| August 10, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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$52,156/$300,000 (17.4%)
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Hits & Takes
John Lothian & JLN Staff
Ceres Cafe in the lobby of the CBOT Building is now open.
If you are attending FIA's IDX or EXPO, you need to be vaccinated for COVID-19. FIA is requiring vaccinations for Expo and IDX (except for medical waivers in the UK). Their full policy is available HERE
You can register for IDX HERE.
Well, that did not last long. The Wall Street Journal, specifically the enterprising Alexander Osipovich, is reporting that former SEC regulator and Coinbase capital markets head Brett Redfearn has left the firm. He was at Coinbase for four months. -- WSJ
AMC, the meme stock, decided to let movie goers buy tickets with bitcoin this summer. I believe this is called meme-mixing. -- NY Post
The Wall Street Journal Summer stock picking contest is now open. Get your darts out! -- WSJ
Fast Company has a story titled, "What is decentralized finance: Understanding the risks and rewards of DeFi" -- Fast Company
Geneva Trading is looking for a quantitative risk analyst. -- Jobs.jobvite.com
DRW Venture Capital has a profile of David Janczewski of Coincover on its website. -- DRW VC
The CME Group has a post on its Open Markets site titled, "The New Markets for Carbon Offsets," by Russell Blinch -- CME Group Open Markets
Quantitative Brokers has a white paper on "Execution Performance Series: Measuring Schedule-based Algorithm." You must give your contact information to receive the white paper. -- Quantitative Brokers
The Dallas Regional Chamber has selected OCC's William Eineke into its Leadership Dallas Class of 2022. This program is a tremendous opportunity to develop the skill set to be a leader in your community and in your daily work.
Qontigo has a commentary on its website titled, "Why Artificial Intelligence Outperformed Digital Security - A Factor Analysis of Technology-Oriented Thematic Indices." Can someone explain this to me? -- Qontigo
Societe Generale is looking for a senior salesperson in listed derivatives execution. -- LinkedIn
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.
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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Exchange Analytics is offering two new Futures Non-Competitive Trading training courses for U.S. and global market participants. Both course offerings include the latest regional requirements and have enhanced levels of user interactivity. The Commodity Exchange Act requires that every futures and options contract be traded openly and competitively, except for certain authorized noncompetitive transactions. Block trades and Exchange for Related Positions (EFRPs) are the primary noncompetitive trades authorized by exchange rules. For more information go here. ~SR
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Bruce Williams - He Found Love of Open Outcry Trading Through Tennis - Part Two
JohnLothianNews.com
Bruce Williams met Blair Hull when both were on a joint CBOT-CBOE committee for a new equity product where different versions would trade at the exchanges. Williams was in the Major Market Index (MMI) trading pit at the Chicago Board of Trade when Hull came into the trading pit during the 1987 stock market crash and started to buy the market. Williams said Hull had never been in the MMI pit before, but Williams knew better than to fade Hull's buying, Hull being a legendary trader. So Williams bought the market too.
Watch the video »
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Gary Gensler's Insane Crypto Policy
Paul Jossey - Coindesk
Does cryptocurrency need new regulatory disclosure mandates from Washington, D.C., to be of service to consumers? No, but that is what Securities and Exchange Commission (SEC) Chairman Gary Gensler is seeking. As stated in a speech on Aug. 3, Gensler indicated he wants to double down on the same tried-and-failed approach his predecessor used. From disclosure-heavy mandates to investor-protection obsession, everything he has proposed is a regulatory version of insanity - doing the same things but expecting different results.
/yhoo.it/3jJYTmO
***** It is a misuse of the insanity definition to define Gary Gensler's crypto policy this way and not a way to make friends and influence people. ~JJL
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To return workers to the office, use persuasion; Government should take care not to legitimise bad management practices
The editorial board - FT
Britain's government is keen to get workers back to the office. The better pitches cast it as in the interest of workers themselves: the chancellor Rishi Sunak argued that younger employees will do well with more face time with senior staff, building networks that help them to get on and finding what may be long-term mentors. Much less convincing were comments on Monday from an anonymous minister that civil servants should have their pay cut as they save on commuting costs, adding that it was difficult to know whether workers were actually doing their job or just watching television.
/on.ft.com/3CCKiSO
***** Persuasion like this only works when people's lives are not at stake.~JJL
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Virus Misinformation Spikes as Delta Cases Surge; Researchers have recorded a new burst of false and misleading information about the coronavirus after a decline in the spring.
Davey Alba - NY Times
In late July, Andrew Torba, the chief executive of the alternative social network Gab, claimed without evidence that members of the U.S. military who refused to get vaccinated against the coronavirus would face a court-martial. His post on Gab amassed 10,000 likes and shares. Two weeks earlier, the unfounded claim that at least 45,000 deaths had resulted from Covid-19 vaccines circulated online. Posts with the claim collected nearly 17,000 views on Bitchute, an alternative video platform, and at least 120,000 views on the encrypted chat app Telegram, where it was shared mostly in Spanish.
/nyti.ms/3s3RKll
***** Who would believe misinformation? Too many people, I am afraid.~JJL
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Monday's Top Three
Our top story on Monday was The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey, from Bloomberg, about Archegos head Bill Hwang. Second was the Washington Post's Bitcoin FAQ: A detailed guide to cryptocurrency and why senators are fighting about how to tax it in the infrastructure bill. And third was Climate Scientists Reach 'Unequivocal' Consensus on Human-Made Warming in Landmark Report, from Bloomberg.
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MarketsWiki Stats
26,501 pages; 235,199 edits
MarketsWiki Statistics
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| Lead Stories | Outgunned Crypto Lobbyists Falter in Bid to Fix Broad Tax Rules
Joe Light and Laura Davison - Bloomberg
Strong grassroots push couldn't overcome arcane Senate rules; Lobbyists say industry needs more money for future battles
Cryptocurrency lobbyists were caught ill-equipped in one of the first legislative battles for their nascent industry, despite a Herculean push that impressed Washington insiders with its intensity.
/bloom.bg/3jFyWVC
Coinbase Says Capital-Markets Head Brett Redfearn Has Left Company; Former SEC official was a high-profile hire by the cryptocurrency exchange this year
Alexander Osipovich - WSJ
Brett Redfearn, a former federal regulator who joined Coinbase COIN 8.60% Global Inc. earlier this year, has left the cryptocurrency exchange after about four months on the job. Mr. Redfearn had been head of Coinbase's capital-markets group. He resigned from the company at the end of July. A Coinbase COIN 8.60% spokesman confirmed the departure, which hasn't been previously reported.
/on.wsj.com/3xvcJhW
Big Banks Raise Salaries for Junior Staff to Counter Burnout
Lauren Hirsch - NY Times
Hardly a day goes by without a big bank announcing a significant rise in starting salaries for its youngest employees. JPMorgan Chase, Citigroup, UBS and Morgan Stanley are now paying first-year bankers $100,000, while Evercore, Jefferies and Goldman Sachs will pay $110,000. In most cases, base salaries for first-year analysts were previously $85,000 to $95,000.
/nyti.ms/3xEaed8
Robinhood's growth hinges on loyalty of next-gen traders; Steady assets will be critical for growth at commission-free broker popular with meme-stock set
Madison Darbyshire - FT
Robinhood has made it big by persuading a new generation of investors to have a go at trading. Now it just has to convince the successful ones to stick around. The US-based broker listed its shares last month, capitalising on a flood of demand for a commission-free app that made stock trading so easy it has been compared to a game. Last week Robinhood shares soared 50 per cent in a day, a move that evoked volatile "meme stocks" such as GameStop that have been popular among its customers.
/on.ft.com/3jDMwc9
LME to proceed with new split pricing structure
London Metal Exchange
The London Metal Exchange (LME) is pleased to announce that, following the results of its consultation on a proposed split pricing structure, LME Official Prices will be discovered on the Ring while Closing Prices will continue to be determined electronically. This optimal structure caters for both smaller physical customers - who use Official Prices in their contracts and overall prefer these to be determined in the Ring - as well as financial and larger physical users, who focus primarily on Closing Prices and generally favour electronically derived pricing.
/bit.ly/3xAxF74
The SEC Has Some Crypto Complaints; DeFi, Poloniex, infrastructure crypto, Bill Hwang and reverse repo.
Matt Levine - Bloomberg
I have been saying for a while that the next front in the fight over crypto regulation is going to be about decentralized-finance (DeFi) lending protocols. The rough idea is:
People put cryptocurrency into a pot. Some smart contract uses the cryptocurrency in the pot to make a profit, e.g., by lending the cryptocurrency to people who want to use or short it, or as capital for automated market making. The people who put their cryptocurrency into the pot share in the profit. Generally the pot pays a yield to its investors, either a fixed yield or one based on the returns the smart contract earns. Also, sometimes, the investors get "governance tokens," which loosely speaking represent something like equity ownership of the pot, the right to decide how to run the pot, etc.
/bloom.bg/3s5uJyk
Crypto Exchange Poloniex to Pay $10 Million to Settle SEC Probe; Regulator alleges the firm should have registered its trading platform
Dave Michaels - WSJ
An unregulated cryptocurrency exchange whose employees said they wanted to be aggressive about trading digital assets, even though their legal status was uncertain, has agreed to pay $10 million to settle a regulatory investigation.
/on.wsj.com/37xGsMI
Chinese Bond Swings Threaten Global Debt Investors; Turmoil in China spreads beyond emerging-markets specialists to conventional bond funds that bought debt from country's firms in recent years
Matt Wirz - WSJ
Policy moves in Beijing are hitting Chinese corporate bonds and rippling across global markets through the U.S. and European money managers who loaded up on the securities in recent years. Emerging-markets investors have long been subject to such shocks, but Chinese bonds are now so widely held that swings in their prices are affecting even bond funds that don't specialize in developing countries, including funds managed by firms such as Pacific Investment Management Co. and BlackRock Inc.
/on.wsj.com/3lU2otJ
Investment bankers to get biggest checks in decade as Wall Street bonuses jump - report
Elizabeth Dilts Marshall - Reuters
Most Wall Street workers can expect double-digit increases in bonuses this year compared to 2020, while investment bankers could see the biggest checks in roughly a decade, according to a report by compensation consulting firm Johnson Associates Inc.
/yhoo.it/3CwKMdj
Wall Street bonuses to be bumped by as much as 35% this year
Lydia Moynihan - NY Post
Wall Street's bankers are on track to pocket some serious bonus checks this year as revenues soar and firms up the ante to retain talent. Wall Street's legions of financiers, analysts and dealmakers — many of whom have already benefited from recent pay increases — can now expect double-digit bumps to their year-end bonuses, according to newly released data from compensation consulting firm Johnson Associates.
/bit.ly/3s2xLDy
Cryptocurrency exchanges target sport sponsorships; Inter Milan is the latest big tie-up as crypto companies seek to expand their audiences
Samuel Agini and Alex Hamer - FT
For more than a quarter of a century, the logo of Italian tyremaker Pirelli graced the shirts of reigning Serie A football champions Inter Milan. But this season, Inter's black-and-blue-striped tops are going crypto.
/on.ft.com/3CBHt4w
How would a Bank of England digital currency work? With the use of cash dwindling, the UK's central bank is investigating issuing a 'digital sterling'
Chris Giles - FT
For more than 300 years, the Bank of England has issued banknotes carrying the pledge, "I promise to pay the bearer" and the value in pounds sterling of the note. This legal commitment has long underpinned the heart of finance because commercial banks are required to be able to convert customers' money into physical cash at all times, thereby tying these private providers of money and payments systems into the central bank's orbit.
/on.ft.com/3AwLGVA
Climate change: companies must see past trees to blazing forests; Businesses should account as transparently for carbon reduction as they do for profits
LEX - FT
Humankind must do better, according to the latest report card from the UN's Intergovernmental Panel on Climate Change (IPCC). Global warming continues apace. Even as companies try to limit and offset carbon emissions — notably by paying to plant or preserve trees — their investments are going up in smoke.
/on.ft.com/3fLwA6s
Tether Says Massive Reserves Held in Investment-Grade Commercial Paper; The creator of the popular stablecoin has been under pressure to explain where it keeps the $62 billion of reserves that back the digital currency
Caitlin Ostroff - WSJ
Tether Holdings Ltd. released the most-detailed version yet of the assets backing its widely used digital currency, seeking to address regulator concerns that it hasn't in the past disclosed enough about the currency's underpinnings. Tether is a stablecoin, a specific type of cryptocurrency designed to mimic the value of the U.S. dollar. Its use has exploded in recent years and is the third most widely held cryptocurrency after bitcoin and ether.
/on.wsj.com/3jGJgg3
Tale of Two Fund Giants Reveals Differences in the Plot; In the battle between Schroders and Abrdn to become the biggest U.K. asset manager, one strategy is clearly not working.
Mark Gilbert - Bloomberg
Almost a year ago, Stephen Bird took charge at what was then Standard Life Aberdeen Plc. Since then, the former Citigroup Inc. executive has rebranded the business as Abrdn Plc, cut the annual dividend by a third and rejigged the firm's management. But the gap with its bigger U.K. rival Schroders Plc keeps growing in the key areas of assets, costs and — most important — returns to investors.
/bloom.bg/3lOdT5Q
Can Europe Force China Onto a Low-Carbon Diet? The EU's newly proposed carbon border-adjustment mechanism is a key cudgel in the effort
Nathaniel Taplin - WSJ
Everyone knows dieting is hard and that it's easier if you have someone to do it with you. Europe has already committed to much lower carbon-dioxide emissions by 2030, and it is hoping the rest of the world will join in—particularly China, the world's largest emitter.
/on.wsj.com/3Ap9Fpp
Brokers may flout deadline to darken US dollar Libor screens; SOFR First step raises transparency concerns; threatens publication of Ice swap rates Risk.net montage
Ben St. Clair - Risk.net
Interdealer brokers say they may continue to show US dollar Libor swap prices even after regulators have called for screens to go dark in October. Under the SOFR First initiative, which is promoting a move to the secured overnight financing rate, brokers are being asked to switch off US dollar Libor swap screens altogether after October 22. But two brokers plan to defy those demands, citing transparency requirements and still-current licensing agreements for these feeds.
/bit.ly/2VG8l2y
Old Commodity Money Fuels Cargill-Continental Chicken Deal
Simon Casey - Bloomberg
The deal announced Monday by Cargill Inc. and Continental Grain Co. to acquire chicken producer Sanderson Farms Inc. unites two of the oldest names in commodity trading and marks the biggest acquisition for either family-controlled firm.
/yhoo.it/3jGXLR1
Exclusive: Bernie Madoff's harrowing final days: hallucinations, dire medical conditions, and waiting for the end to come
Lukas I. Alpert - MarketWatch
Prison medical records detail a grim litany of health issues for the man behind the biggest Ponzi scam in history and a rapid decline before his death on April 14
/on.mktw.net/3Au1sjL
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Delta Wave Goes Coast-to-Coast in U.S., Showing Variant's Force
Jonathan Levin - Bloomberg
The U.S. Covid-19 wave that started in low-vaccination states in the Ozarks and Deep South has now engulfed the country, with cases and hospitalizations at their highest since February.
/bloom.bg/3ArwhFS
Singapore Hits 70% Full Vaccination as Rules Start to Ease
Chester Yung - Bloomberg
Singapore said 70% of its population has been fully vaccinated, and 79% have received at least one dose, giving the city-state one of the best vaccination rates in the world as today it starts to ease social distancing restrictions and restart parts of the economy.
/bloom.bg/3jBkVZ4
Delta outbreak piles pressure on China's homegrown vaccines; Officials insist jabs work but lack of peer-reviewed research reinforces doubts about efficacy
Christian Shepherd and Primrose Riordan - FT
China's worst coronavirus outbreak since the virus first emerged in Wuhan is adding to concerns about the quality of its domestically developed vaccines amid a dearth of data on the efficacy of the shots.
/on.ft.com/2XfvLMX
Pentagon plans to make Covid-19 vaccines mandatory for US troops; Defence secretary Lloyd Austin seeks to require jab by mid-September as cases climb
Katrina Manson - FT
The Pentagon plans to make Covid-19 vaccines mandatory for US troops by mid-September, as the country grapples with a rise in cases caused by the spread of the contagious Delta variant.
/on.ft.com/2XfVy7G"
Delta Variant Concerns Temper Dining's Summer Return as Some Americans Stay Home; Restaurants see mixed picture emerging in markets hit by Covid-19 outbreaks, renewed coronavirus-related advisories
Heather Haddon - WSJ
Some consumers are rethinking their return to dining out, according to executives and industry data, a shift that threatens the U.S. restaurant sector's rebound. Restaurants that survived waves of closures last year had headed into the summer with rising optimism as most of the country ended dine-in occupancy restrictions. Bigger delivery and online ordering business boosted sit-down chains in recent months, including Ruth's Hospitality Group, RUTH -3.71% Inc. and Outback Steakhouse BLMN -3.33% -owner Bloomin' Brands Inc.
/on.wsj.com/3AI3D3B
Hospitalizations Soar in States With Low Vaccination Rates
NY Times
Nearly a third of eligible Americans remain unvaccinated. School districts in Florida and Texas are defying state government orders by requiring students to wear masks.
/nyti.ms/3CyuWiq
We Studied One Million Students. This Is What We Learned About Masking.
Kanecia Zimmerman and Danny Benjamin Jr. - NY Times
Big questions loom over the upcoming back-to-school season: Should children be required to wear masks? Should children go to in-person classes at all? If we send children to school without masks, we increase their risk of acquiring Covid-19. Some could suffer illness or die. If we close schools, millions of children will suffer learning loss, and many of them may suffer lifelong effects on their physical and mental health.
/nyti.ms/3AvIxFq
The Delta Variant Is Sending More Children to the Hospital. Are They Sicker, Too? It is not yet clear whether the Delta variant causes more severe disease in children, but its high level of infectiousness is causing a surge of pediatric Covid-19 cases.
Emily Anthes - NY Times
Pilar Villarraga had spent much of the summer counting down the days until her daughter Sophia's birthday. In early August, Sophia would turn 12 — and become officially eligible for a Covid-19 vaccine. "I didn't want her to start school without the vaccine," said Ms. Villarraga, who lives in Doral, Fla.
/nyti.ms/3xySZKs
Singapore Hits 70% Full Vaccination as Rules Start to Ease
Chester Yung - Bloomberg
Singapore said 70% of its population has been fully vaccinated, and 79% have received at least one dose, giving the city-state one of the best vaccination rates in the world as today it starts to ease social distancing restrictions and restart parts of the economy.
/bloom.bg/3yB3qhX
Delta Forces Hospitals Across U.S. to Ration Scarce ICU Beds
Angelica LaVito, Jonathan Levin, and Francesca Maglione -Bloomberg
Surge in cases bedevils even some highly inoculated areas; 'It feels like this is worse' than winter, Texas doctor says
Hospitals across the U.S. are parceling out beds for Covid patients, hunting for doctors and nurses as the delta variant sweeps coast to coast. The disease is outstripping any mitigation measures. In a few states, the unvaccinated are entering intensive care at rates matching the winter wave. The vaccinated are coming to realize that a sweet summer of release may have been a fantasy, as they again calculate the risks of working, seeing relatives and circulating in society.
/bloom.bg/3xEd3uK
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BSO adds low-latency connectivity to India stock exchange; Traders in the US, Europe and Asia will gain access to India's NSE International Exchange as BSO is approved as an official connectivity partner.
Hayley McDowell - The Trade
Markets infrastructure provider BSO has been approved as the first official international connectivity partners to the International Exchange at the National Stock Exchange of India (NSE IFSC). BSO said the arrangement will provide trading firms in Europe, Asia and the US with fast and secure access to the Indian market through its global network.
/bit.ly/3yx7hfM
NSE International Exchange Appoints BSO as its 1st Official Global Connectivity Provider
United News of India
NSE IFSC Limited, NSE's International Exchange has appointed BSO, a global pioneering infrastructure and connectivity provider, as its first official international approved connectivity partner.
/bit.ly/37vhihw
DTCC hires ex-Citadel Securities and IHS Markit sales exec for digital assets role; New hire is the latest development for DTCC as it formalises a service offering for digital assets and private market securities.
Joe Parsons - The Trade
DTCC has hired a former Citadel Securities and IHS Markit senior sales executive for a newly created digital assets role, as the market infrastructure firm looks to further develop its services for this burgeoning space. Brian Oliver joins DTCC in London as head of business development for digital assets, reporting to Jennifer Peve, DTCC's newly promoted global head of strategy and business development.
/bit.ly/37th4rv
To keep trading in the flow: the role of Eurex operations; They usually act backstage, but they are on the spot when problems occur: the operations teams from Eurex and Eurex Clearing.
Eurex
The operations teams ensure a smooth processing of trading and clearing. Since July last year, Jonas Ullmann has been responsible for the further development of trading functionalities and day-to-day trading operations at Eurex as Chief Operating Officer (COO). At the same time, Jens Janka took over the position of COO at Eurex Clearing.
/bit.ly/3yAQqIV
Euro Fixed Income Futures: Definition of reporting and position limits for September 2021
Eurex
Position limits apply only to long positions in the front month contracts of the products concerned. Reporting limits will be valid from 31 August 2021 after close of trading until 3 September 2021 after close of trading.
/bit.ly/3jxElOu
TMX Group Equity Financing Statistics - July 2021
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for July 2021. TSX welcomed 19 new issuers in July 2021, compared with 25 in the previous month and 10 in July 2020. The new listings were 11 exchange traded funds, two clean technology companies, two consumer products & services companies, two life sciences companies, one financial services company and one real estate company. Total financings raised in July 2021 decreased 51% compared to the previous month, and decreased 38% compared to July 2020. The total number of financings in July 2021 was 46, compared with 58 the previous month and 34 in July 2020.
/bit.ly/2UbFeDS
Nasdaq to Present at August 2021 Investor Conferences
Nasdaq
Nasdaq (Nasdaq: NDAQ) will be presenting at the following conferences in August with webcasts available at Nasdaq's Investor Relations Website: ir.nasdaq.com/events.cfm.
/bit.ly/3yAIQOD
ICE Mortgage Technology's Latest Origination Insight Report Shows Purchases Eclipse Refinances for First Time in 18 Months
Intercontinental Exchange, Inc.
ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, released its monthly Origination Insight Report (OIR) today. This month's OIR notes that, of the total number of closed mortgage loans in June 2021, new home purchases represented a higher percentage than refinances. This is the first time since December 2019 that purchases eclipsed refinances in the OIR.
/bit.ly/3s3W6su
We Doctor Faces Data Queries From HKEX Ahead of Hong Kong IPO
Julia Fioretti and Lulu Yilun Chen - Bloomberg
We Doctor Holdings Ltd. is fielding queries about its data governance from Hong Kong Exchanges and Clearing Ltd. as the Chinese health-care startup pursues an initial public offering in the city, according to people familiar with the matter.
/yhoo.it/3Cx7bHr
- Expansion of the Listing Schedule of the Cobalt Metal (Fastmarkets) Futures Contract -- CME
- Notice of Summary Action, Member Firm: SSY Futures Ltd., Comex Rule Violation 526.f.Block Trades -- CME
- Product Modification Summary: Amendments to Product Size and Strike Increment for ICX 62 Iron Ore Quarterly Futures and Option - Effective August 30, 2021 -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | First Sentier Investors integrates with Flowlinx for block liquidity data via FlexTrade; Long-only asset manager First Sentier Investors will gain block liquidity data in emerging markets via partnership with Flowlinx and FlexTrade.
Hayley McDowell - The Trade
Global asset manager First Sentier Investors has joined forces with trading systems provider FlexTrade and start-up Flowlinx to gain access to block liquidity data in emerging markets. Block liquidity data in emerging markets and frontier market equities from Flowlinx is now accessible via the FlexTRADER execution management system (EMS), to ease navigating the liquidity landscape in both geographies for clients.
/bit.ly/3iG9dxf
The Fallacy Of Fintech Ethics: Could Fintechs Be Less Ethical Than Banks?
Ron Shevlin - Forbes
In an article titled 4 consumer trends every fintech should be watching closely, Sifted lists "let's get ethical" as its number two trend and states that "today's consumer is all about ethics, social media shopping and subscription-style services." According to Tom Lambert of Square:
/bit.ly/3iArR9r
Fintech Saudi's National Fintech Adoption Survey Reveals People's Interest In Adopting Fintech Solutions In Saudi Arabia
Entrepreneur.com
Fintech Saudi, an initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority, has announced the results of the National Fintech Adoption Survey that measured the level of the people's interest in adopting fintech solutions.
The National Fintech Adoption Survey presents its results in five areas- cash usage, fintech activities, banking relationship, open banking, environmental, social and governance goals.
/bit.ly/3lRax26
Existential choice for fintech disruptors: Reinvent or perish
Jason Wenk - American Banker
The meteoric rise of startups across the entire technology spectrum has planted a seed in the minds of many young engineers and entrepreneurs: Your idea, no matter how small, can disrupt an entire industry.
With the right team and the right tech, a small "point solution" can expose an industry-wide weakness and buy itself enough runway to grow into something much bigger. But the finance industry continuously reminds us of its resilience to such disruption. That's not to say disruption cannot come from the bottomless pool of fintech, wealthtech, advisortech or any other "tech" — it can.
/bit.ly/3ix7Sse
Israel's Mossad seeks crypto and fintech experts
Teuta Franjkovic - Yahoo Finance
Israel's national intelligence agency, Mossad, is seeking a cryptocurrency expert with at least three years of experience in the fintech industry.
According to the announcement, the ideal candidate should have "in-depth technological understanding and expertise in the world of fintech, e-commerce, DEF and digital currencies".
The candidate should be responsible for "leading, initiating, planning and accompanying systems development activities".
/yhoo.it/3xBtV5B
Deutsche Bank revisits Female Fintech Competition
Finextra
Deutsche Bank has once again joined forces with Atos, Google Cloud and TechQuartier to launch the third annual Female FinTech Competition.
FinTechs with a female founder or female(s) in the top management groups are invited to enter the competition to pitch their business case. Prizes will be offered from the hosting companies. Winners will have the opportunity to access and benefit from the hosts' expertise and resources, including spending time with relevant coaches.
/bit.ly/3s3AHzC
First FinTech Super App For SMEs In UK & Ireland Launches Funding Round
Silicon Republic
Paysme plans to use the fresh funding to expand its SME-focused fintech platform. London-based fintech company Paysme is today (9 August) launching a £1m funding round on private capital platform Globacap. The company, which provides digital financial services to SMEs, has generated about £1.6m in total revenue to date and it hopes to accelerate growth to profitability over the next year by raising equity funding in preparation for scaling.
/bit.ly/2UaeW4S
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| Cybersecurity | | Top stories for cybersecurity | MyRepublic and Inspira Enterprise announce partnership to strengthen cybersecurity for Singapore SMEs
MyRepublic via Yahoo! Finance
Designed in partnership with leading global IT solutions provider Inspira Enterprise, the new solutions come at a time when almost half of all reported crimes in Singapore are cybercrime related cases. According to the Cyber Security Agency of Singapore (CSA), cybercrime cases accounted for 43 percent of total crime in 2020.
/yhoo.it/2VBxo7g
Phishing Sites Targeting Scammers and Thieves
Brian Krebs - Krebs on Security
I was preparing to knock off work for the week on a recent Friday evening when a curious and annoying email came in via the contact form on this site: "Hello I go by the username Nuclear27 on your site Briansclub[.]com," wrote "Mitch," confusing me with the proprietor of perhaps the underground's largest bazaar for stolen credit and identity data. "I made a deposit to my wallet on the site but nothing has shown up yet and I would like to know why."
/bit.ly/37x2y20
The Cybersecurity 202: Apple's move against child pornography is shifting battle lines for law enforcement and technologists
Joseph Marks and Aaron Schaffer - The Washington Post
Apple's latest move to fight the digital sharing of child pornography is opening up some fissures in a seven-year standoff between technologists and law enforcement over fighting the spread of criminal activity online. That fight has centered primarily on FBI and Justice Department demands for special police access to encrypted communications that would otherwise be shielded from everyone, including the platform where the conversation is happening.
/wapo.st/3s66os3
Cybersecurity is critical in the digital transformation era
PV Vaidyanathan - The Times of India
The pandemic, remote working culture and increase in cloud adoption have contributed to the growing importance of the CISO's function in an organisation. Data breaches fueled by increase in Digital Transformation across industries are proving to be costly to remediate and adversely impacting brand reputation too. Security and integrity of the IT network and infrastructure, data and applications present both on-prem and cloud, by leveraging new-age technology, is the responsibility of CISOs. They have to build and implement a robust cybersecurity strategy and ensure business continuity.
/bit.ly/2XfKO9p
Experts discuss AI's role in cybersecurity at MapleSEC
Tom Li - IT World Canada
Experts at the August 4 episode of MapleSEC 2021 didn't mince words when it came to discussing cybersecurity. At the event, they reiterated that no one is immune from becoming a victim, especially given that remote work has lent malicious actors a wider surface of attack.
/bit.ly/3s59gFG
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| Cryptocurrencies | | Top stories for cryptocurrencies | Federal surveillance machine looking through your bank accounts and cryptocurrency
Rob Johnson and Rob Frommer - US Today
If you think your financial affairs are private, you need to think again. Unnoticed by most Americans, the federal government has constructed a vast surveillance regime that, if left unchecked, threatens to destroy our right to financial privacy.
/yhoo.it/3CzAAAY
Lone Senator Rejects Crypto Compromise in Infrastructure Bill
Nikhilesh De - Coindesk
In a blow to the digital assets industry, the U.S. Senate did not adopt a bipartisan compromise on a crypto tax provision in its $1 trillion infrastructure bill after a vote Monday. U.S. Senators Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) announced the compromise was supported Democrats, Republicans and the Treasury Department when introducing the amendment earlier in the day, saying it would exempt crypto transaction validators from a broadened definition of "broker."
/yhoo.it/3lX2lgC
A crypto exchange just agreed to pay $10 million to settle an SEC probe claiming it failed to register
Ethan Wu - Business Insider
The Securities and Exchange Commission announced a $10 million settlement with crypto exchange Poloniex on Monday as the agency ramps up its crypto enforcement efforts.
/yhoo.it/3lOXgXH
NFTs Over DeFi: OpenSea Just Overtook Uniswap on Ethereum Usage
Edward Oosterbaan - Coindesk
Non-fungible token (NFT) marketplace OpenSea topped the leaderboard in gas consumption on the Ethereum blockchain over the past 24 hours in a rare finish ahead of the decentralized finance (DeFi) exchange Uniswap.
/yhoo.it/3CxNcZh
Ex-SEC Director Brett Redfearn Leaves Coinbase After 4 Months
Zack Seward - Coindesk
Coinbase VP of Capital Markets Brett Redfearn is out after just four months on the job, a Coinbase spokesperson told CoinDesk. The Wall Street Journal was first to report the news of the former Securities and Exchange Commission (SEC) official leaving the company at the end of July.
/yhoo.it/3lTVmVR
Crypto Platform FalconX Quintuples Valuation to $3.75 Billion
Gillian Tan - Bloomberg
Altimeter, B Capital, Sapphire and Tiger Global led round; San Mateo-based startup eyes global, product expansion
FalconX, a cryptocurrency and digital-asset trading platform, has more than quintupled its valuation in five months to $3.75 billion, Chief Executive Officer Raghu Yarlagadda said in an interview.
/bloom.bg/3AsmizX
Cryptocurrency exchanges target sport sponsorships
Samuel Agini and Alex Hamer - FT
As cryptocurrencies and blockchain technology proliferate, the companies behind the nascent industry are increasingly turning to sports sponsorship to turbocharge their decade-long journey from the depths of the internet to mainstream speculative asset.
/on.ft.com/37LwkjH
Indonesia's Pintu Exchange Raises $35M in Extended Series A Led by Lightspeed Venture
Sebastian Sinclair - Coindesk
Indonesia-based cryptocurrency exchange Pintu raised $35 million in an extended Series A funding round that was led by Lightspeed Venture Partners.
/yhoo.it/3jG8RWD
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| Politics | | An overview of politics as it relates to the financial markets | Why Xi Jinping Waited Years to Launch His Crackdown on Tycoons
Bloomberg News
U.S. tensions, Xi's bid for third term help explain timing; 'The crackdown is just the beginning -- it's the prelude'
As China investors search for clues about which industries might be next in President Xi Jinping's crackdown, they're also pondering another question: Why now? Over the decades Chinese leaders have regularly extolled the virtues of Marxism, socialism and the working class -- all while overseeing super-charged economic growth that helped spawn some of the world's most valuable companies. When Xi began his second term back in 2017, he identified China's key problem as "unbalanced and inadequate" development and called for devoting "great energy" to fix it.
/bloom.bg/3jFOE3d
Progressive Opposition to Jerome Powell Clouds His Chances for Second Term as Fed Chairman; Biden's economic team generally supports Powell, but some Democrats want a central banker more in sync with party priorities on regulation, climate and the economy
Nick Timiraos - WSJ
Members of President Biden's economic team generally support nominating Federal Reserve Chairman Jerome Powell to a second term, but growing resistance from prominent Democrats including Sen. Elizabeth Warren (D., Mass.) could lead to his replacement, according to people familiar with the matter.
/on.wsj.com/3fNDUOW
U.S. Signals It Will Release Some Still-Secret Files on Saudi Arabia and 9/11; The F.B.I. said it would review some long-classified documents for possible disclosure, a decision that followed a push by families of the attacks' victims.
Katie Rogers, Heather Murphy and Charlie Savage - NY Times
The Biden administration, under pressure from families of victims of the Sept. 11 attacks, said on Monday that it intended to disclose some long-classified documents that the families think could detail connections between the government of Saudi Arabia and the hijackers who carried out the attacks.
/nyti.ms/2VyBoFz
U.S. infrastructure bill's cryptocurrency amendment to provide clarity on taxes -Yellen
Reuters
U.S. Treasury Secretary Janet Yellen on Monday said a cryptocurrency-related amendment in the Senate's pending infrastructure bill "will make meaningful progress on tax evasion."
/reut.rs/3ix1LnY
Change to Crypto Provision in Infrastructure Bill Blocked
Laura Davison and Mackenzie Hawkins -Bloomberg
Language criticized by the industry remains in legislation; Compromise amendment had been backed by Biden administration
A change to cryptocurrency reporting rules in the infrastructure bill was blocked in the Senate Monday, leaving language for broad oversight of virtual currencies still in the legislation that's set to pass the Senate.
/bloom.bg/3s9MOv5
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | UK banks face block on high street branch closures; FCA examines rules that would ensure consumers and businesses have continuing access to cash
Nicholas Megaw - FT
The chief UK financial regulator is considering new rules that would allow it to block banks from closing high street branches to help ensure consumers and businesses can still use cash, according to people briefed on the watchdog's deliberations.
/on.ft.com/3jDPa1z
Amundi and Tullett Prebon fined in France for alleged euro futures price manipulation; AMF has issued fines totalling EUR37 million to Amundi and Tullett Prebon following an investigation into supposed market manipulation in 2014 and 2015.
Hayley McDowell - The Trade
Two divisions of Amundi Asset Management and brokerage Tullett Prebon have been fined a total of EUR37 million by the regulator in France for alleged manipulation of euro futures in 2014 and 2015. The AMF confirmed it had fined Amundi Asset Management EUR35 million, its dealing division Amundi Intermediation EUR7 million and Tullett Prebon EUR5 million after finding they had manipulated the price on the Euro Stoxx 50 Futures (FESX) market.
/bit.ly/37vhttc
ASIC finds good practices from COVID-19 review of managed funds' valuation of illiquid assets
ASIC
ASIC today announced the findings from its review of managed funds' illiquid-asset valuation practices during the early stages of the COVID-19 . ASIC gathered data between 1 March and early November 2020 when the industry was dealing with significant economic uncertainties as a result of the pandemic.
/bit.ly/3fRnlSd
SEC Charges International Microcap Fraud Scheme Participants
SEC
The Securities and Exchange Commission today announced an emergency action charging nine individuals, including a public company chairman, for their participation in long-running fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales and caused significant harm to retail investors in the United States and around the world. The SEC has obtained emergency relief in court, including an order to freeze the defendants' assets.
/bit.ly/3iyC5qU
SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange
SEC
The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.
/bit.ly/3jAJchP
In the Matter of Poloniex, LLC
Commissioner Hester Peirce - SEC
Today's enforcement action against Poloniex, once a popular crypto trading platform in the United States, doubles down on the Commission's enforcement-centric approach to crypto. Poloniex, the Commission contends, was not registered as a national securities exchange nor did it operate pursuant to an exemption from registration at any time, and its failure to do so was a violation of Section 5 of the Exchange Act. There is just one minor problem—during the period at issue here (mid 2017 through 2019), the Commission was moving very cautiously with respect to regulated entities' engagement with crypto assets. Sure, Poloniex could have tried to register as a securities exchange or, more likely, as a broker-dealer to operate an alternative trading system (ATS), a type of regulated trading venue that might be better able to accommodate non-traditional securities. Had it done so, it likely would have waited . . . and waited . . . and waited some more.
/bit.ly/3CzDfKF
Australia lowers bar on public companies' disclosures, extends virtual AGMs
Paulina Duran - Reuters
Australia on Tuesday eased so-called continuous disclosure laws for publicly listed companies, which will now protect companies and their officers against liabilities for misleading and deceptive statements or forecasts unless "fault" is proven.
/reut.rs/3s6j1n8
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The real reason options are pushing meme stocks into the stratosphere
John Detrixhe - Quartz
We are only just beginning to understand the ramifications of the retail trading boom. Take Robinhood, which had a lackluster debut. Its shares dropped 8% on their first day of public trading. But on Aug. 4, just a few days after the IPO, options contracts linked to the company's stock became available, and the shares took off like a rocket.
/yhoo.it/2X911Nn
Swiss Franc Shakes Off Intervention Threat With Broad Appeal
Jill Ward and Catherine Bosley - Bloomberg
Central bank says 'highly valued,' traders see further gains; Franc is the most highly valued currency among G-10 peers
The Swiss National Bank may say it, and valuation metrics may show it, but traders are unconvinced the franc has gotten too strong. The haven currency's surge to a nine-month high against the euro has brought its valuation back into focus among investors. Yet the central bank's own data on real effective exchange rates show that the franc has shed most of its premium seen at the height of the pandemic.
/bloom.bg/3ArvEfu
This Turning Point for Markets Merits a Hard Look; It's 10 years since the inflation fear died. August 2011 may have lessons for investors grappling with today's conditions.
John Authers - Bloomberg
I know that people read this primarily to find out what's happening now, and to get a handle on what's going to happen in the future. But it's worth taking a detour into the past, because it looks to me as though we are at the 10th anniversary of a major turning point. There could be some important lessons.
/bloom.bg/3CCxHiz
Moderna, BioNTech Extend Record Rally Ahead of Booster Plans
Cristin Flanagan - Bloomberg
Moderna, BioNTech have each risen over 480% in the past year; High valuations face resistance from Wall Street analysts
Top Covid-19 vaccine makers Moderna Inc. and BioNTech SE are extending this year's stock rally ahead of new guidance on the need for boosters. The two companies have each surged more than 480% the past year to record highs. Pfizer Inc., BioNTech's partner on the shot, which has a fulsome list of other marketed drugs driving its valuation, has broken through a 21-year high as investors pile into vaccine-tied stocks.
/bloom.bg/3jKWV61
Cargill and Continental Grain buy Sanderson Farms for $4.53bn; Deal for US poultry producer comes amid boom in demand for chicken meat
James Fontanella-Khan - FT
Cargill and Continental Grain Company have jointly agreed to acquire Sanderson Farms, valuing the US poultry producer at $4.53bn at a time when demand for chicken meat has been soaring.
/on.ft.com/3AqEpXd
Gas crunch tests the old cure for higher prices; Pressures to reduce carbon emissions might curtail new supply to energy markets
David Sheppard - FT
It's an old truism of commodity markets that the best cure for high prices is, eventually, high prices. Demand gets curbed, new supply gets stimulated and in time prices retreat as the market moves back into balance. But in European energy markets right now, that old truism is being tested.
/on.ft.com/3fPb8gK
The Debt-Ceiling Farce Is a Headache Investors Could Do Without; The game of chicken causes distortions in the most essential bond market on the planet.
Benjamin Purvis - Bloomberg
The latest twists in the seemingly endless saga of the U.S. debt ceiling underscore once again how strange the whole thing is. The very existence of the debt ceiling is utterly superfluous. Every couple of years members of Congress have to vote to allow borrowing to fund measures that they've already approved through individual spending bills. Its main function is political: Whichever party isn't in power at the time uses it to try to either extract something from, or embarrass, the other side.
/bloom.bg/3xAIWo6
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How to Pay a Bonus for Something You Can't Measure; Carlyle found an innovative way to reward employees for "going above and beyond" in fostering diversity and inclusion. More companies need to follow suit.
Chris Hughes - Bloomberg
Most people agree that executive pay should reflect their firm's progress on diversity. That's easier to say than to do. Measuring financial performance objectively is pretty straightforward, and scoring climate credentials isn't the headache it once was. But rewarding inclusion will necessarily be subjective. It's unclear investors are ready to trust corporate boards to exercise such judgement given their track record of excessive generosity.
/bloom.bg/2VL2dGp
When Jet and Gulf Streams Run Amok, We're In For It; Rising temperatures are already causing floods, heat waves and forest fires. Just wait until global warming disrupts the currents that move air and water around the planet.
Andreas Kluth - Bloomberg
The weather disasters spanning the globe this summer — infernal fires in California and Greece, deadly floods from Germany to China, heat waves from Canada to Siberia — are really just nature's shots across our bow. That becomes clear if you absorb this week's report by the Intergovernmental Panel on Climate Change, the body of the United Nations that assesses the state of science on global warming. No matter what policies we adopt — and obviously we should aim for good ones — the weather will keep getting more catastrophic more often.
/bloom.bg/3jDQxgN
When Climate Scientists Speak With Certainty, History Is Made; The use of the word 'unequivocal' in the IPCC's latest report was no small step for climate scientists
Akshat Rathi and Eric Roston - Bloomberg
Scientists just made history by declaring, definitively and in unison, that climate change is caused by people. "It is unequivocal that human influence has warmed the atmosphere, ocean, and land," they wrote in the first comprehensive report from the United Nations Intergovernmental Panel on Climate Change in nearly a decade.
/bloom.bg/3CJrxxt
ESG Investors Question Their Own Methods After Grim Climate Report; A landmark report from the IPCC prompts leaders in sustainable finance to consider a longer-term focus and new ways to measure investments.
Alastair Marsh, Frances Schwartzkopff, and Saijel Kishan - Bloomberg
The damning United Nations report on global warming delivered a reality check for the investors betting that markets can limit the damage.
/bloom.bg/3lM1WxG
Nations face fierce headwinds in adapting to climate change; IPCC report reveals urgent need for countries to prepare for events already under way
Camilla Hodgson - FT
Living in a world that is 1.5C warmer in two decades than it was 200 years ago means a heatwave that would previously have occurred once in 50 years is likely to occur nine times.
/on.ft.com/3ArXGYe
Time is running short to avert 'hell on earth'; Politicians' decisions to decarbonise now will have huge impact in decades to come
The editorial board - FT
A landmark assessment of climate change, released on Monday as a consensus statement by 234 international scientists, makes clear that the world faces a frightening future even if the global economy is decarbonised rapidly. Failure to cut greenhouse gas emissions deeply would lead within a few decades to what a leading climatologist called "hell on earth".
/on.ft.com/3CK6SJA
Forestry investors see the wood for the trees; There are considerable environmental and tax benefits but these have to balanced against the long-term and illiquid nature of the assets
David Stevenson - FT
Adventurous types might regard the slow-growing character of forests as anathema to their investment style. But though monocultures of Sitka spruce do not especially excite me, investment in forestry offers obvious environmental benefits and very generous tax benefits, if you can find the right structure.
/on.ft.com/3AsYuvV
United Steelworkers chief urges making decarbonization part of oil company labor talks
Reuters
The international president of the United Steelworkers (USW) union, Thomas Conway, called on Monday for refinery and chemical plant workers to include decarbonization as part of contract proposals to be made to U.S. oil companies in January.
/reut.rs/37yWWUW
StanChart CEO says companies must act on climate change, can't bank on governments
Reuters
Companies should not rely on governments to reach agreement at a global summit on climate change this year, but rather take more action themselves, Standard Chartered (STAN.L) CEO Bill Winters said on Tuesday.
/reut.rs/3s7H6tW
Where Climate and Covid Migration Converge; Sleepy Humboldt County, on the northern edge of the California coast, is seeing a surge in housing demand that it doesn't have the infrastructure to accommodate.
Sarah Holder - Bloomberg
Living in Sonoma County, Jane Fusek was constantly haunted by fire. She'd never had her home destroyed, but she'd been evacuated more than once. She watched her brother lose everything in the 2015 Valley Fire, and a friend lose their in-laws to another.
/bloom.bg/3yAUokN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Morgan Stanley Interns Favor Flexible Work as CEO Touts Office
Harriet Habergham - Bloomberg
Poll of interns show majority favor some remote work; James Gorman has urged staff to return to office next month
Most Morgan Stanley interns in Europe and the U.S. want to work flexibly, even as the firm's chief executive officer lauds the merits of the office. A survey found that 72% of Morgan Stanley's 120 interns in Europe favor flexible working when they enter the workforce full time, while 66% of their 341 counterparts in North America want to.
/bloom.bg/3jBlrpY
Abrdn profits rise hint at asset manager's recovery as outflows slow; £532bn group formerly known as Standard Life Aberdeen boosted by better than expected fee income
Chris Flood - FT
Abrdn, the UK asset manager formerly known as Standard Life Aberdeen, has reported improving interim results following a slowdown in client withdrawals in the first half of the year.
/on.ft.com/3CK8fbc
T Rowe Price incoming chief vows to prioritise impact investing move; Rob Sharps said the manager would also expand its fixed-income suite with a range of active transparent ETFs
David Isenberg - FT
When Rob Sharps, T Rowe Price's group chief investment officer, takes over as the company's chief executive in January, he will be taking the reins at a time when the manager is seeking to further define its impact investing framework and roll out a new slate of fixed-income ETFs.
/on.ft.com/3AywV4z
FXCM Wins Best Zero Commission Broker* 2021
Mondovisione
FXCM is proud to be the winner of ADVFN's Best Zero-Commission Broker award 2021. A zero-commission broker is defined as not to assign a fee to facilitate client-initiated trades.
/bit.ly/37vUr5x
JPMorgan Boosts Pay for More Staff as Talent Battle Deepens
Mary Biekert - Bloomberg
Sales, trading and research analysts will all get raises; Jefferies matches Goldman with industry's biggest pay boosts
JPMorgan Chase & Co. raised the stakes in Wall Street's intensifying battle for talent, expanding a previously announced pay increase to a broader range of staff as rivals across the industry pay up to hold on to their lowest-level analysts.
/bloom.bg/37DiuPX
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | German Investor Confidence Plunges Amid Virus Variant Concerns
Carolynn Look - Bloomberg
ZEW expectations gauge drops to 40.4, lowest since November; Government to debate coronavirus curbs at summit on Tuesday
Investor confidence in Germany's recovery dropped to the lowest level since late last year after a rise in infection rates stoked concerns over a possible tightening of pandemic curbs.
/bloom.bg/3jK2ql4
The risks of China's African lending; A combination of opacity and the strings attached could leave debtors in a bind when it comes to accessing more credit
Claire Jones - FT
The riddle of why some nations are wealthier than others is one that economists have struggled with since the dawn of the dismal science. One factor is access to capital.
/on.ft.com/3jDObyp
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| Miscellaneous | | Stories that don't quite fit under the other sections | The NDA boom is bad for both employers and workers; Silencing agreements can stop important information on fraud or mistreatment from reaching the public
Sarah O'Connor - FT
When the #MeToo movement triggered a cascade of sexual misconduct allegations against powerful men a few years ago, it drew attention to how non-disclosure agreements can silence people and let wrongdoing continue. Now legislators in Ireland and California are drafting laws that would prevent NDAs from being used to cover up harassment and discrimination. A number of technology companies have promised to stop using them. Uber, for example, said that in future "survivors will be in control of whether to share their stories".
/on.ft.com/3lQDE5O
French wine production set for a 30-percent drop
Sammy Westfall - Washington Post
A confluence of weather woes is hurting France's wine harvest. First, there was severe frost in the spring, which laid the foundation for disaster by damaging 30 percent of the production. Then, torrential summer rains hit western Europe in July, leaving parts of Germany and Belgium ravaged by floods, and leading to fungal attacks on grapes and their leaves in France.
/wapo.st/3Au5tF4
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