designed to adjust customers' trading accounts for amounts less than $1,000. During 2005 and 2006, Pannitti used the automated system to credit his own trading accounts hundreds of times in increments less than $1,000. Pannitti was not entitled to most of these credits, which totaled over $570,000. Pannitti concealed from his accountant the income he obtained and failed to report the income on his tax returns.
/jlne.ws/418rTfi
FinCEN Announces $37,000,000 Civil Money Penalty Against Brink's Global Services USA, Inc. for Violations of the Bank Secrecy Act
FinCEN
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink's Global Services USA, Inc. (Brink's) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations. As a result of Brink's failures, hundreds of millions of dollars in bulk currency shipments were transmitted across the Southwest Border on behalf of high-risk entities-including a Mexican currency exchanger that later pleaded guilty to violating the BSA. This is FinCEN's first enforcement action against an armored car company.
/jlne.ws/3Q6cu8M
UK claims management companies to be charged for making complaints; Financial Ombudsman move is designed to deter 'ambulance chasing' groups bringing spurious cases
Martin Arnold - Financial Times
The UK financial ombudsman announced on Friday it would start charging claims management companies for bringing cases only a day after its chief executive quit unexpectedly, having clashed with its board over the plans. The Financial Ombudsman Service, which resolves consumer complaints against the financial services sector, said that from April it would charge claims management companies £250 for every case they bring beyond the first 10 each year. This would fall to £75 if a claim is successful.
/jlne.ws/3Eqineh
Ex-CMA chair Marcus Bokkerink hits back after UK government ousting; LinkedIn post sets out how he transformed regulator
Suzi Ring - Financial Times
Marcus Bokkerink, the ousted chair of the UK's Competition and Markets Authority, has defended his record, saying the regulator was "significantly different" from when he joined and raised questions about changes the government could be planning. In a LinkedIn post published on Thursday, Bokkerink, who was forced to resign by the government last month over concerns the agency was not doing enough to promote growth, said he was "an advocate of an approach to driving economic growth that prioritises the benefits for consumers and businesses across the UK".
/jlne.ws/4aS9E0w
CFTC Statement on False Allegations Targeting Acting Chairman
CFTC
The following is attributable to a Commodity Futures Trading Commission spokesperson: Allegations by unnamed sources in a Bloomberg article attempting to smear Acting Chairman Caroline D. Pham are baseless, were not fact-checked with the CFTC, and an unfortunate attempt by disgruntled individuals that are under investigation to distract from the CFTC's important mission. Pham's tenure has been marked by pushes for improved transparency, adherence to the law, and management accountability.
/jlne.ws/3CGItt6
David Gillers to Step Down as Chief of Staff
CFTC
The Commodity Futures Trading Commission today announced that David Gillers will step down as Chief of Staff to Commissioner Behnam on February 7. From 2021 until January 20, 2025, Mr. Gillers served as Chief of Staff and Chief Operating Officer of the agency, in which capacity he was the lead advisor to then-Chairman Rostin Behnam on legal, policy and administrative matters, and was responsible for the commission's daily operations and its 1,000 personnel. Mr. Gillers joined the agency in July 2019 as Commissioner Behnam's Chief of Staff, and has not announced plans.
/jlne.ws/4aOt1Yp
Court Enters Final Judgment Ordering Relief Defendant to Pay Over $4.6 Million Based on Receipt of Fraudulent Proceeds
SEC
On January 29, 2025, the U.S. District Court for the District of Massachusetts entered a final judgment against relief defendant Raimund Gastauer, of Germany, who allegedly received approximately $3.3 million in proceeds from an international scheme that generated more than $165 million from illegal sales of stock of at least 50 microcap companies. The final judgment orders Raimund Gastauer to pay over $4.6 million.
/jlne.ws/4jQCFhc
SEC Obtains Final Judgment Against Frank T. Poerio, Jr., For Insider Trading
SEC
On January 27, 2025, the Securities and Exchange Commission obtained a final judgment against defendant Frank T. Poerio, Jr., whom the SEC had previously charged with insider trading.
/jlne.ws/4hOVrno
NSW director charged with dishonestly using her position
ASIC
Vickie Anne Vella of Ropes Crossing, NSW, today appeared at the Penrith Local Court charged with dishonestly using her position as a director to gain an advantage for herself. Ms Vella was charged with two offences of using her position as a director of Midcoast Reinforcement Pty Ltd (In Liquidation), and using her position as a director of Coast Reo Pty Ltd (In Liquidation) dishonestly with the intention of directly or indirectly gaining an advantage for herself, or causing detriment to the companies contrary to section 184(2)(a) of the Corporations Act 2001 (Cth).
/jlne.ws/3CsRG8s
ASIC permanently bans former financial adviser Lachlan John King
ASIC
ASIC has made two orders permanently banning Queensland based financial adviser Lachlan John King following his conviction of fraud. The conviction related to Mr King stealing funds from the clients including family members. Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud.
/jlne.ws/412TWN4
ASIC successfully appeals Federal Court decision on voluntary disclosure regime
ASIC
The Full Federal Court has upheld ASIC's appeal in its case against Noumi's former managing director and CEO Rory Macleod, finding that providing documents to ASIC pursuant to a Voluntary Disclosure Agreement does not necessarily waive any valid legal professional privilege (LPP) claim. ASIC Deputy Chair Sarah Court said, 'Voluntary disclosure agreements have been in use by ASIC for over a decade and are an important tool to enable ASIC to fast track its investigations and for parties to cooperate with ASIC.
/jlne.ws/4143veq
ESMA contributes to simplification and burden reduction
ESMA
/jlne.ws/3CJnJRx
FCA steps up action against misleading financial adverts
FCA
Nearly 20,000 financial promotions were withdrawn or amended in 2024 following intervention from the FCA - nearly double the amount in 2023. The regulator has highlighted concerns with cryptoasset, debt solutions, and claims management company (CMC) promotions. 9,197 CMC promotions were withdrawn in 2024. Many of these promotions were related to housing disrepair and motor finance claims targeted at vulnerable consumers. The FCA continues to urge social media platforms to do more to proactively identify and prevent illegal financial promotions. Last year, the FCA launched targeted action against 'finfluencers', resulting in 20 people being interviewed under caution.
/jlne.ws/4k2QVnx
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Crossed signals: row over collusion pits scholars against traders; An Oxford study claims to show evidence of collusion in ETF markets. Some traders give it short shrift.
Luke Clancy and Mauro Cesa - Risk.net
Researchers at the University of Oxford think market-makers at the European Union's largest exchange are colluding to pick the pockets of exchange-traded fund (ETF) investors. The bombshell claims were published last month in a paper titled 'Anonymity, signalling and collusion in limit order books', which presents evidence that market-makers covertly reveal themselves to each other by posting outsize orders that often end in the same two or three digits.
/jlne.ws/4hI8QO0
Bank of England suffers exodus of gold bullion; Traders withdraw 8,000 bars from vaults amid uncertainty over Trump's trade war
Szu Ping Chan, Economics Editor - The Telegraph
Gold prices on the New York futures market have surged above the cash price in London Credit: Luke MacGregor/Bloomberg Thousands of gold bars have been withdrawn from the Bank of England's vaults since the end of last year amid fears around the impact of Donald Trump's trade war. Threadneedle Street said roughly 8,000 bars had been moved out of its vaults in the past couple of months, representing around 2pc of the total stock. Sir Dave Ramsden, a deputy governor of the Bank, said it had been inundated with requests after gold prices on the futures market in New York surged above the London cash price.
/jlne.ws/3QeWWzr
Gold demand hits record levels as central banks buy at 'eye-watering' pace
Ines Ferré - Yahoo Finance
Gold demand is surging to new records, driven by accelerating purchases from central banks as well as investors seeking a safe haven amid the threat of escalating tariffs. On Wednesday gold hit record highs for the fifth consecutive day, surpassing $2,877 per ounce in trading, as futures (GC=F) also climbed to new highs above $2,900.
/jlne.ws/412VhDA
Traders Must Prioritize Data Quality for Better Execution
Anna Lyudvig - Traders Magazine
As algorithmic trading and machine learning take a bigger role in the financial world, the importance of high-quality data has never been more critical. That was one of the themes that emerged from the discussions at the Equity Leaders Summit (ELS) in Miami this week. With the increasing complexity of financial markets, the need for accurate, real-time, and reliable data has never been more crucial. The panelists also discussed the dangers of relying on poor-quality or delayed data.
/jlne.ws/3QeVKMt
EXECUTION MATTERS: How Algorithms Are Shaping the Future of Buy Side Trading
Anna Lyudvig - Traders Magazine
As buy-side firms increasingly turn to algorithmic trading, the need for customized strategies, real-time adaptability, and advanced technologies like AI and machine learning has never been greater. From achieving best execution to managing market risks, firms are focused on leveraging algorithms to optimize performance in today's fast-moving markets. This week, on the sidelines of the Equity Traders Summit in Miami, Traders Magazine caught up with Michael Warlan, Head of Global Trading, Third Avenue Management to discuss algos and how they are used by buy-side firms.
/jlne.ws/4aR1G87
Fannie Mae Underpins the Mortgage Market. Should the Government Sell It?; Fannie Mae and Freddie Mac were bailed out by the government during the housing crisis nearly 17 years ago. The Trump administration is considering letting them go private again.
Matthew Goldstein - The New York Times
Fannie Mae and Freddie Mac, two giant mortgage finance firms, have been controlled by the federal government for nearly 17 years, but a long-dormant idea of making them private businesses is starting to make the rounds in Washington again. Scott Turner, the secretary of Housing and Urban Development, said in an interview this week that coordinating the effort to privatize the two firms would be his priority. One of President Trump's backers, the hedge fund investor William A. Ackman, is calling on the president to quickly move forward on the privatization.
/jlne.ws/4hrL21k
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UK's Carbon Capture Strategy Is 'High Risk,' Lawmakers Warn; Government should consider impact on consumer bills: committee; Nation spending £22 billion on technology for climate goals
Will Mathis - Bloomberg
The British government's reliance on carbon capture to cut emissions is a risky strategy that may heap costs on consumers in coming years, a Parliament committee said. The nation made a £22 billion ($27 billion) bet on the technology last year, viewing it as a potentially critical tool to cut greenhouse gas releases from areas of the economy that have few other alternatives for decarbonization.
/jlne.ws/4gydXQ6
Hottest January on record shocks scientists; Data adds to fears that climate change is accelerating, as La Nina phenomenon fails to cool global temperatures
Attracta Mooney and Jana Tauschinski in London - Financial Times
Last month was the hottest January on record, surprising scientists who expected the emergence of the cooling La Nina weather cycle in the tropical Pacific to slow almost two years of record-high temperatures. January ranked as the third biggest anomaly above pre-industrial levels, with a surface air temperature of 13.23C - 1.75C above the 1850-1900 average for the first month of the year - according to the Copernicus Climate Change service, the EU's Earth observation agency.
/jlne.ws/4aRSss9
'High risk' carbon capture projects in the UK face funding cuts; Doubts grow within government about value for money of new technology
George Parker, Rachel Millard, Jim Pickard and Jennifer Williams - Financial Times
Britain's carbon capture and storage technology projects are facing the threat of Treasury cuts following warnings from MPs that the "high risk" policy should be reassessed to make sure it is "affordable for taxpayers and consumers". The Treasury will heavily scrutinise carbon capture projects in this year's spending review, according to people briefed on the process, with ministers admitting they will not meet ambitious targets for the new technology.
/jlne.ws/3Q6KG3Y
Elon Musk's journey from climate champion to backing EV-bashing Trump; Musk believes Tesla's rivals are more vulnerable to Trump's moves against electric vehicles
Oliver Milman - The Guardian
Donald Trump's attempts to slash incentives for electric cars would cause sales of the vehicles to plummet, with this effort cheered on by a seemingly confounding supporter - Elon Musk, the billionaire chief executive of Tesla and erstwhile champion for action on the climate crisis. Trump has said that he "will revoke the electric vehicle mandate, saving our auto industry and keeping my sacred pledge to our great American auto workers".
/jlne.ws/40IxwiG
Climate Rules Threaten the Money Growing in Nordic Trees; Swedes and Finns have long monetized their forests. EU climate goals - seen as a threat to both family wealth and the two national economies - are fast becoming a lightning rod for anger.
Jonas Ekblom and Leo Laikola - Bloomberg
Birgitta Velander's forest is her retirement fund, a source of income, and an inheritance she hopes to one day pass on to her children. The 81-year-old's family has cared for the 200-hectare (500-acre) forest outside the northern Swedish town of Sundsvall since the 19th century, cutting down old trees and selling them to wood and pulp mills for extra cash before planting new ones. In Sweden and neighboring Finland, forestry is, to all intents and purposes, a retail asset class. In Sweden, some 300,000 people own, in total, half of the country's forests. In Finland, 60% of forests belong to 600,000 individuals. Owners like Velander have been able to work their land with relatively light regulations, generally free to harvest trees when and as they chose.
/jlne.ws/3Eu2fIZ
UK Energy Regulator Shifts Position in Favor of Zonal Pricing; Ofgem CEO Jonathan Brearley comments on Montel News podcast; Zonal pricing could benefit consumers but upend some projects
Eamon Farhat - Bloomberg
The UK's energy regulator has shifted its position on a controversial market reform, with Ofgem Chief Executive Officer Jonathan Brearley now backing dividing the country into different pricing zones. The UK is reviewing the current structure that has a single wholesale price for electricity. It could recommend splitting the country into zones, with cheaper tariffs for areas, such as Scotland, with lots of wind farms and higher rates in places where demand is stronger.
/jlne.ws/4hEy5Ba
Norway no 'war profiteer', says Jens Stoltenberg; Newly appointed finance minister defends country's role in securing alternative gas supplies to Europe
Richard Milne - Financial Times
/jlne.ws/4i6jvCH
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup hands out 8,500 year-end promotions; Wall Street bank's move to retain top staff follows sweeping restructuring to boost profitability
Stephen Gandel in New York - Financial Times
Citigroup promoted more than 8,000 employees at the end of 2024, following a sweeping restructuring at one of Wall Street's biggest banks. The New York-based lender elevated 8,500 employees as part of its year-end process to retain higher-performing staff, bringing the total number of promotions for 2024 to more than 31,000, Citi said on its website. As part of that tally, it also appointed 344 people to coveted managing director roles.
/jlne.ws/3WR3sQF
Trump Media to Trademark a 'Made in America ETF' in Finance Push
Annie Massa - Bloomberg
Trump Media & Technology Group Corp. applied to trademark brands for six investment products with themes that closely track President Donald Trump's priorities in office. The money-losing social media company is looking to debut the "Truth.Fi Made in America ETF," "Truth.Fi U.S. Energy Independence ETF" and "Truth.Fi Bitcoin Plus ETF," along with three other vehicles called separately managed accounts with the same themes on its recently announced Truth.Fi financial platform, subject to regulatory approval, according to a Thursday statement.
/jlne.ws/4hq8eNl
The White House says Trump wants to close a favorite tax break of hedge fund managers
Ben Werschkul - Yahoo Finance
President Trump sat down with Republican lawmakers Thursday to discuss tax cuts and made a favorite deduction of hedge fund managers one of his targets, White House press secretary Karoline Leavitt said Thursday. Leavitt listed "the tax priorities of the Trump administration" Thursday while reading from a prepared list. She had listed many familiar ideas, such as ending taxes on tips, but also included a promise to "close the carried interest tax deduction loophole."
/jlne.ws/4hKZb9r
BofA Strategist Hartnett Sees US Stock Market's Global Dominance Fading; Bonds, gold and international shares to keep outperforming; Hartnett goes long China as trade war not seen escalating
Julien Ponthus and Michael Msika - Bloomberg
Bank of America Corp. strategists expect US stock-market outperformance to continue to fade after a relentless run was halted in the early part of 2025. Equity markets including Brazil, Germany, the UK, China and Canada have all yielded higher returns than Wall Street's S&P 500 year to date, noted strategists including Michael Hartnett. That's as https://jlne.ws/4jKjPIF
Republican attorneys-general say Wall Street firms underplay China risk; Companies including BlackRock and JPMorgan accused of 'misstatements or material omissions'
Demetri Sevastopulo in Washington - Financial Times
Republican attorneys-general from more than a dozen US states have accused BlackRock, Goldman Sachs and JPMorgan of misrepresenting the risks of investing in China, including the possibility of a Chinese invasion of Taiwan. In a letter to the three firms and other big asset managers, including State Street, Invesco and Morgan Stanley, 17 attorneys-general said the financial groups were concealing or misrepresenting the investment risks in China. "We are particularly concerned about BlackRock's material misstatements and omissions, as BlackRock is the largest issuer of emerging market ETFs and China ETFs," they wrote in a letter that focused on BlackRock.
/jlne.ws/4aONqN2
Hedge fund's campaign a wake-up call for 'complacent' investment trusts; So far Saba has failed to take control of six of the seven targeted trusts
Emma Dunkley - Financial Times
A campaign to overturn seven British investment trusts has been a "massive wake-up call" for the "complacent" £266bn industry and could lead to a more competitive sector, according to investment experts. The US activist fund Saba Capital lost its attempt over the past couple of weeks to replace the boards of six listed investment trusts, after shareholders voted for existing directors to remain in place.
/jlne.ws/3Q8MOIx
Weinstein's awfully small UK adventure; Smol Boaz energy
Bryce Elder - Financial Times
/jlne.ws/3WSeFAu
Hedge Fund Fir Tree Returns External Cash After Three Decades
Laura Benitez, Dorothy Ma, and Giulia Morpurgo - Bloomberg
/jlne.ws/40PZ1GZ
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Senate Confirms Russell Vought as Office of Management and Budget Director; Mr. Vought, an architect of Project 2025 who served in the first Trump administration, will be at the center of President Trump's plans to upend the federal bureaucracy.
Alan Rappeport - The New York Times
The Senate voted along party lines on Thursday to confirm Russell T. Vought to lead the Office of Management and Budget, putting in place one of the most powerful architects of President Trump's agenda to upend the federal bureaucracy and slash spending that the administration thinks is wasteful. The 53-to-47 vote returns Mr. Vought to the White House budget office that he also led during Mr. Trump's first term. During his tenure, he took steps to expand the number of federal employees required to work during a government shutdown, froze military aid for Ukraine and railed against spending on foreign aid.
/jlne.ws/3WSfg5c
I Work in the Office Carrying Out the Government Purge. Here's What I Want You to Know.; We're as freaked out and angry as everyone else.
Annie Porter - Slate
I'm a career civil servant at the federal government's Office of Personnel Management, and I'm sorry. Normally, the only time anyone hears about our agency is when we declare snow days for the D.C. area, and prior to Zoom schooling, that made us very popular with local schoolchildren. But since President Donald Trump's inauguration, a new email address has been set up at OPM and has been sending emails-after hours, on weekends, and sometimes more than once a day-that disparage the work of our fellow public servants and demand that they resign (or take mysterious "buyout plans") or prepare to be fired.
/jlne.ws/4aTQk3k
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | C.D.C. Posts, Then Deletes, Data on Bird Flu Spread Between Cats and People; The data, which appeared fleetingly online on Wednesday, confirmed transmission in two households. Scientists called on the agency to release the full report.
Apoorva Mandavilli and Emily Anthes - The New York Times
Cats that became infected with bird flu might have spread the virus to humans in the same household and vice versa, according to data that briefly appeared online in a report from the Centers for Disease Control and Prevention but then abruptly vanished. The data appear to have been mistakenly posted but includes crucial information about the risks of bird flu to people and pets.
/jlne.ws/4gxGyos
"An Anti-Inflammatory Diet Is A Good Idea For Anyone To Follow" - Doctors Shared The Food And Drinks That Could Be Causing Your Joints To Ache; Science shows a direct connection between diet and inflammatory arthritis. Here's how you can craft your meals to promote healing, not hurting.
Emily Laurence On Assignment - HuffPost
There are about 350 joints in the human body, and if even a few are inflamed, it can really affect your life. Achy joints in your hands can make typing or writing difficult. Joint pain in the back, knees or feet can make any type of physical exercise painful - even a short walk around the block. For many people, the reason they have achy joints is due to arthritis, which is defined as joint inflammation. Dr. Grace Wright, a consultant rheumatologist in New York City and founder and president of the Association of Women in Rheumatology, told HuffPost that there are different types of arthritis, each with its own unique cause.
/jlne.ws/4hMq2Ci
National Wear Red Day: Stand with women in the fight against heart disease; According to the American Heart Association, cardiovascular disease is the No. 1 killer of women, causing one in three deaths each year.
WTMJ-TV Milwaukee
Friday is National Wear Red Day, a chance to show support for women in the fight against cardiovascular disease, their leading cause of death. According to the American Heart Association, cardiovascular disease is the No. 1 killer of women, causing one in three deaths each year. The disease also affects new moms and women going through menopause. Heart disease can impact women at any age.
/jlne.ws/4gwVW4o
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Illinois braces for impact of new and potential tariffs: 'Who will feel the consequences? Everyday Americans.'
Peter Breen - The Chicago Tribune
Months ago, after then-President-elect Donald Trump started talking about implementing tariffs early in his second term, Leslie King sent an email to her bosses. King, who's been selling appliances at Abt Electronics in Glenview for about 21 years, was seeking guidance about what to tell customers worried about tariffs. Eventually, the company had an internal discussion about what to say, King said. "We have to have a way to address it and make people feel not nervous because everything is expensive enough right now," she said. At the moment, King tries to reassure tariff-wary buyers that putting a deposit on appliances locks in their prices - prices which may rise significantly after tariffs are imposed. And according to an Abt Electronics spokesperson, people have been buying appliances before they really need to in an effort to save money.
/jlne.ws/3CFxu37
Angolan President's Daughter Named Interim Head of Stock Market; The move takes place as Angola prepares an IPO of telecom firm; Lourenco's appointment to be confirmed at shareholder meeting
Candido Mendes and Henrique Almeida - Bloomberg
Angolan President's daughter Cristina Dias Lourenco has been named interim chief executive officer of the country's stock exchange, Bodiva. Dias Lourenco, who has a degree in management from the London School of Economics and Political Sciences and is the longest-serving member of Bodiva's executive board of directors, will replace Walter Pacheco who resigned last month, according to a statement from the Luanda-based stock market. Her appointment still needs to be approved at a shareholder meeting on March 21, said Bodiva.
/jlne.ws/3WQnWsK
Zimbabwe Spends $400 Million Backing ZiG Less Than Year After Debut; Lenders buy 70% of forex due to tight liquidity, governor says; Analysts warn over ZiG stability, which they see as artificial
Ray Ndlovu - Bloomberg
Zimbabwe's central bank said it has spent more than $400 million supporting the country's new gold-backed currency in the 10 months since its April launch. The Reserve Bank of Zimbabwe is strategically intervening in the foreign-exchange market to ensure liquidity to meet demand, Governor John Mushayavanhu said Thursday after the monetary policy committee held its benchmark rate at 35%.
/jlne.ws/419Jbrd
UAE Plans to Invest Up to EUR50 Billion In French Data Centers; Announcement comes ahead of Macron's AI summit next week; MGX, the fund working on Stargate, will back the French site
Ania Nussbaum and Samy Adghirni - Bloomberg
A fund from the United Arab Emirates is planning to spend between EUR30 billion and EUR50 billion ($31.2 billion and $52 billion) on a new campus for data centers in France, according to French officials. The investment is part of a bilateral announcement made ahead of an artificial intelligence summit French president Emmanuel Macron is holding next week. France and the UAE signed a strategic partnership to promote cooperation on AI last May.
/jlne.ws/42L9Cpd
|
| | | |
|
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.
© 2025 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
