| December 12, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Today we published our second video interview conducted by Robert Lothian at FIA Asia 2023, this one with Matthias Rietig, Senior Officer & Chief Representative of Singapore Branch, OSE and TOCOM (Japan Exchange Group). Yesterday we led off our FIA Asia industry leader video series with an interview of SGX's Loh Boon Chye
Ken Griffin and Citadel are in the news a bunch today as Bloomberg reports Citadel is handing back $7 billion in profits to clients after the hedge-fund performed better than industry peers in 2023 and earned a nearly 15% return for its flagship fund. Also, Citadel Securities revenues jumped to $1.8 billion, up from $1.66 billion from a year earlier, Bloomberg reported. Finally, The Real Deal reports Citadel and Steve Roth's Vornado Realty Trust have agreed to pay $164 million for the air rights "from the Roman Catholic Archdiocese of New York to facilitate the development of 350 Park Avenue."
There is a terrible story from Bloomberg in the lead section today about a man and his wife suing JP Morgan after the couple's $50 million portfolio dwindled to $1.5 million after largely following the advice of JPM, the wife says. The man is 86 and suffering from dementia and can't testify in court. Rule number one, don't put all your eggs in the same basket.
Congratulations to former Cboe Head of Derivatives Arianne Adams, who landed a new job as head of strategy for retail trading app Webull Financial LLC. Bloomberg reports the former Cboe and Goldman Sachs executive will report to "Chief Executive Officer Anthony Denier and work with other senior leaders to shape the firm's expansion into new investing products and regions." She will work from Webull's New York office and starts in January.
It is going to be time to cash in that penny collection soon as Bloomberg is reporting "The World's Copper Supply Is Suddenly Looking Scarce."
On my first day of class in Finance 101 at Purdue University we learned about the time value of money. Over the weekend it was reported that Japanese baseball star Shohei Ohtani had signed a $700 million contract with the Los Angeles Dodgers, after expectations were that he would sign for a record $500 million contract. He blew right past $500 million, right? Well, Ohtani is only taking $2 million per year while he is playing and deferring $68 million per year. That means based on the time value of money, his $700 million contract is actually worth about $460 million in today's dollars, The Wall Street Journal reports.
Are you stuck for ideas for what to get your loved ones for Christmas? The Wall Street Journal has a story titled "44 Stocking Stuffers for Men and Women That Are Fun and Useful" that might give you the item you are looking for.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The latest draft of the agreement from the COP28 Climate Summit in Dubai does not directly refer to a phase-out of fossil fuels, which is disappointing to many climate advocates and scientists. While many developing countries and the EU are demanding the text explicitly state a phase-out, it is unlikely the text will change, according to CNBC. The draft text does not even mention the words oil or gas, the fossil fuels whose emissions scientists say are causing climate change. On LinkedIn, many business groups expressed their unhappiness with the draft. In their post, the influential global nonprofit We Mean Business Coalition said that "Progress on the #COP28 negotiations are now entering their final hours and the latest Global Stocktake draft text needs to do significantly better. It provides a menu of optional actions that countries 'could' engage with. As our CEO María Mendiluce has said: "Are we really going to risk our future on a shopping list?" Amir Sokolowski, Global Director of Climate Change at CDP, the not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts, posted this statement on LinkedIn: "The last draft of the text on the first #globalstocktake fails to achieve the monumental task we need: to deal with the #climatecrisis in any aspect. While I hope this changes, we must remember that the crisis remains whether dealt with here, or not. And so do the tools for dealing with it...Better text or not- The road to COP29 Azerbaijan and to COP30 starts now. We must act as though the highest ambition text were accepted " ~SAED
Our most read stories from our previous edition of JLN Options were:
- The 'cocaine bear' ETF keeps on huffing from the Financial Times.
- The Adrenaline-Fueled Trades Sweeping the Market from The Wall Street Journal.
- S&P 500 Has a Quiet Start to a Big Week, Natural Gas Implodes from tastylive. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
JPX's Strategic Initiatives in Response to Regulatory Changes and Market Dynamics Unveiled in JLN FIA Asia Interview
JohnLothianNews.com
Matthias Rietig, Senior Officer & Chief Representative of Singapore Branch, OSE and TOCOM (Japan Exchange Group), recently sat down for an interview with Robert Lothian of John Lothian News during the FiA Asia conference. Rietig offered insights on JPX's latest developments and its strategic approach to evolving market dynamics.
Watch the video »
++++
Regulators must resist banks' magical thinking; The latest wheeze from lenders is to use 'credit linked notes' for capital relief
Sheila Bair - Financial Times
The late, great Charlie Munger once said that derivatives trading desks made witch doctors look good. That was certainly true of credit default swaps, used by banks to circumvent capital requirements in the run-up to the 2008 financial crisis. Unbelievably, as regulators now propose further toughening of capital rules through the "Basel III End Game", banks want more leeway to use similar financial alchemy to counter the impact. Regulators should resist.
/jlne.ws/41gVeCo
****** The shell game starts all over again with a new twist.~JJL
++++
Citadel's Ken Griffin Taps St. Patrick's Air Rights to Boost NYC Office Tower; Citadel is working with Vornado, Rudin to build new skyscraper; Archdiocese says money will likely go to cathedral's upkeep
Natalie Wong - Bloomberg
Citadel's Ken Griffin is in contract to purchase air rights from St. Patrick's Cathedral in Manhattan to build a giant skyscraper that will house Citadel on Park Avenue. Griffin, alongside Vornado Realty Trust and Rudin, have been working to map out plans for a 1.7 million-square-foot tower that would replace three properties at 350 Park Ave.
/jlne.ws/41jShkH
***** One could call this a heavenly purchase.~JJL
++++
Harvard's Deepening Disunity Pits Alumni Against Faculty; Professors urge board to resist political pressure to oust Gay; Bill Ackman has repeatedly attacked Harvard's president
Janet Lorin and Amanda L Gordon - Bloomberg
Harvard University is fracturing. More than 700 faculty have signed a petition urging the school's leadership to resist political pressures "at odds with Harvard's commitment to academic freedom, including calls for the removal of President Claudine Gay." At the same time over 1,000 students and alumni, including billionaire donors such as Bill Ackman, are demanding the school replace its leader in the wake of rising antisemitism on campus and her responses.
/jlne.ws/46QhbcF
****** I am wondering if alumni's grades can be retroactively changed as they may be failing the university. Failing to pay pledges is just one part.~JJL
++++
Monday's Top Three
Our top story on Monday was CME Group's press release, CME Group to Create Unified Global NDF Trading Venue, Expanding Access and Enhancing Liquidity For Participants. Second was from CoinDesk, U.S., South Korea, Japan Discuss North Korean Crypto Thefts in Trilateral Meeting. Third most read story was also from CoinDesk, Bitcoin Halving Is Poised to Unleash Darwinism on Miners.
++++
++++
|
| | | | |
| Lead Stories | Desperate Retail Investors Drive India's Options Craze; While the frenzy mimics Wall Street, trading in derivatives has outstripped the underlying stock market more than in any other country. Intervention is needed.
Andy Mukherjee - Bloomberg
An uncontrolled popular urge to speculate in financial markets is giving regulators a headache everywhere. It is especially worrying in India, where trading in futures and options is now more than 400 times bigger than the underlying cash-market turnover. This is a slow transfer of wealth from the real economy to a financial elite, the full impact of which may only be felt when it's too late to stop it. The Securities and Exchange Board of India's crackdown on social-media influencers peddling advice is a losing battle. Although nine out of 10 individual traders are losing money, retail investors can't get enough of derivatives. A smartphone-led gamification of investing is complete.
/jlne.ws/3Tm3XBn
Deutsche Borse's aborted proposal to Euronext highlights Europe's IPO woes; Discussions took place at a senior level and highlight obstacles in building a capital market to compete with the US
Nikou Asgari - Financial Times
A shortlived proposal by Deutsche Borse to form a joint venture with rival Euronext to revive European stock listings has underscored the region's challenges in building a capital market to rival the US. Accounts of the precise nature of the discussions between the two largest stock exchange operators in the eurozone vary, but the proposals show discussions have taken place at senior levels in an effort to reverse the longstanding shift of capital away from Europe and to New York.
/jlne.ws/46Zgvlk
Volatility ebbs as $26bn pours into option-writing ETFs; Exchange traded funds backed by covered calls draw investors in search of steady income
Will Schmitt - Financial Times
Investors on the hunt for regular income have this year poured almost $26bn into exchange traded funds that sell options tied to stocks, inspiring a wave of copycats and raising questions about their effects on market volatility. The funds, known as covered call ETFs, have surged in popularity to contain roughly $59bn in combined assets, up from only $3bn three years ago, according to Morningstar Direct. The number of ETFs in the category has nearly tripled in that time to about 60 in the US.
/jlne.ws/3RBS8pA
EU's new AI Act risks hampering innovation, warns Emmanuel Macron; French president argues landmark rules may leave European tech companies lagging rivals in US, UK and China
Javier Espinoza and Leila Abboud - Financial Times
Emmanuel Macron has warned that landmark EU legislation designed to tackle the development of artificial intelligence risks hampering European tech companies compared to rivals in the US, UK and China, setting the stage for a new battle over regulation of the emerging technology.
/jlne.ws/46XtxQe
JPMorgan Is in a Fight Over Its Client's Lost $50 Million Fortune; The bank claims it was acting on an investor's wishes to take risks. His family, and doctors, say he was slipping into dementia.
Tom Schoenberg - Bloomberg
By the time Peter Doelger signed the paperwork to have JPMorgan Chase & Co. handle his fortune, he had built a company spanning the US, sold it to a conglomerate and bet the proceeds on stocks and oil, beating the markets. By 78, he said he was worth at least $50 million. And, according to his family, he was starting to show signs of dementia. What followed over the next half-decade was an almost total wealth wipeout, as Peter's wife, Yoon, said they increasingly depended on JPMorgan's advice for managing their portfolio, only to watch it lurch ever closer to zero. They ended up with $1.5 million, selling their Boston condo and moving in with relatives.
/jlne.ws/3GG4ZRq
Foreign Hedge Funds Retreat From Korea After Short Sale Ban
Youkyung Lee - Bloomberg
Participation by global funds in trading in South Korea's $1.8 trillion stock market has declined since the surprise return of a ban on short selling. Foreign investors have accounted for 18% of total market turnover by value so far in December, on course for the lowest monthly level of the year, according to exchange data compiled by Bloomberg. Local funds' share of turnover also dipped while retail investors have extended their dominance of Korean trading.
/jlne.ws/3NjojaQ
Billionaire Joe Lewis Keeps Trading Stocks Behind US Insider-Trading Charges
Ben Stupples - Bloomberg
Joe Lewis, the British billionaire behind one of the world's biggest investing fortunes, continues to buy and sell stocks at the center of US insider-trading allegations against him. Since being charged by US federal prosecutors in July, the Tavistock Group founder has repeatedly traded shares of Mirati Therapeutics Inc., Australian Agricultural Co. and Tango Therapeutics Inc., according to data compiled by Bloomberg from regulatory filings. His stakes in those companies - three of the five behind the indictment's claims - total about $540 million.
/jlne.ws/3NpN5WN
The rise of retail trading under the spotlight at FIA Asia; Exchange leaders discuss the opportunities and challenges they face as retail trading soars in APAC
FIA MarketVoice
The rapid rise in retail trading in the Asia Pacific region is presenting both challenges and opportunities for derivatives exchanges, said panelists at the FIA Asia Derivatives Conference on 30 November. While exchanges are seeing a significant rise in retail trading volume and open interest in futures and options contracts on their platforms, they also must navigate differing local regulations and ramp up their technology to cater to this segment, the panelists said.
/jlne.ws/3v2mCrH
Retail Trading App Webull Hires Cboe's Ex-Derivatives Leader Arianne Adams; Adams to be head of strategy, derivatives starting next month; Retail investing platform is looking to expand options trading
Katherine Doherty - Bloomberg
Arianne Adams, former head of derivatives at Cboe Global Markets Inc., is joining retail investing platform Webull Financial LLC as the firm seeks to capitalize on growing appetite for trading options. Adams was named chief strategy officer and head of derivatives at Webull, the company said Monday. In her new role, Adams will report to Chief Executive Officer Anthony Denier and work with other senior leaders to shape the firm's expansion into new investing products and regions, according to executives. She starts at Webull's New York office, in downtown Manhattan, in January.
/jlne.ws/3NpBWFs
IRS Tax Demands Would Take Money From Victims of FTX Bankruptcy
Steven Church - Bloomberg
US officials will take money away from victims of the fraud-tainted crypto firm, FTX Trading Ltd. unless a judge rejects the government's demand for $24 billion in unpaid taxes, the bankrupt company said in a court filing. The two sides will be in court Tuesday arguing over the best procedures to determine how much of the Internal Revenue Service claim is legitimate. FTX wants to set a quick schedule to estimate the claim; the IRS has argued that its audit is ongoing, so asking a judge to estimate how much FTX might owe in taxes is inappropriate.
/jlne.ws/46PM8xD
Citadel Is Handing Back About $7 Billion in Profits to Clients; Ken Griffin's hedge-fund firm performed better than peers in 2023 with a nearly 15% return for its flagship fund
Peter Rudegeair - The Wall Street Journal
Citadel is planning to give its investors about $7 billion in profits it earned in a year when choppy stock markets and interest rates challenged most hedge-fund managers, people familiar with the firm said. The flagship multistrategy fund at Ken Griffin's Miami-based firm returned nearly 15% in the first 11 months of 2023, the people said. The fund, Wellington, gives investors exposure to stocks, bonds, commodities and other asset classes and returned 38% in 2022.
/jlne.ws/3TjXsis
Citadel Securities Revenue Jumps to $1.8 Billion on Volatility
Paula Seligson and Katherine Doherty - Bloomberg
Citadel Securities third-quarter revenue rose more than 8% as the privately held market-making firm seeks to grab more of Wall Street's trading business. The firm run by Chief Executive Officer Peng Zhao generated $1.8 billion in the period, up from $1.66 billion a year earlier, according to people with knowledge of the matter. The figure has exceeded $1 billion for 15 straight quarters, the people said, asking not to be identified disclosing private information.
/jlne.ws/47Nf1Mi
Citadel agrees to buy up $164M in air rights from St. Patrick's Cathedral
Developer team bought air rights for office tower at 350 Park Ave
The Real Deal
Griffin's Citadel and Steve Roth's Vornado Realty Trust agreed to buy up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York to facilitate the development of 350 Park Avenue, PincusCo reported.
/jlne.ws/3NqomBI
Climate Talks Always Fail, But They Are Failing Better; All the treaties and coalitions are merely tools to meet the end of emissions reduction.
David Fickling - Bloomberg
Another 12 months have passed. Another 36.8 billion metric tons of carbon dioxide have been spewed into the atmosphere. After three decades of climate meetings, emissions are still increasing, when they should be falling. At the COP28 summit in Dubai, there's more interminable arguments over the wishy-washy verbiage in a treaty that most of the world seems determined to flout. Welcome to the world of climate diplomacy. Every two steps forward is accompanied by one or two steps back. There will be many more tame promises and milquetoast deals before this process is done.
/jlne.ws/41m1QzK
Anger and frustration as COP28 draft text omits fossil fuel phaseout; The draft text for a COP28 climate deal that does not include the phasing out of fossil fuels has drawn widespread criticism. Scientists say fossil fuels are the single biggest factor contributing to potentially life-threatening climate change. U.S. Special Climate Envoy John Kerry said: "We're not where we're meant to be in terms of the text ... This is a war for survival."
Natasha Turak - CNBC
The draft text for a COP28 climate deal that does not include the phasing out of fossil fuels has drawn widespread criticism from major players, highlighting enduring rifts on the international summit's final day. The document, published by the United Arab Emirates' presidency of the climate summit, stressed the need to reduce emissions, but did not call for the doing away of fossil fuels altogether. Scientists say fossil fuels are the single biggest factor contributing to potentially life-threatening climate change. Delegates from the U.S., European Union and climate-vulnerable countries like many in Africa and the Pacific Islands issued urgent warnings over the draft deal, putting them at odds with many oil-producing countries.
/jlne.ws/41fTz05
COP28: The struggle to say 'fossil fuels' out loud; Also in today's newsletter, the ESG case for bitcoin
Simon Mundy and Kaori Yoshida - Financial Times
Good afternoon from Dubai, where the targeted end time for COP28 - to the surprise of no one - passed this morning without an agreement. Intense negotiations are now under way following the COP presidency's publication yesterday of a draft agreement that excised all mention of a fossil fuel "phaseout". Speculation has it that the UN climate conference could continue for another couple of days. We'll be here till the bitter end. In the meantime, let's take stock of how far the conversation around fossil fuels has moved forward here in comparison with previous COPs, with several major producers now pushing for a phaseout. It's nowhere near enough. But it's not nothing, either. - Simon Mundy
/jlne.ws/4adoVIF
UAE holds mass trial as it steps up crackdown on dissent during COP28; Nearly 90 imprisoned or exiled activists accused of setting up or supporting a terrorist organisation
Simeon Kerr - Financial Times
The United Arab Emirates has brought new terrorism charges against dozens of imprisoned activists, rights groups reported, as the autocratic Gulf monarchy steps up its crackdown on dissent while hosting the UN COP28 climate summit in Dubai. Eighty-seven Emiratis were summoned to an appeals court in the capital Abu Dhabi for a mass trial on December 7, according to the Emirates Detainees Advocacy Centre. They were accused of setting up or supporting and financing a terrorist organisation. The overseas advocacy group said it was concerned about the apparent fabrication of charges which carry severe penalties, including the death sentence and life imprisonment.
/jlne.ws/3NpM29j
OpenAI Picks WilmerHale Lawyers for Altman Firing Investigation
Rachel Metz - Bloomberg
OpenAI has selected two lawyers from the firm WilmerHale to conduct its investigation into the events that led to Sam Altman's ouster as chief executive officer. Company board members Bret Taylor and Larry Summers interviewed "several leading law firms" before selecting WilmerHale attorneys Anjan Sahni and Hallie B. Levin, Taylor said in a statement. The pair will conduct "an effective and timely review" of the events that led up to Altman's firing Nov. 17 by the previous board.
/jlne.ws/3tfNZOG
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | EU nears deal on 12th Russia sanctions package, softens tanker sale ban - sources
Julia Payne - Reuters
European Union countries are close to agreeing a deal on a proposed 12th package of sanctions on Russia focused on a Russia-origin diamond ban and new measures to stem the flow of Russian oil, according to four people familiar with the matter. While the biggest part of the new measures is the ban on non-industrial Russian diamonds, EU countries have also been looking to make it harder to circumvent existing sanctions, including the G7 oil price cap. The text includes tougher measures on how to prove Russian oil is traded under the ceiling as compliance has waned in recent months.
/jlne.ws/3TkNtcE
IMF Executive Board Approves $900 Million Payout for Ukraine
Kateryna Chursina and Eric Martin - Bloomberg
The International Monetary Fund's executive board approved the disbursal of $900 million in aid to Ukraine, and urged other countries and lenders to follow through on their pledges to a $122 billion international package announced earlier this year. IMF Managing Director Kristalina Georgieva announced the move Monday alongside Ukrainian President Volodymyr Zelenskiy, who is visiting Washington.
/jlne.ws/3Rdn79Y
Russian Oil Processing Shrinks Further on Logistical Constraints; Plants handled 5.33 million barrels of crude a day on Dec. 1-6; Oil throughput has been declining following Black Sea storms
Bloomberg News
Russia's oil processing in early December fell to a seven-week low as logistical constraints weighed on refineries. The nation's plants processed 5.33 million barrels of crude a day in the first six days of the month, down about 81,000 barrels a day from the prior week's average, according to a person with knowledge of industry data. That's a second week of decline and the lowest rate since the second half of October, Bloomberg calculations show.
/jlne.ws/41l34el
Kyiv Is Running Out of Options to Fund the Fight Against Russia
Volodymyr Verbianyi - Bloomberg
Policymakers in Kyiv are trying to work out how they can fund Ukraine's war effort if its allies fail to come through with promised aid. The options are fraught with risk. The financial toolkit includes raising tax revenue, an obvious challenge in a battered economy, or cutting spending for an already beleaguered public. Monetary-policy options are devaluing the Ukrainian currency or returning to the central bank's taps, a move Finance Minister Serhiy Marchenko told Bloomberg would have "negative consequences."
/jlne.ws/3tcZXsq
|
| | | |
|
| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Malaysia Can't Rule Out Millions in Donations Going to Hamas
Philip J. Heijmans and Niluksi Koswanage - Bloomberg
Malaysia's government can't rule out whether a local charity funneled millions of dollars to Hamas, according to officials familiar with the matter, as it probes the group for allegedly supporting a conservative Islamist organization in the Southeast Asian nation. Malaysia's anti-graft body on Oct. 17 froze as many as 41 bank accounts of the Aman Palestin Berhad charity organization, which contained nearly $15 million, over the alleged misuse of public donations. It also raided the charity's office as part of an investigation regarding offenses under money laundering and terrorist financing laws.
/jlne.ws/41iPRCQ
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets Announces Date of Fourth-Quarter 2023 Earnings Release and Conference Call
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the fourth quarter of 2023 before the market opens on Friday, February 2, 2024. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events.
/jlne.ws/3tjyLIk
Dr. Constantin Bettermann Becomes Chairman Of The Management Board Of Baden-Wuerttembergische Wertpapierboerse
Mondovisione
Boerse Stuttgart Group operates exchanges in Germany, Sweden and Switzerland. At the German exchange, Constanze Liepold will become Managing Director of Baden-Wuerttembergische Wertpapierboerse and its operating company Baden-Wuerttembergische Wertpapierboerse GmbH as of January 1, 2024. At the same time, Dr. Constantin Bettermann will become Chairman of the Management Board of the operating company. This company is part of Boerse Stuttgart Group, the sixth largest stock exchange group in Europe.
/jlne.ws/3GDZPoN
DTCC Appoints Gloria Lio Head of Enterprise Services
DTCC
DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Gloria Lio as Managing Director, Head of Enterprise Services. Lio, who joined the company on December 11, 2023, will also serve as a member of the DTCC Management Committee.
/jlne.ws/47RkYaV
Euronext announces update on December 2023 quarterly review results of the BEL Family indices
Euronext
Euronext today announced an update on the results of the December 2023 quarterly review for the BEL 20®, BEL Mid, BEL Small and BEL ESG, following the successful spin-off of Syensqo from Solvay. The quarterly review result will be implemented after markets close on Friday 15 December 2023 and be effective from Monday 18 December 2023. The Independent Supervisor has reviewed the periodical selection result and changed the published December 2023 quarterly results of the BEL Family as follows.
/jlne.ws/3TmTHci
The Moscow Exchange has updated the IPO guide for issuers entering the public market
MOEX
On December 12, 2023, the Moscow Exchange presented an updated edition of the Issuer's Guide: How to Become a Public Company (IPO Guide). The updated guide is addressed both to potential issuers who are just thinking about entering the public market, and to companies with a rich public history who want to learn more about new tools and opportunities of the modern stock market in Russia. The IPO Guide tells you all the steps a company will go through in preparing for and conducting an IPO: from assessing the feasibility of the transaction to raising capital and fulfilling all the responsibilities that arise as a public company.
/jlne.ws/3RD0g97
Reports of accumulated positions on derivative instruments (LOPR)
TMX
Reminder Concerning LOPR Reportable Dates. The Regulatory Division would like to remind Approved Participants of their obligation to file daily reports of accumulated positions ("LOPR") held on derivative instruments listed on Bourse de Montreal inc. ("the Bourse") in accordance with Article 6.500 of the Rules of the Bourse. As specified under part 2.1 of the LOPR Regulatory Requirements Guide, Approved Participants must ensure that the report date corresponds to the trading day for which the position report has been compiled. For example, if the position report reflects positions at the end of the trading day on April 2, the "report date" must indicate April 2.
/jlne.ws/41nm4c7
Sucden Financial Expands Risk Technology Partnership with Nasdaq to Enhance Market Coverage and Data Analytics
Nasdaq
Sucden Financial, the multi-asset execution, clearing, and liquidity provider, and Nasdaq (Nasdaq: NDAQ) today announced that they have agreed to extend their risk technology partnership, which will further enhance Sucden Financial's ability to monitor, manage, and mitigate market and liquidity risk globally. Sucden Financial uses the Nasdaq Risk Platform across proprietary and client trading portfolios, using the live view of risk, detailed analytics, and live derivative pricing to support real-time decision-making.
/jlne.ws/3NlInck
Market-Wide Position Limit In ZEEL
National Stock Exchange of India
The derivative contracts in the underlying ZEEL have crossed 95% of the market-wide position limit on Dec 12, 2023. It is hereby informed that all clients/members shall trade in derivative contracts of ZEEL by offsetting their existing positions till the open interest comes down to 80% of the market wide position limit.
/jlne.ws/3RHs2la
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | OpenAI's Investors Don't Own It; Also robot ownership, cow burp minimization, GameStop's investment portfolio and probably no Hamas insider trading.
Matt Levine - Bloomberg
OpenAI ownership. The normal way to own a share of a company's profits is to buy its stock. If you find a company that you think is promising, and you want to give it some money to finance its operations in exchange for a share of its profits, you might buy, say, 10% of its stock, and then in some rough sense you own 10% of its future profits. Not in any very strict sense - the company gets the profits, and may or may not pay some or all of them out to you as dividends - but people do tend to think of a share of stock as a share in future profits.
/jlne.ws/46V79ap
Microsoft and Labor Unions Form 'Historic' Alliance on AI; Microsoft will provide workers training on how tech works; Company president says no guarantee AI won't displace jobs
Jackie Davalos and Josh Eidelson - Bloomberg
Microsoft Corp. is teaming up with labor unions to create "an open dialogue" on how artificial intelligence will impact workers. The software giant is forming an alliance with the American Federation of Labor and Congress of Industrial Organizations, which comprises 60 labor unions representing 12.5 million workers, according to a statement on Monday. Under the partnership, Redmond, Washington-based Microsoft will provide labor leaders and workers with formal training on how artificial intelligence works. The education sessions will start in the winter of 2024. Microsoft will also begin gathering feedback from labor groups and will focus on unions and workers in "key selected sectors."
/jlne.ws/3TlZDSB
A Small But Welcome Step in Prying Open AI's Black Box; The world's first comprehensive AI legislation is frustratingly vague, but it's better than nothing.
Parmy Olson - Bloomberg
Sorry, OpenAI. The European Union is making life for the leaders of artificial intelligence much less private. A newly agreed draft of the region's upcoming AI Act will force the maker of ChatGPT and other companies to share previously hidden details about how they build their products. The legislation will still rely on companies to audit themselves, but it's nonetheless a promising development as corporate giants race to launch powerful AI systems with almost no oversight from regulators.
/jlne.ws/4aj4l9I
Pro Take: The Cloud Isn't The Answer to All IT Problems-At Least for Now; 'Increasingly, we're confident that in fact there will be a balance between the enterprise data center and the public cloud,' entrepreneur Mark Shuttleworth says
Steven Rosenbush - The Wall Street Journal
The remarkable growth of cloud computing notwithstanding, companies still keep an enormous amount of their data and digital workloads on more old-fashioned private infrastructures. And, that is unlikely to change soon. Too often, the cloud is discussed simply in terms of migration, a mass movement in one direction, from one place to another. While a mass migration of data and workloads from private data centers to the public cloud has been under way for years, it's only part of the story. Many workloads remain on private clouds and data centers for a range of reasons, including costs.
/jlne.ws/3RBTDUI
SimCorp and Alloy partner to improve management of digital asset investments for clients; New offering will allow mutual clients to holistically manage digital assets within SimCorp's front-to-back investment management platform.
Wesley Bray - The Trade
Deutsche Boerse Group subsidiary SimCorp and infrastructure and technology provider for digital assets, Alloy, have entered a strategic partnership to assist SimCorp clients with managing digital asset investments. The partnership will extend past standard digital asset broker connectivity, enabling mutual clients to manage digital assets holistically within SimCorp's front-to-back investment management platform.
/jlne.ws/3RDd27w
BlackRock enters next phase of platform integration with Tradeweb; Next phase will offer Aladdin users trading US and European credit with improved access to Tradeweb's network of anonymous liquidity, Tradeweb AllTrade.
Wesley Bray - The Trade
Tradeweb Markets has introduced the next phase of its previously announced platform integration with BlackRock's Aladdin order execution management system (OEMS). The next phase of this partnership will provide Aladdin users trading US and European credit with access to enhanced liquidity via Tradeweb AllTrade, Tradeweb's network of anonymous liquidity.
/jlne.ws/3uXuoTZ
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Ukraine's biggest mobile operator suffers massive hacker attack -statement
Reuters
Ukraine's biggest mobile network operator, Kyivstar, said it was the victim of a powerful hacker attack on Tuesday morning which has temporarily knocked out its cellular and internet signal. The company, which is owned by Amsterdam-listed mobile telecoms operator Veon (VON.AS), said it was working to repair the outage and was cooperating with law enforcement bodies.
/jlne.ws/3NjnsqE
Reflecting On The Evolution Of Cybersecurity In 2023
Emil Sayegh - Fortune
2023 marked a transformative journey for the cybersecurity, IT, and cloud industries. Reflecting on the past, it's clear these sectors experienced substantial shifts in focus, witnessed notable service upgrades, and confronted persistent challenges along with transformative changes. Amidst the continuous evolution aimed at countering emerging threats, it's crucial to ponder the key takeaways from the year-many of which we extensively discussed in articles published throughout 2023.
/jlne.ws/3tcZ96S
How European countries are implementing new cybersecurity framework
Alina Clasen - Euractiv.com
EU countries are implementing the updated Network and Information Security Directive (NIS2), in force since January, with varying degrees of progress. To provide an overview of the state of play, Euractiv interviewed Nicolas Sonder and Mailin von Knobelsdorff, PwC experts on cybersecurity.
/jlne.ws/3GGgLuO
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Politicians and regulators keep shouting that crypto is synonymous with fraud. Here's why they're wrong
Brian Whitehurst, Omid Malekan - Fortune
"Rife with fraud, manipulation, and money laundering." That's a fair summary of how regulators, legislators, and other critics regularly describe crypto. Such claims are made so often that industry insiders seldom challenge them, and their reluctance to push back is understandable given high-profile scandals like FTX and TerraLuna. That, however, does not make the claims correct. Crypto is a complex global ecosystem. It has operated in a legal and regulatory gray zone, but not for any nefarious reason. Its unique approach to ownership and settlement poses a challenge to rules written for a different kind of financial system. A more objective look shows that most of the activity labeled as crypto fraud is just regular fraud that happens to involve crypto. The vast majority of actual crypto activity is, and always has been, fine.
/jlne.ws/41hSBAm
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Trump Allies Attack Corporate 'Bigotry' Against White Men; 'This DEI bigotry is sinister, wrong, immoral,' Stephen Miller says, as he targets companies from Macy's to BlackRock.
Emily Birnbaum - Bloomberg
One complaint accuses Macy's Inc. of discriminating against White men. Another levels that allegation against BlackRock Inc. A third points a finger at, of all things, NASCAR - a largely White sport where Confederate flags were prevalent until they were banned in 2020. Those three legal actions, and some 20 more like them, have one person in common: Stephen Miller. Miller, the architect of anti-immigration policies under former President Donald Trump, is emerging as a key figure in preparing a hardline conservative agenda in the event Trump returns to the White House.
/jlne.ws/41lo9VT
Fertilizer Industry Sway to Face Scrutiny in US Bill Backed by Farmers
Kim Chipman - Bloomberg
After cracking down on concentration in the meat industry, US senators now want the government to scrutinize the power of fertilizer companies. An upcoming bill from Senators Chuck Grassley, an Iowa Republican, and Tammy Baldwin, a Wisconsin Democrat, calls for the US Department of Agriculture to examine concentration within the fertilizer industry and any possible "anticompetitive impacts," according to text of the legislation set to be introduced on Tuesday.
/jlne.ws/47TnC07
US House Approves Russian Uranium Import Ban
Ari Natter - Bloomberg
The US House voted Monday to approve legislation that would bar the importation of enriched Russian uranium, sending the measure to the Senate where it has support but limited time for passage this year. The Prohibiting Russian Uranium Imports Act, which was approved by voice vote, would bar Russian uranium imports 90 days after enactment while allowing a temporary waiver until January 2028.
/jlne.ws/3tdnUjf
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | No rush to write bespoke rules for AI in finance, says UK watchdog
Huw Jones - Reuters
As criminals make "unfettered" use of artificial intelligence (AI) to disrupt markets and scam consumers, Britain has a cocktail of rules already in place to tackle them, the Financial Conduct Authority (FCA) said on Tuesday.
/jlne.ws/48esM6E
Judges in England and Wales told to restrict their use of AI in cases; Guidance for courts and tribunals also tells judiciary to scrutinise litigants' submissions for signs of chatbot input
Alistair Gray - Financial Times
Senior judges have warned the judiciary in England and Wales to restrict their use of artificial intelligence in conducting legal research and to avoid divulging information about cases to online chatbots. Official guidance published on Tuesday for magistrates, tribunal panel members and judges highlighted the risk that AI tools would make factual errors or draw on law from foreign jurisdictions if asked to help with cases.
/jlne.ws/3RkLdQ1
FCA writes to firms about the treatment of retained interest on customers' cash balances
FCA
The Financial Conduct Authority (FCA) has today written to investment platforms and SIPP operators setting out its concerns on the way they deal with any interest earned on customers' cash balances.
The amount of interest earned by some firms has increased as rates have risen. The FCA recently surveyed 42 firms and found the majority retain some of the interest earned on these cash balances, which may not reasonably reflect the cost to firms of managing the cash. Many also charge a fee to customers for the cash they hold, known as "double dipping".
/jlne.ws/3uYepVF
UK financial regulator vows to 'intervene' over withheld interest payments; FCA says 42 investment platforms 'collectively earned £74mn from this practice' in one month
Arjun Neil Alim and Laura Noonan - Financial Times
The UK's top financial regulator has vowed to "intervene" if investment and pension platforms continue unfairly to withhold interest payments on their customers' cash balances or charge excessive fees for managing them. The Financial Conduct Authority, which launched a probe in July, said the amount of interest these companies had earned from customers' cash balances had "increased substantially" in the past 18 to 24 months as the Bank of England put up the base rate.
/jlne.ws/3RDPyzi
BoE halves estimate of Basel capital hit for UK lenders; Central bank's regulatory arm says capital will rise just 3% on new rules
Laura Noonan - Financial Times
The Bank of England has halved its estimate of how much extra capital UK banks will have to hold when new global rules are fully adopted by 2030. The BoE said on Tuesday its aggregate tier one capital requirements for UK banks would rise by 3 per cent when the package, dubbed as Basel 3.1, comes into force.
/jlne.ws/48dGM0h
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Occidental's $10.8 Billion Takeover Is a High-Stakes Debt Wager
Olivia Raimonde and Josyana Joshua - Bloomberg
The $10 billion of debt lined up for Occidental Petroleum Corp.'s takeover of Texas shale driller CrownRock LP is sizing up to be one of the largest bridge financing deals of the year - and a crucial test for the energy giant.
/jlne.ws/3uQKOxb
General Atlantic takes first step towards potential US listing; Confidential filing positions private equity group to broaden its investment operations
Antoine Gara and Ivan Levingston - Financial Times
General Atlantic, a private equity group known for backing fast-growing technology companies such as Alibaba, Facebook and ByteDance, has filed confidentially to pursue an initial public offering, putting it in a position to eventually join peers Blackstone and KKR as a public company. The New York-based group, which manages $77bn in assets, has filed confidential paperwork with the US Securities and Exchange Commission for the public offering, two people familiar with the matter said, but they described that move as a preliminary step and said General Atlantic was not considering an imminent listing.
/jlne.ws/3teEeQM
Municipal Bond Funds Are Hemorrhaging Cash Due to This Tax-Cutting Trade; Muni mutual funds see outflows despite strong November gains; Investors can reduce tax bills by selling holdings at a loss
Amanda Albright - Bloomberg
It's vexing for managers of municipal bond funds: The market just had its biggest monthly rally in 41 years, yet investors keep pulling out their cash. Blame the taxman. Even after the November rebound, the deep losses that piled up since 2022 have left the prices of some bonds still deeply in the red. That's creating an opportunity for investors to reduce tax bills by cashing out of mutual funds at a loss - providing a tax write down - and then reinvesting the proceeds.
/jlne.ws/3tk8Ccn
Musk Can't Escape Investor Suit Over Flip-Flop on Twitter Buyout
Rachel Graf - Bloomberg
Elon Musk must face a Twitter investor lawsuit that accuses him of fueling uncertainty about his proposed buyout in an effort to drive down the social media platform's stock price, a California federal judge ruled. US District Judge Charles Breyer on Monday kept alive claims involving three of Musk's statements last year about the deal being put on hold and the number of fake accounts on the platform. Musk "did give an impression materially different from the state of affairs that existed," according to the ruling.
/jlne.ws/48fppMy
The World's Copper Supply Is Suddenly Looking Scarce; Panama closure, Anglo American cuts have upended 2024 outlook; Copper was expected to be in surplus in the coming years
Thomas Biesheuvel - Bloomberg
A forecast surplus of copper going into 2024 has suddenly all but disappeared. The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world. The expectation across most of the industry was for a comfortable surplus before the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure collide with a lack of new mines.
/jlne.ws/3tdcZWI
Stock Buybacks Are Getting Aggressive; It's shaping up to be a bumper quarter for accelerated share repurchases after both General Motors and RTX made punchy bets on their own stock
Stephen Wilmot - The Wall Street Journal
In a cooling market for share buybacks, $10 billion commitments from both carmaker General Motors and aerospace-and-defense giant RTX stand out for their irreversibility as well as their headline value. The companies had better be right that they won't need the cash.
/jlne.ws/3Tf5Srw
The secret to being a star analyst; Work hard, fly hard
Robin Wigglesworth - Financial Times
/jlne.ws/4aiO98M
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Eastern European nations pave way for Baku to host COP29; Azerbaijani capital set to hold next climate summit after Bulgaria drops own bid in face of Russian bar on EU members
Alice Hancock - Financial Times
The path has been cleared for petrostate Azerbaijan to hold the next UN COP29 climate summit, after Bulgaria formally withdrew its candidacy in the face of Russian opposition. Armenia also dropped its bid to be the location for COP29, saying in a statement on Thursday that it was a "sign of good gesture" for talks to resolve its conflict with Azerbaijan.
/jlne.ws/3RDkwHD
A New UN 'Roadmap' Lays Out a Global Vision for Food Security and Emissions Reductions; Critics applaud food-related ambitions at COP28, but say they don't address livestock emissions and rely too much on bioenergy.
Georgina Gustin - Bloomberg
As the United Nations' annual climate summit wraps up in Dubai this week, farm and food groups are applauding the conference leadership for its intensified focus on agriculture, a major source of planet-warming greenhouse gas emissions that has been overlooked in previous years. But critics have pointed to what they see as glaring flaws in the food and farming-related agreements that emerged from the nearly two-week event, saying they don't go far enough or adequately address the livestock industry's greenhouse gas emissions.
/jlne.ws/3No3NpA
COP Draft Deal Offers Fossil Fuel Cuts, But Falls Short for Many
Laura Millan, Lou Del Bello, and John Ainger - Bloomberg
A draft deal at the COP28 climate in Dubai called on countries to cut their consumption and production of fossil fuels as the hosts tried to craft a compromise less than 24 hours before the summit is due to end. The 21-page agreement would, if adopted, be the first specifically calling for reduced use of all fossil fuels, including oil and gas, marking a historic shift in the UN treaty that governs the global fight against climate change. But for many countries it doesn't go nearly far enough, falling short of a complete phase out and offering nations loopholes and opt-outs.
/jlne.ws/3tdQmBz
Who Will Manage the Retreat? Federal efforts to protect communities from climate disasters with buyouts and resilience projects are often fractured and poorly coordinated. Is there a better way?
Timothy A. Schuler - Bloomberg
In Oyster, Virginia, an unincorporated community that clings to an eroding spit of low-lying land on the state's Eastern Shore, inundation has become part of daily life. Since the 1920s, sea levels here have risen by a foot and a half, and high-tide flooding is now common. Donna Fauber, who has lived in Oyster for 20 years, has gotten in the habit of moving her car to a lot that sits on higher ground when flooding looks likely. She and her neighbors share weather updates in a group text. "We'll say, 'Tide's up, move your cars,'" she says.
/jlne.ws/3RfKHmB
Insight: COP28 plan to triple renewables is doable, but not easy, companies say
Sarah Mcfarlane and Susanna Twidale - Reuters
More than 100 countries at the COP28 climate summit in Dubai have agreed to triple renewable energy capacity by 2030 - one of the least controversial commitments floated at the conference. But they have given little detail on how they can make an industry running flat out go that much faster.
/jlne.ws/3RBQ5Sq
Poland Could Rely Mostly on Clean Energy by 2040, Think Tank Finds; Poland can ditch coal in two decades, Instrat think tank says; Europe's most carbon-intensive nation bets on clean energy
Agnieszka Barteczko and Maciej Martewicz - Bloomberg
/jlne.ws/3RE2IfB
Citi Explores New Deal Structures in Battered CO2 Offsets Market; Carbon credits may become blended-finance tools, Citi says; Wall Street banks are lining up to get a footing in new market
Natasha White - Bloomberg
/jlne.ws/3RjilIb
The US Could Remove 1 Billion Tons of Carbon From the Air - for $130 Billion; The US has the tools to help clean up the atmosphere, but it lacks the infrastructure to do it at scale. A new report lays out the costs and a roadmap.
Michelle Ma - Bloomberg
/jlne.ws/48h9A8l
No One Is Investing in Adaptation, the 'Poor Cousin' of the Climate Debate; "It's seen as a sunk cost and not as an investment. And that's wrong," says Patrick Verkooijen, CEO of the Global Center on Adaptation, on this week's Zero.
Christine Driscoll, Oscar Boyd, and Akshat Rathi - Bloomberg
/jlne.ws/47UTAJc
The World's Leader in Carbon Capture Shows Why It's a Long Sho
Jennifer A Dlouhy and Akshat Rathi - Bloomberg
/jlne.ws/3NnonpQ
Can the planet really sustain any more ESG conferences? An FT column offering a behind-the-scenes look at the work of Rutherford Hall, critical communications strategist
Rutherford Hall - Financial Times
/jlne.ws/47ZaI0I
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS and Credit Suisse Agree to Merge Their Parent Banks
Zacks Equity Research
UBS Group AG UBS and Credit Suisse Group AG's board of directors have approved the merger between their parent banks namely UBS AG and Credit Suisse AG. This is a part of the integration process of Credit Suisse with UBS post their merger on Jun 12, 2023. The merger agreement between the parent banks of the two holding companies is expected to be completed in 2024, subject to certain regulatory approvals. Further, UBS continues to make arrangements for the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG, which is expected to take place in 2024.
/jlne.ws/3GChL30
Goldman hopes to double private credit business as it retreats from consumer banking
David Hollerith - Yahoo Finance
Goldman Sachs (GS) is retreating from an ill-fated foray into consumer banking. But there is another area where it plans to expand: private credit. The Wall Street giant is attempting to double the size of that $110 billion business "over the medium term" as it makes leadership changes in the unit, according to Marc Nachmann, Goldman's global head of asset and wealth management. "We are putting our best talent focused on private credit," he said. A memo circulated by Nachmann on Monday outlined several new executive assignments. Greg Olafson, who previously served as the co-president of Goldman's alternatives business within asset management, will become the firm's new global head of the private credit business.
/jlne.ws/3RDfpHH
JPMorgan to outsource $500 billion custody business in Hong Kong, Taiwan - sources
Selena Li - Reuters
JPMorgan Chase is set to outsource the operations of its local custody business in Hong Kong and Taiwan with Citigroup, HSBC and Standard Chartered in the race for the mandate, two sources with knowledge of the matter said. The Wall Street bank, the world's third-largest global custodian, is in the process of selecting another bank to take over the local custodian operations in Hong Kong and Taiwan, said the sources.
/jlne.ws/3RfLtQx
Goldman commodities head Emerson to retire, succeeded by Qin and Jindal-memos
Lananh Nguyen - Reuters
Goldman Sachs' head of global commodities Ed Emerson will retire in March after more than 24 years at the Wall Street giant, according to a memo seen by Reuters. He will be succeeded by Xiao Qin and Nitin Jindal, who will jointly lead the firm's storied commodities business, according to a separate memo. A company spokesperson confirmed the contents of the memo.
/jlne.ws/3GHGza5
Goldman Trader Who Was Paid $100 Million Since 2020 to Step Down
Sridhar Natarajan - Bloomberg
One of Goldman Sachs Group Inc.'s highest-paid executives in recent years is stepping down. Ed Emerson, who leads the commodities-trading business, will stay on as an adviser to help with the transition, according to people with knowledge of the matter. He oversaw the resurgence of the unit - long seen as a crown jewel of the trading operation - after a lean stretch clouded its future.
/jlne.ws/3RmFA49
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Biggest Winners and Losers From the Work-From-Home Revolution; Remote or hybrid work has become the new normal for millions of people. We are only just starting to see the impact.
Nicholas Bloom - The Wall Street Journal
The fivefold increase in working from home ushered in by the pandemic is perhaps the largest change to hit U.S. labor markets since World War II. It has touched just about every manager in America, reshaped industries including real estate and business travel, and led to an exodus from city centers to the suburbs.
/jlne.ws/3Tm8nYZ
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Practice Better Becomes First AI-Powered Practice Management Platform for Health and Wellness Professionals
Practice Better
Practice Better, the all-in-one practice management software platform for health and wellness professionals, today announced the addition of an AI (Artificial Intelligence) Charting Assistant, making it the first AI-powered practice management platform for health and wellness practitioners and coaches. Practice Better's AI Charting Assistant securely records, transcribes, and summarizes client sessions right inside the practitioner's charting workflow, giving practitioners back crucial time with their clients to spend on holistic care rather than manual note-taking. Following the integration of That Clean Life earlier this month, AI Charting Assistant is the next evolution in the company's mission to empower health and wellness professionals to help millions of clients live better lives.
/jlne.ws/3uRLsut
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The Majority Of The World's Potatoes Come From This Country
C.A. Pinkham - Daily Meal
Potatoes are one of the world's most important staple crops. They've long been associated with a variety of cultures, from Ireland (even if St. Patrick never ate potatoes) to America (where it's a necessary component in our national meals, from Thanksgiving to a simple burger and fries), a starchy tuber that both tastes great and is extraordinarily hardy. But where do most of the world's potatoes come from? It's gotta be the U.S., right? Multiple states (Idaho, North Dakota, and Washington) are also known for their potato crops. Surely the U.S. will come in first here.
/jlne.ws/3tfkMTX
Australian Dollar Marks 40 Years of Local Resilience, China Reliance
Michael G. Wilson and Matthew Burgess - Bloomberg
The float of the Australian dollar 40 years ago today forged a shock absorber that helped the country weather decades of economic turbulence and to punch above its weight in global financial markets. It may have been a tumultuous ride for what's now one of the world's most-traded currencies, but the highs and lows over four decades have shielded the resources-reliant economy from inflation pressures following commodity booms and helped boost exports during times of global crisis.
/jlne.ws/3uMJyLx
Singapore Halts Poultry From Parts of Japan on Bird Flu: ST
John Cheng - Bloomberg
Singapore has banned the import of raw poultry and poultry products from four Japanese prefectures, following recent reports of bird flu outbreaks, the Straits Times reported Sunday, citing the Singapore Food Agency.
/jlne.ws/3t313qI
Australia Says China Lifts Ban on Meat Shippers as Ties Improve
Keira Wright and Ben Westcott - Bloomberg
Australia says China lifted a ban on three of the nation's meat exporters as relations between the trading partners continues to improve. Products produced by the companies will be permitted to be shipped to China from Dec. 11, pending final administrative processes required by each nation, according to a statement from Australia's trade and agriculture ministers on Tuesday. The release didn't name the three exporters.
/jlne.ws/3t6Kiee
Dubai Unveils New Investment Fund With Billions in Assets; New entity will invest state funds locally and internationally; Middle Eastern wealth funds oversee assets worth $4 trillion
Adveith Nair and Zainab Fattah - Bloomberg
Dubai is setting up a new fund to drive investments in strategically-important projects, adding to a constellation of state-backed wealth funds in the region that manage close to $4 trillion. The Dubai Investment Fund will house assets worth billions of dollars and invest government money locally and internationally, state-run news agency WAM said on Monday. It will also have the power to establish companies and investment funds, as well as buy or merge firms.
/jlne.ws/47SlFB3
UK Can't Match US Firepower to Lure Investors, Review Chair Says
Joe Mayes - Bloomberg
/jlne.ws/47SZv1A
Guyana Says Oil Producers Are Moving Ahead Despite Venezuela's Threats
Patricia Laya and Nicolle Yapur - Bloomberg
/jlne.ws/3RDLw95
Panama Canal drought to delay grain ships well into 2024
Karl Plume - Reuters
/jlne.ws/3t5KiLx
Instant Coffee Prices Risk Rising With Brazil's Dryness Hurting Crops; Production of cheaper robusta bean seen lower than expected; Crops at world's largest coffee producer also face strong heat
Dayanne Sousa - Bloomberg
/jlne.ws/3t5leEp
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
