| July 13, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Another day glamping with the family in West Virginia at the Boy Scout high adventure base here. Yesterday the family all went trapshooting on the shotgun range, except for yours truly. It was my wife's first time shooting a shotgun, as well as a first for both of my boys. They all did pretty well. The Summit has pallets of shotgun shells left over from the 2013 National Jamboree when they were given free shells by a couple of companies. The shells have a shelf life, so we were encouraged to stay and shoot as much as we wanted.
The boys and Robby's girlfriend Nichole tried out the mountain bike course here at the Summit Bechtel Reserve High Adventure Base as well and they all returned without any broken bones, which is not a usual occurrence. A big storm rolled in about dinner time, but that was no problem. Everyone is having fun, though we have not been able to have an evening campfire yet due to wet firewood or the storm last night.
Look for Part Two of the Joe Corona Open Outcry Traders History Project video to be published today.
Back on July 7, the U.S. Department of the Treasury released a Fact Sheet: Framework for International Engagement on Digital Assets.
Twitter is suing Elon Musk for trying to get out of his contract to buy the social networking service. I guess it is like what the bank robber Willie Sutton supposedly said about robbing banks. "Why do you sue the richest man in the world?" Because that is where the money is.
To say that Forefront Communications is dogged in getting its clients' messages out has new meaning today as they have won three Bulldog PR awards, which is the only national public relations contest judged exclusively by working journalists.
Forefront won awards for the "Agency That Gets Results (Silver), Best Industry-Focused Agency (Bronze) and Most Innovative Agency (Silver)." Congratulations to the Forefront team on this honor.
Exchange Analytics has updated its SEC Regulation Best Interest training course.
The Edinburgh News is reporting that Edinburgh has been voted the best city in the world in a Time Out survey of more than 20,000 people worldwide asked to rank the world's greatest cities. Just for the record, Edinburgh sits in the Lothian Region of Scotland.
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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Options Discovery Episode 3 - Covered Call Writing and a Talk With Bill Brodsky
JohnLothianNews.com
Options Discovery episode 3 explains what it means to write, or sell, an options contract and breaks down our first options strategy - a covered call writing strategy. And Alex Teng interviews former CME and Cboe CEO Bill Brodsky, an industry legend who is currently the chairman of Options Solutions and a board member of Cedar Street Asset Management.
Watch the video »
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Prime Day is a feast for cybercriminals. Here's how to avoid them
Daniel Howley - Yahoo Finance
Amazon (AMZN) is hosting its annual Prime Day event this week. That means you're likely scouring the e-commerce giant's site and app for sales on everything from diapers to doorknobs if you pay the annual fee of $14.99 a month or $139 a year to be a Prime member.
/jlne.ws/3RxMi6D
***** Click on this deal!!!!~JJL
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Warren Buffett's right-hand man Charlie Munger doubles down on crypto trash talk, saying it's 'almost insane to buy this stuff or trade in it'
Alena Botros - Fortune
One of crypto's fiercest critics is roaring again. Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett's business partner, has voiced his dislike for digital currencies since long before the current crypto winter, and was at it again in an interview with the Australian Financial Review, published Tuesday.
/jlne.ws/3AIMr13
****** Yes, Charlie, we know how you feel about cryptocurrencies. Don't beat a dead bitcoin.~JJL
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Always Being Optimistic Is Hard. Try It Part Time Instead; It's important for our well being, psychologists say, and there are strategies we can use to boost it
Elizabeth Bernstein - WSJ
Having trouble feeling optimistic right now? Try it just part time. Optimism, or being hopeful about future events, is important to our physical and mental health, psychologists say. It can help us be more resilient, have better pain management, stronger immune function and longer lifespans. Optimistic people also tend to have better relationships and are happier. And—good news!—psychologists believe it's possible to boost optimism with practice.
/jlne.ws/3yuErxG
***** I am one of those people who goes through life knowing my cup is one third full.~JJL
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'God Bless America ETF' May Be Coming Soon With the Ticker YALL; YALL will invest in firm with a record of creating US jobs; Other principles-based ETFs have struggled to attract assets
Katherine Greifeld - Bloomberg
An exchange-traded fund is in the works that is looking at brandishing the made-in-the-USA label. But it's an American fund with a twist -- it will remove any companies the firm deems "activist." The God Bless America ETF, advised by the Toroso Investments and sub-advised by Curran Financial Partners, will seek to invest in U.S.-listed companies with a "track record of creating American jobs," according to a Tuesday filing with the Securities and Exchange Commission. The actively managed ETF, which will trade under the ticker YALL, will screen out firms that have "emphasized political activism and social agendas at the expense of maximizing shareholder return."
/jlne.ws/3RvwPE8
***** Don't use God or America to sell stocks. There has to be a better edge than that.~JJL
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Tuesday's Top Three
Our top story Tuesday was R.J. O'Brien & Associates Reports the Passing of John W. O'Brien, Sr., from R.J. O'Brien. (John W. O'Brien, Sr. was also our MarketsWiki page of the day yesterday.) Second was a tie between France's great Dijon mustard crisis (!!!) from The Financial Times and the press release SpiderRock Launches "Chart Tool" as a New Way to Visualize Options Volatility. And third was Veteran Trader Joe Corona Talks Freely In His Open Outcry Traders History Project Interview - Part One, a video interview from John Lothian News.
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MarketsWiki Stats
26,918 pages; 239,462 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | Markets Plan Doomsday Scenarios If Russia Turns Off the Gas
Lynn Thomasson and Farah Elbahrawy - Bloomberg
European stocks plunging 20%. Junk credit spreads widening past 2020 crisis levels. The euro sinking to just 90 cents. The predictions are ominous for financial markets if Russia cuts off all the gas supply to Europe. Shipments are currently running at reduced levels with the main pipeline shut for a 10-day maintenance, and fears are building over whether Moscow will turn the tap back on. Many investors are asking: How bad could this get?
/jlne.ws/3aASHwY
How Three Arrows Capital Blew Up and Set Off a Crypto Contagion; Su Zhu and Kyle Davies turned 3AC into the most important hedge fund in crypto, but they bet everything on prices only going up.
Justina Lee, Muyao Shen, and Ben Bartenstein - Bloomberg
Days before Bitcoin fell decisively below $40,000, and two months before his hedge fund went bankrupt, Su Zhu sat down for an interview in the Bahamas, one shoeless foot tucked under his leg. An investor as legendary as they come in the decade-old cryptocurrency industry, he had a message that matched his relaxed demeanor. "When there's a lot of despair, you can start buying," he said deadpan at a podcast recording for the FTX exchange. "You don't have to follow the despair."
/jlne.ws/3cbh6Ka
Companies cannot afford to be left behind in the quantum revolution; The technology may still be in its early stages, but it is already delivering value
Karina Robinson - FT
The last two months have seen a number of headline-grabbing announcements about technology based on quantum physics. US President Joe Biden signed two presidential decrees on quantum information science (QIS) in May. The UK Ministry of Defence bought a homegrown quantum computer in June. And at the end of June, Nato launched its EUR1bn innovation fund to invest in dual-purpose "deep tech".
/jlne.ws/3IyGlC6
UBS appoints Iqbal Khan as sole head of wealth management unit
Tom Naratil leaves Swiss lender after 39 years as Naureen Hassan joins to lead Americas division
Sam Jones and Joshua Franklin - FT
UBS has appointed Iqbal Khan as the sole head of its flagship wealth management division in a management reshuffle that strengthens his chances of taking over as chief executive of the Swiss bank in the future. Tom Naratil, who was previously co-head of the division alongside Khan and led the bank's Americas unit, will leave UBS after 39 years. Naratil was one of the architects of the lender's decision to invest heavily in wealth management while putting less emphasis on investment banking. In addition, Naureen Hassan will join as president of UBS Americas from the Federal Reserve Bank of New York, where she was first vice-president and chief operating officer. Jason Chandler will continue as head of US wealth management but will report to Khan.
/jlne.ws/3uLTnGV
JPMorgan Gold Desk 'Spoofing' Cheated Market, Ex-Trader Says; Traders did 'whatever it takes to make money,' jury told; Three ex-precious metals employees on trial for fraud
Tom Schoenberg and Eddie Spence - Bloomberg
JPMorgan Chase & Co.'s gold trading and sales team was so focused on making money that they scammed the market for years with so-called spoofing trades, according to a former colleague who testified at the trial of three former bank employees charged with fraud.
/jlne.ws/3awpB21
Global regulators back 'same risk, same regulation' for stablecoins
Huw Jones - Reuters
Major stablecoins must comply with the same safeguards as traditional forms of payments, global regulators said on Wednesday, tightening controls over a battered crypto sector. Stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity, to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce.
/jlne.ws/3bZszME
Russia Gas Standoff Turns ECB Into Sideshow for Currency Market; FX market is focusing on Russia's gas supply more than ECB; ECB expected to lift rate on July 21 as pipeline repairs end
Naomi Tajitsu - Bloomberg
The planned reopening of a key Russian gas pipeline next week may be a bigger deal for the euro than the first interest-rate hike in a decade by the European Central Bank. Both are set for July 21. While the ECB's plans to start lifting rates have been well flagged and hence priced in by markets, there's more doubt over whether Russia will actually restore gas flows to Europe after maintenance on the Nord Stream 1 pipeline is completed.
/jlne.ws/3PtffyJ
Three Arrows Crypto Hedge Fund's Founders at Odds With Liquidators; A New York bankruptcy judge authorized subpoenas to the failed fund's founders, who court-appointed liquidators say can't be found
Jonathan Randles - WSJ
Court-appointed liquidators for cryptocurrency hedge fund Three Arrows Capital Ltd. said its founders can't be located and aren't cooperating in the investigation of its assets, allegations that the founders denied. Liquidators installed to take charge of Three Arrows and protect its assets said in court filings last week that founders Su Zhu and Kyle Davies haven't offered any meaningful cooperation with their investigation. Since then, the founders turned over only a "pro forma" disclosure of corporate assets that lacked bank account and other key information, the liquidators' lawyer, Adam Goldberg, said in a court hearing Tuesday.
/jlne.ws/3z2r2yr
Oil Prices Threaten Economy as Demand Growth Slows, IEA Says; Growth in consumption in 2022 cut to 1.7 million barrels a day; Outlook has rarely been more uncertain as spare capacity falls
Grant Smith - Bloomberg
Oil prices pose a high risk to the global economic recovery, with signs that fuel costs are starting to "take their toll" on demand growth, the International Energy Agency said. The Paris-based adviser trimmed forecasts for oil consumption this year and next amid growing fears of a recession, warning that prices threaten stability in emerging economies. Still, the demand weakness is being offset by tightening supply as sanctions hit Russia and OPEC+'s spare capacity dwindles.
/jlne.ws/3O5esD0
Today's energy crisis will probably become worse than the 1970s oil shock
Daniel Yergin - MarketWatch
Is today's energy crisis as serious as similar previous ones — particularly the 1970s oil shocks? In the 1970s, only oil was involved, whereas this crisis encompasses natural gas, coal, and even the nuclear-fuel cycle. Today's energy crisis did not begin with Russia's invasion of Ukraine, but rather last year when energy demand surged as the world emerged from the COVID-19 pandemic.
/jlne.ws/3NXZWgl
Green Tech Boom Threatened as Solar Prices Surge to Decade High; Polysilicon prices are skyrocketing and putting solar panels on the threshold of becoming too costly.
Bloomberg News
The price of a key material for solar panels rose for the seventh straight week, threatening to slow clean energy installations critical to the world's efforts to achieve climate targets. Prices of polysilicon, the ultra-conductive metal used to make solar panels, have surged to the highest level since 2011. The increases are rippling through the solar supply chain, with panel prices beginning to rise this week after holding steady for two months, Solarbe analysts said in a research note.
/jlne.ws/3caUHg1
Three Arrows Founder Says Attempt to Work With Liquidators Met With 'Baiting'
Sam Reynolds - Coindesk
Three Arrows Capital co-founder Su Zhu broke his Twitter silence Tuesday by posting screenshots of an email sent from his legal counsel to legal representatives of Three Arrows's liquidators. He alleged the liquidators are "baiting" Zhu and co-founder Kyle Davies into providing evidence for court filings and ignoring their attempts to work with them in good faith.
/jlne.ws/3IzFgtO
Three Arrows Liquidators Win Power to Subpoena Absent Founders
Erin Hudson and Jeremy Hill - Bloomberg
Three Arrows Capital liquidators won permission to subpoena founders Kyle Davies and Zhu Su -- whose whereabouts remain unknown -- along with banks and digital asset exchanges tied to the cryptocurrency hedge fund.
/jlne.ws/3P5Tjda
Missing 3AC cofounder Su Zhu reappears on Twitter to break his silence and accuses the firm's bankruptcy administrator of entrapment
Christiaan Hetzner - Fortune
In the corporate whodunit over failed crypto hedge fund Three Arrows Capital, its cofounder came out of hiding briefly to accuse the firm's bankruptcy administrator of breaching his duties and trying to legally entrap them.
/jlne.ws/3uK4xfn
Inside Celsius: how one of crypto's biggest lenders ground to a halt; Former employees and internal documents suggest a reckless pursuit of high returns put the company in a poor position to ride out this year's market turbulence
Kadhim Shubber and Joshua Oliver - FT
When Daniel Leon, one of the founders of Celsius Network, posted a Twitter video addressed to Warren Buffett in January 2021, he was in high spirits. The price of bitcoin was rocketing and Celsius, the crypto lender he had founded in 2017 with Alex Mashinsky, was riding the boom.
/jlne.ws/3RvWzjr
Pre-emption changes should force modernisation for London; Aims of capital market review rely on a more fundamental overhaul and digitisation of market infrastructure
Helen Thomas - FT
With a whimper, not a bang? Pre-emption rights are the cornerstone of investor protection in London, a market that tends to guard its reputation for gold-standard corporate governance with evangelical gusto. The notion, enshrined in company law no less, that existing shareholders have rights of first refusal when raising equity rather than having their stakes cut by new money, was last year described as a "sacrosanct feature" by Mark Austin, the lawyer conducting a review of capital raising.
/jlne.ws/3uJcj8W
Seth Green NFT Theft Part of Multimillion-Dollar Scam Campaign, Investigator Says; A blockchain sleuth was able to trace the funds obtained through the sale of Seth Green's stolen NFTs.
Lorenzo Franceschi-Bicchierai - Vice
In May, someone stole several valuable NFTs from actor Seth Green. The thieves got their hands on a Bored Ape that was supposed to star in an NFT-themed TV show launched by Green. The theft raised questions on whether Green was still allowed to use the Bored Ape for the show or if he lost the copyright.
/jlne.ws/3yZOGf8
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | A Ukrainian energy official says Russia is waging 2 simultaneous wars — one against Ukraine and one against the West
Huileng Tan - Business Insider
Russia is waging two simultaneous wars — one against Ukraine and an energy war against the West, a Ukrainian government official said on Monday. Olena Zerkal, an adviser to Ukraine's energy minister, made the remark during a panel discussion at Chatham House, a London-based think tank. Russia has been reducing natural-gas flows to Europe over the last few months, citing reasons such as energy companies' refusal to pay in rubles and an equipment hold-up in Canada. In 2021, Europe accounted for roughly 75% of Russia's natural-gas exports. Now, Europe is nervous Russia could cut off gas flows completely in retaliation for the sweeping sanctions it's been hit with over the Ukraine war.
/jlne.ws/3nWUgsn
Two exhausted armies are battling for eastern Ukraine. Can either of them strike a decisive blow?
Rob Picheta - CNN
When Vladimir Putin refocused his war in Ukraine on the country's east three months ago, he did so bruised by the failures of his initial lunge towards Kyiv and desperate for a face-saving success. After a slow and bloody march through Luhansk was finalized with the capture of the city of Lysychansk, the Russian President might consider himself halfway there.
/jlne.ws/3OXVQWJ
Switzerland, Playground of Russian Oligarchs, Emerges as Sanctions Weak Link; Ownership shuffles and tradition of secrecy thwart efforts by Alpine financial haven to punish billionaire allies of Vladimir Putin
Drew Hinshaw, Joe Parkinson, Patricia Kowsmann - WSJ
After Switzerland said in February it was joining European Union sanctions against Russian oligarchs, this quiet Alpine getaway seemed like an obvious place to hunt for targets. The streets are clustered with the offices of companies founded by Russia's wealthiest men, along with the headquarters for landmark natural-gas pipelines Nord Stream 1 and 2 and the energy-trading department of Gazprom PJSC.
/jlne.ws/3uK6et4
Lego Ceases Russian Sales, Ends Contract With Store Operator
Morten Buttler - Bloomberg
Lego Group, the world's largest toymaker, said it's stopping sales in Russia and has terminated its contract with the operator of 81 Lego stores in the country. Lego has decided to "indefinitely cease commercial operations in Russia," the company said in an email. That includes firing most of its Moscow-based employees and ending its partnership with Inventive Retail Group, which owned and operated the stores on Lego's behalf.
/jlne.ws/3PtJjdD
Shunned in Europe, Russian Fuel Is Flooding to the Middle East; Arrivals hit a record in June and may climb higher in July; More European Union sanctions are set to kick in next year
Jack Wittels - Bloomberg
Russia's huge exports of diesel and other fuel products that are being shunned by many in Europe are fast heading to a new destination: the Middle East.
/jlne.ws/3yBv93c
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LCH EquityClear goes live with cash equities VaR margin model; The new VaR risk methodology will be applied across 12 regulated markets and multilateral trading facilities.
Wesley Bray - The Trade
LCH EquityClear SA has gone live with its new Value at Risk (VaR) margin framework for cash equities. The new methodology has been applied across all unsettled cash equity positions on EquityClear SA across 12 regulated markets and multilateral trading facilities (MTFs) cleared by the service.
/jlne.ws/3uJvgZw
Reduction in the Minimum Price Increment for Transactions Submitted for Clearing via CME ClearPort for all Options on E-mini Standard & Poor's 500 Stock Price Index Futures, Options on E-mini Nasdaq-100 Index Futures, and Options on E-mini Russell 2000 Index Futures Contracts
CME Group
Effective Sunday, August 7, 2022, for trade date Monday, August 8, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will reduce the minimum price increment for all Options on E-mini Standard & Poor's 500 Stock Price Index Futures, Options on E-mini Nasdaq-100 Index Futures, and Options on E-mini Russell 2000 Index Futures contracts (the "Contracts") for outright option and option spread transactions submitted for clearing via CME ClearPort regardless of the price level as more specifically described in the table below. The minimum price increment for transactions executed on the CME Globex electronic trading platform ("CME Globex") of the Contracts shall remain unchanged and shall continue to vary depending on the price level.
/bit.ly/3IxBD7O
Derived Block Eligibility and Decrease of the Minimum Price Increment for E-mini Nasdaq Biotechnology Index Futures for Transactions; Submitted for Clearing via CME ClearPort
CME Group
Effective Sunday, August 7, 2022, for trade date Monday, August 8, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will enable derived block functionality and decrease the minimum price increment for transactions submitted for clearing via CME ClearPort for the E-mini Nasdaq Biotechnology Index Futures contract (the "Contract")as more specifically described in the table below.
/bit.ly/3uFtYi3
Extraordinary free float adjustment of Deutsche EuroShop AG in the SDAX
Deutsche Börse
STOXX Ltd., the global index provider of Qontigo, has announced an extraordinary adjustment in the SDAX. The free float of Deutsche EuroShop AG changed by more than 10 percentage points. As a result, the company's free float in the index has been adjusted from the current 79.97 percent to 28.97 percent in accordance with the rules of the " Guide to the DAX Equity Indices ", Section 5.1.4. This change will take effect on July 15, 2022.
/bit.ly/3uG335C
Equity derivatives: A. Cancellation of admission to trading for Single Stock Futures and equity options; B. Name change with regard to the underlyings of Single Stock Futures and equity options
Eurex
The Management Board of Eurex Deutschland took the following decisions with effect from 25 July 2022: Cancellation of admission to trading for 20 Single Stock Futures, one Single Stock Dividend Future, eight equity options and one Total Return Future pursuant to Annexes A, B, D and G of the Contract Specifications in the Attachment Name change for Single Stock Futures, equity options and one Single Stock Dividend Future pursuant to Annexes A, B and D of the Contract Specifications in the Attachment
/bit.ly/3axYZxs
Shanghai-Hong Kong Stock Connect - Migration To New Shanghai Stock Exchange (Sse) Trading Gateway
HKEX
Reference is made to the announcement issued by SSE today which confirms the date of the first batch migration to the new SSE trading gateway on 18 July 2022, with the dates of the subsequent migrations to be confirmed at a later stage. China Connect Exchange Participants (CCEPs) and Trade-through Exchange Participants (TTEPs) are required to note that Orion Trading Platform - China Stock Connect (OTP-CSC) for northbound trading will not be migrated to the new trading gateway in the first batch, in view of market readiness and migration risk mitigation necessary for a major technical upgrade. Subject to the smooth migration of the first batch and market readiness, we are working with the SSE to migrate OTP-CSC to the new gateway in the next batch, with the exact date to be further confirmed by SSE.
/bit.ly/3O5JeLX
Moscow Exchange launches training course "Money makes money"
MOEX
The Moscow Exchange has introduced a new training course "Money Makes Money" for novice investors. The interactive course "Money Makes Money" is a comprehensive training in investments, it was created as part of the Moscow Exchange program to improve investment literacy, which combines projects of various formats.
/bit.ly/3z22rtz
MIAX Options Exchange - Additional System Enhancements Activation
MIAX
In addition to the system enhancements previously announced in the July 7, 2022 Alert, the following enhancements will be available beginning July 13, 2022.
/bit.ly/3OTE5YF
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date June 30, 2022
Nasdaq
At the end of the settlement date of June 30, 2022, short interest in 3,432 Nasdaq Global MarketSM securities totaled 10,675,154,725 shares compared with 10,650,038,311 shares in 3,411 Global Market issues reported for the prior settlement date of June 15, 2022. The end-of-June short interest represents 2.44 days compared with 2.92 days for the prior reporting period.
/bit.ly/3yCwqa7
SGX Orb Awards to highlight value of collaboration in Asian financial markets
SGX
"Collaborate to Compete" special category to underscore importance of partnerships in driving success in Asian financial markets; 5th annual edition of Awards part of SGX Group's efforts to foster financial education and empower investors
Singapore Exchange (SGX Group) today launched the fifth edition of its annual SGX Orb Awards to recognise excellence in financial journalism and content. For this year's special category, content producers are invited to share their stories on how collaboration, partnerships and an ecosystem mindset is driving success in Asian markets and shaping Singapore's role as an international financial centre.
/bit.ly/3nZj5DT
The Taiwan Futures Exchange (TAIFEX) has announced the margin
changed of XBF, XEF, GDF, TGF, TGO, CSF, CYF, DIF, EEF, FWF, FYF,
FZF, HSF, IPF, LMF, LXF, QEF, MJF, NJF, ODF, PRF, PXF, PYF, QDF, QLF
and CSO. The margins will be effective after the close of the regular trading
session on 2022/07/14.
TAIFEX
/bit.ly/3AMVTAl
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter calls Musk's bid to scuttle $44bn deal 'invalid and wrongful'; Letter claims Tesla chief was the one who breached merger agreement as battle over takeover heats up
Hannah Murphy and Sujeet Indap - FT
Twitter has hit back at Elon Musk's attempt to walk away from his $44bn acquisition of the social media company, calling it "invalid and wrongful" and accusing him of breaching the merger agreement, according to a letter sent to the billionaire's lawyers. Musk announced on Friday that he planned to back out of the deal to buy Twitter, citing several breaches of the merger agreement by the social media platform.
/jlne.ws/3o14Dey
Twitter Lawyers Say They Can Prevail Over Musk in Just Four Days; Social-media platform wants September hearing tied to suit; Buyout agreement said legal disputes must be heard in Delaware
Jef Feeley - Bloomberg
Twitter Inc. wants a lightning-quick trial to resolve its claim that billionaire Elon Musk wrongfully canceled his proposed $44 billion buyout of the social-media platform. Lawyers for the San Francisco-based company say they need only four days in Delaware Chancery Court to prove that the world's richest man should be forced to honor his agreement and pay $54.20 a share for Twitter. The company hopes to start the non-jury case on Sept. 19.
/jlne.ws/3uJmlr0
Twitter Uses Elon Musk's Tweets Against Him in Buyout Lawsuit
Vlad Savov and Mia Glass - Bloomberg
Twitter Inc. responded to billionaire Elon Musk's decision to withdraw from his proposed $44 billion takeover of the company with a 62-page lawsuit. In it, the social network operator alleges Musk materially breached the original agreement and displays direct examples of him doing so -- in the form of his own tweets.
/jlne.ws/3uKy5cE
Alex Tapscott to Release New Digital Asset Book Amid Crypto Crash; Crypto winter is the best time to drill down on core concepts and build for the future
Blockchain Research Institute
The Blockchain Research Institute is pleased to announce the upcoming release of Digital Asset Revolution: How Blockchain is Decentralizing Finance and Disrupting Wall Street. From Alex Tapscott, co-author of the international bestseller Blockchain Revolution and Managing Director of the Ninepoint Digital Asset Group, comes the foundational book on digital assets, decentralized finance (DeFi) and the transformation of value.
/jlne.ws/3PpXxMw
The Regulatory Future of Digital Assets
Editorial Staff - Traders Magazine
Just as the modernization of traditional securities markets brought great benefits to market participants, so too can digital assets be transformative - as long as regulation keeps pace with the development. That's according to Caroline D. Pham, Commissioner of the Commodity Futures Trading Commission, who spoke June 28 at the Nasdaq Technology of the Future Conference in New York.
/jlne.ws/3c9zbbo
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| Cybersecurity | | Top stories for cybersecurity | China's Suspected IP Thieves Targeted by Twins' Utah Startup
Jordan Robertson - Bloomberg
Oak Ridge National Laboratory in Tennessee has for decades been a hotbed of US nuclear experimentation. It's also a target for countries seeking to steal American secrets. More than 1,700 technologies developed in the lab are in China's crosshairs, according to three-year-old startup Strider Technologies Inc. The list includes ion beams, nuclear power equipment and energy storage materials.
/jlne.ws/3Rv4qOo
Why Do Hacks Happen? Four Ubiquitous Motivations Behind Cybersecurity Attacks
Andrew Newman - Fortune
Cybersecurity attacks occur all around the world every single day. Whether it's customer data being stolen, ransomware being deployed or cryptojacking, cybercrime is on the rise.
However, if one ponders the nature of these attacks, there seems to be an uneven phenomenon occurring. On the one hand, there may be a newsworthy story of one lone actor crypto mining illegally, and in the same breath, we'll hear about entire ecosystems being attacked. From tiny fish to great big whales, why is the nature of cyber attacks so diverse?
/jlne.ws/3O3EoyI
Experts say US must not let EU lead on cybersecurity
Stephen Neukam - The Hill
Cybersecurity experts argued on Tuesday that the U.S. is falling behind the European Union when it comes to being a leader in the realm of cyber security.
Experts called the bloc's General Data Protection Regulation, a law governing data privacy and security rules, the global standard. The law, adopted in 2018, renewed how businesses handle personal data in Europe, with large fines for companies that fail to comply.
/jlne.ws/3RGzuuK
House appropriators back more than $15 billion for cybersecurity
Gopal Ratnam - Roll Call
House appropriators in June finished marking up a dozen spending bills for fiscal 2023 that would altogether provide at least $15.6 billion for cybersecurity efforts across federal departments and agencies.
The largest chunk of cybersecurity spending, $11.2 billion, would go to the Defense Department, followed by $2.9 billion for the Cybersecurity and Infrastructure Security Agency, or CISA.
/jlne.ws/3uMFcRY
Brazen crooks are now posing as cybersecurity companies to trick you into installing malware
Danny Palmer - ZDNet
Brazen cyber criminals are now posing as cybersecurity companies in phishing messages that claim the recipient has been hit by a cyberattack and that they should urgently respond in order to protect their network.
But if the recipient does respond, they risk opening the door to hackers and could see their systems compromised with malware, ransomware and other dangerous cyber threats.
/jlne.ws/3nYOh6h
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| Cryptocurrencies | | Top stories for cryptocurrencies | Vitalik Buterin defends Ethereum ahead of merge; 'not a security'
Lachlan Keller - Forkast
Ethereum co-founder Vitalik Buterin tweeted a defense of the network's transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security.
/jlne.ws/3IH67o0
Celsius is 'Deeply Insolvent,' Alleges Vermont Department of Financial Regulation
Aoyon Ashraf - Coindesk
Celsius Network, the troubled crypto lender, "is deeply insolvent," alleged the U.S. state of Vermont's Department of Financial Regulation (DFR), noting that the lender lacks the assets and liquidity to honor its obligations to account holders and other creditors.
/jlne.ws/3IDnyWj
Three Arrows' Su Zhu Breaks Silence Accusing Liquidators of Playing Dirty
Aleksandar Gilbert - The Defiant
Su Zhu, the co-founder of Three Arrows Capital, has accused the hedge fund's liquidators of operating in bad faith, breaking a month-long silence during which his firm suffered a stunning fall from grace. "Sadly, our good faith to cooperate with the Liquidators was met with baiting," Zhu wrote. The tweet included screenshots of a pair of emails his attorney had sent liquidator Russell Crumpler of Teneo.
/jlne.ws/3cbbeR8
Crypto hedge fund Three Arrows' liquidators get OK to claim U.S. assets
Dietrich Knauth - Reuters
Liquidators for crypto hedge fund Three Arrows Capital (3AC) obtained U.S. court permission on Tuesday to issue subpoenas and lay claim to the bankrupt Singapore-based company's assets, noting that 3AC's missing-in-action founders no longer control its accounts.
/jlne.ws/3nZTF9q
Celsius Reclaims $410M of 'stETH' Tokens After Paying Down $81M Debt to Aave
Krisztian Sandor - Coindesk
Celsius Network, one of the crypto lenders facing liquidity troubles in the industry's ongoing credit crisis, appears to have yet again used a maneuver on a decentralized finance (DeFi) protocol to free up hundreds of millions of dollars of trapped collateral.
/jlne.ws/3ceIs29
Behind Voyager's Fall: Crypto Broker Acted Like a Bank, Went Bankrupt
Danny Nelson, David Z Morris - Coindesk
At its height, Voyager Digital boasted 3.5 million users (roughly what Coinbase boasted in 2015) and $5.9 billion in assets, comparable to a small regional bank or respectable wealth management firm. Ninety-seven percent of Voyager's clients stored less than $10,000 on the platform, indicating a broad base of individual investors. It was a crypto lending and trading powerhouse - one of the few digital asset brokerages listed on stock markets anywhere in the world (albeit in Canada rather than the U.S., its home country).
/jlne.ws/3P2NwF6
Binance Failed to Deliver on Money-Laundering Prevention Promises: Report
Oliver Knight - Coindesk
Binance, the largest cryptocurrency exchange by traded volume, made only weak attempts to prevent money laundering, Reuters said. Binance operated outside the rules that many rival firms follow, while being ambiguous over the jurisdiction in which the main business is located, the news organization said. Reuters also said Binance CEO Changpeng Zhao ignored advice from his compliance team on the lack of background checks to avoid facilitating money laundering through the exchange.
/jlne.ws/3P6wqpQ
The share of active crypto traders among Nigerian adults is the world's highest
Alexander Onukwue - Quartz Africa
Bitcoin has lost over half its value since the beginning of the year and its $67,000 high of November 2021 looks a distant memory. But in six countries, more than a third of the adult population continues to buy or sell cryptocurrencies at least once a month, says a report by global research firm Morning Consult (pdf), published July 7.
/jlne.ws/3uNBUh9
The Need for Global Stablecoin Standards; A look at the newly released guidelines from international regulators.
Jon Cunliffe and Ashley Alder - Bloomberg
Money has taken different forms throughout history. However, one basic rule remains constant through technological and economic change. If something is accepted and used as a means of exchange, then there must be trust in the money itself and the institution behind it to provide a guarantee of its value. Users must have the confidence it will continue to be accepted as money.
/jlne.ws/3Ix0ybD
Stablecoin Crash Triggers Call for Guardrails to Protect Buyers; Regulators are making the case for tighter oversight of crypto; Slump by Terra and Tether highlights risks to broader markets
David Goodman - Bloomberg
Global financial regulators are calling for tighter oversight of the stablecoins after a market meltdown in the past few weeks highlighted vulnerabilities that could contaminate the price of other assets.
/jlne.ws/3Pnl0xU
Crypto 'Cleansing' Reignites Debate Over What Bitcoin Is All About; Industry is grappling with founding principles around decentralization as market turmoil pressures companies and pushes investors toward wallets.
Misyrlena Egkolfopoulou - Bloomberg
If your digital currency is sitting on an exchange, is it really yours? That debate, which hits on themes central to the founding principles of Bitcoin, has been reignited after the collapse of Voyager, a crypto platform that filed for bankruptcy last week.
/jlne.ws/3O4QzeT
Snap explores plans to let users showcase NFTs as filters; Social media platform is the latest to dabble in digital assets to attract influencers despite crypto crash
Hannah Murphy - FT
Snap is exploring plans to allow users to showcase non-fungible tokens on its app, as social media platforms increasingly turn to digital collectibles as a means of attracting influencers and their fans despite the crypto crash. The Los Angeles-based social media platform is preparing to test a feature that would allow NFT artists to showcase their designs on the Snapchat platform as augmented reality filters, according to two people familiar with the situation. The test, which is being run with a handful of "creators", is scheduled to start at the end of August, one of the people said.
/jlne.ws/3bZq256
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| Politics | | An overview of politics as it relates to the financial markets | More than 200 congressional staffers urge Pelosi and Schumer to act on climate or risk dooming younger generations
Ella Nilsen - CNN
In a rare move, more than 200 congressional staffers have sent a letter to Democratic leadership in the House and Senate, demanding they close the deal on a climate and clean energy package and warning that failure could doom younger generations.
/jlne.ws/3PhpgPy
EU Weighs More Legal Action in Clash Over Brexit Violations; Further proceedings could come later this month, people say; Timing depends on progress of proposed UK legislation
Alberto Nardelli and Ellen Milligan - Bloomberg
The European Union is considering launching more legal proceedings against the UK before the end of the month over violations of the Northern Ireland protocol in the Brexit agreement, according to people familiar with the matter.
/jlne.ws/3yYQll4
The Real Reason Gas Is So Expensive? The US Needs More Refineries; With the country one hurricane away from another price surge, President Biden faces two dilemmas: A world short on oil and a nation short on capacity.
Kevin Crowley and Jennifer A Dlouhy - Bloomberg
No US president has been reelected with gasoline prices above $4 a gallon, and the price at the pump is almost $4.70 this summer. It's the single biggest economic threat to Joe Biden's presidency. Biden's first response was urging OPEC to raise global oil supplies, with some success. He tried to shame US shale drillers, too, for failing to put rigs back to work, with less success. Then administration officials began to confront an arguably bigger and longer-term obstacle to reining in the fuel prices that have sent inflation to the highest level in decades: America's refining complex is in decline.
/jlne.ws/3RqE549
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC warns investors about new single-stock leveraged ETFs; Products carry 'greater volatility and risk' compared with holding the underlying asset, says US regulator
Emma Boyde - FT
SEC officials are warning of the risks of the new products, which are designed to allow investors to take short-term bets on the direction of a security © Bloomberg Share on twitter (opens new window) Share on facebook (opens new window) Share on linkedin (opens new window) Share Save Emma Boyde YESTERDAY 2 Print this page Senior officials from the top US markets regulator have warned of the risks of single-stock leveraged exchange traded funds, speaking out ahead of the products' imminent launch. Lori Schock, director of the Securities and Exchange Commission's office of investor education and advocacy, said the new products were even riskier than existing leveraged and inverse ETFs, which provide daily amplified losses and gains on the securities they track and which the SEC has already warned against.
/jlne.ws/3cbBJ8Q
U.S. SEC delays decision on ARK 21Shares spot bitcoin ETF
Reuters
The U.S. Securities and Exchange Commission on Tuesday delayed a decision on whether to allow a spot bitcoin exchange-traded fund by stock-picker Cathie Wood's Arc Invest and crypto investment product firm 21Shares US to list and trade on Cboe Global Markets (CBOE.Z) until Aug. 30.
/jlne.ws/3Ixi6Ey
Two Asset Managers Charged in Alleged PdVSA Money-Laundering Scheme; Ralph Steinmann and Luis Fernando Vuteff were each indicted on one count of conspiracy to commit money laundering
Mengqi Sun - WSJ
Two foreign financial asset managers were charged with taking part in what the U.S. said was a scheme to launder a total of $1.2 billion illegally obtained from Venezuela's state-owned energy giant, Petróleos de Venezuela SA. Ralph Steinmann, a 48-old-year Swiss national, and Luis Fernando Vuteff, a 51-year-old from Argentina, were each indicted on one count of conspiracy to commit money laundering, according to the U.S. Justice Department. The indictments were issued Tuesday in the U.S. District Court in Mia
/jlne.ws/3aGufu9
Former Herbalife China Executive Ordered to Pay Fine After Defaulting in SEC Case; Yanliang 'Jerry' Li didn't send a lawyer to respond to U.S. Securities and Exchange Commission bribery charges brought in New York
Richard Vanderford - WSJ
The former head of Herbalife Nutrition Ltd. 's China subsidiary has been ordered to pay about $550,000 after he failed to respond to U.S. Securities and Exchange Commission allegations that he bribed Chinese officials.
/jlne.ws/3Ruhy6k
Statement on Decision in Jury Trial of Dean McDermott and McDermott Investment Advisors
SEC
After a six-day trial, a jury serving in the United States District Court for the Eastern District of Pennsylvania ruled in favor of the SEC against Dean McDermott and his investment advisory firm, McDermott Investment Advisors, LLC, for breaching fiduciary duties owed to their advisory clients in connection with the selection of unit investment trusts (UIT). In violation of their fiduciary duties, the defendants selected a version of UIT that carried significant transactional sales charges when another version of the same UIT was equally available without those costs.
/jlne.ws/3axW4Vt
FCA tells banks to improve treatment of struggling small business borrowers
FCA
The FCA has provided feedback to the individual firms it reviewed. However, it wants to see the whole sector take action. It has written to the chairs of all retail banks with small business customers. The letter tells the boards of these banks to ensure that they are meeting the FCA's expectations and to inform the regulator if they are unable to do so.
/jlne.ws/3IxHIRN
ESMA opens consultation reviewing clearing and derivatives trading obligations; New consultation builds on the progress made with the benchmark transition in the interest rate derivative market.
Wesley Bray - The Trade
The European Securities and Markets Authority (ESMA) has launched a consultation paper exploring the extension of the scope of both the Clearing Obligation (CO) and the Derivatives Trading Obligation (DTO). The EU's securities markets regulator has presented draft regulatory technical standards (RTS) including proposals which introduce additional classes to the scope of the CO and the DTO - based on the progress made with the benchmark transition in the interest rate derivative market.
/jlne.ws/3ALY8Ut
SEC appoints first Asian Pacific American Commissioner; New commissioner has been sworn into the position after serving at the SEC in a variety of roles since 2006.
Wesley Bray - The Trade
Mark T. Uyeda has been sworn into office at the Securities and Exchange Commission (SEC) as a commissioner by Brian Johnson, assistant director of the division of investment management's rulemaking office.
/jlne.ws/3uJo7s1
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Commodities Never Belonged in Your Portfolio; Grasping at straws in a challenging economy, many investors and strategists turned to oil, metals and grain. Now that's blowing up in their faces.
Jonathan Levin - Bloomberg
Earlier this year, strategists and investors came out in droves to embrace commodities to weather surging inflation. This looked like a brilliant move at first as oil, metals and grains all rallied, but investors who held on to those positions are seeing their winnings largely eviscerated by a brutal snapback. In reality, most individual investors had no business investing in commodities in the first place.
/jlne.ws/3cbEHKI
Hard Times for Stock Pickers as Quants Roar Back, Bernstein Says
Allegra Catelli - Bloomberg
Stock picking is getting more difficult, according to Sanford C. Bernstein strategists. Rising macroeconomic risks and volatility have caused historically low correlation in the performance of equities to climb back to average levels, according to strategists led by Sarah McCarthy. That's bad news for active funds, threatening to halt an improved performance in the first half of this year.
/jlne.ws/3P6s9mf
Thiel-Backed SPAC Weighs $2.5 Billion Circles.Life Deal; Early talks have been held to explore a potential transaction; Bridgetown seeks up to $2.5 billion value for combined entity
Manuel Baigorri and Elffie Chew - Bloomberg
Bridgetown Holdings Ltd., the US-listed blank-check company backed by billionaires Peter Thiel and Richard Li, is considering a potential merger with digital telecom services provider Circles.Life, according to people familiar with the matter.
/jlne.ws/3P31c2N
Municipal-Bond Issuers Fall Behind on Disclosures; S&P last month withdrew ratings for 30 cities, counties and other municipalities because of filing delays
Heather Gillers - WSJ
U.S. states, cities and counties are taking longer to file regular financial reports, leaving bondholders in the dark and adding to pressure on prices. S&P Global Ratings last month withdrew its ratings for 30 cities, counties and other municipalities because they haven't yet filed their 2020 financial statements. The ratings company also placed New Orleans on credit watch in April for late reporting, the largest city analysts can recall incurring that sanction in more than a decade.
/jlne.ws/3aB4Qly
Ackman to Close $4 Billion SPAC; Hedge-fund manager will return investors' money after failing to find a deal target
Julie Steinberg - WSJ
Hedge-fund manager William Ackman is winding up the largest-ever special-purpose acquisition company after failing to find a target. In a letter to shareholders in Pershing Square Tontine Holdings Ltd. PSTH 0.40%? on Monday, Mr. Ackman said the company couldn't find a target that met its investment criteria and was returning $4 billion in shareholder capital.
/jlne.ws/3axVwPp
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Europe's Heat Wave Is Bad for Energy Prices, But the Drought Is Worse;Falling water levels are exacerbating Europe's energy crisis.
Javier Blas - Bloomberg
Europe is sweltering under a heat wave that has pushed temperatures above 40 degrees Celsius (104 degrees Fahrenheit) in several countries. As households and businesses turn on their air conditioners, electricity demand has jumped and wholesale power prices have surged. But far more concerning — and far less discussed — is the drought spreading from Germany to Portugal that has the potential to worsen the current energy crisis for a lot longer than the current hot spell.
/jlne.ws/3yAaMDq
Goldman's Womenomics Stocks Languish in Inflation-Wary Japan; Basket tied to rising female employment underperforming market; Gauge hit all-time relative low in June amid economic worries
Aya Wagatsuma - Bloomberg
In two decades on after Goldman Sachs Group Inc. first championed "Womenomics" in Japan, a basket of shares focusing on the trend is languishing, having hit an all-time relative low in the stock market last month.
/jlne.ws/3uMicCt
Invitation For Public Comments Regarding "The Code Of Conduct For ESG Evaluation And Data Providers" - Japan Financial Services Agency
Mondovisione
Purpose, Objectives and Background
In the "Report by the Expert Panel on Sustainable Finance: Building A Financial System that Supports a Sustainable Society" published by the Expert Panel on Sustainable Finance in June 2021, several issues were pointed out with regard to ESG evaluation and data provision organizations, including transparency and fairness of evaluation, as the expected role of such organizations increases. Since February 2022, the Technical Committee for ESG Evaluation and Data Providers, etc. discussed a wide range of issues, including the current status of ESG evaluation and data, challenges faced by stakeholders in the appropriate provision and use of ESG evaluation and data, and future developments. Based on the discussions at the Technical Committee, the FSA has compiled the attached Code of Conduct for ESG Evaluation and Data Providers, and is soliciting a wide range of opinions.
/bit.ly/3RzdilZ
Blackstone Announces $400 Million Investment in Xpansiv, the Leading Global Carbon and Environmental Commodities Exchange Platform
News Direct
Blackstone announced today that funds managed by Blackstone Energy Partners ("Blackstone") have committed $400 million to lead a strategic investment in Xpansiv Limited ("Xpansiv"), the premier market-infrastructure platform for global carbon and environmental commodities. Xpansiv connects buyers and sellers of environmental commodities and provides market data for voluntary carbon offsets, renewable energy credits (RECs), and low-carbon fuels, each of which are critical elements of global decarbonization. Xpansiv's growing ecosystem supports companies seeking to meet environmental and emissions reduction goals.
/yhoo.it/3axVgQu
As SEC Closes In on ESG Rules for Funds, the Bulk of Frequent Investors Say They Value Such Standards; Frequent investors are more likely than the general public to recognize importance of ESG ratings, though there's widespread recognition that gauging the quality of environmental claims is difficult
Amanda Jacobson Snyder - Morning Consult
In less than a month, the public comment period on the Securities and Exchange Commission's proposals tied to environmental, social and governance investments will come to an end, bringing the agency closer to the finish line on rules that a leading investor trade group and a Republican SEC commissioner have railed against. The proposed rules would dictate how fund managers can market products that claim to meet ESG standards and boost disclosure requirements for those funds — moves that come after one estimate found that $70 billion was invested into "sustainable" funds last year, While frequent investors still value profitability over socially conscious concerns, they are also more likely than the general public to recognize the importance of ESG standards in investments, a Morning Consult survey found.
/bit.ly/3P3uCxZ
Corporate Backlash Over SEC Climate Plan Takes Shape; Business groups and Republican-controlled states line up to attack the regulator's effort to have companies spell out risks posed by the climate crisis.
Tim Quinson - Bloomberg
By November, around the time US midterm elections are held, investors will likely learn the fate of the Securities and Exchange Commission's plan for more comprehensive corporate climate disclosures.
/jlne.ws/3cdJ4Vm
Making Sure GM Has the Financial Muscle for the Electric Future; CFO Paul Jacobson talks about chip shortages, attracting new customers, and the many ways to earn money from EVs.
Jacobson
David Westin - Bloomberg
As General Motors Co.'s chief financial officer, Paul Jacobson must make sure the company has the wherewithal to transition to an electric future, putting him at the center of everything from supply chain chaos to technology shifts.
/jlne.ws/3v7Nown
Global Oil-Supply Crisis Shows Signs of Easing, IEA Says; Lower demand and a stronger-than-expected Russian supply are helping to ease tightness, International Energy Agency says
Will Horner - WSJ
The worst oil-supply crisis in decades is showing tentative signs of easing as flagging economic growth weighs on demand for crude while sanctions on Russia are having less impact on oil production than expected, the International Energy Agency said Wednesday. The Paris-based agency cut its forecasts for oil demand for this year and next. Historically high prices for a barrel of oil were putting off consumers while weakening global economic growth—itself a product of high inflation and central-bank policies—was undermining demand, it said in its closely watched monthly oil-market report.
/jlne.ws/3o1oLx6
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Not so fast. Factor investing is alive and doing well!
Qontigo
Factor investing has received much attention in recent years as a source of above-market returns. It's also been the target of some criticism, mainly due to recent years' underperformance of styles such as Value and Size. Contrary to skeptics' views, a well-constructed portfolio that invests along robust factor lines can and has produced long-term outperformance. In fact, 2021's return was the highest in years.
/jlne.ws/3P8osg0
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Monkeypox continues to spread. 105 Chicagoans infected as vaccines roll out, health officials say.
Jake Sheridan - Chicago Tribune
Since monkeypox was first detected in the city nearly a month ago, 105 Chicagoans have been diagnosed with the virus, health officials said. The cases have mostly involved men who have sex with men, officials said. The city has begun to offer targeted vaccinations.
/jlne.ws/3P6qJZc
Stunning spread of BA.5 shows why this California COVID wave is so different
Rong-Gong Lin II, Luke Money - LA Times
With California suffering through another intense coronavirus wave, the stunning proliferation of the BA.5 subvariant is becoming a growing focus of scientific scrutiny, with experts saying it may replicate itself far more effectively than earlier versions of Omicron. Compared to its ancestors, the latest Omicron subvariant, BA.5, may have an enhanced ability to create a large number of copies of the coronavirus once it gets into human cells, a possible contributing factor for why this summer's Omicron wave has been problematic.
/jlne.ws/3Oia7MZ
How Worried Should You Be About Omicron BA.5?; The latest variant will lead to a lot of reinfections, and more cases of long Covid, but won't be as deadly as earlier waves.
Faye Flam - Bloomberg
The ways we think about the Covid pandemic have evolved with the virus: In 2020, it was a potentially deadly threat we could avoid by being careful; in 2021, it was something that was likely to infect everyone eventually; and now, it's becoming seen as a persistent health hazard that can re-infect people multiple times, each time inflicting cumulative damage and increasing the odds of long-duration symptoms.
/jlne.ws/3c7Mlpm
Once-Unstoppable Glove King Loses Billions After 89% Stock Crash
The net worth of Top Glove's founder has dropped to $1 billion as the company reported a 99% plunge in profit and put its expansion plans on hold.
Yoojung Lee - Bloomberg
For a moment, Lim Wee Chai's ascent looked unstoppable. His Top Glove Corp. grew bigger than Malaysia's banks, telecommunication firms and even the state-owned electricity company during the Covid-19 pandemic. Its stock price soared 450% through the first seven months of 2020, leaving high-flyers like Moderna Inc., Zoom Video Communications Inc., Peloton Interactive Inc. and Carvana Co. in the dust and making Lim a billionaire several times over.
/jlne.ws/3uLrWwG
Astra's Covid Vaccine Saved Over Six Million Lives in First Year; Pfizer shot averted almost as many deaths in Airfinity report; New findings build on Imperial College research last month
James Paton - Bloomberg
Covid vaccines from AstraZeneca Plc and Pfizer Inc. had the biggest impact in preventing deaths in the first year of the global rollout, saving an estimated 12 million lives. That's the upshot of a new analysis from Airfinity Ltd., a London-based data firm. The AstraZeneca vaccine developed with the University of Oxford saved 6.3 million lives, Airfinity said Wednesday. The estimate for the Pfizer-BioNTech SE shot was 5.9 million.
/jlne.ws/3uJsjIq
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong IPO Market Thaws, but New Listings Stumble in Debuts; All four companies that went public in the city finished at or below their IPO prices, including Tianqi Lithium, which raised $1.7 billion
Jing Yang - WSJ
The busiest day for new Hong Kong listings in more than a year turned out to be a disappointing one for investors. Four companies had their debuts on the city's stock exchange on Wednesday, led by giant Chinese lithium producer Tianqi Lithium Corp., 002466 0.63%? which recently completed a $1.7 billion stock sale that ranked as Hong Kong's largest initial public offering this year.
/jlne.ws/3IxFZvG
Turkey Gets Landmark $929 Million Deutsche Bank Loan to Buy LNG; Loan agreement has the option to increase size in future; Botas will use loan to buy LNG from suppliers in 10 countries
Ercan Ersoy - Bloomberg
Turkey's state gas company got a 925 million-euro ($929 million) loan from Deutsche Bank AG to finance liquefied natural gas purchases in a bid to reduce the country's reliance on imports from Russia.
/jlne.ws/3o11rQ6
Texas Power Grid Withstands Strain of Blistering Heat Wave
Mark Chediak, Will Wade and Naureen S. Malik - Bloomberg
The Texas grid avoided blackouts Monday despite a searing heat wave that depleted electric supplies in America's second-most populous state.
/jlne.ws/3Iyufca
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| Miscellaneous | | Stories that don't quite fit under the other sections | Millions of Americans Regret the Great Resignation; About one-quarter of job-leavers rue the decision, survey says; Many are finding job market tough and miss their 'work family'
Alexandre Tanzi - Bloomberg
About 20 million Americans quit their jobs in the first five months of this year, in what's come to be known as the Great Resignation. Many now regret the decision, according to a new survey. More than one-quarter of those who left work are reconsidering whether they made the right move, according to a study of more than 15,000 job seekers conducted over the past three months by Joblist, an artificial intelligence job-search platform.
/jlne.ws/3yCgkxh
The Way We Work Has Changed. So Should Offices; The office of the future has the capacity to accelerate change and to support a totally new kind of work and workforce.
Martin Henn - Bloomberg
The American office has changed dramatically as it evolved from the factory-like office floors of the early 20th century, to the cubicle-bound postwar corporate world, to our own era of flexible workstations and open-floor plans. But the stresses now coming to bear on the white-collar workplace are unlike anything we've seen before.
/jlne.ws/3yYTjGe
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