| September 11, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
It is September 11. There are no words. Only memories. Bells will toll from Ground Zero to Alaska. (NY Post)
Today we have an EXPO preview video featuring FIA President & CEO Walt Lukken. Among the details of EXPO in the interview is that author Jon Meacham will deliver a keynote address. Another keynote speaker is Jahmal Cole, the founder of My Block, My Hood, My City. Walt shared that JLN's interview with Cole brought him and his story and organization to the attention of the FIA and that prompted them to invite him to speak.
There are two main groups representing women in the derivatives markets, Women in Listed Derivatives (WILD) and Women in Derivatives (WIND) that have derivatives in their names. The latter organization, which traditionally represented more of the over-the-counter segment of women, has renamed itself 'Women in Financial Markets" (WIFM), representing women "across the global financial markets ecosystem - beyond derivatives," WIFM said in a press release.
This is a bold strategic move by WIFM to acknowledge how their universe has expanded by rebranding the organization. Many of the women in WIFM are in organizations whose roots are in the listed derivatives markets. The worlds are colliding like never before, with dominant players CME and ICE owning and operating both OTC and listed markets.
The Monetary Authority of Singapore (MAS) honored the memory of Dr. Richard Hu, who served as MAS' third and most enduring chairman, upon his passing. MAS extended its heartfelt condolences to Dr. Hu's family during this time of loss, as does JLN.
The extraordinary talent of Matt Scharpf will once again grace the stage at ALTSO.org's Rocktoberfest, slated for October 5th at City Winery. You're invited to join Scharpf on the acoustic stage, where he will be accompanied by Chuck Mackie and Rumi Morales. Furthermore, Matthew Scharpf's band, Strangers and Saints, will deliver a performance on the main stage featuring a repertoire predominantly made up of his original songs.
On Friday, news emerged regarding the release of a list containing the names of 39 individuals recommended for charges by a Georgia grand jury in connection with their involvement in attempts, alongside Donald Trump and others, to overturn the results of Georgia's 2020 election. Among these names, it is noteworthy that 20 individuals ultimately were not charged, and this group included prominent figures such as South Carolina Senator Lindsey Graham, former U.S. Senators Kelly Loeffler and David Perdue from Georgia, and former Trump national security adviser Michael Flynn, the Associated press reported.
Despite his age, Joe Biden demonstrates his ability to craft pointed insults when it comes to his political opponents. According to Huff Post, on Sunday he targeted climate deniers, referring to them as a diminishing group of 'Lying Dog-Faced Pony Soldiers.'
There is a possibility of a government shutdown occurring just before the FIA EXPO, which could result in the absence of U.S. government regulators at the conference. The Wall Street Journal has published an article titled "Staunch Conservatives Assert Influence, Raising the Specter of a Government Shutdown." The subheading highlights that House dissenters are pushing for concessions related to border security and Ukraine, while lawmakers contemplate a short-term funding agreement.
Mark Daniels is starting a new position as head of prime services at Marex.
Friday evening saw Morocco struck by a devastating earthquake, resulting in the tragic loss of over 2,100 lives and leaving more than 2,400 individuals injured. If you wish to contribute towards aiding the survivors of this earthquake, The Washington Post has published a guide titled "Supporting Morocco Earthquake Survivors: How to Donate."
For the first time, the cost of renting a room in London has topped 1,000 pounds a month, Bloomberg reports. That is the equivalent of $1246, with the data compiled by SpareRoom, a website that matches people seeking roommates.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The United Nations has released a technical report known as the "global stocktake" that identifies gaps in science that must be bridged and challenges that must be overcome to implement the Paris Agreement, which aims to keep a global average temperature rise this century below 2 degrees Celsius. The global stocktake assesses the global response to the climate crisis with the goal of improving the way forward. It is held every five years and this is the first one. Learn more about the global stocktake and review the report here. ~SAED
Our most read stories Friday on JLN Options were:
- The Biggest Short: Trader Bets $30K On 1,100% VIX Spike By February 2024
- Short-Dated Option Trading Rises Without Shaking Up Overall Market
- Vulnerabilities in the Treasuries market aren't going away ~JB
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FIA EXPO 2023 to Spotlight Artificial Intelligence
JohnLothianNews.com
Walt Lukken, President & CEO of FIA (Futures Industry Association), revealed that artificial intelligence (AI) will take center stage at this year's FIA EXPO 2023 in an exclusive interview with John Lothian News. The Innovator's Pavilion will showcase companies offering AI solutions aimed at enhancing market efficiency and functionality. Additionally, AI will be a prominent theme in panel discussions during the event.
Watch the video »
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The man who bought the NYSE just made a $11.9 billion bet that he can fast-track your mortgage for far less than you're paying now
Shawn Tully - Fortune
This doesn't look like a great time to make bullish wagers on the mortgage market, what with rates hitting two-decade highs, and a vertiginous fall in originations following the post-pandemic bonanza. But Jeff Sprecher, founder and CEO of commodities and securities trading colossus Intercontinental Exchange (market cap: $64 billion), just made the biggest acquisition in his enterprise's 23-year history on the conviction that streamlining and digitizing the paper-intensive, time-devouring task of securing loans on the nation's ranches, colonials, and condos, and revolutionizing the staid way these staples are marketed represents, as he told Fortune, "the biggest untapped opportunity in financial services." On Sept. 4, ICE bought home loan servicing and data analytics provider Black Knight for $11.9 billion, a price that exceeded the $8.2 billion Sprecher paid for his most famous deal, the 2013 purchase of the New York Stock Exchange.
/jlne.ws/44LKiNw
***** The man is on a mission.~JJL
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Beer Capital of the World Gets a $96 Million Monument to the Drink
Kevin Whitelaw - Bloomberg
Belgian beer is known around the world for quality and breathtaking diversity, but until now the country has never had a proper showcase for its brewing heritage. Designed in collaboration with Belgium's major brewers, Belgian Beer World opens on Saturday in the Bourse, a neoclassical building in the center of Brussels that used to house the main stock exchange.
/jlne.ws/3EDD0jW
***** I have been to the Bourse in Belgium and it is a beautiful old building. It would make a great site for Belgian Beer World.~JJL
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A Groan-Up Daughter Makes a Lot of Cents Telling Dad Jokes
Simon J. Levien - The Wall Street Journal
Neve Pratt thought of a popcorn pun but said she'd rather keep it to herself. "It's a bit too...corny." The king of Dad jokes is a 19-year-old sophomore at Utah State University. From her social-media stage, Pratt has aired hundreds of original and recycled jokes with a cringey delivery that has drawn more than 650,000 TikTok followers and millions of eye rolls.
/jlne.ws/3EA1w5S
****** Does she have this one? Do you know where you can get chicken broth in bulk? The stock market...~JJL
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Fear of Being Made Obsolete Grips College-Educated US Workers; White-collar employees now worry about automation nearly as much as counterparts without degrees.
Jo Constantz - Bloomberg
A rising share of US workers are worried technology will make their jobs obsolete, driven almost entirely by growing fears among college-educated employees. Some 22% of US workers now fear that they could be sidelined by technology, up from 15% two years ago, according to a survey from Gallup. mWhile the share of non-college-educated workers who express concern has held steady at a little over 20% during that period, the portion of college-educated workers who say they're worried more than doubled, narrowing the gap that previously existed between the groups.
/jlne.ws/3RgKOjt
***** Fear of being made obsolete has driven my entire career. It started with computers, then the introduction of the internet. When I saw college kids at Purdue with internet connections in their dorms at a time when there was no dial-up connectivity yet, I knew I was in trouble.~JJL
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Elon Musk Has Power in Ukraine. Does He Know How to Use It? An amateur military strategist is making life-and-death calls.
Marc Champion - Bloomberg
According to excerpts from a new biography, Elon Musk last year curtailed his Starlink satellite service to prevent Ukraine using it for a sea-drone attack on Russia's Black Sea Fleet in Crimea. He worried the move could become a mini-Pearl Harbor and even trigger nuclear retaliation. "How am I in this war?'' he's said to have asked the book's author, Walter Isaacson
/jlne.ws/3r7EWy7
****** This has crimes against humanity potential written all over it.~JJL
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'He is driven by demons': biographer Walter Isaacson on Elon Musk; The writer tells Gillian Tett what he learnt during two years spent with 'total access' to the tech tycoon
Gillian Tett - Financial Times
It is late morning on a Friday in Galatoire's Restaurant on Bourbon Street, New Orleans - a road famous for multicoloured buildings and wild bars - and I seem to be almost the only sober customer in the joint. On one side of me a group of girls dressed in Barbie pink are shrieking and waving lurid cocktails; on the other, rowdy men are hosting a pre-wedding party. Purple, green and gold balloons hang across the restaurant, which has the ambience of an old-fashioned French saloon.
/jlne.ws/3PAd0w8
****** I think everyone needs to read this book to understand the risk Musk presents.~JJL
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Friday's Top Three
Our top story Friday was High Frequency Trading's most unconventional exercise club, from efinancialcareers. Second was 'Dumb Money' Lampoons Wall Street Titans With a Knowing Eye, from The New York Times. And third was Get to Know OCC's Government Relations Team, from the OCC.
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| Lead Stories | European managers relocate staff to meet impending T+1 rules; The US will require trades to settle in one day next year leaving much of the rest of the world on T+2
Jessica Tasman-Jones - Financial Times
European asset managers are moving staff to the US ahead of new settlement rules, while others may change the working hours of some roles. The Securities and Exchange Commission is reducing the settlement time for US equities and corporate bonds from two days, referred to in the industry as T+2, to one day, T+1. Timezone issues mean the rules will be even harder to meet for firms outside the US.
/jlne.ws/486BtAx
The Bitcoin ETF Trade Is Increasingly About Bitcoin Itself; Court setback for SEC narrows discount on Grayscale Bitcoin Trust shares, making price of underlying asset more important
Telis Demos - The Wall Street Journal
Investors have made a great deal of money betting that the Securities and Exchange Commission might finally approve an exchange-traded product that directly tracks the value of bitcoin. Yet now that such an approval appears even closer, making much more money might be trickier. Among the best trades in crypto this year has been the narrowing gap between the price of bitcoin and the value of the $16 billion tradable vehicle that holds the digital currency, the Grayscale Bitcoin Trust.
/jlne.ws/3P9cowl
Just Eight Exchanges Handle 90% of All Crypto Trading Volume; Concentrated markets can be good and bad, researcher says; But they can create points of failure for industry, they add
Vildana Hajric - Bloomberg
In cryptocurrency markets, liquidity is uber-concentrated and has become more so over time, with nearly all of it found on just eight exchanges. The top eight platforms account for nearly 92% of depth - a measure of all bids and asks within 10% of the mid price - and 90% of volume, according to Kaiko. Binance, the largest crypto exchange, has this year accounted for more than 30% of global market depth and more than 60% of worldwide trade volumes. Besides Binance, the list also includes Coinbase, OKX and Huobi, among others. For context, there are hundreds of crypto exchanges, according to data from CoinGecko, though many of them see negligible or no trading at all.
/jlne.ws/3Pg0ZdY
G20 summit agrees on words but struggles on action
YP Rajesh and Krishn Kaushik - Reuters
The Group of 20 major economies reached a hard-fought compromise over the war in Ukraine and papered over other key differences in a summit declaration at the weekend, presenting few concrete achievements in its core remit of responses to global financial issues. Diplomats and analysts said the surprise consensus in the summit statement on the Russia-Ukraine conflict avoided a split in the group, and the inclusion of the African Union as a new member represented a victory for host India and for developing economies, but the rest was disappointing.
/jlne.ws/3Zjwfxy
G-20 Broadens Debate on AI Risks and Mulls Global Oversight
Devidutta Tripathy - Bloomberg
Leaders at the Group of 20 summit discussed how to harness artificial intelligence for economic development while protecting human rights, with some calling for global oversight of the rapidly evolving technology. G-20 host, Indian Prime Minister Narendra Modi, said the group should create a framework for "human-centric" AI governance while European Commission President Ursula von der Leyen suggested a similar oversight body to the Intergovernmental Panel on Climate Change.
/jlne.ws/3LdNGd6
G-20 Summit Costs Delhi Traders $120 Million in Revenue; Partial lockdown in the city keeps shoppers away from markets; Footfalls drop amid road closures, tight security arrangements
Swati Gupta - Bloomberg
The Group of 20 summit may have ended in success for the Indian government, but businesses in the capital city lost around 10 billion rupees ($120 million) in revenues amid the three-day partial shutdown. New Delhi's streets wore an empty look and came to a near standstill as authorities ordered schools, banks, private businesses and government departments to remain shut. Borders to neighboring states were also sealed as the world's most powerful leaders descended in the city for the event.
/jlne.ws/3EAxIWu
Global Banks' Post-Brexit Shift to Europe Almost Done, ECB Says
Nicholas Comfort and Steven Arons - Bloomberg
The European Central Bank has communicated to global investment banks the final headcount and set-up their trading desks will need to have in the euro area, bringing a formal close to efforts that started when the UK voted to leave the European Union in 2016. "We have turned the corner," Andrea Enria, who leads the ECB's Supervisory Board, said in an interview. "I'm very proud of this process. It was not a territorial grab of business. It was very prudential, very focused on risk management."
/jlne.ws/3PxzfTs
Citadel presses pause on Manhattan expansion despite hiring spree
Steve Cuozzo - NY Post
Citadel's quest for 400,000 square feet of additional Manhattan space at 280 Park Avenue has hit the "pause" button. Crain's reported in June that Ken Griffin's monster hedge fund was in negotiations with landlords SL Green and Vornado for the expansion space. The 1.27 million square-foot tower is almost fully leased, but several large leases are due to expire at the end of year.
/jlne.ws/3sT1SSw
Dennis Austin, the software developer of PowerPoint, dies at 76
Michael S. Rosenwald - The Washington Post
Dennis Austin, who played a seminal role in shaping how information is communicated in modern society as the principal software developer of PowerPoint, the ubiquitous and occasionally scorned program employed by office workers, teachers and bureaucrats, died Sept. 1 at his home in Los Altos, Calif. He was 76. The cause was lung cancer that metastasized to the brain, said his son, Michael Austin.
/jlne.ws/48c7bMG
Hitchhiker's Guide to the Equity Risk Premium; Want to know the secret of the investing universe? You can pick a number between one and 10 and get lucky, or you can read this.
John Authers - Bloomberg
Deep Thought
In The Hitchhiker's Guide to the Galaxy, a giant computer called Deep Thought is programmed to calculate the answer to the ultimate question of life, the universe and everything. Millions of years later, its circuits finally reveal the answer to the humans who have been agog with anticipation: 42. That's disappointing, and it then needs to embark on an even longer quest to work out what the question was. As the question turns out to have been, "What is 6 x 9?," it turns out that the universe is based on a contradiction.
/jlne.ws/45LDjW4
Digital Euro Conspiracy Theories and Privacy Concerns Put EU Central Bankers in the Hot Seat; Officials promise privacy controls for the possible new CBDC, but are less clear how to respond to wilder opposition.
Jack Schickler - CoinDesk
Proponents of a digital euro are facing political opposition to their plans for a central bank digital currency (CBDC) - and technocratic central bankers aren't sure how to respond. In the European Union (EU), officials have advanced multiple arguments in favor of issuing a digital euro - assuring that it will be usable across the bloc, offer privacy unmatched by other kinds of digital payment, and safeguard Europe's independence from foreign payment providers.
/jlne.ws/3Ze1Wbt
Former Bank of Ireland chief leaves Credit Suisse; Francesca McDonagh is one of the highest-ranking departures since UBS took over its ailing rival
Owen Walker - Financial Times
Former Bank of Ireland chief executive Francesca McDonagh is leaving her role at Credit Suisse in one of the biggest departures since UBS completed the takeover of its ailing rival in June. McDonagh, who joined Credit Suisse as chief operations officer a year ago, missed out on a big role at UBS over the summer.
/jlne.ws/3LjBerY
Money, Oil and Fights Over Emissions: What to Watch at COP28; Here are five things to keep on your radar as countries prepare for United Nations climate talks in Dubai at the end of November.
Ewa Krukowska - Bloomberg
Governments worldwide are facing increasing pressure to step up the fight against global warming as almost every corner of the planet battles wildfires, heat waves and other deadly impacts from rising temperatures. Climate change is set to be at the top of the agenda at the United Nations annual meeting in New York next week. UN Secretary General Antonio Guterres will seek to build momentum before global COP28 climate talks hosted by the United Arab Emirates at the end of November. Even as 2023 is on course to be the hottest year on record, it's looking more difficult than ever to meet an internationally agreed target to limit global warming to less than 2 degrees Celsius before the end of the century.
/jlne.ws/3PvQeWi
China issues strong warning against bets on renminbi depreciation; Currency rebounds from 16-year low as Beijing releases positive lending data earlier than usual
Hudson Lockett and Cheng Leng and Joe Leahy - Financial Times
Beijing gave a strong warning against bets on renminbi depreciation and released a batch of positive lending data earlier than usual, spurring China's currency to bounce back from a 16-year low touched last week.
/jlne.ws/44O12n2
Hotter Summers Kill Thousands in a Europe With Scant Air Conditioning
Matthew Dalton in Paris and Margherita Stancati - The Wall Street Journal
Summer temperatures in Europe are rising faster than efforts to change European lifestyles and cope with the scorching heat-a major cause of death on the continent. Many households, offices and even nursing homes in Europe lack air conditioning, devices that Europeans once viewed as an American indulgence. Now the continent is installing millions of them, but not fast enough: More than half of households are still without.
/jlne.ws/3PIszlT
Crypto Exchange Coinbase to Disable Some Accounts of Indian Users; Coinbase says the accounts may not meet updated standards; Company stopped new user sign-ups to India exchange in June
Suvashree Ghosh - Bloomberg
US-based crypto exchange Coinbase Global Inc. said it will disable some Indian accounts while adding that the company remains "committed" to opportunities in the nation over the long term. Indian accounts that "no longer meet our updated standards" will be disabled on Sept. 25, a Coinbase spokesperson said in a statement on Monday. The firm continues "to explore ways to strengthen our presence in this important market," the spokesperson added.
/jlne.ws/3sHVcGu
Bitcoin ETFs With a $100 Billion Promise Put Old Funds in Danger; Spot products may be better proxies than futures-based funds; Lower fees may also attract demand if spot ETFs win approval
Vildana Hajric - Bloomberg
Spot Bitcoin ETFs haven't even been approved in the US, and yet already some see them as an existential threat to the futures-based funds that came before them. BlackRock Inc. leads a group of firms awaiting word from regulators on their filings to launch what would be the first US ETFs linked to the spot price of the largest cryptocurrency.
/jlne.ws/3RhhN6Z
Short Sellers Reap $13 Billion on Gaps in Winner-Take-All Market; Bets against smaller-cap stocks pay off despite broader rally; Shows gulf that opened as big tech stocks drove market's gains
Carmen Reinicke and Alexandra Semenova - Bloomberg
Short sellers are raking in profits by betting against a part of the US equity market overlooked by most investors: small-cap stocks. The group has seen paper profits of nearly $13 billion this year by wagering on a drop in the prices of small-, micro- and nano-cap shares, according to an estimate by S3 Partners LLC based on the average amount of short positions in the market.
/jlne.ws/3sM15mi
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | And then Elon Musk said there'll be no more war - not via his satellite. Aren't we lucky to have the world in his hands?
Marina Hyde - The Guardian
When Elon Musk posted a personally crafted 280-character "peace plan" for the war in Ukraine last October, a Ukrainian diplomat offered a carefully considered review. It ran to a full two words: "Fuck off". This week's allegations that Musk shut down his Starlink system (on which the comms-shattered Ukraine relies to defend itself against Russia) right in the middle of a counteroffensive last year - apparently deliberately to neuter it - forces a new question.
/jlne.ws/3LG3YM7
Musk Says He Thwarted Attack on Russian Fleet in Ukraine's Crimea
Anastasiia Malenko - The Wall Street Journal
Elon Musk said he declined a request to activate Starlink satellite communications around Sevastopol in Ukraine's Russian-occupied Crimea, thwarting what he described as an attempt to sink Russian ships there. The billionaire-who won praise from Ukrainian officials for Starlink but has recently drawn their ire over comments around the war-said he wanted to prevent his SpaceX company from becoming "explicitly complicit in a major act of war and conflict escalation."
/jlne.ws/3r5vrQ9
Ukraine rips Elon Musk for disrupting sneak attack on Russian fleet with Starlink cutoff
Amanda Macias - CNBC
A Ukrainian official slammed Tesla and SpaceX CEO Elon Musk for ordering engineers to shut off Starlink's satellite network over Crimea last year in order to thwart a Ukrainian attack on Russian warships. According to a new biography of Musk, the South African-born billionaire asked, "How am I in this war?" during an interview with author Walter Isaacson.
/jlne.ws/44QOtHE
Ukraine reports frontline success, Russia minister decries Kyiv's failure
Reuters
Ukraine's military on Tuesday reported advances and robust defence along the front lines of its 18-month old war with Russia, with Moscow acknowledging "tension" in the southern sector but dismissing Kyiv's campaign as unsuccessful. Ukraine launched a counter offensive in June to reclaim territory seized by Russia, but has struggled to break through entrenched Russian lines and has faced growing criticism in Western media of concentrating forces in the wrong places.
/jlne.ws/45N58x4
Aid workers killed in Ukraine, Kyiv fends off fresh drone attack
Agence France-Presse
Two aid workers, one Canadian and one Spanish, were killed in eastern Ukraine, hours after the Kyiv region fended another wave of drone attacks overnight. Ukraine's defence ministry said Moscow's troops had killed Emma Igual, a Spanish citizen who studied at the University of California at Berkeley, and Anthony Ihnat, a Canadian citizen, both working for the NGO Road to Relief.
/jlne.ws/3LksLoB
Blinken Says Musk's Starlink Should Keep Giving Ukraine Full Use; Musk cut service in Crimea to avoid complicity in 'act of war'; Broadband system is an essential tool for Ukrainian military
Victoria Cavaliere - Bloomberg
/jlne.ws/3re5LAH
The Three Roadblocks Keeping Ukraine Mired in War; Slow gains on the battlefield, a cautious West and Putin's record of breaking deals contribute to a deadlock that Kyiv fears plays in Russia's favor
Marcus Walker - The Wall Street Journal
/jlne.ws/3r1GPwv
Ukraine Says Black Sea Platforms Used by Russian Forces Captured; Ukrainian intelligence cites seizure of weaponry, radar; Russia used platforms for helicopter landings, radar
Olesia Safronova - Bloomberg
/jlne.ws/48bNNQg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Instinet joins BME Clearing and Iberclear, enhancing Spanish remit; With this move Instinet will improve efficiencies both in terms of cost and operations, according to the business.
Claudia Preece - The Trade
Instinet Europe is set to join Spanish CCP, BME Clearing, as a general clearing member, as well as joining as a direct member of Spanish CSD, Iberclear as it enhances its Spanish offering. Following the move, Instinet - the independent equity trading arm of Nomura Group - will be able to directly access the post-trade services of both businesses for their primary execution services in Spain.
/jlne.ws/3EAipgM
London Stock Exchange promotes from within for new deputy CEO; New appointment has been with LSEG since 2018, joining from JP Morgan Cazenove where he served in the firm's equity capital markets team.
Wesley Bray - The Trade
The London Stock Exchange has appointed Charlie Walker as deputy chief executive officer, where he will support the daily running of the exchange and oversee the Group's primary markets business. Walker originally joined LSEG in 2018 and has since served as head of equity and fixed income primary markets. Before joining LSEG, Walker worked within JP Morgan Cazenove's equity capital markets team, where he was responsible for originating and executing equity transactions.
/jlne.ws/3PutSEF
Charlie Walker appointed Deputy CEO of the London Stock Exchange
London Stock Exchange Group
LSEG (London Stock Exchange Group) today announces that Charlie Walker has been appointed Deputy CEO of the London Stock Exchange plc. He will also join the LSE plc Board, subject to regulatory non-objection. Charlie will continue to report to Julia Hoggett, CEO of LSE plc to support the daily running of the exchange while continuing to oversee the Group's primary markets business.
/jlne.ws/3ZcWDsM
Japan Stock Exchange's Board Diversity Is Among Worst in World
Winnie Hsu - Bloomberg
Japan Exchange Group's female board ratio remains far below global peers and its own listing rule goal, highlighting the country's struggles with gender equality at the top of businesses. The company that manages the world's third largest stock market only has a female board ratio of 13%, a level that's less than half the average of global peers.
/jlne.ws/44NtdT2
AFX Marketplace Announces Extended Trading Hours
AFX
We are pleased to announce that as of September 11, 2023, the AFX Marketplace will extend its trading hours to run from 6 am CT to 5 pm CT. The additional hour is intended to better serve Marketplace participants from coast to coast by enhancing liquidity and providing more opportunity within the market.
/jlne.ws/3r9q1DG
Appendix 3Y Change of Director's Interest Notice
ASX
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public. Introduced 30/09/01 Amended 01/01/11
/jlne.ws/46R1Cme
CME Group to Launch Options on Micro Gold Futures as Retail Participation Jumps
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch options on Micro Gold futures on October 2, 2023, pending regulatory review. "A wide range of investors believe gold to be a safe-haven asset, especially in periods of volatility and economic and geopolitical uncertainty," said Jin Chang Hennig, Managing Director and Global Head of Metals at CME Group.
/jlne.ws/44RKqee
Goldman Sachs supports listed FX business at Eurex; Goldman Sachs supporting listed FX as Clearing Member and Liquidity Provider; Major milestone for Eurex's FX liquidity hub
Eurex
Eurex, the leading European derivatives exchange and part of Deutsche Börse Group, welcomes Goldman Sachs as a new member of its listed FX Futures business. As leading participant in the global FX markets, Goldman Sachs is supporting an essential number of market players seeking to move their FX business to Eurex. This is another major milestone in Eurex's ambition to build out its listed FX liquidity hub in Europe.
/jlne.ws/3EwLHg2
Nodal Exchange achieves new records in power futures (up 61%)
Nodal Exchange
Nodal Exchange announced new trading records in power and environmental futures in August 2023. In power, Nodal set a calendar month record for August with 168 million MWh of traded power futures volume in the month, up 61% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with over 1.2 billion MWh.
/jlne.ws/3ZbNOPS
Publication of JPX Working Paper, Vol.41 "Origins of the Tokyo Stock Exchange: Path Dependence of Trading Systems"
Japan Exchange Group
Japan Exchange Group, Inc. (JPX) today published JPX Working Paper, Vol.41 "Origins of the Tokyo Stock Exchange: Path Dependence of Trading Systems".
* This Japanese version was released on May 9, 2023.
/jlne.ws/3sMfZce
Sales of MTS digital bonds for the population have started on Financial Services
MOEX
On September 11, 2023, the placement of the first issue of digital bonds of MTS Corporation for the population began on the Finuslugi platform.
Bonds were issued in the amount of three billion rubles. The par value of the security is one thousand rubles. The circulation period is 1092 days (until September 7, 2026). The coupon rate is 11% per annum, the coupon period is quarterly (91 days). A brokerage account is not required to purchase. Placement and redemption are carried out at par, taking into account the accumulated coupon income (less personal income tax).
/jlne.ws/3LkALGi
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | A Machine Learning Library Focused On Economics And Finance
Douglas K G Araujo - Bank for International Settlements
Machine learning (ML) has tremendous potential benefits for economic research and practice, but only trial and error reveal the best choice from a wide variety of algorithms and model parameters. For time series studies, testing at scale which economic series could be added to improve models is currently not a smooth process.
/jlne.ws/3Rbq0ty
Tech's Middle Managers Feel the Squeeze as Easy Days End
Katherine Bindley - The Wall Street Journal
Some managers in tech are experiencing-many for the first time-just how tough it is to be caught in the middle. The past two years in tech have been full of change and disruption. The global pandemic upended how people work and spurred a sustained period of rapid growth and hiring as people moved online. That was followed by an industry downturn, layoffs and the whiplash of having to do more with less, all during the continued tug of war over returning to the office.
/jlne.ws/3ra3Lto
It's Finally Time to Add Some Smart Tech to Your Dumb Home
Christopher Mims - The Wall Street Journal
Up to now, the defining feature of most smart-home technology has been that no normal person should buy it. Smart lights, locks, thermostats, security cameras and other doohickeys have in general been unnecessarily complicated and incompatible. But finally, we are at what promises to be a breakthrough moment.
/jlne.ws/45Lo2EG
Ant Unveils AI Language Model for Wealth Management, Insurance; Firm uses ChatGPT-like tech to power two financial apps; Joins race against Baidu, Tencent for artificial intelligence
Lulu Yilun Chen - Bloomberg
Ant Group Co. unveiled an artificial intelligence tool to use for wealth management and insurance services, joining the race for next-generation AI. The Jack Ma-backed fintech company will use its financial large language model to power two applications known as Zhixiaobao, which answers questions for customers, and Zhixiaozhu, an assistant for financial professionals, it said at the Inclusion Conference on the Bund in Shanghai.
/jlne.ws/3ZeC4fA
An A.I. Leader Urges Regulation and a Rethink
Ravi Mattu - The New York Times
Mustafa Suleyman is one of the world's leading artificial intelligence entrepreneurs, having co-founded not one but two start-ups at the cutting edge of the most transformative technology since the internet. Mr. Suleyman, 39, is C.E.O. of Inflection AI, the company he started last year with Reid Hoffman, a co-founder of LinkedIn.
/jlne.ws/44Hh6ap
M.B.A. Students vs. ChatGPT: Who Comes Up With More Innovative Ideas?; We put humans and AI to the test. The results weren't even close.
Christian Terwiesch and Karl Ulrich - The Wall Street Journal
/jlne.ws/45OkvWi
Nvidia's dominance in AI chips deters funding for startups
Max A. Cherney - Reuters
/jlne.ws/3Rkt86n
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| Cybersecurity | | Top stories for cybersecurity | New Cyber Audit Draft Hashed Out By California Privacy Board
Titus Wu - Bloomberg
Board members of the California Privacy Protection Agency on Friday looked to strengthen recently released draft regulations around cybersecurity audits and risk assessments that businesses will have to comply with. The five-member panel debated the draft rules that are part of updates to the state's comprehensive privacy law under the voter-approved California Privacy Rights Act. The law requires businesses and other firms to conduct cybersecurity audits on an annual basis and also to submit risk assessments to the agency.
/jlne.ws/44OcSOe
Cybersecurity In Finance: Protecting Client Data And Mitigating Risks
John Ulrich - Forbes
Gone are the days of calling in your stock trades from your local coffee shop and U.S. Postal Service-delivered bank statements. The finance industry of today is accessible at the touch of a button. This unprecedented level of accessibility and technological advancement has also come with its fair share of challenges.
/jlne.ws/487jz0G
Why executives should never be exempted from cybersecurity policy
Christopher Burgess - CSO Online
When I see organizations enforce solid cybersecurity policies for all employees and then turn around and make exceptions for their elite -- executives -- I cringe and scratch my head. My mother used to use "do as I say, not as I do" tactics on me during my teen years. It didn't hold water then, and it still doesn't more than 50 years later.
/jlne.ws/44PkSOK
Influx of Russian fraudsters gives Turkish cyber crime hub new lease of life; Émigré hackers fleeing Putin's military conscription prompts surge in activity involving stolen financial data
Mehul Srivastava in London and Adam Samson - Financial Times
Cybercriminals in Turkey have teamed up with recently arrived Russian émigré hackers to flood a once moribund online marketplace with tens of millions of newly stolen personal credentials, an evolution in the transnational nature of such fraud.
/jlne.ws/3sMIaI3
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| Cryptocurrencies | | Top stories for cryptocurrencies | India cenbank, banks plan new features to boost digital currency transactions - sources
Jaspreet Kalra and Siddhi Nayak - Reuters
The Reserve Bank of India (RBI) is working with lenders to introduce new features to popularise the central bank digital currency (CBDC), the so-called e-rupee, according to six people familiar with the matter. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end.
/jlne.ws/3sLBOZf
FTX estate sues LayerZero Labs to recover $86M transferred on eve of bankruptcy
Zack Abrams - The Block
The FTX estate, led by CEO John Ray III, is suing cross-chain swap protocol builder LayerZero Labs in an attempt to undo a series of deals made by former FTX executives on the eve of that company's bankruptcy. The lawsuit primarily concerns a deal made by former Alameda Research CEO Caroline Ellison with LayerZero Labs on November 7, 2022, four days before the bankruptcy filing.
/jlne.ws/3r5xCDj
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| Politics | | An overview of politics as it relates to the financial markets | Elon Musk's dangerous tweets are empowering antisemites
Arsen Ostrovsky - The Hill
Twitter was a cesspool of antisemitic hatred and vitriol long before Elon Musk took over. But now, under his leadership, the newly renamed platform, X, has become an unrestrained free-for-all against Jews, where neo-Nazis and white extremists seemingly run rampant and antisemitism is widespread. Research shows that since the company's takeover by Musk in October 2022, the volume of English-language antisemitic tweets has more than doubled.
/jlne.ws/3PfHO40
Georgia special grand jury recommended charges against 39 people, including Sen. Lindsey Graham
Kate Brumback - The Associated Press
The special grand jury that investigated efforts by Donald Trump and others to overturn Georgia's 2020 election results recommended indictments against twice as many people as the 19 ultimately charged by prosecutors, leaving South Carolina Sen. Lindsey Graham among those not indicted. The grand jurors' report released Friday showed they recommended racketeering charges against 39 people, including Graham, former U.S. Sens. Kelly Loeffler and David Perdue of Georgia and former Trump national security adviser Michael Flynn.
/jlne.ws/3RhM71t
The Rapid Intensification of Hurricane Lee Is a Warning
Matt Simon - Wired
Just a week after Hurricane Idalia "rapidly intensified" and slammed the Florida coast with monster storm surges, Tropical Storm Lee has grown into a massive hurricane in the Atlantic. By feeding on exceptionally warm waters, it has undergone rapid intensification, a transformation that scientists define as an increase in sustained wind speeds of 30 knots (35 miles per hour) or more within 24 hours. Lee boosted from 70 knots to 116 knots over just 12 hours yesterday.
/jlne.ws/3r9bqYU
Hard-Line Conservatives Talk Tough, and Government Shutdown Looms
Siobhan Hughes - The Wall Street Journal
House dissidents say they're serious this time. After putting Kevin McCarthy through 15 ballots to win the House speakership, a group of hard-line Republicans has wrestled with how aggressively to respond to what they call his failure to keep the promises he made. The dissidents shut down the floor in June to protest a debt-ceiling deal with President Biden.
/jlne.ws/45JwCUd
Elon Musk's dangerous tweets are empowering antisemites
Arsen Ostrovsky - The Hill
Twitter was a cesspool of antisemitic hatred and vitriol long before Elon Musk took over. But now, under his leadership, the newly renamed platform, X, has become an unrestrained free-for-all against Jews, where neo-Nazis and white extremists seemingly run rampant and antisemitism is widespread. Research shows that since the company's takeover by Musk in October 2022, the volume of English-language antisemitic tweets has more than doubled.
/jlne.ws/3PfHO40
China's Abrupt Trading Tax Cut Forces Hong Kong Into Hard Choice; Hong Kong sets up task force to look at reviving market; Financial hub struggling as China's economy sputters
Kiuyan Wong - Bloomberg
/jlne.ws/3Rf59FA
Xi's Tight Control Hampers Stronger Response to China's Slowdown
Lingling Wei and Stella Yifan Xie - The Wall Street Journal
/jlne.ws/3Zb0830
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| Regulation & Enforcement | | Stories about regulation and the law. | An interventionist SEC risks a courtroom backlash; With no consensus in Congress, the watchdog is relying on judges to agree with its measures
The editorial board - Finanial Times
Not for the first time, Gary Gensler is under fire. Six groups representing private equity, venture capital and hedge fund businesses have sued the Securities and Exchange Commission, alleging that the agency Gensler chairs has overstepped its authority with a package of new rules for regulating the $27tn private funds industry.
/jlne.ws/3Rhqm1Y
CFTC Orders Utah Man to Pay More Than $2.5 Million for Leveraged Bitcoin Fraud and Failure to Register
CFTC
The Commodity Futures Trading Commission issued an order today simultaneously filing and settling charges against Jacob Orvidas. The order finds Orvidas fraudulently solicited at least four people (pool participants) to trade leveraged bitcoin in a commodity pool, lost almost all funds trading, and then lied to pool participants about the losses and the availability of their money. The order also finds Orvidas failed to register as a commodity pool operator.
/jlne.ws/3PdyCNB
SEC Charges Privately Held Monolith Resources for Using Separation Agreements that Violated Whistleblower Protection Rules
SEC
The Securities and Exchange Commission today announced settled charges against Monolith Resources LLC, a privately held energy and technology company headquartered in Lincoln, Nebraska, for using employee separation agreements that violated the SEC's whistleblower protection rules.
/jlne.ws/45KXOlL
SEC Obtains Preliminary Injunction and Asset Freeze Against Florida Resident in Connection with Ponzi Scheme Targeting Religious Community
SEC
On August 22, 2023, the Securities and Exchange Commission obtained a preliminary injunction against Mina Tadrus and Tadrus Capital LLC related to an alleged Ponzi scheme. The injunction, among other things, prohibits the defendants from violating the charged antifraud provisions of the federal securities laws and imposes an asset freeze pending a final resolution of the matter.
/jlne.ws/3RkwshR
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | What Rising Rates and Surging Insurance Prices Are Doing to Real Estate
Joe Weisenthal and Tracy Alloway - Bloomberg
In some respects, the real estate market has been surprisingly resilient in the face of rising interest rates. Homebuilders have generally performed well and home prices have not tumbled the way many might have expected. But looked at in another light, rising interest rates and reduced credit availability mean some real estate projects that might have made sense a year or two ago are no longer penciling out. On this episode of the podcast, we speak with David O'Reilly, the CEO of Howard Hughes Holdings, a major publicly-traded real estate developer with Master Planned Communities all over the country. Thanks to the company's role in the real estate market, David has perspective on all aspects of real estate, from housing to offices to retail development. We discuss the impact of higher rates, costlier insurance, and inflation.
/jlne.ws/45NiFES
Stocks Are on Sale in the UK - If You Know Where to Look; Discounts on investment trusts may signal a turning point for British equities.
Merryn Somerset Webb - Bloomberg
These are exciting times in the UK's investment trust sector, believe it or not. In the first seven months of the year, the sector as a whole returned a net of almost nothing - 0.4%. But dig a little deeper, and you'll get to the racy details: the discounts. There are plenty of reasons for shares in investment trusts to trade at a discount to their net asset value - the cost of their debt, the fees, uncertainties about the real value of the assets and so on. There is also good reason for the sector as a whole to have a higher average discount than in the past - it's now jammed with the kind of vehicles that made hay in the now long-gone world of very low interest rates (think renewable energy, private equity and infrastructure).
/jlne.ws/487WX01
IRS Warns About Complex Trust Tax Scam Used To Defer Income Taxes
Jay Adkisson - Forbes
I have previously written about the resurgence of scam trusts in my article The Complex Trust Is Simply The Criminal Tax Evasion Device Known As The Pure Trust Repackaged (Aug. 18, 2021). Today we look at a different type of trust which similarly - and just as falsely - claims to avoid income and capital gains taxes. Although sometimes pitched under different names, the trust is usually referred to as a "non-grantor irrevocable complex discretionary spendthrift trust", as if the length of the name alone should justifies the fees that somebody pays to set one of these things up. Attention to this form of trust comes by way of an IRS Office of Chief Counsel Memorandum, AM 2023-006 and will give a more in-depth and technical description than shall be done here.
/jlne.ws/3P7z9Rc
The 11% Yield That Isn't in Your Mutual Fund; Business development companies pay out at least 90% of the interest they earn in dividends-but carry extra risk
Charley Grant - The Wall Street Journal
Competitive yields are tough to find in the stock market these days. For investors who aren't averse to risk, business development companies offer an exception. BDCs typically raise money from public stock investors that they then lend to small, often private, companies. After banks pulled back from lending in the wake of the 2008-09 financial crisis and again in March following the collapse of a handful of midsize lenders, BDCs helped fill the void.
/jlne.ws/3Py76M1
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Your Coffee Cup Needs a Climate Rating, Too; If you think getting your caffeine fix in plastic pouches rather than a cup is saving the planet, think again.
David Fickling - Bloomberg Opinion
Here's a quick game for the climate-conscious. Try ranking these disposable beverage containers from least to most environmentally friendly: aluminum; glass; paperboard; plastic bottle; plastic pouch. Unless you're an expert in the subject, it's likely that your answers are a long way from reality. That's a problem.
/jlne.ws/487LU73
'Culture war' threatens to undermine green energy transition; Despite recent reports suggesting solar power is a cheaper source of energy, people remain the biggest block to implementation
Alex Howlett - Financial Times
Nick Eyre, Professor of Energy and Climate Policy at the University of Oxford, remembers the moment when he fully grasped the future of energy generation. "The day I realised it was changing was when it became clear that it's cheaper to generate electricity from solar than from oil in the Gulf," he says. Still - as he, and others, are finding - it is taking longer to convince public opinion, and corporate interests, in different parts of the world. Attitudes towards oil and gas exploration off the UK, and towards deep-sea mining in the Pacific, both suggest the arguments are yet to be won.
/jlne.ws/3PbDKSr
Author Kim Stanley Robinson Has a Utopian Climate Solution: Cities; The author and champion of speculative climate fiction reflects on his relationship to cities past, present and future.
Hayden Higgins - Bloomberg
Kim Stanley Robinson is an unlikely champion for American cities in the 21st century. Robinson, a Hugo winner for science fiction, most recently wrote The High Sierra, a memoir of a life on the trail. A child of the Southern California suburbs and their postwar boom, he now lives in the agricultural university town of Davis, California. Writing from pastoral Davis, Robinson has nonetheless set much of his fiction in striking, memorable cities.
/jlne.ws/3Pdv123
Climate Change Is Causing an Insurance Crisis in Louisiana; Damages from hurricanes have pushed insurers to close their doors or hike rates, forcing some residents to move out of state.
Leslie Kaufman - Bloomberg
A little over a year ago, Peter Gardner, a Louisiana developer, completed rehabbing an apartment building with 144 units and got a surprise so ugly it made him decide to move his business out of town. When the project began, his broker estimated the annual cost of insuring it would be $75,000. But by the time Gardner finished it, the insurance cost had risen to $175,000. He paid it, but when he went to renew the policy this past July, he got another shock. The broker now said it was $275,000. An alternative broker could only find policies over $300,000 per year.
/jlne.ws/3PyqokF
"Radical and Urgent Shift" Needed in Climate Scenarios - USS; One of the largest pension funds in the UK has released details on four new climate scenarios developed in partnership with University of Exeter to better reflect real-world risks.
Vibeka Mair-ESG investor
Universities Superannuation Scheme (USS), one of the largest pension funds in the UK, has said it feels a "false sense of security" with current climate scenario analysis, as it co-releases a new report calling for a "radical and urgent shift" in the way they are conducted. The 'No Time To Lose' report outlines four new climate scenarios, developed by USS and University of Exeter, that "better reflect the real-world risks and opportunities that frame investment decision-making over the short and medium term", such as extreme weather, geopolitics, financial markets, and technology.
/jlne.ws/45OsylO
Teaching case: Digging into the ethics of cobalt mining
Michael Posner and Dorothée Baumann-Pauly - Financial Times
/jlne.ws/3PurzBv
Texas Bitcoin Miners Are Shuttering Operations While Power Crisis Intensifies; Miners have seen over 90% curtailment of operations this week
David Pan - Bloomberg
/jlne.ws/3Pdvy43
What High Heat in the Classroom Is Doing to Millions of American Children
Inside Climate News
/jlne.ws/3EDRhx2
U.N. Climate Warning Also Comes With Clear Steps To Cut Emissions
Ani Dasgupta - TIME (opinion)
/jlne.ws/3Ro79LI
Meet 30 Rising Stars Fighting Climate Change at Work
GreenBiz
/jlne.ws/487zUCu
The Coalition of Trade Ministers on Climate; Turning commitments into action
Jonny Peters - E3G
/jlne.ws/3RgypvS
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The Rich and Famous Love This Banker, Even If She's a Little Mean to Them
Rachel Louise Ensign - The Wall Street Journal
When Martha Stewart signed a deal for her nascent housewares business with Kmart in 1987, she heard from a banker named Jane Heller. "Everyone who comes with me gets to be rich," Heller said. "Well, I want to be rich," Stewart told her. She's been a client ever since. Heller is the top private banker at Bank of America. Her clients are titans of industry like Carl Icahn and A-list celebrities like Stewart.
/jlne.ws/45N5CDo
4 Skills the Next Generation of Data Scientists Needs to Develop
Joel Shapiro - Harvard Business Review
Once a year, I teach a course to aspiring data scientists. At the beginning of the first class, I ask my students what they hope to learn. Often, their answers are "analyze data" or "build good models." Compare those responses to the workshops I run with practicing data scientists who speak in different terms when discussing what they do.
/jlne.ws/486Qx1d
US judge says 2008 bank fraudsters got off easy
John Biers - Agence France-Presse
US officials took a victory lap last month to commemorate their response to the 2008 financial crisis, pointing to $36 billion in fines as proof that banks have been held accountable. But to US District Judge Jed Rakoff, who has criticized the Department of Justice (DoJ) for not criminally prosecuting senior bankers, such fines amount to an "easy cop-out" failing to achieve justice or discourage future chicanery.
/jlne.ws/3Ln2aqX
UBS to Cut Hundreds of Wealth Jobs in Asia as Activity Slows
Ambereen Choudhury and Chanyaporn Chanjaroen - Bloomberg
UBS Group AG is cutting Asia wealth-management jobs in the low hundreds, just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China's slowing economy.
/jlne.ws/45KhPsJ
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Women in Derivatives Rebrands to Women in Financial Markets to Reflect Membership Growth
Women in Financial Markets
Women in Financial Markets (WIFM), a 501c3 nonprofit organization whose mission is to connect, elevate, and advance women in the financial services industry, today announced a rebrand, changing its name from Women in Derivatives (WIND) to Women in Financial Markets (WIFM). "Our new name better echoes and reflects feedback we've received from our members and sponsors and expands our commitment to advancing women across the global financial markets ecosystem - beyond derivatives - through education, mentorship, and access to global network of influential women," said Cassandra Seier, CEO & President of Women in Financial Markets.
/jlne.ws/44LKCvB
Why New Technology Is So Stressful at Work-and What to Do About It
Sean Captain - The Wall Street Journal
When Ben Plomion took his latest job, he learned quickly that his tech skills were behind the times. At 46, he's a decade or two older than most of his co-workers-and he's used to an earlier generation of software. While he was accustomed to presentation programs like PowerPoint or Google Slides, for instance, his young colleagues were working with an app called Canva.
/jlne.ws/3LjXLVT
1 in 4 investment firms assign senior execs to digital assets: Report
Ciaran Lyons - CoinTelegraph
Based on the findings of a market intelligence firm, an increasing number of investment firms in the United States, the United Kingdom and Europe are appointing senior executives to lead digital asset investment strategies. According to a recent Amberdata report titled "Digital Assets: Managers' Data Infrastructure Fuel," 24% of asset management firms have adopted a digital assets strategy, with an extra 13% planning to do so in the next two years.
/jlne.ws/3Zsrv8Z
To Test the A.I. Learning Hype, I Visited Classrooms
Natasha Singer - The New York Times
In January, Marisa Shuman, a computer science teacher at the Young Women's Leadership School of the Bronx, invited me to spend a few days embedded in her classroom. Her school, a public middle and high school for girls, specializes in math, science and technology. And she thought I might be interested in a lesson she had just prepared on ChatGPT, an artificial intelligence-powered chatbot that can manufacture book reports and social studies essays.
/jlne.ws/48bPTj2
4 Skills the Next Generation of Data Scientists Needs to Develop
Joel Shapiro - Harvard Business Review
Once a year, I teach a course to aspiring data scientists. At the beginning of the first class, I ask my students what they hope to learn. Often, their answers are "analyze data" or "build good models." Compare those responses to the workshops I run with practicing data scientists who speak in different terms when discussing what they do.
/jlne.ws/486Qx1d
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| Wellness Exchange | | An Exchange of Health and Wellness Information | New Covid vaccines are coming out. Should you get one?
Rachel DuRose - Vox
The fall season may finally bring a needed reprieve from the summer heat, but it also creates the perfect conditions for viruses - like SARS-CoV-2 - to thrive. When the weather gets colder, people spend more time close together indoors (and some research suggests our frontline immune system responses get worse), which means virus-laden respiratory droplets can spread more easily.
/jlne.ws/3Rki5tV
Why erectile dysfunction means a heart attack could be close
Anthea Rowan - South China Morning Post
A man's erections, or lack of them, can say a lot about his overall heart health. Having trouble getting or keeping an erection firm enough for satisfactory sex is not a topic men like to talk about, but erectile dysfunction, or ED, is surprisingly common: more than half of men aged 40 to 70 experience some degree of impotence.
/jlne.ws/465jDw5
The Favorite Doctor of Bio-Hackers and the Longevity-Obsessed
Alex Janin - The Wall Street Journal
If it seems as though everyone is throwing out orange juice, lifting weights barefoot or talking about "zone two" exercise, blame Dr. Peter Attia. The longevity physician, author and podcast host, who turned 50 in March, has become a sensation among the health-obsessed, with a social-media following that rivals some Hollywood stars and a patient roster that includes them.
/jlne.ws/3PbnWPK
Afghanistan is the fastest-growing maker of methamphetamine, U.N. drug agency says; The report called Afghanistan's meth manufacturing a growing threat to national and regional health and security.
The Associated Press - Politico
Afghanistan is the world's fastest-growing maker of methamphetamine, a report from the United Nations drug agency said Sunday. The country is also a major opium producer and heroin source, even though the Taliban declared a war on narcotics after they returned to power in August 2021. The United Nations' Office on Drugs and Crimes, which published the report, said meth in Afghanistan is mostly made from legally available substances or extracted from the ephedra plant, which grows in the wild.
/jlne.ws/3sUfDA1
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chevron Asks Regulator to Intervene in Australia LNG Strikes; Workers on Friday began partial strikes at key facilities; Dispute has pushed prices of natural gas higher in Europe
Rob Verdonck and Stephen Stapczynski - Bloomberg
Chevron Corp. is applying to a labor regulator to help resolve its dispute with unions at liquefied natural gas sites in Australia as workers continue partial strikes. The producer has asked the Fair Work Commission to make so-called intractable bargaining declarations for the Gorgon and Wheatstone downstream facilities, adding to a similar request already lodged in relation to the Wheatstone platform, a Chevron spokesman said. Industrial action at the operations - which supplied about 7% of the world's LNG last year - started Friday, sending benchmark prices soaring.
/jlne.ws/3RhsMNL
Philippines May Scrap Rice Price Cap Soon as Harvest Starts; About 95% of retailers comply with price ceiling, Pascual says; Rice inflation rate highest in nearly five years in August
Manolo Serapio Jr - Bloomberg
The Philippine government may remove the ceiling on rice prices in two weeks as local harvests start to come in, Trade Secretary Alfredo Pascual said. The price cap, imposed last week, is necessary to prevent further increases in rice costs, Pascual told reporters on the sidelines of an event in Manila on Monday. The Philippines, one of the world's top buyers of the staple grain, is still in discussions with major rice exporter Vietnam for imports, he added.
/jlne.ws/3r9mXaE
China Warns Traders on Yuan Speculation, Fueling Sharp Rebound; Currency rallies 1%, most since March, after Beijing's warning; Move eases fears that China will tolerate declines: analyst
Iris Ouyang and Tania Chen - Bloomberg
China escalated its defense of the yuan by delivering a strong verbal warning to speculators and forceful guidance to investors with its daily reference rate, measures that pushed the managed currency away from a 16-year low. The nation's financial regulators will take action to correct one-sided moves in the market whenever it's needed and they are confident in keeping the yuan basically stable, the People's Bank of China said in a statement on Monday. The PBOC warning came a few hours after policymakers set a daily fixing that was stronger-than-expected by a record margin and state-owned lenders were also seen actively selling dollars, according to traders who asked not to be named as they were not allowed to comment publicly.
/jlne.ws/3PA255Y
Russian Diamond Giant Alrosa Found Biggest Jewelry Gem in Decade; The 390.7-carat stone was found at the Mayat mine in Yakutia; Sanctions could hamper any potential sale of the stone
Bloomberg
Diamond giant Alrosa PJSC said it mined a 390.7-carat diamond of jewelry quality, the largest to be recovered in Russia in a decade. The company, which is under sanctions linked to the Russian invasion of Ukraine, found the diamond at the Mayat mine in Yakutia. The stone is of non-standard shape and bordered by a yellow-brown halo, the company said in a statement on Sunday. It's the largest gem-quality diamond mined in Russia since 2013.
/jlne.ws/3LeDd0X
The Rapid Intensification of Hurricane Lee Is a Warning
Matt Simon - Wired
Just a week after Hurricane Idalia "rapidly intensified" and slammed the Florida coast with monster storm surges, Tropical Storm Lee has grown into a massive hurricane in the Atlantic. By feeding on exceptionally warm waters, it has undergone rapid intensification, a transformation that scientists define as an increase in sustained wind speeds of 30 knots (35 miles per hour) or more within 24 hours. Lee boosted from 70 knots to 116 knots over just 12 hours yesterday.
/jlne.ws/3r9bqYU
Phoenix breaks heat record as city hits 110F on 54th day this year
Maya Yang - The Guardian
The temperature in Phoenix, Arizona continues to rise as the city broke its previous record of the most days at or above 110F (43C). On Saturday afternoon, the National Weather Service announced that the temperature at Phoenix Sky Harbor international airport reached 110F, making it the 54th day this year with temperatures of at least 110F.
/jlne.ws/3Lkjnl0
Texas heat wave: US Energy Department declares power emergency
Matt Egan - CNN Business
The US Energy Department has issued an emergency order aimed at keeping the lights on in Texas as the state's power grid grapples with surging demand amid record-high temperatures. The order, issued Thursday night, could allow Texas power plants to surpass pollution limits through Friday night to meet "abnormally high" demand for electricity. Jennifer Granholm, US secretary of energy, determined in the order that "an emergency exists in Texas due to a shortage of electric energy, a shortage of facilities for the generation of electric energy and other causes."
/jlne.ws/3PgVyLU
Tropical Storm Margot Is Forecast to Become a Hurricane on Monday; Forecasters said that the storm became "better organized" on Sunday afternoon, but that it posed no immediate threat to land.
Judson Jones - The New York Times
Tropical Storm Margot became "better organized" on Sunday afternoon and was expected to become a hurricane on Monday, forecasters said. The eye of the storm was 1,185 miles west-northwest of the Cabo Verde Islands as of 11 p.m. Sunday and was moving north at 8 miles per hour, according to the National Hurricane Center. The storm's maximum sustained winds had increased to 65 m.p.h.
/jlne.ws/48c92RE
Midwest grain harvests loom. Will a low Mississippi River stall farmers' deliveries again?
Chris Kenning - USA Today
In the wheelhouse high atop the rumbling, 240-foot boat, James Garner perched in a chair surrounded by levers, dials and screens. Below him, the Dredge Potter inched up a remote stretch of khaki-colored water between Missouri and Illinois. Garner was controlling a bus-sized metal vacuum shaped like a kitchen dustpan submerged just in front of the boat. Its water jets agitated the river bottom before pumping the sediment through a floating pipe that snaked downriver - and to shore.
/jlne.ws/3EC0h65
Phoenix breaks heat record as city hits 110F on 54th day this year
Maya Yang - The Guardian
The temperature in Phoenix, Arizona continues to rise as the city broke its previous record of the most days at or above 110F (43C). On Saturday afternoon, the National Weather Service announced that the temperature at Phoenix Sky Harbor international airport reached 110F, making it the 54th day this year with temperatures of at least 110F.
/jlne.ws/44Mqcm4
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| Miscellaneous | | Stories that don't quite fit under the other sections | Dressing Like a 1950s Housewife Is Not Just for 'Trad Wives'
Rory Satran - The Wall Street Journal
Look closely among the droves of people in Lululemon leggings and Crocs next time you're at the grocery store or the airport, and you might notice a curious sight: a woman dressed like a 1950s housewife. With her curled hair, full-skirted dress and high-heeled Mary-Jane shoes, she could be straight out of "I Love Lucy" or "Leave It to Beaver." She might even be wearing an anachronistic frilly petticoat or apron. Wasn't this a style that was left firmly in the past?
/jlne.ws/483ClGh
A Gilded Townhouse. Two Caribbean Islands. What Happened to Jeffrey Epstein's Property Empire?
Katherine Clarke - The Wall Street Journal
The impressive and diverse real-estate portfolio, cobbled together over several decades, included a gilded townhouse in Manhattan, a waterfront spread in Palm Beach, Fla., private islands in the Caribbean, a trophy apartment in Paris and a New Mexico ranch. But since the death of its owner, the late disgraced financier and convicted sex offender Jeffrey Epstein, this luxe property empire has been sold off in pieces.
/jlne.ws/3PeLZgp
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