| June 13, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
When you heard Nasdaq was doing the biggest deal in its history to buy a firm named Adenza, you might have said, "Huh? Who?" Well, Adenza is one of those names created by highly paid consultants when combining two firms together and the firm does not want to use either name. After all, it was a merger of equals, not a takeover. The firms combined to create Adenza included AxiomSL and Calypso Technology, the Financial Times mentioned in their story on the deal.
There are a couple of key economic indicators from the commodity markets that foretell future economic activity, analysts often say. Copper demand is one, as wiring is needed for home building and other building activity. The other is demand for cardboard boxes. Bloomberg has a story titled "Slumping Cardboard-Box Sales Signal US Consumer Spending Slowdown." The story says, "US paper mills are scaling back production as big-box retailers buy less cardboard, signaling a slowdown in consumer spending."
JP Morgan has cut ties with Odey Asset Management, the FT reported. The late Tom Madden always taught me to look at a manager's qualitative factors as much as their quantitative factors when assessing whether to do business with them. An outstanding performance trading was meaningless if the manager had cancer or was going through a divorce, factors that could influence the long term ability of the manager to perform consistently.
The late Peter Wind used to share his "rat theory" with me. The rat theory was that in the case of a sinking ship, the rats that jumped into the water first were the ones that could swim. UBS is reporting that 10% of the Credit Suisse staff has left the bank before the deal was closed yesterday, Reuters reported. Evidently we have found the rats that can swim.
Michael Bloomberg, a former Democratic presidential candidate and the owner of Bloomberg News, has weighed in with a commentary about the indictment of former President Donald Trump titled "No One, Not Even Trump, Is Above the Law" with the subheading, "The former president's criminal indictment was justified. That doesn't mean it's good for the country."
Former Bats and Cboe executive Bryan Harkins announced on LinkedIn that he is leaving Trumid and will be taking the summer off before embarking on his next chapter.
FIA Tech today announced that it raised an additional $25.4 million in a funding round led by six existing shareholders - Bank of America, Barclays, Citi, Goldman Sachs, J.P. Morgan and Wells Fargo - in addition to BNP Paribas.
The FIA posted on LinkedIn that "During a recent US House Agriculture Committee hearing on digital assets, Rep. Frank Lucas asked Walt Lukken for his thoughts on the importance of ensuring strong foundational and international regulation." Watch the full video HERE.
The OCC announced on LinkedIn that OCC's OCEO Awards program "recognizes colleagues who deliver significant, enterprise-wide contributions toward enhancing our resiliency or greatly improving a business process while demonstrating outstanding leadership and behaviors aligned with our values." The winners were Charles Briggs, Hima Kavali, Keisha Xicotencatl, Konstantin Baritko, Masoud Valizadeh, Naveen Ambati, Paul Jasper, Robin Burns, Sarah Good, Tim Burroughs, Tom Kephart, Wei L., Xiaolei Zhang and Yang Zhang.
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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ESG Week 2023: Energy and Mining Forum and Webinar Series is taking place this year from November 6th - 10th. The Natural Resources Forum's fourth annual ESG Energy and Mining Forum 2023 is sponsored by the London Stock Exchange. You can go here for more information and to register.~SR
The top three stories in JLN Options yesterday were: Funds cover short positions in US soyoil, corn and hogs and Nasdaq to buy Adenza for $10.5bn in US exchange operator's biggest deal and The Stock Market Says the Fed Will Cut Rates Soon. It Just May Be Right. ~JB
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BOX Options CEO Patrick Zielinski talks with JLN about opportunities and risks in electronic trading
JohnLothianNews.com
JLN spoke with Patrick Zielinski, CEO at BOX Options Market, at the OIC Conference in Nashville in April. In a wide-ranging conversation, he discussed how he got his start in the markets, the interplay of floor trading with electronic trading, and the potential impact of an electronic trading tax in Chicago.
Watch the video »
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New York Office Occupancy Breaks 50% for First Time Since Pandemic Hit; Commuters at the Times Square subway station in New York City; Commuters at the Times Square subway station in New York City.
Jo Constantz - Bloomberg
Offices in New York City crossed the 50% threshold last week for the first time since the Covid-19 pandemic eviscerated the local economy at the start of the outbreak. Building occupancies in the New York metro area hit 50.5% of pre-pandemic levels in the week ended Wednesday, June 7, according to data from security firm Kastle Systems, up 4.2 percentage points from the week before.
/jlne.ws/3XaIyLy
****** And then summer came and everyone left the city again.~JJL
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Crypto-Friendly Congressmen Draft Bill to Reform SEC, Fire Gary Gensler
Andrew Throuvalas - DeCrypt
Following months of attacks against the crypto industry by the U.S. Securities and Exchange Commission (SEC), two Republican congressmen have decidedly had enough of the agency's chairman. "Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler," announced Warren Davidson (R-OH) on Twitter Monday. "U.S. capital markets must be protected from a tyrannical Chairman, including the current one." Joining Davidson in creating the legislation is Rep. Tom Emmer (R-MN) - the crypto-supportive House Majority Whip who has repeatedly blasted Gensler for his "incompetence" in governing the crypto market and driving the industry overseas.
/jlne.ws/3p3vL0L
****** Maybe these Congressmen should worry about coming up with a crypto framework for the U.S. rather than worry about how Mr. Gensler applies current law to products that are clearly within the SEC's jurisdiction.~JJL
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Grilling Hasn't Been This Cheap in Years; U.S. propane prices have dropped more than 50% over the past year despite record exports
Ryan Dezember - The Wall Street Journal
Fire up the grill: Propane prices haven't started summer this low since the Covid-19 lockdown three years ago. A lot of the heating fuel was left over after an unusually warm winter, while record output from natural-gas drillers and oil refiners has offset record exports. Propane prices in commodity markets are more than 50% lower than a year ago and about $1 a gallon less than the pandemic peak.
/jlne.ws/43sXqqR
****** Great, more smoke.~JJL
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Americans Say They Need $2.2 Million to Be Considered Wealthy; Feeling rich is more common among millennials and Gen Z, according to a new survey from Charles Schwab.
Claire Ballentine - Bloomberg
To be wealthy in America, you need at least $2.2 million. That's according to Charles Schwab's 2023 Modern Wealth Survey released Tuesday, which asked a nationally representative sample of Americans to estimate the average net worth required to reach the ranks of the rich.
/jlne.ws/3Pf9AQ1
****** Funny, that is not quoted in how many bitcoins they need to feel wealthy.~JJL
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Monday's Top Three
Our top read story Monday was the Financial Times' French schools retain dominance in Masters in Finance teaching. Second, also from the Financial Times, was Special Report Business Education: Financial Training. Third was our MarketsWiki page for Ken Griffin.
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MarketsWiki Stats
27,339 pages; 245,210 edits
MarketsWiki Statistics
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| Lead Stories | Howard Lutnick tilts at Chicago's flagship futures - again; Electronic trading pioneer plans a third assault on CME's position in Treasury futures market
Jennifer Hughes - Financial Times
Bond pioneer Howard Lutnick is poised for a third attempt to break CME's stranglehold on Treasury futures trading, taking on what he calls "one of the great monopolies in America" with a rival marketplace. The Cantor Fitzgerald chair, who first shook up US bond markets with the eSpeed electronic trading platform in the late 1990s, told an industry conference that Cantor-controlled broker BGC Partners has now sought all the approvals needed for its new venture and he expects the official green light shortly.
/jlne.ws/43Ijdes
Goldman Sachs Is at War With Itself; CEO David Solomon has come under fire from partners who complain about bonuses, strategy and that DJ side gig
AnnaMaria Andriotis - The Wall Street Journal
When Goldman Sachs partners descended on Miami Beach for the bank's annual confab of senior leaders in February, it was a former CEO, Lloyd Blankfein, who stole the show. Blankfein, holding court at the hotel bar before a gathering of Goldman partners, groused about his successor, according to people familiar with the matter. David Solomon, Blankfein said, was spending too much time away from his day job, jetting around on Goldman's private planes and DJing at nightclubs and festivals.
/jlne.ws/3qEAqXl
Major sell-side banks lead $25.4 million funding round in FIA Tech; With the close of this round the total funding for FIA Tech is at almost $70 million.
Claudia Preece - The Trade
New investor BNP Paribas, alongside existing shareholders Bank of America, Barclays, Citi, Goldman Sachs, JP Morgan, and Wells Fargo, have closed a $25.4 million funding round aimed at expediating the development of FIA Tech's Trade Data Network (TDN) initiative.
/jlne.ws/45XM8N1
Battle for Aluminum Stocks Is Draining LME of Non-Russian Metal; Trader IXM has begun withdrawals after amassing large position; More than two-thirds of LME aluminum is now of Russian origin
Joe Deaux - Bloomberg
The trader that last month built up a dominant position in aluminum has begun taking delivery of some metal while rejecting supplies produced in Russia, the latest evidence of a diverging market that is leaving the London Metal Exchange contract increasingly dependent on Russian material.
/jlne.ws/3N7wt5f
Nasdaq's $5.7 Billion Debt Deal Shows Banks Willing to Fund M&A; Bridge loan is biggest US high-grade loan for M&A this year; Blue-chip loan issuance for M&A still down 40% year-over-year
Josyana Joshua - Bloomberg
Nasdaq Inc. has locked in debt financing for its acquisition of financial-software maker Adenza, proving that banks are still willing to lend to certain companies. The stock exchange operator has secured an up to $5.7 billion bridge loan, according to a filing, to help fund the cash portion of its $10.5 billion purchase of Adenza from private equity firm Thoma Bravo. The deal would be the largest blue-chip loan for a merger and acquisition in the US this year, Bloomberg-compiled data shows, outstripping CVS Health Corp.'s loan for the acquisition of Oak Street Health Inc.
/jlne.ws/3Cqdk9v
ASX seeking views from key stakeholders on a potential move to T+1; Though the decision would be driven by regulators, the ASX is engaging with key market players on whether Australia should move to T+1, what would need to change to support the transition and how the move would be co-ordinated with New Zealand.
Jon Watkins - The Trade
The Australian Securities Exchange (ASX) is engaging with stakeholders on a potential move to T+1 to gain industry sentiment on a shortening of the settlement cycle within the country.
/jlne.ws/4620I5X
Binance US Says Asset Freeze Sought by SEC Will Cripple Crypto Exchange
Olga Kharif and Sabrina Willmer - Bloomberg
Binance.US urged a federal judge to reject a Securities and Exchange Commission request to freeze billions of dollars of assets on the cryptocurrency exchange during a legal fight with the regulator, arguing the move would cripple its business and hurt customers.
/jlne.ws/3p4Ajnx
The next frontier: Cboe sets its sights on European derivatives with new equity options launch
Laurie McAughtry - MarketsMedia
Following its recent foray into global listings, the exchange is now switching its attention to growing its European derivatives exchange - with single stock options set to launch in Q4. BEST EXECUTION speaks to Cboe Europe president Natan Tiefenbrun and head of European derivatives Iouri Saroukhanov to learn more about "one of the biggest initiatives Cboe has undertaken in Europe for many years".
/jlne.ws/3Ja6Xe9
What's Next from the SEC's Crypto Lawsuits; Binance.us suspends U.S. dollar transactions while Coinbase's CEO is scrutinized for a pre-lawsuit $1.8M company stock sale.
Tor Constantino - Inc.
There's an old saying "May you live in interesting times." Few would argue that last week was an extremely interesting one, especially within the cryptocurrency sector. On Monday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance.us -- a subsidiary of the largest cryptocurrency exchange in the world -- alleging a slate of bad behaviors including misuse of investor funds, deceptions surrounding its market surveillance controls and trading volumes, as well as attempts to avoid U.S. taxes.
/jlne.ws/3X6dZq0
Deutsche Bank's DWS Weighs Return of Management Titles After Staff Complaints; Previous CEO wanted to flatten hierarchies at asset manager; Some staff said policy spread confusion, hindered progression
Steven Arons - Bloomberg
Just over two years ago, Deutsche Bank AG's investment arm eliminated the managing director title. Frustration over the policy that dispensed with some corporate designations at Frankfurt-based DWS Group means management is now considering bringing them back, according to people familiar with the matter.
/jlne.ws/3P9KEct
Nasdaq 'Supercharges' Abilities with $10.5bn Adenza Buy
Shanny Basar - MarketsMedia
Adena Friedman, chair and chief executive of Nasdaq, described the $10.5bn acquisition of Adenza, which provides risk management and regulatory software to the financial industry, as a milestone in Nasdaq's transformational journey which will "supercharge" the group's capabilities across critical functions, asset classes and geographies.
/jlne.ws/43URG91
The harm from AI is already here. What can the US do to protect us? Everyone accepts that AI is dangerous. Agreeing about what to do about it - as the EU has started to do - is a different story
Johana Bhuiyan and Nick Robins-Early - The Guardian
Last month, Sam Altman, the CEO of OpenAI and face of the artificial intelligence boom, sat in front of members of Congress urging them to regulate artificial intelligence (AI). As lawmakers on the Senate judiciary subcommittee asked the 38-year-old tech mogul about the nature of his business, Altman argued that the AI industry could be dangerous and that the government needs to step in.
/jlne.ws/3NrCPOc
IRS gets major power to request private tax info after Supreme Court decision
Rebecca Chen - Yahoo Finance
How much can the IRS snoop in your business without you knowing? A lot more now, after a recent Supreme Court decision that is raising privacy concerns among experts. Last month, the highest court in the nation unanimously sided with the IRS in Polselli v. Internal Revenue Service, solidifying the tax agency's ability to ask for documents or financial records of those associated with a delinquent taxpayer without notifying that third party. The decision reinforced the tax agency's capacity to get information under wraps, experts say, and gives the IRS too much power and too few limits on how that information can be used.
/jlne.ws/42EfXzk
Mary Erdoes, JPMorgan's Billionaire Whisperer, Faces Flak Over Epstein Emails; Mary Erdoes under scrutiny with bank battling Epstein lawsuits; JPMorgan set to settle one suit, prepared to pay $290 million
Hannah Levitt - Bloomberg
Mary Callahan Erdoes has watched one star executive after another climb to the highest rungs at JPMorgan Chase & Co. and then leave, either seizing other opportunities, retiring or getting shoved out.
/jlne.ws/3N4KbWv
Lessons from past crises could help stave off a commercial property crash; Credible government policies, deployed rapidly, are key
Linda Yueh - Financial Times
The enduring lesson from centuries of boom and bust is that there will always be another financial crisis. Given the current slow-burn US banking turmoil and commercial real estate wobbles, this is a good time to learn from history to prevent a bust becoming a financial meltdown.
/jlne.ws/42CuQSz
The SEC has spoken: The future of finance is not in America
Hamilton Keats - Forkast
In the same week that the U.S. Securities and Exchange Commission decided to sue both Coinbase and Binance, Circle announced that it had received a Major Payment Institution license in Singapore. The differences between the treatment received by major crypto companies in the U.S. versus Asia could not be more telling.
/jlne.ws/43CmQST
JPMorgan cuts ties with Odey Asset Management; Move comes as firm's subsidiary Brook Asset Management blocks withdrawals from one of its funds
Harriet Agnew, Laura Noonan, Emma Dunkley and Robert Smith - Financial Times
JPMorgan is terminating its relationship with Odey Asset Management, the last of the big banks to cut ties with the firm in the wake of sexual misconduct allegations against its founder Crispin Odey.
/jlne.ws/3NsBpmC
Deutsche Bank's DWS Promotes Female Executives as More Leave
Steven Arons - Bloomberg
Deutsche Bank AG's investment arm DWS Group promoted several women to senior positions while others announced their departure, underscoring the firm's challenges in gender diversity.
/jlne.ws/3CtxAHr
What's Killing Productivity? Some Think It's the Banks; Bank lending in the U.K. is going to property rather than innovative businesses
Josh Mitchell - The Wall Street Journal
The birthplace of the industrial revolution is in dire need of innovation. Standing in the way: Britain's mortgage-laden banks. The U.K. - inventor of the factory system, steam engine and passenger rail - is at the forefront of a 21st-century global productivity slowdown. Growth in U.K. productivity, or output per hour worked, has halved since the financial crisis, leading some policy makers to call this era Britain's lost decade. Among the world's seven largest developed economies, only Italy has fared worse.
/jlne.ws/3CwQFbv
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | How the U.S. Patriot Missile Became a Hero of Ukraine War; Air-defense system is finally doing what it was designed for, 40 years later
James Marson, Doug Cameron, and Ievgeniia Sivorka - The Wall Street Journal
Ukraine-Around 3:30 a.m. one recent morning, more than a dozen Russian missiles flashed on the radar screens of the Ukrainian air-defense crew defending this capital city. The missiles were coursing toward Kyiv, some as fast as six times the speed of sound and many heading directly for the crew's missile battery. The Ukrainians didn't panic, their commander said in an interview. They didn't have time. But they did have a U.S.-made Patriot surface-to-air missile system, which days earlier had, for the first time, knocked down an ultrafast Kinzhal ballistic missile. Also known as the Kh-47, the Kinzhal is one of Russia's most advanced weapons.
/jlne.ws/42wTELS
Nord Stream Sabotage Probe Turns to Clues Inside Poland; German investigation examines whether ally's territory was a springboard for pipeline attack
Bojan Pancevski, Drew Hinshaw, and Joe Parkinson - The Wall Street Journal
German investigators are examining evidence that suggests a sabotage team used Poland, a European Union neighbor and NATO ally, as an operating base to blow up the Nord Stream pipelines built to transport Russian gas through the Baltic Sea. The probe by Germany's Federal Criminal Police Office is examining why the yacht they believe was used to carry out the operation journeyed into Polish waters. Other findings suggest Poland was a hub for the logistics and financing of last September's undersea sabotage attack that severed the strongest bond tying Berlin to Moscow.
/jlne.ws/3qKWUG3
'A Wall of Steel': Ukrainian Troops Face Hard Slog in Offensive's First Days; Brigades with Western arms make small gains against Russia's defensive lines in occupied regions
Ian Lovett, Marcus Walker and Nikita Nikolaienko - The Wall Street Journal
The assault began Thursday night, with about 100 troops, two German-made Leopard II tanks and several American-made armored personnel carriers. The plan was to push south toward the Russian-occupied town of Tokmak, in the southern Zaporizhzhia region, according to a soldier who was part of the operation. Two other units would also push toward Tokmak from different axes. As soon as the regiment crossed a road outside the town of Mala Tokmak, the 28-year-old soldier said, the Russians began to pummel them with Grad rockets. The fields were mined. Russian helicopters and jet fighters buzzed overhead.
/jlne.ws/3Cob0Qo
UN chief concerned Russia will quit Black Sea grain deal in July
Michelle Nichols - Reuters
United Nations Secretary-General Antonio Guterres said on Monday he is concerned that Russia will on July 17 quit a deal allowing the safe wartime export of grain and fertilizers from three Ukrainian Black Sea ports.
/jlne.ws/3JahJRN
Russian exports shift to ageing oil tankers to carry crude; Western sanctions push exporters to deploy 'dark fleet', prompting warnings of environmental risk
Oliver Telling - Financial Times
Russian oil exporters have almost doubled their use of ageing ships since the start of the Ukraine war, raising concerns in the shipping industry that workers and the environment are being put at risk by vessels that belong on scrap heaps.
/jlne.ws/3X5ljCv
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Seeks Predictability in Deal to Buy Thoma Bravo's Adenza
Katherine Doherty and Amy Thomson - Bloomberg
Nasdaq Inc.'s biggest-ever acquisition is supposed to make the exchange operator more predictable and profitable. Investors may need more convincing. Monday's proposed $10.5 billion purchase of financial-software maker Adenza sent shares of Nasdaq tumbling to their biggest intraday drop in nearly a decade - even as the exchange's Nasdaq 100 index continued on a rally that has boosted the benchmark by 35% this year. The cash-and-shares deal also gives a stake in the public stock exchange to the private equity firm that owns Adenza, Thoma Bravo, along with a seat on the board.
/jlne.ws/3X5mj9x
ICE Benchmark Administration Plans to Launch ICE Commodity Traceability Service to Help Cocoa and Coffee Industries Comply with EU Deforestation Regulation
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) plans to launch the ICE Commodity Traceability (ICoT) service to support the cocoa and coffee industries in meeting the requirements of the European Union's (EU) incoming regulation relating to deforestation and forest degradation.
/jlne.ws/462ePZi
Cboe Global Markets Announces Date of Second-Quarter 2023 Earnings Release and Conference Call
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the second quarter of 2023 before the market opens on Friday, August 4, 2023. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET).
/jlne.ws/3Jc4nVf
CONNEQTOR Starts Providing Direct Connection With NRI's Order Management System, SmartBridge Advance (SBA)
Tokyo Stock Exchange
Tokyo Stock Exchange, Inc. ("TSE") launched the CONNEQTOR service, a RFQ (Request For Quote) platform, in February 2021 with the aim of improving liquidity in the ETF market, and since then, based on the needs of our users, CONNEQTOR has been continuously developed and new features have been added. Today, we are pleased to announce the start of providing direct connection between CONNEQTOR and SmartBridge Advance* ("SBA"), a securities order and execution management system (a system for institutional investors who trade stocks and ETFs on a large scale to register and place orders) provided by Nomura Research Institute, Ltd. ("NRI").
/jlne.ws/3J680fl
Special Change in KOSDAQ 150, etc. for BH
KRX Market
KRX will change the constituents of KOSDAQ 150 index and its subordinate indices since BH(090460) will move from the KOSDAQ market to the KOSPI market.
/jlne.ws/3qJMqHi
Amendments To The List Of Fees Of Bourse De Montreal Inc. (Effective July 1St, 2023)
Bourse de Montreal
Bourse de Montreal Inc. (the "Bourse") hereby announces the following amendments to its List of Fees effective July 1st, 2023. The new List of Fees in blackline and clean version is attached for your information.
/jlne.ws/3X5IUTA
SGX Group reports market statistics for May 2023
Singapore Exchange Group
Active risk management and strong financial participation in iron ore bolster commodity derivatives volumes; Equity market activity buoyant; secondary fund-raising continues. Singapore Exchange (SGX Group) today released its market statistics for May 2023. Activity in the commodities and equities markets was buoyant versus April levels. Total derivatives traded volume in May was up 16% month-on-month (m-o-m) at 20.5 million contracts, while total securities market turnover value rose 23% m-o-m to reach S$23.0 billion.
/jlne.ws/3PaBKLR
How Direct Indexing Can Enhance ESG Investing
Nasdaq
While ESG investing has boomed over the past decade, there are some drawbacks. One is the lack of clear definition of ESG, and what qualifies an investment to be sufficiently deemed ESG. For instance, some ESG funds have much wider latitude, while others are much more discriminating. In an article for Vettafi, James Comtois discusses why some investors who believe in ESG investing are nevertheless unsatisfied with many ESG investment options.
/jlne.ws/45SIFPE
The SFI market has completed the transition from LIBOR to SOFR
MOEX
The Moscow Exchange has successfully completed the transition in the market of standardized derivative financial instruments (SPFIs) from using the LIBOR indicator to the SOFR indicator in "interest rate swap" and "currency interest rate swap" transactions.
/jlne.ws/3X69bkP
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Best-Kept Secret In The $245 Billion Fintech Industry
Gil Press - Forbes
Fintech revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a recent report from the Boston Consulting Group. Banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030, a forecast that has led to billions in venture capital funding, the creation of around 30,000 startups and the launch of new products from tech and financial services incumbents.
/jlne.ws/3P7Hs0S
Nasdaq to buy fintech firm Adenza for $10.5 billion, rattling some investors
Manya Saini, Anirban Sen and John Mccrank - Reuters
Nasdaq (NDAQ.O) on Monday agreed to buy Thoma Bravo-owned software firm Adenza for $10.5 billion, with the exchange operator's biggest-ever deal broadening its financial technology footprint but giving shareholders a case of sticker shock.
Adenza's risk management and regulatory software is primarily used by banks and brokerages and will help Nasdaq diversify further beyond its roots as an exchange operator, building on a spate of fintech deals in recent years under Chief Executive Adena Friedman, analysts said.
/jlne.ws/43zIoQb
The Frontier Markets' Fintech Revolution
Sean Daly - ETF.com
Amazon kicked off its first-ever "FinTech Africa" accelerator program earlier this month, selecting 25 companies for funding. The focus of the program is indicative of a broader trend: 90% of all new internet users now come from the emerging and frontier markets, and the AWS summit itself was a clear sign of changing global fintech and e-commerce dynamics.
/jlne.ws/3Nq0KgH
ION tackles equities slowdown with launch of new liquidity seeking trading solution; Fidessa Spotlight aims to reduce market impact for traders by giving them access to dark volume while maintaining orders in other third-party algorithms.
Annabel Smith - The Trade
ION has released a new liquidity seeking trading solution aimed at helping traders boost performance amid the ongoing equities slowdown.
/jlne.ws/3CorQyL
'Tokenization Was Not Created to Evade Laws': Ava Labs CEO
Andrew Asmakov - Decrypt
Ava Labs CEO Emin Gun Sirer will urge U.S. regulators and policymakers to provide "sensible laws and regulations" to lay the ground for the "responsible growth" of blockchain technologies.
/jlne.ws/43QTHUp
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| Cybersecurity | | Top stories for cybersecurity | DoD Cyber Strategy: Lessons for Tech and Cybersecurity Pros
Dice
With an approach to cybersecurity that is "grounded in real-world experience," the U.S. Department of Defense recently announced its 2023 DoD Cyber Strategy, which updates the Pentagon's plan published five years ago and outlines how the department will address current and future security issues that face the nation. While several lawmakers on Capitol Hill received copies of the full document, Defense Department officials also published an unclassified, two-page "fact sheet" for the public in late May. A more detailed public version is expected later this year.
/jlne.ws/3oZ3eJE
Aligning Cybersecurity to Business Objectives Helps Drive Revenue Growth and Lower Costs of Breaches, Accenture Report Finds
Accenture
Organizations that closely align their cybersecurity programs to business objectives are 18% more likely to achieve target revenue growth and market share and improve customer satisfaction, as well as 26% more likely to lower the cost of cybersecurity breaches/incidents, on average, according to new research from Accenture (NYSE: ACN).
/jlne.ws/3P8NJJG
How To Safeguard Your Business Growth Goals With Robust Cybersecurity
Justin Rende - Forbes
In today's digital age, sound cybersecurity is critical for businesses of all sizes. According to the 2022 Cost of a Data Breach Report by IBM, cybersecurity incidents cost companies an average of $4.35 million per incident. As organizations increasingly rely on digital tools and data to grow and compete in their respective markets, they also face an ever-growing range of security threats that can cause significant damage to their operations and reputation.
/jlne.ws/3NtjdJz
ASIC invites Australian entities to assess their cyber resilience
ASIC
ASIC-regulated entities, including publicly listed companies and other entities holding licences and authorisations, are invited to take part in a survey to measure cyber resilience in Australia's corporate and financial markets.
The ASIC cyber pulse survey will be one of the largest conducted into Australia's cyber resilience, and will measure entities' current cyber security and controls, governance arrangements, and incident preparedness.
/jlne.ws/3P4qvoc
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cryptoverse: Security alert! Altcoins worth $100 billion dropped in hot water
Lisa Pauline Mattackal and Medha Singh - Reuters
It's a rough time to be an altcoin. Insecurity reigns. A slew of altcoins - a catch-all for most cryptocurrencies except bitcoin and ether - have been harpooned in lawsuits filed by U.S. regulators against exchanges Binance and Coinbase (COIN.O) last week, hammering the prices of the tokens. It's big. Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData.
/jlne.ws/3PcBJab
Binance plans to swap 750 million of token pairs to ensure liquidity
Reuters
Binance said in a tweet on Monday it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin's liquidity. The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S. Securities and Exchange Commission.
/jlne.ws/43EEKo8
SEC's Binance, Coinbase Suits Create Uncertain Future for Listed Tokens: Legal Experts; The tokens listed in the lawsuits have plummeted in price since the news, but the future of the tokens remains unclear.
Lyllah Ledesma - CoinDesk
The U.S. Security and Exchange Commission (SEC) lawsuits against the two largest crypto exchanges by market volume last week will likely have a chilling effect on 19 tokens mentioned in the filings, possibly forcing them to resettle their businesses to other parts of the world, legal experts told CoinDesk.
/jlne.ws/3CrAtIK
Another Solo Bitcoin Miner Hits the Jackpot for $160,000
Jason Nelson - DeCrypt
Third time's the charm? For the third time since January, another solo Bitcoin miner struck digital gold, solving a block worth 6 BTC, or around $160,000. The independent miner solved a block that generally would take several years to do using limited processing power. Identified by the tag 151XTfHBfaDqoNWGGeYobNX2YzFFWuB5YD, the miner solved the 275th block of the Bitcoin blockchain on the Solo CKPool platform.
/jlne.ws/3p3upTJ
Bank of China unit issues digital securities on Ethereum blockchain in Hong Kong amid city's virtual asset push
South China Morning Post
Bank of China, through its global investment arm, has become the first mainland financial institution to issue a tokenised security in Hong Kong amid the city's effort to become a virtual asset trading hub. Hong Kong-based Bank of China International Holdings (BOCI) has issued 200 million yuan (US$28 million) worth of fully digital structured notes in the form of tokens on the Ethereum blockchain, according to a statement on Monday from the investment bank UBS, which created the product and placed it with its Asia-Pacific clients.
/jlne.ws/3N1FUTD
SEC's Gensler seen telling hedge funds that Ethereum and Litecoin are 'not securities' in 2018 video
Jeff John Roberts - Fortune
/jlne.ws/3P5QiMP
Crypto Investing Platform Finblox Starts Offering Tokenized Treasury Yield With OpenEden
Krisztian Sandor- CoinDesk
/jlne.ws/3p0rP0M
Nanjing city district announces bold metaverse goals as China competition heats up
Tom Zuo - Forkast
/jlne.ws/43TW5t4
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| Politics | | An overview of politics as it relates to the financial markets | China says US eagerness to engage is an 'illusion'
Reuters
A Chinese state-affiliated social media commentator accused the United States on Tuesday of playing tricks and creating an "illusion" that it is eager to engage, days before an expected visit by U.S. Secretary of State Antony Blinken. The lead up to the high-stakes visit has been marred by new U.S. accusations of Chinese spying and scathing Chinese questioning of Washington's sincerity in improving badly frayed ties.
/jlne.ws/3Cnadzg
What I Learned About 'Woke' Capital and Milton Friedman at the University of Chicago; A stint as a journalist in residence taught me about Friedman's legacy and today's debate about 'woke' business
James Mackintosh - The Wall Street Journal
Ahead of three months studying in Chicago, the home of Milton Friedman, I expected to be surrounded by anti-ESG, pro-capitalist supporters of the status quo in American finance. The University of Chicago has such a reputation as the bastion of free markets that the pure capitalism it espoused was dubbed "freshwater economics" for the lakeside location.
/jlne.ws/43VnzOV
Measure aimed at preventing book bans at public libraries signed into law by Gov. J.B. Pritzker Hank Sanders and Jeremy Gorner - Chicago Tribune
Public libraries in Illinois could be cut off from state funding if they remove books and other materials from their shelves for "partisan or doctrinal" reasons under a measure signed into law Monday by Gov. J.B. Pritzker. "Book bans are about censorship, marginalizing people, marginalizing ideas and facts," Pritzker said before signing the legislation at the Harold Washington Library in Chicago. "Regimes ban books, not democracies. Nazi Germany, fascist Italy, the Taliban's Afghanistan. We refuse to let the vitriolic strain of white nationalism coursing through our country determine whose histories are told."
/jlne.ws/3qHTOTp
MPs to grill UK financial watchdog over 2-year probe into Odey Asset Management; Move comes as FT revealed sexual misconduct allegations against founder Crispin Odey
Laura Hughes and Laura Noonan - Financial Times
MPs will grill top executives from the UK financial watchdog next month over the regulator's handling of misconduct allegations against the hedge fund manager Crispin Odey. The move comes after the Financial Times revealed 13 women alleged they had been sexually harassed or assaulted by Odey over the past 25 years. The revelations have prompted the Financial Conduct Authority to broaden an existing investigation into the firm.
/jlne.ws/3P9Dipd
Britain's Post-Brexit Policy Drift Alarms World's Executives; Complaints from some of the world's biggest companies highlights the UK's deteriorating investment climate.
Philip Aldrick, Lucy White, William Shaw, Katherine Griffiths and Caroline Hepker - Bloomberg
When Dan Vahdat set out to build a healthcare startup, the UK was an ideal launchpad. That was 2011 and the nation's deep network of medical research centers and vast National Health Service patient data sets helped him expand the software platform, Huma Therapeutics, into a $1 billion company. For the next billion dollars he is looking elsewhere.
/jlne.ws/3oXwX5R
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| Regulation & Enforcement | | Stories about regulation and the law. | Lex Greensill faces Swiss criminal case alongside ex-Credit Suisse bankers; Financier named among suspects following two-year police investigation into collapse of funds offered by bank
Owen Walker, Robert Smith and Cynthia O'Murchu and Sam Jones - Financial Times
Lex Greensill and four former Credit Suisse bankers have been named as suspects in a Swiss criminal case that is due to be formally opened this month, according to people with knowledge of the matter. The case being brought by the Zurich public prosecutor - which follows a two-year investigation by Swiss police, including raids on homes, a hotel room and Credit Suisse offices - is related to the collapse of a $10bn group of funds the bank offered clients that were linked to specialist finance group Greensill Capital.
/jlne.ws/3N7xlGY
Ex-Goldman Banker Faces Squash Pal-Turned-Informant in Trial; Brijesh Goel charged in NY with insider trading on bank deals; Goel claims former friend framed him to avoid prosecution
Bob Van Voris and Greg Farrell - Bloomberg
A former Goldman Sachs Group Inc. investment banker begins defending himself Monday against insider-trading charges in a New York trial where his former squash buddy will be the star prosecution witness.
/jlne.ws/3X1imms
Commissioner Pham Announces Update on Global Markets Advisory Committee Work Program
CFTC
CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), today announced the GMAC has received public input on its proposed work program that will be addressed through its three Subcommittees: Global Market Structure, Digital Asset Markets, and Technical Issues. Representative members from market participants, financial market infrastructures, end-users, service providers, regulators, and other members of the public will bring their expert knowledge and experience to develop pragmatic recommendations to these significant global issues.
/jlne.ws/45ZE5PA
CFTC Adds 45 Unregistered Foreign Entities to its RED List
CFTC
The Commodity Futures Trading Commission is committed to helping protect Americans from fraud, and today the CFTC added another 45 unregistered foreign entities to its Registration Deficient List (RED List).
/jlne.ws/3NBagxX
SEC Charges Investment Adviser and Principal in Abusive Naked Short Selling Scheme
SEC
The Securities and Exchange Commission today charged investment adviser Sabby Management LLC and its managing partner, Hal D. Mintz, with fraud in connection with a long running scheme involving misrepresentations and violations of rules for short selling and order making, as well as other violative trading, that generated more than $2 million in illegal profits.
/jlne.ws/3qHZwVl
SEC Unveils New Public Service Campaign Encouraging Older Investors to Never Stop Learning
SEC
The Securities and Exchange Commission's Office of Investor Education and Advocacy (OIEA) today unveiled a public service campaign that encourages older investors to never stop learning when it comes to protecting their hard-earned money and investing for their future. The campaign features a new TV spot, "Never Stop Learning," which is available in English and Spanish, and four informational videos about caregivers, trusted contacts, protecting investors' retirement money, and the red flags of investment fraud.
/jlne.ws/3N1J5e1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Companies, Big Investors Sell Shares at Fastest Rate in Years; There have been more than $24 billion of 'follow-on' share sales since the end of April, boosted by the rebound in stocks
Corrie Driebusch - The Wall Street Journal
Companies and their largest investors are selling shares at a pace not seen in years as stock prices rebound. Since the end of April, companies and private-equity firms have sold more than $24 billion worth of stock in so-called follow-on sales, according to Dealogic. More than $17 billion changed hands in May alone, well above the $6.9 billion monthly average last year. The sales were done at smaller discounts than usual, on average, reflecting a robust market.
/jlne.ws/43U6FQx
AT1 Market Is Open Again in Europe After Credit Suisse's Wipeout
Ronan Martin and Hannah Benjamin-Cook - Bloomberg
The market for the riskiest type of bank debt in Europe is back open for business three months after the turmoil caused by a controversial wipeout of Credit Suisse Group AG's bonds.
/jlne.ws/3X3qClL
Private Equity Firms Have $1.5 Trillion to Spend, But Are Struggling to Seal Deals; Valuation gaps make it harder for buyout funds to seal deals; Firms scrap divestments, eye spinoffs as PE bids disappoint
Dinesh Nair, Michelle F Davis, Manuel Baigorri and Silas Brown - Bloomberg
Private equity firms hunting for acquisitions with their $1.5 trillion of unspent capital are struggling to seal deals as they hit roadblocks from heady price demands to difficult financing markets.
/jlne.ws/3p4DUC3
Trader Bunge to Buy Glencore-Backed Viterra for $8 Billion; Roughly 75% of payment to be made in Bunge stock, rest in cash; Bunge also plans to repurchase $2 billion of its own shares
Jasmine Ng and Isis Almeida - Bloomberg
US agribusiness Bunge Ltd. agreed to buy Glencore Plc-backed Viterra for $8.2 billion in stock and cash, creating a trading giant capable of competing with the world's biggest agricultural players.
/jlne.ws/45XcdM1
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Heat Scorches Europe as Southern Spain Temperature to Reach 45C This Month
Eamon Akil Farhat - Bloomberg
Heat will persist across northern and western Europe in the coming weeks, with extreme temperatures on the Iberian peninsula by the end of June. The mercury in Seville, in southern Spain, is forecast to peak near 45C (113F) later this month, data compiled by Bloomberg show. In the nearer term, temperatures are set to hit 34C in Berlin and 27C in London next week, according to the European Centre for Medium-Range Weather Forecasts model.
/jlne.ws/3P88NA4
Whisper it, but the boom in plastic production could be about to come to a juddering halt; A plastics treaty is on the cards - and it could join the rescue of the ozone layer as a landmark success in environmental diplomacy
Geoffrey Lean - The Guardian
Plastic production has soared some 30-fold since it came into widespread use in the 1960s. We now churn out about 430m tonnes a year, easily outweighing the combined mass of all 8 billion people alive. Left unabated, it continues to accelerate: plastic consumption is due to nearly double by 2050. Now there is a chance that this huge growth will stop, even go into reverse. This month in Paris, the world's governments agreed to draft a new treaty to control plastics. The UN says it could cut production by a massive 80% by 2040.
/jlne.ws/3X7ITOT
A Simple Tool to Unlock Trillions of Dollars in Clean-Energy Investments; A currency-rate guarantee program by the International Monetary Fund could attract private investors to many more solar and wind projects.
Akshat Rathi - Bloomberg
Solar and wind power are the cheapest sources of energy in most of the world. And, yet, there is a yawning gap in the current investments in clean energy compared to what's needed to meet climate goals. That disparity is mostly down to a dearth of investments in developing countries. In 2020, more than half the world's population, mostly in emerging economies, got less than 15% of global investments in clean energy, according to the International Renewable Energy Agency.
/jlne.ws/3J9uufo
The Quest for the Smoke-Proof Building; Efforts to improve indoor air quality have taken on fresh urgency as more cities experience intense pollution from climate-change-fueled wildfires.
Patrick Sisson - Bloomberg
At the Urban Green Building conference in New York City last week, real estate professionals and experts on sustainable building kibbitzed and confabbed about how to create a more climate-friendly built environment. While the planned topics included electrification and green retrofits, the subject nobody could escape was outside the windows of the NYU Kimmel Center.
/jlne.ws/3NB5Bfr
A Greenwashing Lawsuit Against Delta Aims to Set a Precedent; A class-action lawsuit targets the airline's claim to carbon-neutrality, which has in the past rested in part on its use of carbon offsets.
Kendra Pierre-Louis - Bloomberg
As tranquil instrumental music plays over gauzy images of nature, a woman's voice-over begins. "Isn't it a paradox," she wonders aloud, "that the love for this world that gets us out in it, sometimes leaves behind the things that can harm it? Flight by flight, we broaden our views. We gain new perspectives. And now, flight by flight, we can make a difference."
/jlne.ws/3Nqn4Xv
France seeks to rally support for emissions levy on shipping; Emmanuel Macron pushes nations to back green charge ahead of finance summit
/jlne.ws/3N1DkwV
Executives are talking less about their environmental and social-justice goals - and more about AI
Bill Peters - MarketWatch
/jlne.ws/3p0sUFP
Robotaxis Are the Wildcard in Push to Decarbonize Transport; Consumers would need far fewer vehicles to get around.
Andrew Grant - Bloomberg
/jlne.ws/3CrBd0u
New Climate Laws Could Price Americans Out of Electric-Car Market, BYD Executive Warns; BYD's Li says policy will slow Americans' adoption of EVs; Climate bill carves out China, which controls battery supplies
Yvonne Yue Li - Bloomberg
/jlne.ws/463Fhlk
BP Refinery Suffered Cascade of Malfunctions Before Fatal Explosion, Agency Says; Government investigators cite repercussions of keeping Ohio plant running in hours before two brothers were killed
Jenny Strasburg - The Wall Street Journal
/jlne.ws/3qK090p
Canadian Fires Signal New Frontier in Climate Change; Scientists, residents see changes in ecosystem of forests that make regions ripe for conflagration
Eric Niiler, Paul Vieira and Jim Carlton - The Wall Street Journal
/jlne.ws/3X1okDS
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan to Pay $290 Million to Settle Jeffrey Epstein Accusers' Suit; Settlement, if approved by court, would be one of largest ever for civil sex-trafficking case
Khadeeja Safdar and David Benoit - The Wall Street Journal
JPMorgan Chase agreed to pay $290 million to settle a lawsuit over its ties to Jeffrey Epstein, said lawyers for Epstein accusers, shortly after top executives were questioned about the bank's years of dealings with the convicted sex offender.
/jlne.ws/463DEnI
Credit Suisse Ends 167 Years of Independence as UBS Acquisition Closes
Brian Swint - Barron's
UBS completed its acquisition of Credit Suisse, ending the independence of a bank that played a significant role in Swiss history. Monday is the last day Credit Suisse (ticker: SGN.Switzerland) stock will trade. Credit Suisse's American depositary receipts (CS) will also stop trading.
/jlne.ws/3CsrcAi
Meredith Whitney returns: 'There will be many fewer banks'; Analyst credited with calling 2008 financial crisis relaunches firm at another uncertain moment for US economy
Stephen Gandel - Financial Times
Meredith Whitney, once dubbed "The Oracle of Wall Street" for predicting the Great Financial Crisis, is relaunching her firm at a time when she predicts that, once again, a large number of banks may disappear.
/jlne.ws/3CsrIye
BlackRock names new head of European credit trading; Individual has been with BlackRock for just over two years; has previously served at Banco Santander, StormHarbour Securities, UBS, Elgin Capital, and Goldman Sachs.
Annabel Smith - The Trade
BlackRock has promoted from within for its new head of European credit trading, according to an update on social media. Dean Catton has been selected to take the helm for the asset manager's European credit business after spending the last two years as its head of European leveraged finance trading for its alternatives business. Catton joined BlackRock in 2021 from Banco Santander where he had been a credit trader for four and a half years.
/jlne.ws/3oYklLC
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Professional growth is no longer about climbing the ladder
Advice by Michael Errigo - The Washington Post
When Sophie Johnson, an executive and career coach based in Northern Virginia, first meets a new client, she often finds them in some kind of professional distress. "Many of them are stuck," Johnson said. "They feel as though they're not growing. They know something is wrong. They're burdened by the feeling that they have too many choices or that they have none at all."
Most of them are seeking some kind of professional growth, but the definition of that broad and ever-evolving term varies by the client. Even still, Johnson and others in the same field have noticed a trend in recent years: Professional growth is no longer defined mostly by the idea of getting ahead, earning a better title or upping a salary. Instead, clients come to them seeking out more abstract prizes like autonomy, passion and a sense of purpose.
/jlne.ws/3qCt32G
First It Was Quiet Quitting, Now Workers Are Facing Off With Their Bosses; Employee frustrations impact productivity and worker retention, Gallup says
Lindsay Ellis - The Wall Street Journal
Half of workers aren't engaged on the job, putting in minimal effort to get by, according to research by Gallup released Tuesday. Employee engagement in the U.S. declined for the second year in a row. There is also a growing share of the workforce that is disengaged, or resentful that their needs aren't being met. In some cases, these workers are disgruntled over low pay and long hours, or they have lost trust in their employers.
/jlne.ws/43TrGLp
UBS Considers Moving Some Bankers to Credit Suisse's NYC Tower; Credit Suisse's lease at 11 Madison Ave. runs through 2037; Markets team may shift to UBS's 1285 Avenue of the Americas
Crystal Tse and Sally Bakewell - Bloomberg
UBS Group AG is weighing office options including moving its New York City-based investment bankers to 11 Madison Ave., where Credit Suisse Group AG - the lender it just acquired - is a tenant.
/jlne.ws/43V0ifV
First It Was Quiet Quitting, Now Workers Are Facing Off With Their Bosses; Employee frustrations impact productivity and worker retention, Gallup says
Lindsay Ellis - The Wall Street Journal
More and more Americans aren't feeling great at work. Half of workers aren't engaged on the job, putting in minimal effort to get by, according to research by Gallup released Tuesday. Employee engagement in the U.S. declined for the second year in a row. There is also a growing share of the workforce that is disengaged, or resentful that their needs aren't being met. In some cases, these workers are disgruntled over low pay and long hours, or they have lost trust in their employers.
/jlne.ws/3p0AuAh
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Moderate alcohol consumption may lower stress, reduce heart disease risk, study finds; However, scientists caution that drinking any amount of alcohol increases risk of cancer
Vishwam Sankaran - Independent
Drinking alcohol in light to moderate quantities is linked to reductions in the brain's stress activity and may be associated with a lower risk of heart disease, according to a new study.
/jlne.ws/464fn0v
Why Canada's wildfires are extreme and getting worse, in 4 charts
Ian Livingston - The Washington Post
There is little that's normal about the siege of Canadian wildfires that sent record amounts of smoke pouring into the Lower 48 last week. Even as the fires in Quebec have eased some and the hazy skies over the eastern United States have mostly cleared, blazes still rage in parts of British Columbia and Alberta.
/jlne.ws/3NqNkkN
What if the Most Powerful Way to Live Longer Is Just Exercise? People are chasing longevity with ice baths and supplements. But the benefits of exercise have years of science behind them.
Alex Janin - The Wall Street Journal
Longevity researchers have spent decades hunting for a magic pill to slow the aging process. But the best solution-at least for now-may be the simplest one: Move more. No single thing-whether it's regular cold plunges or off-label drugs and supplements like metformin, rapamycin or taurine-has a track record that can match exercise's in terms of protecting against age-related diseases and helping people get more from their later years, a vast body of research shows.
/jlne.ws/461PRJl
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | A desperate property developer in China said it would give a gold bar to anyone who buys a home it builds. Homebuyers say they're still waiting.
Kwan Wei Kevin Tan - Insider
A Chinese property developer is offering free gold bars to homebuyers in a desperate bid to boost home sales in an ailing housing market. However, the campaign has since been suspended, with multiple buyers saying they've experienced monthslong waits for their promised gold.
/jlne.ws/3X0X0Wh
Chinese tech groups suffer as foreign investors take flight; Geopolitical tension and poor economic recovery drive stock price falls and funding shortages
Ryan McMorrow and Nian Liu and Hudson Lockett and Qianer Liu - Financial Times
Chinese online entertainment platform Bilibili was worth $54bn two years ago, as Wall Street investors rushed to bet on the rising tech giant. Today, the Nasdaq-listed group's market capitalisation has fallen to about $6.5bn, a collapse that has brought forward debt repayments that threaten to sap its remaining cash, leading to drastic cost-cutting at the company.
/jlne.ws/3N4O79x
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| Miscellaneous | | Stories that don't quite fit under the other sections | Reddit Communities Go Dark in Protest Against CEO and Developer Fees; Many of the platform's community moderators plan a two-day subreddit blackout
Sarah E. Needleman - The Wall Street Journal
Scores of Reddit communities are restricting access to users on Monday, protesting the social-media platform's recent decision to start charging some third-party developers fees to obtain its data. Reddit is a free online hub comprising more than 100,000 active communities, known as subreddits, which are dedicated to a range of subjects. Many communities have ceased operating and pledged to remain dark for two days or more. Several subreddits with tens of millions of subscribers, such as funny, aww, gaming, music and pics, joined the protest.
/jlne.ws/3NotvdQ
**** To be clear, Reddit doesn't just want "some" money from third party app developers. Reddit is pricing them into extinction so users have to use Reddit's own much maligned app. One app developer said Reddit wants $20 million per year which is far more than the app developer makes from the app. Supposedly, this is an attempt to improve the profits of Reddit in preparation for an IPO in the second half of 2023. ~JB
The Beatles Come Together for 'Last Record' Using AI, Paul McCartney Says; The record features AI-assisted vocals from the late Beatle John Lennon
Gareth Vipers - The Wall Street Journal
More than 50 years after the group's final studio album, Paul McCartney says he has used artificial intelligence to create what he called "the last Beatles record." "We just finished it up and it'll be released this year," McCartney said in an interview with the British Broadcasting Corp. on Tuesday.
/jlne.ws/45V77jD
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