| April 30, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today I woke up in West Lafayette, Indiana, the home of Purdue University. I am here for a one-day event at the Mitch Daniels School of Business. The "Markets and Moral Sentiments" event at Purdue University's Mitch Daniels School of Business brings together leading thinkers to explore the ethical foundations and societal impact of business and markets. Speakers include Mitch Daniels (President Emeritus of Purdue), Veronique de Rugy (Mercatus Center), Jeff Rosen (National Constitution Center), Dominic Pino (National Review Institute), and Juliette Sellgren ("The Great Antidote" podcast), alongside Purdue faculty and industry leaders. Topics range from principled entrepreneurship, the intersection of democracy and business, and the impact of AI, to business leadership responsibilities, with fireside chats, lectures, and panels designed to spark dialogue on how markets and morality shape a just and sustainable business future.
The U.S. Citizenship and Immigration Services has issued a report titled "First 100 Days: USCIS Delivering on Making America Safe Again" that offers a chilling warning to non-citizens in the U.S. to mind their Ps and Qs and walk a straight line or be thrown out of the country or worse.
The report includes this warning from USCIS Spokesman Matthew Tragesser: "Aliens, immigration attorneys and non-government organizations take note: the days of exploiting our immigration system are over. Aliens who want to live and work in America must do it legally or get out."
The next time a legal alien even thinks about getting a speeding ticket, it might be their ticket out of the country.
The report, in summary, says that in the first 100 days of the Trump administration's second term, the U.S. Citizenship and Immigration Services (USCIS) has aggressively overhauled immigration policy to prioritize national security and restore stricter enforcement. Key actions include reinstating robust screening and vetting, cracking down on fraud, terminating broad humanitarian parole programs for Cubans, Haitians, Nicaraguans, and Venezuelans, and implementing the Alien Registration Requirement to track and hold all non-citizens accountable. USCIS has also rescinded Temporary Protected Status extensions for Haiti and Venezuela, increased cross-agency enforcement, and introduced new measures like social media vetting for anti-American or antisemitic activity, while emphasizing that only binary, biological sex will be recognized for immigration purposes.
These sweeping changes are coupled with a renewed focus on supporting ICE enforcement, facilitating the arrests of criminal aliens, and publicizing penalties for immigration fraud. With nearly 47,000 aliens registered under the new system and over half a million parolees notified of status termination, USCIS is seeking to deter exploitation of the immigration system and restore public trust. The agency asserts that these policies mark a decisive end to "disastrous" prior approaches, warning that only legal immigration will be tolerated and that violators face removal, fines, and criminal prosecution.
Part of U.S. policy is looking at people's social media posts in the USCIS discretionary analysis for immigration benefit requests. This may even extend to professional activity for lawyers whose clients are deemed anti-American. A story in Men's Journal indicates that George Clooney's wife Amal Clooney, the renowned human rights lawyer, may soon be barred from entering the United States due to her advisory role in the International Criminal Court's investigation into alleged war crimes by Israeli leaders in Gaza. The U.K. Foreign Office has warned Clooney and other British lawyers that they could face U.S. sanctions, including visa bans and asset freezes, under a Trump administration executive order targeting those involved with the ICC's case against Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant. If implemented, these sanctions could prevent Clooney from visiting the family's U.S. homes and complicate her professional and personal life, despite her longstanding ties to the country as a New York bar member and Columbia University professor.
This high-profile case could chill international travel and tourism to the U.S. and hurt the international conference business. Will the non-citizen CEO of a foreign company want to take the chance of coming to the U.S. if they have been a critic of a U.S. policy? Will they fear the negative press reports saying they were denied entry into a country with a significant market for their firm?
In a post on LinkedIn, the USCIS said, "EVERYONE should be on notice. If you're a guest in our country - act like it. Our robust social media vetting program to identify national security & public safety risks never stops. USCIS is on watch to find anything online that poses a threat to our nation & our way of life."
The message in the image from the post said, "Green cards and visas are a privilege, not a right."
Bloomberg reported that Koch Industries is exiting global oil and refined products trading to retreat from speculation and focus on areas with more attractive returns, such as metals, ocean freight, and natural gas-related products. The move comes amid shrinking profits and increased volatility in the oil markets, prompting Koch to realign its trading operations with its broader business strategy and customer needs. This marks a significant shift for the conglomerate, which has been a major player in oil trading for decades, and reflects a broader industry trend toward diversification and integrated value chain operations.
Here are the headlines from in front of FOW's paywall from some recent stories: LME to press on with block reforms after consultation, HKEX hits highest revenue quarter on China, tech demand, Deutsche Boerse backs European regulation to boost retail investment and ANALYSIS: Deutsche Boerse sees equities, defence investment driving European growth.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Inside the volatility-trading strategy one investor is using to capitalize on Trump market madness from Business Insider.
- 9 charts show how chaotic Trump's second term has been for the economy from Business Insider.
- Bridgewater's Dalio: Too Late to Fix Trade-War Fallout. World Order Risks Breakdown. from Barron's. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Bringing the Team to the Trading Pit: Fred Schoenhut Recalls Wild Days and Wiser Lessons at NYBOT JohnLothianNews.com ELMHURST, IL - (JLN) - April 30, 2025 - If you wandered onto the New York Board of Trade floor in the 1980s, you'd be forgiven for thinking it was less of a market and more of a reunion. For Fred Schoenhut, former NYBOT chairman, trading was a family affair and a team sport. "My three sisters' husbands, my best friend from Little League, even guys from my hockey teams, they all ended up working for us," Schoenhut reminisced in a recent interview. The exchange was booming: what once passed for a busy 3,000-lot day in coffee contracts ballooned to 10,000-lot rolls and beyond, forcing Schoenhut's business to grow just as fast. Watch the Fred Schoenhut Video » Fred Schoenhut - NYBOT Watch the Fred Schoenhut Video » David Taylor - Exegy Watch the David Taylor Video »
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Mauritius Shuts Banks, Stock Exchange on Rain Warning
Rene Vollgraaff - Bloomberg
Mauritius's central bank declared Wednesday a bank holiday and the stock exchange suspended trading after the country's meteorological services warned of torrential rainfall. The bank holiday took effect at 10:30 a.m. local time and trading on the Stock Exchange of Mauritius was set to be suspended from 12:30 p.m., the Bank of Mauritius and the exchange said in separate statements. "This decision has been taken in accordance with established procedures and is aimed at ensuring the safety of market participants and operational staff," the stock exchange said. The heavy-rainfall warning will remain in place until Wednesday afternoon, the National Disaster Risk Reduction and Management Centre said in a statement. The police, the Special Mobile Force, the fire brigade and relevant authorities are on alert to ensure public safety, it said.
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***** The head of the central bank of Mauritius who closed the banks and stock exchange because of rain better be named "Noah."~JJL
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Airlines warn of weakening demand for US travel among European tourists; Air France-KLM and Lufthansa report signs of changing demand on transatlantic routes
Philip Georgiadis - Financial Times
Two of Europe's largest airlines have warned that some Europeans are starting to avoid US travel, as President Donald Trump's policies risk hitting some of the world's busiest flight paths. Air France-KLM and Lufthansa have this week reported signs of weakening demand on transatlantic routes among European passengers, although they said the impact had been limited.
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***** "EVERYONE should be on notice. If you're a guest in our country - act like it. Our robust social media vetting program to identify national security & public safety risks never stops. USCIS is on watch to find anything online that poses a threat to our nation & our way of life." ~USCIS
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London's new Dungeons & Dragons tavern - and why fantasy role-play is on a roll; D&D is thriving, with hit video games, movies, TV series and now a dedicated playing venue for fans
Tom Faber - Financial Times
"You want to be a snail?" I ask my friend incredulously. "How is that going to help us succeed?" We are creating our Dungeons & Dragons characters and I have my sights set firmly on victory and treasure. A slow-moving mollusc doesn't seem the best choice for our mission. "Well, actually," the Dungeon Master interjects, "if she decides to play as a druid who can transform into a snail, that could be pretty handy. Her small size could help you sneak into locked rooms, and the shell offers strong defence against monsters." I decide to take his word for it. After all, it is his job to take whatever ideas we dream up, no matter how farfetched, and seamlessly incorporate them into an epic fantasy adventure. So it is decided: my friend will be a snail.
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***** The epic D&D, started in Lake Geneva, Wisconsin, finds new life in a London tavern. My son Tim regularly plays D&D with a group of friends every Thursday.~JJL
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'This Is What We Were Always Scared of': DOGE Is Building a Surveillance State
Julia Angwin - The New York Times
Elon Musk may be stepping back from running the so-called Department of Government Efficiency, but his legacy there is already secured. DOGE is assembling a sprawling domestic surveillance system for the Trump administration - the likes of which we have never seen in the United States. President Trump could soon have the tools to satisfy his many grievances by swiftly locating compromising information about his political opponents or anyone who simply annoys him. The administration has already declared that it plans to comb through tax records to find the addresses of immigrants it is investigating - a plan so morally and legally challenged it prompted several top I.R.S. officials to quit in protest. Some federal workers have also been told that DOGE is using A.I. to sift through their communications to identify people who harbor anti-Musk or -Trump sentiment (and presumably punish or fire them).
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***** I have way too big of a digital footprint. The good news is that it is so large and diverse that it is enough to confuse and befuddle AI. When asked a question, I will sometimes say, on the one hand, on the other hand, and then on the other hand, and another hand, and so on. No wonder I can juggle so well.~JJL
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Tuesday's Top Three
Our top clicked story Tuesday was Bloomberg's Hackers Manipulate Markets in $700 Million Illicit Trading Spree, about criminals hijacking online brokerage accounts in Japan. Second was Reuters' Longest foreign buying spree in nearly two years powers Indian markets. Third was Bloomberg's Canada Conservative Leader Poilievre Loses His Own Seat in Election, CBC Projects.
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| Lead Stories | Meet your new investment banker: an AI chatbot; Rogo, founded by an ex-Lazard analyst, has raised $50mn from investors led by Thrive Capital
Sujeet Indap and Joshua Franklin and George Hammond - Financial Times
An AI start-up behind a chatbot that replicates an investment banker has raised $50mn from a group of investors led by Thrive Capital, increasing the four-year-old company's valuation from $80mn to $350mn. Rogo secured the capital from Joshua Kushner's venture capital firm, a key backer of OpenAI, as part of a series B financing just seven months after the company's previous $18.5mn fundraising round closed. The new investment into Rogo reflects Thrive's belief that specialised AI tools can still compete with generalist models such as OpenAI in certain domains. Sophisticated large language models are closing in on complex, legally sensitive white-collar tasks that could undercut employment in high-wage industries such as finance, law and science.
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Hong Kong Exchange Operator Posts Record Quarter on Strong Trading, IPO Activity; The stock-exchange operator's net profit jumped 37% from a year earlier
Kimberley Kao - The Wall Street Journal
Hong Kong Exchanges & Clearing's net profit and revenue hit new quarterly records as trading and listing activity in the Asian financial hub gained momentum, spurred by the volatility in markets and a fundraising boom. The stock-exchange operator said Wednesday that net profit jumped 37% from a year earlier to 4.08 billion Hong Kong dollars, equivalent to US$525.9 million. Revenue and other income climbed 32% to HK$6.86 billion, driven by higher trading and clearing fees across the cash, derivatives and commodities markets.
/jlne.ws/4iK9pXY
'Goldman of the Tropics' wants to help Brazil feed the world; BTG Pactual aims to be one of main commodities players as it boosts its presence in Asia
Michael Pooler and Michael Stott - Financial Times
The head of Brazil's biggest investment bank reckons his country will supply 80 per cent of the extra food needed to feed the world over the next two decades - and plans to seize on the opportunity by making his company "one of the main global players" in commodities. André Esteves, group chair of BTG Pactual, said the $26bn group, once nicknamed the "Goldman Sachs of the Tropics", was looking to challenge global trading houses by capitalising on Brazil's position as a leading exporter of agricultural produce. "Brazil has a strategic importance which goes beyond its GDP or its military presence," he told the Financial Times in his first interview in six years. "Brazil is the key provider of food security to the world."
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Commodities and shipping groups ask lawyers for sanctions advice on return to Russia; Lawyers report interest in structuring activities to allow restart of trading with Russian entities
Martin Arnold and Tom Wilson - Financial Times
Commodity traders, insurers and shipping groups are among western companies approaching lawyers for advice on how to restart trading with Russia, in preparation for a potential lifting of US sanctions on Moscow. Many western companies appeared to write off their Russian business after the US and Europe responded to Vladimir Putin's 2022 full-scale invasion of Ukraine with the most expansive sanctions regime in history. But US President Donald Trump's pursuit of a rapprochement with Moscow has raised the once-unthinkable possibility that some restrictions could be relaxed.
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Tether Was Accused of Fraud. Now It's a Crypto Darling in Washington; The prime example is Tether, a firm that regulators once targeted. Its chief executive recently hobnobbed in Washington with lawmakers and lobbyists.
David Yaffe-BellanyKenneth P. Vogel - The New York Times
Last month, Paolo Ardoino, the chief executive of the cryptocurrency company Tether, joined business executives and U.S. lawmakers for a private lunch at the Willard, a luxury hotel near the White House. For years, Tether had faced accusations that it lied about its finances and allowed crime to flourish on its platform. But at the Willard, Mr. Ardoino and other crypto leaders were warmly greeted by Senator Bill Hagerty, a Tennessee Republican on the Senate Banking Committee, who attended the lunch and participated in a group discussion about digital currency regulations and national security, according to four people with knowledge of the event.
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UBS, Barclays and SocGen reap trading windfall from market turmoil; Banks become the latest to benefit from volatility triggered by Donald Trump's aggressive trade policy
Simon Foy in London and Mercedes Ruehl - Financial Times
UBS, Société Générale and Barclays have become the latest banks to reap a windfall from the market turmoil unleashed by US President Donald Trump's tariffs, as traders helped power the lenders to better than expected first-quarter profits. Revenues at UBS's markets business surged 32 per cent to a record $2.5bn, SocGen's trading revenues climbed 11 per cent to EUR1.76bn, while Barclays reported a 16 per cent increase to £2.7bn.
/jlne.ws/3GMMOfO
Top Trump adviser struggles to soothe investors in talks after market tumult; Stephen Miran met hedge funds and big asset managers after tariffs sparked Wall Street turmoil
Kate Duguid, Costas Mourselas and Katie Martin and Demetri Sevastopulo - Financial Times
Donald Trump's top economic adviser Stephen Miran struggled to reassure leading bond investors in a meeting last week that followed a bout of intense tumult on Wall Street triggered by the president's tariffs. Miran, chair of the Council of Economic Advisers, met representatives from top hedge funds and other major investors at the White House's Eisenhower Executive Office building on Friday, said people with direct knowledge of the matter.
/jlne.ws/3GwTQp6
Demand for Chinese stocks lifts Hong Kong exchange's profits; Investors pile into technology stocks and new listings
Arjun Neil Alim - Financial Times
Surging global demand for Chinese stocks led Hong Kong's exchange operator to its highest-ever quarterly profits, as investors renewed their optimism over Chinese technology companies and new listings. Net profit at Hong Kong Exchanges and Clearing rose 36 per cent year on year in the first quarter to HK$4.1bn (US$528mn) on revenues of HK$5.5bn, up 42 per cent from the same period last year. Earnings per share rose by almost a dollar to HK$3.23.
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The real lessons from the Plaza and Louvre accords; Sustainable adjustments to trade imbalances require supportive monetary and fiscal policies - not just currency intervention
Richard Clarida - Financial Times
The September 1985 Plaza Accord and the subsequent February 1987 Louvre Accord are justly lauded today as significant successful examples of international economic policy co-operation. These agreements aimed to engineer an orderly depreciation of a very overvalued dollar and to reduce what had become a massive US trade deficit as well as to turn back the rising protectionist pressures triggered by it. In the event, by 1987 the orderly dollar depreciation had been delivered and by 1989, the trade deficit as a share of GDP had been cut by two-thirds. Plaza-Louvre: Mission Accomplished.
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Europe's Trading Desks Score Gains in Midst of Trump Tumult
Arno Schuetze, Nicholas Comfort, and Noele Illien - Bloomberg
Europe's traders joined their Wall Street rivals in handing banks some of their best revenue hauls in years as President Donald Trump's tumultuous trade policies rocked markets in recent months. UBS Group AG said Wednesday its markets unit generated a record $2.5 billion in the first three months of the year, while Barclays Plc's stock traders recorded their best quarter since 2022. Societe Generale SA said it saw a surge in equities trading revenue during the period and earlier this week Deutsche Bank AG's touted that it was the best-ever start to the year for its traders.
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Turns Out, G.D.P. Doesn't Buy Happiness
Byron Johnson,. Tyler J. VanderWeele and Brendan Case - The New York Times
According to the 2025 World Happiness Report, which was released last month, the happiest country in the world is Finland, trailed closely by Denmark, Iceland and Sweden. This news came as no surprise. The report, released annually since 2012 by a consortium of groups including Gallup, often features these four Nordic nations - all of them stable democracies with prosperous and healthy citizens - at or near the top of its list. At the bottom (out of 147 countries assessed) was Afghanistan, then Sierra Leone, Lebanon and Malawi.
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| Trade War and Tariffs | | A roundup of today's trade war and tariff news and the global economic ripple effects shaping markets, industries, and investment strategies. | Europe, China's New Target Market, May Need a Temu Tax; Europe needs to be alert to the risks of being a dumping ground for Chinese e-commerce platforms.
Lionel Laurent - Bloomberg
Belgium's Liege Airport probably doesn't come to mind when picturing the frontlines of the US-China trade war. Yet two Boeing 747s last December gave customs officials there a hint of how the conflict may affect Europe: Both planes were packed nose-to-tail with thousands of parcels containing counterfeit goods. "We are drowning," a customs boss told Belgian newspaper L'Echo. Watery metaphors come in handy for describing the tsunami of small packages - overwhelmingly from China - flooding the European Union. The equivalent of around 145 parcels per second poured into the Old Continent last year, according to data compiled by the European Commission, evidence of the success of Chinese e-commerce platforms such as Shein and PDD Holding Inc.'s Temu in hooking consumers with rock-bottom prices. With the US now raising the drawbridge against cheap Chinese goods, Europe will be an even more vital market for these platforms. In France, where I live, it's common to see Temu ads offering a free Android tablet to anyone downloading its app. Meanwhile, in the US, Temu is cutting ad spending while hiking prices.
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China creates list of US-made goods exempt from 125% tariffs, sources say
Andrew Silver - Reuters
China has created a list of U.S.-made products that would be exempted from its 125% tariffs and is quietly notifying companies about the policy, two people familiar with the matter said, as Beijing seeks to ease the impact of its trade war with Washington. China has already granted tariff exemptions on select products including select pharmaceuticals, microchips and aircraft engines and was asking firms to identify critical goods they need levy-free, Reuters reported on Friday. However, the existence of a so-called 'whitelist' had not been previously reported.
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Tariffs hit home for small US businesses that rely on Chinese imports; Growing worries that a trade war could suffocate a crucial driver of employment and economic growth
Taylor Nicole Rogers and Patrick Temple-West - Financial Times
Small US businesses that have relied on Chinese manufacturing are in a bind as Donald Trump's tariffs begin to bite, with few able to find US factories that will produce their wares. As the Trump administration pushes ahead with 145 per cent levies on imports from China, there are growing worries that trade paralysis could crush small businesses that have blossomed with the aid of Chinese labour, materials and technology.
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
US and Ukraine expected to sign minerals deal; Ukraine's first deputy prime minister, Yulia Svyrydenko, has flown to Washington after a breakthrough in talks
Christopher Miller - Financial Times
The US and Ukraine are expected to sign a framework minerals agreement on Wednesday, following a breakthrough in months-long, contentious negotiations. The deal, seen by the Financial Times, states the US and Ukraine, through the development of Kyiv's natural resources and the creation of a joint investment fund, will "seek to create the conditions necessary to, among other objectives, increase investment in mining, energy, and related technology in Ukraine".
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Putin Is Said to Demand Ukraine Land Despite US Pressure
Bloomberg News
President Vladimir Putin is insisting that Russia must take control of four regions of Ukraine it doesn't fully occupy as part of any agreement to end his war, according to three people in Moscow familiar with the matter. The demand deals a blow to US President Donald Trump's efforts to reach a ceasefire and a permanent end to the war, amid mounting frustration in the White House about a lack of progress in negotiations.
/jlne.ws/3Gvp4wO
Journalist who died in Russian captivity was tortured, report says
CBSNews
Ukrainian journalist Viktoriia Roshchyna, who died in Russian captivity, was tortured and had organs removed before her body was returned, according to a joint media report published Tuesday through Forbidden Stories, a nonprofit media organization. In February, Russia returned Roshchyna's emaciated body with signs of torture and some organs removed, possibly to hide further traces of torture, said the report by media outlets including The Washington Post, The Guardian, Ukrainska Pravda, and iStories, citing Ukrainian prosecutors.
/jlne.ws/4iH2cYu
Rubio says concrete Ukraine proposals needed now, or US will step back
Daphne Psaledakis and David Brunnstrom - Reuters
U.S. Secretary of State Marco Rubio said on Tuesday that now is the time for concrete proposals from Moscow and Kyiv to end the war in Ukraine and warned that the U.S. will step back as a mediator if there is no progress. At a later United Nations Security Council meeting, U.S. diplomat John Kelley blamed Russia for the continuing bloodshed, saying it had "regrettably" carried out high-profile strikes "causing needless loss of life, including of innocent civilians."
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Ukraine Ready to Sign US Resources Deal in a Matter of Hours
Daryna Krasnolutska - Bloomberg
Ukraine is ready to sign a natural resources deal with the US, a person familiar with the matter said, in a move that could bolster Washington's support for Kyiv by strengthening their economic partnership. The draft agreement, which envisages creating a joint fund to manage Ukraine's investment projects, has been finalized and may be signed as soon as Wednesday, the person said, speaking on condition of anonymity because the talks are private. Ukrainian Economy Minister Yulia Svyrydenko is on her way to Washington for the signing, they said.
/jlne.ws/4iCm9zF
Ukraine Is Where Republican Foreign Policy Went to Die; If American policy toward Russia, Ukraine or any place looks chaotic, blame intellectual schisms in the GOP second. Blame the party's cowardice first.
Andreas Kluth - Bloomberg
This should be an awkward week for Republicans, shouldn't it? Their president, having plagiarized Ronald Reagan's slogan of "peace through strength," kept promising during the campaign that he'd end the war in Ukraine in one day. Yet here he is passing his hundredth in office with the conflict still raging. What, if anything, can and will Republicans do about Donald Trump's looming failure? And loom it does. Trump's approach to making peace so far has amounted to sidelining those in his administration (such as Keith Kellogg, originally slated to deal with the conflict) who would have met Russian President Vladimir Putin bearing sticks as well as carrots, and instead promoting those (such as special envoy Steve Witkoff) who offer only carrots to the Kremlin and reserve the sticks for Ukraine. At this rate, Trump seems to hope that he can force Kyiv to capitulate in all but name and call the result peace, the better to forge a new and tight bond with Putin that would recognize Russia's conquests and reward its aggression. It would be Reaganism upside down: peace through surrender.
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Estonia May Send Troops to Ukraine as Part of Potential Mission
Ott Tammik - Bloomberg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX completes new resourcing review for CHESS, commits to strengthen current arrangements
ASX
/jlne.ws/4jyj19p
Bursa Malaysia Launches Bursa Research Incentive Scheme Plus (Bursa RISE+) - Enhancing The Profile And Visibility Of Malaysian Companies
Mondovisione
Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") is pleased to announce the launch of the Bursa Research Incentive Scheme Plus ("Bursa RISE+") today. Supported by the Capital Market Development Fund ("CMDF")1, this initiative aims to enhance the corporate profile of selected Malaysian companies by providing the Malaysian public with access to comprehensive research coverage conducted by licensed research houses.
/jlne.ws/4cRRTj2
United Wholesale Mortgage Selects ICE Mortgage Technology to Power In-House Servicing Strategy
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that United Wholesale Mortgage (UWM) has signed a long-term agreement to license ICE Mortgage Technology's industry-leading MSP® loan servicing system. Selecting MSP will allow the nation's largest mortgage lender to bring its servicing operations in-house with a modern, comprehensive solution that streamlines the entire servicing process.
/jlne.ws/4iJ83wl
Revised Subject Line Modification to TSTRIP Collateral Limit - Effective April 29, 2025
CME Group
On April 29, 2025 end of day cycle, CME Clearing is amending its list of acceptable collateral to increase the limit for TSTRIPS from $1 billion to $1.4 billion, per Clearing Member (and affiliates).
/jlne.ws/3Gzl7XW
Variable Storage Rate (VSR) Results for Wheat and KC HRW Wheat Premium (Storage) Rates
CMEGroup
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HKEX Posts Record Quarterly Profit On Trading, Listings Boom
Kiuyan Wong and David Ingles - Bloomberg
Hong Kong's stock exchange operator churned out a record profit last quarter and beat estimates, as the bourse rode a trading boom spurred by global market volatility and a spate of local listings. Hong Kong Exchanges & Clearing Ltd. reported net income of HK$4.08 billion ($526 million) in the three months ending March 31, up 37% from a year earlier, according to a statement Wednesday. That topped the HK$3.98 billion average estimate of four analysts.
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HKEX 2025 First Quarter Results
HKEX
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LME Moves Ahead With Plans To Modernise Market Structure To Enhance Liquidity
LME
The London Metal Exchange (LME) is today setting out the steps that will follow from the measures outlined in its September 2024 White Paper on Enhancing Liquidity (the White Paper). The White Paper set out a number of proposed changes designed to modernise the LME's market structure, boost transparency and increase price competition while protecting the unique features of the market that serve the physical metals communities.
/jlne.ws/42S3l9H
Consultation on Enhancing Liquidity
LME
The London Metal Exchange (the "LME" or the "Exchange") is seeking the views of its Members and all other interested parties in respect of the introduction of certain proposed changes to the Rules and Regulations of the LME (the "Rules"), which relate to: (i) the introduction of block thresholds for trading in the inter-office market; (ii) the introduction of a prohibition on Pre-Trade Communications in relation to trades made in LMEselect; and (iii) the introduction of a "Crossing Rule" in relation to trades executed in LMEselect;
/jlne.ws/3REu4BJ
SIX exploring market's first three-pronged pan-European trading venue; New venue would have three legs to stand on in Europe, the UK and Switzerland, SIX chief executive Bjorn Sibbern tells The TRADE in a sit-down interview exploring the pan-European market outlook and the exchange's plans for the future.
Annabel Smith - The Trade
SIX is exploring the creation of a three-pronged listing venue that spans the UK, Europe and Switzerland, chief executive Bjorn Sibbern has told The TRADE. Following the completion of its Aquis acquisition, which was originally announced in November, SIX will have listing and trading venues situated in mainland Europe, the UK and Switzerland.
/jlne.ws/3GwXI9H
TMX Group Ushers in a New Era in Canada's Markets with Post Trade Modernization; CDS, Canada's equities and fixed income clearinghouse, introduces major upgrades to critical infrastructure designed to better serve global client base
TMX Group
The Canadian Depository for Securities Limited (CDS), a wholly-owned subsidiary of TMX Group Limited (TMX Group), this week implemented upgrades to CDS's foundational clearing technology, designed under its post trade modernization initiative (PTM), which includes the replacement of certain legacy systems related to clearing and settlement, as well as depository and entitlement payments.
/jlne.ws/437OBov
Chinese investors pile into gold funds at record pace; Country accounts for more than half of global bullion ETF flows over past 4 weeks in hunt for havens amid trade war
Leslie Hook and Cheng Leng - Financial Times
Chinese investors are piling into gold funds at a record rate, as Donald Trump's trade war and fears over a US recession and inflation drive a hunt for haven assets. Inflows into gold exchange traded funds in China total 70 tonnes - or about $7.4bn - so far this month, more than double the previous monthly record, according to the World Gold Council, an industry body.
/jlne.ws/4mbWroX
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Microsoft president says company respects European laws amid US criticism
Foo Yun Chee - Reuters
Microsoft respects European laws including landmark legislation seeking to rein in the power of Big Tech, its President Brad Smith said on Wednesday, putting the company at odds with the White House, which has criticised sanctions related to EU rules. The European Commission triggered the White House's ire last week after it meted out total fines of 700 million euros ($797 million) to Apple and Meta Platforms for breaching the bloc's Digital Markets Act, which sets out a list of dos and don'ts for Big Tech.
/jlne.ws/44LJrQi
F2 Strategy acquires financial technology and software provider MD Solutions
GlobalData
Wealth management technology and marketing services company F2 Strategy has announced the acquisition of Florida-based financial technology, software and operations provider, MD Solutions. This marks F2's second acquisition within the last year and its third in two years, following a strategic investment from Renovus Capital Partners and subsequent acquisitions of Oakbrook Solutions and SKY Marketing Consultants. MD Solutions, established in 2004 and led by Steve Mars and Bill Navarro, offers a variety of investment operations and technology solutions tailored for the wealth management sector.
/jlne.ws/42BD1ly
Exclusive: Trump officials eye changes to Biden's AI chip export rule, sources say
Karen Freifeld - Reuters
The Trump administration is working on changes to a Biden-era rule that would limit global access to AI chips, including possibly doing away with its splitting the world into tiers that help determine how many advanced semiconductors a country can obtain, three sources familiar with the matter said.
/jlne.ws/3YSUCCY
Meta's Defense of Its Rogue AI Sounds Painfully Familiar; The social media platform is going on the attack instead of worrying about its users. How did that work out the last time?
Dave Lee - Bloomberg
Meta Platforms Inc. isn't the only company developing an AI chatbot. But it is the one best placed to direct billions of people, and their intimate personal data, toward AI in an instant, which is what it is doing: Meta's bots now appear prominently within Facebook, Instagram and WhatsApp. The rollout has been lightning fast. As of Tuesday, there's also now a standalone Meta AI app. Its responses will be similar to what's offered by competing AI apps like ChatGPT, with the added ability to draw on "information you've already chosen to share on Meta products, like your profile, and content you like or engage with," Meta said. This is Meta's unique advantage in the race to have everyday consumers adopt AI. It also means the company needs to be more careful than others. Putting experimental tech into trusted apps, used by hundreds of millions of teenagers, brings with it additional responsibilities on safety. Meta is not meeting those, if recent headlines are any guide.
/jlne.ws/42YaZ2A
BlackRock Looking to Tokenize Shares of Its $150B Treasury Trust Fund, SEC Filing Shows
Sam Reynolds - CoinDesk
BlackRock is preparing to bring blockchain to the back office of one of its largest funds, filing to offer a digital share class of its $150 billion Treasury Trust money market fund through BNY Mellon. The new "DLT Shares," short for distributed ledger technology, won't hold crypto. BNY Mellon, the fund's exclusive distributor, intends to use blockchain to mirror share ownership records, an incremental step that could pave the way for broader adoption of tokenized cash, digital assets, or blockchain-based settlement infrastructure in traditional finance.
/jlne.ws/43a5bUI
Telegram's TON Takes On Real World Assets With Libre's $500M Tokenized Bond Fund
Ian Allison - CoinDesk
Libre, a tokenization firm that works closely with the likes of hedge fund Brevan Howard, investment management firm Hamilton Lane and Nomura's digital assets unit Laser Digital, plans to tokenize $500 million worth of Telegram debt as the blockchain-based Telegram Bond Fund (TBF) on the TON network that's linked to the messaging platform. TBF will offer accredited investors exposure to some of the around $2.35 billion of outstanding bonds issued by Telegram, providing institutional-grade yield products that will also be available as collateral for on-chain borrowing and product development on TON, Libre said.
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ION boosts XTP Risk JANUS with AI for improved pre-trade risk management
ION
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity M&A Roundup: Palo Alto Networks to Acquire ProtectAI
James Coker - Infosecurity Magazine
The biggest merger and acquisition (M&A) news to emerge from April was Palo Alto Networks announcement that it had reached a definitive agreement to acquire ProtectAI, a leader in securing the use of AI and machine learning (ML) applications and models. This field has become one of the most important areas of cybersecurity, as organizations across the world rush to deploy the operational benefits that AI and ML offer.
/jlne.ws/44c7bgk
Cisco Unveils New AI Cybersecurity Innovations at RSA 2025
Sophie Rice - Cyber Magazine
Cisco introduces AI cybersecurity technologies and deepens ServiceNow collaboration, tackling evolving AI threats and talent shortages in cybersecurity. As AI transforms the way businesses operate, it also increases cybersecurity risks.
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| Cryptocurrencies | | Top stories for cryptocurrencies | UK drops an astounding crypto regulation draft in Parliament
Anushka Basu - The Street
The UK government is moving forward with its plans to regulate the crypto industry. On April 29, the British government released a draft referred to as "Regulatory regime for cryptoassets (regulated activities) - Draft SI and Policy Note" on their offficial website. The 27-page proposed law aims to officially regulate crypto activities such trading exchange operations, stablecoin issuance, custody activities as well as purchase and sale of cryptoassets and providing services as a staking provider.
/jlne.ws/42NtgQ0
Robinhood Crypto Revenue Expected to Fall in Q1 After Record Late 2024 Gain: JPMorgan
Helene Braun - CoinDesk
Robinhood's (HOOD) record crypto trading revenue from the last quarter of 2024 may prove hard to repeat, according to JPMorgan analyst Kenneth Worthington, who forecast a drop in digital asset volumes for the first quarter of this year. The online trading platform reports first quarter results after the U.S. market close on Wednesday.
/jlne.ws/439Bnrq
Trump Media plans launch of 'utility token' and digital wallet tied to streaming service
Ben Weiss - Fortune
President Donald Trump's publicly traded media company is considering the launch of a "utility token" and "digital wallet," according to a letter the company's CEO and chairman Devin Nunes sent to shareholders on Tuesday. In the run up to an annual shareholder meeting on Wednesday for Trump Media & Technology Group (TMTG), Nunes wrote about the company's expansion of products for "patriotic Americans," including plans for its streaming service Truth+.
/jlne.ws/3YmGFgD
Bitcoin May Evolve Into Low-Beta Equity Play Reflexively, BlackRock's Mitchnik Says
Omkar Godbole - CoinDesk
Bitcoin (BTC), the world's largest digital asset by market value, recently held steady as President Donald Trump's trade war spurred a shift away from U.S. assets. The so-called decoupling reinforced the belief of crypto advocates that BTC is as a safe haven and a low-beta play relative to equities. BlackRock's Head of Digital Assets, Robert Mitchinik, believes the cryptocurrency could actually evolve into a permanent low-beta play reflexively.
/jlne.ws/3YpXoiZ
$2B Bitcoin-Staking Protocol Solv Unveils First Shariah-Compliant BTC Yield Offering in the Middle East
Omkar Godbole - CoinDesk
Bitcoin staking protocol Solv, which has over $2 billion worth of BTC locked on its platform, announced Tuesday the launch of a Shariah-compliant yield product called SolvBTC.core. The new offering, a liquid staking token for BTC, has been developed in collaboration with the Core ecosystem, which offers a range of DeFi applications, including lending, restaking, liquid staking and decentralized exchanges.
/jlne.ws/43hfUMj
Ethereum ETFs Record $64 Million in Inflows, Breaking Multiweek Outflow Streak and Hinting at Renewed Market Optimism
Nick Thomas - Benzinga
Ethereum investors haven't had it easy lately. ETH has been slowly grinding lower, dragging the broader altcoin market with it. When you include Ethereum in the altcoin basket, its underperformance has actually weighed on the entire sector. From its all-time high of $4,900 set back in 2021, ETH is still down a brutal 63%, currently trading around $1,791. That's a level we haven't seen since March 2023. Even as Bitcoin regained momentum and many smaller altcoins started to bounce back in the last few weeks, Ethereum has looked heavy, showing no real signs of leadership. In fact, ETH has been one of the weakest majors on the board throughout this cycle.
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UK to exempt overseas stablecoin issuers from its crypto rules; Britain seeks to co-operate with the US on regulation of digital assets
Philip Stafford, Martin Arnold and George Parker - Financial Times
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Trust Wallet Launches 'Stablecoin Earn' to Boost Crypto Earning Opportunities
CoinMarketCap
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Trust Wallet Launches 'Stablecoin Earn' to Boost Crypto Earning Opportunities
CoinMarketCap
/jlne.ws/4jzIyz2
Circle Wins Regulatory Nod From Abu Dhabi Watchdog as USDC Hits $62B
Krisztian Sandor - CoinDesk
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| Politics | | An overview of politics as it relates to the financial markets | White House lashes out at 'hostile and political act by Amazon'; Spat comes after report alleged tech giant was planning to display price increases caused by Trump's tariffs
Rafe Uddin, James Politi and Kieran Smith - Financial Times
The White House has lashed out at what it called a "hostile and political act by Amazon" after a report alleged the tech giant was planning to display price increases caused by Donald Trump's tariffs on its products. The story originally reported by Punchbowl News on Tuesday said the ecommerce group would "soon" display the impact of the levies on "the price of each product" it sold. Trump spoke with Amazon founder Jeff Bezos to complain about the company's plans, and the company swiftly walked back the proposal. "Jeff Bezos was very nice," Trump later said. "He was terrific. He solved the problem very quickly and he did the right thing. He's a good guy."
/jlne.ws/438yW8v
Wall Street Sees US Playing Safe on Debt After Market Chaos
Christopher Anstey - Bloomberg
Treasury Secretary Scott Bessent's debt-management team is expected to keep the department's plans for sales of longer-dated securities steady, especially after recent swings in the $29 trillion market. Despite having criticized his predecessor Janet Yellen for tilting US debt toward short-dated Treasuries, Bessent since taking office in January has said the department is "a long way" from replacing them with longer-term debt. Accordingly, Wall Street expects no changes in Wednesday's announcement of projected auction sizes for the May-to-July quarter.
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Corporate America must stand up to Trump on US innovation; The failure of business to join universities in the fight for academic research is short-sighted as well as cowardly
Brooke Masters - Financial Times
American industry is losing one of its major global advantages, and so far most business leaders haven't raised a peep. For generations, US companies have piggybacked on generous government funding that supported cutting-edge research both within federal agencies and through grants to academic scientists. Entire ecosystems grew up in Boston, Philadelphia and Silicon Valley to help commercialise the resulting innovation.
/jlne.ws/3GsLTRF
Keir Starmer defends UK net zero policy after criticism from Tony Blair; Former Labour prime minister highlighted needed for reset of 'irrational' debate over climate change
Jim Pickard and David Sheppard - Financial Times
Sir Keir Starmer was forced to defend the UK government's pursuit of "net zero" carbon emissions on Wednesday after criticism of the policy from former Labour prime minister Sir Tony Blair. Blair warned in a report published by his think-tank on Tuesday that there needed to be a reset of the "irrational" debate over net zero policies. In his foreword to the Tony Blair Institute report, he argued that attempts to phase out fossil fuels in the short term were "doomed to fail" given the growing demand for oil, gas and coal around the world.
/jlne.ws/3EGOLdi
India says signs deal with France for 26 Rafale fighter jets
AFP
India has signed a contract to purchase 26 Rafale fighter jets from France, New Delhi's defence ministry said Monday, with the multi-billion-dollar deal to include both single and twin-seat planes. When delivered, the jets would join 36 French-made Rafale fighters already acquired by New Delhi as part of its efforts to rapidly modernise its military hardware. "The governments of India and France have signed an inter-governmental agreement for the procurement of 26 Rafale Aircraft," the defence ministry said in a statement.
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| Regulation & Enforcement | | Stories about regulation and the law. | B. Riley Discloses Finra Exam of Wealth Management Business
Nicola M White - Bloomberg
B. Riley Financial Inc. is facing more scrutiny from authorities, with the company disclosing that the Financial Industry Regulatory Authority is looking into the firm's wealth management business. The so-called cause exam by Finra, Wall Street's self-regulatory watchdog, was disclosed by B. Riley Wealth Management in a filing submitted earlier this month with the US Securities and Exchange Commission. Finra typically launches such probes based on customer complaints or regulatory tips.
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Insider Trader Gets Jail as SEC Reviews Tool That Caught Him
Chris Dolmetsch - Bloomberg
An Oregon retiree was ordered to spend a year behind bars for conspiring with a Nuveen LLC trader in a $47 million insider trading scheme - a case flagged by a controversial SEC tracking tool the Trump administration is considering reining in. Alan Williams, 79, was sentenced Monday by a federal judge in Manhattan. Both he and the former Nuveen trader, Lawrence Billimek, pleaded guilty in 2023. Billimek, 54, received a nearly six-year sentence in May for tipping off Williams to thousands of trades by Nuveen, a unit of TIAA that manages $1.3 trillion in assets. US District Judge Paul Gardephe noted that Williams had cooperated with the government against Billimek.
/jlne.ws/42RQFzT
Acting Chairman Pham Statement on OIG Investigation of Telework Violations
CFTC
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued the following statement on the CFTC Office of Inspector General (OIG) Investigation into Allegations of Telework Violations by a CFTC employee:
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CFTC Announces Departure of Amanda Olear After Nearly 2 Decades of Service
CFTC
The Commodity Futures Trading Commission today announced former Director of the Market Participants Division and former Acting Director of the Division of Market Oversight, Amanda L. Olear, will depart the agency on May 2. Ms. Olear has served at the CFTC for over 17 years in multiple leadership roles across various divisions.
/jlne.ws/3SbJyNw
SEC Charges Three Texans with Defrauding Investors in $91 Million Ponzi Scheme
SEC
The Securities and Exchange Commission today announced charges against Dallas-Fort Worth residents Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner for operating a Ponzi scheme that raised at least $91 million from more than 200 investors.
/jlne.ws/4lTFKhL
SEC Charges Arizona Man and His Companies with Defrauding Investors in Cannabis App Investment Scheme
SEC
On April 24, 2025, the Securities and Exchange Commission obtained a final judgment against David A. Spargo, a resident of Mesa, Arizona, and two entities in his control, CannaCloud, Inc. and D.A. Spargo & Co. LLC, who were charged with defrauding approximately 33 investors out of at least $1.65 million dollars.
/jlne.ws/44hK18j
SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme
SEC
The Securities and Exchange Commission charged Ramil Palafox on April 22, 2025, for orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and for misappropriating more than $57 million of investor funds.
/jlne.ws/4jD4fOE
SEC Obtains Final Judgment Against Six Michigan Companies and Four Individuals for Fraudulent Medical Device Scam
SEC
On February 20, 2025, the Securities and Exchange Commission obtained a final judgment ordering total monetary relief of over $17 million against Zachari Cargnino and Susann Cargnino of Michigan, Gary Youssef and Julie Ann Youssef of California, and six Michigan-based companies who were charged with conducting a medical device scam for at least three years that defrauded at least 55 investors out of over $7 million.
/jlne.ws/4cVwSEh
SEC Charges Three Individuals in Connection with a $21 Million Multi-Year Microcap Fraud Scheme
SEC
On April 29, 2025, the Securities and Exchange Commission (the "SEC") filed fraud charges against Arizona residents Albert Golusin, Peter Jacobs, and John Scuderi for their roles in an alleged scheme to fraudulently sell millions of shares of microcap issuer American Green, Inc.'s ("American Green") stock, generating more than $21 million in net trading proceeds, from approximately January 2017 through at least mid-2022.
/jlne.ws/4lScHLq
ASIC disqualifies NSW hospitality director for maximum 5 years
ASIC
ASIC has disqualified Mohamed Chabib, of Picnic Point, New South Wales, from managing corporations for a period of 5 years, after his involvement in four failed companies.
/jlne.ws/3YoBwEH
SFC proceeds with position limit increases for key stock index derivatives
SFC
The Securities and Futures Commission (SFC) today published consultation conclusions on the proposed increases of position limits for exchange-traded derivatives based on the three major stock indices in Hong Kong (Note 1). Respondents to the consultation which ended on 28 March 2025 have shown strong support for the proposal, noting that the changes will facilitate market liquidity, hedging efficiency and further market growth. The SFC received a total of 25 submissions from both local and overseas market participants, including market makers, asset managers, industry associations and other stakeholders.
/jlne.ws/4iHsIkK
Caution to public against dealing on 'Opinion Trading Platforms'
SEBI
It has come to the notice of Securities and Exchange Board of India (SEBI ) that some
platforms known as 'Opinion Trading platforms' provide their users/participants a platform to trade/enter into arrangements wherein the payout is dependent on the outcome of a yes/no proposition of happening or not happening of the underlying event. In some cases, opinion trading platforms are designed in a manner so as to resemble an investment platform as they use terminologies such as profits, stop loss, trading etc., terms closely associated with trades in securities.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Donald Trump's first 100 days mark worst for US stock market since Gerald Ford; S&P 500 has lost more than 7% since inauguration day in weakest start to a presidency since 1970s
George Steer and Kate Duguid - Financial Times
US stocks have lost more than 7 per cent during the rollercoaster first 100 days of Donald Trump's second term - the worst start for a new administration since Gerald Ford assumed the presidency five decades ago. Wall Street's S&P 500 has declined 7.2 per cent since inauguration day as Trump's aggressive trade agenda has unleashed waves of volatility that have rocked investors' faith in America's growth prospects and fuelled concerns about a tariff-induced inflation rebound in the world's biggest economy. It closed 0.6 per cent higher on Tuesday.
/jlne.ws/3GtKudC
3 ways Trump is answering (or dodging) questions on his historically bad 100-day stock market
Ben Werschkul - Yahoo Finance
Donald Trump and his White House are going all out this week to tout the president's second 100th day in office, but their boasting has to tiptoe around the worst stock market start for a president in decades. The president can't resist bragging on days when the market is up. That's a continuation of a tendency that stretches back years. But those days have been few and far between so far, despite a rebounding run over the last week.
/jlne.ws/42B4jbK
$18 Million Options Bet Targets Fed Holding Rates Still All Year
Edward Bolingbroke - Bloomberg
At least one big option trader has dialed up an $18 million bet that the Federal Reserve will avoid cutting interest rates any time this year. Investors in the futures and options markets are, on the whole, still pricing in a rate reduction at the Fed's July meeting and at least two more this year. But over the last few weeks, a significant position has been building up in an options contract that will pay off if the Fed either keeps rates stable or raises them in 2025.
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Old Wisdom of 'Sell in May' Back in Focus as Stock Market Churns
Esha Dey - Bloomberg
An age-old market maxim looms over the bounce in US stocks: Sell in May and go away. One of the best-known market trends, the "sell in May" effect is backed by decades of historical performance: Investing in a fund that debuted in 1993 and tracks the S&P 500 during the May-October period yielded a cumulative return of 171%, compared to a 731% gain for November-April, an analysis from Bespoke Investment Group found. The pattern last held from November 2023 to October 2024.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Koch Exits Oil, Fuel Trading Businesses in Retreat From Speculation
Lucia Kassai, Alex Longley, and Yongchang Chin - Bloomberg
Koch Inc., the conglomerate controlled by the billionaire Koch family, is exiting oil and refined products trading globally to pull back from speculation and push into areas with more attractive returns. At the same time, the firm will expand into other markets, including metals, ocean freight and natural gas related products, according to a memo seen by Bloomberg. The move is meant to focus the company more on areas where it can provide value to customers of its other businesses, executives said in the memo.
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Clean business: Why 97% of executives are betting big on renewables
David Vetter - Fortune
A major new survey has revealed that business leaders aren't just talking about renewable energy-they're ready to stake their future on it. In a poll of 1,500 executives across 15 countries, an emphatic 97% expressed support for the transition away from fossil fuels to clean energy. Further, more than half (52%) said they are prepared to relocate operations if their country doesn't deliver clean energy access.
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TotalEnergies Keeps $2 Billion Buyback Despite Weak Oil Prices; The French oil and gas company reported a first-quarter net profit of $3.85 billion
Adam Whittaker - The Wall Street Journal
TotalEnergies maintained its $2 billion buyback for the quarter despite weaker oil prices and macroeconomic uncertainty as the French company's profit missed expectations. In a quarter where the macroeconomic backdrop weakened and oil prices slumped, analysts saw European energy companies' ability to return cash to shareholders at risk. British peer BP has already slashed its quarterly buyback to $750 million from $1.75 billion. However, TotalEnergies said Wednesday that it would keep its commitment to buy back up to $2 billion of shares over three months despite oil prices retreating below $70 a barrel. The company also declared a first-quarter dividend of 0.85 euros a share.
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Germany to Get 99% of Its Power From Solar and Wind on Thursday
Eamon Farhat and Joe Wertz - Bloomberg
Green electricity will totally dominate Germany's grid on Thursday, sending power prices below zero again in a reminder of how solar and wind is transforming Europe's biggest market. A slump in demand due to a public holiday will coincide with a surge in solar generation and the region's first mini-heat wave. Early afternoon tomorrow, as much as 99% of consumption could be met by green energy, according to Bloomberg Models. While not unprecedented, it's highly unusual and a glimpse into the future as the region forges ahead with the green transition.
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How Trump May Unintentionally Cut Carbon Emissions; Despite his administration's lack of concern about climate change, a recession would give the atmosphere a break. At least in the short term.
Lydia DePillis - The New York Times
President Trump has expressed little interest in fighting climate change. One of his key cabinet officials has even sought to evaluate whether humanity benefits from a warming climate, in a bid to undermine environmental rules. Yet even as he works to accelerate oil and gas production, Mr. Trump's economic approach may inadvertently reduce greenhouse gas emissions, as consumption slows in response to a global trade war.
/jlne.ws/3Sd91WY
How Trump Reshaped Corporate DEI; Through executive orders and political pressure, data reveals how Trump has put a chill on corporate DEI culture and business priorities, from payrolls to supplier diversity programs.
Jeff Green - Bloomberg
Corporate America's pivot away from diversity, equity and inclusion initiatives accelerated during the first 100 days of President Donald Trump's second White House term. The backlash against programs that focus on DEI was already gaining ground over the past year, but it hit a fever pitch with the election of Trump and a series of executive orders he said were aimed at purging "illegal DEI" from across the US.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Morgan Stanley Offers Private Equity Fund for Millionaire Masses
Hannah Levitt - Bloomberg
Morgan Stanley is launching a private equity fund for its widest audience yet - investors wielding a few million dollars - as asset managers help broader masses into the once-exclusive realm. The North Haven Private Assets Fund will offer exposure to co-investments and secondaries in the lower middle market, according to a statement Wednesday. The firm's $1.6 trillion investment-management arm hasn't set a fundraising target but it could gather "a few billion dollars in the near to medium term," Neha Champaneria Markle, head of private equity solutions, said in an interview.
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BofA Joins Rivals in Lifting Cap on London Bankers' Bonuses
Meg Short - Bloomberg
Bank of America Corp. joined a slew of rivals in scrapping a crisis-era limit on the bonuses it pays to some of its top bankers and traders in London. Bank of America's so-called material risk takers in the UK can now earn a bonus that's as much as 10 times their base salary, which is in line with similar policies at the likes of Barclays Plc and JPMorgan Chase & Co. That's up from a previous limit that restricted those employees' bonuses to two times their fixed pay.
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Indian Banks Seize Bullish Mood for Fundraising Push
Chiranjivi Chakraborty - Bloomberg
Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Indian equities may take a leg down today as traders book profits ahead of tomorrow's holiday and concerns over rising India-Pakistan tensions. This would be a welcome breather after a sharp two-week rally fueled by global fund inflows. That said, investors will react to the earnings surprise from Trent and the bonus share issue and stock split from Bajaj Finance.
/jlne.ws/42XVhEJ
Nomura's China Losses Narrow as Brokerage Seeks Turnaround
Bloomberg News
Nomura Holdings Inc. posted a smaller loss at its joint venture in China last year, as the brokerage seeks to turn around the business in the face of slowing growth and trade tensions. Net loss at Shanghai-based Nomura Orient International Securities Co. narrowed 30% to 128.7 million yuan ($18 million) in the year ended Dec. 31, a statement showed this week, marking the second straight year of improvement.
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Barclays beats first-quarter forecasts as Trump turmoil supercharges trading
Lawrence White and Sinead Cruise - Reuters
Barclays booked a stronger than expected 19% increase in first-quarter profit on Wednesday, as trading activity surged in the early months of U.S. President Donald Trump's tenure and the bank made progress on boosting its share of the lucrative UK lending market. The British bank's profit before tax for January-March was 2.7 billion pounds ($3.62 billion), up from 2.3 billion a year ago and above analysts' forecasts for 2.5 billion, according to LSEG data.
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UBS Profit Tops Forecasts on Trading Boost, But Sees Unpredictable Path Ahead; The bank experienced a jump in trading revenue even before President Trump unveiled his tariff plans
Adria Calatayud - The Wall Street Journal
UBS Group's first-quarter earnings fell but still beat analysts' estimates, due to a boost from trading desks, as the bank warned the economic path forward is particularly unpredictable. The Swiss banking giant joined European and Wall Street peers in cashing in on market volatility. Results from Barclays and Societe Generale on Wednesday also showed strong performances from their investment banks, mirroring trends reported by Deutsche Bank, BNP Paribas and top U.S. banks this earnings season.
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MUFG's Preliminary Profit Hits Record, Beats Annual Target
Taiga Uranaka - Bloomberg
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Stifel mulls UK sales trading exits as cash equities job cuts bite; The move follows the acquisition of Bryan Garnier in January 2025, and forms part of a strategy change to focus on the firm's European advisory-led business.
Natasha Cocksedge - The Trade
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Asia hedge funds add Japan, India after tariff shock, says Morgan Stanley
Reuters
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Janus Henderson Investors Launches First ETF On SIX Swiss Exchange
Mondovisione
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | ADM Layoffs Upend Trader's Global Commodity Desk in Switzerland
Isis Almeida, Michael Hirtzer, and Clarice Couto - Bloomberg
Archer-Daniels-Midland Co. is cutting jobs at its global commodity desk after a probe into its accounting practices wiped out billions from the agriculture giant's value, according to people familiar with the matter. At least eight traders based in Rolle, Switzerland, have been let go in recent rounds of layoffs, said the people, who asked not to be named because the information is private. These include managers responsible for buying and selling grains, vegetable oils and freight.
/jlne.ws/4iC0uI5
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| Wellness Exchange | | An Exchange of Health and Wellness Information | York Library launches 'Embracing Wellness' series for National Mental Health Awareness
Seacoastonline News
To mark National Mental Health Awareness Month this May, the York Public Library, in collaboration with the York Rotary Club and other community partners, is introducing a month-long wellness initiative, "Embracing Wellness." The series includes diverse programs addressing key topics such as anxiety management, mindfulness, sleep, and mental health first aid for adults and youth. Additionally, there will be a Wellness Fair, family-focused events, and discussions centered around the Community Read book, "A Man Called Ove" by Fredrik Backman.
/jlne.ws/4iYAQxr
Beyond Paychecks: The Employer's Role In Financial Wellness
Kevin Cohee - Forbes
Working Americans are facing unprecedented financial stress. Inflation, increased consumer prices and lingering economic uncertainty have left 60% of full-time employees feeling financially burdened-more than at any point during the pandemic. This financial strain doesn't just affect employees at home; it follows them into the workplace, impacting their mental health, productivity and overall job performance.
/jlne.ws/3Ynr1lb
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Looks to Swap Grains in Feed With Kitchen Waste, Insects
Hallie Gu - Bloomberg
China has pledged to churn out more feed products from kitchen waste and insect protein while cutting the use of grains, as Beijing shores up food security amid a full-blown trade war with the US. The country will by 2030 strive to have at least 10 million tons of production capacity for non-grain resources and increase quality feed grass by more than 40 million tons from 2023, the agriculture ministry said late on Tuesday.
/jlne.ws/3GwgLAK
Indian Insurers Plan a $41 Billion Trade Switch to Bond Forwards
Subhadip Sircar and Bhaskar Dutta - Bloomberg
India's insurance companies are ready to embrace bond forwards agreements that start trading on Friday, the latest step to enhance the liquidity and sophistication of the nation's $1.3 trillion government debt market. Insurance companies are in talks with the authorities to convert about 3.5 trillion rupees ($41 billion) worth of rates derivative contracts into bond forwards, people familiar with the matter said. Such contracts offer investors the opportunity to own the securities, rather than just receiving a cash settlement, giving insurers greater certainty in managing interest rate risks.
/jlne.ws/3ELkOZt
Codelco chairman says April copper output up, sees strong US and China demand
Fabian Cambero and Daina Beth Solomon - Reuters
Copper output from Chile's state-run Codelco rose 22% in April compared to the same period a year before, with an expected output of 105,000 metric tons, Chairman Maximo Pacheco said on Tuesday. The world's largest copper producer slightly recovered last year from a quarter-century production low, and is aiming to increase its output once more this year.
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