| August 19, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The Futures for Kids Fun Run will be held on September 29, 2022, in Queen Elizabeth Olympic Park in London from 16:00 - 19:30 BST. There is a £25 registration fee, but you get a "T-shirt for the run and all on-site support such as warm up, water stations, race logistics etc." You can register HERE.
Thank you to RJ O'Brien for being a Platinum level sponsor for the run.
Crain's Chicago Business has a profile of former CBOE Executive Chairman & CEO Bill Brodsky by Laura Bianchi. The story includes an audio biography with a robot voice that does not quite pronounce all the words or names correctly.
Brodsky was recently profiled by JLN's Alex Teng in Options Discovery in this video interview.
Registration is now open for Cboe RMC 2022 in Reykjavik, Iceland.
Congratulations to NYSE's Meaghan Dugan and her team on the successful migration of NYSE's ARCA Options technology to the NYSE Pillar infrastructure.
Congratulations to the MIAX futures team, who were accompanied by MIAX regulatory, legal, infosec, technology, human resources and business teams, that rang the Opening Bell at the NYSE and were featured on CNBC at the opening yesterday.
It is going to get expensive to quench one's thirst or get a jolt of caffeine in the next couple of years. A story by LBC says the price of a pint of beer in London "could cost just shy of £14 in just two and a half years if current trends continue, new research suggests." And a cup of coffee to take away is likely to skyrocket to as much as £4.44, LBC reported. Blame high energy costs, wages and supply chain issues for the increased prices.
Maybe you don't want that beer anyway, as a study has found that half of all cancer deaths are caused by smoking and drinking, according to a story in the Independent.
According to a Wall Street Journal story, it now costs $300,000 to raise a child. That is quite a lot of money to invest in an asset of questionable long-term value that you can't sell (legally). But it is worth giving it a try to raise them even if you can't sell them.
The New York Post picked up a key fact in a recent story in the Financial Times about Goldman Sachs CEO David Solomon. The Post reported Solomon had apologized to Goldman's board of directors for DJing a party in the Hamptons at the height of the pandemic.
For you Apple users out there, a security flaw has been identified that allows hackers to fully control your devices. Apple is requesting you update your software ASAP to stay safe. The Guardian has a story about this.
Some Russian investors aren't showing much imagination as they rebranded Starbucks as Stars.
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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MWE SHORT: Kapil Rathi - Start Your Career with Confidence
JohnLothianNews.com
If you're starting a new job, have your house in order, literally. Kapil Rathi, vice president of options business strategy with BATS, focused his talk on the all-important moments at the very beginning of a new job or career. While confidence is key in nearly all endeavors, there are some simple steps that, if executed properly, put people in a position to succeed before even completing day one.
Watch the video »
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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
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CME Group Adds to Crypto Offerings With Ether Options
Michael Bellusci - CoinDesk
Derivatives marketplace Chicago Mercantile Exchange (CME) plans to start offering options for ether (ETH) futures on Sept. 12, the company said in a statement Thursday. The offering will add to CME's existing crypto products, which include bitcoin and ether futures, and bitcoin options. The overwhelming majority of ether options trading occurs over-the-counter, and activity has surged ahead of the Ethereum blockchain's software update known as the Merge. CME's expected launch comes shortly before the Merge is tentatively scheduled to go live, either on Sept. 15, 16 or 20.
/jlne.ws/3SUlmyq
***** Smart move by the CME. Good tool to play the Merge.~JJL
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Catching up with former longtime CBOE exec William Brodsky; He was recently appointed to the board of the Securities Investor Protection Corp. by his former law school classmate: President Joe Biden.
Laura Bianchi - Crain's Chicago Business
During his 20-year tenure at what is now Cboe Global Markets from 1997 to 2017, William Brodksy transformed the Chicago Board Options Exchange into an electronic, publicly held exchange. Brodksy, 78, is now chairman of two Chicago-based firms: Options Solutions, which he founded with his son Michael, and Cedar Street Asset Management, founded by his son Jonathan.
/jlne.ws/3QVl093
****** Always fun to catch up with Bill Brodsky, but his wife Joan is fun too. They are a pair. ~JJL
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Investors Should Go Where the Float Is; Companies holding on to money longer wasn't worth it in the era of low rates and excess cash, but that is starting to change
Telis Demos - The Wall Street Journal
The check is never really "in the mail." As trillions of dollars move between two places, or when they just sit in the middle, the sum is often called "float." In the long era of easy money and superlow rates, those vast sums didn't matter much. Now they do. With rates rising and the Federal Reserve fighting to restrain inflation, merely a percentage of that mountain of money is in and of itself serious money. That will change things for companies and individuals, for better or worse.
/jlne.ws/3wfXjk1
****** Your money is going to have more friction as players want to hold on to it a little longer with the higher rates.~JJL
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'No evidence that PFOF harms price execution,' finds new research - The Trade
Professors from the University of California conducted a detailed academic study of brokerage accounts, concluding that payment for order flow does not appear to impact price.
Laurie McAughtry - The Trade
An academic paper published this week has concluded that payment for order flow (PFOF) has no apparent impact on price discovery - contrary to concerns expressed by regulators on both sides of the pond, who fear that a higher PFOF could result in a lower quality of execution. The issue has been brought to the forefront of the regulatory agenda in part due to the proliferation of 'commission-free trading' in recent years by sites such as Robinhood, which contributed to the meme stock saga that culminated in the Gamestop chaos of March 2021.
/jlne.ws/3PySWY4
****** I sense more input on this subject coming soon.~JJL
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Millions in East Africa face starvation due to drought
Ben Adler - Yahoo! News
The World Health Organization warned on Wednesday that millions of people in East Africa face the threat of starvation. Speaking at a media briefing in Geneva, WHO Director-General Tedros Adhanom Ghebreyesus said that drought, climate change, rising prices and an ongoing civil war in northern Ethiopia are all contributing to worsening food insecurity. Over 50 million people in East Africa will face acute food insecurity this year, a study from late July by the World Food Programme and Food and Agriculture Organization found. Roughly 7 million children are suffering from malnourishment and, according to the United Nations High Commissioner for Refugees, hundreds of thousands are leaving their homes in search of food or livelihoods. Affected countries include Djibouti, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda.
/jlne.ws/3QEyxSO
****** This is a real problem we need to address. ~JJL
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How to Build Up Your Heat Tolerance to Prepare for a Hotter World
Angela Haupt - Time
As the world continues to feel the effects of climate change, research suggests that the severity and frequency of extreme weather events—like unrelenting stretches of heat—will only worsen with time. "We shouldn't be worried—we should be terrified," says Camilo Mora, an associate professor in the department of geography and environment at the University of Hawai'i at Manoa. "What we are dealing with here is between something bad and something terrible," depending on what actions are taken to curb climate change.
/jlne.ws/3AubioK
******* Don't get used to that air conditioning. It might not last that long.~JJL
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Japan's latest alcohol advice: please drink more; Government-backed project aims to counter drop in consumption among young that has hit tax revenues
Leo Lewis and Kana Inagaki - Financial Times
While most countries would welcome sobriety among their youth, Japan has veered in the opposite direction: with a campaign for them to drink more alcohol. The east-Asian nation's tax agency is requesting ideas on how to tempt younger citizens to step up their tippling as the finance ministry frets over the fiscal implications of generational change. The unorthodox government-backed "Sake Viva!" contest closes in early September and calls on people aged between 20 and 39 to help devise business ideas to revitalise an industry hit by demographic changes, the coronavirus pandemic and diminishing interest. The planned intervention follows the failure of Japan's drinks industry, despite all its marketing powers, to stem a long-term slide in Japanese alcohol consumption that began well over a decade before the pandemic.
/jlne.ws/3KcHIY3
****** There are a lot of ways to raise tax revenues; this one might be one of the best.~JJL
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Thursday's Top Three
Our most clicked story Thursday was Young Bankers Worry About Nights Off Early and Dark Days Ahead, from Bloomberg via Yahoo! Finance. Second was University student makes $110mn trading meme stock favourite Bed Bath & Beyond, from the Financial Times. Third was our new MarketsWiki Education Shorts page on johnlothiannews.com, which contains shortened versions of the best videos in our World of Opportunity series.
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MarketsWiki Stats
26,984 pages; 240,329 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Extreme heat is slamming the world's three biggest economies all at once
Julia Horowitz - CNN Business
Estimating just how catastrophic climate change will be for the global economy has historically proven challenging. But this summer, it's increasingly evident how quickly costs can pile up. Extreme heat and drought conditions are battering the United States, Europe and China, compounding problems for workers and businesses at a time when economic growth is already slowing sharply and adding to upward pressure on prices. In China's Sichuan province, all factories have been ordered shut for six days to conserve power. Ships carrying coal and chemicals are struggling to make their usual trips along Germany's Rhine river. And people living on America's West Coast have been asked to use less electricity as temperatures soar.
/jlne.ws/3Axf7th
The New World Energy Order: A Battle Of Attrition
Tilak Doshi - Forbes
Battles of attrition are defined as those in which opposing forces do not confront each other in direct combat with the full strength of their teams but instead aim to wear each other down over a period of time. Classical free trade is largely voluntary and mutually beneficial to consenting parties. But unilaterally-imposed economic policy sanctions that coerce certain desired patterns of international trade and economic exchange may be cast as attempts to win a battle of attrition. The latest headlines in the attrition front from Germany, the epicentre of the continent's unsettled energy geopolitics after the launch of Western sanctions on Russia, seem incredible at first sight. It was only about a month ago when what seemed a dumbfounding report by Deutsche Bank predicted that "wood will be used for heating purposes where possible." The Business Insider headlined its column "Germans could switch to wood this winter to heat their homes as Russia withholds natural gas, Deutsche Bank says".
/jlne.ws/3K3drLi
Rich Countries Gobble Up Fuel While Poorer Nations Stuck With Brewing Unrest; Governments across the developing world are struggling to keep energy flowing to citizens frustrated by rising prices, as tight supplies and weaker currencies put some sources out of reach.
Stephen Stapczynski, Anna Shiryaevskaya, and Faseeh Mangi - Bloomberg
Russia's war in Ukraine has Europe bracing for a tough winter, but the costs are piling up higher in emerging nations as governments struggle to keep energy flowing to citizens hit by surging inflation. Pakistan's government is triggering rolling blackouts and boosting power bills because it can no longer secure enough fuel. Shops in Bangladesh are closing at 8 p.m. as part of energy austerity measures, while Mexico's government has bolstered subsidies to cushion residential electricity costs.
/jlne.ws/3AxJZKb
Ukraine war is bringing new economic hardships and major world powers are caught in the crossfire
Antonia Colibasanu - MarketWatch
When Russia invaded Ukraine in February, it didn't just start a ground war in Europe — it opened up a worldwide economic war involving almost every major power. The West responded to the invasion by imposing sanctions and using the international financial system against Russia, hoping to bleed Moscow enough economically to come to terms. Instead, Russia dug in, doubling down on the decades-long strategy of weaponizing its energy sales to Europe while searching for new allies and buyers. Naturally, the removal of Russian energy sent shocks throughout the global economy. Six months later, the world has entered a new phase of the economic war. Major powers are dealing with surging inflation, the ongoing COVID-19 pandemic, energy shortages and a potential food crisis. Extended high temperatures across Europe have raised energy demand for consumers trying to stay cool, as industry attempts to ramp up production as part of a long economic recovery. That's to say nothing of the coming winter, droughts in both hemispheres, pollution, supply chain disruptions and continued ravages to fertile lands in Ukraine — all of which compound global economic problems.
/jlne.ws/3K6tqrY
The world could be 'sleepwalking' into a 'nuclear war,' WHO chief warns regarding Russian-occupied Ukrainian power plant
Erin Prater - Fortune
The world could be "sleepwalking into a major disaster...even a nuclear war," the World Health Organization's chief said at a Wednesday press briefing. "You could imagine what could happen in the future," WHO Director General Dr. Tedros Adhanom Ghebreyesus said, referencing Ukraine's Zaporizhzhia nuclear power plant, held by Russian troops. Ukrainian workers are continuing to work at the plant—the largest in Europe—under the barrels of Russian guns to ensure a Chernobyl-type disaster doesn't occur, Reuters reported Tuesday. Shelling and explosions continue, with the two countries blaming each other. Such activity earlier this month forced the plant to shut down an electrical power transformer and two backup transformers, resulting in the shutdown of a nuclear reactor, according to the AP.
/jlne.ws/3pvwUeg
World's Biggest Companies Invested $6B in Blockchain Firms Since September: Study
Jamie Crawley - CoinDesk
Forty of the world's largest corporations invested about $6 billion into blockchain companies between September 2021 and June 2022 according to a study by Blockdata that looked at the investment activity of the biggest 100 public companies by market cap. Blockdata used the size of the funding rounds as a proxy for total investment, saying it is not possible to determine the amount contributed by each participant in a round. Samsung (005930) was the most active, investing in some 13 companies. Google parent company Alphabet (GOOGL) participated in four funding rounds that raised $1.5 billion for blockchain and crypto-related companies, the largest value.
/jlne.ws/3QDcEmF
Ken Griffin's Citadel Securities borrows $600mn as trading revenues surge; Lenders line up to provide financing after volatility spurs profit gains for US equities trading house
Eric Platt - Financial Times
Citadel Securities borrowed $600mn on Thursday to bolster its balance sheet and trading business, capitalising on strong demand from lenders after volatile markets helped one of the biggest US equity trading houses make a banner start to 2022. The company, which is majority owned by billionaire Ken Griffin, forms a critical part of the plumbing of US financial markets. It was thrown into the spotlight last year as millions of investors piled into stock and option markets for the first time. The company told lenders, which include credit funds, that it planned to use the $600mn in part for additional trading capital. Citadel has sought to expand into markets outside the US and build its business with institutional traders in fixed income.
/jlne.ws/3QI54Yc
UK's FCA fines Citigroup £12.5mn for trading oversight failures; Regulator said US bank failed to identify significant gaps in its arrangements, systems and procedures for trade surveillance
Stephen Morris - Financial Times
Citigroup has been fined £12.5mn by the UK Financial Regulation Authority after failing to adequately monitor and report suspicious activity in financial markets for years. The US bank's London-based trading arm did not properly implement the Market Abuse Regulation (MAR) trade surveillance requirements from when they were introduced by the FCA in 2016 until early 2018, according to a statement on Friday. The rules are designed to tackle potential insider trading and market manipulation.
/jlne.ws/3PB7Nks
Five Vital Commodity Industries Are Buckling Under Energy Crisis; Metals, fertilizer sectors are struggling as energy costs soar; Factory halts and higher goods costs further threatens economy
Nicholas Larkin - Bloomberg
The energy crisis is getting worse, piling pressure on commodities industries that provide the building blocks of the global economy. Energy-intensive sectors such as steel, fertilizers and aluminum -- the most widely used base metal -- are being forced to close factories or pass on soaring costs. Materials crucial for electric-car batteries and generating solar power are feeling the pinch, too. The tumult risks further squeezing households struggling with the worst cost-of-living crisis in decades and pushing economies into recession. If things aren't bad enough now, they could get much worse this winter, when gas supplies are set to become even tighter.
/jlne.ws/3c85OXo
A $2 Trillion Stock-Options Deadline Is Make-Or-Break Moment for Bulls; Options trading seen having lifted stocks, capping volatility; Brace for price swings in both directions: Nomura strategist
Lu Wang - Bloomberg
With August shaping up to be the calmest month this year for US stocks, traders are closely watching Friday's $2 trillion options expiration for hints whether the tranquility will last. At issue is the belief that derivatives markets have somehow played a key role in suppressing volatility, thereby compelling rules-based quant traders to buy shares and in turn luring a broader group of investors back into the market in order to chase gains.
/jlne.ws/3pOe6ah
More Money for I.R.S. Spurs Conspiracy Theories of 'Shadow Army'; The agency will receive $80 billion to hire new agents, modernize technology and expand enforcement as part of the new climate, health and tax law.
Alan Rappeport and Tiffany Hsu - The New York Times
It has been called President Biden's "shadow army," described as a strike force to shake down small businesses with assault rifles and likened to a militia of auditors on search-and-destroy missions. A decades-long Republican antipathy toward the Internal Revenue Service has reached a new level of enmity with the passage of a Democratic-backed bill that gives the agency $80 billion to beef up its ability to go after tax cheats. The legislation, which Mr. Biden signed into law this week, will allow the beleaguered agency to hire more than 80,000 employees, upgrade outdated technology systems and improve its ability to respond to taxpayers.
/jlne.ws/3psOUG3
Sri Lanka's Farmers Struggle to Feed the Country—and Themselves; Rice crop is suffering from a shortage of fertilizer; 'the worst year I've ever seen'
Shan Li and Philip Wen - The Wall Street Journal
For more than half a century, Pahatha Mellange Jayaappu has tilled the field on his modest farm in Sri Lanka's agricultural heartland, unswayed by recurrent political and economic turmoil. Now the 71-year-old is just trying to eke out enough of a harvest to feed his family after an abrupt ban on chemical fertilizers last year devastated his crops. He says he has given up on planting for profit.
/jlne.ws/3QYtNqz
FT Cryptofinance: Bitcoin needs a story to sell; Plus, CDPQ throws the towel in on crypto and Galaxy Digital locks horns with BitGo
Scott Chipolina - Financial Times
Bitcoin prices have been steadfastly earthbound since June's crypto credit crunch rather than going to the moon. The world's most actively traded digital token has been hovering at around $21,000-$24,000 in the last six weeks, a haven of relative tranquility after the rollercoaster of the last two years.
/on.ft.com/3K87Djz
Hong Kong Way Forward - The Future of Hong Kong as an International Financial Centre
Our Hong Kong Foundation
As an international financial centre, Hong Kong has its unique strengths but also faces rising competition from other cities on the Mainland and elsewhere. While geo-political tension continues to mount globally, the Mainland's robust economic growth, wealth accumulation and emergence of many major leading enterprises provide unprecedented opportunities for Hong Kong. Hong Kong should continue to strengthen its comparative advantages, develop an active and liquid long-term fixed-income market, serve pan-regional equity and debt financing needs, support the "Belt and Road Initiative", and maintain its position as the premiere centre for offshore Renminbi finance.
/jlne.ws/3wfTzyQ
Hong Kong Stock Index's Revamp May Drag On to 2023, Analysts Say; Revision is part of wide-ranging overhaul unveiled last year; Baidu, Kuaishou among potential additions in latest review
John Cheng - Bloomberg
A historic revamp of Hong Kong's benchmark stock index may drag into next year as the index compiler falls behind in boosting representation of new economy firms, market watchers say. Hang Seng Indexes Co. -- which will announce results from a quarterly review late Friday -- is still 11 members away from a plan to boost constituents to 80 by mid-2022. But the firm is "finding it tough to reach the target by excluding unprofitable companies" and is unlikely to attain its goal this year, Brian Freitas, an analyst who publishes research on Smartkarma, wrote in a note. The goal is part of a wide-ranging overhaul of the Hang Seng Index announced in March 2021. Just three to four stocks have joined the 69-member benchmark in each of its quarterly rebalances since then, a pace that's slower than some market watchers had expected. A representative for the compiler could not be reached for comment.
/jlne.ws/3AyhEn0
Picks and Shovels Depreciate
David Pan - Bloomberg
Bitcoin mining machines were a hot commodity during last year's historic bull market. The digital money printers were commanding over $10,000 apiece and a futures market even developed for the computer rigs since manufacturers couldn't meet demand. Everyone got in on the party. Miners raised billions of dollars from the equity market and lenders to buy the setups, which often had year-long waits for delivery. Retail investors piled into the shares of those companies, pitched as a diversified way into what has often been called digital gold. Then, the crypto crash happened, proving that buying the picks and shovels isn't always the savvy move.
/jlne.ws/3SYdw70
Coinbase CEO Suggests Exchange Won't Censor Transactions on Ethereum
Anna Baydakova - CoinDesk
Crypto exchange Coinbase (COIN) would rather quit the Ethereum staking business than censor the network to comply with sanctions, CEO Brian Armstrong suggested in a tweet on Wednesday. On Twitter, Ethereum developer Lefteris Karapetsas asked Coinbase, Kraken and other centralized exchanges what they would do should the U.S. government demand that they comply with sanctions and block transactions related to blacklisted Ethereum addresses. The question has become a hot topic in the crypto community after last week's sanctioning of Tornado Cash, a crypto mixing service. Centralized exchanges are among the biggest validators on Ethereum's proof-of-stake (PoS) chain, which is now in a testing mode but soon will become the main network as the platform's developers are planning to abandon the current proof-of-work (PoW) consensus mechanism.
/jlne.ws/3RcpWqn
NFT Prices Diverge Sharply as Ethereum 'Merge' Mania Intensifies; Interest in nonfungible tokens has waned in recent months; Investors have been buying Ether ahead of blockchain upgrade
Olga Kharif - Bloomberg
Prices of Ether and nonfungible tokens that often run on the Ethereum network have diverged sharply as investors snap up the second-largest cryptocurrency ahead of the blockchain's highly anticipated software upgrade. Ether has soared 54% between June 13 to Aug. 15, according to data compiled by Bloomberg. NFTs, on average, have declined almost 19% over the same period, according to researcher NonFungible. Cryptocurrencies hit a low in mid-June -- with Ether falling below $1,000 on June 18 -- after the collapse of the Terra blockchain and when its ripple effects began to topple hedge fund Three Arrows Capital and lender Celsius Network.
/jlne.ws/3AbfUP8
TP ICAP's Parameta post-trade head departs for undisclosed opportunity; Departing executive has been with TP ICAP for 15 years including as global head of post-trade for Parameta and as its global head of electronic markets.
Annabel Smith - The Trade
TP ICAP's global head of post-trade solutions for its post-trade and data and analytics division, Parameta Solutions, has left the firm for pastures new, The TRADE can reveal. David Perkins has left TP ICAP after 15 years, serving in his most recent role for the last year and a half. Prior to becoming Parameta's global head of post-trade, Perkins spent four years as global head of electronic markets for the interdealer broker, and nine years as global head of electronic broking for Tullett Prebon prior to its merger with ICAP in 2016.
/jlne.ws/3SZrS77
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Lure of Big Profits Draws Veteran Ships to Russian Oil Trade; At least four older tankers recently start on Kozmino route; Older Aframax asset values increase by about 60% this year
Bloomberg
The fallout from Russia's invasion of Ukraine is still making waves in the shipping market, with more older tankers being deployed on the lucrative route hauling the nation's oil from the Far East to China and India. At least four tankers 15 years or older have joined the pool of vessels delivering Russian oil from Kozmino since May, according to shipbrokers who asked not to be identified. The port usually handles about 30 cargoes of ESPO crude a month using Aframax vessels, which carry about 700,000 barrels.
/jlne.ws/3SWt1MV
Biden administration readies about $800 mln in additional security aid for Ukraine -sources
Patricia Zengerle, Idrees Ali and Steve Holland - Reuters
President Joe Biden's administration is readying about $800 million of additional military aid to Ukraine and could announce it as soon as Friday, three sources familiar with the matter said on Thursday. Biden would authorize the assistance using his Presidential Drawdown Authority, which allows the president to authorize the transfer of excess weapons from U.S. stocks, the sources told Reuters. The sources, speaking on condition of anonymity, said that an announcement could slip into next week, cautioning that weapons packages can change in value before they are announced. The White House declined to comment.
/jlne.ws/3AuZQt4
Wagner Mercenaries Enter the Spotlight as Russian Troops Struggle in Ukraine; Offering freedom to Russian prison inmates who join the war, Wagner seeks to bulk up and replenish Russian losses in Ukraine
Yaroslav Trofimov - The Wall Street Journal
In May, Italian television journalists asked Russian Foreign Minister Sergei Lavrov about the role Wagner Group, a private military company, was playing as Moscow began its offensive in Ukraine's eastern Donbas area. He dismissed the question. Wagner, he said, wasn't deployed in Ukraine and had no connection to the Russian state. But, according to Ukrainian commanders, Wagner's fighters have proven indispensable in Russia's few successes in Donbas. Once ordered to minimize Wagner's role, Russia's official media is awash with reportage about the heroic exploits of the company, which likes to call itself the "orchestra" and its soldiers "musicians."
/jlne.ws/3weNthY
How Elon Musk's Starlink satellite network is aiding the Ukrainian war effort
Michael Weiss and James Rushton - Yahoo! News
Well, it isn't your typical hip-hop video, but even the ghost of Biggie Smalls might approve of how his lyrics have been repurposed. "He get a free lift to the cemetery, rough very" comes in just as a white Russian van is spotted from the air. In the next frame, something filmed from a different angle — possibly the van, or maybe another target — has been consumed by a fireball, the handiwork of Ukrainian artillery. No state-of-the-art military drone scouted this vehicle's location, somewhere on the battlefield, but rather a $2,000 quadcopter coordinated with Elon Musk's Starlink satellite internet network.
/jlne.ws/3ChtZNR
Biden Charts Path for Floating Wind Turbines Off Maine Coast; Public comment request sets stage for leases in Gulf of Maine; Research aims to investigate effects on commercial fishing
Jennifer A Dlouhy - Bloomberg
The Biden administration is taking steps to advance offshore wind development in the Gulf of Maine, setting the stage for potentially the first floating turbines deployed in US waters. With formal notices being issued Thursday, the Interior Department is soliciting public feedback on selling wind development rights across some 13.7 million acres (5.5 million hectares) of Atlantic waters along the Maine coast. At the same time, the department's Bureau of Ocean Energy Management is seeking public input on Maine's bid for a research lease to test how floating turbines affect the state's thriving fishing industry.
/jlne.ws/3puaDxf
Russian paratrooper who fought in Ukraine says troops are deliberately shooting themselves in the leg to escape the war and get a $50,000 payout
Sophia Ankel - Insider
A Russian paratrooper who fought in Ukraine says troops are deliberately shooting themselves in the leg to escape the war and get a $50,000 payout. Pavel Filatyev, 33, published a 141-page memoir outlining his experience on the front lines of the Ukraine war on the Russian social-media platform VKontakte two weeks ago, The Guardian reported. Insider has seen the memoir. The memoir — titled "ZOV" after the Russian pro-war symbol — is the most detailed account of a Russian soldier fighting in Ukraine so far. It describes how some Russian soldiers are facing so much chaos, hunger, and destruction that they are looking for any way out.
/jlne.ws/3Pz9FKL
Kharkiv suffers 'one of most tragic nights' since war began after fresh Russian strikes; Volodymyr Zelensky attacks 'devious and cynical' strike as he hosts UN chief and Turkey's Erdogan in Lviv
Andy Gregory - The Independent
Ukraine's second city of Kharkiv has suffered "one of the most tragic" nights of Vladimir Putin's war so far, regional authorities have said. The northeastern city and surrounding area have been struck by multiple Russian attacks in the past 24 hours - leaving a double-figure death toll and scores of injuries. Seven people were said to have been killed and 17 wounded in an attack in the city's Saltivka district on Wednesday, which Ukraine's president Volodymyr Zelensky branded a "devious and cynical strike on civilians with no justification". One resident who said their dormitory was hit with a missile on Wedesnday, Tamara Kramarenko, told Reuters: "We've got three windows - nothing else left. The stairs started collapsing, people started helping each other."
/jlne.ws/3Te14QT
Ukraine's Foreign Minister tells Southeast Asia to reconsider buying Russian arms on 'moral grounds' and 'poor quality'
Amy Chew - South China Morning Post
Ukraine has urged Southeast Asian countries to reconsider their previously sizeable arms procurements from Russia, saying Moscow's poor performance on the battlefield served as a cautionary tale about the quality of its arms. Ukraine Foreign Minister Dmytro Kuleba's comments came as he was responding to questions from This Week in Asia during a group interview with Asian journalists on Wednesday. Defence analysts said that countries were already diversifying their weapons exports in the aftermath of the Ukraine-Russia conflict. Russia is the world's second largest arms exporter after the US, but in Southeast Asia, Moscow is tops.
/jlne.ws/3QPgPve
Bracing for Long Conflict, Kyiv Returns to Near Normality, With Theaters and Dance Parties; Residents of Ukraine's capital strive to resume lives put on hold by the Russian invasion, despite curfews and missile strikes
Yaroslav Trofimov - The Wall Street Journal
Opera singer Oleksandr Melnychuk picked up a shotgun shortly after Russian tanks rolled to Kyiv's outskirts in February, joining a territorial defense battalion to protect northern approaches to the Ukrainian capital. The city of some 3.5 million emptied, with antitank barriers blocking the streets and artillery cannonades keeping remaining residents awake at night. Kyiv's opera and ballet theater was shut down, as were all restaurants, bars, museums, shopping malls and pretty much everything other than pharmacies and supermarkets. These days, the front line has been pushed hundreds of miles away from Kyiv, with fighting concentrated in the east of the country. At first sight, the Ukrainian capital looks deceptively normal. Two-thirds of those who had fled had returned by mid-May, according to Kyiv's mayor. Streets are jammed with traffic. Restaurants overflow with customers sipping Aperol Spritz on terraces. There are concerts and art openings. Even the strip clubs that served as bomb shelters in February and March have put up billboards advertising their comeback.
/jlne.ws/3pthXsO
Why Crimea is so important in the Russia-Ukraine war
Annabelle Timsit, Sammy Westfall, Adam Taylor and Ellen Francis - The Washington Post
A series of blasts at Russian military sites in Crimea this month has put a spotlight on the contested peninsula, which until now had been spared the heavy fighting of the nearly six-month-long war in Ukraine. Ukrainian officials have told The Washington Post that the explosions — including those at two air bases and an ammunition depot — were the work of Ukraine's special forces seeking to disrupt Russia's supply lines. Moscow annexed Crimea in 2014 and has occupied it since. The Black Sea peninsula, which is about the size of Massachusetts, has long been fought-over by the world's great powers. For years, it has been a point of contention between Moscow and Kyiv. As it emerges as a new battlefront in the war, here's what you need to know about Crimea and its strategic importance.
/jlne.ws/3dInOYP
Ukraine admits it was behind three explosions in Crimea. Here's what we know
Vasco Cotovio and Tara John - CNN
Ukraine was behind three explosions rocked Russian military facilities in the annexed province of Crimea this past week, including an explosion at a Russian air base on the peninsula's west coast that wrecked several airplanes, according to a Ukrainian government report circulated internally and shared with CNN by a ?Ukrainian official. ?The official requested anonymity because they were not authorized to share the information with the media. The report describes the Saki airbase, which was rocked by explosions last Tuesday, as a hard but one time loss for Russian military infrastructure in the peninsula, with subsequent attacks as proof of Ukraine's systematic military capability in targeting Crimea. The August 9 incident at Saki airbase, which destroyed at least seven military aircraft, severely damaged the base and killed at least one person?.
/jlne.ws/3KkEO3L
Russia took Crimea from Ukraine in 2014. Now, Kyiv is fighting back
Holly Ellyatt - CNBC
When Russia invaded and annexed Crimea in 2014 little was done to stop it or actively help Ukraine get its territory back, a salient point given Russia's full-scale invasion of its neighbor that begun earlier this year. But now, Ukraine appears to be finally in a position to fight back on the peninsula with a spate of recent incidents in which Russian military positions and infrastructure in Crimea have been damaged. These, it's believed, are likely to be a part of Ukraine's tentative counteroffensive in the south as it seeks to dislodge the occupying forces and eventually reclaim its territory, once and for all. The latest incidents in Crimea took place on Tuesday when a fire caused multiple explosions in a Russian ammunition depot near Dzhankoi in the north of the peninsula. A nearby railway and electricity sub-station were also damaged as well as residential buildings, Russia's defense ministry said.
/jlne.ws/3K3lAiS
From bomb shelter to dorm room: Ukrainian students find refuge at U.S. colleges
Rose Horowitch - Reuters
Hlib Burtsev wanted to film himself opening admissions decisions from U.S. universities and share the videos online, imagining the hugs and cheers from his family if he got good news.
/jlne.ws/3K3DTo4
India cut its purchases of Russian crude for the first time in 5 months and switched to Saudi Arabia's cheaper oil
Zahra Tayeb - Business Insider
India slashed its purchases of Russian crude in July for the first time since March this year in the face of cheaper Saudi oil, Reuters reported. Oil shipments to India averaged 877,400 barrels per day from Russia last month. That's about a 7.3% decline from June.
/jlne.ws/3Chi16E
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Launch of Website for Visualization of Greenness Indicators of Digitally Tracked Green Bonds; JPXI launches "Green Tracking Hub," a website for the visualization of greenness indicators
JPX
JPX Market Innovation & Research, Inc. (JPXI) is pleased to announce the launch of the "Green Tracking Hub," a website that provides timely visualization of the greenness indicators of the 1st unsecured bond (with inter-bond pari passu clause and transfer restriction; Digitally Tracked Green Bond) issued by Japan Exchange Group, Inc. (JPX) in June. The Green Tracking Hub is intended to provide investors with timely information on the amount of electricity generated by green power generation facilities financed by JPX's Digitally Tracked Green Bond, and the CO2 emissions reductions achieved by this green power generation relative to fossil fuel-based generation. The website is open to the public and can be viewed by anyone, including investors. The Green Tracking Hub is intended to provide investors with timely information on the amount of electricity generated by green power generation facilities financed by JPX's Digitally Tracked Green Bond, and the CO2 emissions reductions achieved by this green power generation relative to fossil fuel-based generation.
/bit.ly/3dJz5Is
Cboe Global Markets Declares Increased Third-Quarter 2022 Dividend; Quarterly cash dividend increased four percent to $0.50 per share; 12th consecutive year Cboe has increased its dividend
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced its Board of Directors has declared an increased quarterly cash dividend of $0.50 per share of common stock for the third quarter of 2022, representing a four percent increase from the prior quarter's dividend of $0.48 per share. The third-quarter 2022 dividend is payable on September 15, 2022, to stockholders of record as of August 31, 2022.
/bit.ly/3K9DtN4
NZX maintaining momentum in H1 2022; Operating earnings of $17.4 million up 2.8%; Net profit after tax (NPAT) of $7.4 million, down 3.2%; Interim dividend of 3.0 cents per share, fully imputed; FY2022 Operating Earnings expected to be between $33.5 million to $38.0 million.
NZX
NZX today announced operating earnings (EBITDA) of $17.4 million for the six months ended 30 June 2022, up 2.8% on H1 2021, demonstrating the strength of its earnings base. Excluding acquisition and integration costs, Group operating earnings (EBITDA) for the same period were $17.6m - down 1.0%. "This is a positive result and reflects both the breadth of market offerings available to access capital in a changing economic environment, as well as the underlying strength of our business," NZX Chief Executive Mark Peterson says.
(VIA EMAIL)
Market Release
ASX
ASX Limited Full-Year Results to 30 June 2022 (FY22)
Financial highlights relative to the prior comparative period (FY21) based on Group segment reporting: Solid result with operating revenue up 7.5% to $1,022.7m and profit after tax up 5.7% to $508.5m; Reflects strength of diversified business, driven by growth in listings and equity-related activities partly offset by lower futures volumes; Higher dividend in line with increased profit - up 5.7% to 236.4cps and 90% payout ratio maintained; Investment in technology continues, improving resilience and providing opportunities for future growth; Renewed strategy focus on customers, technology transformation, financial system stability, sustainability, and people and culture.
/bit.ly/3sGw54D
2022 ASX Limited Full-Year Results
ASX
Helen Lofthouse, Managing Director and CEO Gillian Larkins, Chief Financial Officer; Presentation and Speaking Notes.
/bit.ly/3sGw54D
ASX Limited - 2022 Full-Year Results Presentation Slides
ASX
Attached is a copy of the slides that will be presented at ASX's full-year results briefing today. The briefing commences at 10:30am (Sydney time) and will be webcast live. Register to view the briefing here. The webcast will be archived on ASX's website for viewing after the live event.
/bit.ly/3sGw54D
Hybrid Transfer Production Date For BTIC+, TACO+ and NYMEX Energy Monthly-to-Daily Transformations
CME Group
Effective Date 26 September 2022
As previously mentioned in CH Advisory 22-149 and 22-212, CME Clearing will be making a change, for BTIC+, TACO+, the NYMEX Energy Monthly-to-Daily Transformations Processes to use a slightly modified version of the Transfer message, being referred to as the "Hybrid Transfer". Use of the Hybrid Transfer is now planned for Production for September 26, 2022, and is currently available for testing in New Release.
/bit.ly/3K3VyvV
FEX $500 Strike 5MS Cap Power Contract
FEX
FEX Global recently advised of the planned amendment to the FEX $300 Strike Cap Power Quarterly Futures contract into a FEX $500 Strike 5MS Cap Power Quarterly Futures contract. The FEX $500 Strike 5MS Cap Power Quarterly Futures contract will be available for testing in the External Test Environment commencing Monday the 29th August 2022. The FEX $500 Strike 5MS Cap Power Quarterly Futures contract will be
available for trading commencing on Monday the 19th September 2022, subject to regulatory non-disallowance.
/bit.ly/3AxnODM
Moscow Exchange announces results for the second quarter of 2022
MOEX
Unless otherwise noted, all figures are for the second quarter of 2022, and the dynamics (percentage change) is compared to the second quarter of 2021 based on IFRS financial results. Key Results For The Second Quarter Of 2022: Fee and commission income decreased by 18.8% to RUB 8,056.3 million. The change in commission income in the second quarter was due to a decrease in trading volumes due to the absence of foreign investors, a decrease in ruble prices for traded assets, and an increase in interest rates. EBITDA increased by 17.7% to RUB 11,382.1 million. Net profit increased by 19.0% to RUB 8,285.5 million.
/bit.ly/3PBkb4j
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Baton Systems expands its CCP network by connecting to OCC
Baton Systems
Baton Systems ("Baton"), the global fintech digitally transforming post-trade processing using distributed ledger technology (DLT), now provides connectivity to the Options Clearing Corporation (OCC) through the Baton Core-Collateral™ ecosystem. By expanding connectivity, clearing firms will be able to automate collateral management across 11 major CCPs globally, together comprising more than 93% of margin, placed by U.S. registered FCMs. With the continued rise in interest rates, it's becoming even more important to FCMs that they maximise their non-cash collateral usage.
/jlne.ws/3CdL9fa
Asset managers on alert after 'WhatsApp' crackdown on banks
Iain Withers and Sinead Cruise - Reuters
Asset managers are tightening controls on personal communication tools such as WhatsApp as they join banks in trying to ensure employees play by the rules when they do business with clients remotely. Regulators had already begun to clamp down on the use of unauthorised messaging tools to discuss potentially market-moving matters, but the issue gathered urgency when the pandemic forced more finance staff to work from home in 2020. Most of the companies caught in communications and record-keeping probes by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been banks - which have collectively been fined or have set aside more than $1 billion to cover regulatory penalties. But fund firms with billions of dollars in assets are also increasing their scrutiny of how staff and clients interact.
/jlne.ws/3AeuPbA
Blockchain Protocol Algorand Leads $22M Investment Round in Tokenization Firm Koibanx
Andrés Engler - CoinDesk
Koibanx, a ??Latin American asset tokenization company, raised a $22 million Series A funding round, the company said Thursday. The investment round was led by blockchain protocol Algorand Inc. and included the participation of Borderless Capital, Kalonia Venture Partners, G2 and Innogen Capital, among others.
/jlne.ws/3AHvZhf
Web3 Brands Try Serving Customers in the Real World; Solana, SuperPlastic and Doodles are using interactive experiences to reach consumers who aren't already NFT converts
Ann-Marie Alcántara - The Wall Street Journal
Companies are bringing NFTs to life in physical spaces, opening stores and pop-up experiences to draw in existing and new customers. Marketers, artists and others have dived into offering nonfungible tokens, digital tokens of authenticity that exist on the blockchain, but the concept remains abstract to many consumers.
/jlne.ws/3SZm6Cz
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| Cybersecurity | | Top stories for cybersecurity | Janet Jackson's Rhythm Nation is a form of cyberattack
Jacob Ridley - PC Gamer
The music video embedded above has the power to crash computers. Back in the hazy days of Windows XP, a major computer manufacturer discovered that playing the music video for Janet Jackson's 'Rhythm Nation' would crash some models of laptops. And not just its own laptops in some quirky coding error: it was affecting competitors' laptops, too.
/jlne.ws/3wcYuRe
DOE invests $45 million in cyber technology that protects power sector
Ines Kagubare - The Hill
The Department of Energy announced on Wednesday that it is investing $45 million in cyber technology that will protect the power grid sector from cyberattacks.
The investment will fund up to 15 research projects that will focus on developing new cybersecurity technologies designed to reduce cyber risks in the energy sector.
/jlne.ws/3dM7YMY
5 reasons to integrate ESG and cybersecurity
Jessica Groopman - Tech Target
It's time for businesses to add a new component to their cybersecurity strategies. In the wake of environmental disasters fueled by climate change, businesses are realizing that many risks historically deemed externalities must be incorporated into internal strategies. To accommodate that shift, it's important that businesses interweave an environmental, social and governance (ESG) program into their overall cybersecurity strategies.
Here are five reasons why ESG-cybersecurity integration is so important.
/jlne.ws/3Cix9Rs
U.S. Extradited Russian Accused of Money-Laundering Tied to Ryuk Ransomware Gang; Denis Dubnikov, a 29-year-old Russian, was extradited this week from the Netherlands to the U.S. to face charges of laundering more than $400,000 in Ryuk proceeds
Mengqi Sun - The Wall Street Journal
A Russian national who was extradited from the Netherlands to Portland, Ore., this week pleaded not guilty to charges of allegedly laundering cryptocurrency proceeds from ransomware attacks in the U.S. and abroad, the Justice Department said.
/jlne.ws/3AHIIR3
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ethereum Developers Back Sept. 15 Target for Blockchain Software 'Merge'; The ambitious software upgrade will reduce energy use; Timing of the Merge could yet change, based on mining support
Olga Kharif - Bloomberg
The core developers working on the much-anticipated software upgrade of the Ethereum blockchain firmed up Sept. 15 as the likely official date of the so-called Merge. This is likely the final forecast for the timing of the upgrade, which will make the network more energy efficient, according to a developer's conference call Thursday. A tentative date range for mid-September was set at a developers' meeting last week. Still, the actual date of the Merge could change since it will likely be impacted by any large swings in the amount of support Ethereum has to order transactions. In an emergency, if support drops off, developers can move the Merge forward ahead of schedule.
/jlne.ws/3QVs99j
Banks' Crypto Exposure Capped by Canadian Regulator in New Rules; New OSFI guidance appears to encompass most cryptocurrencies; Rules to come into effect in the second quarter of 2023
Kevin Orland - Bloomberg
Canadian banks and insurers must limit their exposure to crypto assets to a small fraction of their capital under new interim rules from the country's financial regulator. Financial firms need to notify the Office of the Superintendent of Financial Institutions if their gross exposure to type 2 crypto assets -- which, under the regulator's definition, would likely encompass most cryptocurrencies -- exceeds 1% of their Tier 1 capital, the regulator said Thursday.
/jlne.ws/3Ch3rMp
Crypto Lender Celsius Bankruptcy Trustee Wants Examiner Named; The examiner would look into lender's business model; The request follows second-day bankruptcy hearing Tuesday
Olga Kharif - Bloomberg
A government trustee handling the bankruptcy case for crypto lender Celsius Network is seeking the appointment of an examiner to help get additional information and clear up "confusion and anxiety." A representative for trustee William Harrington said in a hearing on Tuesday that they're considering appointing an examiner to look into a slew of issues surrounding the bankrupt company. The representative, Shara Cornell, said in a filing dated Thursday that she hasn't been able to get some additional financial information that would shed light on the crypto lender's operations.
/jlne.ws/3T1V6m0
The BlackRock Trust: Crypto Legitimacy or the Beginning of the End for Bitcoin?
Zac Colbert - CoinDesk
After BlackRock, the largest asset manager in the world, announced on Aug. 11 that it will launch a private bitcoin trust for its clients, some crypto enthusiasts said the move could legitimize the digital asset in the eyes of more traditional investors. BlackRock's new private trust will make bitcoin available to its institutional clients, tracking bitcoin's performance, offering direct exposure to the price of the cryptocurrency and of course, trading options.
/jlne.ws/3QFTAEn
Coinbase Could Shut Down ETH Staking if Pressured by Regulators, CEO Says
CoinDesk
Responding to a hypothetical scenario on Twitter, Coinbase CEO Brian Armstrong said if regulators threatened the crypto exchange to censor Ethereum (ETH) transactions, he would rather shut down its ETH staking service to preserve the integrity of the blockchain network. "The Hash" panel discusses what this means ahead of Ethereum's historic transition to a proof-of-stake (PoS) consensus.
/jlne.ws/3QSHur3
Coinbase CEO Suggests Exchange Won't Censor Transactions on Ethereum
Anna Baydakova - CoinDesk
Crypto exchange Coinbase (COIN) would rather quit the Ethereum staking business than censor the network to comply with sanctions, CEO Brian Armstrong suggested in a tweet on Wednesday. On Twitter, Ethereum developer Lefteris Karapetsas asked Coinbase, Kraken and other centralized exchanges what they would do should the U.S. government demand that they comply with sanctions and block transactions related to blacklisted Ethereum addresses. The question has become a hot topic in the crypto community after last week's sanctioning of Tornado Cash, a crypto mixing service. Centralized exchanges are among the biggest validators on Ethereum's proof-of-stake (PoS) chain, which is now in a testing mode but soon will become the main network as the platform's developers are planning to abandon the current proof-of-work (PoW) consensus mechanism.
/jlne.ws/3RcpWqn
Crypto Lender Celsius' Collapse Into Bankruptcy Should Be Probed, US Says
Nikhilesh De - CoinDesk
U.S. government officials asked that an independent examiner be appointed to look into crypto lender Celsius Network's collapse into bankruptcy, seeking the sort of investigation previously deployed in the high-profile restructurings of Enron and Lehman Brothers. The U.S. Trustee office, which oversees bankruptcy matters, said there are "numerous questions" about Celsius' operations and its financial health, as well as how its management allowed it to enter bankruptcy, according to a court filing Thursday.
/jlne.ws/3K2ZKvT
Crypto Lender Hodlnaut Applies for Creditor Protection; Stronghold Digital Restructures Debt
CoinDesk
Cryptocurrency lending platform Hodlnaut has filed an application with the Singapore High Court to be put under judicial management, a form of protection from creditors. Plus, Stronghold Digital Mining (SDIG) said Tuesday it had negotiated with its lenders to dramatically restructure its financing agreements to eliminate more than half of its total debt and associated interest and principal payments.
/jlne.ws/3T5JIVZ
Crypto Lender Hodlnaut Faces Singapore Police 'Actions' and Staggering Job Cuts
Danny Nelson - CoinDesk
Singaporean crypto lender Hodlnaut disclosed massive layoffs and pending "police proceedings" in a Friday blog post that underscored the dire financial and legal straits faced by the latest firm to freeze crypto withdrawals.
/jlne.ws/3dHWxpq
E-Commerce Giant Mercado Libre Introduces Cryptocurrency in Brazil, Plans Wider Latin America Use
Rodrigo Tolotti - CoinDesk
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter. Mercado Libre (MELI), Latin America's largest e-commerce company by market cap, started rolling out its own cryptocurrency in Brazil, the firm said Thursday.
/jlne.ws/3K3qwUZ
Crypto.com Reportedly Reduces Workforce Since Initial Layoff Announcement; Canaan Sees 'Prolonged Headwinds' After Challenging Quarter
CoinDesk
Crypto exchange Crypto.com has laid off hundreds more employees since the initial layoffs in June, according to The Verge. Bitcoin mining rig maker Canaan said tougher market conditions will hurt its financial performance near-term after a difficult second quarter. Cowen analyst Stephen Glagola downgrades his rating on bitcoin miner Stronghold Digital.
/jlne.ws/3pAvTRO
Riot Blockchain Earned $9.5M for Not Mining During Texas Heatwave
CoinDesk
Bitcoin mining firm Riot Blockchain mined 318 bitcoins in July, 28% fewer than last July, as it shut some operations to accommodate the high energy demand during the heatwave in Texas. The miner gained $9.5 million in power credits and other benefits from the curtailment. Riot Blockchain Vice President of Capital Markets discusses the state of the mining industry and potential impact of the upcoming ETH merge on the sector.
/jlne.ws/3Qwy6d0
Crypto's collapse isn't solving the ransomware problem
Sam Sabin - Axios
It's going to take more than a months-long cryptocurrency free fall to squash the mounting ransomware problem, cyber incident responders and threat analysts tell Axios. Why it matters: Companies have been struggling to fight off an abundance of ransomware hackers in recent years, but recent optimism over a crypto-crash-fueled drop in attacks might be short-lived.
/jlne.ws/3c7BcFw
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| Politics | | An overview of politics as it relates to the financial markets | The Biden administration aims to make nature a measurable part of the U.S. economy
Nathan Rott - NPR
Mary Louise Kelly, Host: What is the economic value of a tree left standing in a forest or a stretch of beach undeveloped? The Biden administration is unveiling a plan to find out and to make nature and its health a measurable part of the U.S. economy. NPR's Nathan Rott reports.
/bit.ly/3ca0UJh
Biden Charts Path for Floating Wind Turbines Off Maine Coast; Public comment request sets stage for leases in Gulf of Maine; Research aims to investigate effects on commercial fishing
Jennifer A Dlouhy - Bloomberg
The Biden administration is taking steps to advance offshore wind development in the Gulf of Maine, setting the stage for potentially the first floating turbines deployed in US waters. With formal notices being issued Thursday, the Interior Department is soliciting public feedback on selling wind development rights across some 13.7 million acres (5.5 million hectares) of Atlantic waters along the Maine coast. At the same time, the department's Bureau of Ocean Energy Management is seeking public input on Maine's bid for a research lease to test how floating turbines affect the state's thriving fishing industry.
/jlne.ws/3puaDxf
Truss's idea for City regulation belongs in the past; The last thing the UK needs is the FSA redux
Cat Rutter Pooley - Financial Times
How long will it take to forget the lessons of the financial crisis? Conservative leadership contender Liz Truss appears to have done so already. Truss is planning an immediate review of the City regulators' roles should she win the UK premiership next month, according to campaign insiders. The most eye-catching suggestion is that the twin peaks of our domestic financial regulation system could be combined in a single regulator. This is, to put it bluntly, a terrible idea.
/jlne.ws/3Aappyc
Can Switzerland Stay Neutral Toward Putin's Fascism? Russia's attack on Ukraine poses the hardest dilemma Switzerland has faced since World War II.
Andreas Kluth - Bloomberg
"If neutral Switzerland did not exist, we would have had to invent it." So said an adviser to then-president John F. Kennedy in 1962, just after the Cuban missile crisis. In that closest of calls for humanity, Switzerland played its accustomed role in the background of world affairs — neutral, helpful and very discreet.
/jlne.ws/3QVbh2x
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| Regulation & Enforcement | | Stories about regulation and the law. | South Korea's Money Laundering Watchdog Flags 16 Crypto Firms for Operating Without Registration
Sandali Handagama - CoinDesk
South Korea's anti-money laundering authority is going after 16 foreign crypto firms it says have been operating in the country without proper regulatory approval, a statement published Thursday shows. The Korea Financial Intelligence Unit (KoFIU), part of South Korea's Financial Services Commission (FSC), said the firms had advertised crypto and offered services to Koreans without obtaining the requisite registration. The firms it said were conducting "illegal business activities" are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex.
/jlne.ws/3pr47aC
CFTC Commissioner Kristin Johnson on Future of Crypto Regulation
CoinDesk
Commodity Futures Trading Commission (CFTC) Commissioner Kristin N. Johnson discusses the road ahead for the U.S. crypto regulatory landscape, along with her reaction to a recent bill that would grant the CFTC "exclusive jurisdiction" over cryptocurrency trades that meet commodities law.
/jlne.ws/3wcQsI4
Retail investors convicted and fined for illegal short selling
Securities & Futures Commission of Hong Kong
The Eastern Magistrates' Court today convicted Ms Chan Siu Tai and her sister Ms Janice Chan after they pleaded guilty to illegal short selling in prosecutions brought by the Securities and Futures Commission (SFC).
The sisters were fined a sum of $114,000 and ordered to pay the SFC's investigation costs.
/jlne.ws/3QBeZOU
FCA fines Citigroup's international broker-dealer £12.6m for failures relating to the detection of market abuse
FCA
The Financial Conduct Authority (FCA) has fined Citigroup Global Markets Limited (Citigroup Global Markets) £12,553,800 for failing to properly implement the Market Abuse Regulation (MAR) trade surveillance requirements relating to the detection of market abuse.
/jlne.ws/3wfSKGe
Airborne Wireless Network, et al. (Release No. LR-25476; Aug. 18, 2022)
SEC
On August 17, 2022, the U.S. District Court for the Southern District of New York entered a final judgment against Eric Scheffey, who was charged with participating in a fraudulent scheme to gain control of Airborne Wireless Network, promote its stock, and defraud investors.
/jlne.ws/3pBwGC1
Anthony J. Mastroianni, Jr. and Global Business Development and Consulting Corp. Civil (Release No. LR-25477; Aug. 18, 2022)
SEC
On August 17, 2022, the Securities and Exchange Commission charged Global Business Development and Consulting Corp. (Global) and its owner, Anthony J. Mastroianni, Jr., in connection with a $1.2 million fraudulent promissory note scheme targeting older Americans.
/jlne.ws/3SZtjm1
NFA permanently bars Denver-based commodity pool operator Yas Castellum LLC and its principal Marcus Brisco from membership
NFA
NFA has permanently barred Yas Castellum LLC (Yas), a former NFA Member and commodity pool operator located in Denver, Colorado, and Marcus Brisco, its former principal and associated person, from membership and from acting as a principal of an NFA Member.
/jlne.ws/3ChlrX7
NFA orders London, U.K. firm Makor Securities London Ltd. to pay a $375,000 fine
NFA
NFA has ordered Makor Securities London Ltd. (Makor) to pay a $375,000 fine. Makor is a former introducing broker (IB) and current provisionally registered swap dealer Member of NFA located in London, U.K.
/jlne.ws/3A0mW9q
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bed Bath & Beyond Can't Hide Behind Meme Status Anymore; The 400% rise in the retailer's share price belies the serious difficulties that it faces.
Andrea Felsted - Bloomberg
Without Ryan Cohen's meme-stock magic, Bed Bath & Beyond Inc. is just another struggling retailer. Little wonder then that the shares fell almost 30% on Thursday, after Cohen's RC Ventures said it may sell the majority of its 11.8% holding in the purveyor of bedding, towels and cookware. The shares surged 400% between late July and Wednesday's close, and were 40% higher than before Cohen disclosed his stake in the retailer in early March. The Chewy Inc. co-founder and chairman of GameStop Corp. urged the company to sell its baby goods division BuyBuy Baby or put itself up for sale.
/jlne.ws/3wfvJmI
What $80 Billion More for the IRS Means for Your Taxes; The Inflation Reduction Act won't bring 87,000 new IRS agents with guns to your front door, but it has important changes for taxpayers
Laura Saunders - The Wall Street Journal
The last Tax Report came out just as Congress took up the Inflation Reduction Act, and it discussed the bill's $80 billion in proposed new Internal Revenue Service funding. Over half the new dollars were earmarked for new tax enforcement, especially audits of high-earning taxpayers, while the rest was to improve operations, technology and taxpayer service.
/jlne.ws/3c4m2AT
Options Trading Rises, and So Does This Portfolio Stock
The Street
Month to date, the portfolio's position in Cboe Global Markets (CBOE) is up mid-single digits, with roughly half that gain coming on Wednesday. There were two catalysts for that jump - data from Trade Alert that showed retail investors are back trading single stock options, and a new Buy rating on the shares from Rosenblatt Securities with a Wall Street high price target of $153. The consensus price target for CBOE shares has inched up to $138 from $136, but remains modestly below our $140 target.
/jlne.ws/3dw1LEw
A $2 Trillion Stock-Options Deadline Is Make-Or-Break Moment for Bulls
Lu Wang - Bloomberg
With August shaping up to be the calmest month this year for US stocks, traders are closely watching Friday's $2 trillion options expiration for hints whether the tranquility will last. At issue is the belief that derivatives markets have somehow played a key role in suppressing volatility, thereby compelling rules-based quant traders to buy shares and in turn luring a broader group of investors back into the market in order to chase gains.
/jlne.ws/3pvzHUw
This Quant ETF Is Beating the S&P by 30 Percentage Points; Andrew Beer explains why the Dynamic Beta fund is up more than 20% this year.
Michael P. Regan and Vildana Hajric - Bloomberg
By mimicking strategies common among some quantitative hedge-fund firms, the iM DBi Managed Futures Strategy ETF has surged 21% so far this year—beating the S&P 500 Index by about 30 percentage points. Andrew Beer, one of the managers of the active exchange traded fund, joined the latest episode of the "What Goes Up" podcast to explain the secrets of its success amid a brutal year for both stocks and bonds.
/jlne.ws/3ChHAo3
US Mortgage Lenders Are Starting to Go Broke; After crisis, banks account for less of the mortgage business; Independent mortgage lenders are seeing their credit lines cut
Carmen Arroyo, Steven Church, and Maxwell Adler - Bloomberg
The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that's coming could be the worst since the housing bubble burst about 15 years ago.
/jlne.ws/3PuNENf
'The Godfather' Insight on What's Driving Markets; It's hard to read the events of the last few months any other way — it was the oil price all along.
John Authers - Bloomberg
Oil on Troubled Water
"The Godfather" has a quote for everything. Maybe, just maybe, it was Putin all along. Or perhaps its was Nikolai Kondratiev. Just as Vito Corleone realized too late which rival don was pulling the strings against him, it looks ever more as though the oil price has been driving markets all along. It shouldn't be this way. The global economy is far less oil-intense than it was in the 1970s, meaning that fuel accounts for a smaller percentage of gross domestic product. An information and services-based economy shouldn't be so dependent on burning fossil fuels. But once the oil price rises above a certain level, investors behave as though it is. And it's hard to read the events of the last few months any other way.
/jlne.ws/3AeYtNU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Wells Fargo Issues $2 Billion Inclusive Communities and Climate Bond
Wells Fargo
Wells Fargo announced today the issuance of its second Inclusive Communities and Climate Bond, a $2 billion bond that will finance projects and programs supporting housing affordability, economic opportunity, renewable energy, and clean transportation. "Through the issuance of this second Sustainability Bond, Wells Fargo is continuing our commitment to strong, resilient communities," said Chief Sustainability Officer Robyn Luhning. "These efforts are important for both our business and our corporate sustainability goals." Five broker-dealers whose owners include people of color, women, and service-disabled veterans joined Wells Fargo Securities, LLC to serve as bookrunners for the issuance. They, along with 19 additional broker-dealers whose owners are also from underrepresented groups, will receive 75% of the underwriting fees from the transaction.
/jlne.ws/3QCFmUS
Coal Is in Hot Demand. That's Good News for Glencore's Stock.
Simon Constable - Barron's
Swiss-based commodities company Glencore has emerged as a prime beneficiary of Europe's energy crisis. High prices for coal, one of the company's main offerings, are likely to persist as the war in Ukraine pushes past the six month mark. That, in turn, could lead to double-digit gains for the stock.
/jlne.ws/3KkGXwl
One of Europe's Hottest Cities Is Using 1,000-Year-Old Technology to Combat Climate Change; From shade to high-tech solutions, Spain's Seville is rolling out measures to mitigate scorching heat.
Laura Millan Lombrana - Bloomberg
Many Spanish kids' childhood memories of summer are peppered with sweat, long siestas and street games around our grandmothers, who would take their foldable chairs outside as soon as the sun set, spending the coolest hours of the day chatting with neighbors and friends. The tradition, known in Spanish as charla al fresco or "cool chat," is so entrenched that last year a village in the southern region of Andalucia sought UNESCO World Heritage status for it. The village's mayor argued the old habit is in danger because of the widespread use of social media, which encourages people to stare at their phones or computers rather than engage in real life conversations.
/jlne.ws/3PEK574
Glencore to Spend $400 Million to Fix Arsenic-Emitting Plant; Company aims bring down emissions to safer level by 2027; The investment represents 0.2% of Glencore's 2021 revenue
Mathieu Dion - Bloomberg
Commodities giant Glencore Plc will invest C$520 million ($403 million) over five years in a copper smelter in northern Quebec to curb toxic emissions that health officials say have caused increased risk of cancer and other problems. The Horne Smelter has for decades been at the center of the economy in Rouyn-Noranda, a small town 600 kilometers (373 miles) northwest of Montreal. A public health study from 2005 to 2018 showed that arsenic levels on site were 165 nanograms per cubic meter of air. That was 55 times the standard safe level of 3 nanograms.
/jlne.ws/3QPiwc4
ESG fund disclosures should be streamlined, investor and advocacy groups tell SEC; Firms may mislead investors about environmental credentials
Ellen Meyers - Roll Call
The Securities and Exchange Commission needs to simplify proposed rules to require more disclosure from funds touting their environmental, social and governance factors, or else the agency will fail to eradicate so-called greenwashing, investment and advocacy groups are warning. Investors of all sizes, including ESG-focused ones, as well as financial advisers and portfolio screeners, agreed that the agency has the proper intent in wanting more clarity from funds that claim sustainable factors. In a series of comment letters filed this week, however, the firms spelled out concerns that the rule as currently written would create confusion, increase compliance costs, and could allow funds to create a false impression of sustainability levels, or greenwashing, a practice in which a firm overstates its environmental concern.
/bit.ly/3c96rjt
ESG Funds That Hoarded Tech Risk More Pain Yet, Amundi Says; 'Excesses' are still priced in, Amundi equities head says; ESG funds' exposure to tech proved key weakness this year
Lisa Pham - Bloomberg
ESG funds' longstanding devotion to tech ignores some basic principles of portfolio management and exposes investors to the risk of continued losses, according to the head of equities at Amundi SA. There's been "a lot of complacency," said Kasper Elmgreen, who's overseen stock allocations at Amundi since 2019. "Good ESG is not a replacement for bad fundamentals. You need both."
/bloom.bg/3CfXOhC
'ESG' Stripped From 23% of EU Sustainable Funds in Review; Morningstar says many Article 8 funds don't merit 'ESG' tag; EU is looking into ways to avoid 'misleading' fund disclosures
Natasha White and Frances Schwartzkopff - Bloomberg
Almost a quarter of funds that claim to "promote" sustainability under European regulations don't deserve an "ESG" label, according to a fresh review by market researcher Morningstar Inc. The analysis, which looked at funds classified as Article 8 within the EU's Sustainable Finance Disclosure Regulation, shows that 23% don't live up to environmental, social or governance investing principles, Boya Wang, ESG analyst at Morningstar, said in an interview. To justify an ESG tag within Morningstar's definition of the term, a fund's investment strategy can't rely only on excluding so-called sin stocks like tobacco, coal or weapons, Wang said. "Many Article 8 funds will not be tagged as sustainable funds under our framework," he said.
/bloom.bg/3Ci3Tua
Lakes are drying up everywhere. Israel will pump water from the Med as a solution
Hadas Gold - CNN
Sea of Galilee, Israel (CNN)Despite its name, the Sea of Galilee in northern Israel is actually a freshwater lake, and it's one that has sustained life for millennia. Even today, the lake irrigates vineyards and local farms that grow everything from green vegetables to wheat and tangerines. Its archeology, hot springs and hiking trails bring tourism and livelihoods for local communities.
/jlne.ws/3QQfu7w
Europe's Carbon Price Hits New Record as Coal Drives Emissions; Carbon permit futures climb on demand for polluting coal; EU climate policies will cut emissions in the long term
Will Mathis - Bloomberg
Europe's carbon price jumped to a record as the region's energy crisis is driving up demand for some of the most polluting fuels. Businesses are burning coal and even oil to keep power stations and factories running while cleaner-burning natural gas becomes increasingly scarce. The situation threatens to push up Europe's carbon footprint this year even if soaring energy prices and shortages force industries to shut.
/jlne.ws/3ChZ0Bh
Lord make me ESG, but not yet; Naked Lunch meets Goodhart's law
Bryce Elder - Financial Times
"The junk merchant doesn't sell his product to the consumer, he sells the consumer to his product," William S Burroughs wrote. "He does not improve and simplify his merchandise. He degrades and simplifies the client."
/jlne.ws/3ptEshh
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The future of school and play: a look at the STOXX Global Digital Entertainment and Education Index
Diana R. Baechle - Qontigo
In October last year, Qontigo introduced the STOXX® Global Digital Entertainment and Education Index (GDEE Index), the latest addition to its family of thematic strategies. The index, which underlies a new iShares ETF from BlackRock, aims to track the beneficiaries of two accelerating structural trends of our modern society, as the public changes the way it consumes media and accesses learning. In a new white paper1, we have looked at the composition and profile of the index for investors interested in understanding the portfolio's return drivers.
/jlne.ws/3dHCCqH
Glencore to Spend $400 Million to Fix Arsenic-Emitting Plant; Company aims bring down emissions to safer level by 2027; The investment represents 0.2% of Glencore's 2021 revenue
Mathieu Dion - Bloomberg
Commodities giant Glencore Plc will invest C$520 million ($403 million) over five years in a copper smelter in northern Quebec to curb toxic emissions that health officials say have caused increased risk of cancer and other problems. The Horne Smelter has for decades been at the center of the economy in Rouyn-Noranda, a small town 600 kilometers (373 miles) northwest of Montreal. A public health study from 2005 to 2018 showed that arsenic levels on site were 165 nanograms per cubic meter of air. That was 55 times the standard safe level of 3 nanograms.
/jlne.ws/3QPiwc4
SVB Releases 2022 Environmental, Social and Governance (ESG) Report
Cision
SVB, the financial partner of the innovation economy and parent of Silicon Valley Bank, today released its 2022 Environmental, Social and Governance (ESG) Report. The report details the company's commitments and strategies to help create a more just, equitable and sustainable world and reports on its programs and progress made throughout 2021. "As the financial partner of the innovation economy, we support visionary companies and investors boldly addressing the biggest challenges of our time," said Greg Becker, president and CEO of SVB. "Our long history of serving this sector has enabled us to seize opportunities to build a better world, and this report highlights our efforts, progress and commitment to transparency and accountability."
/prn.to/3c0vBkp
Wells Fargo Botched Occidental Stock Sale for Employee Trust, Judge Rules
Laurel Brubaker Calkins - Bloomberg
Wells Fargo & Co. bungled the 2020 sale of Occidental Petroleum Corp. shares on behalf of an employee trust, leading to millions of dollars in losses when the bank failed to execute trades as planned before the Covid-19 pandemic tanked the stock market, a judge in Texas ruled. US District Judge Lee Rosenthal of Houston said she will decide later how much the bank must pay Occidental in damages, after lawyers provide more detail on losses suffered by the energy company's so-called rabbi trust, which was used to compensate certain executives.
/jlne.ws/3K3LNhg
Credit Suisse top shareholder asks for investment bank overhaul - Bloomberg News
Reuters
Credit Suisse Group AG's top shareholder Harris Associates has asked the Zurich-based lender to fix its investment bank unit or seek other options, Bloomberg News reported on Friday. Harris Associates last week disclosed a stake of more than 10% in Switzerland's second-largest bank, after previously holding 5.2%.
/jlne.ws/3dKivb6
Citigroup's international broker-dealer fined £12.6 million by FCA; Following a flawed implementation of trade surveillance requirements, regulator found Citigroup Global Markets experienced gaps in its arrangements, systems, and procedures.
Wesley Bray - The Trade
Citigroup Global Markets has been fined £12,553,800 by the UK's Financial Conduct Authority (FCA) for its inability to properly implement the Market Abuse Regulation (MAR) trade surveillance requirements relating to the detection of market abuse.
/jlne.ws/3dCTGxY
Commodity ETF providers aim for green niche; Recent launches focus on clean energy and sustainable factors
Jackie Noblett - Financial Times
Gold can be green — as can silver, copper, nickel and even lead used in batteries. And ETF managers are hoping investors interested in sustainability and clean energy development will take a shine to some new commodity ETFs.
/jlne.ws/3ChQQIP
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Fauci urges Black Americans to get Covid booster shots in preparation for fall surge; In an interview with TheGrio, the president's chief medical adviser said Black Americans have been disproportionately affected by Covid.
Claretta Bellamy - NBC News
Dr. Anthony Fauci has an important message for Black Americans: get a booster shot. In a recent interview with TheGrio, Fauci, who is director of the National Institute of Allergy and Infectious Diseases, urged the Black community to get a Covid booster shot in preparation of the fall surge, when the Covid infection rates are expected to rise. He said that the Food and Drug Administration will soon authorize an updated booster shot, known as the bivalent BA.5 vaccine, which is a closer match to the circulating Omicron variants of Covid. "If the African-American population... want to diminish their risk of infection and severe disease, stay heads up for the availability of this updated bivalent BA.5 vaccine," he said of the booster that could be available as soon as mid-September.
/jlne.ws/3QQZsKE
Police call for Bolsonaro to be charged for spreading Covid misinformation; Brazil's federal police ask supreme court to charge president over bogus claims in October 2021 social media broadcast
Tom Phillips - The Guardian
Brazilian federal police have called for President Jair Bolsonaro to be charged with spreading fake information about a coronavirus outbreak that has killed more than 680,000 of his citizens, including bogus claims of a link between Aids and Covid vaccines. Bolsonaro's anti-scientific response to a disease he called "a bit of a cold" has been internationally condemned and the subject of a congressional inquiry in which the far-right populist was accused of deliberately delaying vaccine purchases and promoting quack "cures" such as hydroxychloroquine. On Wednesday night a senior federal police investigator was reported to have written to the supreme court asking for Bolsonaro to be questioned and charged with the crime of incitement, when someone encourages another person to commit an offense.
/jlne.ws/3AxaiAh
Risk of 'brain fog' and other conditions persists up to two years after Covid infection
Elizabeth Cooney - STAT News
Among the many worrying consequences of Covid-19, neuropsychiatric conditions rank high. A year ago researchers from Oxford University reported that 1 in 3 patients experienced mood disorders, strokes, or dementia six months after Covid infection. Now the same group is back with a longer-term analysis of 1.25 million Covid patient records, including what they believe is the first large-scale look at children and at new variants. Their news is both bad and good. Up to two years after Covid-19 infection, the risk of developing conditions such as psychosis, dementia, "brain fog," and seizures is still higher than after other respiratory infections, the researchers report in their study published Wednesday in the Lancet Psychiatry. But while anxiety and depression are more common soon after a Covid-19 diagnosis, the mood disorders are transient, becoming no more likely after the two months than following similar infections such as flu.
/jlne.ws/3QVO7ZI
New Covid warning over symptom that affects sleep; 'Isn't that strange?' scientist says as he shares different disease caused by BA.5
Zoe Tidman - Independent
An immunologist has warned the new strain of Covid-19 could be causing different symptoms - including one that emerges during the night. Omicron BA.5 is a highly-contagious subvariant prompting concern as it contributes to a fresh wave of infections across the globe, including the UK.
/jlne.ws/3CicAnW
U.S. Plans to Shift Bill for Covid Shots and Treatments to Insurers, Patients; End of government underwriting of such medicines could lead to windfall for drugmakers
Stephanie Armour - The Wall Street Journal
The Biden administration is planning for an end to its practice of paying for Covid-19 shots and treatments, shifting more control of pricing and coverage to the healthcare industry in ways that could generate sales for companies—and costs for consumers—for years to come. The Department of Health and Human Services intends to hold a planning session on Aug. 30 that would bring together representatives from drugmakers, pharmacies and state health departments with a stake in a Covid-19 treatment industry.
/jlne.ws/3dDXYVO
Britain Needs a Better Booster Strategy for Covid; The UK's successful vaccine rollout is giving way to a scattershot approach.
Therese Raphael and Sam Fazeli - Bloomberg
Britain's record of having the first approved Covid vaccine, and its successful rollout, was a point of pride for outgoing Prime Minister Boris Johnson. It may now seem like the UK is about to repeat the feat with a new booster shot - but this time the benefits are less clear. This week, the UK became the first country to approve a new "bivalent" Covid-19 booster — targeting two coronavirus variants. The UK regulator made the decision after Moderna Inc. reported antibody levels against omicron that were 1.69 times higher with the new vaccine than in those given the original booster.
/jlne.ws/3CmQoJH
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Indonesia May Impose Nickel Export Tax This Year, President Jokowi Says; Joko Widodo confirms in interview that levy being considered; Country is world's biggest exporter of the vital battery metal
Eko Listiyorini - Bloomberg
Indonesia may impose a tax on nickel exports this year, President Joko Widodo said, as the biggest producer of the electric-vehicle battery metal looks to refine more at home. Jokowi, as the president is known, confirmed that Southeast Asia's largest economy was considering introducing a levy in an interview with Bloomberg News Editor-in-Chief John Micklethwait in Jakarta on Thursday. That came after an Indonesian government official said early in 2022 that the country was studying a progressive tax on nickel pig iron and ferronickel. The world's epic shift into EVs has spurred a surge in demand for battery metals including nickel, lithium and cobalt. While Indonesia has benefited from rising prices of nickel, also used to produce stainless steel, Jokowi wants the nation to move up the EV supply chain. Ultimately, he wants to stop all exports of raw materials.
/jlne.ws/3pA8tvS
Young People Don't Drink as Much as They Used To. Japan's Tax Agency Is Worried.; Japanese officials are encouraging young people to drink up in a campaign called "Sake Viva!"
Hanako Montgomery - Vice
Declining alcohol consumption among Japan's youth has spurred a government campaign to sell more booze, in efforts that have been criticized as potentially harmful to their health. The country's tax agency, which regulates the liquor industry, is holding a contest to solicit ideas on how to market alcohol to young people as alcohol use fell to its lowest since records began in 1989. In 2020, taxes on alcohol accounted for 1.7 percent of Japan's tax revenue, compared to 3.5 percent a decade ago. Pandemic restrictions on dining out and the country's aging population have contributed to a decline in alcohol sales. To reverse the trend, the national tax agency is calling on anyone between 20 and 39 to come up with proposals to boost the industry, in a campaign called "Sake Viva!"
/jlne.ws/3dFESi2
China Stocks Are No Longer a Sure Thing. Where to Invest Now.
Reshma Kapadia - Barron's
For decades, China has been synonymous with fast growth. Multinational companies invested billions in supply chains and production hubs, and catered to the millions of Chinese who climbed out of poverty into a growing middle class. Investors reaped robust returns. No longer.
/jlne.ws/3QWGJxe
European Gas Rallies to Record as Energy Crisis Pounds Region; Commodity-reliant industries are buckling under energy costs; Asian LNG price surges as heavy-weight buyers seek fuel
Anna Shiryaevskaya - Bloomberg
European natural gas futures extended their gains to a record-high settlement as an energy-supply crunch continued to batter the region, amid signs that the is fuel becoming too costly for industrial use and power generation. The benchmark contract settled 6.7% higher at 241 euros a megawatt-hour, above the previous record in early March when Russia's invasion in Ukraine sent shockwaves across markets. Prices are about 11 times higher than where they usually are for the time of the year, with costs spiraling for households and businesses that are facing the worst inflation in decades. Europe has already lost about half of its zinc and aluminum smelting capacity over the past year due to high energy prices, and more is set to go offline.
/jlne.ws/3PIhoq4
Germany Risks a Factory Exodus as Energy Prices Bite Hard
Todd Gillespie, Stefan Nicola and Monica Raymunt - Bloomberg
Europe's industrial heartland faces a potential exodus as manufacturers of German car parts, chemicals and steel struggle to absorb power prices that rocket to new highs almost every day. Power and gas prices in Germany more than doubled in just two months, with year-ahead electricity -- a benchmark for the continent -- soaring past 540 euros ($545) per megawatt hour. Two years ago, it was 40 euros.
/jlne.ws/3dByto5
German dependence on China growing "at tremendous pace" - IW
Reuters
The German economy became more dependent on China in the first half of 2022, with direct investment and its trade deficit reaching new heights, despite political pressure on Berlin to pivot away from Beijing, according to research seen by Reuters. At the same time, growth in German exports to China weakened significantly, the German Economic Institute (IW) said in its study, citing economists pointing to a trend towards more local production in the Chinese market.
/jlne.ws/3QwzNHo
Rand at Risk With South African Finance Chief's Fate in Balance; Godongwana facing sexual-assault allegation; may step aside; Currency not pricing in political risk with volatility subdued
Colleen Goko - Bloomberg
South Africa's rand faces a fresh challenge amid uncertainty about the fate of Finance Minister Enoch Godongwana, who's battling allegations of sexual assault and may be forced to step down.
/jlne.ws/3RcY6dB
South Africa 'Confident' Over TotalEnergies Gas Development Plan; Petroleum Agency CEO Masangane says shale activity progressing; French major expected to submit plan by September deadline
Paul Burkhardt - Bloomberg
South Africa expects TotalEnergies SE to submit a production plan within weeks to utilize a prolific offshore gas discovery that will form a key part of increasing investment in the sector. Petroleum Agency South Africa is "very confident" that the French major will finish talks with state-owned PetroSA and complete the required output plan to retain the license, which would otherwise expire on Sept. 6, Chief Executive Officer Phindile Masangane said in an interview. A TotalEnergies spokeswoman declined to comment.
/jlne.ws/3wgmuTq
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| Miscellaneous | | Stories that don't quite fit under the other sections | Billionaire Peter Thiel refused consent for sprawling lodge in New Zealand; Local council decides proposed bunker-like home would negatively impact surrounding landscape
Tess McClure - The Guardian
The billionaire Peter Thiel's plans for an elaborate bunker-like lodge in a remote part of New Zealand's South Island have been thwarted, after the local council decided the home would have too great a negative impact on the surrounding landscape. Second Star, a New Zealand company owned by the PayPal co-founder, had applied to build the sprawling lakeside complex in Wanaka, an alpine South Island region known for its natural beauty and isolation. The plans were fiercely opposed by conservationists, who claimed in submissions that the lodge would "destroy our beautiful lake environment". On Thursday, Queenstown-Lakes district council refused to grant consent for the lodge to be built.
/jlne.ws/3K6tLe3
Tourism Is Surging in the U.S. and Europe. But in Asia, Many Destinations Are Struggling to Come Back to Life
Amy Gunia - Time
Huoch Yen worked hard to become a tour guide at Cambodia's famed Angkor Wat temples. It took the 43-year-old three attempts to pass a test for a license to guide Spanish-speaking tourists around Siem Reap, where the famous monuments are located—to say nothing of the years spent studying the language. When the COVID-19 pandemic put the brakes on tourism in 2020, Yen decamped to his hometown in Kompong Cham province, a five hour drive away, where he now works as a teacher. But he still dreams of returning to his job as a guide.
/jlne.ws/3QDt7aq
Price of pint in London could reach £14 and takeaway coffee nearly a fiver in coming years, research suggests
Asher McShane - LBC
A pint of beer in London could cost just shy of £14 in just two and a half years if current trends continue, new research suggests. A cup of takeaway coffee is also likely to soar in price to as much as £4.44, and the average Uber trip will hit £26, by 2025, according to research by pension provider Penfold. The cost of a pint in London has already gone up by 16% since 2017. Higher energy costs, wages and supply chain issues have meant struggling businesses have had to pass on costs to customers. Prices have gone up by 9% in the last year and are predicted to increase by another 6% in 2023.
/jlne.ws/3wcbshN
It Now Costs $300,000 to Raise a Child; A middle-income family might spend more than $18,000 a year on average, as inflation hits food, housing, haircuts and sports, Brookings analysis finds
Rina Torchinsky - The Wall Street Journal
The cost of raising a child through high school has risen to more than $300,000 because of inflation that is running close to a four-decade high, according to a Brookings Institution estimate. It determined that a married, middle-income couple with two children would spend $310,605—or an average of $18,271 a year—to raise their younger child born in 2015 through age 17. The calculation uses an earlier government estimate as a baseline, with adjustments for inflation trends.
/jlne.ws/3pw8Ur7
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