| May 14, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Sometimes Hollywood movies inspire real-life technological advancements. Remember the communicators from Star Trek? I had a Motorola StarTAC, released in 1996. It was one of the first flip phones, drawing design inspiration from the communicators used by characters in the original "Star Trek" TV series.
Well, now AI is doing the same thing. OpenAI has launched GPT-4o, a new version of its AI model that includes a voice assistant inspired by the film "Her." This model enhances usability by enabling real-time voice interactions, allowing interruptions during conversations, and providing nearly instantaneous responses. Unlike current voice assistants, GPT-4o can analyze code, translate languages, and solve algebra problems in real time, The Wall Street Journal reports.
GPT-4o, faster and cheaper than its predecessor GPT-4 Turbo, can process images and videos along with text and detect emotions in voice and facial expressions. Available to ChatGPT-Plus subscribers for $20 a month, it will also be accessible to free ChatGPT users with image and vision features.
I am just afraid of what else from Hollywood inspires Silicon Valley. There are some weird science fiction movies in the file vaults.
The SEC's Division of Investment Management will host its annual Conference on Emerging Trends in Asset Management on Thursday, May 16, 2024, starting at 9:00 AM ET. Open to the public both in person and via live webcast, the conference will feature a variety of industry participants and academics. The event will kick off with an introduction by Director Natasha Vij Greiner, followed by a keynote address from Chair Gary Gensler. Throughout the day, attendees will hear from regulatory experts including Andrea Seidt, Erica Y. Williams, and Camille Blackburn, and engage in sessions covering trends in asset management products and strategies, historical and future trends, and technology-driven trends. The conference will conclude with remarks from Director Natasha Vij Greiner. For more details and to register, go HERE.
The SEC will also hold a closed meeting at 2:00 p.m. ET on Thursday, May 16.
CFTC Commissioner Caroline D. Pham is set to speak at the 2024 Digital Chamber Blockchain Summit on May 15, 2024. She will participate in a panel discussion titled "Working Together: CFTC and SEC," alongside U.S. Securities and Exchange Commissioner Hester Peirce. The event will take place at 2:30 p.m. (EDT) at Capital Turnaround, located at 770 M Street Southeast, Washington, DC.
CFTC Commissioner Christy Goldsmith Romero is scheduled to be a keynote speaker at the Financial Times' Moral Money Summit on May 22, 2024. The interview will take place from 9:10 am to 9:30 am BST at The Biltmore Mayfair, located at 44 Grosvenor Square in London, United Kingdom. This corresponds to 4:10 am to 4:30 am EDT for viewers in the USA.
Kaitlin Meyer is starting a new position as chief commercial officer at MIAX Futures, she shared on LinkedIn. She was previously vice president of marketing and sales for MIAX.
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:
- CME Group Volatility Index (CVOL) from CME Group.
- Cboe imposes $170,000 fine on Hilltop Securities from FX News Group.
- Roaring Kitty is back, and GameStop stock is rallying. The company still is struggling to make money from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Derek Haworth of BornTec Emphasizes Data Integrity and Operational Resilience at FIA Conference
JohnLothianNews.com
In an interview with John Lothian News at the FIA International Futures Industry Conference in Boca Raton, FL, Derek Haworth, the founder and CEO of BornTec, underscored the importance of data integrity and operational resilience for firms in the futures industry.
Watch the video »
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CFTC Warns Students and Job Seekers Not to Become "Money Mules"
CFTC
The Commodity Futures Trading Commission's Office of Customer Education and Outreach (OCEO) today issued a customer advisory warning students and other job seekers looking for remote work to be aware of the warning signs and dangers of "money mule" scams. Money mule scams involve individuals sending and receiving money into their bank accounts, digital wallets, or spot-market crypto trading accounts as part of their job duties or at the direction of others.
/jlne.ws/44HrAb7
****** Don't be a "Bucks bASS!"~JJL
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Why, for Some, Crypto Is the Defining Political Issue of Our Times; It'd be foolish for people to vote against their own interests.
Daniel Kuhn - CoinDesk
With all due respect to Molly Jane Zuckerman and Jeff Albus, the co-authors of a recent Blockworks column discounting the idea of voting for pro-crypto politicians in the upcoming election in the U.S., voting your conscience is a good thing. Despite the headline ("Only a fool would vote on crypto alone"), the piece was fairly measured - but it certainly struck a nerve.
/jlne.ws/4beYvGM
****** Is there a generational divide on crypto, or is it a mindset?~JJL
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Ken Griffin urges Harvard University to embrace 'western values'; Hedge fund founder who has given his alma mater over $500mn pushes back on 'cultural revolution'
Harriet Agnew - Financial Times
Ken Griffin has called on Harvard University to embrace "western values", with the billionaire hedge fund manager and donor saying the turmoil sweeping across college campuses was the product of a "cultural revolution" in US education. Griffin, who founded the $63bn US hedge fund Citadel and has given more than $500mn to his alma mater, told the Financial Times that the US had "lost sight of education as the means of pursuing truth and acquiring knowledge" over the past decade.
/jlne.ws/3UEIPVZ
***** The generation that was priced out of college, or told to go to coding school, now only to learn they are being replaced by AI? Which western values are we talking about?~JJL
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Monday's Top Three
Our top item Monday was CFTC Issues Proposal on Event Contracts, a CFTC press release. Second was the list of self-certified event contracts from Kalshi on the CFTC's web site. Third was Blue Ocean - A New Market Tide, a podcast from Patrick Young with Brian Hyndman, the CEO of Blue Ocean.
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| Lead Stories | T+1 will not be a 'slam dunk' for ETFs, industry insiders warn; US move to one-day trade settlement happens over a public holiday weekend between major index rebalancings
Emma Boyde - Financial Times
The exchange traded fund industry faces a perfect storm on May 28 when the US cuts trade settlement times - with the transition occurring over a public holiday weekend and amid a series of major index rebalancings. Gerard Walsh, who heads Northern Trust's global banking and markets client solutions group, said he was having urgent last-minute talks with asset management clients, some of whom still seemed oblivious to the looming task at hand.
/jlne.ws/3UJu2t8
Macron Puts French Banks in Play With Plan to Transform Europe
Ania Nussbaum, Samy Adghirni and William Horobin - Bloomberg
President Emmanuel Macron said he would be open to seeing a major French bank being taken over by a European Union rival in order to spur the deeper financial integration he sees as critical for the bloc's future prosperity. "Dealing as Europeans means you need consolidation as Europeans," Macron said in an interview with Bloomberg Editor-in-Chief John Micklethwait on the sidelines of the Choose France investment summit in Versailles near Paris. "We have now to open this box and to deliver a single-market approach which is much more efficient."
/jlne.ws/4bBJvST
Platinum market headed for 'substantial' supply shortfall, says industry body; Report shows second year of deficit as miner Anglo American rejects rival BHP's offer that includes plan to spin off platinum assets
Lukanyo Mnyanda - Financial Times
A global shortfall in the supply of platinum is likely to drive up prices, according to a new report, adding to concerns that a proposal for miner Anglo American to sell its South African interests in the industrial metal could mean it misses out on a revival in the sector. A proposed £30bn-plus takeover by BHP of its rival includes spinning off the Anglo American Platinum unit through a stock market listing. Anglo rejected BHP's revised offer on Monday.
/jlne.ws/3K4ajj7
Why the World Has Gone Cuckoo for Copper; The U.S. and China are competing to acquire the metal essential for EVs and data centers. It is also at the center of a $43 billion takeover battle.
Julie Steinberg - The Wall Street Journal
After one of the world's top copper producers recently hit a financial crunch, the Biden administration started huddling with potential investors about taking a stake in the company's Zambian mines worth as much as $3 billion. The search isn't restricted to American companies, with entities from the United Arab Emirates, Japan and Saudi Arabia-all viewed as friendly to U.S. interests-expressing interest in the stake in First Quantum Minerals' assets, according to people familiar with the matter.
/jlne.ws/4dE7tyG
Why Copper Is the Metal of the Moment
WSJ Staff
Copper is on a tear. A global rush is on to acquire the metal, a key component in everything from electric cars to transmission lines and the data centers that power the AI revolution. That scramble is translating into corporate upheaval. On Tuesday, London-listed miner Anglo American laid out plans for a breakup that would sharpen its focus on copper, after a rejecting a sweetened, $43 billion bid from larger rival BHP.
/jlne.ws/4aex7Hu
Investment Advisers Face Customer Vetting Requirements in Anti-Money-Laundering Push; The Treasury Department looks to tighten regulation that seeks to prevent the U.S. financial system from being used for money laundering
Dylan Tokar - The Wall Street Journal
U.S. regulators took another step on Monday toward bolstering anti-money-laundering safeguards with a proposal to require that certain investment advisers verify identities of their customers. The proposal, which would extend identification requirements that already exist for broker-dealers and mutual funds, was issued jointly by the U.S. Securities and Exchange Commission and the U.S. Treasury Department's Financial Crimes Enforcement Network.
/jlne.ws/3JXeYTY
SEC's Shadow Trading Win Opens Door for Department of Justice
Jeffrey Brown, Hartley West, Jonathan Streeter - Dechert via Bloomberg
A first-of-its-kind enforcement action from the Securities and Exchange Commission may pique the interest of federal prosecutors, who have been willing to pursue novel securities fraud theories that were first tested successfully by the agency. The SEC convinced a California jury last month that a former executive at biopharmaceutical company Medivation Inc. committed insider trading by buying options in a comparable company, Incyte Corp., within minutes of receiving material nonpublic information, or MNPI, about Medivation's imminent acquisition.
/jlne.ws/4afwFsp
International Anti-Corruption Groups Send Letter Calling for Best Practices to be Implemented in DOJ Whistleblower Program
National Whistleblower Center
Today, a coalition of anti-corruption organizations from across the globe sent an open letter to the United States Deputy Attorney General Lisa Monaco with recommendations for the Department of Justice (DOJ) whistleblower award program currently in development. "We, the undersigned organizations, believe that a U.S. Department of Justice whistleblower rewards program has the potential to be instrumental to each of our anti-corruption efforts," write the organizations, who are based in over twenty countries and work directly with whistleblowers and other anti-corruption actors.
/jlne.ws/4bE27BZ
Tornado Cash Developer Alexey Pertsev Sentenced to 64 Months in Prison by Dutch Court; Alexey Pertsev was first jailed in the Netherlands in August 2022.
Camomile Shumba - CoinDesk
Tornado Cash developer Alexey Pertsev has been found guilty of money laundering by a Dutch judge ruled at s-Hertogenbosch court on Tuesday. Pertsev has been given 64 months of prison time by the court. An indictment shared ahead of the trial said that between July 9, 2019 and Aug. 10, 2022, Pertsev made "a habit of committing money laundering" and that he should have at least suspected the criminal origins of illicit transactions on the Tornado Cash platform.
/jlne.ws/4amWPd1
Funds Calling Themselves 'ESG' Face New Restrictions in Europe; New requirements follow concerns of misleading ESG claims; ESMA standard comes as SFDR remains under fundamental review
Frances Schwartzkopff - Bloomberg
Asset managers in Europe face new restrictions on what they can call an ESG fund.
An investment product with ESG - or equivalent terms - in its name will need to place at least 80% of its assets under management in something that's related to environmental, social or governance objectives, according to long-awaited guidelines by the European Securities and Markets Authority.
/jlne.ws/44GhCa1
Ex-UBS Risk Manager Points Finger Squarely at Archegos 'Lies'; Bryan Fairbanks was first prosecution witness against Hwang; He said UBS would've been 'horrified' at Archegos' portfolio
Chris Dolmetsch and Bob Van Voris - Bloomberg
A former UBS Group AG risk manager slammed Archegos Capital Management for its "lies" when he took the stand as the first witness at the fraud and market manipulation trial of Bill Hwang. Bryan Fairbanks, now head of prime risk services at BMO Bank of Montreal, on Monday described the internal debate at UBS over Archegos as a client and how Hwang's family office allegedly deceived the bank about its investments. He's expected to return to the stand in Manhattan federal court Tuesday to discuss a recorded March 2021 call during which Hwang allegedly promised banks he could meet their margin calls and unwind his positions in a few weeks.
/jlne.ws/3JYNr4i
Biden sharply hikes US tariffs on an array of Chinese imports
Trevor Hunnicutt and Jeff Mason - Reuters
U.S. President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks. China immediately vowed retaliation. Its commerce ministry said China was opposed to the U.S. tariff hikes and would take measures to defend its interests, urging the United States to cancel the measures.
/jlne.ws/3QMHziG
These four searches show how Google is changing; You'll start seeing more AI "answers." They take some decoding.
Tatum Hunter and Shira Ovide - The Washington Post
Googling is easy. Understanding why you're seeing particular search results or whether they're useful - not so simple. The billions of us who use Google might see ads stuffed in many spots, text highlighted at the top of Google that (sometimes unreliably) answers your question, or maps of local businesses pulled from the company's computer systems. You'll also now start seeing more information written by artificial intelligence, in one of the most consequential changes to your searches and the internet in Google's 25-year history.
/jlne.ws/4bzEYAw
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine weapons: What arms are being supplied and why are there shortages?
BBC
Weapons from a new US aid package for Ukraine have begun arriving on the front line. After a year of political stalemate in the US, President Joe Biden approved military support worth almost $61bn (£49bn) in April. What new military aid is being sent to Ukraine?
Ahead of a visit to Ukraine by US Secretary of State Antony Blinken, a senior official said Ukraine had started to receive weapons to meet its "most pressing needs, particularly with an eye towards Russia's activities right now".
/jlne.ws/4ap9lbM
Belousov says Russia must win in Ukraine while minimising troop losses
Reuters
Russia's main task is to achieve victory on the battlefield in Ukraine with the minimal loss of troops, Andrei Belousov, Russian President Vladimir Putin's nominee for defence minister, said on Tuesday. Russia should employ all advanced and effective tools in its arsenal to ensure such a victory, he said, adding that it needed to ensure defence spending was used more effectively.
/jlne.ws/3yh4zzZ
Zelenskiy Asks Blinken for Patriot Air Defenses for Kharkiv
Courtney McBride - Bloomberg
President Volodymyr Zelenskiy appealed to allies to provide Ukraine with air-defense batteries to shield its second-biggest city as Russia launched a large-scale offensive in the northeastern Kharkiv region. "We need, today, two Patriots for Kharkiv," Zelenskiy told US Secretary of State Antony Blinken at a meeting in Kyiv, referring to the US-made anti-missile defense system.
/jlne.ws/44ETCnG
German MPs call for 70km Nato air defence zone around Ukraine
James Rothwell - The Telegraph
A cross-party group of German MPs has called for a 70km Nato air defence zone to be set up over Ukraine to protect it against Russian missile and drone attacks. Top members of the opposition Christian Democratic Union (CDU) party, as well the coalition members Free Democratic Party (FDP) and the Greens, have discussed setting up a safe zone around Ukraine's borders with Poland, Slovakia, Hungary and Romania, modelled on the Western alliance which intercepted Iran's recent assault on Israel.
/jlne.ws/3UJ3sAF
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Pentagon intelligence officer quits in protest of Israel-Hamas war in Gaza
Ellen Mitchell - The Hill via Yahoo News
An Army officer within the Defense Intelligence Agency (DIA) has resigned in protest over the Biden administration's support for Israel in its war in Gaza, citing major ethical concerns for which he could not "justify staying silent any longer." In his resignation letter - officially submitted Nov. 1, distributed internally on April 16, and publicly released Monday on LinkedIn - Maj. Harrison Mann asserts that the U.S. government's unquestioned backing of its ally has "enabled and empowered" the killing of Palestinian civilians.
/jlne.ws/3K5Z3m4
Top Biden official: Israel's 'total victory' over Hamas not 'likely or possible'
Lauren Sforza - The Hill
A top Biden official said Monday the U.S. does not believe Israel's "total victory" over the militant group Hamas is "likely or possible." Deputy Secretary of State Kurt Campbell spoke about the ongoing war between Israel and Hamas during the NATO Youth Summit in Miami just days after the Biden administration paused certain arms shipments to Israel.
/jlne.ws/4biAHBB
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Human Side of ESG Investing Still Relevant
Nasdaq
Something that's often lost in all the political and regulatory criticism of ESG investing is the human side of this equation. Many market participants, particularly those on the retail side of the ledger, embrace ESG because it reflects personal values. In fact, various data and studies confirm that values-based investing, including ESG, is highly important to younger investors. The human side of ESG asset allocation could be supportive of long-term growth for ETFs like the Invesco ESG Nasdaq 100 ETF (QQMG) and the Invesco ESG Nasdaq Next Gen 100 ETF (QQJG).
/jlne.ws/3QJSmdb
BME welcomes PKF Attest and Abbaco Markets as new Pre Market Environment Partners
BME
With these two additions, there are now 28 partners in BME's collaborative environment that facilitates the process of listing on the stock exchange for companies. PKF Attest helps companies in search of financing (Equity and Debt), while Abbaco Markets seeks to contribute with its track record in SME markets. BME's Pre-Market Environment (EpM) has today welcomed two new partners, PKF Attest and Abbaco Markets, bringing to 28 the number of partners of this BME initiative that seeks to help companies enter the financial markets. Throughout its history, 41 companies have gone through EpM and seven of them have already made the leap to the market, to BME Growth. In this environment, partners play an important role in helping companies prepare for their listing on the stock market.
/jlne.ws/3UYEkXG
Euronext announces volumes for April 2024
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for April 2024. Monthly and historical volume tables are available at this address: https://euronext.com/investor-relations#monthly-volumes
/jlne.ws/3WFpGG0
Notice Regarding Stock Split as well as Related Items such as Amendment to Articles of Incorporation and Revision to Dividend Forecast
Japan Exchange Group
Today, Japan Exchange Group, Inc. (JPX) has decided to conduct a stock split and will partially amend the Articles of Incorporation and revise its dividend forecast in relation to said stock split as follows.
/jlne.ws/44GN08h
Trading schedule on the Moscow Exchange in June 2024
MOEX
The Moscow Exchange has determined the rules for operating markets in June 2024. On the holiday June 12, 2024, trading and settlements will not be carried out on the stock, money, derivatives markets, foreign exchange market and precious metals market of the Moscow Exchange. On the remaining days of the month, trading on the exchange markets is carried out according to a standard schedule.
/jlne.ws/3JYNnSr
Product Delisting Summary: Delisting of Existing Three-, Six-, and Nine-Month Mid-Curve Options Three-Month SOFR Futures Contracts - Effective May 13, 2024
CME Group
Delisting of Existing Three-, Six-, and Nine-Month Mid-Curve Options Three-Month SOFR Futures Contracts.
/jlne.ws/3K1y9fc
Parameter Updates Pertaining to the Concentration Margin Program - Effective May 16, 2024
CME Group
Effective May 16, 2024, CME Clearing will enact parameter revisions to its concentration margin program for futures and options. No changes will be made to the concentration margin program methodology.
/jlne.ws/3WDdoy0
Changes in Nifty Fixed Income indices
National Stock Exchange of India
On March 20, 2024, NSE Indices Limited issued a press release announcing re-investment schedule of Nifty BHARAT Bond Index - April 2025 for quarter ending June 2024. NSE vide its circular NSE/DS/61603 dated April 15, 2023 has announced holiday on May 20, 2024 on account of General Parliamentary Elections. The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has consequently decided to revise the date of exclusion as listed hereunder.
/jlne.ws/4dGW6X2
NYSE US Exchanges to close in observance of Memorial Day
NYSE
In observance of Memorial Day, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, NYSE National, NYSE American Options, NYSE Arca Options, and NYSE Bonds markets will be closed on Monday, May 27, 2024.
/jlne.ws/42wc0y8
Reminder: NYSE Announces the launch of the NYSE Pillar depth real-time market data feed
NYSE
As previously announced, NYSE Group is pleased to announce the launch of the new NYSE Pillar Depth real-time market data feed, available beginning today!* The NYSE Pillar Depth feed provides a comprehensive view of liquidity across the NYSE Group of exchanges, including the aggregated ten best bid and ten best offer price levels across all five NYSE Group equity exchanges, as well as auction imbalance data for NYSE Group listing markets.
/jlne.ws/4dnFbbR
NYSE American Options, NYSE ARCA Options Service
Effective June 10, 2024, NYSE American Options will re-introduce the Complex CUBE Auction. The new functionality will be available for testing in the Pillar Certification environment on May 24, 2024. To test, please contact Technology Member Services at [email protected]. Additional information about NYSE CUBE Functionality can be found on the CUBE webpage or in the NYSE Options Functional Differences document.
/jlne.ws/3WBXq7r
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange Closed for Victoria Day
TMX
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montreal Exchange will be closed on Monday, May 20, 2024 for the Victoria Day holiday. The Exchanges will re-open for regular trading on Tuesday, May 21, 2024.
/jlne.ws/4bBf1AG
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Numerix Launches $20,000 Academic Scholarship for 2024
Numerix
Numerix, a leading capital markets front-to-risk technology provider, has begun accepting applications for the 2024 Women in Finance Scholarship program following Women in Mathematics Day. Despite women making up about half of the national workforce, recent census data reveals a glaring underrepresentation, with women making up only 27 percent of the STEM workforce. In response to this disparity, Numerix is committed to fostering gender inclusion, particularly within the mathematics sector and its application to finance.
/jlne.ws/3WHJLfa
Colorado Wants to Become the Nation's Quantum Hub. So Does Chicago; Colorado and Chicago are vying for $70 million in federal money in hopes of becoming a regional hive for a powerful new form of computing
Isabelle Bousquette - The Wall Street Journal
Colorado is working to become a national hub for quantum computing, a nascent technology with tremendous implications across chemistry, aerospace and defense. Calling itself the "Mountain West" hub, Colorado along with New Mexico and Wyoming is seeking $70 million in federal funding under the $53 billion Chips Act to support quantum companies, hardware manufacturing and a talent pipeline.
/jlne.ws/3ykaCUk
BMLL data made available through Nasdaq Data Link; Nasdaq's Nordic and Baltic equity QuoteView offering, powered by BMLL, will offer consolidated best bid and offer (CBBO) data for equity markets within the region.
Wesley Bray - The Trade
Nasdaq's Nordic and Baltic equity offering, QuoteView, will be made available through Nasdaq Data Link this month, covering primary venues and MTFs in the region across equities, mutual funds and ETFs. The offering, which is powered by BMLL, provides T+1 consolidated best bid and offer (CBBO) data for Nordic and Baltic equity markets.
/jlne.ws/4bidakv
AI Agents Will Drive the Next Wave of Crypto Adoption; Crypto agents are here already and they will get more and more advanced until we use them to run our financial lives, says Luke Saunders, CTO at Delphi Labs.
Luke Saunders - CoinDesk
In the 2000s, we stopped going into bank branches and started banking online. In 10 years time, do you think we will still be managing our finances this way? I predict today's online financial tools will soon look archaic as we increasingly manage our finances via agents - intelligent bots that conduct financial operations on our behalf.
/jlne.ws/3K17lvC
OpenAI rolls out AI updates to GPT-4 as it seeks to get ahead of Google; Latest advances intensify competition among companies for an edge in emerging technology
George Hammond - Financial Times
OpenAI has unveiled advances to its flagship artificial intelligence model, intensifying the competition with Google and other Big Tech groups pushing for breakthroughs in the technology. The San Francisco start-up demonstrated a series of improvements to its GPT-4 model at an event on Monday, including the ability to interpret voice, video, images and code in a single interface - though it stopped short of revealing a much-anticipated new model.
/jlne.ws/4ano07g
OpenAI Launches Voice Assistant Inspired by Hollywood Vision of AI; The function is part of a faster, more capable version of the company's flagship artificial-intelligence model
Deepa Seetharaman - The Wall Street Journal
/jlne.ws/4bzbS4c
OpenAI Unveils New ChatGPT That Listens, Looks and Talks; Chatbots, image generators and voice assistants are gradually merging into a single technology with a conversational voice.
Cade Metz - The New York Times
/jlne.ws/3UYk4FA
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| Cybersecurity | | Top stories for cybersecurity | Britain and US sound alarm over growing Chinese cyber threat
Michael Holden and James Pearson - Reuters
U.S. and British officials warned on Tuesday of a growing cyber threat from China, with the White House cyber director saying Beijing was capable of causing havoc in cyberspace and a UK spy agency chief warning of an "epoch-defining" challenge. Anxiety has been increasing in the United States and Europe about alleged Chinese cyber and espionage activity, but Beijing has denied the accusations.
/jlne.ws/4bhoi0Y
China poses 'genuine and increasing cyber risk' to UK, warns GCHQ head; Anne Keast-Butler's remarks follow alleged Beijing-related espionage activity in Britain
John Paul Rathbone - Financial Times
China poses a "genuine and increasing cyber risk to the UK", the head of Britain's signals intelligence agency has said. The remarks by Anne Keast-Butler, director of GCHQ, follow a slew of alleged China-related espionage activity in the UK, including a suspected cyber attack that targeted the records of thousands of British military personnel.
/jlne.ws/3UE6gid
Here's What 20 Top Cybersecurity CEOs And CTOs Were Saying At RSA Conference 2024
Kyle Alspach - CRN
CRN spoke with the CEOs and CTOs of a number of cybersecurity companies, including Proofpoint, Palo Alto Networks, Rubrik and CrowdStrike, during RSA Conference 2024. Here's what they had to say.
/jlne.ws/3WHfPQm
Thoma Bravo on why cybersecurity biz models are "broken"
Kia Kokalitcheva - Axios
This week, Axios caught up with Thoma Bravo managing partner Seth Boro, to chat about the cybersecurity sector's opportunities and challenges. The big picture: Like other areas of software, venture-backed cybersecurity startups that raised funding at inflated valuations during the pandemic are now great acquisition targets, says Boro, who helps run the firm's cybersecurity investment efforts.
/jlne.ws/4dHPkA4
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Resumes Operations After 3-Hour Outage; Some users may still be experiencing a "degraded" service, the exchange said.
Sam Reynolds - CoinDesk
Crypto exchange Coinbase (COIN) is back online after a three-hour outage that began at 4:15 AM UTC. The exchange returned to use at 07:42 UTC, according to its status page. Website visitors had received a "503 Service Temporarily Unavailable" message beforehand. The exchange noted the outage in a post on X, saying it was investigating the issue and working on a solution. "Your funds are safe," it posted. A spokesperson for Coinbase said that company didn't have anything to add.
/jlne.ws/3wwoVEP
Indian Crypto Exchange CoinDCX's DeFi Arm Okto to Launch Blockchain and OKTO Token; The objective of Okto is to give global users a single-click mobile experience while traversing the Web3 space.
Amitoj Singh - CoinDesk
Indian crypto exchange CoinDCX has expanded what started as the Okto wallet into an Okto ecosystem, which will include launching a blockchain, a token, and a points program starting Tuesday. The aim is to give global users a single-click mobile experience while traversing the Web3 space, its co-founders Neeraj Khandelwal and Sumit Gupta told CoinDesk in an interview. The objective of Okto's points program is to bootstrap the launch of the Okto blockchain, which will happen later in 2024. That's also when the launch of the OKTO token to power that chain will occur. The points program will reward users for their on-chain transactions, and those trading elsewhere can earn bonus points by moving assets to the Okto Wallet. As much as 7% of the OKTO token will be air-dropped to early users.
/jlne.ws/4dIAWrx
BlackRock closes in on crown of world's largest bitcoin fund; Asset manager pushes deeper into digital assets after ETF success
Will Schmitt and Brooke Masters - Financial Times
BlackRock is closing in on the crown of running the world's largest bitcoin fund as the asset manager's initial scepticism over cryptocurrencies gives way to ambitions to become a significant player in the digital asset market. The US group's spot bitcoin exchange traded fund has garnered $16.7bn of assets since it launched four months ago, putting it less than $1bn behind market leader Grayscale, which enjoyed a 10-year and $28bn head start.
/jlne.ws/3UWLyvt
Bitcoin Miner Marathon In Talks With Kenya to Help With Its Green Energy Ambitions
Camomile Shumba - CoinDesk
Marathon Digital (MARA), one of the largest bitcoin mining companies, has held talks with Kenya to help manage the country's renewable energy through mining and develop its crypto regime. "We've been working closely with the Kenyan government on how to optimize and monetize renewable energy assets," Jayson Browder, vice president of government affairs at MARA, told CoinDesk in an interview. Kenya's President William Ruto recently met up with the Marathon's team during an American Chamber of Commerce event hosted in Kenya.
/jlne.ws/3V0HoTs
Bitcoin Runes Protocol Sees Traction Waning After Much-Hyped Introduction; User activity has plunged after a hyped run-up to the introduction of the Runes protocol, which was expected by some to mirror Solana's meme coin ecosystem.
Shaurya Malwa - CoinDesk
Activity on the Bitcoin Runes protocol has slowed over the past week, a sign it has failed to generate meaningful traction among users despite a stellar start last month. Runes takes the Ordinals protocol a step further by making transactions even cheaper and faster. Ordinals are a way to embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions.
/jlne.ws/3K3fvna
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| Politics | | An overview of politics as it relates to the financial markets | European leaders need to wake up - the world has changed; Germany in particular has been slow to come to terms with significant geopolitical and economic shifts
Sylvie Kauffmann - Financial Times
When Xi Jinping came to Paris five years ago for a bilateral visit, Emmanuel Macron invited Angela Merkel, then the German chancellor, and Jean-Claude Juncker, then president of the European Commission, to join him for the talks. They met China's strongman as a European team. Last week Macron hosted Xi again, but this time the only German at the table was Juncker's successor, Ursula von der Leyen. Chancellor Olaf Scholz chose to stay away.
/jlne.ws/3UJtfsa
Joe Biden orders Chinese crypto miner to sell land near US military base; White House says group has 120 days to exit property near air force's nuclear facility in Wyoming
Demetri Sevastopulo - Financial Times
The White House has ordered a Chinese group that runs a crypto-mining operation in Wyoming to sell the land where it keeps its servers because the facility is next to a base that houses US nuclear ballistic missiles. President Joe Biden ordered MineOne Partners and its partners to sell the land next to Warren Air Force Base in Wyoming within 120 days. He said the British Virgin Islands group was majority-owned by Chinese nationals and had not informed the US government about the sensitive transaction.
/jlne.ws/3wr9e1I
Biden Signs Ban on Imports of Russian Nuclear Reactor Fuel
Ari Natter - Bloomberg
President Joe Biden on Monday signed legislation banning the import of Russian enriched uranium, starting a 90-day countdown until limits on shipments of the reactor fuel take effect. Biden's signature also unlocks some $2.7 billion in spending, previously approved by Congress, to build up domestic uranium supplies for US nuclear plants. That money was contingent on the federal government imposing limits on Russian uranium imports.
/jlne.ws/3yleVPh
Industry Stakeholders Believe a UK Election Won't Derail Crypto Plans; A U.K. election is expected to happen this year, but it likely won't change the trajectory of the country's crypto policy efforts.
Camomile Shumba - CoinDesk
A U.K. election is not going to derail the progress the country has made when it comes to regulating the crypto sector, industry stakeholders told CoinDesk. An election date has not been announced yet, but it is expected to happen in the country this year. The ruling Conservative party - which has been in government for nearly 14 years, since it was first elected in May 2010 - has ushered in a sweep of crypto measures. The party set out to make the country a crypto hub in 2022 and has since introduced a markets bill to enable crypto to be regulated as a financial activity by the Financial Conduct Authority (FCA).
/jlne.ws/4bebskb
Putin to meet Xi in Beijing as world convulses from global conflicts
Simone McCarthy - CNN
Chinese leader Xi Jinping will welcome Vladimir Putin to China on Thursday for the Russian president's second visit in less than a year - the latest sign of their growing alignment amid hardening global fault lines as conflict devastates Gaza and Ukraine. Putin will arrive in China just over a week since entering a new term in office, extending his autocratic rule until 2030 - the result of an election without any true opposition.
/jlne.ws/3K258jw
The Misfits Russia Is Recruiting to Spy on the West; Young people hired in Poland, seeing chance for 'easy money,' take part in Russian sabotage in Europe
Karolina Jeznach, Thomas Grove and Bojan Pancevski - The Wall Street Journal
Low on cash and out of his most recent minimum-wage job, Ukrainian refugee Maxim Leha, then 22, had just found a new way to make ends meet in his newly adopted home of Poland. The job advertised on the Telegram messaging app in early 2023 didn't appear to demand much: Spray-paint graffiti on remote fences and highway underpasses for $7 a pop. When Leha answered, a man who identified himself as Andrzej wrote back. Within days, Andrzej had upped the ante: Leha was fixing cameras along railroad lines carrying Western military aid to neighboring Ukraine.
/jlne.ws/3yh8zR1
Xi's visit to Hungary and Serbia brings new Chinese investment and deeper ties to Europe's doorstep
Justin Spike - AP
/jlne.ws/3yk6YK8
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC, FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers
FinCEN
Today, the Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) jointly proposed a new rule that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish, document, and maintain written customer identification programs (CIPs). The proposal is designed to prevent illicit finance activity involving the customers of investment advisers by strengthening the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector.
/jlne.ws/4dANYHt
Bill Hwang wanted to be a 'legend on Wall Street', say prosecutors; Trial begins over the collapse of Archegos which cost banks billions of dollars and rattled US markets
Joshua Franklin - Financial Times
US prosecutors accused Bill Hwang of running his family office Archegos Capital as a criminal enterprise in an attempt to become a "legend on Wall Street", before its downfall in 2021 sent shockwaves through US equity markets and cost Wall Street banks billions of dollars. Hwang's trial, which began with opening arguments in Manhattan federal court on Monday, is one of Wall Street's highest-profile cases in recent years. There are hopes that it may finally provide answers on the motivations behind one of the industry's major blow-ups.
/jlne.ws/4bzzkhM
Archegos' Bill Hwang lied to become Wall Street legend, causing $36B fund to collapse: prosecutors
Reuters via NY Post
Sung Kook "Bill" Hwang tried to trick all of Wall Street, a federal prosecutor told a Manhattan federal jury, as the trial on charges stemming from the 2021 collapse of Hwang's $36 billion fund Archegos Capital Management began on Monday. Prosecutors have alleged that Hwang and Archegos lied to Wall Street banks to secure billions of dollars of funding that they then used to inflate stock prices.
/jlne.ws/3wq40mR
CFTC Issues Order Against Crypto Prime Brokerage Firm for Illegally Providing U.S. Customers Access to Digital Asset Derivatives Trading Platforms; CFTC's First Action Against an Intermediary for this Kind of Violation of CFTC Rules
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Falcon Labs, Ltd., an entity organized under the laws of the Seychelles, for failing to register with the CFTC as a futures commission merchant (FCM), as required. This marks the CFTC's first action against an unregistered FCM that inappropriately facilitated access to digital asset exchanges. Falcon Labs is ordered to cease and desist from acting as an unregistered FCM by providing U.S. persons access to digital asset derivatives trading platforms. The order also requires Falcon Labs to pay $1,179,008 in disgorgement and a $589,504 civil monetary penalty. The reduced civil monetary penalty reflects Falcon Labs' substantial cooperation with the CFTC's Division of Enforcement, as detailed in the order.
/jlne.ws/3ybYnJi
Deutsche Bank joins global policy makers' Project Guardian;mProject Guardian is a collaborative initiative between the Monetary Authority of Singapore's (MAS) and other financial market players including the UK's Financial Conduct Authority (FCA), Switzerland's Financial Market Supervisory Authority (FINMA), and Japan's Financial Services Agency (FSA).
Claudia Preece - The Trade
Deutsche Bank has joined asset tokenisation initiative Project Guardian - dedicated to testing the feasibility of applications in regulated financial markets - as part of the asset and wealth management workstream. Anand Rengarajan, head of securities services for Asia Pacific and the Middle East and global head of sales said: "Contributing to Project Guardian will bolster our efforts to help shape the new frontier of asset servicing, and strongly position us to contribute to industry progress, and not only anticipate our clients' needs but exceed their expectations."
/jlne.ws/4dC3rXN
FINRA Promotes Michael Solomon to Executive Vice President of Examinations and Membership Application Program
FINRA
FINRA announced today that it has promoted Michael Solomon to Executive Vice President of Examinations and Membership Application Program, effective immediately. Solomon has taken on an expanded leadership role since rejoining FINRA in 2022 as a Senior Vice President and Head of Examinations. Solomon continues to report to Greg Ruppert, Executive Vice President, Member Supervision.
/jlne.ws/3WF8SPs
ASIC cancels Octillion Partners AFS licence
ASIC
ASIC has cancelled the Australian financial services (AFS) licence of Octillion Partners Pty Ltd.
/jlne.ws/3UJd2Dy
ASIC permanently bans former financial adviser
ASIC
ASIC has permanently banned Melbourne based financial adviser Kudzanai Philip Dzawo from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.
/jlne.ws/3UJ9FMZ
AAT upholds permanent ban on former NSW based adviser
ASIC
The Administrative Appeals Tribunal (AAT) has upheld ASIC's decision to permanently ban Sean John Sweeney from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business.
/jlne.ws/3QLTxcl
ESMA Guidelines establish harmonised criteria for use of ESG and sustainability terms in fund names
ESMA
Following the public statement of 14 December 2023, the European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published the final report containing Guidelines on funds' names using ESG or sustainability-related terms.
/jlne.ws/3QIH217
Guidance Note: For duty holders that are AML/CFT reporting entities
FMA - New Zealand
An update from the three AML/CFT Act Supervisors, the Ministry of Foreign Affairs and Trade (MFAT) and the New Zealand Police (NZ Police) to AML/CFT reporting entities who are duty holders under the Russia Sanctions Act. The three AML/CFT Act supervisors - FMA, DIA and RBNZ - along with their partner agencies - MFAT and NZ Police - have provided a Guidance Note for duty holders that are AML/CFT reporting entities. The Guidance Note specifically relates to notifying a customer of an asset freeze or blocked transaction under the Russia Sanctions Act.
/jlne.ws/4ad76IE
Keynote Speech by Mr Gan Kim Yong, Minister for Trade and Industry, and Deputy Chairman of the Monetary Authority of Singapore, at the launch of IBF Golden Jubilee ITE Scholarship on 14 May 2024
Monetary Authority of Singapore
Good morning to all of you. It gives me great pleasure to join you today to launch the IBF Golden Jubilee Scholarship for ITE students.The Institute of Banking and Finance, or IBF, was established in 1974 to develop the professional competencies of the financial industry. Over the last 50 years, it has dedicated itself to growing a skilled and resilient financial sector workforce - a cornerstone of Singapore's position as a vibrant and trusted global financial centre. As IBF celebrates its golden jubilee, it is timely and meaningful to launch this scholarship.
/jlne.ws/4bzDkPk
SFC warns public of suspicious investment plan relating to Big Boss Night Club
SFC - Hong Kong
The Securities and Futures Commission (SFC) today warns the public of a suspicious investment plan relating to Big Boss Night Club which has been widely reported in the media. The investment plan may involve an offer to the public in Hong Kong to subscribe for or purchase shares in a company operating Big Boss Night Clubor New Big Boss Night Club.
/jlne.ws/4bhGcjY
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | GameStop Is Back!? Roaring Kitty, Jim Simons, UBS referral bonuses, "doing very well" and everything is securities fraud.
Matt Levine - Bloomberg
Man, whenever Wharton puts Meme Financial Markets into its MBA core curriculum and hires me to teach it, this is going to be the final exam: GameStop Corp. shares surged as speculation swirled around a return to social media by Keith Gill, who drove the meme-stock mania of 2021 under the moniker "Roaring Kitty."
/jlne.ws/44IGjmh
GameStop's Stock Surge Is a Long Way From 2021 Meme-Stock Frenzy; Frenzy in 2021 sparked 1,000% share price gains in a few days; 'These are always blips, they're like solar eclipses': Atwater
Bailey Lipschultz - Bloomberg
GameStop Corp. shares more than doubling on no fundamental news. Short sellers getting squeezed and retail traders using same-day options to amplify gains in otherwise beaten-down stocks. Nonsense crypto coins adding more than 1,000%. That was Monday. But it could just as easily describe early 2021, when the meme-stock frenzy captured the popular imagination and day traders sent stocks on inexplicable wild rides. However a closer look at the magnitude and zaniness back then shows how much further this latest meme mania needs to go to match the original.
/jlne.ws/3wo4dqI
US Government Debt Is Big. Demand For It Is Bigger. Why $35 trillion in IOUs isn't freaking out markets - at least not yet.
Justin Fox - Bloomberg Opinion
US Debt Worries Everybody But Its Creditors. Is $34.6 trillion a lot? That's how much the US government currently owes, and it's certainly a big number. It looks even bigger when you see it carried out to the last dollar, as in the National Debt Clock in New York City (which can now be found, in case you're ever in Midtown and wondering where it went, on Anita's Way, which connects 42nd and 43rd Streets between Broadway and Sixth Avenue) or the Treasury Department's FiscalData website (which has it down to the penny). Even expressed as a share of gross domestic product - around 120% - gross debt is higher than at any point in US history, except for the first few quarters of the Covid-19 pandemic.
/jlne.ws/4dSPTr9
Blow to $53bn Chevron-Hess deal as investors advised to abstain; Dispute with ExxonMobil over oil-rich Guyana block cited as source of uncertainty by advisory firm ISS
Jamie Smyth and James Fontanella-Khan - Financial Times
Shareholders of Hess should abstain from voting on its $53bn takeover by Chevron, proxy adviser Institutional Shareholder Services has recommended in a potential blow to the US oil companies' efforts to wrap up the deal quickly. The takeover is the latest in a series of large mergers and acquisitions in the oil industry. Among the assets it would deliver to Chevron is Hess's lucrative stake in an offshore oil block off the coast of Guyana.
/jlne.ws/4bxdpaQ
Anglo American plans break-up after rejecting £34bn BHP bid; Miner to sell or demerge De Beers diamond unit, Amplats operation and coking coal assets
Harry Dempsey, Harriet Agnew and Lukanyo Mnyanda - Financial Times
Anglo American plans to break itself up as the embattled mining group tries to win over shareholders following its rejection of a £34bn takeover bid from rival BHP. In a series of sweeping changes to the 107-year-old mining company, Anglo said on Tuesday that it would sell or demerge its De Beers diamond business, its South Africa-based Anglo American Platinum (Amplats) operation as well as its coking coal assets. London-listed Anglo will instead focus on its copper, iron ore and crop nutrients businesses. BHP, the world's biggest miner, has set its sights on securing Anglo's copper business, which is expected to boom as the world decarbonises. Anglo's chief executive Duncan Wanblad has been under intense pressure to set out the group's future as a stand-alone group after rebuffing two bids from BHP.
/jlne.ws/4dyxjV3
Are home prices still rising? See how prices have changed in your area.
Kevin Schaul and Rachel Lerman - The Washington Post
/jlne.ws/3V2Qgbe
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Banks have given almost $7tn to fossil fuel firms since Paris deal, report reveals; Among world's top 60 banks those in US are biggest fossil fuel financiers, while Barclays leads way in Europe
Damien Gayle - The Guardian
The world's big banks have handed nearly $7tn (pounds 5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions, according to research. In 2016, after talks in Paris, 196 countries signed an agreement to limit global heating as a result of carbon emissions to at most 2C above preindustrial levels, with an ideal limit of 1.5C to prevent the worst impacts of a drastically changed climate.
/jlne.ws/4dF1yt9
A US-China EV trade war threatens Biden's clean-car agenda;
Joseph White, Chris Kirkham and Nora Eckert - Reuters
The Biden administration's plan to slap heavy new tariffs on Chinese electric vehicles and batteries would provide temporary protection for U.S. auto jobs, potentially at the expense of White House efforts to fight climate change by accelerating U.S. EV adoption. Few Chinese-made EVs are currently sold in the United States, so the immediate impact on consumers of higher EV tariffs would be minimal, analysts said. The White House also plans to more than triple tariffs on Chinese EV batteries and battery parts to 25%. Graphite, permanent magnets used in EV motors and other EV minerals would get new 25% duties added. These tariffs could affect a broader range of vehicles.
/jlne.ws/3UZtroJ
Countries make late bid to salvage EU's nature law
Kate Abnett - Reuters
A group of 11 countries, led by Ireland, has made a last-ditch attempt to approve the EU's flagship policy to restore damaged nature, amid concerns the law could be shelved following EU elections in June. The law would be among the EU's biggest environmental policies, requiring countries to introduce measures restoring nature on a fifth of their land and sea by 2030. EU countries had planned to approve the policy in March, but called off the vote after Hungary unexpectedly withdrew its support to wipe out the slim majority in favour
/jlne.ws/4bBJDBR
EU finalises investment fund labels to combat greenwashing
Huw Jones - Reuters
The European Union's securities watchdog confirmed on Tuesday final guidelines on when investment funds can label themselves as being 'sustainable' without being accused of greenwashing. Trillions of dollars globally have flowed into investments that promote their green attractions, but regulators say that some funds exaggerate sustainability claims. The European Securities and Markets Authority (ESMA) said a fund that has any environmental, social or governance (ESG) related words in its name must have at least 80% of assets that meet ESG objectives in accordance with the binding elements of its stated investment strategy.
/jlne.ws/4bchGkm
US States Warned of Unhealthy Air From Wildfires: Weather Watch; New air quality alerts for Minnesota and Wisconsin -- due to ongoing Canadian forest fires - are on Bloomberg Green's radar today.
Brian K Sullivan - Bloomberg
Air quality has turned unhealthy for parts of the Upper Midwest in the US, including the Twin Cities of St. Paul and Minneapolis, as smoke drifts south from ongoing Canadian forest fires, according to AirNow.gov. The US National Weather Service said air quality alerts have been posted for Minnesota and Wisconsin.
/jlne.ws/3WLKFax
The Humble Radiator Is Getting a Climate-Friendly Upgrade; Startup Kelvin has a solution to make radiators more efficient and New York apartments less sauna-like.
Lily Meier - Bloomberg
Open the door to an apartment at 2 Charlton Street, and the space will look like any of the 3.6 million units in New York. That is, with one notable exception: The windows are likely to be closed in the winter, a rarity in older New York buildings where the heat is often blasting from radiators. And yet the unit will be a Goldilocks temperature, just right. The secret to 2 Charlton's comfort is an easy-to-miss white box tucked into the corner, what New York-based technology startup Kelvin calls "the Cozy." It's a smart radiator that can cut greenhouse gas emissions and costs - and most importantly to residents, improve comfort.
/jlne.ws/4aesBZy
Renewable diesel glut hits US refiner profits, threatens nascent industry
Shariq Khan and Nicole Jao - Reuters
A rush by U.S. fuel makers to recalibrate their plants to produce renewable diesel has created a supply glut for low-emissions biofuels, hammering profit margins for refiners and threatening to impede a young industry. Turmoil in the biomass-based diesel sector, an umbrella term for renewable diesel and biodiesel, could become a roadblock to future investments in biofuels, the U.S. Energy Information Administration (EIA) said this year. That could potentially stall the transition away from traditional fossil fuels.
/jlne.ws/3QLk1uj
2023 was a bad year for women; The XX factor
Bryce Elder - Financial Times
"A woman's value can never be undervalued by someone who does not understand her value." - Gift Gugu Mona. "Wrong." - Morgan Stanley. Since 2019, the quantitative strategy team at Morgan Stanley has been publishing a stock screen that grades companies by gender equality. Known as the Holistic Equal and Representation Score, or HERS, the idea is "to help investors identify those companies that are leaders and laggards on gender diversity."
/jlne.ws/3yns8qU
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The hunt for the missing Greensill billions; How the fight to recover funds owed to Credit Suisse clients landed with coal baron Jim Justice and a small Virginia bank
Owen Walker and Joshua Franklin - Financial Times
The latest efforts by former Credit Suisse clients to reclaim billions of dollars lent on their behalf by failed finance firm Greensill Capital centre on a small Virginia community bank, a coal baron with his eyes on the US Senate and a grandiose hotel with a bunker big enough to house Congress. The collapse of Greensill three years ago kick-started a worldwide hunt to recover funds that has so far involved legal action against Japanese conglomerate SoftBank, negotiations over an Australian steel business and $2.2bn of insurance claims.
/jlne.ws/4dHJBum
Oriane Cochard: The future is versatile; The TRADE sits down with equity trader at T. Rowe Price, Oriane Cochard, to explore the versatility of new talent reaching the trading desk and how the hiring process has changed to accommodate this.
Annabel Smith - The Trade
How is the skillset of what's required of a trader changing?
Traders are becoming more versatile - they need to adapt to a very rapidly changing industry on multiple fronts. Whether it comes to market structure, risk management, sourcing liquidity or keeping up to speed with current regulatory and technological changes, traders are required to evolve. As such, the skillset that we see on the street and at T. Rowe Price is broadening. While the core qualities of a good trader - effective communication, relationship building, and sharp market insight - remain crucial, there is a growing emphasis on acquiring data-centric skills. Traders are now enhancing their skillsets with coding abilities to automate tasks and improve efficiencies, allowing them to devote more time to value-adding activities.
/jlne.ws/3wrcw54
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | If you want to work 14-hour days, knock yourself out - the rest of us want a life; From childcare to stress to fulfilment, there were many lessons of lockdown and forcing people back to the office is to deny those warnings
Suzanne Moore - The Telegraph UK (opinion)
Long before the pandemic, while stuck in traffic, a cabbie casually explained to me: "Thursdays are the new Fridays". His theory was that you could go out and get drunk on a Thursday night and be hungover at work the next day and that was fine. Women, he told me, had had enough of their blokes being useless on a Saturday morning and not up to looking after the kids. It made a certain kind of sense and now, post-pandemic, it appears to be even more true. Fridays are not for work.
/jlne.ws/4akx3pu
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Stress Hormone Isn't All Bad. What to Know About Your Cortisol Levels; A lot of what you've heard about cortisol is wrong
Sumathi Reddy - Financial Times
If you've noticed people talking about managing their cortisol lately, you're not alone. Chatter about the stress hormone has surged. Doctors say patients are bringing it up more often, and Google searches for how to lower cortisol reached a high in April. Wellness influencers warn about having too much cortisol or too little, and some promote supplements that claim to help. So what's the deal with cortisol? And why are people obsessed now?
/jlne.ws/3WNdC5A
Americans are increasingly concerned about their mental health, survey says. Here's how social media plays a role
Lindsey Leake - Fortune
A larger proportion of Americans are worried about their mental health now than at the start of the COVID-19 pandemic, according to a new survey from CVS Health. In March, the nation's biggest pharmacy chain partnered with Morning Consult to poll 2,202 U.S. adults. In survey results released Thursday, about 65% of respondents said they've experienced concerns about their own mental health or that of friends and family, compared to 59% in April 2022 and 50% in April 2020.
/jlne.ws/4bDEFoc
Users of Novo Nordisk's Wegovy sustain weight loss for 4 years, new analysis shows; Trial participants also had cardiovascular benefits regardless of weight
Ian Johnston - Financial Times
Patients taking Novo Nordisk's anti-obesity jab sustained weight loss for up to four years and had a reduced risk of heart disease regardless of their weight, according to new research that adds evidence to the drug's broader health benefits. Two new studies published on Tuesday in Nature Medicine built on Novo Nordisk trial data first published in November, which found that patients using Wegovy had a 20 per cent reduction of risk of heart attacks and other cardiovascular events.
/jlne.ws/4bEkUNA
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Malaysia won't use interest rates to prop up the ringgit, says central bank deputy chief
Sumathi Bala - CNBC
Malaysia will not use monetary policy as a tool to shore up its currency, according to the central bank's deputy governor. Bank Negara's Adnan Zaylani Mohamad Zahid said the country's policy decisions will be determined by economic growth and the inflation outlook. "We won't use interest rates as a tool to somewhat defend the ringgit," even though interest rate differentials have been "a key driver for much of the performance that we have seen so far," he told CNBC's "Squawk Box Asia" on Tuesday.
/jlne.ws/4bG9EQJ
Tencent profits soar on its online advertising boom; Chinese internet giant focuses on other high-margin businesses as its blockbuster online games age
Eleanor Olcott - Financial Times
China's most valuable listed company Tencent's quarterly profit has surged more than 60 per cent as the internet group focuses more on higher-margin businesses including advertising and ecommerce. Tencent's net income rose 62 per cent year on year to Rmb42bn ($5.8bn) in the first three months of 2024, beating analyst estimates and driven largely by a more profitable advertising business. Revenues were Rmb159.5bn, up 6 per cent compared with the first quarter of 2023.
/jlne.ws/3QL2m6h
Apollo and Intel enter talks to finance $11bn chip plant in Ireland; Discussions come as private capital groups are increasingly tapped by large corporations to fund expansions
Antoine Gara, Michael Acton and Jude Webber - Financial Times
US semiconductor giant Intel has entered exclusive talks with Apollo Global to finance a $11bn chipmaking plant in Ireland, as large corporations increasingly turn to private capital groups instead of banks to fund their expansion projects. Intel has been in talks to raise financing for an aggressive buildout of semiconductor fabrication plants as it shifts supply chains from Asia to western Europe and North America and modernises its chipmaking production facilities to meet rapid advancements in artificial intelligence technology.
/jlne.ws/4dDKpjK
Aeromexico files NYSE IPO with backing from Apollo, Delta Air Lines
Steve Gelsi - MarketWatch
Grupo Aeromexico S.A.B. de C.V. has filed plans to go public on the New York Stock Exchange about two years after it emerged from Chapter 11 bankruptcy with backing from Apollo Global Management Inc. The Mexico City-based carrier plans to offer American Depositary Shares under the symbol AERO with underwriters Barclays, Morgan Stanley, JPMorgan, Evercore ISI and Apollo Global Securities, according to a late Monday filing.
/jlne.ws/3K0VhdT
China's $4 Billion Lychee Harvest Devastated by Extreme Weather
Bloomberg
Extreme weather is devastating China's crop of lychees, the jelly-like tropical fruit that's worth $4 billion a year to the country's farmers. The nation is both the world's largest producer and consumer of the fruit, and a significant exporter. About half of China's lychees are grown in the southern province of Guangdong, where the harvest has fallen foul of an unusually warm winter followed by heavy spring rains. As a consequence, prices have jumped.
/jlne.ws/3yfPCOt
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| Miscellaneous | | Stories that don't quite fit under the other sections | An epic display of the northern lights just occurred. How long until another? Scientists say it's hard to know when another extreme solar storm will hit Earth, but the sun's surface is bustling.
Kasha Patel - The Washington Post
If you missed the auroras that set skies aglow in red, purple and green curtains of light Friday night, it may be a long wait before seeing another display as widespread and magnificent. These northern and southern lights, set off by a once-in-a-generation geomagnetic storm, amazed sky watchers and left scientists in awe. They were so extraordinary and rare, that there's no telling when the next opportunity for such a spectacle will come.
/jlne.ws/4bBQATx
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