| May 31, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
I have a correction from yesterday's story about my withdrawing my registration from the NFA. One of the companies I worked for, Gerald Metals, is still very much around, I am told by representatives of the company. My bad. My apologies for the mistake. The FCM that I worked for that they owned was sold and became Rand Financial, but the owner of the FCM is still around.
We recently published an interview I did with Tokenovate's Richard Baker at the ISDA AGM in Chicago. It is a podcast interview you can listen to here. Tokenovate came out with some big news today with the headline Tokenovate and GMEX ZERO13 enable execution of world's first smart legal contract for voluntary carbon credit derivatives trades using ISDA definitions. Baker said in the interview that Tokenovate's platform was ready to perform its first trade, which would be a voluntary carbon credit derivative.
The FIA announced the application window is open for this year's FIA Innovators Pavilion & Pitch Competition at FIA's Futures and Options Expo. The deadline for applying is coming up quickly, it is June 30, so apply soon. If you think your startup has the stuff to be the "Innovator of the Year" or you just want the exposure of showing off on the stage at EXPO, then get signed up today at fia.org/fia/innovators.
Nvidia's market capitalization yesterday hit $1 trillion, though it closed below that level. It became the seventh company to reach that level in the U.S., though only four currently have retained a valuation above $1 trillion. Those above that level are Apple, Microsoft, Amazon and Alphabet. The others below are Meta Platforms, Tesla and Nvidia. The Wall Street Journal has a story about the subject.
I asked Chat.OpenAI.com what firms are likely to have a $1 trillion valuation next. It first noted that its knowledge base cutoff was September 2021, so this information is dated. Here are the firms it predicted: Tesla, Alibaba Group, Tencent Holdings, Facebook, Amazon. It noted Amazon had already been above the $1 trillion level, so it should be able to do it again. It said Tesla and Facebook would achieve the $1 trillion level.
Speaking of valuations, Twitter's value has dropped to 33% of what Elon Musk paid for it, according to a Bloomberg story citing Fidelity. Twitter is losing value, reputation and users fast as it becomes the political playtool of Mr. Musk. His latest jolly was to elevate a parody account of New York Rep. Alexandria Ocasio-Cortez, who has threatened to leave Twitter because of the parody account. The account is not properly marked as parody, which is one issue.
The New York Times has an interactive visual story titled "Fake Signals and American Insurance: How a Dark Fleet Moves Russian Oil." The story is about spoofing, but not the kind we are used to in the markets.
ICE is hosting a webinar to address how the "EU is introducing a Carbon Border Adjustment Mechanism (CBAM), which will impose a tariff on goods whose production is carbon intensive and at the most significant risk of carbon leakage: iron, steel, cement, fertilizers, aluminium, and electricity." The webinar, on Thursday, June 1 at 3 p.m. BST/10 a.m. ET, will feature George von Waldburg, director, Utility Markets, ICE and leading energy expert Michael Mehling, deputy director at the Center for Energy and Environmental Policy Research at Massachusetts Institute of Technology. You can register HERE.
New York Times columnist and economist Paul Krugman has a story about "How the Wind Became Woke" that tells how Texas Republicans have turned on wind energy, in which they lead the nation.
ESPN has a story about "A day in the life of Jets legend Broadway Joe Namath, octogenarian. From the story, I figured out what Broadway Joe and I have in common: two knee replacements, two hip replacements and one shoulder replacement. We also drive General Motors SUVs.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The most read stories in JLN Options yesterday were: The Contrarian Predictive Power of Retail Option Trading and NYSE's Meaghan Dugan Talks Tech and Options Market Growth at OIC 2023 and 'Few are priced for an upcrash.' The S&P 500 could reach 4,600 this year, thanks to pessimism, says RBC. ~JB
The Transatlantic Climate Bridge Conference 2023 runs virtually June 5-14. This two week convergence of representatives from nations, the private sector, civil society organizations, and youth change agents seeks to strengthen the climate and energy alliance between Germany, the United States, and Canada. Programming includes panel discussions, workshops and live podcast recordings and roundtables. Register for sessions of the Transatlantic Climate Bridge Conference 2023 here.~SAED
++++
Carbon market pioneer Corinne Boone of ACX provides a short history of the carbon markets (part 1)
JohnLothianNews.com
Sally Duros's first ESG-focused video interview for John Lothian News is a discussion with Corinne Boone, group head of Americas at AirCarbon Exchange, now known as ACX. We are publishing it in two parts. In this part one interview, Boone provides a short history of the carbon markets and why they work.
Watch the video »
++++
William O'Neil, Founder of Investor's Business Daily, Dies at Age 90; Oklahoma-born entrepreneur promoted a data-rich formula for stock market investing
James R. Hagerty - The Wall Street Journal
William J. O'Neil, who grew up poor in Oklahoma during the Dust Bowl days of the 1930s, made a huge profit on early-1960s investments in Chrysler and Syntex, a pioneer in birth-control pills. The proceeds launched him on a career of teaching other people how to make money on stocks by studying charts, ditching losers quickly and suppressing emotions.
/jlne.ws/3N5aqgy
***** One of the things that made O'Neill's Investor Business Daily popular from a futures market perspective was the work of trading course profiteer Ken Roberts, who instructed his students to sign up for a subscription to IBD and to call the exchanges for information about their products. This was a great lead source for brokers for many years, as the CME and CBOT shared these leads in those days, and the customers were informed about the price movement by getting their IBD subscriptions.~JJL
++++
Dimon Hints at Life After JPMorgan, Says He'd Consider Public Office
Adam Haigh and Stephen Engle - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said running for public office has crossed his mind amid speculation on his long-term future beyond helming the financial services giant. "I love my country, and maybe one day I'll serve my country in one capacity or another," he said in a Bloomberg Television interview, when asked if he's ever considered a public office position. His comments, made at the bank's annual Global China Summit in Shanghai on Wednesday, come as the US gears up for its 2024 presidential race.
/jlne.ws/3N6GrFb
****** Reading between the lines, Mr. Dimon is willing to have a short term as U.S. Treasury Secretary in order to get the tax writeoff that comes with the public service of having to dispose of shares of stock that would be a conflict of interest. It is also a request from the powers that be to intervene on his behalf in the ongoing Jeffrey Epstein case and offer him any help so that he might be able to offer public service in the future, without the Epstein cloud hanging over him. ~JJL
++++
Libor Scandals, Credit Suisse and the Value of Transparency; Financial authorities need to be accountable for their actions.
Paul J. Davies - Bloomberg
Did the Bank of England and other officials pressure banks to fiddle Libor during the 2008 crisis? Your answer might be: "At this point, who cares?" But the question of how financial authorities can and should act when banks are on the brink of failure remains as relevant as ever: Just ask Credit Suisse Group AG and the holders of its wiped-out junior bonds.
/jlne.ws/42lfHot
*****Sometimes you have to start a fire to put out a fire.~JJL
++++
Tuesday's Top Three
Our top story Tuesday was How to Spot Trading Opportunities a 1000x podcast with Don Wilson on YouTube. Second was AI Poses 'Risk of Extinction' on Par With Pandemics and Nuclear War, Tech Executives Warn, from The Wall Street Journal. Third was Court system in Cook County is so bad: Terry Duffy, a FOX Business video - its third time in the top three.
++++
MarketsWiki Stats
27,333 pages; 245,001 edits
MarketsWiki Statistics
++++
|
|  | | | |
 | |
| Lead Stories | Loan market braced for rush to Libor finish line; At least $700bn of junk loans are still priced using lending benchmark, just 30 days before the rate is set to expire
Harriet Clarfelt - Financial Times
About half of the $1.4tn US junk loan market is still shackled to Libor just 30 days before the rate is set to expire, with meagre dealmaking activity curbing companies' ability to split from the lending benchmark and embrace its replacement. The slower-than-expected progress means that corporate borrowers and the institutions facilitating their switch to the new benchmark face a crunch point, as they strive to push loans over the line before the cut-off, to avoid automatically falling back on to potentially less favourable borrowing terms.
/jlne.ws/3N2vzXJ
Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work; Generative AI is writing and editing code and parsing research; Man Group, Citadel are among firms experimenting with tech
Justina Lee and Saijel Kishan - Bloomberg
The latest artificial-intelligence hype is powering a massive surge in the stock market on bets that a new era of innovation is nigh. Yet for money managers who weaponize computing advances for an investing edge, the era of ChatGPT holds a less lofty promise for now: Automating the grunt work.
/jlne.ws/3C2k5hx
Why Bringing a $1.8 Trillion Stock Market to the Big Leagues Could Backfire; Korea's ambition to become a developed market is spurring money managers to have second thoughts on whether such a move is a good idea - or even worth it.
Youkyung Lee, Henry Ren and John Cheng - Bloomberg
For years, South Korea has been home to more global conglomerates than Hong Kong, boasted a higher purchasing power than Japan or Spain, registered a longer life expectancy than New Zealand and three years ago even briefly overtook Italy in GDP per capita. Yet every year, indexing giant MSCI Inc. has categorized the country as an emerging market, a designation that has hurt Korea's investment potential and damped stock valuations.
/jlne.ws/45BcjsG
Move Over, Scotland. U.S. Oil Enters World's Most Important Benchmark. Production from Texas will soon be part of the calculation known as Brent crude
David Uberti, Bob Henderson and Joe Wallace - The Wall Street Journal
The energy world has for decades looked to oil rigs 100 miles off the coast of Scotland's northernmost islands to help set the price of global crude. All eyes are now turning to Texas instead. Starting with deliveries that arrive Thursday, a type of U.S. oil will factor into calculations for the price of Brent crude. It is the first time that a non-European grade will be used to help compute the global pricing standard, a sign of how energy markets have been reshaped in America's image.
/jlne.ws/3oBdNm7
Wall Street prepares to take on established crypto companies; Traditional finance groups create digital asset infrastructure untainted by year of crypto scandals
Nikou Asgari - Financial Times
Some of the finance industry's best-known names are building their own digital markets trading platforms, betting that fund managers will prefer familiar and trusted brands to the opaque cryptocurrency exchanges that dominate the sector. Standard Chartered, Nomura and Charles Schwab are among the traditional financial institutions that are creating or backing new, separate crypto companies, including exchange and custody groups that can handle digital tokens such as bitcoin and ether.
/jlne.ws/3OJiCEB
Being Broad-Minded Pays Off in Narrow Markets; The strong surge by AI and tech mega caps that's powering indexes can historically be expected to spread to smaller companies.
John Authers - Bloomberg
Is Narrow Breadth Bad Breadth? Tech stocks are back with a vengeance after their dreadful 2022, and have helped lift the Nasdaq 100 higher by a whopping 31% so far this year. They've also given enough of a lift to the S&P 500, the world's most followed index, that it has now twice closed above 4,200, a level that for nine months appeared to be a ceiling. That milestone has given cheer to many. But does it matter that this has been achieved by only a handful of companies? That is the question that hounds investors.
/jlne.ws/43lvsgQ
Jamie Dimon Says He Never Discussed Jeffrey Epstein's Accounts at JPMorgan; Jes Staley Says Dimon Did; Former JPMorgan executive Jes Staley said he and Dimon discussed whether to keep Epstein as a client; JPMorgan says that is false
Khadeeja Safdar and David Benoit - The Wall Street Journal
A former top JPMorgan Chase increase; green up pointing triangle executive said in legal documents that for years he communicated with Chief Executive Jamie Dimon about the bank's business with convicted sex offender Jeffrey Epstein-setting the stage for a conflict with his former boss, who maintains he had no such conversations.
/jlne.ws/3C1Cr2g
Sam Bankman-Fried Could Have Some Charges Dropped if Bahamas Objects; U.S. prosecutors say they wouldn't pursue some criminal counts against the FTX founder if the island nation says they violate the terms of his extradition
James Fanelli and Corinne Ramey - The Wall Street Journal
FTX founder Sam Bankman-Fried is accused of stealing billions of dollars from FTX customers.
The Justice Department said it would drop some of the criminal charges against FTX founder Sam Bankman-Fried if the Bahamas says they violate the terms of his extradition to the U.S. Federal prosecutors said in a filing late Monday that they were waiting on the Bahamian government's approval of three additional counts that they brought against Bankman-Fried after his arrest and extradition in December.
/jlne.ws/43dTN8d
EU to propose greater transparency for default swaps on eight banks - EU document
Huw Jones - Reuters
The European Commission will propose greater transparency in the trading of credit default swaps of eight top banks to mirror rules in U.S. markets, a European Union document seen by Reuters showed on Wednesday.
/jlne.ws/3IJzqrd
Franklin Templeton to Buy Putnam as Desmarais Family Exits
Derek Decloet - Bloomberg
Franklin Resources Inc. is buying Putnam Investments from its Canadian owners in a consolidation of two asset managers that have struggled to find growth. Franklin will initially pay $925 million in cash and stock to pry Putnam from Great-West Lifeco Inc., which is a part of the Desmarais family's Power Corp. of Canada group.
/jlne.ws/3OGXIpA
Malaysia Says 1MDB Fugitive Jho Low in Macau: Al Jazeera
Anisah Shukry - Bloomberg
Malaysia believes financier Low Taek Jho is hiding in Macau, along with others wanted in the multibillion ringgit 1MDB scandal, Al Jazeera reported, citing the national anti-graft body. The information was confirmed by several individuals who had spotted the fugitive, better known as Jho Low, in Macau, the Malaysian Anti Corruption Commission told Al Jazeera in a written response.
/jlne.ws/43cBNuF
AI Kingpins Have Global Rulemakers Over a Barrel; Sam Altman and friends have already threatened to pull out of markets that regulate them too closely.
Dave Lee - Bloomberg
As OpenAI founder Sam Altman bounced around Europe meeting political leaders last week, his revolutionary technology was never far behind. ChatGPT on iPhone, which earlier this month launched in the US, arrived in the UK, France, Germany and eight other countries. It almost immediately became the most-downloaded productivity app in Apple's store.
/jlne.ws/43gH2JQ
The Exclusive $1 Trillion Club: See the List; Nvidia is the seventh U.S. company whose market cap reached the mark
Joseph De Avila - The Wall Street Journal
Chip maker Nvidia hit a market capitalization of $1 trillion in intraday trading, briefly making it part of an elite club of companies, but closed below the mark Tuesday. The Santa Clara, Calif.-based company makes chips used in PCs, cars and robots, but its recent success with artificial-intelligence programs has propelled the company to new heights. It closed Tuesday with a market cap of $990.74 billion.
/jlne.ws/3C4PRe4
Gemini and Genesis Ask U.S. Court to Dismiss SEC Lawsuit Targeting Earn Program
CoinDesk
Bankrupt crypto lender Genesis Global Capital and exchange platform Gemini are asking a U.S. court to dismiss a lawsuit by the Securities and Exchange Commission alleging the two sold unregistered securities, court filings from Friday show. Genesis and CoinDesk are owned by the Digital Currency Group (DCG). Separately, a new Bloomberg report takes a closer look at the future of crypto exchange Gemini under the leadership of billionaires Tyler and Cameron Winklevoss.
/jlne.ws/3ONcnj9
These 8 Regions Could Benefit From Lack of US Crypto Clarity, Says Coinbase CEO
Liam J. Kelly, Nivesh Rustgi - Decrypt
Coinbase's CEO has again urged American regulators to make clear its stance on crypto and amend current policies. Failing to do so, could see innovation occur elsewhere. "It's important for American technology leadership and national security that this industry be built (at least in part) in America," said Brian Armstrong, sharing a recent op-ed piece further detailing his position.
/jlne.ws/43dOupj
Louisa Paul: Venue analytics to source the best liquidity; Louisa Paul, global head of dealing at Barings, sits down with The TRADE to discuss the key themes in the equities market over the past year, and what's on her radar for 2023.
Editors - The Trade
What are the key themes you've seen in the equity markets over the past year, and how are the twin challenges of inflation and interest rates impacting your job today?
/jlne.ws/3N3H2qV
One year to T+1: 'Time to roll up your sleeves'; Thoughts from across the industry as the countdown to T+1 drops below 12 months.
Chris Lemmon - The Trade
We're now under 12 months - or as SIFMA's slightly ominous Countdown Clock shows, 362 days, 16 hours, 15 minutes, and 16 seconds - away from T+1 implementation. And while 12 months may seem like a significant period, time has the unfortunate habit of slipping away quicker than you'd like. For instance, the SEC's landmark vote to shorten the settlement cycle to T+1 - which seems to sit in the relatively recent memory - came over three and a half months ago now. Firms can no longer put their T+1 preparations in the 'Deal With Later' pile, and have to now put their gameplan front and centre.
/jlne.ws/43yeQBV
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine War May Become a Proving Ground for AI; AI and quantum computing could revolutionize offensive operations and, perhaps more important, logistics.
James Stavridis - Bloomberg
Artificial intelligence is, suddenly, everywhere. We are awash in ideas about how we can use AI productively - from agriculture to climate change to engineering to software construction. And, equally, there are plenty of cautionary notes being struck about using AI to control societies, manipulate economies, defeat commercial opponents, and generally fulfill Arthur C. Clarke's visions of machines dominating man in 2001: A Space Odyssey.
/jlne.ws/3WEpp4h
Ukraine war latest: Fire engulfs Russian oil refinery after drone attack
Maighna Nanu - The Telegraph
A large fire that broke out at an oil refinery in southern Russia was caused by a Ukrainian drone strike, the local governor has claimed. The fire at the Afipsky oil refinery was soon put out and there were no casualties, Governor Veniamin Kondratyev said. The refinery is close to the Black Sea port of Novorossiisk, near another refinery that has been attacked several times this month.
/jlne.ws/3oBNPPe
Surprise mass drone strike spells trouble in the air for Vladimir Putin
Jimmy Rushton - The Telegraph
It is not only Muscovites who would have been shocked by the large-scale drone strike on the Russian capital on Tuesday. Western observers have doubted whether Kyiv could threaten the city 500km from its border. But Ukraine has long been developing its own equivalent of Russia's Iranian-supplied "Shahid 136" suicide drones, which have been flung at Kyiv time and again in recent months.
/jlne.ws/3oCyAWe
Into the bunker: drone attacks bring war home to Russia; A series of assaults has highlighted Moscow's vulnerability to blowback from the Ukraine conflict
Anastasia Stognei and Max Seddon, and Christopher Miller - Financial Times
Elena Yurgeneva awoke at home on Tuesday in Rublyovka, a gated community for Moscow's elite, to a loud bang from a drone attack, shaking walls, and a big shift in client demand. "A lot of people seem anxious and are asking about properties with a bunker or at least a basement," said Yurgeneva, an estate agent who specialises in luxury property.
/jlne.ws/3ONgbk7
Ukraine's Allies Push Back on Striking Targets in Russia; US, European allies split on Ukrainian attacks beyond border; Allies tend to avoid issue because of divisions, diplomat says
Natalia Drozdiak, Ania Nussbaum and Ott Ummelas - Bloomberg
The US and European allies urged caution on whether Ukraine should have the right to strike inside Russia, amid concerns that a potential escalation could drag them into a broader war. Countries supporting Ukraine are taking varying stances on how it should beat back Moscow's invasion, as Russian territory is increasingly targeted. The US has publicly leaned against the strategy of attacks within Russia.
/jlne.ws/3MLHvN8
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Credit Suisse Notified by NYSE It's Not Meeting Listing Rules
Marion Halftermeyer - Bloomberg
Credit Suisse Group AG said that it's been notified by the New York Stock Exchange that it's no longer in compliance with minimum listing criteria. The Swiss bank said on Wednesday that it isn't meeting the NYSE's requirement that listed companies maintain an average closing price of at least $1 over a straight 30 day trading period. Credit Suisse said that it expects its acquisition by UBS to cure the deficiency.
/jlne.ws/45BDLq9
The 19th edition of the Medcap Forum brings together 130 investors with 110 companies at the Stock Exchange
BME-X
Javier Hernani, CEO of BME; Tatyana Panova, head of FISMA (European Commission), and Montserrat MartÃnez Parera, vice-president of the CNMV, among the speakers of the event. The benchmark meeting between investors and small and medium-sized companies, which will last until June 1st, has received more than 1,000 requests for private meetings. Macroeconomic analysis, investment opportunities, sustainability or the energy sector are some of the topics to be addressed in this year's panels. For the first time, the Forum will measure its carbon footprint with the goal of becoming a carbon-neutral event.
/jlne.ws/45GTGDN
ICE Benchmark Administration Provides Update Regarding LIBOR® Cessation and "Synthetic" LIBOR
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), the authorized and regulated administrator of LIBOR®, has provided an update regarding LIBOR cessation and "synthetic" LIBOR.
/jlne.ws/3IQivmN
SGX Group welcomes CGS-CIMB Securities (Singapore) Pte. Ltd. as Accredited Issue Manager
SGX Group
Singapore Exchange (SGX Group) is pleased to welcome CGS-CIMB Securities (Singapore) Pte. Ltd. as a newly accredited Issue Manager. CGS-CIMB Securities (Singapore) Pte. Ltd. is a wholly-owned subsidiary of CGS-CIMB Securities International Pte. Ltd., one of the leading integrated financial service providers in Asia with a global presence in more than 15 countries and regions. CGS-CIMB Securities International Pte. Ltd. is a joint venture between CGS International Holdings Limited, a wholly-owned subsidiary of China Galaxy Securities Co. Ltd. and CIMB Group Sdn Bhd. Its businesses include retail broking, institutional equities, derivatives, prime services, equities research, wealth management and online broking.
/jlne.ws/43cZFyr
TMX Group Limited Announces Further Details Regarding Stock Split
TMX Group
TMX Group Limited ("TMX Group") announced today that it has set June 8, 2023 as the record date (the "Record Date") for the previously announced five-for-one split of its common shares (the "Stock Split"). The Stock Split was approved by the shareholders of TMX Group at its annual general and special meeting on May 2, 2023. On June 13, 2023 (the "Payment Date"), shareholders of record as of the close of business on the Record Date will receive four additional common shares for every one common share held.
/jlne.ws/3qn5VVz
The volume of transactions on the OTC stock market with the Central Committee exceeded 1 billion rubles
MOEX
The total volume of transactions on the OTC stock market with a central counterparty (CC) has crossed the threshold of 1 billion rubles since the launch of the service.
/jlne.ws/3MzSQja
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | One year to T+1: 'Time to roll up your sleeves'; Thoughts from across the industry as the countdown to T+1 drops below 12 months.
Chris Lemmon - The Trade
We're now under 12 months - or as SIFMA's slightly ominous Countdown Clock shows, 362 days, 16 hours, 15 minutes, and 16 seconds - away from T+1 implementation. And while 12 months may seem like a significant period, time has the unfortunate habit of slipping away quicker than you'd like. For instance, the SEC's landmark vote to shorten the settlement cycle to T+1 - which seems to sit in the relatively recent memory - came over three and a half months ago now. Firms can no longer put their T+1 preparations in the 'Deal With Later' pile, and have to now put their gameplan front and centre.
/jlne.ws/43yeQBV
Twitter Is Now Worth Just 33% of Elon Musk's Purchase Price, Fidelity Says
Aisha Counts and Tom Maloney - Bloomberg
Twitter is now worth just one-third of what Elon Musk paid for the social-media platform, according to Fidelity, which recently marked down the value of its equity stake in the company. Musk has acknowledged he overpaid for Twitter, which he bought for $44 billion, including $33.5 billion in equity. More recently, he said Twitter is worth less than half what he paid for it.
/jlne.ws/43w51Va
Don't let AI fall into the climate trap; Failures of co-ordinated action on global warming offer a lesson to tech regulators
Pilita Clark - Financial Times
It is a phenomenon unleashed by humans that could reshape life as we know it. Troubling warnings from experts have galvanised public concern about it. Boardrooms are scrambling to understand it. Young people fear it will blight their futures. Governments are drawing up rules to tame it. Yes, this is advanced artificial intelligence. But it also describes another, more familiar threat: climate change.
/jlne.ws/43cTHO3
Fintech Funder Leaving London for Los Angeles, Cites 'Tough' UK Market
William Shaw and Tom Metcalf - Bloomberg
LendInvest Plc founder Christian Faes has left London to start a new fintech investment firm in the US, citing years of political problems and a difficult business environment in the UK. Faes said in a statement that Los Angeles-based Faes & Co. will build direct-lending businesses and manage a private credit fund to invest in deals from the firms that it incubates.
/jlne.ws/3WDJtDX
One Fintech's Behind-the-Scenes Operation Scared Jamie Dimon-Then Won Him Over; Over the past decade, Plaid's digital pipes have enabled 1 in every 3 people with a US bank account to connect it to the app or service of their choosing. What's next for Zach Perret's $13.4 billion company?
Jenny Surane - Bloomberg
Zap $50 to a friend via Venmo. Trade Bitcoin on Robinhood. Get a student loan with SoFi. Do any of those things, or many more that involve money nowadays, and odds are you're doing business with Zach Perret. Perret, 35, is the wunderkind behind Plaid Inc., the plumbing for more than 8,000 of today's most popular financial apps. Never heard of it? Rest assured, your bank has. Plaid barely existed a decade ago. Today it's woven itself into the very fabric of economic life.
/jlne.ws/43yXZPr
Lannebo Fonder becomes latest buy-side to adopt Bloomberg's AIM and PORT solutions; The Nordic investment manager said it aims to "future-proof" its order management operations through the integration.
Claudia Preece - The Trade
/jlne.ws/3MFatON
Eliminating Process-Based Fails: How Baton Systems is Improving Collateral Management
Alistair Griffiths, - Baton Systems
With the imposition of regulatory-driven penalties for failed securities transactions, firms are more focused than ever on the need to improve post-trade processes. Baton's Core-Collateral leverages extensive market infrastructure connectivity and leading edge technology to streamline collateral management and significantly reduce process-based fails. The manual nature of securities processing means that failed transactions are not uncommon. Until recently, many of these fails had limited consequences. However, since the implementation of the Settlement Discipline Regime (SDR) phase of the Central Securities Depositories Regulation (CSDR), which requires firms to put in place measures to mitigate settlement delays, daily penalties or charges can be imposed for trades that fail.
/jlne.ws/3qhCHYk
BNP Paribas and NatWest go live with CobaltFX's Dynamic Credit solution for allocation of FX transaction credit; New solution will help the two firms manage credit exposures for their respective financial institutions, addressing 'overly manual processes'.
Wesley Bray - The Trade
/jlne.ws/43DEjtX
Mighty Dollar Can Fight Off the Digital Upstarts; The de-dollarization project is counting on blockchain technology to end the greenback's hegemony. The hope may be misplaced.
Andy Mukherjee - Bloomberg
/jlne.ws/43y2Xfl
Crypto Data Firm Nansen to Lay Off 30% of Staff
Emily Nicolle - Bloomberg
/jlne.ws/45BlmtB
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | EU's Proposed Cyber Resilience Act Raises Concerns for Open Source and Cybersecurity
Bill Budington - Electronic Frontier Foundation
The EU is in the middle of the amendments process for its proposed Cyber Resilience Act (CRA), a law intended to bolster Europe's defenses against cyber-attacks and improve product security. This law targets a broad swath of products brought to market intended for European consumers, including Internet of Things (IoT) devices, desktop computers, and smartphones. It places requirements on device manufacturers and distributors with regards to vulnerability disclosure, and introduces new liability regulations for cybersecurity incidents.
/jlne.ws/3qn507z
The Hyper-Concentration Of Risk In Cybersecurity
Denis Mandich - Forbes
Quantum computers make headlines for their ability to break essentially all modern encryption used in commercial data networks. While the Silicon Valley Bank fiasco exposed the financial sector, rarely has a new computing tool revealed the true extent of the hyper-concentration of risk in cybersecurity. Calculating the danger is often erroneously based on the chances of a Y2Q or Q-day moment when a cryptographically relevant quantum computer comes online. The consensus is it will happen, but the timing to transition to quantum-safe systems spans the spectrum from two to 10 years. The problem with this thought process is there are no historical parallels to draw upon to make a rationally justifiable decision.
/jlne.ws/3MzT0ag
CISOs Plan to Increase Cybersecurity Spending Despite Economic Concerns, Study Says
Cision Press Release
Nuspire, a leading managed security services provider (MSSP), announced findings from its second annual research study, revealing current challenges, priorities and purchasing trends of Chief Information Security Officers (CISOs).
/jlne.ws/3OIbEQ9
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | Ripple fans push up XRP price as conclusion in case against SEC draws closer
Marco Quiroz-Gutierrez - Fortune
Ripple's court brawl with the Securities and Exchange Commission could be decided soon, and fans of the related cryptocurrency are pushing the token's price in anticipation. XRP on Tuesday morning broke the 50-cent mark, reaching its highest level since April before retreating. The coin was up about 3.5%, to about 49 cents, just before midday.
/jlne.ws/3INsNnz
Bybit crypto exchange follows Binance in exiting Canada amid tightened rules
Timmy Shen - Forkast
Bybit, a Dubai-headquartered cryptocurrency exchange, on Tuesday said it will exit the Canadian market and stop opening new accounts for users starting Wednesday, citing a "recent regulatory development" and joining the Binance exchange in pulling out of the country.
/jlne.ws/3qi340e
Nigeria's Crypto Future Still Cloudy Despite Tokenization Push
Chidirim Ndeche - Decrypt
More than two years after clamping down on crypto trading, Nigerian authorities are mulling plans to roll out tokenized coins on exchanges. Tokenized coin offerings, a form of digital fundraising in which assets like real estate, stocks, and bonds are tokenized and sold on blockchain platforms, allow investors fractional ownership in the underlying asset. The new pilot involves the creation of a permissioned liquidity pool comprising tokenized bonds and deposits.
/jlne.ws/3qi3rrE
Crypto Exchange bitFlyer Aligns Itself With FATF 'Travel Rule' With New Restrictions
Sandali Handagama - CoinDesk
Japan-headquartered crypto exchange bitFlyer is implementing tough anti-money laundering measures in line with global financial crime watchdog FATF's "Travel Rule" for information sharing on transfers, the company announced on Tuesday. The measures that went into effect Tuesday afternoon local time include restrictions on transfers from the exchange to platforms that don't comply with Travel Rule Universal Solution Technology (TRUST), a system kick-started by U.S.-based crypto exchange Coinbase (COIN) to ensure firms comply with FATF's requirements.
/jlne.ws/3MJJ4uW
Should Russia Bolster or Ban Bitcoin?; The country reportedly backed out of plans to build a "national crypto exchange," the latest sign of indecision.
Daniel Kuhn - CoinDesk
Another country is waffling on blockchain. Russia, the belligerent nation led by an egomaniac, has allegedly ditched plans to build a national cryptocurrency exchange, according to local reports surfaced to Crypto Twitter by Wu Blockchain's Colin Wu. Instead, the country will write rules allowing the private sector to operate crypto exchanges, State Duma member Anatoly Aksakov reportedly said.
/jlne.ws/3OMr6KU
Indian Crypto Exchanges Are in Survival Mode, Trying to Extend Their Runways
Amitoj Singh - CoinDesk
/jlne.ws/3N5YcEC
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | Debt-Limit Deal Heads to House Vote After Clearing Key Hurdle
Jarrell Dillard - Bloomberg
The debt-limit deal struck by President Joe Biden and Speaker Kevin McCarthy is heading toward a vote Wednesday in the House of Representatives after clearing a crucial procedural hurdle with just days remaining to avoid a US default.
/jlne.ws/3IQ9CtA
JPMorgan's Dimon says US, China need 'real engagement' to resolve issues
Reuters
JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday the United States and China need to have "real engagement" to resolve their tricky security and trade matters. "You're not going to fix these things if you are just sitting across the Pacific yelling at each other. So I'm hoping we have real engagement," Dimon said, answering a question about Sino-U.S. decoupling at the three-day JPMorgan Global China Summit in Shanghai.
/jlne.ws/3qkiOQx
Debt-Limit Deal Won't Restrict US Ability to Fund Ukraine; Official says Congress can still fund arms via supplementals; Defense spending growth capped at 3.3% in bipartisan deal
Jordan Fabian and Justin Sink - Bloomberg
The bipartisan deal to avert a debt default won't constrain the Biden administration's ability to provide more aid for Ukraine, a White House official said, as the US looks to reassure Kyiv that weapons will keep flowing. Any additional military assistance would move through Congress in a supplemental measure that wouldn't be subject to the deal's caps on federal spending, according to the official, who asked not to be identified discussing internal deliberations.
/jlne.ws/45C4bIp
Debt-Limit Deal Will Pass House Wednesday, Jeffries Says; Democratic leader says his party will deliver enough votes; Progressive Democrats, conservative Republicans object to bill
Billy House - Bloomberg
Democrats will deliver at least enough votes in combination with Republicans to guarantee House passage Wednesday night of the debt-limit deal between President Joe Biden and Speaker Kevin McCarthy, the party's leader in the House said Tuesday. Minority Leader Hakeem Jeffries told Bloomberg TV's "Balance of Power" that he supports the compromise bill but wouldn't specify how many Democrats would vote for the measure.
/jlne.ws/3INskBP
EU Pushes the US to 'Move Faster' on Standards for Clean Tech; Bloc wants to be bold on trade facilitation, says Dombrovskis; Officials meet in Sweden to discuss trade, technology agenda
Jorge Valero - Bloomberg
The European Union is pushing the US to facilitate trade by agreeing on common technical requirements for manufacturers of some clean technologies as the two sides seek to strengthen their strategic cooperation. "From the EU side, we are willing to be bolder and move faster in those areas of trade facilitation, or cooperation in the area of standardization," European Commission Vice President Valdis Dombrovskis told reporters in Lulea, Sweden, on Tuesday.
/jlne.ws/3IJhgG8
China, India Kick Out Nearly All of Each Other's Journalists as Rivalry Escalates; Rift that opened with deadly border clash deepens as neighbors deny reporter visas
Keith Zhai - The Wall Street Journal
/jlne.ws/3C1G08u
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Brothers Settle With SEC in Coinbase Crypto Insider Trading Case
Mathew Di Salvo - Decrypt
Two brothers involved in the first crypto insider trading case have agreed to settle civil charges with the U.S. Securities and Exchange Commission, the regulator said on Tuesday. The SEC last year hit former Coinbase product manager Ishan Wahi, 32, and his brother Nikhil, 27, with civil charges for crypto asset insider trading action. Today the regulatory agency announced that the brothers had agreed to admit that the assets they sold were securities and to not deny the SEC's additional allegations.
/jlne.ws/43u3KP3
SEC Queries Private Equity Firms That Pulled Cash as Silicon Valley Bank Failed; Scrutiny sends warning to private equity, venture capital; SEC's Gensler has multiple industry practices in crosshairs
Dawn Lim and Austin Weinstein - Bloomberg
A top US financial regulator is inquiring about how private equity firms steered deposits, including client funds, out of Silicon Valley Bank before its collapse. The Securities and Exchange Commission's examinations unit has requested records of some investment firms' money transfers and investor communications over the first three weeks of March, as well as emails with SVB, according to people familiar with the matter who asked not to be identified discussing confidential information.
/jlne.ws/3Ca0Jad
Ex-Coinbase Manager Settles SEC's Crypto Insider-Trading Claims; Deal ends lawsuit closely watched for its focus on which digital assets are securities
Dave Michaels - The Wall Street Journal
A former manager at Coinbase Global has reached a settlement with regulators over a novel cryptocurrency enforcement action without resolving a key question for the Securities and Exchange Commission and the crypto industry: which of the exchange's digital assets are securities. Ishan Wahi's deal with the SEC ends insider-trading claims over the agency's claims that his trading tips involved crypto assets that are actually securities.
/jlne.ws/45CYNok
Former Wells Fargo exec settles SEC fraud charges, to pay $3 million
Kanishka Singh - Reuters
The former head of Wells Fargo & Co's (WFC.N) retail bank agreed to pay a $3 million penalty to settle U.S. Securities and Exchange Commission fraud charges for misleading investors about sales practices used to inflate a performance metric, the SEC said on Tuesday. Carrie Tolstedt was charged in 2020 for her role in allegedly misleading investors about the success of Wells Fargo's core business.
/jlne.ws/3MFyhC1
Statement of Commissioner Kristin N. Johnson Calling for the CFTC to Initiate A Rulemaking Process for CFTC-Registered DCOs Engaged in Crypto or Digital Asset Clearing Activities
CFTC
Today, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission (CFTC or Commission) issued a Staff Advisory on Review of Risks Associated with Expansion of DCO Clearing of Digital Assets (Staff Advisory). The Staff Advisory acknowledges the introduction of innovative changes including novel financial products and platforms and new market participants operating in our regulated markets in recent years. The Staff Advisory further acknowledges that careful evaluation may reveal heightened risks associated with certain clearing activities, particularly clearing activities in digital assets or cryptocurrency markets.
/jlne.ws/3WDAZNb
CFTC's Division of Clearing and Risk Issues Staff Advisory on the Risks Associated with Expansion of Derivatives Clearing Organization Clearing of Digital Assets
CFTC
Today, the Commodity Futures Trading Commission Division of Clearing and Risk (DCR) issued a staff advisory on the risks associated with the expansion of Derivatives Clearing Organization (DCO) clearing of digital assets. In the past several years, DCR has observed increased interest by DCOs and DCO applicants in expanding the types of products cleared and business lines, clearing models, and services DCOs offer, including related to digital assets.
/jlne.ws/3WEDSxd
Former Wells Fargo Senior Executive Carrie Tolstedt Agrees to Settle SEC Fraud Charges for Misleading Investors About Abusive Sales Practices to Inflate a Key Performance Metric
SEC
The Securities and Exchange Commission today announced its settlement with the former head of Wells Fargo & Co.'s Community Bank, Carrie L. Tolstedt, in which she has agreed to pay a $3 million penalty stemming from charges brought in 2020 for her role in allegedly misleading investors about the success of the Community Bank, Wells Fargo's core business. The SEC previously settled related charges against Wells Fargo and its former CEO and Chairman, John Stumpf.
/jlne.ws/42vb0c9
Former Coinbase Manager and His Brother Agree to Settle Insider Trading Charges Relating to Crypto Asset Securities
SEC
The Securities and Exchange Commission today announced that former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi, agreed to settle charges that they engaged in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available for trading on the Coinbase platform. Ishan and Nikhil Wahi each agreed to be permanently enjoined from violating Section 10(b) of the Securities Exchange Act and Rule 10b-5 and to pay disgorgement of ill-gotten gains, plus prejudgment interest. As is often the case when a criminal court has already ordered defendants to forfeit their ill-gotten gains, the disgorgement and prejudgment interest in the SEC's case would be deemed satisfied by the orders of forfeiture of the Wahi brothers' assets in the criminal action, if approved by the court, and the SEC determined not to seek civil penalties in light of the Wahi brothers' prison sentences.
/jlne.ws/3C0LLUa
SEC Settles IIIicit Trading Case Against Two Former Registered Representatives
SEC
On May 18, 2023, the U.S. District Court for the Eastern District of New York entered final judgments against Joshua W. Turney and Hector Perez, former registered representatives at New York broker-dealer Global Arena Capital Corp., in a civil action in which the SEC alleged that they conducted an unauthorized trading scheme. The final judgments resolve the SEC's case against Turney and Perez.
/jlne.ws/3oJfNbN
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Niche Commodities Sound Alarm in Every Corner of China's Economy
Bloomberg
A peek at five often overlooked raw materials markets shows how China's stuttering recovery extends to almost every nook and cranny of its economy. Commodities like crude oil or copper usually take the headlines for investors parsing the state of Chinese demand. But the world's second-biggest economy also hosts an array of markets that trade less familiar products.
/jlne.ws/3N4tpI3
Glencore Is Working on Sweetened Teck Bid to Break Deadlock
Thomas Biesheuvel, Dinesh Nair and Jacob Lorinc - Bloomberg
Glencore Plc is getting closer to increasing its offer for Teck Resources Ltd., in a move aimed at ending weeks of limbo in the battle over the Canadian miner's future.
/jlne.ws/43tFFqQ
Getting rich is 'surprisingly simple' if you follow a 3-step strategy, says an expert on self-made wealth
Janee Thier - Fortune
The easiest way to be wealthy is to be born rich. If that's not an option, the key is to just curb spending, keep working, and invest, invest, invest. That's according to Jaspreet Singh, a money expert behind the Minority Mindset brand. Singh, a first-generation American, licensed attorney, and serial entrepreneur, is also CEO of Briefs Media, which publishes daily business and markets newsletters.
/jlne.ws/3N0aRIZ
Commodity Crash Signals Disinflation Is Taking Hold for Now; Cost of everything from metals to crops has plunged this year; Economists see inflation slowing, but warn some prices sticky
Carolynn Look and Enda Curran - Bloomberg
From copper to wheat to natural gas, the cost of some of the world's most important products is crashing, bringing long-awaited relief for consumers that were stung by last year's soaring prices.
/jlne.ws/42eJCPe
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | On the Eve of Plastics Treaty Talks, a Youth Advocate From Ghana Speaks Out: 'We Need Urgent Action'; United Nations delegates gathering for a second negotiating session stake out their positions as environmental groups, businesses and scientists seek to influence the outcome of plastic treaty talks.
James Bruggers - Inside Climate News
The youngest voice on a Paris stage Friday had an especially compelling call for the world to act quickly and decisively to end the global plastics crisis. That message came from Betty Osei Bonsu, representing the Green Africa Youth Organization, a nongovernmental group, who will be attending next week's second negotiation session of the United Nations' effort to develop a legally binding treaty to curb plastic pollution.
/jlne.ws/3WK1Veg
'World's first' nature targets unveiled in bumper week for natural capital developments
Sophie Robinson-Tillett - IPE Magazine
More than 80 NGOs have published what they claim is the world's first corporate science-based targets for nature. The guidance for entities wishing to start setting nature-related targets was launched last week by the Science Based Targets Network (SBTN). They will initially focus on the private sector's contribution to freshwater quality and scarcity, and the protection and restoration of land.
/jlne.ws/3WIIfHx
TP ICAP Increases Sustainability Activity
Shanny Basar - MarketsMedia
Sebastien Rozes, EMEA chief executive at TP ICAP, said the interdealer broker tripled its amount of carbon emission trading last year and has created a centre in Brazil as 80% of its activity in the country is linked with renewable energy. TP ICAP's Brazilian power team has operated since October 2021 to allow institutional market participants across the world to trade the country's energy - over 80% of which is renewable as the country has the second- largest hydropower capacity in the world. Subsidiary Tullett Prebon said it is the first international brokerage company to transact an energy deal in the Brazilian market using OTC broking.
/jlne.ws/43vGYFW
The Number of Climate Funds Out There Has Exploded; In Europe, investors are focused on decarbonization programs. In the US and China, it's solar panels and electric vehicles.
Tim Quinson - Bloomberg
In Europe, investors are focused on decarbonization efforts as a way to reduce environmental risks and encourage companies to lower emissions. In the US and China, investors seem more interested in clean-energy innovations such as solar panels, carbon capture, electric vehicles and battery technologies.
/jlne.ws/3qdcABH
How the Wind Became Woke
Paul Krugman - The New York Times (Opinion)
The world is experiencing an energy revolution. Over the past 15 years or so, huge technological progress has, in many cases, made it cheaper to generate electricity from solar and wind power than by burning fossil fuels. The Inflation Reduction Act - which is, despite its name, mainly a climate bill - aims to accelerate the transition to renewables and also to electrify as much of the economy as possible; this effort, if it works quickly enough and is emulated by other countries, could help us avert climate catastrophe.
/jlne.ws/3N5cGVd
Data benefits Ghana's fight against plastic pollution
World Economic Forum
/jlne.ws/3MFHH0l
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse bankers leaving by the hundreds every week - sources
Noele Illien and Stefania Spezzati - Reuters
Hundreds of Credit Suisse's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday.
/jlne.ws/3qkgCsh
SVB's collapse was one thing, Credit Suisse's quite another; If a run on a liquid, well-capitalised bank is possible, it could happen to anyone
Robin Harding - Financial Times
The 1996 slasher movie Scream sets out three rules to survive a horror movie: you can never have sex, you can never drink or do drugs and you can never, under any circumstances, say "I'll be right back". Among recent bank failures, Silvergate did the deed, Signature Bank got wasted on its parents' Tia Maria and Silicon Valley Bank did both before popping outside to check the strange noise in the garden. Having all committed obvious banking sins, all were duly punished.
/jlne.ws/3oE3dL6
FTSE China Index Series Quarterly Review - Q2 2023
FTSE Russell
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for June 2023. In the FTSE China A50 Index, Beijing-Shanghai High Speed Railway (A) (SC SH) and Gree Electric Appliances Inc of Zhuhai (A) (SC SH) will be added in this review period, with China Vanke (A) (SC SZ) and SAIC Motor (A) (SC SH) being deleted.
/jlne.ws/3OLCiri
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Runaway AI Is an Extinction Risk, Experts Warn; A new statement from industry leaders cautions that artificial intelligence poses a threat to humanity on par with nuclear war or a pandemic.
Will Knight - Wired
Leading figures in the development of artificial intelligence systems, including OpenAI CEO Sam Altman and Google DeepMind CEO Demis Hassabis, have signed a statement warning that the technology they are building may someday pose an existential threat to humanity comparable to that of nuclear war and pandemics. "Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war," reads a one-sentence statement, released today by the Center for AI Safety, a nonprofit.
/jlne.ws/3MHYAHZ
We Asked Workers Why They're Not Coming Back to the Office; Terrible commutes. Expensive child care. Employees explain why they will keep working from home.
Ray A. Smith and Julia Carpenter - The Wall Street Journal
What's still keeping American workers out of the office? At a time when restaurants, planes and concert arenas are packed to the rafters, office buildings remain half full. Thinly populated cubicles and hallways are straining downtown economies and, bosses say, fragmenting corporate cultures as workers lose a sense of engagement. Yet workers say high costs, caregiving duties, long commutes and days still scheduled full of Zooms are keeping them at home at least part of the time, along with a lingering sense that they're able to do their jobs competently from anywhere. More than a dozen workers interviewed by The Wall Street Journal say they can't envision returning to a five-day office routine, even if they're missing career development or winding up on the company layoff list.
/jlne.ws/3N68kx8
Prudential's chief financial officer resigns after conduct probe; James Turner 'fell short' of standards required in a recruitment situation, insurer says
Kaye Wiggins and Ian Smith - Financial Times
Prudential's chief financial officer James Turner has resigned in the wake of an investigation into his conduct "relating to a recent recruitment situation", the FTSE 100 insurer said on Wednesday.
/jlne.ws/3MHekLk
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Is Drilling a 10,000-Meter-Deep Hole Into Earth's Crust
Bloomberg
Chinese scientists have begun drilling a 10,000-meter (32,808 feet) hole into the Earth's crust, as the world's second largest economy explores new frontiers above and below the planet's surface.
/jlne.ws/43zLmUl
Cargill to Sell China Poultry Business to Private Equity Firm
Hallie Gu and Dong Cao - Bloomberg
Cargill Inc. is selling its poultry farming and processing business in China, the world's biggest meat market, to a private equity firm as weak demand and high costs continue to pressure industry profit margins.
/jlne.ws/3qmUgGE
Has China become too cosy with private equity? State-backed investors have poured money into buyout groups, enabling Beijing to deploy hundreds of billions of dollars into western companies and economies even as the political mood has shifted
Will Louch, Yuan Yang and Kaye Wiggins - Financial Times
An IVC Evidensia veterinary practice in Sweden may not appear to have much in common with a Vena Energy solar project in Taiwan, or GardaWorld security personnel at a Canadian ice-hockey game. But some of the capital that helps sustain all three companies comes from the same place: the People's Republic of China.
/jlne.ws/3INAgDa
Activist shareholders threaten Japan's AGM season; Chief executives are vulnerable to a current push for systemic shifts in climate policy and transparency
Leo Lewis - Financial Times
Every year, the June corporate annual general meeting season in Japan stands as a reminder of the delicate equilibrium in which the Tokyo market operates: shareholders are granted immense disruptive powers, but have been reliably reluctant to use them.
/jlne.ws/43wWFga
Zimbabwe Central Bank Sees FX Rate Converging With Black Market; Local dollar declined by 58% on official market this month; Digital currency to be used in daily transactions by mid-June
Ray Ndlovu - Bloomberg
Zimbabwe's central bank sees "near convergence" of the country's official and black-market foreign-exchange rates, after a currency rout led to a 58% slump against the US dollar this month. Measures announced by Finance Minister Mthuli Ncube this week are expected to help provide stability to the exchange rate, according to John Mangudya, the Reserve Bank of Zimbabwe governor.
/jlne.ws/3qo47vx
|
| | | |
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
