| February 24, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today I published a story titled "Two Wisconsin Bartenders Walked Into a Futures Exchange and Both Built Illustrious Careers In The Industry" with the subheadline "One is going into the FIA Hall of Fame in March; The Other Should Be Inducted Soon." It is the story of two bartenders who used to serve me 25 cent Old Style beers when I was 18 years old and how one of them - Terry Duffy - is going into the FIA Hall of Fame in March. I profile the other one, Pat Kenny, as I think he should be joining his best friend in the Hall of Fame soon.
This year the FIA Hall of Fame ceremony is on Wednesday at the FIA Boca50 conference, traditionally a time held for politicians to address the Florida confab. But this is a big year, with Terry Duffy, Jeff Sprecher and Don Wilson among the six inductees.
I am headed to Florida tomorrow via West Virginia, where I will be helping my daughter Kat pack up her apartment to move to Madison, Wisconsin so she can start her new job with the Girl Scout council there. From West Virginia, I will be headed to Sarasota, FL, where my home finally had its roof repaired from the damage inflicted by Hurricane Milton on October 9, 2024.
I will spend a week working in Sarasota and then be joined by Robby Lothian (USA version), and then we will head over to the FIA Boca conference from there. It is confusing having two Robby Lothians that work the FIA conferences. Robby Lothian, the UK version, who worked the IDX conference, is the son of my second cousin, twice removed, Stuart Lothian, who lives in London. FIA initially registered Robby UK for Boca, an easy mistake to make.
A story in the Wisconsin Examiner about Wisconsin Dairy farmers visiting their workers in Mexico claims that "Latin American workers, most of them from Mexico, perform an estimated 70% of the labor on Wisconsin dairy farms. The money they send home has lifted many of their families out of poverty. And without them, dairies like Rosenow's would go belly-up."
Amidst the decline in masculinity in the U.S., the restaurant Hooters is preparing to file for bankruptcy due to a decline in foot traffic, the New York Post reports.
Here are the headlines from in front of FOW's paywall from some recent stories: 'Large' geopolitical shocks have greater impact on markets - BoE, ANALYSIS: Crypto markets set for boost from regulatory clarity - experts, FSB stresses non-bank risk resilience measures in G20 letter, EEX expands into Spanish and Greek power futures - FOW Data, Regulation leading to poorer European liquidity versus US - Liquidnet and CME, ICE hit natural gas records on hedging boom.
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:
- Wall Street Pushes Back on Tough Margin Rule for Zero-Day Options from Bloomberg.
- Stock markets may face correction, says Goldman Sachs from Reuters.
- Opinion: Nvidia options traders are vastly overestimating how earnings will move the stock. Just look at these charts from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Two Wisconsin Bartenders Walked Into a Futures Exchange and Both Built Illustrious Careers in the Industry
ONE IS BEING INDUCTED INTO THE FIA HALL OF FAME IN MARCH; THE OTHER SHOULD BE INDUCTED SOON
A former bartender from Fontana, Wisconsin, who once served me 25-cent Old Style beers in a glass or $2 pitchers at Chuck's Lakeshore Inn in Fontana, Wisconsin, has had an illustrious career in the futures industry and will be formally inducted into the FIA Hall of Fame in March: Terry Duffy, CME Group chairman and CEO.
Another former bartender from that same Wisconsin bar, who worked alongside Duffy, has also had an illustrious career in the futures industry. He recently returned from Nairobi, where he attended the Association of Futures Markets' annual meeting. His name is Pat Kenny, and he serves as chairman of the AFM and senior vice president of CQG for client relations. He is also the village president of Fontana, Wisconsin, the home of that same bar where he and Duffy slung beers together and pitched quarters into the tip bowl for sport. You might also know him as 'The Most Interesting Man in the World,' a title I bestowed upon him after we both attended the AFM general meeting in Budapest in 2012. Read the article
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KRX's Chihun Kang Reflects on WFE Program Experience and Market Insights
JohnLothianNews.com
Chihun Kang, a project manager at Korea Exchange (KRX), recently participated in the World Federation of Exchanges (WFE) Market Infrastructure Certificate (MIC) program, an intensive global initiative aimed at enhancing expertise in financial infrastructure. The program covers key topics such as payment systems, banking, clearing, settlement, and environmental, social, and governance (ESG) issues. "It consists of a full four-module subject covering financial infrastructure, including recent developments in exchange business and ESG," Kang explained. The final module requires participants to apply their learning in an industry project, producing an academic-style report.
Watch the video »
Paul Sacks - Blockfills
Watch Video »
Andrej Bolkovic - OCC
Watch Video »
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Trump Just Fired 6,700 I.R.S. Workers in the Middle of Tax Season. That's a Huge Mistake.
Lawrence Gibbs, Fred T. Goldberg Jr., Charles Rossotti, Mark Everson, John Koskinen,Charles Rettig and Daniel Werfel - The New York Times
If you were to ask the top chief executives in the world to name the best strategy to attack waste in their organizations and balance the books, there is one answer you would be very, very unlikely to hear: Take an ax to accounts receivable, the part of an organization responsible for collecting revenue. Yet the private sector leaders advising President Trump on ways to increase government efficiency are deploying this exact approach by targeting the Internal Revenue Service, which collects virtually all the receipts of the U.S. government - our nation's accounts receivable division. Last week, the Trump administration started laying off about 6,700 I.R.S. employees, many if not most of whom are directly involved in collecting unpaid taxes.
/jlne.ws/41s0ogC
****** There are two sides to the coin: Revenue and expenses. DOGE is working hard to cut expenses. Trump is shooting himself in the foot with revenue.~JJL
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Friday's Top Three
Our most-clicked story Friday was CFTC Fires Some Employees in Latest Government Job Terminations, from Bloomberg. Second was a tie between Trump's Commerce Secretary Confirms Plan to Gut Medicare-and More, an opinion piece from Malcolm Ferguson in The New Republic, and the home page for The Disinformation Resilience Network, a non-partisan initiative "dedicated to protecting the integrity of our democracy against the threat of international propaganda and disinformation from authoritarian states..." Third was a tie between Building Resilience Against Dictatorship's Propaganda, the GoFundMe page from Dietmar Pichler of The Disinformation Resilience Network, and Trump's Cuts at US Agencies Starve Internet Watchdogs That Fight Disinformation, from Bloomberg.
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| Lead Stories | CME Is Targeting Retail Traders With Micro Corn, Soy Contracts
Michael Hirtzer - Bloomberg
CME Group wants to give retail investors an opportunity to trade corn and soybeans - without the risk of taking delivery of thousands of bushels if they hang on to a contract for too long. Building off last year's record futures and options volume in agriculture, the exchange is launching five new "micro" contracts for farm commodities that will trade at one-tenth the size of its standard offerings. The contracts, which start trading Monday, are also cash-settled instead of the physical-delivery system for the legacy products.
/jlne.ws/4ifG4ox
Robinhood Plans Ambitious Crypto Expansion Under Trump Administration; Trading platform made famous during meme-stock mania wants to diversify its digital-currency business into areas including potential tokenization of equities
Mark Maurer - The Wall Street Journal
Robinhood Markets is banking on a major expansion of its cryptocurrency trading business under a more supportive Trump administration as it continues to diversify beyond traditional brokerage services. The Menlo Park, Calif.-based company made its name during the craze over meme stocks such as GameStop, but in recent years has moved into retirement accounts, offered contracts that allowed investors to bet on the outcome of the U.S. presidential election and released a credit card. Last year it agreed to acquire crypto exchange Bitstamp in a $200 million deal designed to expand the crypto offerings it introduced in 2018 and attract institutional clients.
/jlne.ws/4bgrgUe
Geopolitical rupture sparks quiet market rebellion; It does not take a deep scratch beneath the surface to uncover investor nerves
Katie Martin - Financial Times
As the transatlantic alliance unravels before our eyes, the ups and downs (mostly ups) in markets give the impression investors are humming a tune: "It's the end of the world as we know it, and I feel fine." Matters of war and peace have, of course, dominated the week's news. Donald Trump and his administration have picked a side in the conflict in Ukraine, and to the astonishment of Europe, it is Russia's. Trump's assertions that Ukraine is at fault for Russia's invasion and that its president, Volodymyr Zelenskyy, is a dictator, mark a shocking nadir for the postwar order. The alliances that have sought to keep the peace for decades are at best disrupted and deeply damaged. And yet, at first flush, it appears that investors are saying "la la la, can't hear you". Major markets are performing well, and many typical signs of fear are absent. The question that keeps cropping up is when this trend will break.
/jlne.ws/4hPV5xe
Inside the USDA, staffers struggle with Trump's funding freeze; One office in the Agriculture Department provides a window into how efforts to comply with Trump's DEI order have halted some grant payments, even as judges have ordered the federal government to end its broad funding freeze.
Sarah Blaskey and Shawn Boburg - The Washington Post
The day after a federal judge ordered the Trump administration to halt efforts to freeze trillions of dollars in U.S. government spending, a group of middle managers at the Department of Agriculture discussed the court action: Could they go ahead and release money promised to farmers and other grant recipients? The short answer, their boss told them, was no.
/jlne.ws/41gNqBd
Trump Creates Uncertainty for World's Most Cited Climate Report; Delegates to a key UN-backed climate meeting this week will be forced to consider what their future work might look like without US government participation.
Eric Roston and Sheryl Tian Tong Lee - Bloomberg
Climate diplomats beginning work on the next report from the Intergovernmental Panel on Climate Change - the crucial assessment on global warming that helps shape policy for governments to companies - will meet in China this week without US officials. US government scientists participating in the IPCC's global assessments were issued a stop-work order from the Trump administration, according to media reports late last week, and NASA's chief scientist Kate Calvin, who holds a leadership role in the new report cycle, is no longer attending as a result, CNN said, citing a spokesperson from the space agency.
/jlne.ws/3F2CiAd
China's Local Government Bond Rush Worsens Liquidity Strain; Regions to sell 850 billion yuan of bonds to refinance debt; Surge in issuance comes as money market rates have risen
Bloomberg News
China's local governments are rushing to issue bonds to refinance hidden debt, further tightening liquidity in the financial system. Regional authorities are set to sell 1.69 trillion yuan ($233 billion) of bonds in the first two months of 2025, an unprecedented amount for the period, data compiled by Bloomberg show. About half of the issuance, or 850 billion yuan, is to replace off-balance sheet debt, according to the data.
/jlne.ws/41c6v7G
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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. | How China Is Rewriting the Law of the Sea; Other nations should join the Philippines' cause against Beijing.
Karishma Vaswani - Bloomberg
The Philippines is preparing to build a new arbitration case against China over alleged breaches of international law in the South China Sea. It may seem like a symbolic gesture, but in a world where the rules-based order is increasingly under threat, these gestures matter. Other nations should join the cause, or risk being left even more vulnerable to China's expansionist ambitions. Beijing's recent behavior toward Australia, New Zealand and the Philippines in the Indo-Pacific are good examples of its attempts to assert ownership over parts of the oceans it claims - including the South China Sea.
/jlne.ws/3ERaqiF
How Washington plans to defend the dollar; Trade tariffs grab headlines but the less-visible fight around money matters deeply to the president
Gillian Tett - Financial Times
Four years ago, the Bank for International Settlements (BIS) - the central bankers' central bank - unveiled an innovation project that carried the ugly moniker "mBridge". This aimed to create a cross-border central bank digital currency linking the central banks of China, Hong Kong, Thailand, UAE and (latterly) Saudi Arabia. You might think this is arcane. If so, think again: the geeky project symbolises a bigger battle that could matter deeply under US President Donald Trump.
/jlne.ws/4hWdgle
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukraine Opposes US Demand For $500 Billion Fund in Minerals Deal
Volodymyr Verbianyi - Bloomberg
Ukraine has pushed back against US demands for a $500 billion fund that would be part of a deal to give Washington a cut of the country's mineral wealth, a Ukrainian official familiar with talks said. The fund would compensate the US for its assistance provided to the war-torn nation since the start of Russia's invasion. Ukraine is arguing the actual amount is about five times lower at more than $90 billion, said the person who declined to be named because the talks are private.
/jlne.ws/3QwYmFW
Europe and US clash over Ukraine in G7 and UN; EU and Trump administration differ over blaming Russia in rival draft resolutions
Henry Foy in Brussels, Jude Webber in Dublin, Leila Abboud in Paris and Christopher Miller in Kyiv - Financial Times
The US and Europe are battling in the UN and G7 over whether to blame Russia for its war against Ukraine, as President Donald Trump's rapid shift on the conflict threatens to tear apart western unity. The Trump administration and the EU have proposed rival UN resolutions at the Security Council and General Assembly on Monday, while G7 diplomats spent the weekend haggling over whether a joint statement due to be released by the group of rich nations would refer to Russia's "aggression" against Ukraine or not.
/jlne.ws/3ER60s5
Zelenskyy's toughest battle begins; Three years after Russia's full-scale invasion, Ukraine's president is facing his biggest fear: war without US support
Christopher Miller in Kyiv and Max Seddon in Berlin - Financial Times
Three years ago, Volodymyr Zelenskyy stood outside his presidential compound in Kyiv as Russian bombs rained down, filming wartime addresses on his phone that made him a symbol of resistance. Drawing on skills honed in his previous career as a comedian, he quickly mastered the art of rallying global support for Ukraine as it faced the largest invasion in Europe since the second world war.
/jlne.ws/4bfWbjx
G-7 Struggles to Forge Joint Position in Rupture Over Ukraine
Alberto Nardelli, Donato Paolo Mancini, and Kate Sullivan - Bloomberg
The Group of Seven is on the brink of failing to agree on a joint statement to mark three years since Russia's full-scale invasion of Ukraine, according to people familiar with the matter, widening a rift between the US and its European allies. Diplomats have been trying since last week to find a compromise after the US opposed the inclusion of language condemning Moscow that echoed previous G-7 statements, said the people. Washington also disagreed with a call for more energy sanctions to compel Moscow to negotiate a lasting peace.
/jlne.ws/4hX89RB
Trump's Putin Embrace Risks Souring as US Urges Truce in Ukraine
Bloomberg News
Russian President Vladimir Putin's unwillingness to countenance a temporary ceasefire in Ukraine is likely to be a key early test of the thaw in US relations under President Donald Trump. Officials in Moscow are cautious about Trump's embrace of Putin, two people with knowledge of the situation said. The Russian leadership doesn't fully understand the White House's strategy and is wary of traps, another person close to the Kremlin said.
/jlne.ws/3Qxdl2v
EU's Top Diplomat Says the US Is Spreading Russia Narrative
Michal Kubala - Bloomberg
The European Union's foreign policy chief said US President Donald Trump's administration is falling for Russia's narrative in its escalating criticism of Ukraine. Speaking ahead of a meeting of EU foreign ministers in Brussels on Monday, Kaja Kallas stressed any potential peace deal to halt Russia's war will need to involve Ukraine and Europe as fears grow both will be sidelined in talks.
/jlne.ws/41gPY26
Trump Wants to End the War Fast. Russia Has Its Own Timetable; Kremlin sees advantage in drawn-out Ukraine talks and using the battlefield to shape negotiations
Thomas Grove and Alan Cullison - The Wall Street Journal
/jlne.ws/4hQ3iS7
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group and DTCC to Enhance Existing Cross-Margining Arrangement, Extending Benefits to End Users in December 2025
CME Group
CME Group, the world's leading derivatives marketplace, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today confirmed plans to expand their existing cross-margining arrangement to provide increased margin savings and capital efficiencies to end users by December 2025. Subject to regulatory approval, this proposed enhancement to the long-standing CME-DTCC cross-margining arrangement will allow eligible end user clients at CME Group and the Government Securities Division (GSD) of DTCC's Fixed Income Clearing Corporation (FICC) to access capital efficiencies that are available when trading U.S. Treasury securities and CME Group interest rate futures that have offsetting risk exposures. To participate in end-user cross margining, clients will need to leverage the same dually registered Futures Commission Merchant (FCM) and broker/dealer (as registered with the SEC) at both CCPs. Aligning enhanced cross-margining for end-user customers with the regulatory timeline for expanded U.S. Treasury Clearing requirements encourages greater utilization of central clearing, therefore reducing systemic risk.
/jlne.ws/3XeFJdw
Consultation Paper for Guidelines on Procedure, process and on implementation of Technology based measures to secure trading environment and to prevent unauthorised transactions in trading / demat account of investors
MCX
SEBI has issued consultation paper on technology-based measures to create secure trading environment and to prevent unauthorized transaction in trading and demat account, on February 18, 2025. The said consultation paper is available on the SEBI website. In continuation to the said consultation paper, Stock Exchanges shall be issuing detailed guidelines w.r.t. procedure, process and manner of implementation of the framework proposed in the said SEBI consultation paper.
/jlne.ws/3XdGdQY
Crypto Market Thrives with Outstanding ETP Performance at SIX Swiss Exchange
SIX
SIX cements its position as the leading listing venue for exchange traded products (ETPs) and structured products with cryptocurrencies as underlyings, offering investors secure and convenient access to a growing range of products. Danielle Reischuk, Senior ETF & ETP Sales Manager, provides further insights.
/jlne.ws/4icTotO
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple to Build A.I. Servers in Houston and Spend $500 Billion in U.S.; The company pledged the multibillion-dollar investment over the next four years, and said it would create 20,000 jobs. The new Texas facility is set to open in 2026.
Jason Karaian and Meaghan Tobin - The New York Times
Days after its chief executive met with President Trump, Apple said on Monday that it planned to spend $500 billion in the United States over the next four years, hire 20,000 people and open a new factory in Texas to make the machines that power the company's push into artificial intelligence. "We are bullish on the future of American innovation, and we're proud to build on our longstanding U.S. investments," Tim Cook, Apple's chief executive, said in a statement.
/jlne.ws/41syQYq
Larry Ellison's Half-Billion-Dollar Quest to Change Farming Has Been a Bust; His Sensei Ag company hasn't succeeded in boosting output and nutrition in its greenhouses with AI, robotics and software
Tom Dotan - The Wall Street Journal
In a row of six greenhouses on a remote stretch of the Hawaiian island of Lanai, Larry Ellison is trying to use his golden touch in tech to remake the way people around the world eat. The company behind his effort, Sensei Ag, is eight years in the making and has cost the world's fourth-richest person more than half a billion dollars-far more than he spent buying the island itself. Early on, Ellison touted cutting-edge technology that would modernize agriculture, make a big impact for society and eventually help grow food in places such as Africa. The billionaire has told executives he sees the project as part of his legacy. So far, it's mostly been a bust.
/jlne.ws/3D6dzKU
Physicists Question Microsoft's Quantum Claim; The company says it created a 'new state of matter,' representing a major advance for quantum computing
Nidhi Subbaraman - The Wall Street Journal
Microsoft's announcement of a quantum-computing breakthrough generated a wave of excitement this week-but physicists who have reviewed the work say they aren't convinced of the finding. The company claims to have created an elusive particle called a Majorana particle that one day could power a quantum computer, enabling it to crunch data exponentially faster than is currently possible.
/jlne.ws/3QwZFEF
SimCorp and Yield Book partner on analytics suite integration; The move with LSEG's Yield Book business is set to enable SimCorp to complement its Axioma Risk models and portfolio construction capabilities.
Wesley Bray - The Trade
SimCorp has entered into a strategic partnership with LSEG's SaaS platform, Yield Book, to integrate the offering into its Axioma Risk analytics suite. The move will enable SimCorp to complement its Axioma risk models and portfolio construction capabilities with Yield Book's fixed income analytics to deliver analytics for securitised debt. Yield Book products provide analytical insight into financial products in the fixed income sphere, including government and corporate bonds, US municipal bonds, mortgages and asset-backed securities and derivatives.
/jlne.ws/439IyQI
Alibaba pledges over $50 billion in new AI and cloud investment as investors send shares to 3-year highs
AFP via Fortune
Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence and cloud computing over the next three years, a week after co-founder Jack Ma was seen meeting President Xi Jinping.
/jlne.ws/4i79V24
***** Here is the South China Morning Post's version of this story.~JJL
OpenAI is trying to make itself Elon Musk proof
Alexis Keenan - Yahoo Finance
/jlne.ws/41gKHHQ
Microsoft Cancels Leases for AI Data Centers, Analyst Says
Ryan Vlastelica and Newley Purnell - Bloomberg
/jlne.ws/3QSmaEt
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| Cybersecurity | | Top stories for cybersecurity | Scam Calls Hit Record in Thailand Before Cyber Fraud Crackdown; Thais got 168 million calls, texts in 2024, anti-scam app says; Thai government widens crackdown in Southeast Asian neighbors
Patpicha Tanakasempipat - Bloomberg
Thailand saw the number of scam calls and text messages more than double to a record 168 million in 2024 from a year earlier, an anti-scam tech firm said, before authorities stepped up a crackdown on cyber fraud operations in Southeast Asia. Scammers most often pretended to sell fake products, represent Thai firms, offer loans, or collect debt, according to data collected by Whoscall, an application that identifies unknown callers and blocks scam calls. The fraudsters have recently begun to impersonate delivery services and state utilities or agencies, said app provider Gogolook Thailand, a unit of Taipei-listed Gogolook Co. Ltd.
/jlne.ws/3EQFz5M
CrowdStrike and AWS Select 36 Startups for 2025 Cybersecurity Accelerator, with Support from NVIDIA; Startups across the U.S., Israel and Europe to receive mentorship, technical support and go-to-market guidance to drive AI and cloud security innovation
BusinessWire
CrowdStrike (NASDAQ: CRWD) today announced the 36 startups selected for the second annual AWS and CrowdStrike Cybersecurity Startup Accelerator, in collaboration with the NVIDIA Inception program for startups. The program powers the next generation of artificial intelligence (AI) and cloud security startups across the U.S., Israel and Europe. AWS, CrowdStrike and NVIDIA Inception will provide the startups with mentorship, technical expertise, funding and go-to-market opportunities to accelerate innovation for cybersecurity's next market-defining disruptors.
/jlne.ws/43traa7
That Online Investment Scam Is a Geopolitical Problem; Cybercrime is a national security issue that should be taken as seriously as drug trafficking or terrorist financing.
Paul J. Davies - Bloomberg
Online scams are a huge business. In fact, more than that, they have become a full industry with sophisticated supply chains of services, equipment and labor. Key groups in this sector also have direct connections to nations such as Russia, China and North Korea. What has long seemed just a lot of low-level crime has grown into a global, geopolitical problem. You are still your own best defense against losing money to online scammers, but the volume and sophistication of attacks are only increasing. Governments must do more to help defend their people, companies and institutions. Cybercrime is a national security issue, and the entire system from major hacking attacks to everyday phishing should be taken as seriously as drug trafficking or terrorist financing.
/jlne.ws/4k9g9Ap
GOP Email System Infiltrated by Chinese Hackers Last Summer, New Book Reveals; The previously unreported intrusion came as the Trump campaign was hacked by Iranian operatives
Meridith McGraw and Dustin Volz - The Wall Street Journal
As the Republican National Committee was gearing up for its convention in Milwaukee, it was also quietly dealing with a serious security breach of its internal communications by hackers with ties to the Chinese government, according to people familiar with the matter. In early July, Microsoft reached out to top party officials to inform them that the hackers had for months had access to the RNC email system, the people said. The previously unreported breach is revealed in reporter Alex Isenstadt's forthcoming book, "Revenge: The Inside Story of Trump's Return to Power."
/jlne.ws/41uglTx
Cybersecurity As A Brand Differentiator: Building Consumer Trust
Chris McKie - Forbes
Amid rising concerns about data breaches, identity theft and privacy violations, cybersecurity has become more than just an IT and business operations necessity-it has become a brand differentiator. Companies across industries are leveraging their cybersecurity strategies to demonstrate reliability, responsibility and proactive risk management, winning the confidence of their customers.
/jlne.ws/4hRdJoq
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto exchange Bybit says ether wallet hacked
Reuters
Cryptocurrency exchange Bybit said on Friday that an attacker gained control of an ether wallet and transferred the holdings to an unidentified address. Ether cold wallet was the only one that was attacked and all other wallets of the exchange were unaffected and withdrawals were proceeding normally, CEO Ben Zhou said in a post on X.
/jlne.ws/4gRdUyX
Crypto derivatives a missing piece in Hong Kong's virtual-asset push, Deribit says
South China Morning Post
Deribit, the world's largest cryptocurrency derivatives exchange, aims to expand in Hong Kong, a sign of momentum as the market regulator looks to make the city a hub for virtual assets. The Dubai-based company was drawn to Hong Kong because of its position as an international financial hub and its vibrant community of family offices and asset managers, which are increasingly interested in cryptocurrencies, said Jean-David Pequignot, the firm's chief commercial officer, who is based in the city.
/jlne.ws/3F29zLU
Crypto companies boost sports spending after getting Trump bump; Twenty-two sponsorship deals have been inked with sports groups this year
Nikou Asgari and Samuel Agini in London - Financial Times
Crypto companies are increasing their sports investments and sponsorships as they seek to capitalise on renewed enthusiasm for the industry after Donald Trump's return to the White House. Some of the most high-profile transactions this month included stablecoin group Tether buying a 5 per cent stake in Juventus, Italy's most successful football club with 36 league titles, while crypto exchange Gato.io struck a branding deal with Formula One racing team Red Bull Racing.
/jlne.ws/3EMSYvy
Silk Road Founder Ross Ulbricht Throws Support Behind Imprisoned 'Bitcoin Jesus' Roger Ver
TradingView
Silk Road founder Ross Ulbricht, recently released from jail, spoke out in favor of jailed Bitcoin supporter Roger Ver, also known as Bitcoin Jesus. "Roger Ver was there for me," wrote Ulbricht on X, "when I was down and needed help. Now Roger needs our help. No one should spend the rest of their life in prison over taxes". The post was made on February 20, and it rallied his own supporters to support the 'free Bitcoin Jesus' movement.
/jlne.ws/41tL432
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| Politics | | An overview of politics as it relates to the financial markets | Musk's DOGE is laying off workers at the auto safety agency overseeing Tesla
Bernard Condon and the Associated Press via Fortune
Elon Musk's cost-cutting team is eliminating jobs at the vehicle safety agency that oversees Tesla and has launched investigations into deadly crashes involving his company's cars.
/jlne.ws/4idrE8k
Doge could make funds vulnerable to front-running, Democrats warn; House Democrats urge Securities and Exchange Commission to safeguard agency's data
David Isenberg, Ignites - Financial Times
House Democrats have urged Securities and Exchange Commission acting chair Mark Uyeda to "safeguard" the agency's data and work from the Department of Government Efficiency, or Doge. The SEC's vast trove of data from market participants helps ensure market integrity and prevent fraud, the lawmakers noted. "Improper access to this sensitive information could have disastrous consequences for the stable functioning of the US capital markets," they wrote in a letter to Uyeda.
/jlne.ws/4hPnjbH
Trump Selects Dan Bongino as Deputy FBI Director; President picks commentator and former Secret Service agent-after his choice to lead the FBI signaled that a career agent would be his deputy
Sadie Gurman - The Wall Street Journal
President Trump announced he had named conservative commentator and former Secret Service agent Dan Bongino as deputy director of the FBI, putting a political appointee, rather than a career agent, in the No. 2 job for the first time in the bureau's 117 year history. "Great news for Law Enforcement and American Justice!" Trump posted Sunday night on his Truth Social platform, calling Bongino "a man of incredible love and passion for our Country."
/jlne.ws/4kaJieB
Elon Musk's worldview is eerily similar to his authoritarian grandad's; Joseph Haldeman wanted a dictatorship of engineers. DOGE would have made him proud.
Eric Levitz - VOX
Elon Musk might be the most powerful man in America. Donald Trump has put his patron in charge of the federal bureaucracy, allowing Musk to tailor the administrative state to his whims, which are far-reaching and almost certainly unconstitutional. The tech mogul has shuttered a government agency in defiance of Congress's will, orchestrated mass layoffs at myriad other bureaus, and threatened to cancel payments that he deems illegitimate. Musk lacks Trump's official powers, of course. But his vast wealth - and the primary challengers it could fund - strikes fear into the hearts of Republican lawmakers, and threatens to upend key state-level elections. Meanwhile, through his control of X, Musk is driving news cycles in nations the world-over.
/jlne.ws/43b1C19
The Truth About Social Security and Dead People; There's a reason millions of people are not listed as deceased in the main database when they should be, but it's not the fraud that Elon Musk and Trump say it is.
Justin Fox - Bloomberg
For more than a decade, Social Security's inspector general has been on a quest to get dead people off the benefit rolls. The effort started before former corporate lawyer Gail Ennis took the job in 2019, appointed by President Donald Trump, but picked up speed afterward. This work has consisted mostly of audits comparing Social Security records with death records kept by the states, other federal agencies and even different Social Security databases.
/jlne.ws/3XdTCbX
Our System of Checks and Balances Is in the Process of Complete Collapse; I have lived through the imperial presidency days, but this is something worse.
Charles P. Pierce - Esquire
Charles-Louis de Secondat, Baron de La Brede et de Montesquieu, was quite a fellow. He was a judge. He was also a writer, an economist, a scientist, a historian, and a philosopher. He was one of the first to associate climate with the economics of nature. (France, you will not be surprised, was his ideal match of climate and economy.) In 1748, writing anonymously, he published a book called The Spirit of Laws. The book was a revelation, especially to young politicians in Great Britain and its American colonies. The Vatican was less enthusiastic; it put it on the Index Librorum Prohibitorum, a list that much later did not include, among other works, Mein Kampf.
/jlne.ws/4bdJDJw
Germany's Friedrich Merz says Europe can no longer rely on US protection; Frontrunner for chancellor suggests possible nuclear co-operation with the UK and France
Anne-Sylvaine Chassany and Laura Pitel in Berlin - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | US SEC closes investigation into Robinhood's crypto arm with no action
Reuters
Robinhood said on Monday the U.S. Securities and Exchange Commission had closed its investigation into the company's crypto trading arm with no action. Robinhood's shares were up 2.9% in premarket trading.
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***** Here is The Wall Street Journal's version of this story.~JJL
There Must Be Some Way Out of Here
Commissioner Hester M. Peirce - SEC
[1]Five years ago, I remarked that "figuring out how to deal with the SEC on crypto issues [was] like a regulatory version of an escape room."[2] Now it is time to help open the door. The Task Force, which is composed of exceptional Commission staff, is working on the unlock with other expert, dedicated staff across the Commission. Greater crypto clarity, however, requires the public's input. We welcome input from anyone in the public with an interest in these topics, and a wide range of perspectives (including from skeptics) will make that input richer. This document invites such input by posing some of the questions with which the Task Force is wrestling. The Task Force is actively considering solutions to many of the issues presented. However, your input can significantly aid in that process.
/jlne.ws/4hNOaor
SEC Charges New York-Based Commercial Real Estate Firm and its Owner with Using an Internet Funding Platform to Steal Over $52 Million from Investors Nationwide
SEC
The Securities and Exchange Commission announced charges today against Elchonon "Elie" Schwartz, a resident of New York, New York, and his New York-based, privately held commercial real estate investment firm, Nightingale Properties, LLC, with defrauding at least 700 investors of more than $52 million. The SEC's complaint alleges that, from May 2022 through March 2023, Schwartz and Nightingale raised more than $60 million in two separate offerings conducted on an internet-based platform that connects investors with commercial real-estate investment opportunities. According to the complaint, Schwartz and Nightingale falsely told investors that they would use their funds to either purchase or recapitalize two specific commercial real-estate deals in Atlanta, Georgia, and Miami Beach, Florida. The SEC alleges that, in reality, Schwartz and Nightingale used investor funds to prop up other failing Nightingale commercial real estate projects, purchase watches and property, including a penthouse condominium, and engage in unprofitable trading in personal brokerage accounts.
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Former Star executives Gregory Hawkins and Harry Theodore penalised for breaching duties
ASIC
The Federal Court has penalised two former executives of The Star Entertainment Group Ltd (Star) after they admitted to breaches of their duties in proceedings brought by ASIC against them and nine other former Star officers and directors. Star's former Chief Casino Officer, Gregory Hawkins, was ordered to pay a penalty of $180,000 and disqualified from managing corporations for 18 months, while former Chief Financial Officer, Harry Theodore, was ordered to pay a $60,000 penalty and was disqualified from managing corporations for nine months.
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FCA finds vast majority of ongoing suitability reviews delivered
FCA
The FCA has found that financial advisers are delivering suitability reviews in the vast majority of cases included in its review of ongoing advice. Financial advisers can charge their clients for ongoing advice and related services, such as arranging transactions or managing a relationship between a retail client and discretionary investment manager. The FCA was concerned that these services may not always have been delivered where they had been offered, so asked for data from 22 of the largest financial advice firms. The review focused on delivery of suitability reviews as firms generally included these as part of their ongoing advice service.
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Consumer Price Developments in January 2025
MAS
This January 2025 report contains an update of the latest consumer price developments in Singapore, prepared by MAS and the Ministry of Trade and Industry.
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Remarks by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, at the Equities Market Review Group Media Conference on 21 February 2025
MAS
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SFC proposes registrar fee limits under uncertificated securities market regime
SFC
The Securities and Futures Commission (SFC) today launched a consultation on proposed limits for three types of fees that an approved securities registrar (ASR) may charge under the upcoming uncertificated securities market (USM) regime in Hong Kong. The fees are: the facility set-up fee for investors to hold and manage uncertificated securities; dematerialisation fee; and fee for processing and registering securities transfers. The main reason for proposing limits on these fees is to provide a degree of protection to investors since they are not in a position to negotiate the fees. Also, aligning the charging basis will help simplify processes and avoid confusion for the market.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Oil traders steer away from long-term tanker charters amid Trump uncertainty; Concerns over US president's policies on tariffs and global conflicts add to existing worries
Oliver Telling in London and Owen Walker in Singapore - Financial Times
Donald Trump's erratic foreign policy has discouraged oil traders from signing long-term charter contracts for tankers, according to leading industry figures, heaping further uncertainty on vessel owners. Shipowners and one of the world's biggest commodity traders said a combination of the US president's trade wars and interventions in international conflicts were putting traders off signing "time charters". The vessel leasing agreements give both shipowners and charterers long-term certainty - often over several years - about the cost of moving products and charter income.
/jlne.ws/4374E6r
Corporate and Municipal CUSIP Request Volumes Decline in January
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for January 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new corporate and municipal identifiers.
/jlne.ws/3De9g01
The stock market may not have priced in potential disruptions from Trump's policies yet
Josh Schafer - Yahoo Finance
Uncertainty around potential policy changes from President Trump has done little to deter the stock market rally in 2025, with the S&P 500 (^GSPC) sitting just below its record high reached on Wednesday. But some on Wall Street are growing concerned that much of the positive news surrounding Trump's impending policies - including tax cuts, lower regulatory scrutiny, and government cost cutting - could be priced in. This leaves more room for disappointment than for an upside surprise once clarity on what's next in Washington is provided.
/jlne.ws/3EPFzmF
VC backed by Cambridge university launches £100mn start-up fund; Cambridge Innovation Capital's fund counts Aviva Investors and an arm of British Business Bank as backers
Ivan Levingston in London - Financial Times
A venture capital group backed by Cambridge university has launched a new £100mn fund to invest in start-ups in the region, bolstering the UK government's plan for higher education institutions to drive more economic growth. The new opportunities fund from Cambridge Innovation Capital includes significant "anchor" investment from British Patient Capital, a subsidiary of the government-owned British Business Bank, and Aviva Investors. It is the group's first fund for bets on so-called scale-ups, relatively advanced start-ups that have proven their business models and are looking to grow rapidly, while its other funds are focused on investing in companies that are in earlier stages of development.
/jlne.ws/4gUjLn9
Why Private Equity Is Eyeing Your Nest Egg; Alternative investment shops want to tap the trillions of dollars in retirement accounts.
Loukia Gyftopoulou and Allison McNeely - Bloomberg
Private equity has long been an exclusive club, a world of opaque funds and high fees where only the wealthiest and most sophisticated investors can gain a foothold. Its allure lies in its promise of blockbuster returns: daring financiers pile up mountains of debt to buy companies, then attempt to revive them-with scant oversight. Now those same firms want a piece of your nest egg. Seeking to tap the trillions of dollars in brokerage accounts held by everyday investors, these companies are cozying up to traditional asset managers. Alternative investment shops, which specialize in asset classes outside public stocks and bonds, have been touring mutual fund houses to gauge their interest in tie-ups that would dramatically extend their reach. "There's a lot of conversations," says Russ Ivinjack, global chief investment officer at consulting firm Aon.
/jlne.ws/4k9f2AJ
How to Fix Retirement Insecurity
Thasunda Brown Duckett - The New York Times
Americans are increasingly concerned that it's harder to secure the things that once represented economic progress and achievement - homeownership, a college education, a well-paying job and a decent retirement. This economic uncertainty is making many feel left out and left behind. People are casting a wide net for solutions, and policymakers should be ready with big, creative, new ideas.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Brookfield buys National Grid's renewables business in US for $1.7bn; Asset manager upbeat on sector despite Donald Trump's anti-green agenda
Rachel Millard in London - Financial Times
Asset manager Brookfield is buying National Grid's onshore renewables business in the US for $1.7bn, highlighting its confidence in the sector despite President Donald Trump's anti-green agenda. London-listed National Grid put the business up for sale last year as it tries to focus on its core energy networks. The deal comes weeks after Trump used his first week in office to halt offshore wind approvals and pause billions of dollars' worth of incentives for green energy.
/jlne.ws/438AeAK
Banks downgrade top sustainability roles; Slower-than-expected climate action blamed for move to cut back dedicated teams
Kenza Bryan - Financial Times
Leading global banks have downgraded their top sustainability roles and shrunk dedicated teams as a result of slower-than-expected climate action and a backlash set off by Republican politicians in the US. HSBC, Standard Chartered, Barclays and Wells Fargo are among those that have cut or rejigged environmental, social and governance roles, following a wave of expansion. Standard Chartered has slashed the team led by its chief sustainability officer Marisa Drew from about 140 to 90 over the past year, according to people familiar with the changes. While many of the roles were reallocated to more client-facing teams, some senior staff were laid off.
/jlne.ws/3XfKJhQ
Hong Kong raises ESG disclosure standards for MPF managers
South China Morning Post
Hong Kong's pension regulator said money managers would need to raise their disclosure standards on environment, social and governance (ESG) funds to help contributors understand their risk management and investment strategies The 12 participating fund managers, or trustees, including HSBC and Manulife, should improve the transparency levels on ESG-related reporting in their pension schemes, the Mandatory Provident Fund Schemes Authority (MPFA) said on Monday.
/jlne.ws/439s8In
ADM pledges to stick to climate goals as Donald Trump divides corporate world; US commodities trader at odds with other American groups that have scaled back environmental targets
Susannah Savage in Brussels - Financial Times
US commodities trader Archer Daniels Midland has pledged to stick with its climate commitments, despite looser regulations under Donald Trump that make it easier for companies to scale back environmental goals. Ismael Roig, ADM's president for Europe, the Middle East and Africa, said the agricultural company would not join the growing number of US groups dropping or watering down sustainability targets. "Frankly, if I look forward to 10 or 20 years and you look at what's going on with climate change, I don't think this is a thing that we can just shrug off and forget about," Roig said in Brussels this week.
/jlne.ws/4kexWX6
Greenpeace Is Going to Trial in $300 Million Suit That Poses Bankruptcy Risk; In a closely watched case, the owner of the Dakota Access Pipeline is claiming the environmental group masterminded protests that hurt the company's business.
Karen Zraick - The New York Times
Greenpeace is set to go on trial on Monday before a North Dakota jury in a bombshell lawsuit that, if successful, could bankrupt the storied group. The Dallas-based company Energy Transfer sued Greenpeace in 2017, accusing it of masterminding raucous protests over the construction of the Dakota Access Pipeline near the Standing Rock Sioux Reservation nearly a decade ago. The activists say the lawsuit is a thinly veiled tactic to suppress free speech and set a chilling precedent for protest groups, and that Greenpeace played only a supporting role in demonstrations that were led by Native Americans.
/jlne.ws/41bQnmn
Trump Paralyzes the U.S. Wind Power Industry
The president, who despises wind turbines, has paused federal permits and leasing for such projects, putting company plans in limbo
Jennifer Hiller - The Wall Street Journal
President Trump has America's wind-energy industry at a standstill. Developers are delaying some projects and writing down the value of investments. Plans are hanging in limbo. During his campaign, Trump directed fierce criticism to offshore wind projects, which he promised to "end on day one." His first wave of executive orders included a pause for federal permits and leasing for wind projects on land and at sea. "We aren't going to do the wind thing," Trump told his supporters Jan. 20, twirling a finger in a circle to indicate the rotation of a turbine blade. "Big ugly windmills, they ruin your neighborhood."
/jlne.ws/3F5keW8
Fossil-Fuel Companies Are Lobbying Trump to Save a Green-Fuel Program; Oil-and-gas firms are pushing the new administration to keep hydrogen tax credits, despite the president's ambition to destroy Biden-era climate incentives
Yusuf Khan - The Wall Street Journal
/jlne.ws/41ERXPr
Trump Creates Uncertainty for World's Most Cited Climate Report; Delegates to a key UN-backed climate meeting this week will be forced to consider what their future work might look like without US government participation.
Eric Roston and Sheryl Tian Tong Lee - Bloomberg
/jlne.ws/3F2CiAd
EU to make most companies exempt from carbon border levy, draft shows
Kate Abnett - Reuters
/jlne.ws/3ET2WvD
Unmanned Crop Dusters Provide a New, Safer Way to Farm; Startup Pyka's electric aircraft are being used on banana plantations across Latin America in a bid to reduce the spread of chemicals and cut emissions.
Rafaela Jinich - Bloomberg
/jlne.ws/43bt6nw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | DriveWealth Expands Overnight Coverage to Include Multiple Venues to Support 24-hour Trading Cycle; Launch with OTC Markets MOON ATS will enable DriveWealth to review pricing from multiple overnight venues to determine best option for investor's orders
Drivewealth
DriveWealth, a leading financial technology platform providing Brokerage-as-a-Service, today announced the expansion of its overnight trading capabilities through a collaboration with OTC Markets Group Inc. (OTCQX: OTCM), an operator of regulated markets for U.S. equity securities. Set to roll out in March, this new offering will establish DriveWealth as a pioneer in multi-venue overnight trading, and meet increasing demand from retail and institutional investors. Leveraging its proprietary technology, DriveWealth will provide investors with improved routing across multiple overnight trading venues, taking real-time pricing and liquidity into account. Additionally, DriveWealth will manage the complexity of transitioning any unexecuted orders from overnight trading venues to traditional market centers when the U.S. pre-market session begins.
/jlne.ws/3EYVOxw
$80 million for a CEO-in-waiting? Banks are paying top dollar to keep talent
Ruth Umoh and Lily Mae Lazarus - Fortune
Goldman Sachs COO John Waldron is widely considered the bank's next CEO. Finding a CEO successor is an expensive undertaking. That's why, when firms identify a promising successor in-house, they spare no expense to keep them. Goldman Sachs is a prime example.
/jlne.ws/41gBT4T
'There's got to be a problem you're solving' - advice from a top banking and finance consultant with 25 years of experience
Richard J. Chang, Finance Editor at LinkedIn News
Sid Khosla strolled through his garage, which has a sizable man cave sporting four of his 19 motorcycles alongside portraits of his children and LEGO model cars. N"You wouldn't believe how hard it was to build this motorcycle essentially from the ground up," the 45-year-old says of his pacific blue off-road, sidecar-equipped Ural Gaucho Rambler. "The engine, sourcing components. I mean, even getting the right paint color took work and patience."
/jlne.ws/4b9Tu2K
UBS vs the Swiss regulation drive; Bank now finds itself confronted by the prospect of tougher rules than global competitors
Patrick Jenkins - Financial Times
This is a tale of two presidents - two presidents who are about as different from each other as you could imagine - and how their policies affect their banks. One is Donald Trump. When Trump won the US election on November 5 last year, global banks saw their share prices rise: the free-market champion would surely promote growth and demote regulation, creating a boom time for banking, particularly the big Wall Street groups.
/jlne.ws/4iedAeA
JPMorgan Earmarks $50 Billion More for Its Direct-Lending Push; Bank also adds Soros, Octagon to group of co-lending partners; Wall Street firms are vying for bigger piece of growing maket
Hannah Levitt - Bloomberg
JPMorgan Chase & Co. is dramatically ramping up its direct-lending effort, setting aside an additional $50 billion to capture a bigger chunk of the fast-growing market. The bank is making the fresh commitment after deploying more than $10 billion from its balance sheet across over 100 private credit deals since 2021, according to Troy Rohrbaugh, co-head of JPMorgan's commercial and investment bank, and global head of capital markets Kevin Foley. The firm has teamed up with a group of co-lending partners, which have allocated nearly $15 billion more to the effort as well.
/jlne.ws/435tnYY
A wealth management talent crisis is underway. Here's what it could mean for your money Preston Fore - Fortune
/jlne.ws/4kfp4QM
Nomura Asset Manager Merging '1 Trillion Yen' Underperforming Fund
Nao Sano - Bloomberg
/jlne.ws/4biEyzI
Asset Managers Churn Out Defense Funds Once Viewed as Toxic
Frances Schwartzkopff - Bloomberg
/jlne.ws/3ESWWD7
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | UK develops AI CV-writing tool for jobseekers; Plan will free up work coaches for more 'valuable' employment as ministers seek to cut welfare bill
Anna Gross and Delphine Strauss in London - Financial Times
Ministers are developing artificial intelligence tools to write CVs and covering letters for jobseekers, as they seek to free up Jobcentre staff to work on more complex cases and reduce the UK's welfare bill. Officials hope to set out their plans within a year and are working to establish if the tools can be built in-house or would need to be contracted from the private sector, according to people briefed on the plans.
/jlne.ws/41dlXjJ
What Do Mass Federal Layoffs Mean for the Labor Market? The economic impact of federal cutbacks will depend on how many jobs are actually cut and the spillover to contractors and spending
Justin Lahart - The Wall Street Journal
America's biggest employer, the federal government, is laying off workers in droves. Depending on how many, and which, jobs get cut, the blow to the U.S. job market could be merely glancing, or seriously damaging. As of January, the U.S. government had 2.4 million civilian employees, excluding the postal service. That is a lot of people, though just 1.5% of total nonfarm jobs. So what will it mean for the economy if hundreds of thousands of those jobs go away?
/jlne.ws/4baVBUh
Political fights at work are on the rise under Donald Trump and most of employees want management to step in
Brit Morse - Fortune
/jlne.ws/3XfbbZa
Here's What It Takes to Make a Great Company; It's the Acquired-Odd Lots podcast crossover episode!
Tracy Alloway and Joe Weisenthal - Bloomberg
People love listening to stories about making it big, and there are no shortage of success stories in the world of global business. There's TSMC, which has grown to become the most important producer of semiconductors. There's Hermès, which has been a power player in luxury consumer goods for over a hundred years now. Or how about Starbucks, Berkshire Hathaway, Renaissance Technologies, or Ikea? The list goes on and on. But what actually makes a company great? And why do some businesses succeed where others fail? The Acquired podcast has become a must-listen for their study of some of the most interesting companies in the world. In this episode, we speak with Acquired co-hosts Ben Gilbert and David Rosenthal, about what makes a business truly great.
/jlne.ws/439lBgA
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Pollution from Big Tech's data centre boom costs US public health $5.4bn; Research suggests the price of treating illnesses related to building of computing infrastructure in the US is on the rise
Cristina Criddle in San Francisco and Stephanie Stacey in London - Financial Times
Big Tech's growing use of data centres has created related public health costs valued at more than $5.4bn over the past five years, in findings that highlight the growing impact of building artificial intelligence infrastructure. Air pollution derived from the huge amounts of energy needed to run data centres has been linked to treating cancers, asthma and other related issues, according to research from UC Riverside and Caltech.
/jlne.ws/41tDBB2
Why a New Bat Coronavirus in China Is Raising Concern
Jason Gale - Bloomberg
Scientists at China's Wuhan Institute of Virology recently reported the discovery of another bat-borne coronavirus, HKU5-CoV-2, which is capable of entering cells using human ACE2 - the same receptor that played a critical role in the devastating spread of Covid-19. Although there have been no reported human infections, the news boosted shares of vaccine makers, underscoring global concerns about the ongoing threat of animal diseases capable of sparking deadly outbreaks. From bubonic plague and smallpox to 'Spanish flu' and HIV, history is rife with pandemics that have shaped our world. While medical advances help us combat these scourges, modern challenges - such as deforestation, urbanization, intensive agriculture, and climate change - are fueling the emergence of new infectious threats at an alarming rate.
/jlne.ws/3ES1g5u
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Is China investable again? It always was - at the right price and for those with eyes wide open to the economic downside
Ruchir Sharma - Financial Times (opinion)
The writer is chair of Rockefeller International. His latest book is 'What Went Wrong With Capitalism'
With Chinese stocks rallying hard this year, global investors are asking: is the country investable after all? The answer is yes, and it always was. The broad Chinese market had fallen sharply this decade for a variety of reasons, but it was wrong for investors to dismiss the world's second-largest market as uninvestable. Even now nothing fundamental has changed. No great economic revival is under way. The economy is still burdened by an ageing workforce and crippling debt, which are likely to slow the trend growth to under 3 per cent, well below Beijing's target.
/jlne.ws/435ugkg
Dubai And DIFC Selected To Host 2026 Global Privacy Assembly
Mondovisione
The Global Privacy Assembly (GPA) has announced that the Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, has been selected to host the GPA conference in 2026. The Global Privacy Assembly is an international group, established in 1979 as the premier global forum for data protection and privacy authorities. The Assembly is comprised of leading global Information and Privacy Authorities and Commissioners. It is an independent body that operates primarily to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.
/jlne.ws/4k9U98H
The Return of Russian Commodities? They Never Really Left; Only natural gas could see a big drop in prices once trade normalizes.
Javier Blas - Bloomberg
The return of Russian commodities to the global market isn't a question of if, but when - and under which conditions. That moment is approaching, yet the lifting of sanctions by the West and the normalization of trade won't be as bearish for prices as it looks at first sight. As US-Russia negotiations over the Ukraine-Russia war start, there are two competing views in the market. One says the talks will be long and winding, thus, sanctions will remain in place for months, perhaps years. The other says that relief is around the corner.
/jlne.ws/4bi2umQ
Qatar uses sovereign wealth to entice venture capital to Doha; QIA will continue to invest most of its wealth outside the Gulf state but wants to make the country a regional hub for VC
Chloe Cornish in Doha - Financial Times
Qatar is using its vast sovereign wealth fund to lure venture capital firms to Doha, making it the latest hydrocarbon-rich Gulf state to coax financiers into setting up outposts in its nation in return for funding. Over the past year, the Qatar Investment Authority (QIA) has deployed "close to half" of a $1bn fund of funds designed to bring more venture capital to the nation's nascent start-up scene, its head of funds told the Financial Times.
/jlne.ws/3DePlOv
Abu Dhabi's First IPO of the Year Rides AI Boom to Price at Top
Laura Gardner Cuesta - Bloomberg
Alpha Data is likely to price its initial public offering in Abu Dhabi at the top of a planned range, as investors piled into the IT services firm that's been a beneficiary of the surge in interest in artificial intelligence.
/jlne.ws/3Qv2syn
Bankers Predict Brazil's Local Bond Market Will Shrink This Year; After a record 2024, Itau's Wilberg sees companies sidelined; Citi CEO for Brazil expects increase in global-bond issuance
Cristiane Lucchesi and Giovanna Bellotti Azevedo - Bloomberg
Brazil's top capital-markets bankers are predicting a drop-off in local bond sales this year after a record 2024, as higher borrowing costs push companies to the sidelines.
/jlne.ws/41auXGp
Amid Trump's threats to deport workers, Wisconsin dairy farmers travel to Mexico
Ruth Conniff - Wisconsin Examiner
John Rosenow climbed into a pickup truck in Zongolica, a small city in rural southern Mexico, squeezing into the front with several friends and relatives from Wisconsin and Minnesota. In the back of the truck, six more people crowded onto benches, holding onto each other as the truck bounced over rutted dirt roads, climbing into the clouds as it traveled among little mountain villages in the state of Veracruz. The truck slowed down for a girl herding goats across the road and passed tiny wooden houses perched on the steep mountainside, with chickens in the yard and a few cows tied up by their horns.
/jlne.ws/4icfRH9
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| Miscellaneous | | Stories that don't quite fit under the other sections | Everyone Hates Pennies, Except This Guy; Mark Weller has spent three decades defending the smallest U.S. currency. This is his biggest fight yet.
Joseph Pisani - The Wall Street Journal
Whenever the penny is threatened, one man stands up to defend it. Mark Weller has been on a roll for three decades, arguing for the one-cent coin's existence every chance he gets. When the penny is slighted in newspapers, it's Weller who writes letters to the editor. He's extolled the coin's virtues on television and radio shows. The pro-penny group he runs, Americans for Common Cents, spits out facts to lawmakers about the benefits of the smallest unit of U.S. currency. And he's been to Capitol Hill countless times to convince Congress to keep the penny, which the U.S. Mint has been producing since 1793.
/jlne.ws/3XbWpSU
What Declaring War on the AP Really Means; The president silencing or sidelining reporters isn't just another preoccupation; it's a strategic move.
Mary Ellen Klas - Bloomberg
President Donald Trump's standoff with the Associated Press over its refusal to abide by his executive order renaming the Gulf of Mexico isn't a benign dust-up between a global media institution and a stubborn president. It's a deliberate and carefully targeted strategy of media intimidation. When the AP announced that its stylebook would continue recommending using the "Gulf of Mexico" instead of "Gulf of America" because it is an international body of water and Trump's order carries authority only in the US, the organization essentially formalized its disagreement with Trump. He couldn't handle that, so earlier this month he barred AP reporters from White House events. On Friday, the AP sued.
/jlne.ws/43e2VML
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