| May 12, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I have returned from Florida and the Options Industry Conference after a trip to Sarasota, FL, to my home there. I stopped by to say hello to Richard and Ellen Sandor. I like to check in with Doc Sandor when I am in Sarasota.
The Options Conference was a successful conference full of new people, and Wednesday's cabana and poolside gathering was held on a beautiful day. To mix things up, we shot two interviews in the OIC's cabana and one in the IEX cabana.
The Wall Street Journal has an editorial titled "The Trump Family Crypto Business" with the subheadline "The Administration will regulate the tokens the Trumps are selling." The Journal says the Trump family has rapidly expanded its involvement in the cryptocurrency sector, launching ventures such as the $TRUMP meme coin and World Liberty Financial, a DeFi platform, which have generated hundreds of millions in revenue and significantly boosted the family's net worth. The $TRUMP coin, controlled mainly by Trump-affiliated entities, has been used to incentivize supporters with exclusive access to the president, raising ethical concerns about conflicts of interest and the appearance of selling political influence. Foreign buyers have been prominent among top token holders, further complicating the legal and moral landscape, especially given U.S. prohibitions on foreign campaign contributions.
World Liberty Financial has raised over $550 million and struck high-profile deals with foreign entities like Abu Dhabi's MGX, deepening these conflicts by intertwining Trump family business interests with U.S. policy and regulatory decisions. Critics argue that the administration's regulatory stance on crypto appears to benefit the family's ventures, with investigations into crypto firms paused and industry-friendly policies enacted since Trump's return to office. The situation echoes past political scandals involving access and influence, prompting calls for greater transparency and oversight as the Trump family's crypto dealings blur the lines between private gain and public service.
The Financial Times' Edward Luce interviewed Steve Bannon for an FT Weekend video and Bannon among his musings predicted President Trump would serve a third term.
CFTC Commissioner Christy Goldsmith Romero will speak on the "Economic and Market Outlook" panel at the International Swaps and Derivatives Association's (ISDA) Annual General Meeting in Amsterdam on May 14, 2025
Here are the headlines from in front of FOW's paywall from some recent stories: LME reports record volume for April, Euronext ticks up on single stock options, Coinbase rolls out 24/7 trading ahead of Deribit acquisition, One Trading targets retail with perpetual futures expansion and ANALYSIS: One Trading focused on 'powerhouse' Europe over US crypto developments.
John Lothian News is seeking sponsors for a "Trade India" campaign to drive brand awareness, generate qualified leads, and support strategic product launches for firms seeking to access India's growing financial markets. Through targeted storytelling, thought leadership, and exclusive content on JohnLothianNews.com and MarketsWiki.com, the campaign will highlight India's expanding liquidity, accessibility, and trading opportunities across asset classes.
Sponsors will be positioned as trusted partners for onboarding, compliance, and market entry strategies, supported by prominent banner placements, special reports, video promotion, and social media amplification. With the slogan "Trade India: Access. Liquidity. Growth.," the campaign aims to connect financial professionals with the firms best equipped to unlock opportunities in one of the world's fastest-growing economies.
Contact me at [email protected] for the Trade India campaign proposal.
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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Our most-read stories from our previous edition of JLN Options were:
- Exchange, Brokerage Competition Benefits Retail Options Traders Traders Magazine.
- The Rise of Oil Options: Why More Traders Are Getting Involved from CME Group.
- Options Education in Focus from Traders Magazine. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Trading, Family, and AI: Robert Blackwell, Jr. Builds His Own Playbook - From Chicago Pits to Quant16 JohnLothianNews.com ELMHURST, IL - (JLN) - May 9, 2025 - Not everyone gets to build a company with their childhood hero, but Robert Blackwell, Jr., chairman of Quant16, did just that. "My father worked at IBM for 25 years and was the world's best sales guy - people just loved him," Blackwell said. "I didn't get any of that. I'm more mathematical." The two joined forces after IBM offered early retirement, but generational differences led Blackwell to bow out politely. "Arguing with my father wasn't like arguing in a trading session. You have to respect your father, so I left." Watch the Robert Blackwell, Jr. Video » Robert Blackwell, Jr. - Quant16 Watch the Robert Blackwell, Jr. Video » Robert Blackwell, Jr. - Quant16 Watch the Robert Blackwell, Jr. Video »
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Pope Leo Urges Peace in Ukraine, Gaza in First Sunday Message
Donato Paolo Mancini - Bloomberg
Pope Leo XIV used his first Sunday address to call for peace in Ukraine and Gaza, building on the message of his predecessor, Pope Francis, and offering a glimpse into the likely geopolitics of his papacy. The first US-born head of the world's 1.4 billion Catholics said he "carried in his heart the suffering of the beloved Ukrainian people," and called on leaders to "do what's possible to achieve an authentic, just and lasting peace as soon as possible."
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***** There is a long-time reader of this newsletter, a CME member, who attended Villanova University at the same time the Pope did, and lived in the same dormitory his freshman year (the Pope's sophomore year) and who used to eat with the Pope in the cafeteria because they were both from Chicago. How is that for a small world? ~JJL
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Americans Embrace Road Trips as Economic Fears Discourage Flying
Mia Gindis and Nathan Risser - Bloomberg
Kristin Herman and her partner had been planning a European getaway with stops in Paris and Rome, but with the US economy suddenly wobbling, the couple instead drove to Oregon's nearby redwood forests and Cannon Beach - even camping some nights to save on hotels. "It didn't feel like the right time to spend so much money," said Herman, a 37-year-old who lives in Portland and works as an educator at Academized.com. "Especially when groceries and rent got more expensive as well."
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***** My next trip will be hard to drive as I will head to IDX in London. I would drive, but there is this whole driving on the wrong side of the ocean floor issue with the U.K.~JJL
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What is habeas corpus? Trump looking to suspend key right protecting people from unlawful detention amid 'invasion' claim; Constitution allows for habeas corpus to be suspended in times of rebellion or invasion
Ariana Baio - The Independent
The Trump administration is "looking at" ways to suspend habeas corpus, a Constitutional right that allows a person to challenge government detention, as a way to assist President Donald Trump's mass deportation agenda. Stephen Miller, the White House deputy chief of staff who is largely credited with helping shape Trump's immigration agenda, told reporters on Friday that the administration could circumvent habeas corpus under claims of an "invasion."
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****** Suspending habeas corpus is the kind of action that could provoke "rebellion."~JJL
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Friday's Top Three
Our most read story Friday was From South Side altar boy to pope: Chicago's Robert Prevost makes history, from Crain's Chicago Business. Second was ICE Launches EU Carbon Allowance 2 Futures, from ICE. And third was Bloomberg's Fraudulent Trading by Hackers Surges More Than 10-Fold in Japan.
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| Lead Stories | How student finance clubs seized control of the path to Wall Street; College finance clubs have become a gateway to Wall Street careers, and the process for joining can be as cutthroat as the industry itself.
Emmalyse Brownstein - Business Insider
In his first week as a freshman at Columbia University, Jordan Cancel, a Floridian who was then 18, saw just how competitive a career path to finance would be. Outside the iconic Butler Library, known for its Neoclassical columns, mobs of students were clamoring to get to informational booths set up by the college's finance and business clubs. "There were lines and lines of kids queued up at these club booths," Cancel, now 20, recalled in an interview with Business Insider. The students, he said, were all vying to converse with the clubs' leaders and make a good impression. "I was just honestly really overwhelmed." Weeks later, heading to his first admissions interview with one of these clubs, the stakes felt palpable.
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Tariff-fuelled tumult could dent appeal of US assets, watchdog warns; Market swings caused by Trump's levies may be 'tipping point' for foreign investors, Congressional Budget Office chief says
Claire Jones - Financial Times
The Wall Street ructions sparked by President Donald Trump's trade war could be a "tipping point" for foreign investors' willingness to hold US assets, the head of Congress's fiscal watchdog has warned. "Even as we move away from the volatility of April, the memory of it will still remain," Phillip Swagel, director of the Congressional Budget Office, told the Financial Times. "Something we're trying to figure out is will there be a lasting hesitation among global investors as they look at the US."
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LSE Group Study Finds $1 Trillion Industry in Climate Adaptation
Alastair Marsh - Bloomberg
Companies responding to the physical risks associated with climate change are seeing a measurable financial benefit, according to a study by London Stock Exchange Group Plc. The bourse operator's research found that more than 2,100 companies were able to generate over $1 trillion of combined revenues last year from products and services that contribute to so-called climate adaptation. The study looked at companies in sectors ranging from logistics to food processing and real estate, LSEG said on Monday.
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Wall Street Plays Long Game as Deals Go Private
Claire Ruckin - Bloomberg
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil. After losing a EUR1.1 billion ($1.24 billion) buyout financing assignment to direct lending rivals, banks including Jefferies Financial Group Inc. and Citigroup Inc. kept themselves on the private equity giant's payroll by agreeing to extend low-fee revolving credit for KKR's acquisition of Karo Healthcare.
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Citadel's Complaints Reveal Fears Of Being Beaten At Their Own Game
Daniel Schlaepfer - Forbes
If irony could be monetized, Citadel Securities would already be trading it. In a 29-page letter to the SEC, Ken Griffin's market-making behemoth raised alarm bells over the rise of "private rooms," opaque trading venues where only select parties are allowed to transact, and the advent of 24-hour markets. It also took aim at the SEC's decision to permit half-penny pricing increments, arguing such changes should be "tested" before being implemented. Coming from a firm that has profited handsomely for years from practices that have undermined transparency and pushed retail trading off public exchanges, this sudden call for clarity and caution reads as disingenuous.
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Why can't more financial heavyweights write letters like Warren Buffett? Everyone loves the annual missives from Berkshire Hathaway's boss, but others cannot or will not replicate them
Pilita Clark - Risk.net
When I heard last week's news that Warren Buffett had decided to step down from his mighty Berkshire Hathaway empire, at the age of 94, it reminded me of something that has bothered me for years. It relates to the great investor's annual letters to Berkshire shareholders. For decades they have been one of the financial world's most insightful, cheering and best-read documents. Endlessly quoted. Collected into books. Hugely educational.
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There's a National Egg Crisis, and One Company Is Making a Lot of Money; The price of eggs has tripled, and no one sells more of them than Cal-Maine. From his Mississippi operations, the CEO says America is 'looking for a villain.'
Patrick Thomas - The Wall Street Journal
About 30 miles outside of Jackson, Miss., employees at a secretive and little-known company recently gathered in the break room to watch a TikTok video. It lambasted their employer, Cal-Maine Foods, which is being blamed for a massive frustration in America: the high price of eggs. Eggs are the most visible symbol of the toll that inflation is taking on U.S. consumers, and no one sells more of them than Cal-Maine.
/jlne.ws/3Suniia
US, China to Slash Tariffs During 90-Day Reprieve for Talks
Jenny Leonard - Bloomberg
The US and China will temporarily lower tariffs on each other's products in a dramatic ratcheting down of trade tensions that buys the world's two largest economies three months to work toward a broader agreement. The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.
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How to Think About the Stock Market When Earnings Guidance Becomes Meaningless; Trade war puts companies' profit outlooks on shaky ground, and with them the S&P 500's valuation
Jon Sindreu - The Wall Street Journal
Economist Burton Malkiel might have called the stock market "a random walk," but investors could at least use earnings guidance by companies as road signs. Now they are largely walking blind. Last week, BMW reiterated its 2025 financial guidance from mid-March, but included the assumption that the Trump administration would roll back some of the more-recent tariff increases starting in July.
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How Trump could make Americans permanently poorer; The most surprising consequence of Trump's trade war.
Eric Levitz - VOX
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What Greg Abel will do now he has officially taken over from Warren Buffett at Berkshire Hathaway.
Shawn Tully - Fortune
Good morning. He has arguably the toughest act in Corporate America-following Warren Buffett. But now that Greg Abel officially has a timetable to take over Berkshire Hathaway by year-end, the question is: How will he run it? I profiled Abel for Fortune back in January-you can read the in-depth story here. But three themes emerged when I examined where Abel may copy from Buffett's playbook-and where he will likely go his own way.
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Key Player in Russian Oil Trading Hit by U.K. Sanctions; Etibar Eyyub built a clandestine trading and shipping operation in partnership with one of Putin's closest allies, The Wall Street Journal previously reported
Joe Wallace - The Wall Street Journal
The U.K. sanctioned a vital figure in Russia's oil trade, stepping up economic pressure on Moscow to strengthen Ukraine's hand in peace negotiations. The clandestine activities of Etibar Eyyub were earlier reported by The Wall Street Journal last year. What happened? Britain said its "largest ever sanction package" will target dozens of tankers Russia uses to transport oil and five traders from Azerbaijan. They were Eyyub, his business partner Tahir Garayev and three associates. Prime Minister Keir Starmer said Friday that Russia's "shadow fleet" of aging tankers bankrolled the war and threatened critical subsea European infrastructure.
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ON THE MOVE: David Hunt Joins Prometheum; Chris Mills to Sage Capital Management
Anna Lyudvig - Traders Magazine
Prometheum has appointed David Hunt as Chief Operations Officer of its subsidiary, Prometheum ATS. Hunt oversees operations and trade compliance at Prometheum ATS, an SEC-registered and FINRA member alternative trading system for digital asset securities-securities issued and transferred on blockchain infrastructure. Hunt brings over 25 years of experience leading operations and compliance in financial services, with recent emphasis on integrating blockchain technology into broker-dealer infrastructure. He has held senior leadership and C-suite roles across a range of firms including Securitize Markets, Circle Internet Financial, Allianz Global Investors, and IOI Capital and Markets.
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As gold prices soar, Americans rush to sell or melt down their jewelry-even family heirlooms from the 1800s
Jaime Ding and The Associated Press via Fortune
At the biggest jewelry center in the United States, Alberto Hernandez fired up his machine on a recent day and waited until it glowed bright orange inside before shoveling in an assortment of rings, earrings and necklaces weighing about as much as a bar of soap: just under 100 grams, or 3.2 troy ounces. Minutes later, the bubbling liquid metal was cooling in a rectangular cast the size of a woman's shoe. An X-ray machine determined it was 56.5% gold, making it worth $177,000 based on the price of gold that day. As gold prices soar to record highs during global economic jitters, hundreds of thousands of dollars' worth of gold are circulating through the doors of St. Vincent Jewelry Center in downtown Los Angeles on any given day.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | US and China Tout Progress in Trade Talks, Offer Few Details
Jenny Leonard and Hugo Miller - Bloomberg
The US and China both reported "substantial progress" after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called "an important first step" toward resolving differences. While neither side immediately announced specific measures on Sunday, He said the world's two biggest economies agreed to create a mechanism for further talks, led by US Treasury Secretary Scott Bessent and himself. Bessent said the US would share details on Monday and He promised a joint statement.
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Ecommerce packages left out of U.S.-China tariff reprieve
Reuters
An agreement between the United States and China to temporarily slash tariffs, announced on Monday, did not address what would happen to low-value "de minimis" ecommerce packages shipped from China to the U.S., a source briefed on the talks told Reuters. On May 2, the administration of U.S. President Donald Trump ended the de minimis policy allowing packages worth less than $800 ordered online from China and Hong Kong to enter the United States duty free. It imposed tariffs of 120% on such parcels.nWith the issue absent from Monday's announcement, trade experts said the future of the policy was now unclear.
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Cynics About Trump Tariffs Should Focus on Markets; An awful lot is now riding on the administration never having meant a word it was saying.
John Authers - Bloomberg
White Smoke Over the Vatican; Not Yet Geneva
Before Thursday's news that an American would lead the Catholic church, the Oval Office staged its own drama as the US and the UK announced the long-awaited first trade deal since President Donald Trump opened hostilities earlier this year. By Sunday, the excitement had moved to Geneva, as US officials hailed "substantial progress" after hours of talks with Chinese counterparts.
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Trump Commerce Secretary to People Out of Work Due to Tariffs: 'be Optimistic, the President Truthed It Out'
Peter Wade - Rolling Stone
Dock workers and truckers who are out of work or worried about their jobs because China's trade with the U.S. is coming to a grinding halt "should be very optimistic and positive, because the president truthed it out," Commerce Secretary Howard Lutnick said Sunday.
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This Obscure New York Court Is Set to Decide Fate of Trump's Tariffs; The Court of International Trade this week will consider the legality of president's 'Liberation Day' levies
James Fanelli - The Wall Street Journal
The Trump administration's global tariffs face their first major legal test this week when a little-known Manhattan court considers one of the president's most sweeping assertions of executive power. A three-judge panel at the Court of International Trade will hear arguments Tuesday on whether to halt the levies, which have unleashed a trade war with the world and threaten to upend the global economy.
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TD Securities Integrates ISDA Create For Legal Agreements
Editorial Staff - Traders Magazine
TD Securities has completed its integration of ISDA Create across its global suite of client trading and regulatory agreements. Powered by CreateiQ and S&P Global Market Intelligence, ISDA Create allows users to digitally transform the trading and regulatory agreement negotiation process and deliver faster and more seamless outcomes across global markets.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Pope Leo, in first known call with foreign leader, speaks to Ukraine's Zelenskiy
Reuters
Pope Leo XIV had a phone call with Ukrainian President Volodymyr Zelenskiy on Monday and spoke about ceasefire proposals, Zelenskiy said, in the first known conversation between the newly-elected pontiff and a foreign leader. Zelenskiy said in a post on the Telegram app that his first conversation with the new pontiff was "very warm and truly substantive", and that he had invited the pope to visit Ukraine.
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These gamers are now fighting for real in Ukraine's war against Russia; Volunteers from the UK and the US tend to have a lot of Xbox experience, course co-ordinator Oleg Grabovyy tells Harry Stourton: 'The best drone pilot I ever met was a relentless gamer'
The Independent
On a mild spring evening, deep in eastern Ukraine, Shawn McVey - call sign "Goldfish" - peers into a gully where controlled chaos is unfolding. "If you're too busy killing, you don't have time to die," he bellows across the smoke-filled twilight. Explosions punctuate the dusk, casting brief, searing flashes over a network of trenches carved deep into Ukrainian soil. Helmets bob through the haze; figures crawl and scramble under fire, their shouts blending with the staccato of simulated gunfire.
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Ukrainians tell Putin 'we don't trust you' ahead of Russia peace talks
The Independent
Ukrainian residents have voiced scepticism at Vladimir Putin's proposed direct peace talks with Kyiv. The Russian leader proposed holding direct talks with Ukrainian president Volodymy Zelensky in Turkey this Thursday (15 May). "Why has he proposed it now? Maybe to win some time, maybe he is not so confident," one woman said. Another added, "Putin is trying to win time, it is just empty talk of no consequence." Mr Zelensky has responded to his Russian counterpart, stating Ukraine is ready to meet for ceasefire talks, adding Russia's consideration of ending the war is a "sign".
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Trump's Ukraine Push Comes to a Head With Challenge to Putin
Piotr Skolimowski and Daryna Krasnolutska - Bloomberg
Donald Trump's effort to secure peace in Ukraine is reaching a decisive moment with Ukraine's Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week. Following a weekend of hectic diplomacy, Zelenskiy said he will travel to Istanbul on May 15 where Putin has proposed direct negotiations between the two countries. But the fragile process is surrounded by doubts and unresolved disputes - Zelenskiy and his European allies have insisted that Russia begins a 30-day ceasefire Monday and have threatened a dramatic increase in sanctions if Putin refuses. They say that the US would join that effort although Trump himself has been more guarded in his public comments and Putin has ignored their demands.
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New pope breaks with Francis to support Kyiv and ceasefire push; Pope Leo XIV calls Ukraine's Volodymyr Zelenskyy days after his election as head of Catholic Church
Christopher Miller and Amy Kazmin - Financial Times
Pope Leo XIV has called Volodymyr Zelenskyy to discuss Ukrainian children abducted by Russia and a western-backed 30-day ceasefire, in a shift from the previous pontiff who had struck a more neutral stance on Moscow's war. Ukraine's president said on Monday that his first conversation with the new pope, who was elected last week, was "very warm and truly substantive" and thanked him for his support.
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Middle East Conflict
Hamas to Release Last Living U.S. Hostage From Gaza on Monday; Edan Alexander's release marks a diplomatic win for Trump but is bringing mixed reactions in Israel
Anat Peled and Summer Said - The Wall Street Journal
Hamas said it would release the last remaining living American hostage in Gaza on Monday, marking a diplomatic win for the Trump administration that is bringing up mixed reactions in Israel. Edan Alexander, a 21-year-old American-Israeli soldier who was captured while serving near the border with Gaza, is set to be released as part of a deal between the U.S. and Hamas. Israel said that it would allow for a safe corridor for Alexander's exit from the enclave but that it wouldn't be giving Hamas anything for his freedom.
/jlne.ws/4552Pb6
Israeli siege tipping Gaza into famine, UN panel says; Report warns that half a million people are starving with conditions to worsen if Israel does not ease blockade
Mehul Srivastava and Heba Saleh - Financial Times
Palestinians queue for food at a distribution centre in Gaza © Reuters
Some 244,000 people - about one in 10 - are already in a food catastrophe, the assessment found. From this week onwards that number is projected to nearly double to 470,000 in the coming months unless conditions rapidly improve. "The risk of famine is not just possible," the panel found, but "is increasingly likely" if Israel does not lift its siege and allow crucial humanitarian assistance to enter or ends the war.
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Other Conflicts
Pakistani, Indian Stocks Soar as Truce Shifts Focus to Growth
Chiranjivi Chakraborty - Bloomberg
Stocks in Pakistan and India rallied as a ceasefire agreement between the two nuclear-armed neighbors calmed markets that had been shaken by military clashes on their border. Pakistan's stock benchmark KSE-30 Index closed 9.3% higher, the most since 2008, in a rally that triggered an hour-long trading halt. The NSE Nifty 50 Index rose 3.8% in Mumbai, as both nations stepped back from the brink of war, allowing market participants to turn their focus back to the economic outlook for the South Asian nations. The sentiment also got a boost from the announcement of a temporary trade deal between the US and China.
/jlne.ws/453k8te
Trump Truce Leaves India Furious, Pakistan Elated as Risks Loom
Sudhi Ranjan Sen, Faseeh Mangi, Dan Strumpf, and Akayla Gardner - Bloomberg
After four days that saw the worst fighting between India and Pakistan in half a century, as well as some nuclear saber-rattling, Donald Trump on Saturday declared that both countries had reached a "FULL AND IMMEDIATE CEASEFIRE." But in the Indian capital of New Delhi, many top officials were seething. The US president's post on Truth Social caught key officials involved by surprise, according to people familiar with the situation, who asked not to be identified because the discussions were private.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Inc. Announces Preliminary Results from its 2025 Annual Meeting of Shareholders
CME Group
CME Group Inc. (NASDAQ: CME) today announced the preliminary shareholder voting results from its 2025 annual meeting.
/jlne.ws/4mgKher
Nasdaq Dubai Welcomes USD 500 Million Green Sukuk Listing By OMNIYAT
Mondovisione
Nasdaq Dubai today welcomed a USD 500 million Green Sukuk by OMNIYAT, a leading Dubai-based real estate developer. The three-year Sukuk, maturing on 6 May 2028, was issued under a USD 1 billion Trust Certificate Issuance Programme and carries a profit rate of 8.375%. The Sukuk will support the development of environmentally sustainable real estate projects across OMNIYAT's portfolio, with a focus on energy efficiency, sustainable construction and environmental performance.
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Proper Recordation, Endorsement and Keypunching of CME Brokerage Reassignment ("BK") Trades
CME Group
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STOXX Europe TM Defense Futures: The strategic instrument for the defense sector
Eurex
Over the past three years, defense has returned to the forefront of political and public discussion in Europe. Geopolitical events continue to drive an increase in defense spending. Emerging challenges and the need for modernization contribute to a strong demand for defense products and services. Defense spending is expected to remain significant, with European countries investing in national security and military capabilities to meet the challenges. Also, the European Commission has taken steps to promote Europe's defense industrial capacity and resilience through initiatives such as the European Defense Fund.
/jlne.ws/3EQokSB
Euronext announces volumes for April 2025
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 9 May 2025 - Euronext, the leading European capital market infrastructure, today announced trading volumes for April 2025.
/jlne.ws/4jLkucx
Policy Relating to Position Management Arrangements Update to Accountability Levels
LME
1. This Notice informs Members and other market participants of updates to the "Single Prompt Accountability Level" and the "All Prompt Accountability Level" for Nickel from 5,000 lots to 6,000 lots, pursuant to paragraph 58 of the Policy Relating to Position Management Arrangements (the "Policy"). 2. These updates follow a review of the Accountability Levels and shall come into effect from 19 May 2025. The LME notes that it is continuing to review the methodology for the calculation of the Accountability Levels more broadly as part of the initiatives set out in the Action Plan to Strengthen the LME Group's Markets1 , and may in due course make further revisions to the Accountability Levels as a result.
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LME Clear Margin Parameters May 25 v1
LME
LME Clear Members are advised that new SPAN1 margin parameters have been set
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Volume and message traffic spike in wake of tariff announcement
MEMX
The "Liberation Day" tariff announcement on April 2nd triggered significant trading activity in the days that followed. Looking at the 10 highest volume days on MEMX since the beginning of 2023, six of them occurred in April 2025. The most active day was April 9th, when MEMX traded 749 million shares and handled 1.685 billion messages (orders, cancels, replaces, and trades).
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Saudi Arabia launches company to develop artificial intelligence under PIF
Reuters
Saudi Arabia's Crown Prince Mohammed bin Salman launched a new company under the Public Investment Fund (PIF) named "Humain" to develop and manage artificial intelligence technologies, the state news agency reported on Monday. Chaired by the crown prince, Humain will provide a comprehensive range of AI services, products, and tools, including next-generation data centers, AI infrastructure, cloud capabilities and advanced AI models and solutions.
/jlne.ws/3ZgN9xN
The Giants of Silicon Valley Are Having a Midlife Crisis Over AI; Apple, Facebook, Google and Tesla are all facing the 'innovator's dilemma' at the same time
Tim Higgins - The Wall Street Journal
Middle age hits hard-even for the Kings of Silicon Valley. One minute you're upending established industries as the young disrupter. The next, you're staring into the abyss, eating glass-as Elon Musk likes to say-watching the disruption at your door. Most, if not all, of the Magnificent Seven are in that position-weirdly trying at the same time to figure out the threat of artificial intelligence to their kingdoms.
/jlne.ws/454j3kO
AI Agents Will Transform Customer Relationships, for Better or Worse; Fused with messaging apps, bots promise a new era of personalized communication, if businesses and customers can handle the intimacy
Steven Rosenbush - The Wall Street Journal
AI agents are poised to make communication between businesses and their customers deeper, more open and more personal. That level of intimacy might be great, but as in any relationship, it creates the potential for hazard, too. The latest generation of AI agents are capable of taking action on behalf of people in a range of functions, including coding, customer service, legal services and booking an appointment with a healthcare provider. Their migration into popular messaging services such as WhatsApp opens up even more opportunities for businesses in the areas of sales, support, marketing and branding.
/jlne.ws/3F9RRqg
AI Is Not Your Friend; How the "opinionated" chatbots destroyed AI's potential, and how we can fix it
Mike Caulfield - The Atlantic
Recently, after an update that was supposed to make ChatGPT "better at guiding conversations toward productive outcomes," according to release notes from OpenAI, the bot couldn't stop telling users how brilliant their bad ideas were. ChatGPT reportedly told one person that their plan to sell literal "shit on a stick" was "not just smart-it's genius." Many more examples cropped up, and OpenAI rolled back the product in response, explaining in a blog post that "the update we removed was overly flattering or agreeable-often described as sycophantic." The company added that the chatbot's system would be refined and new guardrails would be put into place to avoid "uncomfortable, unsettling" interactions. (The Atlantic recently entered into a corporate partnership with OpenAI.)
/jlne.ws/3EZFBsy
Amazon Acquires $84.4 Million Stake In AMD Amid AI Chip Expansion, Export Controls
Kaustubh Bagalkote - Benzinga
Amazon.com Inc. (NASDAQ:AMZN) has purchased 822,234 shares of Advanced Micro Devices Inc. (NASDAQ:AMD) worth $84.4 million, according to a 13F regulatory filing with the Securities and Exchange Commission on Tuesday. What Happened: The strategic investment comes as AMD continues to gain momentum in the data center and AI chip markets. AMD recently reported first-quarter revenue of $7.44 billion, exceeding analyst expectations of $7.13 billion, with its data center segment growing 57% year-over-year to $3.7 billion.
/jlne.ws/4iVRBce
For Trump, It's a New Era of Deal-Making With Tech's Most-Coveted Commodity; As the president heads to the Middle East, America's dominance over A.I. chips has become a powerful source of leverage for the president.
Ana Swanson and Tripp Mickle - The New York Times
As President Trump tours the Middle East this week, governments that are flush with oil wealth will be focused on a different treasure, found in America's Silicon Valley. Artificial intelligence chips, which are made by U.S. companies like Nvidia and AMD, are highly coveted by governments across the Middle East. Leaders of Saudi Arabia, Qatar and the United Arab Emirates want to pour billions of dollars into the construction of data centers to put their countries at the forefront of a new technology heralded for its power to disrupt businesses and create trillions of dollars in economic value.
/jlne.ws/4k8Iqq0
How AI agents compare on routine work tasks; The FT tested top apps from OpenAI, Anthropic, Google and more with requests to write emails, book travel and summarise the news
Cristina Criddle - Financial Times
/jlne.ws/3H64bZa
We're entering a new era of crypto scams-and blockchain intelligence firm Chainalysis is ready; Chainalysis has helped companies and agencies recover more than $11 billion in lost crypto funds. And that was before the 'crypto president' took office.
Jared Keller - Fast Company
/jlne.ws/3RZLfOg
The Tech Guys Are Fighting. Literally.; Not content to battle it out in the boardroom, crypto bros, tech executives and start-up founders have embraced an old-fashioned version of masculinity.
David Yaffe-Bellany - The New York Times
/jlne.ws/3EZENnw
China's Ant Group to sell 4% stake in India's Paytm for $242 million, term sheet shows
Reuters
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Kepler Cheuvreux integrates KCx with FlexTrade Systems to enhance client workflows; The new offering makes KCx's data source available on FlexTrade System's AI assistant, FlxAI and follows increased AI uptake on trading desks.
Natasha Cocksedge - The Trade
/jlne.ws/4jTKbI2
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| Cybersecurity | | Top stories for cybersecurity | Tech companies have a remote worker problem: North Korean operatives
Dana Nickel - Politico
Some of the country's top tech companies are hiring remote information technology workers - only to find out their employees are actually North Korean cyber operatives. Your host and Maggie Miller spoke to almost a dozen cybersecurity experts in the U.S., who said this is a much more widespread problem than previously understood, and the prolific scam has recently hit Fortune 500 companies and top cybersecurity firms, like SentinelOne.
/jlne.ws/4jU2VXQ
Leidos' $2.4 Billion Cybersecurity Contract Terminated, US Says
Daniel Seiden - Bloomberg Law
The US Department of Homeland Security terminated for convenience Leidos Inc.'s $2.4 billion cybersecurity services contract issued under the Agile Cybersecurity Technical Security solicitation, a government status report says.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Considered, Decided Against Michael Saylor's Bitcoin Buying Strategy
Olga Kharif - Bloomberg
Coinbase Global Inc. was tempted in the past to go all in on the Bitcoin buying strategy popularized by Michael Saylor but considered the scheme too risky. "There were definitely moments over the last 12 years where we thought, man, should we put 80% of our balance sheet into crypto - into Bitcoin specifically," Brian Armstrong, co-founder and chief executive officer of the largest US crypto exchange, said during a video talk on the X social network on Friday.
/jlne.ws/4kihW5v
The Trump Family Crypto Business; The Administration will regulate the tokens the Trumps are selling.
The Editorial Board - The Wall Street Journal
President Trump likes flying close to the sun regarding his family business, and the flight is closer than ever in his second term. Is no one advising Mr. Trump that his family's crypto plans are inviting trouble? Mr. Trump said last month that he'll host a dinner with the top 220 holders of his $TRUMP meme coin at his Washington, D.C.-area golf club on May 22. Step right up and invest in the Trump crypto enterprise for a chance to rub elbows with the leader of the free world. The President says all of this is above board. But it nonetheless raises the appearance of a conflict of interest in selling access to the President.
/jlne.ws/3F4Vi1A
Tokyo's Beat Holdings Expands Bitcoin ETF Bet, Joins Metaplanet in Crypto Treasury Push
Decrypt
/jlne.ws/43qhDQn
Eric Trump-backed American Bitcoin to go public through all-stock merger
Ateev Bhandari - Reuters
American Bitcoin, a new bitcoin miner backed by U.S. President Donald Trump's two eldest sons, said on Monday it will list on the Nasdaq via an all-stock merger with Gryphon Digital Mining. Existing shareholders of American Bitcoin, including co-founder Eric Trump, his brother Donald Trump Jr. and crypto miner Hut 8, will retain 98% ownership of the newly formed entity.
/jlne.ws/4mjzPmr
My X Account Was Hijacked to Sell a Fake WIRED Memecoin. Then Came the Backlash; Earlier this year, a hacker used my X account to hawk a fraudulent WIRED-branded crypto coin. After they pulled the rug on investors, I faced the aftermath.
Joel Khalili - Wired
Before I was fully awake, still fog-headed and bleary-eyed after my alarm, I could already tell that something was wrong. It was 7:30 am on a frosty February morning, and my phone was already lit up with notifications. As my eyes adjusted to the light, I started to read.
/jlne.ws/4iXNZXe
Stablecoins Will Expand Beyond Crypto Trading, Become Part of Mainstream Economy, Citi Predicts
Ian Allison - CoinDesk
The stablecoin market could soon eclipse the entire crypto trading ecosystem that gave birth to it as regulatory tailwinds allow for the integration of the fixed-value tokens into the mainstream economy, according to predictions from global bank Citi. Above and beyond their role as tokenized cash for the crypto trading community, stablecoins - digital tokens whose value is pegged primarily to the U.S. dollar - are already expanding into payments and remittances. The next five years will likely see them replacing some overseas and domestic U.S. currency holdings as well as forming part of the short-term liquidity held at banks, according to a recent report from Citi Institute's Future Finance think-tank. If yield-bearing stablecoins can be issued, those may find a role in term deposits and retail money market funds.
/jlne.ws/3F9PfbW
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| Politics | | An overview of politics as it relates to the financial markets | Trump Set to Accept Luxury Jet as Gift From Qatar, ABC Says
Gabriela Mello, Annmarie Hordern and Billy House - Bloomberg
President Donald Trump's administration is likely to accept a luxury Boeing 747-8 jumbo jet from Qatar's royal family, in what may be the most valuable gift ever received from a foreign government, ABC News reported Sunday. The super luxury Boeing Co. 747-8 jumbo jet is to be used as Air Force One, the people told the network. ABC, citing people familiar with the plans, said that a gift is expected to be announced this week, when Trump visits Qatar as part of his Middle East tour.
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In Targeting Carried Interest, Republicans Sadly Only See The Success
John Tamny - Forbes
It's easy to forget that Blackstone Group co-founder Stephen Schwarzman didn't start out as a private equity investor. Private equity is what he and co-founder Pete Peterson (1926-2018) migrated to after successful investment banking careers. In private equity, they saw that "you could really improve the companies you bought." What brought Schwarzman and Peterson to private equity rates serious thought as President Trump encourages House Republicans to raise taxes on carried interest. The higher taxes would penalize performance, which means they would in effect raise the cost of going into the proverbial burning building to save it. That's what private equity investors not infrequently do when they put investor capital to work. See again why Schwarzman got into private equity in the first place.
/jlne.ws/43cRbIK
Trump's Family Is Rapidly Striking Business Deals in the Mideast; Golf resorts, crypto deals and financial investments blur line between private business and public policy
Eliot Brown and Stephen Kalin - The Wall Street Journal
When President Trump tours the Middle East this week, he will be looking to secure investments in the U.S. from the world's richest petrostates. His family businesses and close associates already have been striking deals in the region at a rapid clip. Saudi Arabia, the United Arab Emirates and Qatar, the three countries on the president's itinerary, stand out for their warm embrace of Trump Inc. In the past year, Trump-branded residential towers have been launched in Dubai and Jeddah, Saudi Arabia, and a developer in April unveiled a Trump luxury golf resort at a state-owned project in Qatar at an event featuring Eric Trump and a Qatari minister.
/jlne.ws/42VoxNq
Don Jr. is the new Hunter Biden; How America's First Son is cashing in on his dad's presidency.
Bethany McLean - Business Insider
Last November, only six days after his father was elected president, Donald Trump Jr. made a career move that, on the surface at least, seemed a bit odd. He became a partner in a small investment startup called 1789 Capital, which is based in Palm Beach, Florida, 2 miles from Mar-a-Lago. At that point, 1789 was a microscopic player in the world of venture capital. It had raised less than $200 million, and it hadn't made many investments beyond leading a group that put $15 million into Tucker Carlson's new media company. Its goal, according to its founders, is to create a "parallel economy," investing in "anti-woke" businesses that align with MAGA values.
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Auction to Dine With Trump Creates Foreign Influence Opportunity; When the bidding stops Monday, the top buyers of a Trump family crypto coin will win a tour of the White House.
Eric Lipton and David Yaffe-Bellany - The Wall Street Journal
The sale of face-to-face access to President Trump using the Trump family's own cryptocurrency has done more than benefit him financially, though it has certainly done that. Mr. Trump announced last month that leading buyers of a digital coin his family is marketing would be rewarded with a private dinner with him at one of his golf courses and that the very top bidders would win a tour of the White House.
/jlne.ws/4iVOMrK
Trump Declares War on 'Country' of Mattel
Margaret Hartmann - New York Magazine
Donald Trump has been obsessed with dolls recently. They first came up on April 30, when the president was dismissing the idea that his tariffs on China would lead to product shortages and drastic price increases in the U.S. "Well, maybe the children will have two dolls instead of 30 dolls," Trump said. "And maybe the two dolls will cost a couple of bucks more than they would normally." Over the next few days, the president continued revising the recommended doll allotment, saying girls could own three dolls or perhaps as many as five.
/jlne.ws/4kilCUY
Trump Wants Saudi Arabia to Invest Its Money in the U.S. All of It; President Trump goes to the Gulf kingdom this week seeking $1 trillion worth of investments in the United States - a sum equivalent to the entire Saudi gross domestic product for a year.
Vivian Nereim - The New York Times
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Canadians' Return Travel From US Plunges as Trump Tariffs Hit
Randy Thanthong-Knight - Bloomberg
/jlne.ws/4ddFJRD
Taiwan's New Strategy: Make China Fear the Pain of an Invasion; Facing rising threat from China, Taiwan races to overhaul its military and secure President Trump's backing
Joyu Wang - The Wall Street Journal
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After Driving Down Oil, Saudi Arabia's MBS Looks for Trump Dividend; Donald Trump and Saudi Arabia's MBS both want to monetize their relationship. It just might not be in the way Trump had envisaged.
Sam Dagher - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Elon Musk's regulatory troubles have begun to melt away in Trump's second term; The Trump administration has halted some regulatory matters involving Musk's companies and fired people from agencies investigating Tesla, SpaceX and Neuralink.
David Ingram - NBC News
Tech billionaire Elon Musk's regulatory problems have started to fade into the past. Since the start of the second Trump administration, federal agencies that had scrutinized Musk and his business empire in recent years have begun to look a lot different. At the Department of Agriculture, for example, President Donald Trump fired the person who had been investigating the Musk company Neuralink. At other agencies including the Consumer Financial Protection Bureau, Trump and Musk have tried to slash the number of employees - potentially hobbling those regulators' ability to enforce the law against companies including Musk's Tesla and X.
/jlne.ws/4k8pxU6
CFTC Charges Syracuse, N.Y., Man, His Firm with Fraud, Misappropriation
CFTC
The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Northern District of New York against Dean S. Dellas of Syracuse, New York, and his investment advisory company, DSD Capital Management, LLC, for fraud and misappropriation. In its complaint, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act, as charged.
/jlne.ws/4m7us9x
SEC Obtains Final Judgment Against California Company and Its Owner Who Defrauded Elderly Investors in Gold and Silver Coin Scheme
SEC
On May 2, 2025, the Securities and Exchange Commission obtained final judgments against California-based Safeguard Metals LLC and its owner, Jeffrey Ikahn of Tarzana, California. In 2022, the SEC charged Safeguard and Ikahn with operating a multi-million-dollar fraudulent scheme involving the sale of gold and silver coins to hundreds of investors who were at or near retirement age.
/jlne.ws/45cKyZs
ASIC reminds small business directors of their obligations to manage company money and assets appropriately
ASIC
ASIC is reminding small business company directors that they must manage company money and assets in the best interests of their company. Misuse of company money and assets for personal gain can lead to companies being unable to pay their debts, which can harm other small businesses who are creditors. The reminder follows recent action that has been taken against company directors following ASIC investigations.
/jlne.ws/4ddl0gV
Strengthening the UK-China financial partnership; Speech by Ashley Alder, FCA chair, at Caixin Media's London Atlantic Dialogue event.
FCA UK
Introduction
Just a few people know that I used to be a fairly serious mountaineer. During my years living in Hong Kong, I would often escape the city to hike across the hills in the remoter parts of the New Territories. And more challenging climbs in the European Alps usually involved long days navigating glaciers, cliffs of ice and knife-edge ridges to get to the summit. These days you're more likely to find me grappling with a mountain of paperwork than Mont Blanc. But much like mountain climbing, I've found that the path of economic and regulatory partnership isn't always a straight line.
/jlne.ws/3F3Trdk
SFC reprimands and fines Sino-Rich Securities & Futures Limited $2 million and suspends its responsible officer for failures in relation to margin lending practices
SFC
The Securities and Futures Commission (SFC) has reprimanded and fined Sino-Rich Securities & Futures Limited (Sino-Rich) $2 million for failures concerning its margin lending policy and practices (Note 1). The SFC has also suspended the licence of Mr Budihardjo Wilhelm Soeharsono (Budihardjo), a responsible officer and a manager-in-charge of Sino-Rich, for five months and two weeks from 8 May 2025 to 22 October 2025 (Note 2).
/jlne.ws/43glDBP
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | CATL Begins Taking Orders for World's Top Listing in 2025
Dave Sebastian - Bloomberg
Contemporary Amperex Technology Co. Ltd. has started taking investor orders for a Hong Kong stock offering that is likely to be the world's biggest listing this year. CATL, as the Chinese electric-vehicle battery giant is known, is seeking to raise as much as HK$41 billion ($5.3 billion), according to its listing document on Monday. That's if the deal is upsized and the greenshoe exercised on top of the base offering of up to HK$31 billion.
/jlne.ws/43kDOqe
Tariff Shock Reverberates in the Bond Market; Longer-term Treasury yields have climbed, keeping borrowing costs elevated, even as short-term yields have dropped
Sam Goldfarb - The Wall Street Journal
Stocks have rebounded since President Trump's tariff announcement sparked market turmoil. But there is still some trouble in the bond market. Since April 2, declines in the prices of longer-term Treasurys have driven up the yield on the benchmark 10-year note to around 4.37%, according to Tradeweb. That climb happened even while shorter-term yields were falling, dragged down by bets that the Federal Reserve will respond to a slowing economy by cutting interest rates.
/jlne.ws/42TsFgT
Are Trump's tariffs already boosting US inflation?
Kate Duguid and Valentina Romei and Ian Smith - Financial Times
The first hints of the impact of Donald Trump's far-reaching tariffs are expected to show up in US inflation when figures for April are published next week. Economists polled by Bloomberg are forecasting Tuesday's data will show annual consumer price growth of 2.4 per cent, unchanged from March. However, the month-on-month rate is expected to climb to 0.3 per cent after a 0.1 per cent decline in prices in the previous month. The anticipated increase is partly a result of rising demand for cars as buyers tried to act ahead of the introduction of tariffs, according to analysts at Bank of America.
/jlne.ws/3EXDNAj
Global Financial Markets Rebound As FTSE Mondo Visione Index Hits Record High In April
Mondovisione
April 2025 marked a month of volatility and recovery, with the FTSE Mondo Visione Index achieving an all-time closing high. Global financial markets began April 2025 on shaky ground, grappling with heightened trade and tariff uncertainties. Despite the rocky start, the month showcased a remarkable turnaround, with markets bouncing back to erase early losses by the end of April. The FTSE Mondo Visione Index closed the month at a record-breaking 95,691.18 points, a 3.5% rise from its March close of 92,420.71 points. This milestone, achieved on 30 April, represents the highest closing level in the index's history.
/jlne.ws/43oJ4Kq
China's Record Copper Ore Imports Offer Relief Amid Shortage
Bloomberg News
Chinese copper concentrate imports climbed to nearly 3 million tons last month, a record that's likely to ease price pressures in the domestic market and offer relief to smelters fighting over the availability of feedstock. Spot treatment charges at global smelters are deeply in the red, an unprecedented collapse caused by a rapid expansion in capacity colliding with a global shortage of ore. The heaviest concentration of plants is in China, where output of refined copper has hit all-time highs despite pledges to rein in production to rescue margins.
/jlne.ws/4dbpMLQ
This 30-Year-Old's Startup Is Bringing Leverage to 401(k) Savers; Basic Capital is offering $4 in financing for every $1 saved in a bid to boost returns for retirement savers.
Suzanne Woolley - Bloomberg
When Abdul Al-Asaad was a student at Harvard Business School in 2021, he pitched billionaire investor Bill Ackman on an idea for allowing everyday people to finance investments. Ackman was intrigued - and wound up being Al-Asaad's first investor. These days Al-Asaad, 30, has more venture backers. He has a name for his business: Basic Capital. And he has an audacious strategy that involves term financing, leverage and private credit - terminology commonplace on Wall Street but far from what individual investors might expect when it comes to their retirement savings.
/jlne.ws/3H3fzVK
Are investors starting to prefer Europe over the US? Germany's Dax index climbed to a record high on Friday, erasing losses from US tariff threats
FT Podcast
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US beef prices extend surge as ranchers face thinnest herds in 70 years; A years-long drought in the American west has dried up grazing lands and created a shortage of calves
Taylor Nicole Rogers - Financial Times
/jlne.ws/4j09fMg
For exhausted stock market pros, the choice is buy or stay home
Jessica Menton and Bloomberg via Fortune
/jlne.ws/4jU1GYG
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Saudi Aramco cuts its dividend by $10bn; Lower payouts from supermajor put pressure on Riyadh's ambitious diversification plans
Rachel Millard and Ahmed Al Omran - Financial Times
Saudi Aramco reported a fall in first-quarter profits, resulting in a $10bn cut to its dividend and lowering a key source of funds for Saudi Arabia's budget amid an uncertain outlook for oil prices. The world's largest oil company's net income dropped 5 per cent from a year earlier to $26bn. Its average realised oil price was $76.30 a barrel, compared with $83 a barrel in the same quarter last year.
/jlne.ws/4m7Pkhb
China's Rare Earth Curbs Have 'Changed Psychology' at US Firms
Bloomberg News
China's weaponization of rare earths in its trade war with the US will spark a much greater focus on American supply security for critical minerals, according to MP Materials Corp., the only US miner of the key materials used in smartphones and defense applications. "Regardless of how trade negotiations evolve from here, the system as it existed is broken, and the rare-earth Humpty Dumpty, so to speak, is not getting put back together," the miner's Chief Executive Officer, Jim Litinsky, said on an earnings call last Friday.
/jlne.ws/4jPcOpw
EU Plan to Water Down ESG Rules Risks Wave of Litigation, Legal Scholars Warn
Frances Schwartzkopff - Bloomberg
The European Union's plan to slash the scope of new ESG regulations opens the door to a wave of litigation, as companies would no longer be required to act in a way that lives up to the bloc's climate law. The warning comes from more than 30 legal scholars across the EU and UK at universities including Oxford and Cambridge. They want EU lawmakers to rethink a planned revision of ESG due diligence requirements, according to a letter addressed to the European Parliament.
/jlne.ws/4kio0uN
A 26-Year-Old Asked to Help Shape Japan's Climate Goals Has a Warning
Shoko Oda - Bloomberg
A 26-year-old solar executive who jolted Japan's government by making a rare public criticism of the nation's climate policies is urging others to keep pressing legislators to show more ambition. Shota Ikeda was among 20 outside experts asked to contribute to a process that saw the nation's cabinet approve plans to cut greenhouse gas emissions by 60% by 2035 from 2013 levels, a goal seen by analysts and campaigners as falling short of required action.
/jlne.ws/4kfKZXt
Zimbabwe Debuts Blockchain Registry for Carbon-Credit Trading
Godfrey Marawanyika and Ray Ndlovu - Bloomberg
Zimbabwe has debuted a blockchain-enabled registry that will allow approved project developers to trade the nation's carbon credits. The step is aimed at making trade in the emission offsets more transparent and regaining the trust of investors after the southern African nation roiled the global carbon credit market in 2023 by suddenly canceling projects, claiming half of all proceeds and ordering developers to re-register. The move impacted the operations of several project developers including the Kariba Redd+ Project.
/jlne.ws/4jYLVjm
Reliance Power Wins Solar and Battery Storage Project From SJVN
Saket Sundria - Bloomberg
Reliance Power Ltd. won a tender from state-owned SJVN Ltd. to build a 350-megawatt solar power plant along with a battery storage system, according to a company statement. Reliance NU Energies, a unit of the Anil Ambani group company, got the project at a fixed electricity tariff of 3.33 rupees (4 cents) per kilowatt-hour for 25 years, according to the statement by Reliance Power. The company will also build a 700 megawatt-hour battery storage system as part of the project.
/jlne.ws/4dbrGvY
Donald Trump is throttling America's oil industry; Many shale producers cannot turn a profit at current prices
The Economist (opinion)
"If i'm not president, you're fucked." So Donald Trump reportedly told a roomful of oil bosses gathered at Mar-a-Lago after his re-election. During the campaign Mr Trump sought to position himself as the American oil industry's only hope against the supposedly hydrocarbon-hating Democrats-brushing aside the fact that domestic oil production rose sharply during Joe Biden's time in office. Since his arrival in the White House, he has set about rolling back environmental regulations and expedited permitting in an effort to get America's oilmen to "drill, baby, drill".
/jlne.ws/4k7FolK
Trump's Thirst for Cheap Oil Irks an Industry He Loves to Praise
Kevin Crowley and David Wethe - Bloomberg
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Traders rebrand Venezuelan oil for China as Brazilian, sources and tanker trackers say
Chen Aizhu - Reuters
/jlne.ws/44ySiVv
Canada to Build $15 Billion Modular Nuclear Plant, First in G-7
Shoko Oda and Will Wade - Bloomberg
/jlne.ws/4m3amNM
The Nigerian companies leading historic shift in oil wealth ownership; Local producers are stepping in to fill the gap vacated by foreign majors retreating from Africa's largest producer
Aanu Adeoye - Financial Times
/jlne.ws/44unG7C
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS and Switzerland Should Play Their Game of Chicken Nicely; Updated too-big-to-fail rules will provoke a confrontation between the bank and the authorities in June.
Paul J. Davies - Bloomberg
A game of chicken between UBS Group AG and Swiss politicians is coming. The government is due to unveil a draft law to beef up too-big-to-fail rules in early June, which threatens a big hike in capital for Switzerland's only major global bank. The bigger the headline number, the more extreme the reaction from UBS is likely to be. That could mean claims it will have to move country or break itself up - either of which would leave one of the world's major banking centers without a serious player of its own.
/jlne.ws/454eUgK
Donald Trump has shaken Europe out of 'lethargic' habits, says DWS chief; Stefan Hoops says trade war has triggered long overdue spending push on the continent
James Fontanella-Khan, Ortenca Aliaj and Jamie John - Financial Times
The chief executive of Deutsche Bank's asset manager DWS has argued that US President Donald Trump's tariff policies have proved a powerful, if uncomfortable, catalyst for long-overdue economic reforms in Europe. In an interview with the Financial Times, Stefan Hoops said that while rising tariffs and geopolitical tension had rattled global markets, they had also jolted Europe out of "complacent, lethargic behaviour" surrounding infrastructure and defence spending.
/jlne.ws/435W1rb
After tariff rout, hedge funds revive euro rate steepeners; Dutch pension overhaul drives bets on euro rates curve steepening
Rebekah Tunstead - Risk.net
Hedge funds are stepping back into euro rates steepener trades after taking profits during April's tariff-driven turbulence, betting that the gap between short- and long-term swap rates will continue to widen in response to Dutch pension fund reforms and expected central bank rate cuts. The trades, which see investors receive fixed on five- or 10-year euro interest rate swaps and pay fixed on 30-year instruments, paid off when markets whipsawed in response to US president Donald Trump's
/jlne.ws/4j086Es
Hedge funds burned as Hong Kong dollar bets implode; Carry trades and call spreads unwound after Trump tariffs pushed spot to edge of currency peg
Lukas Becker, Joe Parsons and Chris Davis - Risk.net
Global trade tensions have turned the normally benign Hong Kong dollar into a treacherous currency to trade, with wild spot moves forcing hedge funds to unwind leveraged positions that were widely seen as relatively safe bets. "There were a lot of carry-type positions and people playing the range in that currency [HKD] that I think have been forced to reduce as a function of just general risk management," says the head of FX at a global bank. The Hong Kong dollar has been pegged to the US dollar
/jlne.ws/4364uut
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | You're in for a reality check if you want to job-hop right now
Tim Paradis - Business Insider
If it ain't broke, don't fix it. For many workers, that well-worn bit of folk wisdom may be the best advice for deciding whether to switch jobs in 2025. Labor market observers told Business Insider that if you have a job and aren't in a hot field like artificial intelligence, it's probably smart to stay put unless you're worried about getting cut - or are simply miserable.
/jlne.ws/3RZKvZu
'Everybody's Replaceable': The New Ways Bosses Talk About Workers; Step it up, stop complaining-and make way for AI. CEOs are no longer lauding employees as the talent.
Chip Cutter - The Wall Street Journal
Corporate America's long-running war for talent sounds more like a war on the talent these days. Not long ago, bosses routinely praised workers as their most prized asset, so much that some hoarded new hires before having enough for them to do. Today, with a giant question mark hanging over the economy, executives are pulling no punches in saying employees need to work harder, complain less and be glad they still have jobs.
/jlne.ws/3F5nOQH
What the US Would Lose If Trump Pushes Out Legal Immigrants; An influx of migrants has filled essential positions and helped keep a lid on wage pressures at a time of high US inflation.
Alicia A. Caldwell and Augusta Saraiva - Bloomberg
All over America, companies and communities that have come to rely on newly arrived immigrants to make their business models work are in for a rude wake-up call: President Donald Trump is intent on shutting down that labor pipeline. The migrant workforce that's been behind the bulk of US job creation since 2020 is under threat from both directions: Trump is pushing to strip legal protections and accompanying work permits from hundreds of thousands of people already in the US at the same time his border crackdown has pretty much stopped new arrivals.
/jlne.ws/3Sy9cMG
It's LinkedIn - no one expects you to be authentic; A behind-the-scenes look at the work of Rutherford Hall, critical communications strategist
Rutherford Hall - Financial Times
Alex, I wanted to let you know about a new service Monkwell is offering. We see major new opportunities for business leaders on LinkedIn. Of course, it is still primarily about getting a new job or cold-messaging people you don't know with exciting services they don't want. But we now see something more.
/jlne.ws/3GS8siY
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Trump's Vow to Cut US Drug Prices Drags Pharma Stocks Lower
Rachel Cohrs Zhang, Derek Wallbank and Hadriana Lowenkron - Bloomberg
President Donald Trump said he plans to order a cut in US prescription drug costs to bring them in line with other countries, spurring a drop in pharmaceutical shares worldwide. Over the weekend, Trump vowed to sign an executive order in Washington to institute what he called a most-favored nation policy, mandating that Americans pay no more than people in countries that have the lowest price and promising a 30% to 80% cut in drug prices.
/jlne.ws/4iZi9tk
AI Drug Firm METiS Considering $200 Million Hong Kong IPO, Sources Say
Julia Fioretti and Amber Tong - Bloomberg
Artificial intelligence-driven drug firm METiS Pharmaceuticals is considering an initial public offering in Hong Kong to raise as much as $200 million, according to people familiar with the matter. The drug delivery and discovery company is working with advisers to arrange an IPO, potentially before the end of this year, the people said, asking not to be identified because the discussions aren't public.
/jlne.ws/42US7To
Drugs like Wegovy can be effective at treating fatty liver disease; Semaglutide, a drug commonly taken for weight loss, showed marked benefits for most patients in a trial for metabolic dysfunction-associated steatohepatitis (MASH)
Christa Leste-Lasserre - New Scientist
A popular drug for treating obesity and diabetes is now showing benefits in fighting a deadly liver disease. Semaglutide, marketed under names including Ozempic and Wegovy, aids weight loss and blood sugar regulation by mimicking a natural hormone, GLP-1, which curbs the appetite and triggers insulin release. Now, researchers have discovered that the medication can also halt - or in some cases even reverse - the condition known as metabolic dysfunction-associated steatohepatitis (MASH).
/jlne.ws/4iZlKrk
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japanese Pension Proxies Bought Record Foreign Stocks in April
Aya Wagatsuma and Masaki Kondo - Bloomberg
Proxies to Japanese pension funds bought a record amount of foreign equities in April, when US President Donald Trump's so-called reciprocal tariffs rocked global markets. Net purchases of banks' trust accounts acquired a net ¥2.76 trillion ($18.9 billion) of such securities in April, according to preliminary data from Japan's Ministry of Finance on Monday. The MSCI All Country World gauge tumbled more than 7% in the first week of April, as anxiety about the impact of a trade war on the global economy grew. The yen, seen as a haven, jumped during the period.
/jlne.ws/4maAZAj
'Size does not matter': Bhutan's tiny sovereign wealth fund banks on green energy and Bitcoin
Lionel Lim - Fortune
Bhutan, the small landlocked country wedged between India and China, is perhaps best known for "Gross National Happiness," the alternate measure that the country claims gives a fuller understanding of economic development than GDP. But the country wants to be known for more than just spiritual tourism and Himalayan mountains. Bhutan now hopes to attract foreign investment, foster new industries, and enter the global economy.
/jlne.ws/3GOYdfo
London Bankers Scour Market for IPO Reboot After Shein Stalls
Pablo Mayo Cerqueiro and Joe Easton - Bloomberg
London bankers and investors are pinning their hopes on a handful of candidates to get initial public offering activity off the ground after the much-anticipated listing of Shein hit a pause. A blockbuster IPO by Shein, planned for this year and at one point eyeing a valuation of as much as £50 billion ($67 billion), was often touted as the catalyst that London needed to reignite IPO activity.
/jlne.ws/4dgSSd1
Evercore Is Set to Join Advisory Peers Expanding in Saudi Arabia
Nicolas Parasie - Bloomberg
Evercore Inc. is expanding in Saudi Arabia with a new office and senior hire, according to people familiar with the matter - making it the latest advisory firm to deepen its presence in one of the world's most promising investment banking markets. The New York-based firm has appointed Mohammed Aldekmary to run its franchise in the kingdom, the people said, asking not to be identified because the information is private. Aldekmary was most recently an adviser at Saudi Arabia's Ministry of Investment and has previously held roles at The Saudi Investment Bank and Royal Bank of Scotland, according to his LinkedIn profile.
/jlne.ws/3GM3fJH
Africa's Eswatini Kingdom Plans $275 Million Wealth Fund
Monique Vanek - Bloomberg
The southern African Kingdom of Eswatini plans to start a sovereign wealth fund of around 5 billion emalangeni ($275 million) this year to help channel money into areas including manufacturing and agriculture, its finance minister said. Legislation for the fund, drawn up with the Commonwealth's help, is in draft form and likely to be finalized in the next three months, Neal Rijkenberg said. "It is something that we are really focusing on and driving very hard to get. So we need it to be perfect," he said in an interview.
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Quantum Breakthrough Just Proved Teleportation Is Real-And Unlocked the Most Powerful Internet Yet; In a groundbreaking experiment three decades in the making, scientists teleported a particle over 18 miles.
Drew Turney - Popular Mechanics
Whether it's the sci-fi future of beaming humans across space or the more grounded concept of quantum computing, our visions of teleportation so far have always clung to a central premise: the ability to transport quantum states between distant particles, known as entanglement. A property first described by Einstein back in the 1930s, entanglement represents some of the most outlandish physics of the subatomic world-specifically, the fact that particles can experience an inexplicable, invisible link across even vast distances.
/jlne.ws/4kePfq0
Pope Leo XIV Calls for News Media to Shun Divisive Language; In his first audience with the press as pontiff, Leo renewed his pleas for a more peaceful world and quoted his predecessor, Pope Francis, who had called for communication that is free from aggression.
Matthew Mpoke Bigg - The New York Times
Pope Leo XIV used his first audience with the press on Monday to appeal to journalists to help cool the heated language of today's media landscape, as he renewed his calls for a more peaceful world. Echoing some thoughts from his predecessor, Pope Francis, Leo called for the use of moderate language in presenting facts to the world.
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