| June 02, 2025 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
In her May 31st Financial Times piece, Rana Foroohar explores how the rapid adoption of artificial intelligence is poised to supercharge US economic growth, even as it threatens to displace jobs across industries. She highlights that US businesses are at the forefront of AI investment and deployment, with private expenditure reaching $109 billion in 2024-far outpacing China and Europe-and American institutions producing a significant share of the world's notable AI models. Foroohar notes that companies like UBS, IBM, Microsoft, and Google are already integrating AI into core operations, and predicts that the summer of 2025 will see a surge in agentic AI use for complex tasks, driving productivity gains and widening the gap between US and European competitiveness.
Foroohar points out that the US benefits from a flexible labor market, abundant capital, a dynamic startup ecosystem, and a regulatory environment that generally enables innovation rather than hinders it. She cites technologist Jim Clark, who argues that the US is not just leading but "breaking away" in AI, while Europe remains hampered by fragmented markets and cautious regulation. Recent federal policy moves, such as provisions limiting state-level AI regulation, are likely to accelerate US corporate deployment further. Foroohar emphasizes that these structural advantages are being "operationalized right now, primarily by US firms with the scale and culture to move in a big way," reinforcing America's lead in the global AI race.
Despite these gains, Foroohar warns of significant social and political risks. The speed of AI-driven job disruption-especially among entry-level white-collar workers-could fuel a backlash, as higher youth unemployment and job losses in sectors like finance, healthcare, and media threaten economic stability and consumer confidence. While the productivity boost from AI may buoy US corporate profits and stock prices, the technology's double-edged impact is clear: it promises growth but also risks undermining that growth if displaced workers cannot find new opportunities. Foroohar concludes that, for now, AI remains a bright spot for US economic prospects, but its broader consequences will depend on how policymakers and businesses manage the transition.
The CME Group issued the following disciplinary postings for the Chicago Mercantile Exchange and the Chicago Board of Trade as of Friday, May 30, 2024:
Jerome Ogrodzki - CME Identification of Globex Terminal Operators
Jerome Ogrodzki - CBOT - Identification of Globex Operators
Tanius Technology, LLC - CBOT - Wash Trades Prohibited
Wan-Tzu Hsieh - CME - Wash Trades Prohibited
I am leaving Saturday for Edinburgh, Scotland, where I will be working the week before heading south to London to attend FIA IDX. While I am in Edinburgh, I will no doubt take a ride on the Lothian buses, which is Edinburgh's leading public bus operator. I might pass by the Lothian Chambers, which were formerly known as the MidLothian County Buildings. This municipal structure on George IV Bridge in Edinburgh has served various civic functions over the years, including as the meeting place for the Lothian Regional Council and later as a venue for weddings and civil partnership ceremonies. Today, it houses the French Consulate-General and the French Institute for Scotland. Edinburgh is located in the Lothian Region. Formerly, it was divided into three counties: East Lothian, Midlothian, and West Lothian. As the middle son of three boys in the Lothian family, I always joked I was the Midlothian.
Here are the headlines from in front of FOW's paywall from some recent stories: ICE launches first battery metals futures amid energy trading boom, CME hits new daily records in battery metals derivatives, Eurex plans credit futures partnership programme in August, US exchanges to list host of single stock options - FOW Data, ISDA calls for European firms to submit applications for new margin model and Coinbase to add Solana and XRP to 24/7 trading service.
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:
- Two MIT Math Nerds Crack Open Legalized Gambling on Wall Street from Bloomberg.
- He called the 2008 crisis, took a 14-year break and today warns us that a fresh financial storm is brewing from MarketWatch.
- Opinion: The market got an expected boost from Nvidia - though traders mispriced the stock's options again from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 When the Market's a Mood Ring: Steve Sosnick on Trump, Crypto, and Why Volatility Never Sleeps JohnLothianNews.com PALM BEACH GARDENS, Fla.-(JLN)-June 2, 2025-Steve Sosnick, the unflappable chief strategist at Interactive Brokers, has spent decades navigating the wilds of Wall Street. But at this year's Options Industry Conference, he sounded less like a market veteran and more like a storm chaser, tracking the unpredictable fronts rolling in from Washington, D.C. Watch the Steve Sosnick Video »
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Editorial: Harvard defends itself in a way all Americans should understand; Trump can't win against a free speech argument
The Editorial Board - Chicago Tribune
Feeling like a medieval messenger, Abraham Verghese said, the distinguished physician and writer had "slipped into the besieged community" of Harvard University Thursday to deliver the school's commencement address. Any other year, such a metaphor would have been absurd. Even a year ago at Harvard, the very notion of community was stretching the definition of the word, with students and faculty at odds over the school's response to the conflict in the Middle East. A matter of weeks ago, twin internal Harvard reports had found both a rise in "Antisemitism and Anti-Israeli bias" and in "Anti-Muslim, Anti-Arab, and Anti-Palestinian bias." No wonder the university's President Alan Garber called the 2023-24 academic year "disappointing and painful."
/jlne.ws/4kDXigc
*****You might also want to read, "Why Trump is really going after Harvard" by David Smith in The Guardian.
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No one is safe online - blame these depraved teenage hackers; In Ctrl+Alt+Chaos, Joe Tidy introduces several young merchants of destruction - not least Julius Kivimaki, whom even his peers feared
Tom Knowles - The Telegraph
In October 2020, tens of thousands of people across Finland received an email telling them that some of their most intimate secrets were about to be made public. A hacker had infiltrated the computer files of Vastaamo, Finland's largest commercial therapy provider, and was now blackmailing patients, including children, saying their therapy notes would be published online if they didn't pay a ransom of EUR500 each. The breach was so shocking that when the hacker, who went by the alias "ransom_man", posted about the accomplishment on Ylilauta, a Finnish version of the notorious online forum 4chan, he was bombarded with messages from fellow users telling him that this time he'd gone too far.
/jlne.ws/3SxJDLR
***** Worth the read if you are interested in cybersecurity.~JJL
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Why 'wrench attacks' on wealthy crypto holders are on the rise
Alan Suderman - AP News
The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets. The alleged attempted robbery is known as a "wrench attack." It's a name popularized by an online comic that mocked how easily high-tech security can be undone by hitting someone with a wrench until they give up passwords.
/jlne.ws/45Dlzid
***** This is one of the oldest crimes. Hit the victim upside the head and steal their wealth.~JJL
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London's crime epidemic 'is scaring away tourists'; Interview: PPHE Hotels chief Greg Hegarty says robbery and theft rates are hurting the capital
Daniel Woolfson - The Telegraph
Tourists are becoming too scared to visit London because of surging levels of phone thefts, the boss of a £2.2bn hotel empire has warned. Greg Hegarty, the chief executive of PPHE Hotels, which runs 51 locations across Europe, said the company had ramped up its spending on security because travellers were increasingly worried about high crime rates in the capital.
/jlne.ws/43XvUEw
****** This is not the headline I wanted to read as I am headed to London. I will change the way I use my phone in London and go back to paper maps instead of Google maps.~JJL
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Friday's Top Three
Our top story Friday was What If Independent Regulators Are No Longer Independent? from Bloomberg. Second was Two MIT Math Nerds Crack Open Legalized Gambling on Wall Street, also from Bloomberg. Third was the CME Group post on LinkedIn saying, "Today, CME Group awarded 25 exceptional City Colleges of Chicago graduates with the 2025 CME Group Star Partnership Mayoral Award presented by our President and Chief Financial Officer Lynne Cook Fitzpatrick."
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| Lead Stories | Quant Traders That Dominate US Options Market Move in on Europe
Christian Dass - Bloomberg
While the tariff-driven market turmoil in April boosted trading on both sides of the Atlantic, Europe remains far behind. Even with talks about the end of "US Exceptionalism" and investment flows directed away from the country, Europe lacks the abundant retail demand that drives a robust, relatively transparent options market in the US. But despite the differences, in both places market makers are pushing in to service customers directly. More nimble, with more sophisticated quant models than traditional banks and comfortable hedging across markets, they already held 30% of the open interest in Euro Stoxx 50 Index listed options on Eurex in 2022, an Acuiti report found at the time. Their share is estimated to have grown further since then.
/jlne.ws/3FsXvEj
The RBS story: how the world's biggest bank was nationalised and then reborn; After 17 years, the government has returned a very different bank to private ownership. This is how it happened
Akila Quinio - Financial Times
As he prepared to take the helm of Britain's financial regulator in the summer of 2008, Adair Turner felt as though he had missed out. He was due to start at the Financial Services Authority shortly after the first run on a British bank in more than a century had culminated in the collapse of Northern Rock. The 52-year-old technocrat assumed that crises of this magnitude were once-in-a-career events. But he would find himself dealing with a much more existential one a few months later: the global financial crisis that struck that autumn, triggering the near collapse of the country's largest banks and perhaps the largest bailout in history.
/jlne.ws/3ZdV6UC
Wall Street warns Trump aides the GOP tax bill could jolt bond markets; White House officials maintain bankers' concerns are overstated and discount expected revenues from the president's tariffs.
Andrew Ackerman and Jeff Stein - The Washington Post
Wall Street bankers and executives are privately warning the Trump administration that the tax bill moving through Congress could stoke investor anxiety about rising deficits, push up U.S. borrowing costs and damage the broader economy, according to more than a dozen people familiar with the matter.
/jlne.ws/3FB4Y44
'You are going to panic,' Jamie Dimon tells regulators about what will happen when the bond market cracks
Joy Wiltermuth - MarketWatch
Jamie Dimon, JPMorgan Chase & Co.'s longstanding chief executive, fired off a warning about the bond market on Friday, telling regulators they will "panic" when it happens. "You are going to see a crack in the bond market - OK," Dimon said, speaking at an event organized by the Ronald Reagan Presidential Foundation. "It is going to happen." "And I tell this to my regulators - some of who are in this room - I'm telling you this is going to happen. And you are going to panic.
/jlne.ws/3ZdNuBz
Jamie Dimon warns that the US's biggest problem is not China but 'the enemy within'
Gustaf Kilander - The Independent
JPMorgan Chase CEO Jamie Dimon has warned that China isn't the biggest threat to the U.S., it's "the enemy within." Dimon appeared at the Reagan National Economic Forum in Simi Valley, California, on Friday, arguing that "tectonic plates are shifting."
/jlne.ws/3ZdN3am
Stanley Fischer, Who Spread Macroeconomic Gospel, Dies at 81
Laurence Arnold and Alisa Odenheimer - Bloomberg
Stanley Fischer, a professor and practitioner of macroeconomics who helped guide central banks in two countries, Israel and the US, and mentored a younger generation of economic decision-makers, has died. He was 81.Fischer, known as Stan, served as vice chairman of the US Federal Reserve from 2014 to 2017 following eight years as governor of the Bank of Israel, adding to a resume that included time at the Massachusetts Institute of Technology, spells at the International Monetary Fund and World Bank, and a stint as vice chairman of New York-based Citigroup Inc.
/jlne.ws/43NfjSH
***** Here is The Wall Street Journal's version of this story.~JJL
Over 3,000 Private Credit Deals From Just 20 Analysts Raise Questions on Wall Street; A tiny ratings firm says it's the market's most prolific grader of private credit. Industry insiders worry trouble is brewing.
Silas Brown, Alexandre Rajbhandari, and Laura Benitez - Bloomberg
Nothing about the old house on Haverford Station Road, just outside of Philadelphia, hints at the new fortunes that have run through it. But in 2024, the business then based in this quaint four-bedroom colonial graded more than 3,000 investments that were all destined for the same place: the fast-growing market in private credit. Each was assigned a credit rating to gauge the risks for investors.
/jlne.ws/3FjsGlt
Generali Offers a Perfect Venue to Fight for Europe's Financial Future; The insurer's potential deal with Mediobanca offers Italy an escape from the influence of billionaires and an overly national focus.
Paul J. Davies - Bloomberg
It's no exaggeration to say that what happens at Assicurazioni Generali SpA in the next few months will determine the financial and political map of Italy for years to come - and exert a strong pull on the strategic direction of Europe as a whole. The country's biggest insurer is the key domino in a matrix of banking deals: Which way it falls will affect most of the other proposed alliances. Generali's hometown of Trieste in the northeast corner of Italy is the perfect setting for a decision around which a constellation of corporate deals will turn. This glorious and strange city's patchwork past echoes the fluid history of European nations - it's been Austrian, Napoleonic and Balkan, as well as Italian. The next step for the insurer could leave it chained to a fractious past, or open up a bigger, more European future.
/jlne.ws/4kFieEl
You Might Choke Gorging on the TACO Trade; If Trump decides he won't chicken out on tariffs, the market better look out.
John Authers - Bloomberg
TACOs for Everyone
Every so often an idea goes truly viral. A four-letter acronym always helps - think of Fear of Missing Out (FOMO), There Is No Alternative (TINA), or the BRICs (Brazil, Russia, India and China). Now it's TACO - Trump Always Chickens Out - trade. My friend and former colleague Rob Armstrong coined the term in a Financial Times column published May 2, to explain the market rally. Three weeks later, it's everywhere. Here are references in stories on the terminal (not necessarily written by Bloomberg):
/jlne.ws/3ZLMXqD
Early adoption of AI will boost US growth; Artificial intelligence may buoy stocks even as it destroys jobs
Rana Foroohar - Financial Times
Business deployment of artificial intelligence has reached a tipping point. UBS is deploying virtual research analysts to brief staff on market trends. The chief executive of Anthropic is warning that AI could wipe out half of entry-level white-collar jobs in one to five years, with major lay-offs by companies such as IBM, Microsoft, Google and others. Nvidia's profits and revenues soared last week, even as Maga politico Steve Bannon warned that AI-related job disruption will be a major issue in the 2028 presidential elections.
/jlne.ws/3HntmXs
The Law Firms That Appeased Trump-and Angered Their Clients; After firms struck deals to avoid punitive executive orders, some big clients decided to take their business elsewhere
Erin Mulvaney, Emily Glazer, C. Ryan Barber and Josh Dawsey - The Wall Street Journal
At a recent luncheon at Cipriani in Midtown Manhattan, a top lawyer for Citadel delivered a message to leaders of some of the country's biggest law firms. Brooke Cucinella told them that the hedge-fund company likes to work with law firms that aren't afraid of a fight. Cucinella, head of litigation and regulatory inquiries at the business headed by Republican megadonor Ken Griffin, made no mention of politics. But some of the lawyers in attendance took her remarks as reference to a controversy that has been roiling the legal industry.
/jlne.ws/4mWHTKa
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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. | Trump's Angry New Tirade Over Tariff Ruling Accidentally Says Too Much; In suggesting that Congress is a mere nuisance that shouldn't shape trade policy, Trump revealed his true, unspoken ambitions.
Greg Sargent - The New Republic
President Donald Trump's angry, unhinged rant on Truth Social over this week's judicial ruling against his tariffs is getting attention for its fury at Leonard Leo, the mastermind of the conservative takeover of the courts. Trump blamed the Federalist Society-which Leo championed-for the ruling, in which two judges appointed by GOP presidents, including Trump himself, found that Trump's tariffs dramatically overstepped his presidential authority.
/jlne.ws/43XtUMw
Trump tariffs live updates: China responds to Trump accusing the US of violating the trade truce
Yahoo Finance
China responded to President Trump on Monday, accusing the US of violating their trade agreement and vowing to protect its interests, making it less likely that Trump will get the leadership call he wants to restart trade talks. "If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests," the Chinese Ministry of Commerce said.
/jlne.ws/4kf4NdQ
Trump tariffs deals major blow to European steelmakers, Salzgitter CEO warns
Tom Käckenhoff and Christoph Steitz - Reuters
Salzgitter, Germany's second-biggest steelmaker, on Monday warned that Washington's tariff policy was dealing a severe blow to European industry, after the U.S. administration unveiled plans to double steel import levies to 50%. According to Germany's steel association, the United States accounted for around a fifth, or 4 million tonnes, of European steel exports outside of the EU, making it the sector's most important export market.
/jlne.ws/4myRwhM
Trump's steel tariffs threaten UK industry amid trade deal push; US tariffs on steel could soar to 50 per cent, jeopardising a UK trade deal, with £400 million in UK steel exports to the US at risk
David Charter, Washington - The Times (London)
President Trump's leading advisers have defended his decision to double US tariffs on steel and aluminium to 50 per cent, adding to pressure on the UK government to finalise a zero-rate deal to safeguard British industry. Both Scott Bessent, the Treasury secretary, and Kevin Hassett, director of the US National Economic Council, argued yesterday that the tariff increase due on Wednesday was justified on economic, industrial and security grounds. Trump made the surprise announcement on Friday night while visiting a steel plant in Pennsylvania.
/jlne.ws/3HA3w2q
China accuses US of 'seriously violating' trade truce and vows to respond; Beijing promises to take strong measures to defend its interests
Eleanor Olcott, Joe Leahy and Ryan McMorrow and Edward White - Financial Times
China has accused the US of "seriously violating" a trade truce between the two powers and vowed to take strong measures to defend its interests as tensions reignited over the supply of critical minerals. China and the US agreed during talks in Geneva in early May to a deal that would temporarily reduce their tit-for-tat tariffs, which had soared as high as 145 per cent, and that Washington believed would restart the flow of critical rare earths and related magnets to the US.
/jlne.ws/3HgsyDV
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| World Conflicts | | News about various conflicts and their military, economic, political and humanitarian impact. | Ukraine Invasion
Ukraine Drone Strikes Hit Nuclear Bombers Deep Inside Russia
Bloomberg News
Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia. Around the same time, Moscow launched one of its longest drone and missile attacks against Kyiv, escalating tensions ahead of crucial peace talks this week. More than 40 Russian aircraft, including the Tu-95 and Tu-22 M3 long-range bombers capable of deploying conventional and nuclear weapons as well as the A-50, are reported to have been damaged in the operation on Sunday, an official in Ukraine's Security Service said on condition of anonymity as the details are not public. Ukraine's Security Service chief Vasyl Malyuk led the operation and losses are assessed to be at least $2 billion, the person said.
/jlne.ws/43HcjHg
Ukraine-Russia peace talks end after barely an hour, Turkish officials say
Vladimir Soldatkin, Tom Balmforth and Huseyin Hayatsever - Reuters
ISTANBUL, June 2 - A second round of peace talks between Russia and Ukraine ended barely an hour after they began in Istanbul on Monday, Turkish officials said, a day after a massive Ukrainian drone attack on Russia's nuclear-capable strategic bombers. The talks - the second such direct contacts between the sides since 2022 - had already begun nearly two hours later than scheduled with no explanation of the delay.
/jlne.ws/4klV8Ce
Ukraine attacks Russian air bases in far-reaching drone strikes; Drones smuggled into Russia hit bases as far away as Siberia and the far east, destroying 41 aircraft that carry cruise missiles and detect enemy planes, said a Ukrainian official.
Francesca Ebel, Leo Sands, David L. Stern and Natalia Abbakumova - The Washington Post
On the eve of bilateral peace talks in Istanbul, Ukraine's security services launched a massive drone attack against five air bases inside Russia, officials in both countries said Sunday, in one of the most penetrating assaults of Russian territory by Ukrainian forces since the war began. The Security Service of Ukraine claimed responsibility for the attack, which saw Ukrainian drones smuggled into Russia before striking strategic airfields in remote areas, including Siberia, for the first time.
/jlne.ws/3ZHsFys
Ukraine just rewrote the rules of war; A drone attack damaged Russia's bomber fleet - and exposed air base vulnerabilities worldwide.
Max Boot - The Washington Post
On Sunday morning, Dec. 7, 1941, the Imperial Japanese Navy rewrote the rules of warfare. Almost no one had imagined that the Japanese could sneak across an entire ocean to attack an "impregnable fortress," as U.S. strategists had described Hawaii. Yet that is just what they did. Japanese aircraft launched from six aircraft carriers managed to destroy or damage 328 U.S. aircraft and 19 U.S. Navy ships, including eight battleships. The Pearl Harbor attack signaled the ascendance of aircraft carriers as the dominant force in naval warfare.
/jlne.ws/4kJ9TyN
Ukraine teaches us how to build a tank which can survive and win on a drone battlefield; When technology is changing warfare at an exponential rate, it is almost impossible to develop military capability
Hamish de Bretton-Gordon - The Telegraph
The Strategic Defence Review, which should shape the UK's military capability for the next decade, is set to drop at last next week. It is critical that the Review incorporates the lessons being learned in the Ukraine war, which is probably the most intense and prolonged "warfighting"-level conflict since WWII. It must drive much of our thinking when it comes to major combat operations in future. The delay to the Review is, I expect, due to the complexity, density and pace of change of modern war fighting, rather than political dithering and confusion amongst the Review team.
/jlne.ws/4jAHqu9
Inside Operation Spider's Web: Ukraine 'destroys 40 Russian bombers'; Kyiv claims to have hit enemy airbases with a barrage of drones smuggled into Russia in an operation overseen by President Zelensky that took 18 months to plan
Catherine Philp, World Affairs Editor - The Times of London
President Putin's full-scale invasion of Ukraine was not two years old when planning began for what would become Kyiv's most audacious attack on Russian strategic aviation.
/jlne.ws/4dSIisY
Ukraine Building Drone Hunters as Fight Moves Far Beyond Front
Olesia Safronova and Aliaksandr Kudrytski - Bloomberg
/jlne.ws/4jsphid
Middle East Conflict
A genocide is happening in Gaza. We should say so.; We can no longer avoid these uncomfortable truths.
Shadi Hamid - The Washington Post
Throughout history, atrocities have usually been committed under cover of darkness. The perpetrators know that what they are doing is wrong. They hide it. They deny it. They speak in euphemisms. But what happens when they no longer feel the need to hide? What happens when they say the quiet part out loud? This is what is happening in Gaza today. The mask has come off. Ethnic cleansing has become the official policy of Israel. The nation's leaders are admitting it, without apology. There was barely a pretense before. But now there's not even that. And these admissions, combined with mass killing on the ground, point to something even more horrific: genocide.
/jlne.ws/3FxnPgA
Dozens Killed After Attack Near Aid Stations in Gaza
Fares Alghoul and Fadwa Hodali - Bloomberg
Dozens of people were killed near two aid-distribution stations in the Gaza Strip, the latest setback to a new humanitarian relief operation backed by Israel and the US as a way of sidelining Hamas. Medics and witnesses claimed Israeli forces had fired on Palestinians massed near the stations in southern Rafah and the Netzarim Corridor in central Gaza on Sunday, accusations that were categorically denied by the Israel Defense Forces.
/jlne.ws/43FNkEp
How Israel is forcing Gazans off their land; FT analysis of evacuation orders and satellite imagery shows Palestinians being squeezed into an ever denser sliver of territory
Aditi Bhandari and Mehul Srivastava - Financial Times
The warnings to flee come suddenly: leaflets fluttering from the sky, text messages pinging thousands of phones, confusing maps on social media pointing out paths to more rubble and despair. The Israeli military calls them evacuation orders, saying they are designed to keep civilians out of harm's way. For Gaza's 2.1mn people, they are the harbinger of suffering: displacement many times over, a desperate rush to gather children and the elderly, and then a slow, humiliating trudge to the next ruined corner of the besieged enclave.
/jlne.ws/4dTnAsP
It's in Europe's interest to put sanctions on Israel; Limiting trade, travel and freezing foreign reserves would show the EU is willing to act independently of the US
Martin Sandbu - Financial Times
Europe's patience with Benjamin Netanyahu's war in Gaza and Israeli settlers' aggression in the occupied West Bank may finally be running out. In the past few weeks, EU foreign ministers have triggered a review of Israel's association agreement with the bloc, Britain has halted trade talks, Norway's sovereign wealth fund blacklisted an Israeli company for facilitating energy deliveries to West Bank settlements, and the leaders of France, the UK and Canada threatened to put sanctions on the country. Even Germany, Israel's most stalwart backer in Europe, is criticising the country's conduct.
/jlne.ws/3T1Rb9I
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Launches its first Futures Contracts Based on Battery Materials
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced the launch of its first futures contracts based on battery materials, expanding its energy and environmental markets - which represent the most liquid markets to trade these products - into critical minerals. ICE has launched four cash-settled battery materials contracts covering lithium hydroxide, lithium carbonate, cobalt and spodumene futures based on Fastmarkets' price assessments.
/jlne.ws/455zEFc
CME Group Announces Record Volume, Open Interest Across Battery Metals Complex
CME Group
CME Group, the world's leading derivatives marketplace, today announced record volume and open interest across its battery metals complex. A total of 2,587 contracts were traded across battery metals futures and options on May 29, surpassing the previous record of 2,301 contracts set on February 11, 2025. Combined open interest also reached an all-time high of 64,387 contracts.
/jlne.ws/43UD38t
DTCC Announces the Appointment of Laura Deaner as Chief Information Security Officer; Deaner brings more than 25 years of leadership and expertise in information security management to DTCC
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Laura Deaner as Chief Information Security Officer (CISO), reporting to Lynn Bishop, Chief Information Officer. Deaner will be responsible for managing DTCC's enterprise-wide cyber strategies to protect the firm's information and systems as well as designing and enhancing the organization's information and cybersecurity programs and roadmaps to support DTCC business and resiliency efforts. In addition, she will continue to ensure that cyber resilience is incorporated into strategic firm initiatives, including product and technology deployments, AI-fueled innovation and cloud adoption.
/jlne.ws/4jAgDya
GC Pooling: a liquid market for a range of economic conditions
Eurex
GC Pooling at Eurex is a unique solution, delivering opportunities to corporate treasurers, cash investors and repo dealers to access cleared financing. In the current liquidity-driven market, banks must also respond to the European Central Bank's (ECB) refinancing strategy and institutional mandates to access market liquidity in place of internal funding. GC Pooling solves both problems but requires that investors remain keenly aware of changing market dynamics and arbitrage opportunities.
/jlne.ws/4kP2Rsp
ICE Mortgage Monitor: Record Levels of Home Equity and Falling Rates Drive Highest HELOC Withdraws Since 2008
ICE
ICE Mortgage Technology, a neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released its June 2025 Mortgage Monitor report. The analysis of mortgage, real estate and public records data shows U.S. mortgage holders carried a record $17.6 trillion in home equity entering the second quarter of 2025, with $11.5 trillion considered "tappable" - that is, available for borrowing while maintaining at least a 20% equity cushion.
/jlne.ws/43Sp7fj
Trading Overview in May 2025
JPX
Japan Exchange Group released Trading Overview in May 2025.
/jlne.ws/3Hm4grU
Nadex Self-Certifies Block Trading Rules
Notice Type: Rulebook & Agreement
Notice ID: 1853.052125
Mondovisione
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (the "Act" or "CEA"), and §40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the "Commission") under the Act, the North American Derivatives Exchange, Inc. d/b/a Crypto.com | Derivatives North America (the "Exchange" or "CDNA"), in its capacity as a registered designated contract market ("DCM"), self-certified to the Commission amendments to CDNA Rules 1.1 and 5.19, as well as the addition of CDNA Rule 5.21, which are related to block trading (collectively, the "Rule Amendments").
/jlne.ws/43nAhZl
SIX Exchanges Figures: May 2025
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/3FAjIAe
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Quantum firm Infleqtion raises $100 million, pairs with SAIC for defense sales
Stephen Nellis - Reuters
Quantum computing firm Infleqtion said on Monday it has raised $100 million in venture capital and paired with government services contractor Science Applications International Corp to pursue defense deals. Quantum computing holds the promise of solving problems in biology, chemistry and physics that classical computers would take thousands of years to solve. It is drawing interest - and hundreds of millions of dollars in funding - from technology companies such as Microsoft and Alphabet's Google, as well as dozens of startups.
/jlne.ws/4kR0fdH
Ads Ruined Social Media. Now They're Coming to AI; Chatbots are pivoting to the ad model and optimizing for eyeballs, just like social media did. Remember how that turned out?
Parmy Olson - Bloomberg
Chatbots might hallucinate and sprinkle too much flattery on their users - "That's a fascinating question!" one recently told me - but at least the subscription model that underpins them is healthy for our wellbeing. Many Americans pay about $20 a month to use the premium versions of OpenAI's ChatGPT, Google's Gemini Pro or Anthropic's Claude, and the result is that the products are designed to provide maximum utility. Don't expect this status quo to last. Subscription revenue has a limit, and Anthropic's new $200-a-month "Max" tier suggests even the most popular models are under pressure to find new revenue streams.
/jlne.ws/4kMzCXk
Anthropic hits $3 billion in annualized revenue on business demand for AI
Anna Tong, Jeffrey Dastin - Reuters
Artificial intelligence developer Anthropic is making about $3 billion in annualized revenue, according to two sources familiar with the matter, in an early validation of generative AI use in the business world. The milestone, which projects the company's current sales over the course of a year, is a significant jump from December 2024 when the metric was nearly $1 billion, the sources said. The figure crossed $2 billion around the end of March, and at May's end it hit $3 billion, one of the sources said.
/jlne.ws/4jxgtr8
McKinsey Leans On AI to Make PowerPoints Faster, Draft Proposals
Omar El Chmouri - Bloomberg
McKinsey & Co.'s consultants are increasingly drafting proposals and making PowerPoint slides using the firm's generative artificial intelligence platform, which has developed enough to take over at least some of the tasks typically performed by junior employees. While employees have access to the likes of OpenAI's GhatGPT, they can only input confidential client data into Lilli, the proprietary platform aggregating McKinsey's knowledge base, according to Kate Smaje, the company's global leader of technology and AI.
/jlne.ws/45a1Bf3
Microsoft to invest $400 million in Switzerland on AI, cloud computing
Reuters
Microsoft (MSFT) will invest $400 million in Switzerland, the company said on Monday, with the money going towards developing its cloud computing and artificial intelligence infrastructure. The U.S. tech company announced the investment at a meeting of Swiss Economy Minister Guy Parmelin and its vice chair Brad Smith in Bern.
/jlne.ws/3T18R5s
This little-known AI darling is climbing the Fortune 500 faster than any other company
Lily Mae Lazarus - Fortune
In a year when the tech sector grappled with mass layoffs, volatile chip demand, and the frenzied race to scale AI infrastructure, one company surged ahead as the Fortune 500's biggest climber: Super Micro Computer. The San Jose-based IT hardware manufacturer posted explosive growth, jumping 206 spots to land at No. 292 more than any other company on this year's list.
/jlne.ws/4dHKt2t
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| Cybersecurity | | Top stories for cybersecurity | Susie Wiles catfish texted contacts asking for cash and pardons; Impostor is said to have sent a series of text messages and phone calls to Republican lawmakers using AI to mimic US chief of staff's voice
Connor Stringer - The Telegraph
A catfish posing as Susie Wiles, Donald Trump's chief of staff, texted and called her contacts asking for cash and presidential pardons, it has been reported. Ms Wiles, who is considered the most powerful woman in the White House, has privately told colleagues her personal cell phone was hacked and mined for executive contacts. The FBI has launched an investigation following the breach. The impostor is said to have sent a series of text messages and phone calls to Republican lawmakers using Artificial Intelligence to mimic her voice, according to the Wall Street Journal.
/jlne.ws/4dIdniN
'Mischief before money': inside the M&S hackers' hunt for new targets; The English-speaking, trash-talking Scattered Spider gang is a leader in the growing criminal ransomware industry
Mehul Srivastava - Financial Times
The hacking group that pierced the online defences of UK retailer Marks and Spencer has spent months this year laying digital traps designed to trick employees at the world's biggest brands into giving up their passwords. Scattered Spider - which cyber security experts describe as a criminal gang of male trash-talking, English-speaking fraudsters - was observed registering websites with nearly identical company names and sharpening their malware tool kits.
/jlne.ws/4511Rgh
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| Cryptocurrencies | | Top stories for cryptocurrencies | South Korea Crypto Industry to Gain No Matter Who Wins Election
Sidhartha Shukla - Bloomberg
No matter who clinches South Korea's presidential election this week, one outcome is certain: the country's crypto industry is poised to win. More than a third of South Korea's population, or about 18 million people, dabble in digital assets, making it one of the world's most active and enthusiastic crypto market. On some days, trading turnover on domestic crypto exchanges exceeds that of the Kospi and Kosdaq stock indices, underscoring the sector's growing importance.
/jlne.ws/3HnDpvJ
UK-Listed Investments Platform IG Offers Spot Crypto Trading to Retail Customers
Jamie Crawley - CoinDesk
Investment platform IG (IGG) said it has begun offering crypto trading to retail investors, becoming the first publicly-listed firm in the U.K. to do so. This marks IG's first offering of crypto exposure through spot trading of bitcoin BTC, ether ETH and a range of smaller tokens. The company's crypto service has previously been confined to derivatives products in the form contracts for difference (CFD).
/jlne.ws/4dPaAVg
Crypto Payments Firm RedotPay Enlists Circle Payment Network in Brazil
Ian Allison - CoinDesk
Hong Kong-based RedotPay, a crypto payment fintech serving over four million users, has partnered with stablecoin issuer Circle's new payment network (CPN), to take the headache out of Brazil's cross-border transactions. The CPN collaboration means RedotPay users can now send cryptocurrency directly to Brazilian bank accounts, with funds automatically converted into Brazilian Real (BRL) upon arrival, the companies said on Monday.
/jlne.ws/3SRUArX
Crypto Prime Broker FalconX Takes Majority Stake in Hedge Fund Monarq
Muyao Shen - Bloomberg
Digital asset prime broker FalconX has taken a majority stake in the parent company of multistrategy crypto hedge fund Monarq Asset Management, as the firm seeks to expand asset management services. Terms of the transaction weren't disclosed. The privately-held company views the investment as an opportunity to expand its institutional client base beyond hedge funds, proprietary trading firms and asset managers, according to Austin Reid, global head of revenue and business at FalconX, which is headquartered in San Mateo, California.
/jlne.ws/4mHxz8F
NYC Bitcoin-Bond Idea Squashed by Lander as 'Irresponsible'
Teresa Xie and Martin Z Braun - Bloomberg
New York City Comptroller Brad Lander poured cold water on Mayor Eric Adams's proposal to issue municipal bonds backed by Bitcoin. Lander, who shares responsibility for debt issuance with the Mayor's Office of Management and Budget, said the largest US city won't be issuing Bitcoin-backed bonds while he's in office. Lander, a Democrat, is also a candidate to succeed Adams in November's mayoral election. Adams is running as an independent.
/jlne.ws/3SwaKqz
Jack Dorsey's Block Tests Square Terminal Bitcoin Payments At Bitcoin 2025 Plans Full Rollout In H2
David Okoya - Benzinga
Twitter co-founder and Block (NYSE:XYZ) CEO Jack Dorsey said that Bitcoin fails if it is not used in everyday payments. Fast forward a month later, the Bitcoin proponent is putting his money where his mouth is. Block saidTuesday that it is set to allow businesses to receive Bitcoin payments via its Square point-of-sale terminals.
/jlne.ws/4mNsago
Bitcoin Suddenly Braced For $7 Trillion 'Critical' Price Tipping Point After Stark BlackRock Warning
Billy Bambrough, Senior Contributor - Forbes
/jlne.ws/43CYYQf
Ethereum Co-Founder Credits Michael Saylor for Crypto Treasury Firm Nudge
Olga Kharif - Bloomberg
/jlne.ws/43mu3Jg
Trump Memecoins Complicate Legislative Effort, GOP Lawmaker Says
Laura Curtis - Bloomberg
/jlne.ws/3SxM9BN
Trump Memecoins Complicate Legislative Effort, GOP Lawmaker Says
Laura Curtis - Bloomberg
/jlne.ws/3SxM9BN
BlackRock Reportedly To Take 10% Of Circle IPO: Major Asset Manager Doubles Down on Stable
Nick Thomas - Benzinga
/jlne.ws/3ZaCK74
Stablecoin issuer Circle targets $7.2 billion valuation in upsized US IPO
Reuters
/jlne.ws/4mGfgR1
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| Politics | | An overview of politics as it relates to the financial markets | Chinese invasion of Taiwan 'imminent,' warns US; Beijing 'credibly preparing' to upend 'balance of power' in Indo-Pacific, claims Pete Hegseth
The Telegraph
A Chinese invasion of Taiwan "could be imminent" Pete Hegseth, the US defence secretary, has warned, as he claimed Beijing was "credibly preparing" to use military force to upend the "balance of power in the Indo-Pacific". "The threat China poses is real and it could be imminent," Mr Hegseth said at the Shangri-La Dialogue, a security conference attended by defence officials from around the world. Mr Hegseth warned the Chinese forces were building the capabilities to invade Taiwan and "rehearsing for the real deal".
/jlne.ws/4ku0KL2
How the US plans to fight off Chinese invasion of Taiwan; Xi Jinping wants his military to be ready to 'reunify' the island with Beijing by 2027 - at Fort Bragg the US is preparing its response
Memphis Barker - The Telegraph
A soldier careens into the briefing tent of Cross Functional Team (CFT) Taiwan, barely able to catch his breath. "Attention on the floor!" he shouts. "Sorry to barge in, sir, but you'll want to hear this." Chinese ships have begun to cross the Taiwan Strait "with full intention to invade".
/jlne.ws/3ZbJu4w
Trump's tariff drama shows he doesn't understand what America stands for; Thriving on chaos, the President is attempting to distract attention from his ludicrous domestic agenda
Janet Daley - The Telegraph
With his usual idiosyncratic use of capital letters, Donald Trump has pronounced judgment on the court which presumed to halt his tariff programme. If allowed to stand, their decision would, he wrote on his Truth Social platform,"completely destroy Presidential Power". These "backroom hustlers", he went on, "must not be allowed to destroy our Nation". Presumably the reference to the three judges (one of whom was appointed by Trump himself) as engaging in a sleazy "backroom" conspiracy was an iteration of the earlier White House claim that these "unelected judges" were arrogantly abusing their authority by interfering in the policy decisions of the President.
/jlne.ws/4jwKCa2
Trump Administration Targets Tech Firms as It Cuts More Contracts; Officials expand review of federal contractors beyond consulting firms
Chip Cutter - The Wall Street Journal
The government's monthslong quest to wring savings from federal contractors is widening beyond consulting firms and entering a new phase focused on tech companies. The Trump administration is moving its spending review beyond consulting firms, such as Accenture and Deloitte, to now scrutinize contracts at a collection of companies providing sometimes obscure technology services to federal agencies. The General Services Administration on Wednesday sent a letter to 10 technology providers, including Dell and the IT firm CDW, asking executives to justify their work and find areas to cut. The letter is aimed at companies known as value-added resellers, who often piece together different technology products and services for the government. The U.S. spends $82 billion annually on IT products and services, and complex procurement processes have led to "excessive markups and increased costs to the taxpayer," the letter notes. "This must change."
/jlne.ws/43nRjXf
Bessent Says US Will Never Default as Congress Faces Endgame
Tony Czuczka - Bloomberg
Treasury Secretary Scott Bessent said the US "is never going to default" as the deadline for increasing the federal debt ceiling gets closer. "That is never going to happen," Bessent said Sunday in an interview with CBS's Face the Nation. "We are on the warning track and we will never hit the wall." Republican congressional leaders have attached an increase in the debt limit to President Donald Trump's tax and spending bill, which potentially puts avoiding a default at the mercy of complex negotiations over the legislation. The US Senate returns this week to take up the bill.
/jlne.ws/4mDgMnj
Elon Leaves Trail of Destruction, Corruption ... and No Financial Disclosure; Musk's tenure as a special government employee is ending, but his chaotic stint in the federal government will haunt Americans for years
Nikki McCann Ramirez - Rolling Stone
Elon Musk's time in the Trump administration was short, but by no means merciful. As the 130 days of Musk's "special employee" status in the White House expire, the world's richest man is leaving the government with shattered public approval, furious investors, and a to-go bag of grift and corruption to ensure the whole ordeal was worth his time. On Wednesday night, Musk wrote on X: "As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending."
/jlne.ws/450TeCp
How Brexit helped Poland become a European superpower; Thriving Warsaw lures its young migrants home as booming economy leaves Britain in the shade
James Rothwell - The Telegraph
/jlne.ws/3ZaqzqI
Pro-Trump Nationalist Wins Poland's Presidential Election
Wojciech Moskwa and Agnieszka Barteczko - Bloomberg
/jlne.ws/3HkbtJc
Microsoft unit in Russia to file for bankruptcy, database shows
Reuters
/jlne.ws/3Hibb5p
Harvard Has Trained So Many Chinese Communist Officials, They Call It Their 'Party School'; Kennedy School of Government is favored by party cadres seeking career boosts
Chun Han Wong - The Wall Street Journal
/jlne.ws/3Fjtc2T
US Calls on Australia to Boost Defense Spending to 3.5% of GDP
Ben Westcott - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | EU fines Delivery Hero and Glovo EUR329mn for takeaway 'cartel'; European Commission hands down first punishment for a "no-poach" deal and says food delivery groups shared trade secrets
Barbara Moens - Financial Times
The EU has fined European takeaway groups Delivery Hero and Glovo EUR329mn for taking part in an "online food delivery cartel", in the latest antitrust crackdown by the bloc. On Monday, the European Commission said the two groups had breached competition rules in the four years leading up to Delivery Hero's acquisition in 2022 of a controlling stake in Glovo, when the German group only held a minority share in its Spanish rival.
/jlne.ws/3FBL1tW
SEC Flags Concerns on Crypto ETFs Offering Staking Rewards
Loukia Gyftopoulou, Isabelle Lee and Nicola M White - Bloomberg)
A potentially watershed effort to launch US crypto exchange-traded funds that offer staking rewards is throwing up regulatory doubts, even after the funds said they received initial SEC registration approval. Issuers REX Financial and Osprey Funds are targeting to launch ETFs tracking Ethereum and Solana that offer staking exposure, which allows investors to earn rewards by pledging tokens to help operate the blockchain.
/jlne.ws/3FHG8Q1
EU Fines Delivery Hero, Glovo $373 Million in Cartel Probe; It's the first time the commission has penalized companies for drawing up a no-poach agreement
Edith Hancock - The Wall Street Journal
The European Union antitrust regulator said on Monday that it fined the companies after it found they had agreed not to steal each other's staff, shared commercially sensitive information with each other and carved up geographic markets between themselves within the EU for four years. Delivery Hero held a minority stake in Glovo from July 2018 and took full control of the company in July 2022.
/jlne.ws/43HSjEs
SEC Obtains Final Judgment Against Russian Defendant in $80 Million Hacking and Trading Scheme
SEC
On May 22, 2025, the U.S. District Court for the District of Massachusetts entered a final judgment against defendant Vladislav Kliushin (a/k/a Vladislav Klyushin) for his participation in a fraudulent hack-to-trade scheme.
/jlne.ws/45BfO4F
ASIC imposes conditions on the registration of Sydney company auditor
ASIC
ASIC has imposed conditions on the registration of company auditor Allan Facey of MNSA Pty Ltd. ASIC reviewed Mr Facey's audit of an ASX-listed company's financial report for the year ended 30 June 2023 and was concerned that he had not adequately and properly carried out his duties as an auditor in compliance with Australian Auditing Standards. Predominantly, ASIC held concerns Mr Facey failed to gather and document sufficient appropriate audit evidence to support his audit opinion.
/jlne.ws/4mIIgYy
ASIC uncovers widespread compliance plan deficiencies in the managed investment industry
ASIC
The responsible entities (REs) of a combined total of nearly $1 trillion in managed investments are failing to maintain adequate compliance plans, an ASIC review published today has found. ASIC assessed 50 compliance plans used by REs in the operation of a combined 1,471 funds and found that most of the compliance plans failed to adequately address the most important requirements across the design and distribution obligation (DDO), internal dispute resolution (IDR) and reportable situations (RS) regimes.
/jlne.ws/3HjZA5X
Review of managed fund compliance plans: 'Failing to plan is planning to fail'
ASIC
ASIC has reviewed a cross-section of compliance plans used by responsible entities of registered managed investment schemes (funds). Our review focused on the adequacy of the treatment of regulatory obligations in compliance plans.
/jlne.ws/3Fk5L9F
SFC obtains landmark court decision for former Combest senior executives to make $192 million compensation to shareholders
SFC
The Securities and Futures Commission (SFC) has obtained orders in the Court of First Instance for a record compensation in the form of special dividend to public shareholders of Combest Holdings Limited (Combest) and to disqualify a shadow director, Mr Ng Kwok Fai, and two former executive directors, Mr Liu Tin Lap and Mr Lee Man To, of the now delisted company for their misconducts (Notes 1 and 2). The court order was granted following a first-of-its-kind settlement secured by the SFC for the trio to pay about $192 million to an administrator jointly appointed by the SFC and Combest for redistribution as special dividends to independent public shareholders.
/jlne.ws/43WqCsW
SEBI and IEPFA Conduct the First "Niveshak Shivir" in Pune Proactive Joint Initiative to Minimise Unclaimed Assets and Facilitate Investor Claims for Unpaid Dividends and Shares
SEBI
The Securities and Exchange Board of India (SEBI) and the Investor Education and Protection Fund Authority (IEPFA), Ministry of Corporate Affairs, jointly launched the first "Niveshak Shivir" in Pune, Maharashtraon June 1, 2025. This investor outreach initiative aims to assist shareholders in reclaiming unpaid dividends and unclaimed shares and thereby, reduce the volume of unclaimed investor assets in the system.
/jlne.ws/4mIn9W8
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Carry Trades Roar Back Into Favor as Emerging Currencies Rally
Catherine Bosley and Malavika Kaur Makol - Bloomberg
Emerging market carry trades are taking off again, as currency volatility subsides amid signs President Donald Trump's aggressive tariffs may not get fully enacted. An index of carry returns - for which a trader borrows in a low-yielding currency and then invests in another offering higher returns, hit a seven-year high in late May. Asset managers have boosted long positions in developing-nation currencies in recent weeks, with those on Mexico's peso reaching a nine-month high, based on CME Group Inc. data.
/jlne.ws/4myiNRs
Why This Stock Market Makes So Many of Us Want to Scream; In these volatile times, it's no wonder some investors are on the sidelines-and feeling stuck there. Here's how to overcome your fear.
Jason Zweig - The Wall Street Journal
Most investors have felt FOMO, fear of missing out. Nowadays, many are feeling the opposite. In April, turmoil over President Trump's tariffs drove U.S. stocks down 12% in four days. Some investors bailed out, worried Trump's policies would overturn decades of agreements that helped global trade thrive. Others had gotten out even earlier, either in advance of the second Trump presidency or because they thought back-to-back double-digit annual gains, like those U.S. stocks earned in 2023 and 2024, weren't sustainable.
/jlne.ws/3HmMEfv
The City of London losing its Shein; Please, just stop chasing trophy IPOs
Craig Coben - Bloomberg
Shock, horror! The media is reporting that fast-fashion giant Shein is likely to ditch London for Hong Kong for its IPO. Time to rend some garments out of despair (ideally, cheap polyester blends). But, really, nobody should be shocked. If anything, the real surprises are that the UK lobbied so hard for the listing and that Shein had even entertained London in the first place.
/jlne.ws/43qAXNI
Debt is crushing the developing world; There is an urgent need to rethink financial structures that are failing billions of people
Joseph Stiglitz - Financial Times
The late Pope Francis was right to raise the alarm on the debt and development crisis facing developing countries. And he was right to link the issue of debt to broader questions of global justice, human dignity and intergenerational responsibility. Some have claimed that the debt problem in the developing world is dissipating, but in fact the situation in many low- and lower-middle-income countries (LLMICs) has become deeper and more entrenched. While these countries may not be defaulting on their debt contracts, they are defaulting on development. Strapped for cash, governments are diverting precious public resources away from education, health, infrastructure and climate adaptation to service debts contracted earlier, when global financial conditions were more favourable.
/jlne.ws/3HodHaA
The world's strongest currency is also super-competitive; Switzerland's success shows that a nation can revalue its way to prosperity
Ruchir Sharma - Financial Times
Amid all the talk about whether the US is keen to devalue the mighty dollar as one way to revive American manufacturing, it is worth noting that the dollar is not the world's strongest currency and has not been for decades. That title goes to the Swiss franc, and the mighty franc has done nothing to undermine Switzerland's competitiveness. The world's richest major economy has both a strong currency and a strong manufacturing base. The Swiss franc has been the top-performing currency over the past 50 years, 25 years, 10 years and five years. It is near the top even over the past year when some of the more beleaguered currencies have staged a comeback against the dollar. Nothing can compare for durable strength.
/jlne.ws/4jOHFSF
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump Moves to Lift Biden-Era Curbs on Arctic Oil Drilling
Jennifer A Dlouhy - Bloomberg
The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that's home to an estimated 8.7 billion barrels of recoverable oil. Interior Secretary Doug Burgum announced the planned policy shift late Sunday at a town hall in Utqiagvik, a village on the Chukchi Sea coast, as he and fellow members of President Donald Trump's cabinet visit Alaska to promote energy development in the region.
/jlne.ws/4kt6btE
EU warned by advisers not to weaken new climate goal
Kate Abnett - Reuters
The European Union's independent advisers have warned against watering down the bloc's planned 2040 climate goal, as EU officials consider softening the target to try to contain a political backlash against ambitious environmental policies.
The European Commission plans to propose in July a legally binding target to cut EU countries' emissions by 90% by 2040, from 1990 levels. But faced with pushback from governments, Brussels is assessing options including setting a lower target for domestic industries, and using international carbon credits to make up the gap to 90%.
/jlne.ws/43Iib34
China's Coal Industry Has a Big, Dirty Secret; Largely unnoticed, an obscure corner of the trade has reached gargantuan proportions.
Javier Blas - Bloomberg
Exactly a century ago, two German chemists patented a process to transform coal into liquid fuels. Following its discovery in 1925, the Fischer-Tropsch synthesis eventually became infamous: The Nazis used it to fuel their war machine, and apartheid South Africa turned to it to offset the impact of an oil embargo in the 1980s. Its last - and huge - user is China. Largely unnoticed, the size of this obscure corner of the Chinese coal industry has reached gargantuan proportions: It consumes about 380 million metric tons of coal as a feedstock for chemical and liquid fuel production, according to the International Energy Agency. To understand its size better, it helps to think about the segment as if it were a country. As such, it would rank as the world's third-largest consumer, only behind the rest of the Chinese coal sector and India, but ahead of the US, Japan and other top coal-consuming nations like Indonesia and Turkey.
/jlne.ws/3FvFNjw
AmCham President Says China Isn't Blocking Rare Earths Exports
Bloomberg News
China has been slowly loosening the grip on its exports of rare earths over the past week, according to a lobby group for American businesses, after top US officials complained it hadn't been removing barriers as promised. "We are seeing some approvals come through - certainly slower than industry would like," said Michael Hart, president of the American Chamber of Commerce in China. "Some of the delay is related to China working through their new system to approve exports, not that they are not allowing exports." The issue of unblocking the flow of critical minerals has emerged as a flashpoint between the world's two biggest economies. On Friday, US President Donald Trump accused Beijing of violating the trade pact negotiated in Geneva, after members of his administration complained China hadn't sped up exports of rare earths.
/jlne.ws/44YIGDM
Protect Workers From Heat Waves or Face Fines, Japan Tells Firms; The nation's government has unveiled tougher legislation after employees were impacted by fierce summer temperatures in 2024.
Shoko Oda, Yui Hasebe, and Aaron Clark - Bloomberg
Tougher rules being enforced in Japan will see employers fined if they fail to take adequate precautions to protect workers from extreme temperatures. The revised legislation, which came into effect June 1, is a rare global example of a national-level policy on heat safety for employees, and comes after 30 workplace deaths and roughly 1,200 injuries last year associated with high temperatures, according to health ministry data. Most of those affected worked in construction or manufacturing.
/jlne.ws/4jt1Zsk
Trump's Budget Wish Could Threaten Billions in Clean Energy Investment in Virginia; A range of solar, offshore wind and manufacturing jobs would be jeopardized if the president's One Big Beautiful Bill clears the Senate in its current form.
Charles Paullin - Inside Climate News
Pennsylvania Fracking Company Surrenders Water Permits Over Concerns About Stream Flow
The One Big Beautiful Bill, President Donald Trump's budget wishlist with tax cuts for the wealthy, could have an enormous impact on Virginia's ability to address the climate crisis, produce renewable energy and generate economic activity for its communities. The bill, passed by House Congressional Republicans May 22, effectively kills several investment and production tax credits in the Inflation Reduction Act, former President Joe Biden's signature climate law.
/jlne.ws/3ZeCEet
The South Is Having Second Thoughts About Trading Pine Trees for Solar Panels; Americans used to focus on the cost and reliability of electricity. Now, they are fighting over how it is produced, a solar executive says.
Ryan Dezember - The Wall Street Journal
/jlne.ws/4jB20L1
France Amends Offshore Wind Farm Contracts to Ease Power Glut
Francois De Beaupuy - Bloomberg
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Chinese battery glut plugs into solar boom to power Pakistan; Steep fall in energy storage prices proves a game-changer for businesses
Humza Jilani - Financial Times
/jlne.ws/4kR6e29
Drive to scrub carbon from air stalls as Donald Trump takes aim at renewables; Decline in carbon capture wells comes as US energy department cancels $3.7bn for clean energy grants
Martha Muir - Financial Times
/jlne.ws/4dGoc4R
Retreat of DEI has not changed priorities of executive education; Many business schools are responding with renewed commitment to diversity and environmental issues
Ian Wylie
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC to inject $4 billion into its private credit funds
Iain Withers and Lawrence White - Reuters
Europe's biggest bank HSBC will inject $4 billion into its private credit funds, amid a wider push by banks into the booming market as profits from traditional lending have come under pressure. HSBC said it will invest the cash into HSBC Asset Management's (HSBC AM) alternative credit funds, with the aim of attracting additional capital from external investors to build a $50 billion credit fund within five years.
/jlne.ws/4kGW4kl
Why Scott Bessent wants to make it easier for banks to own Treasurys
Jennifer Schonberger - Yahoo Finance
Treasury Secretary Scott Bessent says US regulators are close to easing a key regulatory requirement for banks that the Trump administration hopes will inject more liquidity into the Treasury market, boost lending, and reduce upward pressure on long-term borrowing rates. The move would mark a retreat from a key change made following the 2008 financial crisis when regulators imposed a series of new requirements designed to protect the banking system against future threats to its stability.
/jlne.ws/43Cn7X9
Untested Banks Find Demand for Risky AT1 Bonds
Tasos Vossos - Bloomberg
Investors are so eager to buy the riskiest bank debt that they're snatching up securities even from unproven borrowers. A UK bank rescued from collapse less than two years ago, a lender to small businesses and an online loan provider are among a swathe of firms selling their first Additional Tier 1 bonds this year.
/jlne.ws/3Zaszze
JPMorgan CEO Dimon backs US taxing carried interest, warns of bond market trouble
Ateev Bhandari - Reuters
JPMorgan Chase CEO Jamie Dimon said on Friday that the U.S. should be taxing carried interest, joining the criticism of a loophole that enables private market investors to benefit from lower taxes. "We absolutely should be taxing carried interest," the biggest U.S. bank's top boss said in an interview at the Reagan National Economic Forum, aligning with U.S. President Donald Trump's recent campaign to close the provision long-cherished by investors.
/jlne.ws/4mZSN1R
Dimon Says His Retirement From JPMorgan Is 'Several Years Away'
Steve Dickson - Bloomberg
Jamie Dimon said his retirement from the top post at JPMorgan Chase & Co. is "several years away," but the decision is up the bank's directors. "It's up to God and the board," the 69-year-old chief executive officer said in a taped interview aired Monday on Fox Business. "I love what I do."
/jlne.ws/3St1W4V
Romania Injects More Funds to Banks as Market Shortage Narrows
Andra Timu - Bloomberg
Romania's central bank injected liquidity into domestic banks for a second week as it sought to further calm money markets after increased volatility during recent political turmoil. The Black Sea nation's assets are recovering from a May selloff triggered by concerns that a far-right opposition candidate could win a presidential election. While the eventual run-off victory of a centrist contender fueled a relief rally, interbank interest rates remained under pressure as the country still needs to form a new government and tackle the European Union's widest budget deficit.
/jlne.ws/3FFn5pu
Donald Trump's plans for Fannie and Freddie would mean payday for hedge funds; Critics warn privatisation of the mortgage giants would enrich Wall St but endanger the housing market
Amelia Pollard and Antoine Gara - Financial Times
/jlne.ws/4khjZXX
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Work Advice: Manager hints that age, caretaking make me bad at my job; Turn to your own connections, and maybe a lawyer, to protect your rights
Karla L. Miller - The Washington Post
Reader: I'm a woman in my early 60s in a sales engineering role for a software vendor. My team supports nontechnical salespeople in a different management chain. My manager, "Kelly," is in her late 50s. The nontechnical sales manager, "Tiffany," is in her early 40s. Kelly was in a meeting with Tiffany and Tiffany's boss, a younger man in his 40s. According to Kelly, Tiffany and her manager were suggesting replacing me with "someone who has more energy." Tiffany indicated that I'm struggling at the company, but she has never spoken to anyone I've worked with or seen any of my performance evaluations. I have a stellar performance record.
/jlne.ws/3HkI81f
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What Are The New NB.1.8.1 COVID Variant Symptoms And When Will It Hit The U.S.? Doctors Explain; It seems to be spreading fast, which experts say suggests it's highly infectious.
Korin Miller - Women's Health
You probably haven't thought much about COVID-19 recently, and with good reason. While the virus is still circulating, cases have generally been down across the country. Unfortunately, that may change soon. There's a new COVID variant called NB.1.8.1 that's suddenly getting a lot of attention. NB.1.8.1 has been named a "variant under monitoring" by the World Health Organization (WHO)-meaning, the global health agency is keeping a close eye on it. It also has "increasing proportions globally," according to the WHO, which points out that the variant has shown up in 22 countries so far and seems to be spreading quickly.
/jlne.ws/44ZZaeQ
Experts warn smartwatch sleep scores often cause unnecessary anxiety
NL#Times
In recent years, sleep clinics across the Netherlands have seen an increase in patients reporting sleep problems. Experts attribute part of this rise to the use of smartwatches, which track sleep and often cause unnecessary worry due to inaccurate measurements, Nu.nl reported. Many people wear smartwatches overnight to monitor their sleep patterns. These devices sync with apps that display graphs and scores, showing sleep duration, interruptions, and quality. While these tools can raise awareness about sleep habits, they also generate confusion and anxiety.
/jlne.ws/43BOFvW
Facing a Cancer Diagnosis? Exercise and Diet Could Make a Difference; Going back to basics might help some patients live longer or respond to therapy, data shows
Brianna Abbott - The Wall Street Journal
When facing down a cancer diagnosis, patients often ask: What can I do to help my own odds? The answer, data increasingly shows, is to go back to the basics: exercise and a good diet. A structured exercise program with a trainer helped colorectal cancer patients lower their risks of death and cancer recurrence after treatment, according to a study released Sunday at the American Society of Clinical Oncology's annual conference in Chicago and published in the New England Journal of Medicine.
/jlne.ws/4kqU28o
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | UK Non-Dom Exits Seen Hitting at Least 10%, With More to Come
Joe Mayes - Bloomberg
At least 10% of the UK's wealthy non-dom population have left the country following tighter tax rules introduced by Prime Minister Keir Starmer's Labour government, according to a new report authored by a former Treasury economistThe estimate, based on an analysis of data from Henley & Partners on the decline in London's millionaire population in 2024, features in a report by Chris Walker, a former member of the government economic service and founder of consultancy Chamberlain Walker Economics. The report was commissioned by Andrew Barclay, an entrepreneur and policy fellow at the centre-right Onward think tank.
/jlne.ws/43UAe7r
Trump plans to offload national park sites, but states don't want them
Bobby Magill and Bloomberg via Fortune
Florida's Big Cypress National Preserve sprawls north from Everglades National Park over 729,000 acres of swamp, an ancient forest that protects the endangered Florida panther and the pristine waters of the Everglades - the source of drinking water for millions of south Floridians.
/jlne.ws/45BjbIR
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