| March 03, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I am sad to report the sudden passing of Meghan Grace Cashman, the youngest daughter of longtime CBOT member and FIA Hall of Fame member Thomas J. Cashman. Meghan died on February 20th at the age of 49. She was a graduate of the University of Wisconsin at Madison and had a long career in intellectual property and contract management. She was working for Enova International in Chicago, IL at the time of her death. My condolences to the entire Cashman family, her friends, colleagues and others who knew her. You can read her obituary HERE.
The world has changed. The episode in the oval office with Trump, Vance and Zelenskyy was the ultimate proof. The veteran journalist Jeremy Grant summed this up in a post on LinkedIn saying, "If there is any shred of utility to the meltdown in the Oval Office, it is that those who have been hiding their heads in the sand about the importance of paying attention to geopolitics will perhaps now finally see what is happening to the world we have grown used to for decades - and realise that what's going on will affect everything. There is no such thing as business as usual now."
We have been in an undercover cyber war with Russia for years, and U.S. Defense Secretary Pete Hegseth just told the U.S. cyber command to cease all offensive operations against Russia, NBC News and others reported.
Here are the headlines from in front of FOW's paywall from some recent stories: China to expand list of derivatives open to cross-border traders, ANALYSIS: Volatility strategies driving Eurex equity derivatives market, LCH reports record FX options clearing volume in January, Abaxx's lithium carbonate futures head weekly issuances - FOW Data, ANALYSIS: Experts welcome 'balance' in active account regulation and CME to list Solana futures in March in latest crypto expansion.
Bernard Goyder has joined Bloomberg News, covering the equity derivatives market with a focus on listed US options. He was previously a senior staff writer at Risk.net.
Martin E. Marty, a preeminent religious historian and advocate for pluralism, passed away at 97 in Minneapolis. Described by Time Magazine as "the most influential living interpreter of religion in the U.S.," Marty authored over 60 books and countless articles, shaping the discourse on religion's role in American public life, The New York Times reported. A champion of civility and inclusivity, he warned against the dangers of tribalism and the fragmentation of society. As a professor at the University of Chicago, a civil rights advocate, and a leader in interfaith dialogue, he played a pivotal role in shaping modern religious thought. His work, including Righteous Empire and The One and the Many, explored the intersection of faith, politics, and culture, emphasizing the importance of religious diversity in preserving democracy. He was honored with numerous accolades, including a National Book Award. He remained a steadfast voice for understanding and tolerance. Even in retirement, his legacy endured through the Martin Marty Center for the Public Understanding of Religion, ensuring his influence will continue for generations.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Nvidia Decline to a Five-Month Low Is Day's Biggest Options Bet from Bloomberg.
- Wall Street's Risk Takers Are Staging a Retreat from Bloomberg.
- Extremely fearful stock-market sentiment shows investors scare easily right now from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Finding Signal in the Noise: Compliance in an Uncertain World
Travis Schwab, CEO, Eventus - Traders Magazine
Rapid ideological, geopolitical and technological changes are creating a noisy and uncertain world, challenging traditional approaches and conventional wisdom across all sectors of the global economy. In such times, it becomes more important than ever to start from first principles when running a compliance program. For compliance teams, a fundamental function is to build systems and processes that can find the right signals in the noise, unique to facts and circumstances. Yet growing complexity across marketplaces threatens to overwhelm firms with interference. By exploring emerging trends - namely the potential for lighter-touch regulation, increasing demand for clarity across digital asset markets, and the growing power of artificial intelligence (AI) - it is clear that finding the signal demands a fresh capacity for flexibility and innovation across the surveillance function.
/jlne.ws/43jnEic
****** The alternative is to give up and pay fines when and if the regulators, or what is left of them, ever catch up with you.~JJL
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BNP Paribas Officially Kicks-Off the 2025 BNP Paribas Open and Confirms Global Commitment to Tennis; This Year's Event Contributes to the Accessibility and Promotion of Tennis
BNP Paribas
BNP Paribas, Europe's leading financial institution and foremost global sponsor of tennis, announces the start of the 2025 BNP Paribas Open and confirms its long-standing commitment to the sport through numerous initiatives. BNP Paribas has been supporting tennis for over 50 years and aims to promote tennis at every level, including championing accessibility and inclusivity, as well as community programs and professional tournaments.
/jlne.ws/4bqJsuz
******Take that, pickleball!~JJL
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Texas Republican focuses on rebrand of 'New York strip' steak to 'Texas strip' amid outbreak; As state grapples with worst measles outbreak in decades, Patrick homes in on resolution to 'better market Texas beef'
Ramon Antonio Vargas - The Guardian
While Texas grapples with its worst measles outbreak in decades, its Republican lieutenant governor has moved for the state's restaurants and groceries to change the name of the "New York strip" steak cut to the "Texas strip" in what he evidently hopes is a blow to liberals. Dan Patrick announced on Friday on social media that he intended to go to Texas's senate and work with lawmakers to pass a resolution favoring the switch - which would not carry the force of law but nonetheless would amount to a substantial statement of legislative support.
/jlne.ws/4i1zW3t
***** Are they going to serve it with "American Fries" too?~JJL
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'Fearless Girl' statue sponsor State Street drops boardroom diversity targets
Reuters
State Street's asset management unit on Friday dropped targets for the number of women and minority directors who should serve on corporate boards, according to new proxy voting guidance posted on its website. The changes were in line with those of other major asset managers under political pressure, shifts likely to slow the pace at which boardrooms become less white and male. But the change was striking for State Street, which in March 2017 installed the famous "Fearless Girl" statue in Manhattan's financial district as part of a campaign to increase gender diversity in business.
/jlne.ws/4iixjKa
***** So much for fearless messaging!~JJL
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Friday's Top Three
Our top story Friday was How the Trump admin transformed the U.S. into the financial Wild West in a matter of weeks, from Fortune (via Yahoo Finance). Second was CloudMargin's LinkedIn post, Remembering a Remarkable Leader, mourning the loss of Helen Nicol, who was head of product at CloudMargin. Third was Bloomberg's SEC Staff Says Memecoins Like Collectibles Not Securities.
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| Lead Stories | CME Group to Launch Solana (SOL) Futures on March 17
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to launch Solana (SOL) futures on March 17, pending regulatory review. Market participants will have the choice to trade both a micro-sized contract (25 SOL) and a larger-sized contract (500 SOL). "With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "As Solana continues to evolve into the platform of choice for developers and investors, these new futures contracts will provide a capital-efficient tool to support their investment and hedging strategies."
/jlne.ws/41jyXoc
US Treasury Department says it will not enforce anti-money laundering law
Reuters
The U.S. Treasury Department said on Sunday it would not enforce an anti-money laundering law that obliges millions of business entities to disclose the identities of their real beneficial owners. The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities. The act has faced repeated legal challenges. In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies.
/jlne.ws/3QDF15Y
Toronto Exchange's Mining Dominance Under Threat as Explorers Exit; TMX Group bourses saw a 28% drop in mining listings since 2010; Companies are making moves to relocate headquarters abroad
Jacob Lorinc - Bloomberg
Toronto's claim as the world's top mining hub is under threat as exploration companies leave Canada and listings dwindle on the nation's resource-heavy stock exchange. Canada's once-thriving mining industry is facing challenges to its decades-old model, in which explorers and developers woo investors with promises of mining breakthroughs and established producers feed on their success, swallowing them in lucrative takeovers. Industry consolidation has reduced head offices and eliminated listings, companies find it harder to attract investors, and government rules on foreign investment have become more restrictive.
/jlne.ws/43iRZgO
Why ESG Faces Backlash and Its Future Under Trump 2.0
Saijel Kishan and Tasneem Hanfi Brogger - Bloomberg
ESG. Three letters that have inspired, confused and angered. They stand for environmental, social and governance, and refer to a strategy where banks and investors weigh factors such as climate change and labor conditions in their financing decisions. The term was coined about two decades ago by United Nations staffers working with the finance industry. It became more popular after the #MeToo, racial justice and climate movements took hold when President Donald Trump was in the White House the first time around. The hope was that ESG standards would help make the world a better place, demonstrating that profit doesn't have to come at the expense of clean air, human rights or honest management.
/jlne.ws/41uoM0a
Europe's ESG Risk Rules Too Complex for Small Banks, Kukies Says
Nicholas Comfort - Bloomberg
European Union guidelines for how banks should deal with environmental risks are too cumbersome for small lenders, according to German Finance Minister Joerg Kukies. "We're convinced they overshoot the target," Kukies told a conference in Frankfurt on Monday. The European Banking Authority guidelines for measuring and managing environmental, social and governance risks will apply in 2026, although "small and non-complex" banks have a further year to prepare. Bloomberg reported last month that German regulators would take a laxer approach to implementing the standards for smaller lenders.
/jlne.ws/3D3Eqrb
Europe's only sanctioned oil trader appeals decision citing 'disinformation'; Niels Troost's lawyers argue EU may have been influenced by the trader's estranged former business partner
Tom Wilson and Laura Dubois - Financial Times
The only European sanctioned for trading Russian oil has petitioned a top EU court to overturn the decision, claiming the bloc's actions were influenced by disinformation spread by a former business partner. In court papers filed at the EU's General Court in February, lawyers for Dutch trader Niels Troost wrote that their client's companies had ceased all involvement in Russian oil at least 15 months before the EU decision and that a ship chartering business cited in its sanction listing was sold by Troost more than six years ago.
/jlne.ws/3DaKTAz
Trump names cryptocurrencies in strategic reserve, sending prices up
Trevor Hunnicutt - Reuters
U.S. President Donald Trump on social media announced the names of five digital assets he expects to include in a new U.S. strategic reserve of cryptocurrencies on Sunday, spiking the market value of each. Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including bitcoin, ether, XRP, solana and cardano. The names had not previously been announced.
/jlne.ws/4iny6JP
Elon Musk Wants to Be a Kingmaker Again; Most Americans think money already has too much influence in US politics. The world's richest man seems determined to prove them right - this time, in Wisconsin.
Patricia Lopez - Bloomberg
Elon Musk has his hands full these days. From rampaging through federal departments with the energy of a feudal lord to flirting with right-wingers in Germany's last election, it's hard to imagine that a state supreme court race would rank high on his list. Yet he has turned his sights to Wisconsin, shoveling enough money into a state supreme court race there to make it the most expensive such contest in US history.
/jlne.ws/3XnW3Zm
Hedge Fund-Beating Equities Will Mislead Investors; The incredible run of passive stock funds may prompt return chasing by institutional managers. That would be a mistake.
Aaron Brown - Bloomberg (opinion)
Alternative investments including hedge funds and real estate will disappear from the portfolios of pension funds and endowments over the next 10 to 20 years, well-known institutional investment consultant Richard Ennis concludes in a recent report. Their trustees, he says, will wise up to the excessive fees and anemic returns from these alternatives compared with passive index investment in public stocks and bonds. On the good side, the report is a readable and up-to-date summary of criticisms of alternative investments along the lines of classics like "Do hedge funds hedge" and "Demystifying illiquid assets."
/jlne.ws/4h3QyWT
Dalio Warns of US Debt Crisis 'Heart Attack' Within Three Years; Bridgewater's founder on gold, Bitcoin and why the new administration must get to work on deficit reduction
Tracy Alloway and Joe Weisenthal - Bloomberg
Ray Dalio, the billionaire founder of hedge fund Bridgewater Associates, has a warning for the Trump administration: commit right now to reducing the deficit or risk a major debt crisis within three years. "If you don't do it, you're going to be in trouble," Dalio said in an interview on the Odd Lots podcast. "I can't tell you exactly when it'll come, it's like the heart attack," he added. "You're getting closer. My guess would be three years, give or take a year, something like that."
/jlne.ws/4bqfg2z
Japan's regulator stands firm behind Basel as peers buckle; Japanese banks fear being at a disadvantage to rivals as Basel III implementation falters
Samuel Wilkes and Chris Davis - Risk.net
internationally agreed bank capital rules, despite other jurisdictions diverging or delaying. Concern is rising among the country's banks, however, that they will suffer from competitive distortions against rivals with laxer rules. "We do not have a plan to change the schedule of the phase-in arrangement and will reiterate the importance of implementing all aspects of the Basel III framework in full, consistently, and as soon as
/jlne.ws/3DftpD0
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Trump orders probe into alleged dumping of lumber in US market; Move raises fear that commodity will be next to be targeted for tariffs after levies on steel and aluminium
Myles McCormick and Ilya Gridneff - Financial Times
Donald Trump has ordered a probe into dumping in the US lumber market, setting the stage for the industry to join the widening basket of commodities targeted by Washington's global trade war. The president on Saturday directed the Department of Commerce to investigate whether imports of lumber and wood products were undermining domestic loggers in a way that posed a risk to US national security, days after ordering a similar review of the copper industry.
/jlne.ws/41gN5ym
Trump Turns Up Trade Pressure on China After Beijing Fails to Come Running; China is still cautiously trying to figure out what Trump wants. The president has threatened big tariffs in response to the inaction.
Ana Swanson and Alexandra Stevenson - The New York Times
When President Trump threatened tariffs on Canada, Mexico and China in January, saying those countries needed to do more to stop the flow of drugs and migrants into the United States, Canadian and Mexican officials raced to Washington, bearing charts and videos detailing their efforts to toughen their borders. Canada created a "fentanyl czar" and committed fresh resources to combating organized crime, while Mexico dispatched troops to the border and delivered cartel operatives into U.S. custody. As a result, Mr. Trump paused tariffs on America's North American neighbors for 30 days.
/jlne.ws/4imGVDF
Clock Ticks Down Toward Sweeping Tariffs on Canada, Mexico and China; President Trump could still choose to pause the tariffs he is threatening to put on America's largest trading partners Tuesday, but industries are preparing for the worst.
Ana Swanson, Danielle Kaye, Jack Ewing and Rebecca F. Elliott - The New York Times
When President Trump announced last week that an additional 10 percent tariff on Chinese goods would take effect on Tuesday, Logan Vanghele immediately called the logistics company that was handling a $120,000 shipment of aquarium products for his small business. The cargo was on a ship en route to Boston from China. His message was clear: "Get this thing off the boat, please."
/jlne.ws/41FVrAQ
Trump tariffs live updates: Lutnick hints Canada, Mexico may not face full 25% tariffs as deadline nears
Yahoo Finance
US President Donald Trump is aiming to reshape the country's trade policy using one of his preferred economic tools: tariffs. Here's where things stand with various US trade partners: Canada and Mexico: Trump has threatened to impose 25% across-the-board tariffs on its US neighbors on March 4, after earlier reneging on those plans. On Sunday, Commerce Secretary Howard Lutnick suggested the US may not set duties at the full 25% amount. Also, Treasury Secretary Scott Bessent has suggested that Canada follow Mexico's proposal that it matches US tariffs on China.
/jlne.ws/4hYi35x
China FX Regulator Surveys Companies on Impact of Trump Tariffs; Importers are also asked by SAFE about retaliatory tariffs; Onshore yuan falls 0.4% in February amid Trump's announcements
Bloomberg News
China's foreign exchange regulator has surveyed companies about the potential impact of US-China tariffs, according to people familiar with the matter. The State Administration of Foreign Exchange's questionnaire for exporters focus on the levies imposed by US President Donald Trump, the people said, asking not to be identified in discussing private information. Importers were asked about the impact from China's retaliatory tariffs. In the survey, which was conducted following Trump's 10% tariff announcement in early February, SAFE also asked companies how they plan to react to the levies.
/jlne.ws/43o7X9x
China 'annihilated' US aluminium - can Donald Trump's tariffs revive it? US president's ambitious plan to revive the industry risks being thwarted by high electricity price
Guy Chazan - Financial Times
The Magnitude 7 Metals aluminium plant near the banks of the Mississippi is eerily quiet these days, its electrolysis cells dark and devoid of people, its once white-hot smelters cold to the touch. "It breaks my heart, 'cos I've seen it in all its glory," said Greg Lester, the facility's manager, gesturing upwards to its cavernous vaults.
/jlne.ws/4h8QuVZ
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Trump-Zelenskyy clash leaves Ukrainians reeling; Frontline fighters, citizens and politicians fear Kyiv faces most perilous phase of war
Christopher Miller - Financial Times
At 9am on Saturday, a group of women spread across the busiest street in central Kyiv and stopped traffic to observe a minute of silence. A loudspeaker counted 60 ticks before blaring the opening lines of the national anthem: "Ukraine's glory and freedom have not yet perished". Drivers and passengers stepped out of their cars, standing in quiet tribute as the music echoed through the street.
/jlne.ws/43guDZd
Trump, Vance attack on Zelenskyy angers many. But Russians and (some) Republicans love it; Ukraine's supporters defend Kyiv against the U.S. president's in-person attack, while detractors say he got what he deserved.
Nahal Toosi and Amy Mackinnon - Politico
Ukraine's supporters in Washington and abroad reacted with horror to President Donald Trump and Vice President JD Vance's verbal takedown of Ukrainian leader Volodymyr Zelenskyy on Friday, calling it a dismaying display of American bullying. Trump supporters cast the encounter differently, saying it was a necessary show of American power toward an ungrateful ally.
/jlne.ws/4i0U7OM
A Thousand Snipers in the Sky: The New War in Ukraine; Drones have changed the war in Ukraine, with soldiers adapting off-the-shelf models and swarming the front lines.
Marc Santora, Lara Jakes, Andrew E. Kramer, Marco Hernandez and Liubov Sholudko - The New York Times
When a mortar round exploded on top of their American-made Bradley infantry fighting vehicle, the Ukrainian soldiers inside were shaken but not terribly worried, having been hardened by artillery shelling over three years of war. But then the small drones started to swarm. They targeted the weakest points of the armored Bradley with a deadly precision that mortar fire doesn't possess. One of the explosive drones struck the hatch right above where the commander was sitting.
/jlne.ws/3F47UFV
Who Will Join Europe's 'Coalition of the Willing' to Help Ukraine? European leaders met in London to formulate a plan to help end the war in Ukraine. But even potential peacekeepers face political and economic hurdles.
Mark Landler and Jeanna Smialek - The New York Times
Britain and France have promised to muster a "coalition of the willing" to secure a peace agreement between Ukraine and Russia. Now comes the acid test for Europe: How many countries will step up, and does that even matter, given Russia's rejection of such a coalition as part of any settlement? Prime Minister Keir Starmer of Britain left those questions unanswered as he bade farewell to fellow leaders after a summit meeting in London on Sunday. He conceded that "not every nation will feel able to contribute," though he expressed optimism that several would, and that this would send a signal to President Trump that Europe was ready to "do the heavy lifting."
/jlne.ws/4brmgMo
New Ukrainian general inflicts 'unsustainable losses' on Russia
Harriet Barber - The Telegraph
Ukraine's army is finding some rare success along the eastern front, reclaiming key positions and inflicting "unsustainable losses" on Russian forces, according to battlefield reports. While the front-line axis has not changed significantly, Ukrainian forces have advanced against Russian troops close to the major eastern cities of Pokrovsk and Toretsk, according to new reports. "The Ukrainian armed forces are actively advancing in Toretsk, reclaiming key positions," said one war blogger closely observing the front lines. "There are reports of complete encirclement of Russian occupiers in several areas."
/jlne.ws/4ikZkkr
Europe Aims to Forge Peace Plan for Ukraine; Following public clash between Trump and Zelensky, the U.K. and France try to broker compromise solution
Max Colchester, Laurence Norman and Ian Lovett - The Wall Street Journal
The U.K. and France said they would lead a European effort to forge a Ukraine peace plan to present to President Trump, as they sought to patch up differences between Kyiv and Washington following Friday's White House clash. British Prime Minister Keir Starmer hosted nearly 20 allies in London on Sunday and said that progress had been made in building a "coalition of the willing," which would commit military assets, including troops on the ground, to secure any eventual peace. He said more countries would need to come on board if Europe is to build a force that would deter Russian aggression in Ukraine.
/jlne.ws/4ikDzkx
Following Trump's lead, his allies lash out at Ukraine's Zelenskyy and suggest he may need to resign
Jonathan J. Cooper - Associated Press
President Donald Trump's senior aides and allies lashed out at Ukrainian leader Volodymyr Zelenskyy from Washington as he attended a European summit Sunday in London to rally international support for his military's fight against the Russian invasion.
/jlne.ws/3DgTUrE
UK, France propose partial one-month Ukraine truce, Paris says
Reuters
/jlne.ws/4i7DXTV
Zelenskiy Says He'd Meet Trump Again for 'Serious' Talks
Aliaksandr Kudrytski - Bloomberg
/jlne.ws/4hbDQ8y
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group To Launch Solana Futures Contracts on March 17, Expanding Crypto Derivatives Market
Ayesha Aziz - CoinMarketCap
Derivatives marketplace CME Group has confirmed plans to launch Solana futures on March 17, pending regulatory approval. The new contracts will be offered in two sizes: a micro-sized contract for 25 Solana (SOL) and a larger-sized contract for 500 SOL. This move expands CME's cryptocurrency derivatives portfolio, which currently includes futures for Bitcoin and Ether. According to Giovanni Vicioso, Global Head of Cryptocurrency Products at CME, the decision responds to increasing demand from clients for regulated products that can help manage the volatility of cryptocurrency prices.
/jlne.ws/43gzERL
SIX introduces preferred clearing for Euronext markets; From March 2025, SIX x-clear's preferred clearing services will be available for Euronext trades, with Euronext Italy joining by Q2 2025.
Sophia Thomson - The Trade
SIX x-clear is set to launch preferred clearing services for Euronext market participants in Paris, Amsterdam, Brussels, Lisbon, Dublin and Milan. This initiative aims to enhance market interoperability and encourage competition within European financial markets. Through expanding its clearing services, SIX seeks to improve market efficiency, reduce counterparty risk, and streamline trading operations.
/jlne.ws/3D3DoLP
SIX Expands Services by Introducing the Preferred Clearing for Euronext Markets
SIX
Beginning in March 2025, all trades executed on Euronext's markets in Paris, Amsterdam, Brussels, Lisbon, Dublin, and Milan will benefit from SIX x-clear's preferred clearing services. Euronext Italy will be integrated by Q2 2025. SIX x-clear is pleased to announce the launch of its preferred clearing services for Euronext market participants. This major milestone further strengthens SIX's commitment to enhancing interoperability and fostering competition within European financial markets. The expansion reflects a key step forward in improving market efficiency, minimizing counterparty risk, and delivering a seamless trading experience for all participants.
/jlne.ws/3Xpvhju
SIX Exchanges Figures: February 2025
BME-X (a SIX company)
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain
/jlne.ws/3DrrUSd
ICE Mortgage Monitor: Property Insurance Costs Rose at a Record Rate in 2024 Prompting Homeowners to Shop for Better Rates, Accept Higher Deductibles
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its March 2025 ICE Mortgage Monitor Report, based on the company's robust mortgage, real estate and public records datasets. This month's Mortgage Monitor analyzes the latest trends shaping the housing market in early 2025, with a special emphasis on rising insurance costs and the ways borrowers are adapting to protect what, for many, may be their most valuable asset. Property insurance costs for mortgaged single-family homes rose by a record $276 (+14%) to $2,290 in 2024 with average premiums now up 61% over the past 5 years. Seattle (+22%), Salt Lake City (+22%) and Los Angeles (+20%) saw the largest percentage increases in 2024, while the largest increases by dollar amount were in Dallas (+$606) and Houston ($515). Premiums in Florida increased by less than half the national average on a percentage basis, but rates there remain among the highest in the country.
/jlne.ws/4bo1oFY
JSE's diversification strategy bears fruit as bourse delivers robust results for 2024
JSE
The JSE announced notable earnings growth for its 2024 financial year during a period of heightened geopolitical tensions and muted economic growth in the first half of 2024. The robust performance for the bourse was supported by business resilience and stability as well as increased revenue diversification through its non-trading business segments. The Group reported an increase in net profit after tax (NPAT) of 10.4% to R918 million with a return on equity (ROE) of 20.2%, up from 19.4% in the prior year. The JSE's share price outperformed headline indices, delivering 30% year on year growth during 2024. The JSE continues to be cash-generative with net cash generated from operations of R1.09 billion, which enabled the Board to declare an ordinary dividend of 828 cents per share for 2024 (2023: 784 cents), generating a total shareholder return of 40% for the year.
/jlne.ws/3XpuUp6
Trading Overview in February 2025
JPX
Japan Exchange Group released Trading Overview in February 2025.
/jlne.ws/43rjrsK
Position Limits - Government of Canada Bond Listed Products (Spot Month)
Montreal Exchange
The applicable position limits for the Government of Canada bond futures and options on the Government of Canada bond futures have been updated and are reflected in the attached position limit file. The position limits will apply as follows:
/jlne.ws/4i2fIq3
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Google's New Tech Means Video Calls May Not Be the Death of Us After All; Google and HP are betting that Project Starline will usher in a new era of 3-D communications that doesn't require a headset or glasses
Steven Rosenbush - The Wall Street Journal
Google and HP are scheduled to release this year a 3-D video communications platform that works without requiring users to wear glasses or a headset, an effort to infuse virtual meetings with a greater sense that people are together in the same space. Video calls famously turned heel in the past few years, transforming from a panacea of the early pandemic into a soul-sapping burden for workers. Alphabet's Google and HP think Project Starline is a breakthrough sufficient to take virtual communications to the next level. And based on a shockingly visceral remote conversation I just had at HP's headquarters in Palo Alto, Calif., I'd say they are on to something.
/jlne.ws/4bma2VB
Fintech Dave to Switch Banking Partner to Coastal From Evolve
Paige Smith - Bloomberg
Fintech Dave Inc. plans to use Coastal Financial Corp. as its primary banking partner and eventually drop Evolve Bancorp Inc., which has grappled with an enforcement action and other challenges. Dave isn't a bank, but offers bank-like products such as checking accounts and "ExtraCash," which gives customers as much as $500 without credit checks, interest or late fees. In order to offer those products, Dave must partner with a bank, which has been Evolve Bank & Trust.
/jlne.ws/4h1itql
Peter Thiel-backed fintech Ramp nearly doubles valuation to $13bn; US payments start-up completes share sale as business rebounds after period of low customer spending
George Hammond - Financial Times
Ramp, the corporate payments start-up backed by Peter Thiel and Thrive Capital, has almost doubled its valuation to $13bn, as financial technology companies rebound from a painful period of lower spending and economic uncertainty. The five-year-old company hit the new valuation as part of a share sale in which investors including Singaporean sovereign wealth fund GIC, US private equity group Stripes and venture capitalists including Josh Kushner's Thrive, Khosla Ventures and General Catalyst bought $150mn worth of employee stock.
/jlne.ws/4hSP96N
AI companies race to use 'distillation' to produce cheaper models; DeepSeek used technique to create smaller powerful models based on the technology of competitors such as Meta
Cristina Criddle and Melissa Heikkila - Financial Times
Leading artificial intelligence firms including OpenAI, Microsoft and Meta are turning to a process called "distillation" in the global race to create AI models that are cheaper for consumers and businesses to adopt. The technique caught widespread attention after China's DeepSeek used it to build powerful and efficient AI models based on open-source systems released by competitors Meta and Alibaba. The breakthrough rocked confidence in Silicon Valley's AI leadership, leading Wall Street investors to wipe billions of dollars of value from US Big Tech stocks.
/jlne.ws/3Df6isc
World's largest call center using AI to 'neutralize' Indian employees' accents
Mashable
Teleperformance SE, the largest call center operator on the planet, has come up with a way to mask the fact it operates in India for customers calling for support with their latest iPhone or Galaxy device. In a new report from Bloomberg, Teleperformance shared that it invested $13 million in Sanas, an AI startup. Sanas has created technology that focuses on "reducing accent-based discrimination." As Teleperformance puts it, the technology can "neutralize" accents.
/jlne.ws/4h7rYEL
China's Honor announces $10 billion investment in AI devices
Reuters
/jlne.ws/4ikhlzg
Guggenheim and Legendary billionaires create $40bn pot to make AI bets; Mark Walter and Thomas Tull want to use artificial intelligence to spur innovation in their finance, sport and media holdings
Antoine Gara - Financial Times
/jlne.ws/4idVhX4
Chinese Buyers Are Ordering Nvidia's Newest AI Chips, Defying U.S. Curbs; Traders offer servers containing the company's Blackwell chips by routing them through third parties in nearby regions
Raffaele Huang and Liza Lin - The Wall Street Journal
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| Cybersecurity | | Top stories for cybersecurity | Hegseth Orders Pentagon to Stop Offensive Cyberoperations Against Russia; The defense secretary's instructions, which were given before President Trump's blowup with the Ukrainian president, are apparently part of an effort to draw Russia into talks on the war.
Julian E. Barnes, David E. Sanger and Helene Cooper - The New York Times
Defense Secretary Pete Hegseth has ordered U.S. Cyber Command to halt offensive operations against Russia, according to a current official and two former officials briefed on the secret instructions. The move is apparently part of a broader effort to draw President Vladimir V. Putin of Russia into talks on Ukraine and a new relationship with the United States. Mr. Hegseth's instructions, part of a larger re-evaluation of all operations against Russia, have not been publicly explained. But they were issued before President Trump's public blowup in the Oval Office with President Volodymyr Zelensky of Ukraine on Friday.
/jlne.ws/41p43dN
Gmail, Outlook Warning-Yes, You Need A New App
Zak Doffman - Forbes
A new warning for anyone using email on their phones this week, as the extent to which this is a broken format in dire need of a rethink becomes ever more obvious. For attackers, email remain wide open to attack. And while the efforts of Google, Microsoft and others to plug the threat dam are laudable, they will ultimately fail. As I commented earlier this month, email is "a horribly archaic technology that has not really changed in a decade," that's why "spam and phishing remain a ridiculous problem, despite Google blocking 'more than 99.9%' of it." And we're still at the early stages of an AI threat evolution that will make everything unimaginably worse.
/jlne.ws/3FeCpJ5
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto prices jump as Trump says US strategic reserve to include lesser-traded tokens; President's comments about Solana, XRP and Cardano boost market after recent shake-out
Philip Stafford - Financial Times
Cryptocurrency prices jumped on Sunday after President Donald Trump said a potential US strategic reserve of digital assets will include lesser-traded tokens Solana, XRP and Cardano. Trump made the disclosure on his Truth Social media account, adding: "I will make sure the US is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!" His comments gave prices across the industry a lift after weeks of selling pressure, as cryptocurrencies were hit in a market shake-out of riskier assets. Traders have also cited their frustration that the Trump administration has not moved faster to enact some of the reforms he promised on the campaign trail. Solana, the token that represents the blockchain that hosts most of the memecoins - including Trump's own coin - climbed 19 per cent to $169.71.
/jlne.ws/4ig8DCJ
Trump Faces Blowback Over Plans for Crypto Reserve; Digital assets like Bitcoin rallied on the president's backing for a strategic holding, but even some conservatives and industry backers disapproved.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Edmund Lee - The New York Times
Cryptocurrencies are again riding high, after President Trump announced that he would create a national crypto reserve with five tokens, including three lesser-known and highly volatile ones. It's the latest boost that Trump has given the crypto industry, which spent some $130 million backing him and other Republicans. But the news drew criticism from many, including conservatives and even ardent crypto backers, over many concerns: giveaways to an already wealthy community, delegitimizing the digital currency industry and more.
/jlne.ws/41qYxaG
SEC's 'Demolition' of Crypto Enforcement Met With Cheers as Well as Jeers
Emily Nicolle - Bloomberg
The US Securities and Exchange Commission has kicked off the new year with a makeover, wiping clean its slate of crypto enforcement actions and turning what was once a hostile landscape for digital assets into a potential haven.
/jlne.ws/4bqea6X
Crypto custody a bit(coin) closer after US accounting U-turn; Federal banking supervisors expected to eventually relax regimes for safeguarding digital assets
Luke Clancy - Risk.net
Fresh accounting guidance from the US markets regulator has removed a barrier to banks offering crypto custody services. Now, lawyers expect prudential regulators also to take action to unlock bank custody of digital assets - particularly given the new US administration's avowed support of the crypto industry. The issue of crypto safety has now "really been kicked" to the banking regulators, says Steven Lofchie, partner at Norton Rose Fulbright US. "Do they act to discourage the banks from
/jlne.ws/4il3jgT
Physical Attacks Against Bitcoin Holders Surge As BTC Price Rises
Javier Bastardo - Forbes
According to the archive maintained by security expert Jameson Lopp, co-founder and chief security officer of CASA, over 200 known physical attacks against bitcoin and crypto holders have been reported since 2014. In 2025 alone, 11 criminal incidents targeted holders, including Ledger's Chief Executive Officer, David Balland, as reported by Coindesk January 24. With bitcoin and crypto prices experiencing a strong bullish run in recent months, followed by market corrections, criminal interest in physically targeting crypto holders has significantly increased. Most of the reported crimes in 2025 occurred in Asia and Europe, with Thailand, Korea, and France being the most affected regions.
/jlne.ws/4knRsjJ
'This Is A Big Deal'-Bitcoin Price Braces For A $150 Billion BlackRock Game-Changer
Billy Bambrough, Senior Contributor - Forbes
Bitcoin has bounced back after plunging under $80,000 per bitcoin, sparking fears the bitcoin price could be headed a lot lower. Unlock over $3,000 in NFT, web3 and crypto perks - Apply now! The bitcoin price has climbed back to around $85,000 per bitcoin but remains at a "critical juncture" as a perfect storm sweeps the crypto market. Now, as traders yank a record amount from bitcoin exchange-traded funds (ETFs), the world's largest asset manager BlackRock has added bitcoin into its $150 billion model-portfolio ecosystem for the first time-described as a "big deal" by one analyst.
/jlne.ws/41Cyuic
Bitcoin Reserve in 100 Days of Trump's Presidency? Market Is Still Skeptical; Polymarket bettors give a BTC reserve a better chance of becoming a reality in 2025, but still aren't sure about it.
Sam Reynolds - CoinDesk
/jlne.ws/4h3oRxn
Bitcoiners slam Trump's crypto strategic reserve, call it a 'sh*tcoin reserve'
Mehab Qureshi - The Street
/jlne.ws/4kyYLWa
Tether Names Devasini as Chairman and Hires New Finance Chief
Emily Nicolle - Bloomberg
/jlne.ws/41r0C6D
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| Politics | | An overview of politics as it relates to the financial markets | How Elon Musk Executed His Takeover of the Federal Bureaucracy; The operation was driven with a frenetic focus by the billionaire, who channeled his resentment of regulatory oversight into a drastic overhaul of government agencies.
Jonathan Swan, Theodore Schleifer, Maggie Haberman, Ryan MacKate Conger, Nicholas Nehamas and Madeleine Ngo - The New York Times
On the last Friday of September 2023, Elon Musk dropped in about an hour late to a dinner party at the Silicon Valley mansion of the technology investor Chamath Palihapitiya. Mr. Musk's visit was meant to be discreet. Still skittish about getting involved publicly in politics, he told the guests he had to be careful about supporting anyone in the Republican nomination fight. And yet here he was - joined by Claire Boucher, the singer known as Grimes and the mother of three of his children - at a $50,000-a-head dinner in honor of the presidential candidate Vivek Ramaswamy, who was running as an entrepreneur who would shake up the status quo.
/jlne.ws/4hY8SSE
Fighting Musk's secrecy, in court; The lack of transparency surrounding the so-called Department of Government Efficiency is emerging as a target in the courts.
Jess Bidgood - The New York Times
Elon Musk likes to talk about transparency. But a major story my colleagues published today shows how he baked secrecy into his Department of Government Efficiency from the start. When devising a plan to overhaul the federal bureaucracy, Musk and his advisers deliberately designed an organizational structure that they thought would be outside the purview of federal public records laws, my colleagues wrote: The operation would take over the U.S. Digital Service, which had been housed within the Office of Management and Budget, and would become a stand-alone entity in the executive office of the president. Mr. Musk would not be named the DOGE administrator, but rather an adviser to Mr. Trump in the White House.
/jlne.ws/3F43NcY
'It Feels Like It's Chaotic on Purpose' Elon Musk's Department of Government Efficiency laid off a team whose purpose was to make the government more efficient.
Matteo Wong - The Atlantic
Late Friday night, the Trump administration, as part of its push to modernize the government with software, laid off roughly 90 people from the General Services Administration-all federal technologists whose role was to modernize the government with software. Employees on the 18F team, a group formed in the Obama era to build and improve software for other agencies, were notified around midnight that their roles are being eliminated, according to several former 18F workers I spoke with. Team members were emailed termination letters, copies of which I obtained, stating that their position "is being abolished as part of an agency reduction-in-force." (Last month, Elon Musk hinted at the group's demise when he wrote on X that 18F "has been deleted.")
/jlne.ws/41lGl2m
Trump's Old World Order Does he want deals with Russia and China to carve up the planet? He should tell Americans.
The Editorial Board - The Wall Street Journal
With his first weeks back in office, and especially after Friday's Oval Office brawling with Ukraine's president, it's clear President Trump has designs for a new world order. Perhaps he could share this vision with the country when he addresses Congress on Tuesday. The conventional view of Mr. Trump is that he's above all transactional. He wants deals, at home and abroad, that he can sell as great successes. But the way his second term is unfolding, this may undersell his ambition. Mr. Trump's strategy seems to be moving toward that of Tucker Carlson and JD Vance, who view America as in decline and no longer able to lead or defend the West.
/jlne.ws/4ihNjMo
Trump's Barrage of Executive Orders Overwhelms Opponents; Most of the president's efforts remain standing, after advisers rewrote 2017 playbook
Josh Dawsey and Brent Kendall - The Wall Street Journal
President Trump has signed more than 75 executive orders to start his second term, spurring about 100 lawsuits so far. For now, most of the orders have survived. The flood has overwhelmed opponents and forced courts to work overtime to try to keep up. That was by design.
/jlne.ws/3XohPwh
Trudeau to talk with King Charles about Canada's 'sovereignty'
Reuters Videos
Trudeau says protecting Canada's sovereignty is his priority in talks with King Charles "I look forward to sitting down with His Majesty tomorrow. As always, we will discuss matters of importance to Canada and to Canadians. And I can tell you that nothing seems more important to Canadians right now than standing up for our sovereignty and our independence as a nation."
/jlne.ws/3Xq1cA6
Putin ally pushes deal to restart Nord Stream 2 with US backing; Ex-spy Warnig's plan to involve American investors shows breadth of Trump's rapprochement with Russian president
Max Seddon, Henry Foy and Felicia Schwartz - Financial Times
/jlne.ws/3QFmsyc
China building nuclear-powered aircraft carrier to rival US
Allegra Mendelson - The Telegraph
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| Regulation & Enforcement | | Stories about regulation and the law. | Here's Who's Taking the Stand as Jes Staley Tries to Clear His Name; Here's Who's Taking the Stand as Jes Staley Tries to Clear His Name
Harry Wilson, Katherine Griffiths and Jonathan Browning - Bloomberg
Jes Staley's legal challenge against his ban from the UK finance industry is bringing in some of the most prominent figures in the City of London, with the former Barclays Plc boss set to argue that the way he handled his friendship with Jeffrey Epstein didn't break regulators' rules. Here are some of the key people due to appear at the hearings.
/jlne.ws/3XrqdLn
Indonesia Defers Short-Selling Amid High Stock Volatility
Harry Suhartono and Norman Harsono - Bloomberg
Indonesia's financial regulator will defer short-selling of stocks by investors amid heightened volatility in the nation's equity markets. The nation may delay implementing short-selling to later this year, depending on market volatility, said Inarno Djajadi, head of capital markets supervision at the Indonesia Financial Services Authority. Regulators will also review allowing share buybacks without a shareholder meeting, he said.
/jlne.ws/3XrgZyS
Statement in Support of Enforcement Staff
Commissioner Caroline A. Crenshaw - SEC
By law and in practice, responsibility for SEC action lies with its presidentially-appointed Commissioners, not its career staff. Commissioner Peirce, my colleague and head of the SEC Crypto Task Force, spoke to this yesterday when she said that staff "appropriately worked hard to execute as effectively as possible the Commission's directives" on an enforcement matter. No matter our policy differences, this is something on which we wholeheartedly agree - there is no critique to be made of hardworking civil servants for simply doing their jobs.
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Response to Staff Statement on Meme Coins: What Does it Meme?
Commissioner Caroline A. Crenshaw - SEC
[1] The purpose of written guidance from SEC staff is to promote understanding of, and compliance with, the federal securities laws.[2] Today's guidance from the Division of Corporation Finance turns that concept on its head. It advances an incomplete, unsupported view of the law to suggest that an entire product category is outside the bounds of SEC jurisdiction.[3] And exactly what is a meme coin, the category to which this guidance is directed? Other than how a promoter chooses to label it, what basis do we have to determine whether something is a meme coin? The guidance offers no clear definition from law or even a basic dictionary. It generally describes a meme coin as an asset reflective of online or social trends, of speculative value, that tends to experience high volatility. But these are near universal hallmarks of crypto assets. The lack of a useful definition alone makes the value of this guidance questionable, except perhaps as a roadmap for crypto enterprises looking to evade oversight by labeling themselves as a meme coin.
/jlne.ws/41kHY09
SEC to Host Roundtable on Artificial Intelligence
SEC
The Securities and Exchange Commission today announced it will hold a roundtable discussion on Artificial Intelligence in the financial industry. The event takes place on March 27 from 9 a.m. to 4 p.m. at the SEC's headquarters in Washington, D.C. and is open to the public for either in-person or virtual attendance. The AI roundtable will discuss the risks, benefits, and governance of AI in the financial industry. SEC Acting Chairman Mark Uyeda and SEC Commissioners Hester Peirce and Caroline Crenshaw are expected to deliver remarks. Advance registration is strongly encouraged for those planning to attend in person.
/jlne.ws/3XpJCwo
SEC Charges Justinas Butkus with Orchestrating $4 Million Fraud
SEC
The Securities and Exchange Commission announced on February 27, 2025 that it filed charges against Justinas Butkus, of Lithuania, and two companies he owned and controlled, HMC Trading LLC and HMC Management LLC, for fraudulently raising approximately $4.1 million from 64 investors by selling interests in mutual funds that did not exist.
/jlne.ws/41Fv3Yb
Olumide Osunkoya sentenced to 4 years for illegally operating crypto ATM network
FCA
Olumide Osunkoya, 46, was sentenced on 28 February 2025 to 4 years in prison for illegal crypto activity worth over £2.5m and associated offences. Mr Osunkoya pleaded guilty on 30 September 2024 to 5 charges. Between 30 December 2021 and 12 March 2022, Mr Osunkoya operated crypto ATMs at 28 different locations via his company, GidiPlus Ltd, despite being refused registration with the FCA. It is illegal to operate crypto ATMs in the UK without FCA registration.
/jlne.ws/3D3BMlf
FCA charges two individuals with multiple fraud charges
FCA
The FCA has started criminal proceedings against Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery, and money laundering. Kerry Nelson was director of both Nexus Independent Financial Advisers Limited (Nexus IFA) and Nexus Investment Managers Limited (Nexus IM). Jacqueline Stephens was business operations manager at the same firms. Ms Nelson and Ms Stephens have been charged with allegedly defrauding four clients between January 2019 and January 2023, who lost £2m. They are also charged with using false documents in the process of committing the alleged fraud.
/jlne.ws/3XpK2CY
Written Reply to Parliamentary Question on anti-corruption disclosure score for Singapore-listed companies
MAS
/jlne.ws/4h8YuGp
Reply to COS Cuts on a vibrant equities market and bank accounts for ex-offenders
MAS
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SFC obtains disqualification orders against former executive directors of Tech Pro Technology Development Limited
SFC
The Securities and Futures Commission (SFC) has obtained disqualification orders in the Court of First Instance against the former chairman and executive director, Mr Li Wing Sang; and two former executive directors, Mr Liu Xinsheng and Mr Chiu Chi Hong, of Tech Pro Technology Development Limited (Tech Pro) for breaching their duties in failing to properly manage the company's investment through a joint venture with a Mainland partner (Notes 1 and 2).
/jlne.ws/3F4aVGg
Shri Tuhin Kanta Pandeytakes charge as Chairman, SEBI
SEBI
Shri Tuhin Kanta Pandeytook charge as Chairman, Securities and Exchange Board of India in Mumbai, today.Shri Pandey is an IAS Officer of Odisha Cadre belonging to 1987 batch. Before joining SEBI he served as Union Finance Secretary, Revenue Secretary and Secretary, Department of Investment & Public Asset Management (DIPAM), Secretary, Department of Public Enterprises and Secretary,DOP&T
/jlne.ws/4i0QhFA
Order of ACB Court, Mumbai in respect of allegations pertaining to the listing of a Company
SEBI
A Miscellaneous Application was filed before the ACB Court, Mumbai against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE.
/jlne.ws/41qZ8cm
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Options Traders Search for Cover With Tech Giants Looking Mortal
Bernard Goyder - Bloomberg
After two years of chasing the seeming unstoppable rally in big technology stocks, options traders are showing signs of fatigue. Investors are lining up more protection as the so-called Magnificent 7 lags the broader stock market on growing concerns over US dominance in artificial intelligence and the broader economy. That's a striking turnaround from the recent past, when a few tech giants dominated gains in the S&P 500 and Nasdaq 100 indexes.
/jlne.ws/4h4wqE6
JP Morgan sees copper prices at $11,000/mt in 2026, 10% tariffs by late 3Q25
Reuters
JP Morgan (JPM) expects the global deficit in refined copper (HG=F) to grow to 160,000 metric tons in 2026 and continues to forecast copper prices averaging around $11,000 per metric ton next year, the bank said in a note dated Friday.
/jlne.ws/4inBULb
How big is the stock market's America bubble? US has grown to nearly two-thirds of global equity market value, but some analysts see danger in 'huge bet on AI'
Stephanie Stacey and Mari Novik - Financial Times
US stocks' huge surge since the global financial crisis means they account for almost two-thirds of the world's investable market, raising concerns about whether such dominance creates too much risk for investors' portfolios. Wall Street has raced ahead of international rivals over the past decade and a half, driven largely by a rally in the tech sector - and particularly companies linked to artificial intelligence - which is now worth almost as much as all the stocks in Europe combined.
/jlne.ws/3Dj0b6d
Portfolio trading - now also A Thing in European bonds; We love big bond trades and we cannot lie
Robin Wigglesworth - Financial Times
Yes, we're going to write about portfolio trading, again. Our previous posts have mostly focused on how a big deal it has become in the US, but a new Barclays report shows it's now a growing phenomenon in Europe as well. Barclays has previously estimated that a big fat portfolio trade now hits the US fixed-income market every seven minutes, with volumes topping $1tn annually. Portfolio trading now accounts for as much as a quarter of investment-grade corporate bond trading, and a sixth of junk bond trading.
/jlne.ws/43Dzbt9
What Tesla's tarnish tells us about America Inc; Elon Musk's company, like the US itself, seems like a sell
Rana Foroohar - Financial Times
Of all the Trump trades to hit the skids, Tesla stands out. The share price of Elon Musk's electric vehicle company has plummeted from a post-election high of nearly $480 to less than $282 last week. The fall has been so precipitous that last Thursday, the American Federation of Teachers, a US union representing members with $4tn in retirement investments, called on six large money managers - BlackRock, Vanguard, State Street, T Rowe Price, Fidelity and TIAA - to reconsider their position in the company.
/jlne.ws/4h57oVd
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Top Climate Fund Asks Others to Step Up as US Pulls Billions; US rescinded $4 billion from the UN-backed institution; Fund plans to almost triple to $50 billion by 2030, she says
Antony Sguazzin - Bloomberg
A green fund backed by the United Nations is urging countries including India and China to step up after US President Donald Trump pulled $4 billion that it had pledged to the world's biggest climate asset manager. Trump has upended humanitarian aid, development and climate-finance sectors by halting funding. The US leader has also exited the Paris Agreement climate treaty and the World Health Organization.
/jlne.ws/3EYOYZd
A Tough Start for Greenpeace in Court Fight With Pipeline Giant; The environmental group, battling a multimillion-dollar lawsuit over protests against the Dakota Access Pipeline, told the court it can't get a fair trial.
Karen Zraick - The New York Times
The opening week of the landmark trial of Greenpeace in a multimillion-dollar lawsuit by Energy Transfer over the Dakota Access Pipeline protests did not bode well for the defense. Lawyers for Greenpeace said so themselves in a petition filed in North Dakota's Supreme Court. They asked the court on Thursday to move the trial out of Morton County, arguing the jury is not impartial. Daily life was disrupted there for nearly a year, in 2016 and 2017, by protesters heading toward the Standing Rock Indian Reservation, just south of the county line.
Trump purge raises extinction threat for endangered species, fired workers warn; Scientist sounds alarm over 'canary in the coalmine' species including beetles and spiders
Michael Sainato - The Guardian
Donald Trump's blitz on federal science agencies has increased the risk of endangered species going extinct, fired government experts have warned. The new administration, and its so-called "department of government efficiency", led by the billionaire Elon Musk, has fired thousands of employees at science agencies, with funding halted at the National Institutes of Health and the National Science Foundation.
/jlne.ws/3DfWs9u
Britain paying £180,000 an hour to switch off wind farms
Matt Oliver - The Telegraph
Britain is paying almost £180,000 an hour to switch off wind farms because there is nowhere for the excess power to go. So-called constraint payments, where turbines are switched off to help balance the grid, have already cost £252m in the first two months of 2025. This is up from £158m over the same period last year, market data shows - an increase of 60pc. The payments amount to £4.3m per day, or about £178,000 an hour, money which ultimately comes from energy bills.
/jlne.ws/4iejTiA
Zimbabwe's 18-Hour Power Outages May Get Worse Amid Plant Revamp; Two power units at Hwange going out of action from this month; Key hydro plant is operating at just 18% of installed capacity
Ray Ndlovu - Bloomberg
Zimbabwe's daily 18-hour electricity outages may get even worse this month, as the nation's main thermal-fired power plant in Hwange undergoes a scheduled revamp of two key units. Maintenance work at the Hwange power station's unit 7 began on Sunday and will last until March 29, according to state utility Zesa Holdings Ltd. In addition, unit 6 will be taken offline for statutory maintenance from March 15 to May 14.
/jlne.ws/4i1yxtJ
Gold-for-Oil Program Suspended by Ghana's Central Bank Boss
Ekow Dontoh, Moses Mozart Dzawu and Ondiro Oganga - Bloomberg
/jlne.ws/4kmtxBq
State Street Shelves Board Diversity Goals Amid DEI Backlash
Saijel Kishan - Bloomberg
/jlne.ws/4imKz0j
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | A former JPMorgan employee has accused the bank of obscuring the true size of its trading business to evade capital requirements
Greg McKenna - Fortune
It turns out JPMorgan might not want to boast about the size of its book. In fact, a whistleblower has alleged the world's largest bank, along with several of its peers, has deliberately underreported the scale of its trading activity to minimize capital requirements the industry has long argued are onerous. JPMorgan, for its part, has called allegations it is evading capital requirements completely "false." The requirements at issue are aimed at ensuring banks can survive if they sustain heavy losses, and they were tightened in the aftermath of the 2008 financial crisis. Regulators from around the world developed what is known as Basel III, or common standards to safeguard the health of so-called "globally systemic banks"-many of which required controversial government bailouts to avoid economic catastrophe. But if the Federal Reserve is allowing JPMorgan and other competitors to defy some of those norms, experts in corporate finance and administrative law told Fortune, other countries have little incentive not to let their banks follow suit.
/jlne.ws/3F2h5Xu
HSBC to cut headcount by almost half at China digital wealth unit
GlobalData
HSBC is reportedly trimming its workforce size at Pinnacle, the bank's digital wealth business in China, by nearly half, affecting around 900 employees. The downsizing will be done through layoffs, natural attrition, and reassignments within HSBC's operations in China, reported Reuters citing sources. Georges Elhedery, the CEO of the London-based bank, has initiated a comprehensive restructuring plan that includes job cuts to lower long-term expenses and raise profits.
/jlne.ws/4il0TyP
Deutsche Bank clashed with ECB over bad loan losses; Top regulator was concerned about German lender's credit risk management
Olaf Storbeck and Florian Müller - Financial Times
Deutsche Bank clashed with the European Central Bank throughout 2024 over concerns the German lender may be underestimating how many loans would sour, people familiar with the matter told the Financial Times. The ECB flagged concerns over Deutsche's credit risk management and its risk models on multiple occasions, the people said.
/jlne.ws/3XlZXCf
His Hedge Fund Imploded in Spectacular Fashion. His New One Has $12 Billion.; Nicholas Maounis, of the failed Amaranth, has regained investor trust at Verition
Gregory Zuckerman - The Wall Street Journal
Nicholas Maounis oversaw one of the biggest hedge-fund fiascoes in history. Nearly two decades later, he is leading one of the fastest-growing funds. In 2006, Maounis was caught by surprise by an energy-trading catastrophe at Amaranth Advisors, which he ran at the time. The firm's collapse cost investors over $6 billion in a matter of days.
/jlne.ws/41DgC6L
Crypto ETFs set to trump precious metal peers, says State Street; Surging demand means digital token funds will be the third-largest asset class in the rapidly growing US industry
Steve Johnson - Financial Times
Surging demand for cryptocurrency exchange traded funds will push their combined assets above those of precious metal ETFs in North America by the end of the year, according to forecasts by State Street, the world's largest ETF servicer by assets.
/jlne.ws/4bwH19O
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Schools Reviving Shop Class Offer a Hedge Against the AI Future; Hands-on skills are staging a comeback at leading-edge districts, driven by high college costs and demand for more career choices
Te-Ping Chen - The Wall Street Journal
In America's most surprising cutting-edge classes, students pursue hands-on work with wood, metals and machinery, getting a jump on lucrative old-school careers. School districts around the U.S. are spending tens of millions of dollars to expand and revamp high-school shop classes for the 21st century. They are betting on the future of manual skills overlooked in the digital age, offering vocational-education classes that school officials say give students a broader view of career prospects with or without college. With higher-education costs soaring and white-collar workers under threat by generative AI, the timing couldn't be better.
/jlne.ws/3D5zvpE
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Texas Official Warns Against 'Measles Parties' Amid Growing Outbreak; At least 146 measles cases have been identified in West Texas so far, including 20 hospitalizations and one death.
Wired
A Texas health authority is warning against "measles parties" as the outbreak in West Texas grew to at least 146 cases, with 20 hospitalized and one unvaccinated school-age child dead. The outbreak continues to be mainly in unvaccinated children.
/jlne.ws/4i4EBSi
Opinion: The Texas measles outbreak is even scarier than it looks
Zeynep Tufekci - The New York Times via The Salt Lake Tribune
The news that an outbreak in Texas has caused the nation's first confirmed measles death in a decade - an unvaccinated child - is as unsurprising as it is tragic. Spreading largely in rural Mennonite communities that typically have low vaccination rates, the outbreak has already grown to at least 146 cases since late January. Almost all of them are children. Parents whose children got infected but survived are no doubt grateful that their family was spared. But startling research about the virus unfortunately tells a new and very different story, recasting what was previously known about how measles works and making clear why the Trump administration's approach to vaccines is nowhere even close to meeting the moment.
/jlne.ws/3Dj8aQL
RFK Jr. and His Allies Target Trump's Beloved Soda; Within the Trump administration, the push to strip soda from state food-aid programs is getting personal
Kristina Peterson, Josh Dawsey and Laura Cooper - The Wall Street Journal
Robert F. Kennedy Jr. calls it "poison." President Trump has multiple cans of it every day. Welcome to the 2025 soda wars. At both state and federal levels, the Kennedy-led Make America Healthy Again movement is backing efforts to prevent people from spending food-aid benefits on sugary, carbonated beverages. Now, they are gaining momentum with an administration led by a man who enjoys soda so much that he had a red button installed on his desk for a valet to bring him a Diet Coke. Beverage companies are nervous about the push and preparing a counterpush of their own.
/jlne.ws/4kjB6st
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Mainland China Investors' Sway Over HK Stocks Grows
John Cheng - Bloomberg
Mainland Chinese investors' support for Hong Kong stocks is growing, helping to ease their valuation discount to onshore peers and indicating the city's shares may rise further. Southbound trading accounted for about 24% of the average daily turnover in February, versus 16% a year ago, according to Hong Kong Exchanges & Clearing Ltd. data.
/jlne.ws/3QKLb4h
US Farmers to Get First of $30 Billion Tranche for Downturn
Michael Hirtzer - Bloomberg
American farmers will soon start receiving the first tranche of $30 billion in funding approved by Congress to fight a downturn in the markets, according to Agriculture Secretary Brooke Rollins. Speaking at the Commodity Classic event in Denver, Rollins said that the initial $10 billion in assistance should start moving in the next few weeks, adding that she asked her team to "think creatively" about how to make the application process for the funds to move quicker.
/jlne.ws/4klDoHI
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| Miscellaneous | | Stories that don't quite fit under the other sections | Can the Media's Right to Pursue the Powerful Survive Trump's Second Term? New York Times v. Sullivan and other landmark Supreme Court decisions protect the press's ability to investigate public figures. But a growing right-wing movement seeks to overturn them.
David Enrich - The New York Times
In any given year, the United States Supreme Court hears only 80 or so cases. That means that - in a nation with more than 1.3 million attorneys - the group of lawyers who get to argue before the nine justices is an exclusive club. For years, it was Roy Katriel's dream to gain access to that club. He would regularly trawl through the dockets of the country's 13 federal appeals courts, looking for cases to latch onto that seemed ripe for Supreme Court review.
/jlne.ws/4kjyoTP
Elon Musk's Internet: So Based, Much Wow. So Cringe? Mr. Musk uses online slang to marshal his 200 million social media followers in support of his efforts to gut the federal government. But he might be reaching his limits.
Mike Isaac - The New York Times
In 2010, a woman in Sakura, Japan, posted photos of her well-manicured Shiba Inu to her digital journal. The dog, Kabosu, shot her owner a wide-eyed glance, a comic image that quickly jumped from Tumblr to Twitter to Facebook and to the rest of the internet. A meme legend was born. Someone on Reddit called the dog "DOGE," a nonsensical nickname that stuck. Another minted a cryptocurrency in DOGE's name.
/jlne.ws/4hYeEnh
Staley Says Epstein's 'Remarkable' Network Was Valuable to Him
Jonathan Browning - Bloomberg
Lawyers for former Barclays Plc boss Jes Staley argued that the disgraced financier Jeffrey Epstein had "the most remarkable network of contacts" that benefited Staley professionally, as they kicked off a court challenge against his lifetime ban from financial services. On Monday, Staley attended a London court to hear his lawyers push back against the Financial Conduct Authority's findings that he misled both Barclays and the authority's own interviewers when asked about the nature of his friendship with Epstein. The lawyers said that a set of emails showed that the pair had a "close professional relationship" but such a level of contact was normal for investment bankers.
/jlne.ws/41Ak561
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