| November 13, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The New York Times has an opinion piece by former Federal Prosecutor Ankush Khardori titled "Financial Fraudsters Have Escaped Justice for Far Too Long." He argues that we won the battle against Mr. Bankman-Fried, but we are losing the war.
Cboe today announced that Cboe Digital will launch margined Bitcoin and Ether futures on January 11, 2024, backed by crypto and traditional financial players. Cboe Digital says it is the first U.S regulated crypto and native exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform.
The Let's Go Brandon coin founder James Koutoulas has written a commentary for CoinDesk titled "We've Seen the FTX Collapse Before." Using two data points for his sweeping analysis, Mr. Koutoulas makes the argument that those who say the "crypto industry needs regulation in order to prosecute wrongdoers," but political power/donors are more important than regulation, as was seen in the MF Global case.
The Financial Times is reporting, "Iceland declares state of emergency as it braces for volcanic eruption." You may recall that a "2010 explosion at Eyjafjallajokull closed much of European airspace for almost a week after plumes of ash clouds spread south." I like the Bloomberg story on the Iceland volcano for the use of the word "girds." The headline is "Iceland Girds for Volcanic Eruption That Could Wipe Out Town."
The FT Podcast covers the hack that impacted the U.S. Treasury market last week. The headline for the podcast is "The hack that halted the US Treasury market" and the subheadline is "UK Takeover Panel becomes an unexpected casualty of the dealmaking drought."
I love to use Google maps when I am traveling, especially in big cities as I am trying to navigate my way around. However, out in the wild it is best to use paper maps and a compass. There are two recent cases where a search and rescue group in British Columbia had to rescue hikers after they were lost following a non-existent trail indicated on Google Maps, The New York Times reports. Besides the issues with Google Maps, you never know when you are going to lose connectivity, so paper and compass is the way to go.
I am thinking of being nice to my staff this week and declaring it OK to wear jeans to work this week. Of course, everyone works from home, so they can wear whatever they want, but I thought I would give them a throwback benefit just for the fun of it.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Sustainable Finance Forum 2023, hosted by Climate Action, Principles for Responsible Investment (PRI) and UN Environment Programme Finance Initiative (UNEP FI), takes place December 6 in Dubai, UAE. Its stated goal is to align sustainable finance with the real economy to enable a just transition to a net-zero, nature-positive global economy. Held alongside COP28, the Sustainable Finance Forum will bring 400 representatives from the bank, insurance and investment industries together to drive sustainable practices across asset classes and portfolios. Topics include decarbonization; nature and biodiversity; adaptation; and the Just Transition. A key topic will be leading research and best practices to identify, measure, disclose, and manage sustainability risks in the financial sector. Expected to be the largest finance forum at COP 28, the event is free and does not require Blue Zone (formal negotiation) accreditation. Apply to attend here. ~SAED
Our most read stories yesterday on JLN Options were:
- Crunch time for LOBO from the Financial Times.
- Margin Calculation Method (VaR Method) for Futures and Options from JPX.
- ETF strategies designed to help combat market volatility from The Globe and Mail. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
To reinforce the function of margin, that is to "protect investors," Japan Securities Clearing Corporation (JSCC), a group entity of Japan Exchange Group (JPX), that handles clearing of JPX's derivatives market, has changed its Margin calculation methodology from "SPAN method" to "VaR method" on November 6, 2023
Under the VaR Margin calculation method, there are 2 types of calculation methods, Historical Simulation Method (HS-VaR Method) and Alternative Simulation Method (AS-VaR Method).
HS-VaR method is used for Index Futures/Options (such as our flagship contract Nikkei 225 futures, excluding dividends index futures), Japanese Government Bond (JGB) Futures/Options, Interest Rate Futures (3-Month TONA Futures) listed on Osaka Exchange (OSE), and TOCOM's Electricity and LNG Futures contracts. On the other hand, AS-VaR method is used for OSE's Dividends index futures, Precious Metals Futures/Options, Rubber Futures, Agricultural Futures and TOCOM's Energy Futures (other than Electricity/LNG Futures).
* In JST: JST minus 15 hours = Chicago time.
** Instruments subject to AS-VaR Method are also recorded.
CLICK HERE FOR MORE DETAILED INFORMATION
Note: Each Broker decides its handling of the amount of Margin to investors independently based on the Margin requirement JSCC notifies the Brokers. So, the Margin requirement JSCC calls for the Brokers and the amount of Margin Brokers require for investors to deposit may be different.
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Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development
E-mail: [email protected]
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Sam Bankman-Fried Could Get 100 Years in Prison. What Is Fair? The founder of the failed FTX cryptocurrency exchange was found guilty of seven counts of fraud and conspiracy.
Ephrat Livni and Bernhard Warner - The New York Times
After a monthlong trial and about four hours of deliberation, a jury convicted the FTX founder Sam Bankman-Fried of seven counts of fraud and conspiracy last week. He had been accused of stealing billions of dollars from his cryptocurrency exchange's customers and investors, funneling the money into his investments and extravagant spending.
/jlne.ws/46dGRjl
***** The question is what is the price of Adderall in terms of packages of cigarettes? It is going to take a lot of Adderall to get through 100 years in jail. ~JJL
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Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC; Employees say sexual harassment, misogyny pervade federal agency tasked with ensuring stability of nation's banks, driving women to leave
Rebecca Ballhaus - The Wall Street Journal
A male Federal Deposit Insurance Corp. supervisor in San Francisco invited employees to a strip club. A supervisor in Denver had sex with his employee, told other employees about it and pressed her to drink whiskey during work. Senior bank examiners texted female employees photos of their penises. All of the men remained employed at the agency.
/jlne.ws/40CNIBt
****** The FDIC has been renamed the "Federal Distrust and Impropriety Corporation."~JJL
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De Beers Will Stockpile Unsold Diamonds After Prices Tumble; CEO is confident of selling that supply as demand recovers; Companies has allowed buyers to refuse to purchase diamonds
Mbongeni Mguni - The Wall Street Journal
"We build up stocks of those because we are confident that over time the diamond price will increase and we will be able to sell that supply into the growing demand that we believe will come," Chief Executive Officer Al Cook said at a briefing in Gaborone.
/jlne.ws/49vlVHf
****** DeBeers is turning 'Diamonds are forever' into 'Diamonds are for whenever it is ready' with their new diamond layaway plan.~JJL
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Friday's Top Three
Our top read story Friday was JLN's CQG CEO Ryan Moroney Talks CQG Acquisition Deal By Senior Executives In John Lothian News Interview, an exclusive video interview by John Lothian. Second was the Margin Calculation Method (VaR Method) for Futures and Options from the Japanese Securities Clearing Corporation. And third was our MarketsWiki page for the Japan Exchange Group Inc.
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| Lead Stories | Hamas Needed a New Way to Get Money From Iran. It Turned to Crypto; The pivot to digital currencies helped Hamas receive large sums from Iran in the two years preceding the attacks on Israel
Angus Berwick and Ian Talley - The Wall Street Journal
In mid-2019, Israel's military used a precision strike on a narrow street to kill a Hamas commander whom it called Iran's money man in Gaza. The commander ran an off-the-books system of remittances in which trusted agents shuttled physical cash and goods across borders to settle customers' balances. This so-called hawala network, as it is known in the Middle East, funneled tens of millions of dollars in financing from Iran to Hamas's military wing. His replacement, a Palestinian businessman called Zuhair Shamlakh, changed strategy to evade the Israelis: He turned to digital currencies.
/jlne.ws/47sdquT
Just How Bad Is the IPO Market? Really Bad; Companies see few reasons to rush to publicly list shares, with recent IPOs trading lower
Corrie Driebusch and Peter Santilli - The Wall Street Journal
The reopening of the IPO market is, once again, delayed. For a moment this fall, it looked like the window for initial public offerings would be pushed open. Four big companies, three of them in the technology sector, moved forward with their plans to sell stock in blockbuster IPOs. Chip designer Arm Holdings, grocery-delivery company Instacart, and e-commerce marketing company Klaviyo all priced their IPOs at the high end of or above expectations and initially traded higher.
/jlne.ws/3SFsQrA
Rebuild or retreat? Crypto faces tough choices after FTX; Following the trial of Sam Bankman-Fried, the industry must choose between becoming mainstream or retreating to the fringes
Scott Chipolina - Financial Times
Hours after Sam Bankman-Fried, co-founder of FTX and poster child of the crypto industry, was convicted of fraud and money laundering in New York, one of his leading venture capital backers had his say. "Immediately after FTX collapsed, we extensively reviewed our due diligence process and evaluated our 18-month working relationship with Sam Bankman-Fried," said Alfred Lin, partner at Sequoia Capital. "We concluded that we had been deliberately misled and lied to."
/jlne.ws/3FSZMVX
FTX Adds a Complex Chapter to the Financial-Fraud History Books
Teresa Xie - Bloomberg
When former crypto titan Sam Bankman-Fried was convicted of seven counts of fraud and conspiracy on Nov. 2, US Attorney Damian Williams called the case "one of the biggest financial frauds in American history." While that's undoubtedly true based on the dollar figures involved, academics say the scandal's legacy likely will be more complicated than relatively straightforward frauds like Bernie Madoff's infamous Ponzi scheme or the crimes committed by Elizabeth Holmes at her blood-testing company, Theranos Inc. That's because the rise and fall of FTX isn't just a story about the misdeeds of one person, but rather a broader tale about the sudden mania that erupted around a new type of financial system designed to circumvent the regulatory guardrails meant to protect investors from exactly this type of outcome.
/jlne.ws/3suYOMi
OneCoin's Compliance Head Pleads Guilty in $4 Billion Crypto Fraud Case; Irina Dilkinska's guilty plea is the latest development in one of the world's biggest cryptocurrency frauds
Mengqi Sun - The Wall Street Journal
An executive who held the title of compliance head at purported cryptocurrency issuer OneCoin pleaded guilty Thursday to wire fraud and money-laundering charges, the U.S. Justice Department said. Irina Dilkinska, a 42-year-old Bulgarian national, was the so-called "head of legal and compliance" for OneCoin. She pleaded guilty in Manhattan federal court to one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering for her role in what the prosecutors described as a $4 billion global multilevel-marketing scheme. She potentially faces a total of 10 years in prison on the two counts.
/jlne.ws/3MECZAV
Financial Fraudsters Have Escaped Justice for Far Too Long
Ankush Khardori - The New York Times
From a prosecutorial perspective, the Justice Department's aggressive pursuit of Sam Bankman-Fried for financial fraud has been brutally efficient. His conviction came a year to the day after the public first learned that there could be serious problems with the finances at his cryptocurrency exchange FTX, and it generated a wave of public interest and positive press for the department.
/jlne.ws/3QWziJk
Geopolitical risks worst in 50 years, warns oil services boss; Baker Hughes CEO says wars in Ukraine and Middle East threaten instability similar to 1973 oil embargo
Myles McCormick and Jamie Smyth - Financial Times
Geopolitical risks are at their highest level in half a century, the head of one of the world's biggest oilfield services companies has said, raising concerns about energy supplies and helping to fuel a boom in liquefied natural gas. "From a historical context I've heard people say, you go back to the oil embargo of 1973 - that being somewhat similar," said Lorenzo Simonelli, chief executive of Baker Hughes, in an interview with the Financial Times. "But in my tenure, no [the geopolitical climate has not been this fragile]," he added. "This is, from a political standpoint, very fluid."
/jlne.ws/3QWGTri
Changes to UK supervision rules 'risk encouraging money-laundering; Accounting bodies warn that most of government's planned reforms would be counter-productive
Simon Foy - Financial Times
Most of the UK government's plans to overhaul the supervision of anti-money laundering rules would be counter-productive and damaging to the fight against dirty money, accounting bodies have warned. In a letter to Lords Treasury minister Baroness Joanna Penn, a group representing 13 accounting bodies said the majority of the government's proposed models for reforming counter-terrorism financing and AML oversight would weaken the UK's battle against financial crime.
/jlne.ws/3FZhw1T
Bankman-Fried's Parents Stand by Their Sam-and Face Their Own Legal Perils; The couple, longtime Stanford Law professors, have an uphill battle ahead in trying to overturn their son's conviction
Justin Baer - The Wall Street Journal
Barbara Fried wanted to get close to her son. During breaks in the monthlong criminal fraud trial of her firstborn child, Sam Bankman-Fried, she would sometimes leave her seat and walk up to the railing that separated him from the gallery. Watching him and his lawyers, often in silence, she was just inches away yet no more able to intervene on his behalf or prevent the conviction that many saw coming.
/jlne.ws/3FUsjKL
What Elon Musk's 'Age of Abundance' Means for the Future of Capitalism; The world's richest man and others are describing a world with little work
Tim Higgins - The Wall Street Journal
When it comes to the future, Elon Musk's best-case scenario for humanity sounds a lot like Sci-Fi Socialism. The world's richest man, who for years has warned about the dangers of artificial intelligence, lately has been painting a more utopian vision for what could occur when supersmart robots are able to replace everyday workers. "We will be in an age of abundance," Musk said this month.
/jlne.ws/3QyVZ56
Excitement and worry as stock options trading booms in India
Jayshree P Upadhyay and Ira Dugal - Reuters
A sudden explosive growth in stock options trading in India this year has got the country's retail traders excited and regulators worried about the risks such speculative fervour could spawn. The boom in derivatives trading in the country's historically conservative markets, where some products such as stock futures are still too expensive, has come after stock exchanges changed some options contracts to facilitate quicker and cheaper bets and as online retail trading platforms mushroomed.
https://jlne.ws/477uiqR
Crypto Is Back From the Dead Thanks to BlackRock and Gary Gensler
Kevin T. Dugan - New York Magazine
For the entirety of crypto's existence, a large part of digital currency's appeal was how strange it all was. From its 2008 inception, bitcoin was this new kind of anti-government money, perfect for someone to buy drugs with online anonymously, even as it was susceptible to getting lost or thrown out on garbage day. There were the copycat fads - the "initial coin offering" bubble of 2017, the shitcoin mania of 2021 - as well as the truly weird and dumb stuff, like the NFTs of monkeys that were, briefly, fodder for the art world. Whatever your opinion of all these things, they made many people very, very rich - at least for a little while, on paper. This year, though, has been different. After last year's market collapse and last week's conviction of crypto-fraud kingpin Sam Bankman-Fried, what's weird about it all isn't some new trend or some new offense to good taste. On Thursday, crypto had one of its best days in 18 months, and it has everything to do with abandoning its rebel origins and getting approval from Wall Street giants and government regulators.
/jlne.ws/476GckQ
Inside the super hedge funds that have Wall Street running scared; The latest wave of mega hedge funds is luring talent with $10 million golden hellos
Oliver Shah - The Times
Even on Wall Street, the sums being thrown at talent by a new breed of hedge funds inspires shock and awe. "I've never seen anything like it," said a senior figure at a bulge-bracket investment bank. "They have a bunch of people that just spend their time meeting for coffees, lunches, dinners, with any trader who will take their call. They know every person, from the first-year analyst to the partner ... They have an insatiable appetite and they're bidding up talent to a crazy, obscene level." Asked whether this was a headache for the old big beasts of finance - the likes of Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley - the banker replied: "Oh, it's way more than a headache. They've gutted the street."
/jlne.ws/3QUUbEN
Will crypto recover? The mavericks trying to revive digital currency; Sam Bankman-Fried has been dethroned, FTX investors have lost billions and the US regulator thinks it's illegal. So why do believers still believe?
Danny Fortson - The Times
Even as Sam Bankman-Fried wallows in a New York City prison after being found guilty of overseeing a multibillion-dollar fraud at his defunct crypto exchange FTX, moves are afoot to piece his empire back together. And not just his. Indeed, 18 months on from the cryptocurrency market collapse of 2022 - which vaporised $2 trillion in value and exposed the schemers and scammers in one of the great manias of financial history - opportunists are scooping up the assets of dead companies with the promise not just that they will return all the lost money. Maybe, just maybe, they can also revive the crypto dream of borderless digital money, liberation from the banks and a remaking of just about everything from art and real estate to the web itself.
/jlne.ws/3Sy8AIg
The Clearest Sign Yet That Commercial Real Estate Is in Trouble; Lenders are issuing a record number of foreclosure notices related to risky property loans
Konrad Putzier - The Wall Street Journal
Foreclosures are surging in an opaque and risky corner of commercial real-estate finance, offering one of the starkest signs yet that turmoil in the property market is worsening. Lenders this year have issued a record number of foreclosure notices for high-risk property loans, according to a Wall Street Journal analysis. Many of these loans are similar to second mortgages and commonly known as mezzanine loans.
/jlne.ws/3QXvJmn
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia renews missile attacks on Kyiv, attacks intensify in the east
Reuters
Russia on Saturday launched a missile attack on Ukraine's capital Kyiv and the surrounding region for the first time in more than seven weeks and pounded the east and south of the country with drones, Ukrainian officials said. Ukrainian border guards said they had retaken a village in the country's northeast adjacent to the Russian border.
/jlne.ws/3QUDhpH
Zelenskiy tells Ukrainians to prepare for Russian winter onslaught
Reuters
President Volodymyr Zelenskiy warned Ukrainians on Sunday to prepare for new waves of Russian attacks on infrastructure as winter approached and said troops were anticipating an onslaught in the eastern theatre of the war. A military spokesman said Russian attacks on the shattered eastern town of Avdiivka had eased in the past day, but were likely to intensify in the coming days.
/jlne.ws/47ph1JW
Russia to limit only VPN services which pose a 'threat' to security, RIA reports
Reuters
Russia plans to block certain Virtual Private Networks (VPNs) and protocols which are deemed by a commission of experts to pose a threat, state news agency RIA reported citing correspondence from the digital ministry. Demand for VPN services soared after Russia restricted access to some Western social media after President Vladimir Putin ordered troops into Ukraine in February 2022.
/jlne.ws/40CfQVl
Germany's support for Ukraine is to be 'massively expanded' next year
Associated Press
Germany's aid for Ukraine will be "massively expanded" next year, the foreign minister said Monday as Kyiv heads into its second winter since Russia launched its full-scale invasion. Germany has become one of Ukraine's top military suppliers since the war started in February 2022, sending material that includes tanks, armored personnel carriers, air defense systems and Patriot missile systems.
/jlne.ws/49zTxUr
Ukrainian officials: Russian forces kidnapping museum staff in war on heritage
Rebecca Falconer - Axios
Ukrainian officials accused the Kremlin in a "60 Minutes" report broadcast Sunday of orchestrating the deliberate destruction and looting of the country's museums, churches and monuments during the ongoing Russian military invasion. The big picture: Their comments that the attacks amount to war crimes come days after the UN Educational, Scientific and Cultural Organization (UNESCO) said it had verified damage to 327 cultural sites in Ukraine since Russian leader Vladimir Putin's forces launched a full-scale military invasion of the country on Feb. 24, 2022.
/jlne.ws/46bzGbl
US seeks to thwart Russia's ambition to become a major LNG exporter; Washington has for the first time added Russian liquefied natural gas to sanctions linked to the war in Ukraine
Shotaro Tani and Ian Johnston and James Politi - Financial TImes
/jlne.ws/3SDJ1Wn
Russia's Flagship Crude Price Is Sliding Toward $60 G-7 Cap
Alex Longley - Bloomberg
/jlne.ws/46cFVf3
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | U.N. observes minute's silence for 101 staff killed in Gaza
Reuters
United Nations workers observed a minute's silence on Monday to honour the more than 100 employees killed in Gaza since the Israel-Hamas war began last month, the largest toll of humanitarian workers in the organisation's 78-year history. Staff at U.N. offices in Geneva bowed their heads as a candle was lit in memory of the 101 employees of U.N. Palestinian refugee agency UNRWA killed in the Israeli assault on Gaza. U.N. flags across the world flew at half mast.
/jlne.ws/47ukaZ1
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Digital to Launch Margined Bitcoin and Ether Futures on January 11, 2024, Backed by Crypto and Traditional Finance Players; Cboe Digital to become first U.S. regulated crypto native exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform; 11 leading firms across crypto and traditional finance committed to supporting launch on Day 1
Cboe
Cboe Digital today announced plans to launch trading and clearing in margin futures on Bitcoin and Ether, beginning January 11, 2024. With this launch, Cboe Digital will become the first U.S. regulated crypto native combined exchange and clearinghouse to enable both spot and leveraged derivatives trading on a single platform. Committed to bringing trust, transparency and responsible innovation to the crypto spot and derivatives markets, Cboe Digital presents an intermediary-inclusive model, ensures separation of duties to avoid conflicts of interest, and uses an integrated exchange-clearinghouse model that will allow it to potentially bring more unique and groundbreaking offerings in 2024.
/jlne.ws/46kketG
JPX ESG Link (formerly "JPX Listed Company ESG Information WEB") Has Been Officially Launched
Japan Exchange Group
JPX Market Innovation & Research, Inc. (JPXI) established the "JPX Listed Companies ESG Information Web" (beta version) in collaboration with DATAZORA, Inc. (CEO: Aram Zinzalian), a company which collects and disseminates a wide range of listed company IR information and other information. We are pleased to announce that we have confirmed that the system is being utilized by listed companies, investors, and others, and that we have officially launched the system today. For the official launch, the name of the service was changed to "JPX ESG Link," as the website acts as a bridge linking listed companies and investors by providing ESG information.
/jlne.ws/3MIiFP8
MARF registers a new Squirrel Media bond program for 22 million euros
BME
BME's fixed income market, MARF, has admitted to trading a new Squirrel Media bond program for a maximum amount of 22 million euros. Through this new financing tool, Squirrel will be able to issue bonds over the next 12 months with a maximum term of 5 years from the issue date, with fixed or variable interest rates linked to the evolution of money market indexes and guaranteed by various companies belonging to the Squirrel Group. Andersen Tax & Legal Espana has participated as Registered Advisor and Legal Advisor in the programme. Link Securities will be the Placement Entity. GVC Gaesco will be the Paying Agent for the issues. Andersen Tax & Legal Espana has been the legal advisor in the registration of the new program.
/jlne.ws/3uayCXP
LME Mumbai Forum 2024 - Sponsorship Opportunities
London Metal Exchange
Summary. 1. The purpose of this Notice is to inform Members and other interested parties of the LME Mumbai Forum 2024 taking place on 22 January 2024. 2. This Notice also advises of the sponsorship and exhibition opportunities associated with the event that will be hosted by The London Metal Exchange("LME").
/www.lme.com/en/News
Nadex Adjusts Position Limits For Its BTC And ETH Touch Bracket Contracts
Mondovisione
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (the "Act"), and 40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the "Commission") under the Act, North American Derivatives Exchange, Inc. ("Nadex" or the "Exchange") d/b/a crypto.com | Derivatives North America, hereby submits to the Commission its intent to adjust the position limits for its Bitcoin (BTC) and Ether (ETH) Cryptocurrency Touch Bracket Variable Payout Contracts (the "Contracts") from 10 to 250 lots for Direct Trading Members, and from 10,000 to 250,000 (on a per strike basis) for market makers quoting markets in the Contracts.
/jlne.ws/40APtiI
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date October 31, 2023
Nasdaq
At the end of the settlement date of October 31, 2023, short interest in 3,200 Nasdaq Global MarketSM securities totaled 10,847,253,689 shares compared with 10,705,010,843 shares in 3,231 Global Market issues reported for the prior settlement date of October 13, 2023. The end of October short interest represent 3.15 days average daily Nasdaq Global Market share volume for the reporting period, compared with 3.25 days for the prior reporting period.
/jlne.ws/3SCw9j2
Nodal Exchange Achieves Record Volume in Power and Environmental Markets
Nodal
Nodal Exchange today announced new trading records in power and environmental futures. In power, Nodal achieved a year to date record with January 2023 - October 2023 traded power futures volume of 2.355 billion MWh, up 15% from 2.050 billion MWh during the same time period 2022. In October, Nodal Exchange traded volume was 242.5 million MWh, up 27% from October 2022. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with a 1.2
/jlne.ws/3uakzBI
NGX Mulls Dual Listing With Saudi Stock Exchange
Mondovisione
The Group Chairman, Nigerian Exchange Group, Dr. Umaru Kwairanga has hinted at the proposed plans for dual listing with the Saudi Exchange, stressing that President Bola Tinubu's economic reforms have created room for investment in Africa's largest economy. Kwairanga who was speaking on the sidelines of the Saudi-Africa summit in Riyadh recently, stated that the summit was an opportunity to seek cooperation between the Saudi government and the Nigerian business environment.
/jlne.ws/40CDMYS
The All-Russian online test of the Bank of Russia on financial literacy is held with the support of the Moscow Exchange
MOEX
From November 1 to November 21, 2023, the Bank of Russia, together with the Agency for Strategic Initiatives and with the support of the Moscow Exchange, is holding the sixth annual All-Russian online test on financial literacy . In 2022, more than 1.5 million people across Russia took the test. Anyone, starting with primary school students, can take part in the test and check how well they understand financial issues. Participants will also receive individual advice on complex topics, and those who successfully pass the test will be awarded personalized certificates.
/jlne.ws/47bBZfV
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Chamath Palihapitiya says there's a 'reasonable case to make' that the job of VC 'doesn't exist' in a world of AI-powered two-person startups
Steve Mollmann - Fortune
If you accept the argument that today's artificial intelligence boom will lead to dramatic productivity gains, it follows that smaller companies will be able to accomplish things that only larger ones could in the past.
/jlne.ws/3Qtkm40
Investors use AI to glean the truth behind executives' soothing words; Analysts hope artificial intelligence can reveal what is not said on earnings calls
Nicholas Megaw - Financial Times
On his final earnings call as chief executive of gene sequencing company Illumina, Francis deSouza did his best to stay positive. A contentious $8bn takeover of cancer screening business Grail had prompted a campaign by activist investor Carl Icahn, fights with competition authorities on both sides of the Atlantic, and criticism from Grail's founding directors.
/jlne.ws/49C1JDB
Nvidia Upgrades Processor as Rivals Challenge Its AI Dominance; New chip, the H200, will have more powerful memory options; Company's AI success has driven market value past $1 trillion
Ian King - Bloomberg
Nvidia Corp., the world's most valuable chipmaker, is updating its H100 artificial intelligence processor, adding more capabilities to a product that has fueled its dominance in the AI computing market.
/jlne.ws/3MFHZoY
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| Cybersecurity | | Top stories for cybersecurity | Google Sues to Block AI Ads Preying on Small Businesses; Lawsuit attributes the alleged scheme to hackers in India and Vietnam
John D. McKinnon - The Wall Street Journal
Scammers are capitalizing on the rush of consumer interest in artificial-intelligence tools to steal U.S. small businesses' social-media-account passwords, Google alleges in a new lawsuit. The lawsuit, filed Monday, targets unnamed individuals in India and Vietnam. Google said the hackers have been tricking small-business owners into clicking on Facebook ads that offer to download Google's Bard artificial-intelligence chatbot. When they do, the ads hit them with malware that steals their social-media credentials.
/jlne.ws/3uhx7HC
Google Sues Scammers Over Fake Bard AI Chatbot That Downloads Malware; Fraudsters tricked users into installing malware onto devices; Google says it hopes to create new precedent in emerging field
Emily Birnbaum - Bloomberg
Alphabet Inc.'s Google is suing five unidentified scammers who tricked people looking for Google's artificial intelligence chatbot Bard into downloading malware onto their computers. In a lawsuit filed in the Northern District of California, Google claimed the scammers set up social media accounts encouraging people to download a fake version of Bard. When users downloaded the file, it installed malicious software onto their devices, allowing the scammers to access their social media accounts.
/jlne.ws/3sm5mNu
China proposes cybersecurity check for auditors if national security involved
Reuters
China's finance ministry has proposed that auditors undergo or conduct additional cybersecurity checks when their work involves national security. A draft of the new measures, made public on Friday, also lays out how accounting firms should manage data that relates to Chinese firms.
/jlne.ws/47vME4Q
A government agency wants you to make cybersecurity a part of your routine
Jenna McLaughlin - NPR
The Department of Homeland Security has launched a new public service campaign to spread the word about simple steps you can take to protect yourself from cybersecurity threats.
/jlne.ws/49zJ8bf
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| Cryptocurrencies | | Top stories for cryptocurrencies | Key Witness at Sam Bankman-Fried Trial to Launch New Crypto Exchange; Ex-FTX lawyer Can Sun and other former company executives want the new exchange to allow customers to verify holdings at any time
Angus Berwick and Peter Rudegeair - The Wall Street Journal
A group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve the problems that doomed their previous employer. Trek Labs, a Dubai-based startup led by the former FTX general counsel Can Sun, received a license from the emirate's crypto regulator last month.
/jlne.ws/40z1jKa
Ripple CEO says SEC has lost sight of mission to protect investors
Ryan Browne - CNBC
The CEO of blockchain company Ripple has some strong words for the U.S. Securities and Exchange Commission. Brad Garlinghouse told CNBC's Dan Murphy at the company's Ripple Swell conference in Dubai that he thinks the agency has lost sight of one of its key tasks as a regulator. "I think the SEC, in my opinion, has lost sight of their mission to protect investors. And the question is, who are they protecting in this journey?" Garlinghouse said Thursday. The SEC was not immediately available for comment when contacted by CNBC.
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Can Crypto Be Hacked?
Nathan Reiff - Investopedia
Thieves tend to gravitate toward opportunities where there is a promise of easy riches. There are weaknesses in cryptocurrency networks that hackers can exploit, so your cryptocurrency can be stolen; however, it can only be done in certain scenarios.
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FTX claims Bybit, one of world's largest crypto exchanges, used VIP status to pull hundreds of millions of dollars during collapse
Leo Schwartz - Fortune
The bankruptcy estate of FTX filed its latest lawsuit on Friday as part of its attempt to make customers whole, suing the crypto exchange Bybit for nearly $1 billion. After FTX collapsed in November 2022 under Sam Bankman-Fried, the new leadership stewarded by John J. Ray III has sought to claw back funds from insiders, customers, and recipients of FTX's investments. Friday's lawsuit represents one of the largest claims as part of the bankruptcy proceedings.
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Whatever happened to NFTs?
Joe Tidy - BBC
When Homer Simpson comes up with a get-rich-quick scheme it usually ends badly. In the latest episode of The Simpsons the hapless dad turns his son Bart, and then himself, into NFTs to make millions. It all goes wrong when Homer finds out from a floating pizza cat that "the NFT craze is over". The episode has been widely applauded by NFT fans and sceptics alike for successfully poking fun at a side of the crypto world that exploded a couple of years ago but has now gone very quiet. So is the floating pizza cat right, and are NFTs really dead?
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| Politics | | An overview of politics as it relates to the financial markets | Tired of Biden and Trump, 10% of Swing-State Voters Back RFK Jr.; The independent candidate is siphoning support from both Democrats and Republicans
Gregory Korte - Bloomberg
Robert F. Kennedy Jr. has the backing of 10% of swing-state voters in his independent presidential bid that is draining support from both Republican and Democratic rivals ahead of next year's election, a Bloomberg News/Morning Consult poll found.
/jlne.ws/3u9UWRn
'Democracy is on the line': Former CNN boss on 2024 election
Seana Smith - Yahoo Finance
With the 2024 presidential election officially less than a year away, former CNN president Jeff Zucker had a stern warning for all Americans: "Democracy is very much on the line." "We're at a critical time in America," Zucker told me at the Yahoo Finance Invest conference on Tuesday in New York City. "This is as serious a time for American democracy as we've seen in maybe 250 years."
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If Trump wins, US would look like Putin and Orbán's 'illiberal democracy', Raskin says; Democratic congressman invokes strongmen Putin and Orbán to characterize the threat posed by a second Trump presidency
Ramon Antonio Vargas - The Guardian
If Donald Trump wins a second presidency, the US would resemble the authoritarian regimes of Vladimir Putin's Russia and Viktor Orbán's Hungary, a prominent Democratic congressman predicted Sunday. During an appearance on MSNBC's Inside with Jen Psaki, Jamie Raskin invoked the names of some of the globe's most powerful strongmen political leaders to characterize the threat posed by Trump's status as the leading contender for the 2024 Republican presidential nomination despite the mound of legal problems with which he is grappling.
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Free speech can't flourish online; Social media is an outrage machine, not a forum for sharing ideas and getting at the truth
Jemima Kelly - Financial Times
There has been much talk about the importance of free speech in recent weeks - and for understandable reasons: having the freedom to speak out without fear of punishment or censorship is tested in times of crisis. But in a world in which much of our discourse takes place online, can free speech still do the work it used to? What if, by seeing it as some kind of end in itself, its defenders actually miss what makes it so valuable?
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Deutsche Bank's Courtship Is Heart of Trump NY Trial Defense; NY attorney general has cast Trump's lenders as his victims; German bank loved doing business with Trump, defense will say
Erik Larson, Patricia Hurtado, and Greg Farrell - Bloomberg
For six weeks of trial, Deutsche Bank AG has been depicted as the biggest victim of Donald Trump's alleged inflation of his net worth. New York Attorney General Letitia James claims Trump fooled the bank into giving him better terms than he deserved on hundreds of millions of dollars in loans.
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Controlling debt is just a means - it is not a government's end; An excessively narrow focus on deficits can lead to bad decisions
Martin Wolf - Financial TImes
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Tech leakage to China can't be stopped but can be delayed, says expert; Export control expert Sato warns Japan is targeted by weapon developers
Toru Tsunashima - Nikkei
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Beijing's data and spy laws threaten to spur decoupling with Europe, says business group; BusinessEurope claims that anti-espionage amendments make the relationship with China 'challenging'
Joe Leahy - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | Changes to UK supervision rules 'risk encouraging money-laundering; Accounting bodies warn that most of government's planned reforms would be counter-productive
Simon Foy - Financial Times
Most of the UK government's plans to overhaul the supervision of anti-money laundering rules would be counter-productive and damaging to the fight against dirty money, accounting bodies have warned. In a letter to Lords Treasury minister Baroness Joanna Penn, a group representing 13 accounting bodies said the majority of the government's proposed models for reforming counter-terrorism financing and AML oversight would weaken the UK's battle against financial crime.
/jlne.ws/3FZhw1T
ASIC calls for greater organisational vigilance to combat cyber threats
ASIC
ASIC calls on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia identified significant gaps. The report summarises the results of ASIC's recent cyber pulse survey. The results of the voluntary self-assessment survey have exposed deficiencies in cyber security risk management of critical cyber capabilities, indicating that organisations are reactive rather than proactive when it comes to managing their cyber security.
/jlne.ws/47vQM4J
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Your 401(k) Is Falling Behind. Here's What You Should Do; How to know when it is time to take your portfolio off autopilot
Anne Tergesen - The Wall Street Journal
The investing strategy millions of Americans rely on to secure a good life in retirement hasn't worked lately. They should probably stick with it anyway. Most people keep their 401(k) on autopilot by investing in a diversified portfolio of stocks and bonds. Faith in this approach has been shaken by three years of losses in the bond market.
/jlne.ws/3QTBKjS
Japan to ease regulation on starting asset management firms; Revisions to allow new companies to have fewer wealth management functions
Kensuke Yuasa - Nikkei
Japan's financial regulator is set to ease the rules on starting an asset management business in the country as it seeks to boost the sector, Nikkei has learned. A key change will be allowing new businesses to narrow their focus on mostly investing. This will allow companies to have a smaller unit of wealth management that invests in financial products and companies, not a whole set of asset management functions which includes administrative tasks such as calculating prices of investment funds, publishing monthly reports and compliances.
/jlne.ws/49JtASC
Bonds vs. Bond Funds: How Higher Rates Are Changing the Calculation; Many investors are taking a second look at bonds. Here are some options to consider.
Heather Gillers - The Wall Street Journal
The new era of higher interest rates has reignited a long-smoldering Wall Street debate: Is it better for ordinary investors to buy individual bonds outright? Or shares of bond mutual funds? During the yearslong period of near-zero interest rates, the answer seemed simple: Funds had low fees and were easy to buy and sell, and share values rose alongside bond prices. If any one bond defaulted, losses were minimal.
/jlne.ws/3sn3fcd
The 4% Rule for Retirement Is Back; Higher interest rates make it a bit safer to spend more money in retirement
Anne Tergesen - The Wall Street Journal
For those wondering if now is a good time to retire, here's some encouraging news: The 4% rule is back. Thanks to higher interest rates and bond yields, it is likely safe for new retirees to spend 4% of their nest eggs in their first year of retirement and then to adjust that amount for inflation in subsequent years, according to a new analysis from Morningstar released Monday.
/jlne.ws/3QE2rHM
Investors miss out on sugar rush as they flee commodities ETFs; Few have taken advantage of price rally as those of other crops has fallen
Will Schmitt - Financial Times
Investors have missed out on the latest rally in sugar as exchange traded funds devoted to the sweet stuff have suffered outflows despite soaring prices for the commodity. Poor crops in India and Thailand due to the re-emergence of the El Niño weather system and export restrictions in India have pushed sugar prices to levels not seen in more than a decade.
/jlne.ws/46rYa0h
Moody's lowers outlook on US debt to 'negative'; Rating agency says move reflects drastic rise in Treasury yields and 'political divisions'
Kate Duguid and Harriet Clarfelt and James Politi - Financial Times
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London Spac ditches attempt to raise funds for insurance deal; Financials Acquisition Corp blames volatile markets for failure to attract investors and says it will wind up
Ian Smith - Financial Times
/jlne.ws/3MFHk6J
Investors shake up VC market by raising money to buy out start-ups; Aim is to take advantage of economic headwinds to acquire promising businesses at a discount
Ivan Levingston and George Hammond - Financial Times
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US and EU Lead Push for COP28 to Back Tripling of Renewables; Coalition of 60 nations to call for commitment at Dubai talks; China and India's stance is seen as key for fate of pledge
Ewa Krukowska and Jennifer A Dlouhy - Bloomberg
The US and the European Union are leading a global push for the United Nations' climate talks to endorse the tripling of renewables and doubling of energy savings by the end of the decade. More than 60 countries are backing the targets to be included in the outcome of the UN's forthcoming COP28 talks in Dubai, according to people with knowledge of the matter. Leaders from those nations are planning to join a call for action at a Dec. 2 meeting during the conference, they said.
/jlne.ws/3FUP80C
South Africa Offers Tax Breaks For Lion, Rhino Conservation
Antony Sguazzin - Bloomberg
South Africa has offered its first ever tax incentives for the preservation of endangered species. The Department of Forestry, Fisheries and the Environment said that, together with the Sustainable Finance Coalition and Wilderness Foundations Africa, said it developed its first biodiversity management agreements with three private black rhino and lion owners in the northeastern province of Limpopo. The agreements allows the owners to deduct all their expenses related to conservation from their taxable income. In order to activate the agreements applicants have to sign a management plan of at least a five-year duration with the department.
/jlne.ws/3QDfhGb
This Week in Nairobi, Nations Gather for a Third Round of Talks on an International Plastics Treaty, Focusing on Its Scope and Ambition; Led by the EU, some nations are pushing for binding provisions to restrain and reduce the consumption and production of plastics. The U.S. has staked out a middle ground, calling for provisions to reduce plastic pollution while embracing industry's call for advanced plastics recycling.
James Bruggers - Inside Climate News
Delegates from more than 175 countries are gathered in Nairobi to advance a potential diplomatic solution to a global plastic pollution crisis amid a growing awareness of the effect of plastic on the environment and human health. An often described "miracle product," plastic in its many forms has become ubiquitous in the global economy, used to make lightweight and durable parts for cars, trucks and airplanes, and life-saving medical supplies and equipment, but also packaging that is opened and tossed aside in minutes.
/jlne.ws/3MFF3IJ
Climate Change Will Test Tokyo's World-Class Flood Defenses; Japan has financed enormously expensive infrastructure projects to protect cities from catastrophe, but old adaptation plans may not be enough against increasingly heavy rains.
Linda Poon and Shoko Oda - Bloomberg
Underneath a stretch of highway north of Tokyo lies an example of Japan's prowess in engineering solutions to potentially destructive weather events: A network of concrete tunnels and colossal pits built to prevent devastating floods in Saitama prefecture near the bottom of a bowl-shaped river basin. In the event of an extreme storm or a typhoon, it can even help protect the capital.
/jlne.ws/47arBVG
EU to Pledge 'Substantial' Sum to Climate Loss and Damage Fund; EU's climate commissioner aims to make announcement at COP28; John Kerry has said US will also contribute to landmark fund
John Ainger - Bloomberg
The European Union vowed "substantial" contributions to a fund aimed at helping vulnerable countries cope with severe weather, but the extent of that support remains unclear. The pledge comes after negotiators agreed earlier this month to a framework for the Loss and Damage fund at COP28. The two-week United Nations' climate summit will start in Dubai from Nov. 30.
/jlne.ws/40IyYRJ
New satellite will detect and share CO2 data from individual facilities
Reuters
/jlne.ws/3FYaBGi
Forever Chemicals' Toxic Legacy at Chicago's Airports; Firefighting foam contaminated groundwater beneath O'Hare and Midway airports with PFAS chemicals, military investigators have found. It's unclear how far it has spread.
Brett Chase - Chicago Sun-Times
/jlne.ws/3QE8xYI
Exxon to begin producing lithium to feed surging battery demand; Biggest western oil producer to extract the metal from Arkansas starting in 2027 for use in EVs and energy storage
Myles McCormick - Financial Times
/jlne.ws/3SEvv4x
Copper Market Slump Threatens Shift to Wind Power, Electric Cars; Green-energy transition requires increasing supplies, but demand is waning
Bob Henderson - The Wall Street Journal
/jlne.ws/47rRgJ8
Electricity Use Booms in Texas, a Harbinger for the Country; Power demand is climbing across the nation as industrial users connect to the grid, populations grow and weather gets more Jennifer Hiller - The Wall Street Journal
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The Path to Green Energy Is Getting Messier; The shift away from oil and gas looks increasingly more expensive and further out; Steel monopile foundations for an offshore wind project were unloaded in Virginia last month.
Phred Dvorak - The Wall Street Journal
/jlne.ws/40HBbgo
Bill Gates-Backed Startup to Use Old Wood to Remove Carbon From the Air; "Carbon casting" is a unique form of CO2 removal technology that could be a key to reversing the worst effects of climate change.
Michelle Ma - Bloomberg
/jlne.ws/3GgGTMV
Banks May Escape EU's Toughest ESG Regulation So Far; Lawmakers, member states are negotiating due diligence rule; Firms face new civil liability, large fines under the proposal
Frances Schwartzkopff - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | London-based futures broker Marex preps for U.S. move
Swetha Gopinath, Isis Almeida and Ryan Gould - Bloomberg
Futures and options broker Marex Group is preparing for an initial public offering in New York, swapping venues two years after it pulled plans to list in London, according to people familiar with the matter. The UK firm, which is best known for its commodities business and is one of the largest dealers on the London Metal Exchange, is aiming to list next year, the people said. It's opted for New York due to the depth of the market and greater investor receptivity to growth stocks, according to the people, who asked not to be identified discussing private plans.
/jlne.ws/49yp0pW
Asset Management: The 'wizard of Westport'; Plus, a ransomware attack on ICBC, US bank stocks tumble, and Marina Abramovic at the Royal Academy
Harriet Agnew - Financial Times
One thing to start: We almost broke the internet last week when we reported Sir Paul Marshall's comments on how the rise of multi-manager hedge funds like Citadel and Millennium Management has led to a "merry-go-round" of portfolio managers being offered "silly" amounts of money. The Lex column declared it "a full pot-kettle-black emergency," noting that "first responders in high-viz jackets have been directing bystanders away from the irony spillage."
/jlne.ws/46gpHkW
Top four US banks grab a growing share of industry's profits; The era of high interest rates offers an advantage to America's largest financial institutions, at the expense of smaller rivals
Stephen Gandel - Financial Times
The four biggest US lenders grabbed almost half of all banking profits in the third quarter, highlighting their growing advantage in the new era of higher-for-longer interest rates. Earnings at JPMorgan Chase, Bank of America, Wells Fargo and Citigroup were up 23 per cent according to BankRegData, which collates quarterly reports from lenders to the Federal Deposit Insurance Corporation.
/jlne.ws/46awnRF
HSBC Hands Cowper-Coles Advisory Role After China Remarks Outcry; Sherard Cowper-Coles was preparing to leave after UK comments; Public affairs head recently set up his own consulting company
Charles Capel and Harry Wilson - Bloomberg
HSBC Holdings Plc will retain Sherard Cowper-Coles, the public affairs executive who apologized for criticizing the UK's stance on China and igniting fresh scrutiny of HSBC's engagement with China and the West, as a part-time consultant.
/jlne.ws/3sFWhPo
Ex-Balyasny Asset Management trader joins Millennium; Incoming individual has previously worked at: Credit Suisse, AlphaSights, and Balyasny Asset Management.
Claudia Preece - The Trade
Umair Khan Marwat has joined Millennium as a trader, following almost two and a half years at Balyasny Asset Management. Hong Kong-based Marwat previously worked at Credit Suisse, focused on AES, algorithmic, and direct market access (DMA) trading, before joining Balyasny Asset Management in 2021 as a trader.
/jlne.ws/3QUBDVg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Is Remote Work the Answer to Women's Prayers, or a New 'Mommy Track'? Post-pandemic work-from-home norms allowed more women to stay in the work force than ever before. Remote work could also make it harder to get ahead.
Sarah Kessler - The New York Times
In 1989, the legal scholar Joan C. Williams published a theory for why professional women were "opting out" of their careers. Professional jobs, she wrote, expected that employees would be available at all times - to travel often, work late and show up regardless of whether a child was sick at home or just born. They were designed, in other words, for men married to homemakers.
/jlne.ws/3Qz38Cd
Degrees not essential for 40% of employers; Bosses being 'practical' over hiring amid glut of vacancies
Max Kendix - The Times
Nearly 40 per cent of employers do not consider university degrees essential for a job application, research shows. Only 16 per cent think a degree is essential, according to a survey of about 15,000 British professionals and employers by Hays, the FTSE 250 recruitment company. A further 39 per cent of organisations say a degree is quite important but not essential when hiring. Gaelle Blake, head of permanent appointments at Hays, said more lax degree requirements for applicants were a symptom of the high number of vacancies, which are still about a fifth higher than before the pandemic. "You have to take this into the context of the UK labour market," she said. "It's pragmatism. Employers want the widest variety of people to apply. You want to be as open-minded as possible, and take other factors into account more, including work experience and apprenticeships."
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She Was a Business Analyst and Tech Writer for Decades. Now She Cooks-and Loves It; Claudia Denelle caters and teaches cooking. At 70 years old, she has no plans to stop.
Julie Halpert - The Wall Street Journal
From the age of two, Claudia Denelle enjoyed cooking with her mother and grandmothers, rolling grape leaves and preparing pasta, the cuisines of their Lebanese and Italian heritage. "It was the place I preferred to be," says Denelle, who lives in Brockton, Mass. It took over 50 years, but now, at age 70, she finally is in the place she prefers to be-catering and teaching cooking.
/jlne.ws/3QWGo0n
The fraught politics of the office whipround; Technology is upending the age-old act of chipping in for a farewell gift
Pilita Clark - Financial Times
Not that long ago, the office whipround was a reasonably straightforward affair. On hearing that a colleague was going to give birth, wed or leave, someone would buy a card and set off around the building armed with an envelope to collect money for a gift. When I say "someone", I mean a woman. I cannot remember ever seeing a man carry out this thankless, non-promotable task, but well done to any who did. Either way, with card signed and cash collected, a gift would be bought and handed over in a way that left most onlookers in the dark about the exact size of the collection pot - and occasionally the present.
/jlne.ws/49sCOCF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | New York Plans Cyber Rules for Hospitals; String of hacks at medical facilities prompts focus on security
James Rundle - The Wall Street Journal
New York regulators Monday plan to issue cybersecurity regulations for hospitals, after a series of attacks crippled operations at medical facilities. Under draft rules reviewed by The Wall Street Journal, New York will require general hospitals to develop and test incident response plans, assess their cybersecurity risks and install security technologies such as multifactor authentication. Hospitals must also develop secure software design practices for in-house applications, and processes for testing the security of software from vendors.
/jlne.ws/3FVvHov
How Dogs Help Us Lead Longer, Healthier Lives; Research shows that canine companions can help with stress, allergies and even cardiovascular disease, in part by giving us a reason to focus on the future.
Jen Golbeck and Stacey Colino - The Wall Street Journal
Dogs seem to make us healthier than we would be without them. Social psychologist Bruce Headey conducted a survey of Australian dog-owners and found that they take fewer trips to the doctor and sleep better than non-dog-owners. They are also less likely to be on heart medications.
/jlne.ws/3GgGsSN
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan's urban mining boom picks up as gold prices rise; Businesses and government eye growing opportunities to turn e-waste into treasure
Monika Matsumoto - Nikkei
With gold surging in price, efforts to extract the precious metal from used circuit boards and other electronic waste are ramping up in Japan. Japan has little in the way of natural resources. But it is considered one of the most promising markets for urban mining: turning discarded electronics into a source of gold as well as of other important metals, such as those used in electric vehicles.
/jlne.ws/3QTrQyH
Japan to ease regulation on starting asset management firms; Revisions to allow new companies to have fewer wealth management functions
Kensuke Yuasa - Nikkei
Japan's financial regulator is set to ease the rules on starting an asset management business in the country as it seeks to boost the sector, Nikkei has learned. A key change will be allowing new businesses to narrow their focus on mostly investing. This will allow companies to have a smaller unit of wealth management that invests in financial products and companies, not a whole set of asset management functions which includes administrative tasks such as calculating prices of investment funds, publishing monthly reports and compliances.
/jlne.ws/49JtASC
City of London seeks to redefine itself as dining destination; New Wolseley restaurant comes as Square Mile aims to become leisure hotspot after drop in worker footfall
Oliver Barnes - Financial Times
The Wolseley, a West End diner frequented by a mix of financiers, dealmakers and celebrities, threw open the doors this week to its first outpost in the City of London. The launch of the Wolseley spin-off, which occupies the site of a grand former department store opposite London Bridge known as the "Gateway to the City", marks the biggest restaurant opening of the year in the Square Mile, costing an estimated £10mn. It comes as London's financial district presses ahead with efforts to redefine itself as a destination for restaurant-goers, day trippers and tourists in a push to offset the drop in office workers' footfall since the shift to hybrid working following the coronavirus pandemic.
/jlne.ws/49vSvZF
UK farmers' union accuses sugar producer of short-changing growers; Criticism from National Farmers' Union follows surge in price of commodity to 12-year high
Madeleine Speed - Financial Times
Britain's farming union has accused the country's only sugar processor of trying to short change sugar beet growers, weeks after global prices for the commodity surged to a 12-year high. Talks between the National Farmers' Union and British Sugar to set the price paid to sugar beet growers had reached a stalemate before descending into acrimony last week, when the processor went directly to growers with an offer that had not been agreed by the union.
/jlne.ws/3SLkXk6
South Africa Denies Changes to Farm-Export Rules Based on Race
Paul Richardson - Bloomberg
South Africa's government rejected reports that new regulations have been introduced to restrict farm-export quotas based on race. The Johannesburg-based City Press and Rapport newspapers reported on Sunday that farms deemed "too White" will no longer be able to export their produce to the UK and the European Union, citing Government Gazette notices published on Nov. 2. The guidelines will apply to agricultural businesses with a minimum annual turnover of 10 million rand ($535,000), the papers said.
/jlne.ws/3SBR4CU
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