| September 07, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The FIA and several of its fellow trade associations, which collectively represent European end users of derivatives along with providers of clearing services, have published a joint statement on the European Commission's proposed Active Account Requirement under the European Market Infrastructure Regulation (EMIR 3.0). The second entry in Leads by Philip Stafford of the Financial Times covers the issue in a story titled "Banks and investors step up opposition to EU derivatives plans," with the subheading "Trade bodies call on bloc to scrap initiative to move clearing deals out of London."
I know you don't want more news about how hot it is or has been, but the Financial Times has a story that informs us that "World heat records 'smashed' in northern hemisphere summer, scientists say." The subheading is "'Season of simmering' in planet's warmest June to August period since documentation began in 1940." So we had hot months, and now we have had the hottest season.
Acuiti today published the third quarter 2023 proprietary trading management insight report based on a quarterly survey of the Acuiti Proprietary Trading Expert Network, a group of senior proprietary trading executives from across the globe, and produced in partnership with Avelacom.
The SGX Cares Bull Charge annual charity initiative teed off today with its Charity Golf tournament, bringing together corporates to raise S$218,888 in support of underprivileged children and families, persons with disabilities and the elderly. This is the 20th year of SGX Cares Bull Charge fundraising.
On September 27, Trading Technologies is holding an event in London, TT Connect: Asia Insight, at Andaz London Liverpool Street. The keynote speaker will be my good friend and former Financial Times reporter Jeremy Grant. For more details and to register, go HERE.
You missed out on the ski-in, ski-out home in Aspen, CO that was just bought for a cool $76 million by a Florida car dealer. The Wall Street Journal has the story.
Can anyone tell me what happened to the metaverse? What happened to the real estate people bought in various metaverse environments? I can't remember the last significant story we had in JLN about the metaverse.
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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September 7 is the International Day of Clean Air for Blue Skies 2023. Follow the hashtags #TogetherForCleanAir and #WorldCleanAirDay on social media to learn more about the transboundary nature of air pollution and the need for stronger partnerships, increased investment and shared responsibility to overcome air pollution. Learn more about how to get involved from the United Nations website.~SAED
A global ESG survey by BNP Paribas found that institutional investors are accelerating their low-carbon transition strategies. The survey of 420 asset owners and managers, hedge funds and private equity firms shows that institutional investors are mobilizing capital towards investments that will deliver measurable positive impacts alongside financial returns. Institutional investors are incorporating ESG, notably in their portfolio management and investment decisions, despite the data constraints that continue to pose the biggest barrier to ESG integration, especially in tackling financial risks posed by climate change. BNP Paribas's ESG Global Survey 2023 is part of a series of reports that examine institutional investors' progress on the path to sustainability. The first report (published today) focuses on ESG data and reporting, while the second will examine net zero objectives, and the third will study the integration of ESG expertise in operations. Learn more here.~SAED
Our most read stories yesterday on JLN Options were:
- Zeroing In on 0DTE Options Trading? Learn the Basics
- FSB warns of risks posed by hedge funds' 'hidden leverage'
- 'There's No Plan B': Oil Chiefs Sound Alarm on Refining Woes ~JB
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Options Discovery Episode 19: Intro To Entrepreneurship And Brokerages In The Options Industry
JohnLothianNews.com
In this episode of Options Discovery, Asma Awass explains what brokers are in the options industry and the services they provide. Alex Teng then sits down with Scott Sheridan, CEO of the brokerage firm tastytrade and co-founder of the trading platform thinkorswim, to discuss tastytrade, thinkorswim, and entrepreneurship in the options industry. Feel free to learn more about tastytrade and Thinkorswim here:
Watch the video »
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Entrepreneurship and brokerages in the options industry; Scott Sheridan, CEO of tastytrade, Discusses these topics and more in this Options Discovery full interview
JohnLothianNews.com
In this Options Discovery full interview, Alex Teng speaks with Scott Sheridan, CEO of the brokerage firm tastytrade and co-founder of the trading platform thinkorswim, to discuss tastytrade and entrepreneurship in the options industry. Scott talks about a variety of topics, including his career and transition to the brokerage business, as well as the start and growth of tastytrade and thinkorswim. Feel free to learn more about tastytrade and Thinkorswim here:
Watch the video »
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How digital cash got caught up in the culture wars; Plans for central bank digital currencies are gaining momentum around the world - and so are conspiracy theories
Siddharth Venkataramakrishnan - Financial Times
At a conference in April, Florida's governor Ron DeSantis veered from familiar swipes at diversity, inclusion and "corporate wokeness" to take aim at a more surprising target. "One of the things we're going to ban in Florida this year is the idea of a central bank digital currency," he told the audience in Pennsylvania, to whoops and cheers. "Guess what'll happen? They're going to try and impose an ESG agenda through that."
/jlne.ws/3P0RSOk
*****Everything is fair game in the culture wars. Apple pie, Chevrolet, baseball? All fair game. ~JJL
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Global Fears Are Feeding Demand for Lloyd's of London Insurance; Insurance market returns to interim profit as claim costs fall; Sales are growing far above the rest of economy, CEO Neal says
Loukia Gyftopoulou - Bloomberg
Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd's of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making individuals and businesses more wary of risks, according to the head of the insurance exchange. While in a normal year insurance grows at the same rate as gross domestic product, it is now growing three times faster, Neal said in an interview with Bloomberg News.
/jlne.ws/45FutJv
***** Think of this as a major risk contract making significant record high open interest records.
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Wednesday's Top Three
Our top story on Wednesday was Column: Elon Musk comes around to blaming the Jews from the Los Angeles Times. Second was Real-Estate Doom Loop Threatens America's Banks, from The Wall Street Journal. Third was Ex-DRW Trader Accused of Stealing Proprietary Quant Code, from Bloomberg.
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| Lead Stories | The Fintech Owner Accused of Laundering Drug Money in Huge Bitcoin Scheme; Caio Marchesani is alleged to have converted piles of cash into crypto accounts for a criminal gang
Jonathan Browning and Upmanyu Trivedi - Bloomberg
A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors. Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK as part of their effort to dismantle a transnational gang. They accuse the 38-year-old Italian of "knowingly and intentionally" hoarding piles of cash and converting them to bitcoin for Sergio Roberto De Carvalho, a Brazilian described by Interpol as one of the world's most wanted kingpins before his arrest in 2022, and Flor Bressers, a Belgian national known as the "finger cutter," who was also nabbed last year.
/jlne.ws/3ZbO7Kv
Banks and investors step up opposition to EU derivatives plans; Trade bodies call on bloc to scrap initiative to move clearing deals out of London
Philip Stafford - Financial Times
Asset managers, pension funds and brokers across Europe have stepped up their opposition to EU plans to shift trillions of euros of derivatives out of London, warning the move could hurt European companies and investors. Eleven trade associations, representing both institutional investors and large banks and brokers handling derivatives trades, said on Thursday that they "strongly recommended" the policymakers ditch a controversial proposal to push a minimum amount of euro derivatives through so-called "active accounts" held at EU-based clearing houses.
/jlne.ws/3r8zMSs
Global regulators seek to crack down on decentralised finance
Huw Jones - Reuters
Global securities regulators set out on Thursday their first blueprint to make participants in "decentralised finance" (DeFi) accountable for their actions and safeguard market stability. DeFi platforms allow users to lend, borrow and save in digital assets, using the blockchain technology that underpins cryptoassets to bypass the traditional gatekeepers of finance such as banks and exchanges.
/jlne.ws/44JJRmT
LSE Investors Sell Another £2 Billion Stake: The London Rush
Gabriela Mello - Bloomberg
Investors including Blackstone Inc. and Thomson Reuters Corp. sold about £2 billion worth of stock in London Stock Exchange Group, bringing the total amount offloaded since March to more than £7 billion. LSE also bought back around £750 million in shares, part of Chief Executive Officer David Schwimmer's pledge to support an "orderly sell down" for the consortium. That's as the exchange struggles to retain premium listings and win over new ones.
/jlne.ws/3r2Q1R4
Bank Watchdogs Told to Ratchet Up Oversight of ESG Risks; Network for Greening the Financial System unveils new rulebook; Financial industry is increasingly the target of lawsuits
Frances Schwartzkopff - Bloomberg
Regulators need to step up oversight of banks' environmental footprints as loss of natural capital exacerbates the impact of climate change, according to the Network for Greening the Financial System.
/jlne.ws/488U2UH
Climate regulation is driving support for populism, says EU parliament chief; Roberta Metsola calls for 'proportionality test' of new policies to slow growth of Euroscepticism ahead of elections
Andy Bounds - Financial Times
The head of the European parliament has said Brussels's growing list of climate and industrial regulations is driving voters towards populist parties ahead of EU-wide elections in June. A "proportionality test" and a proper cost assessment were needed for new regulations, Roberta Metsola said in an interview.
/jlne.ws/3ErU0d0
America's Wind-Farm Revolution Is Broken; Even with generous green subsidies, offshore wind projects are being called off as developers struggle to make a profit
Carol Ryan - The Wall Street Journal
Offshore wind farms should be one of the best solutions to the climate crisis but are turning out to be a lousy business. Getting the struggling industry back on its feet will require a new approach from companies and politicians alike.
/jlne.ws/44HoDWD
Blockchain, AI Set to Transform Financial Markets: Moody's; Incorporating AI and digital ledger technology into business models may require substantial investment, but could help lower expenses and improve market liquidity over time, a report said.
Sandali Handagama - CoinDesk
Blockchain technologies that underpin crypto could help issuers of financial instruments like bonds reduce financing costs in the next five years, according to a report by credit ratings agency Moody's Investors Service. While incorporating these technologies into businesses could increase IT costs and require "substantial investment" at first, it could help lower expenses over time, the report published Wednesday said.
/jlne.ws/44HyaNi
Investors ponder the 'Japanification' of China; Fund managers face rising pressure to make a call on the geopolitical factors affecting China's investability
Leo Lewis - Financial Times
Back in the day, US food diplomacy was easy. Arnold Schwarzenegger (as it might be) would turn up in Tokyo, pose in a supermarket with grapes and bell peppers and order Japan to eat more American produce.
/jlne.ws/3EAFcbX
No other investor has a life story quite as unbelievable as Li Lu; How a radical who fled Tiananmen made billions betting on China
Eleanor Olcott - Financial Times
In the spring of 1989, a train heaving with students arrived in Beijing. Its carriages were so packed that occupants had crammed themselves into luggage compartments and under seats. Once in the Chinese capital, they spilled on to the city's streets to take part in pro-democracy protests sparked by the death of a popular reformist leader. One of the passengers was a 23-year-old named Li Lu.
/jlne.ws/3La3RrN
China Starts Probe Into Shareholder Sales in Key Confidence Test; Nanjing OLO's major shareholder made undisclosed stock sale; Stake reduction suspected of violating China's securities law
Bloomberg News
An obscure furniture maker has come under the spotlight in China's stock market, after authorities launched a probe into a shareholder transaction, in a key test of official resolve to revive investor confidence.
/jlne.ws/3La4rFZ
China Is Being Left Out by a Record Number of New EM Stock Funds; Fourteen EM ex-China funds started in 2023, up from 13 in 2022; Trend shows China becoming less reliable investment: Bhargava
Abhishek Vishnoi - Bloomberg
Launches of emerging-market equity funds that exclude China have already reached a record annual high in 2023, as investor concerns grow over weak returns as well as the risks of investing in the nation.
/jlne.ws/3sPawBa
Trading Technology and Total Cost of Ownership: Modern Traders' Top Challenge?
Andrew Morgan - Traders Magazine
Trading businesses are complex, and expensive to run. As well as top talent, firms require access to sophisticated infrastructure, quality data and cutting-edge tools. Before entering fintech, I led trading businesses during periods of aggressive innovation, cost cutting and regulatory change. There were many plates to spin: nurturing client relationships, managing financial and operational risk, developing new products, keeping up with regulatory change and driving profitable growth.
/jlne.ws/3P90pPp
Kraken Plans to Expand in Crypto Derivatives in Wake of FTX Fall; Crypto Facilities seeking expanded regulatory permissions; Jennings says volumes remain far lower than pre-FTX crash
Emily Nicolle and Anna Irrera - Bloomberg
Kraken's crypto derivatives unit plans to expand its services, targeting a market void left by the collapse of former rival FTX. London-based Crypto Facilities Ltd., which offers leveraged and cash-settled futures contracts in tokens like Bitcoin and Ether for institutional investors, is in talks with the UK's Financial Conduct Authority to gain permissions that would allow it to custody a broader range of client assets in the country, Chief Executive Officer Mark Jennings said in an interview.
/jlne.ws/3ZawPxe
Israeli Police Accuse Hogeg in $290 Million Crypto Scam; Investigators recommend fraud, theft charges be filed; Prosecutors to decide whether to indict ex-soccer team owner
Marissa Newman - Bloomberg
Israeli police accused businessman Moshe Hogeg and his partners of defrauding investors of $290 million in a cryptocurrency scam after a two-year investigation into the former owner of an Israeli Premier League soccer team. Hogeg should be charged with fraud, theft, money laundering, forgery and tax offenses, the national police said in a statement on Wednesday.
/jlne.ws/3sGTbKW
'Wiretaps on wheels': Automakers flunk the privacy test with invasive personal-data collection
The Associated Press - MarketWatch
Most major car manufacturers admit they may be selling your personal information - though they are vague on the buyers, a new study finds, and half say they would share it with the government or law enforcement without a court order. The proliferation of sensors in automobiles - from telematics to fully digitized control consoles - has made them prodigious data-collection hubs.
/jlne.ws/3P73cZo
Greek Shipper Admits to Breaking US Sanctions on Iran Oil; Oil seized and is subject to forfeiture, according to filing; Case remained sealed amid security concerns over Iran
Joe Schneider - Bloomberg
A Greek shipping company admitted to violating US sanctions on Iran by transporting oil from the Middle East country in an agreement with the US that was kept under wraps for almost five months amid fears of Iranian retaliation. Empire Navigation Inc. entered into a deferred prosecution agreement with the US on April 19, pledging to transport almost 1 million barrels of the illicit Iranian oil to the US for seizure and forfeiture, according to a recently unsealed court filing in Washington federal court.
/jlne.ws/3Z8Tk5V
Top Lawyer Who Mocked 'Scared' Lehman Faces Trial Over Tax Scandal; Ex-Freshfields tax chief advised big banks on Cum-Ex trades; Case against ex-Fortis banker also started in Frankfurt court
Karin Matussek - Bloomberg
A court in Germany's financial hub Frankfurt is about to shed more light on how one of the world's most prestigious law firms and a top attorney became instrumental to Europe's biggest tax scandal. Ulf Johannemann, Freshfields Bruckhaus Deringer's former global head of tax, was a key legal adviser on "Cum-Ex" - a ploy that gamed the system to pass vast sums from Germany's treasury into the hands of scores of investors and banks.
/jlne.ws/44GWkrk
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian Strike on Ukrainian City Kills 17
Anastasiia Malenko - The Wall Street Journal
At least 17 people were killed and over 30 injured in a Russian aerial attack on a shopping district in the eastern city of Kostyantynivka, the worst such attack in recent weeks and a fresh sign that Russia is singling out towns near the front lines used by both civilians and Ukrainian soldiers. The attack came as Secretary of State Antony Blinken arrived in Ukraine on Wednesday to signal the U.S.'s continuing support for the Ukrainian war effort.
/jlne.ws/481WSLh
Ukraine has a terrifying new weapon to defeat Russia - and the UK can help them build it
Marcel Plichta - The Telegraph Opinion
Ukraine has recently launched an audacious series of attacks across Russia, hitting several airfields and setting Russian aircraft alight. Ukraine didn't use western-provided missiles for their attacks, but emerging type of weapon that can bring the war home to Russia: one-way attack (OWA) drones. Striking the bases and planes Russia uses to bomb Ukrainian civilians is paramount for the next phase of the war: and the UK can help. With Western support to get high-quality components, Ukraine can soon surpass Russia's drone campaign in scale and intensity, changing the face of their campaign.
/jlne.ws/45Hst3f
Ukraine primes air defences for new Russian winter assault on power grid
Max Hunder - Reuters
Ukrainian air defence crews are banking on newer and better weapons systems to help prevent their country being plunged into darkness again in a second winter of Russian missile and drone strikes.
/jlne.ws/3PvckbJ
Zelenskiy Needs to Fight Corruption Like He's Fighting Putin; Draconian fixes are no substitute for institutional reform.
Marc Champion - Bloomberg
Ukraine President Volodymyr Zelenskiy is under pressure to fight corruption, this time in the defense sector, and he's responded with a heavy-handed proposal to treat war-related graft as treason. It's making allies nervous, and they should be. Zelenskiy replaced his defense minister this week, after removing several top officials for skimming funds or taking bribes. The problem is real and hardly unique. Russia's military performance has raised even bigger questions about what happened to tens of billions spent on defense modernization over more than a decade. Where are all those unbeatable Armata tanks the Kremlin talked up for years?
/jlne.ws/3Z7OAgK
Ukrainians Embrace Cluster Munitions, but Are They Helping? The weapons, banned by most countries over human rights concerns, are "not a magic wand," but some Ukrainian troops say they are making a difference in fighting Russian forces.
Lara Jakes and Eric Schmitt - The New York Times
The images of Russian troops retreating from a village in Ukraine under fire leave little doubt of the impact of cluster munitions. Soldiers running from a constellation of at least a dozen explosions around them. An armored vehicle speeding down a road before being hit in a cascade of simultaneous eruptions salting the surrounding ground.
/jlne.ws/3PtxC9m
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Launches Reimagined MarketSite; Includes a state-of-the-art broadcast studio, dedicated IPO and Market Intelligence Centers, and a gallery space celebrating Nasdaq-listed companies; CNBC's "Fast Money" will broadcast its show from the new studio each weeknight at 5pm ET at MarketSite; Coincides with the launch of Nasdaq's new brand campaign
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the reopening of the second floor of its iconic MarketSite at 151 W. 42nd Street in Times Square. The new space includes a state-of-the-art broadcast and production studio that will be home to CNBC's "Fast Money," a dedicated IPO Center for first trade celebrations, and a new gallery space commemorating the historic moments and innovation of our listed companies, many of which are Nasdaq-100® companies.
/jlne.ws/465J7JP
BME Receives Regulatory Approval for its New Digital Assets Derivatives Segment; CNMV's approval marks a milestone in the Digital Asset Ecosystem, Reinforcing SIX's commitment to innovation and security; BME Clearing introduces a new segment called Digital Assets Derivatives, that will upgrade the trading, clearing and cash settlement of digital asset futures
BME
SIX is delighted to announce that BME Clearing, the Spanish central counterparty (CCP), has successfully obtained regulatory approval from Comisión Nacional del Mercado de Valores (CNMV) to clear Bitcoin and Ethereum futures, denominated in USD under the EU regulatory framework. BME Clearing is adding a new segment for Digital Asset Derivatives aimed at institutional investors, introducing digital assets to a secure and highly regulated environment, that will upgrade the trading, clearing and cash settlement of digital asset futures.
/jlne.ws/3Es8ABi
Cboe Global Markets Reports Trading Volume for August 2023
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported August monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain August trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/45DC0Z6
China's Microsoft Email Cloud Hack Began With a 2021 Computer Crash
Robert McMillan and Dustin Volz - The Wall Street Journal
A series of technical missteps by Microsoft, including the hack of a company engineer, gave the Chinese government access to emails of top Biden administration officials, according to new information released by the company Wednesday. The cyber-espionage attack, which Microsoft disclosed in July, has prompted congressional inquiries because it compromised the unclassified email systems of several State Department officials ahead of a state visit to China.
/jlne.ws/45I38pQ
CME Group Announces Record Volume Across Suite of Short-Term WTI Options
CME Group
CME Group, the world's leading derivatives marketplace, today announced that trading in its suite of WTI weekly options, the company's fastest growing energy products, reached record average daily volume in August of 12,291 contracts. All of the top five record months for Weekly WTI Crude Oil options have occurred this year.
/jlne.ws/44JpUfU
Euronext launches innovative ESG solutions to accelerate the transition towards sustainable finance, during the first Euronext Sustainability Week
Euronext
Euronext unveils new ESG educational and support services for corporates; Introduction of a series of initiatives facilitating sustainable investment, including an innovative family of biodiversity indices; Launch of a Euronext Foundation dedicated to financial literacy, diversity & inclusion, and marine resources. Euronext, the leading pan-European market infrastructure, announced today the launch of a series of strategic ESG initiatives aimed at accelerating the transition towards sustainable finance. These innovative ESG services were unveiled during the inaugural Euronext Sustainability Week, further delivering on our "Fit For 1.5°" objectives and "Growth for Impact 2024" strategy.
/jlne.ws/45HOejp
HKEX Celebrates Opening Of London Office
Hong Kong Exchanges and Clearing Limited
Hong Kong Exchanges and Clearing Limited (HKEX), one of the world's leading exchange groups, was this week pleased to celebrate the opening of its new office in London, further extending its international reach. HKEX Chief Executive Officer Nicolas Aguzin and other senior company executives hosted a reception on Wednesday evening in The City of London to welcome guests from across the UK financial and business community. In celebration of this milestone event, Mr Aguzin struck the HKEX gong, signifying HKEX's commitment to its global clients and to the importance of connectivity.
/jlne.ws/486qkj7
NYSE President and ICE Fixed Income & Data Services Chair Lynn Martin to Present at the UBS Fintech Leaders Conference on September 14
Businesswire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced today that Lynn Martin, NYSE President and Fixed Income & Data Services Chair, will present at the UBS Fintech Leaders Conference. The presentation will take place on Thursday, September 14 at 10:00 a.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/.
/jlne.ws/3EwvN5r
Shenzhen Stock Exchange: Establishing Program Trading Reporting System And Regulatory Arrangements To Promote The Standardized Development Of Program Trading
Mondovisione
On September 1, Shenzhen Stock Exchange (SZSE) issued the Notice on Matters Related to Stock Program Trading Reporting (the "Reporting Notice") and the Notice on Matters Related to the Strengthened Management of Program Trading (the "Management Notice"). These notices expanded the program trading reporting system from convertible bonds to stocks, funds and other trading instruments.
/jlne.ws/45G1Mfr
Shenzhen Stock Exchange Holds The "Innovation And Growth: National Defense Science And Technology Industrial Chain" Event To Better Serve High-Tech For Self-Reliance And Self-Improvement
Mondovisione
On September 1, the "Innovation and Growth: National Defense Science and Technology Industrial Chain" was successfully held in Xi'an, Shaanxi Province. The event was jointly organized by SZSE, Shaanxi Local Financial Supervision and Administration, CSRC Shaanxi Office, Shaanxi National Defense Science and Technology Industry Authority, and CITIC CRESCIN (Beijing) Investment Consulting Co., Ltd.
/jlne.ws/484jnPA
SGX Orb Awards winners turn focus to the future of finance; Winning entries include the digital transformation of the financial industry and the rise of chief sustainability officers
SGX
Winners of the SGX Orb Awards 2023 turned their focus to the future of finance, with top entries covering topics such as the realities of financial digitalisation and the evolving skillsets of sustainability leaders. This year's special category also saw submissions from next-generation investors who wrote on the world's second-largest economy, China, as well as how artificial intelligence (AI) could impact capital markets.
/jlne.ws/3sLrTTF
SGX Cares Bull Charge tees off first fundraising event for the year with Charity Golf; This year marks 20 years of SGX Cares Bull Charge fundraising
SGX
The SGX Cares Bull Charge annual charity initiative teed off today with its Charity Golf tournament, bringing together corporates to raise S$218,888 in support of underprivileged children and families, persons with disabilities and the elderly. Close to 150 golfers and guests gathered at Sentosa Golf Club's Serapong course after a three-year hiatus, to mark the return of Charity Golf. It is the first of three events anchoring SGX Cares Bull Charge, Singapore Exchange's (SGX Group) flagship charity initiative that brings together the financial industry to uplift and empower our communities. Sports enthusiasts can also look forward to our annual SGX Cares Bull Charge Charity Futsal which will take place on 30 September 2023 at Kick Off!
/jlne.ws/4828SfR
Change of Component Issues for the TSE Mothers Index
JPX
The following change of component issues for the TSE Mothers Index was announced.
/jlne.ws/3sO9BBi
Moscow Exchange wins DFA AWARDS; Moscow Exchange became the winner of the DFA AWARDS in the Breakthrough of the Year nomination.
MOEX
The award ceremony took place on September 5, 2023 as part of the Digital Finance: New Economic Reality forum organized by the Association of Corporate Treasurers and the ACRA rating agency. More than 400 representatives of various sectors of the Russian economy took part in the event.
/jlne.ws/3Lf36Oh
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Bloomberg expands Terminal to make alternative data accessible alongside traditional financial data; New function will support users with intra-quarter insights which can be incorporated into research workflows as well as consensus estimates, company news, research and guidance.
Wesley Bray - The Trade
Bloomberg has introduced a new alternative data function on the Bloomberg Terminal, which will allow customers to gain an early read on company performance alongside traditional fundamental data. Named ALTD , the new function will support equity analysts and portfolio managers with intra-quarter insights which can be incorporated into research workflows, paired with consensus estimates, company news, research and guidance - ahead of earnings announcements.
/jlne.ws/3Ru4Hnl
smartTrade to launch AI offering aimed at enhancing front office trading; The new technology - smart Copilot - combines human decision-making and advanced AI.
Claudia Preece - The Trade
smartTrade Technologies has today launched a new offering, 'smart Copilot' which aims to enhance front office payments and trading. This move is in a bid to "revolutionise" how these functions operate through combining human decision-making and advanced AI. David Vincent, chief executive of smartTrade, said: "smart Copilot represents the next generation of innovation in the payments and trading arena. It's our answer to the evolving demands of the market, ensuring every interaction is both insightful and personalised."
/jlne.ws/3Px3RVu
Sumitomo Mitsui Trust AM latest buy-side to integrate Virtu's Triton Valor EMS; The asset manager has integrated Virtu's execution management system (EMS), Triton Valor, including its trading analytics and global equity execution algorithms, as well as connectivity to POSIT Alert.
Annabel Smith - The Trade
Sumitomo Mitsui Trust Asset Management has become the latest buy-side institution to onboard Virtu Financial solutions across its execution business. As part of the deal, the asset manager has successfully deployed Virtu's multi-asset EMS, Triton Valor, alongside Virtu's newly released suite of equity algorithms across Asia Pacific, Europe, Canada, Latin America, and the United States.
/jlne.ws/3P77f7S
DIGITEC launches new OMS to automate interdealer FX swaps workflows; Named D3 OMS, the platform allows for increased workflow automation, alongside enabling traders to connect and place orders in the interdealer FX swaps market.
Wesley Bray - The Trade
FX swaps technology and data provider DIGITEC has launched its new order management system which automates interdealer FX swaps workflows, while also connecting to trading venues. Named D3 OMS, the platform combines position management, risk management, OMS and EMS functionality to allow workflow automation to increase, while also giving traders the ability to connect and place orders in the interdealer FX swaps market.
/jlne.ws/3LfFKYK
San Francisco Lost Its Chance to Be Blockchain Capital, Ripple's Larsen Says; US government kept industry from blossoming in city, he says; Larsen points to London and Singapore as bigger crypto centers
Paayal Zaveri and Hannah Miller - Bloomberg
San Francisco was set to become "the blockchain capital of the world" but lost its status because of hostile US government policy and regulatory crackdowns, according to Chris Larsen, co-founder and executive chairman of crypto pioneer Ripple Labs Inc. London, Singapore and Dubai are now bigger hubs for the blockchain industry because the federal government forced operations to move overseas, he said in an interview with Bloomberg Television.
/jlne.ws/3Ra9gmi
Coinbase, Framework Venture Funds Invest $5M in Socket Protocol, in Bet on Blockchain Interoperability
Margaux Nijkerk - CoinDesk
/jlne.ws/460VJBL
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| Cybersecurity | | Top stories for cybersecurity | China's Microsoft Email Cloud Hack Began With a 2021 Computer Crash
Robert McMillan and Dustin Volz - The Wall Street Journal
A series of technical missteps by Microsoft, including the hack of a company engineer, gave the Chinese government access to emails of top Biden administration officials, according to new information released by the company Wednesday. The cyber-espionage attack, which Microsoft disclosed in July, has prompted congressional inquiries because it compromised the unclassified email systems of several State Department officials ahead of a state visit to China.
/jlne.ws/45I38pQ
Cybersecurity budgets shot up as attacks witness a surge: Palo Alto Networks
K V Kurmanath - The Hindu Businessline
As the number of 'disruptive' cyber attacks witnessed a sharp increase, Indian enterprises have increased cybersecurity budgets by 75 per cent in 2023. "A notable 67 per cent of Indian government and essential service entities reported encountering a surge of over 50 per cent in disruptive attacks in 2022-23," cybersecurity solutions company Pal Alto Networks said.
/jlne.ws/3r0yZmL
CNLABS and UNSW Set the Stage for Cybersecurity Excellence with Innovation Lab
Press Release
CNLABS, a globally accredited network product certification and interoperability test laboratory, announced setting up the Cyber Security Innovation Lab at the University of New South Wales (UNSW) in Sydney, Australia. Over the past decade, CNLABS has gained deep domain expertise in SDN, NFV, IPv6, IIoT, and Cloud Networking. The lab has assumed leadership roles in organizations such as IPv6 Forum, ITU-T and ONF, contributing to initiatives like ETSI-ISG-IPE and the IPv6-Enhanced Council, fostering industry innovation. The CNLABS Sydney Innovation Lab at UNSW will focus on research, certifications, and development of regulatory standards for networked systems in Security and Trustworthy AI, with both global and regional significance.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankman-Fried loses bid to get out of jail, appeals court will hear case
Luc Cohen - Reuters
Sam Bankman-Fried on Wednesday lost his bid to be freed immediately from a Brooklyn jail so he could prepare better for his criminal trial, less than a month away, over the collapse of his FTX cryptocurrency exchange. In rejecting Bankman-Fried's request, the 2nd U.S. Circuit Court of Appeals in Manhattan nonetheless said it would ask the next available three-judge panel to consider it.
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Crypto has minted tens of thousands of new millionaires, but they're still only 0.02% of everyone who's ever bought digital currency, a new wealth report says
Matthew Loh - Business Insider
The world has at least 88,200 crypto-millionaires, according to a new wealth report by London-based firm Henley & Partners. That's around 0.02% of everyone who owns or trades in cryptocurrencies, which the report says is around 425 million people globally.
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Bitcoin Miner Riot Platform Made a Record $31 Million From Power Credits in August; Riot has one of the largest Bitcoin mining facilities in Texas; Contracts let pre-purchased power to be sold back at a premium
David Pan - Bloomberg
Riot Platforms Inc., one of the largest Bitcoin miners in Texas, said it earned a record $31.7 million from power credits during the August heat wave that swept across the Lone Star State.
/jlne.ws/3EtYr7b
Tornado Cash Developer Roman Storm Pleads Not Guilty to Money Laundering, Other Charges
Elizabeth Napolitano and Nikhilesh De - CoinDesk
Tornado Cash developer Roman Storm pleaded "not guilty" to charges of conspiring to operate a money transmitter or facilitate money laundering and sanctions evasion in a court appearance Wednesday. Storm, a dual U.S. and Russian citizen, will be released on a $2 million personal recognizance bond secured by his residence in Washington state and co-signed by one "financially responsible" person, Judge Katherine Polk Failla said at the U.S. District Court for the Southern District of New York.
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Bankrupt Genesis Sues DCG Over $620 Million of Unpaid Loans; Suits seek to recover about $620 million in cash and Bitcoin; DCG said it's documenting a standstill agreement with Genesis
Jonathan Randles - Bloomberg
Bankrupt cryptocurrency lender Genesis Global Holdco LLC sued its parent, Digital Currency Group, seeking to recover about $620 million in outstanding loans despite ongoing settlement talks. Genesis sued Barry Silbert's DCG and DCG International Investments Ltd. on Wednesday in New York bankruptcy court but asserted that the companies will keep discussing a potential deal that could end the dispute.
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| Politics | | An overview of politics as it relates to the financial markets | Lawsuit seeks to declare Donald Trump's presidential bid unconstitutional; Ethics watchdog says former US president should be barred from holding office under the 14th amendment
Lauren Fedor - Financial Times
A legal watchdog has filed a lawsuit to remove Donald Trump from the Republican primary ballot in 2024, arguing that the former president disqualified himself from public office by violating the US Constitution on January 6 2021. The suit advances a once-fringe legal argument that could fast become a lightning rod in the 2024 presidential election. Trump remains the undisputed frontrunner in a crowded field of Republicans vying for the party's nomination for the White House, even as he faces 91 criminal charges across four separate criminal cases.
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Elon Musk's hypocrisy about free speech hits a new low; It's 'free speech for me, but not for thee' in his world - he doesn't like it, he sues
Margaret Sullivan - The Guardian
Even before he took over Twitter, Elon Musk touted himself as a "free speech absolutist". This was always a troubling notion for an insanely rich guy with a cult following whose sense of history is as limited as his ego is boundless. As it turns out, what Musk had in mind was something more along the lines of "free speech for me, but not for thee", as the title of the revered columnist Nat Hentoff's 1992 book put it.
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Biden to block oil drilling in 'irreplaceable' Alaskan wildlands
Timothy Puko - The Washington Post
President Biden moved Wednesday to protect more than 10 million acres of Alaska's North Slope from development, barring oil drilling across giant swaths and canceling leases in the iconic Arctic National Wildlife Refuge issued under President Donald Trump. The conservation push covers nearly half of the National Petroleum Reserve-Alaska (NPR-A), the nation's largest expanse of public land, which provides habitat for a range of sensitive Arctic wildlife, including caribou and shorebirds.
/jlne.ws/3ErJv9s
Lawsuit seeks to declare Donald Trump's presidential bid unconstitutional; Ethics watchdog says former US president should be barred from holding office under the 14th amendment
Lauren Fedor - Financial Times
A legal watchdog has filed a lawsuit to remove Donald Trump from the Republican primary ballot in 2024, arguing that the former president disqualified himself from public office by violating the US Constitution on January 6 2021. The suit advances a once-fringe legal argument that could fast become a lightning rod in the 2024 presidential election.
/jlne.ws/3LfjUoi
GOP Introduces Four Bills at Once to Block 'Woke' ESG Investing
John Sullivan - National Association of Plan Advisors
House Republicans significantly increased their attacks on environmental, social, and corporate governance (ESG) investing on Wednesday, introducing four bills to either roll back or block the inclusion of ESG factors in retirement plans. The Education and the Workforce Committee said the bills "amend the Employee Retirement Income Security Act of 1974 (ERISA) to ensure financial institutions are focused on maximizing returns in retirement plans rather than on woke environmental, social, and corporate governance (ESG) factors."
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UK Ends Ban on New Onshore Wind Farms by Relaxing Planning Rules; Campaigners say new planning regulations don't go far enough; Sunak takes action nine months after caving to own Tory MPs
Ellen Milligan - Bloomberg
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China's Belt and Road at crossroads as more loans turn sour; 10 years in, Beijing enjoys greater clout but new investments trend down
Iori Kawate - Nikkei Asia
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NEC acquires fintech company to help employees build assets
Nikkei Asia
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| Regulation & Enforcement | | Stories about regulation and the law. | Trade associations urge policymakers to delete active account proposal under EMIR 3.0; In a joint statement, the negative impacts the proposal would have on EU capital markets including introducing fragmentation, loss of netting benefits and reducing the EU's resiliency to market stresses, are highlighted by the associations.
Wesley Bray - The Trade
European trade associations have published a joint statement urging EU policymakers to delete the proposed active account requirement under the European Market Infrastructure Regulation (EMIR 3.0).
/jlne.ws/3Expwq9
The Crisis of Modern Day Capitalism; Economist Mariana Mazzucato says sacrificing regulation in the name of growth is a mistake, and that state investment is the real driver of innovation.
Sommer Saadi - Bloomberg
Capitalism as we know it isn't really working, according to economist and author Mariana Mazzucato. Take the current concrete crisis across UK schools. For Mazzucato, that's a case of too little being spent on the school buildings themselves. But there's another problem: lax regulation. If we continue to weaken the rules in the name of a stronger economy, she says, we risk tragedy.
/jlne.ws/44JRJET
FINRA Announces Results of Governor Elections
FINRA.org
FINRA announced today the results of its election of two Governors to its Board of Governors. The announcement came after the Annual Meeting of FINRA firms, where Scott A. Curtis, president of Raymond James' Private Client Group, was elected as a Large-Firm Governor, and Wendy Lanton, Chief Compliance Officer and Founding Principal of Herold & Lantern Investments, Inc., was re-elected as a Small-Firm Governor.
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FINRA Announces Results of Governor Elections; Firms Elect Scott A. Curtis as a Large-Firm Governor, Re-Elect Wendy Lanton as a Small-Firm Governor
FINRA
FINRA announced today the results of its election of two Governors to its Board of Governors. The announcement came after the Annual Meeting of FINRA firms, where Scott A. Curtis, president of Raymond James' Private Client Group, was elected as a Large-Firm Governor, and Wendy Lanton, Chief Compliance Officer and Founding Principal of Herold & Lantern Investments, Inc., was re-elected as a Small-Firm Governor.
/jlne.ws/3P9y2jX
SEC Charges Fluor Corp. for Accounting Improprieties; Five former and current employees charged with causing company's violations
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced that Irving, Texas-based Fluor Corporation will pay $14.5 million to settle charges stemming from the company's improper accounting on two large-scale, fixed-price construction projects. Five former and current officers and employees also agreed to settle related charges for causing Fluor's violations.
/jlne.ws/44BPt2k
SEC Charges Five Advisory Firms for Custody Rule Violations
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against five investment advisers for failing to comply with requirements related to the safekeeping of client assets. Three of the firms were also charged with failing to timely update SEC disclosures regarding audits of their private fund clients' financial statements. All five advisory firms have agreed to settle the SEC's charges and to pay more than $500,000 in combined penalties.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Europe Gas Storage Is Now Key for Global Prices, Trafigura Says; End-winter European storage levels will set LNG rates; Cold snap would boost competition with Asia for LNG cargoes
Stephen Stapczynski - Bloomberg
European natural gas storage levels have become a key market indicator, according to Trafigura Group, a top trader of the fuel. "The amount of gas in storage at the end of the winter will determine how much LNG Europe will buy in the summer, which then sets the global price," Richard Holtum, global head of gas and power at Trafigura, said on the sidelines of the Gastech conference in Singapore.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | As Climate-Fueled Weather Disasters Hit More U.S. Farms, the Costs of Insuring Agriculture Have Skyrocketed; Critics of the federal program say it encourages more carbon-intensive farming and are calling for Congress to lower subsidies for big, wealthy producers.
Georgina Gustin - Inside Climate News
The country's farmers took in a record $19 billion in insurance payments in 2022, many because of weather-related disasters, according to a new analysis that suggests climate change could stoke the cost of insuring the nation's farmers and ranchers to unsustainable levels. The Environmental Working Group, which has for decades critically scrutinized the Federal Crop Insurance Program, published new research Thursday, finding that the cost of the program has soared from just under $3 billion in 2002 to just over $19 billion last year.
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From Heat Domes to Wet Bulbs, a New Glossary for Talking About Extreme Heat; The words you'll need to know when discussing the weather.
Brian Kahn, Eric Roston, Zahra Hirji, and Coco Liu - Bloomberg
The weather was once a thing you discussed as small talk with a neighbor. With each passing summer, though, we're learning to talk about the weather as if it's life or death-which it increasingly can be. Heat has dominated the global conversation recently amid the hottest summer ever recorded and a spate of climate-change-fueled disasters, from huge wildfires in Greece and Canada, to a record string of 110F-plus days that had doctors using ice-filled body bags to cool Phoenix residents, to supercharged hurricanes in the Atlantic basin.
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Ultra Rich Pay $620,000 to Shield Mega Mansions From Disaster Risk; Insurance premiums are soaring as climate risk grows, pricing everyone but the wealthy out of some coastal areas.
Felipe Marques and Devon Pendleton - Bloomberg
Even for Star Island, the most exclusive enclave in Miami, the bill is a shocker: $622,000. That's per year - for homeowners insurance. Granted, that was a recent quote for a policy on one of the ultraluxe mansions on the Biscayne Bay island, where A-listers like Rick Ross, Ken Griffin and Alex Rodriguez own homes. But, only last year, the same policy cost $200,000.
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BlackRock, Temasek Invest in EV Battery Materials Manufacturer
Emmy Hawker - ESG Investor
Decarbonisation Partners, which is a sustainable private investment partnership between asset manager BlackRock and sovereign wealth fund Temasek, has co-led a growth equity investment in Ascend Elements. As part of the investment, which has contributed to the US$460 million Series D round, a representative of the Decarbonisation Partners will sit on the board of the US-based manufacturer of sustainable, engineered battery materials for electric vehicles (EVs). In total, Ascend Elements has raised US$542 million in new equity investments this year.
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Draft UN plastics treaty threatens Big Oil's plan B; Countries are considering a global target to curb plastic production, not just focus on recycling as the industry wants
Joe Lo - Climate Home News
Governments will soon debate whether to set a global target to reduce the production of plastics after negotiators put it on the agenda for plastics treaty talks in November. The first draft of the new United Nations plastics treaty contains options where governments commit either to stop their plastic production rising above a certain level or to commit to a global target.
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Fitch Sees More Bonds as Biodiversity Goes Mainstream; Nature theme faces challenges in finding quantifiable metrics; Biodiversity-tied bond sales at a record $165 billion in 2023
David Caleb Mutua - Bloomberg
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Texas Teeters on Edge of Blackouts as Demand Squeezes Grid; Grid operator issues first emergency declaration since 2021; ERCOT draws on electricity reserves while urging conservation
Joe Carroll and Naureen S Malik - Bloomberg
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Floods Take Deadly Toll in Greece and Turkey; Storm Daniel has disrupted transport and caused fatalities; North and central Europe seared by autumnal heat wave
Ellie Harmsworth, Sotiris Nikas, and Ugur Yilmaz - Bloomberg
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Ramaswamy's anti-ESG firm hits $1 billion in assets
Bloomberg
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Sweden's H2 Green Steel Raises euro 1.5 Billion for First Metals Plant
Lars Paulsson - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Oaktree's Howard Marks Expects More Companies to Default on Debt; Interest rate spikes curbing firms' ability to raise cash; Buyout and real estate firms at risk for defaults, Marks says
Layan Odeh - Bloomberg
Oaktree Capital Management co-founder Howard Marks said he expects more companies to default on their debt as higher interest rates make it harder for struggling companies to raise capital. "When you go through a period when it's super easy to raise money for any purpose or no purpose, and you go into a period when it's difficult to raise money, even for a good purpose, clearly many more companies are going to founder," Marks said in an interview taped for an upcoming episode of Bloomberg Wealth with David Rubenstein.
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Wall Street to Biden bank cops: We'd like European regulation instead
Zachary Warmbrodt and Hannah Brenton - Politico
Corporate America often bristles at Europe's aggressive regulation of big business. But when it comes to banking rules, Wall Street wants Washington to import the softer approach that's taking shape in Brussels. The European Union is flipping the script as it finalizes regulations designed to keep banks afloat during economic storms.
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Philip Jefferson Confirmed as Federal Reserve Vice Chair by Senate; Second Black person to serve in influential central bank post; Jefferson has backed every rate move since joining Fed board
Steven T. Dennis - Bloomberg
The Senate confirmed Philip Jefferson as vice chair of the Federal Reserve on an 88-10 vote Wednesday, with other central bank nominations also on deck for confirmation votes. Jefferson, who will be the second Black person to hold the vice chair post, will continue to hold a separate term as governor, which runs through 2036. The vice chair term lasts four years.
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Citigroup seeks deal for small-bank platform after loan requests top $1bn; Third-largest US lender's Bridge network likened to a dating app for modest-sized loans
Stephen Gandel - Financial Times
Smaller US banks are struggling with shrinking loan demand and higher interest rates. Some have been finding help from an unlikely source: Citigroup. Citi, with $2.4tn in assets, is America's third-largest bank and a massive competitor to thousands of institutions dotting the US financial landscape. But in the past two years it has been operating a lending platform that connects small banks to small businesses whose borrowing needs fall below Citi's typical size threshold.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Make Learning a Lifelong Habit
John Coleman - Harvard Business Review
I recently worked my way through Edmund Morris's first two Teddy Roosevelt biographies, The Rise of Theodore Roosevelt and Theodore Rex. Roosevelt wasn't without flaws, but he was by nearly all accounts fascinating and intellectually voracious. He published his first book, The Naval War of 1812, at 23 and continued to write on everything from conservation to politics and biography.
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JPMorgan's Jamie Dimon delivers a stern warning to remote workers
Todd Campbell - TheStreet
Millions of global customers generate over $125 billion in revenue from interest and fees annually for JPMorgan Chase (JPM) - Get Free Report. The bank boasts assets of $2.6 trillion, operates in over 100 countries, and employs more than 240,000 people worldwide. The company's status means that when its CEO, Jamie Dimon, talks, people listen. Unfortunately, that could be bad news for many because Dimon recently took aim at work-from-home arrangements.
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New Rules Help to Answer Whether Clean Energy Jobs Will Also Be Good Jobs; The Biden administration's proposal for Inflation Reduction Act wage, benefit and apprenticeship requirements aim to create "real middle-class careers."
Dan Gearino - Inside Climate news
One goal of the Inflation Reduction Act is to make sure that jobs created by the transition to clean energy have high standards for wages and benefits. The Biden administration is now providing some specifics about how this will work. The Treasury Department and the IRS released a proposed rule last week that spells out what companies need to do to qualify for tax credits tied to labor standards under the 2022 law.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Moderna says updated Covid vaccine was effective against highly mutated BA.2.86 variant in trial
Annika Kim Constantino - CNBC
Moderna's new Covid vaccine produced a strong immune response against BA.2.86, a highly mutated omicron variant that health officials are watching closely, according to clinical trial data the biotech company released Wednesday.
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Covid Continues to Rise, but Experts Remain Optimistic; An uptick in hospitalizations and deaths persists, but the numbers are relatively low and new vaccines are around the corner.
Apoorva Mandavilli - The New York Times
Jill Biden, the first lady, tested positive for Covid-19 on Monday. Governor Kathy Hochul of New York has announced that the state will send high-quality masks and rapid tests to school districts that request them. Already, schools in Kentucky and Texas have closed, citing widespread respiratory illness among students and staff. The coronavirus is in the air again. Literally.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Asks Fertilizer Producers to Suspend Urea Shipments
Hallie Gu - Bloomberg
China has asked some fertilizer producers to suspend urea exports after domestic prices jumped, a move that's likely to restrict supplies and boost costs for farmers in key buyers such as India.
/jlne.ws/3PaWQbe
China's Gold Binge Extends to 10th Month as Reserves Climb
Sybilla Gross - Bloomberg
China added to its gold reserves for a 10th straight month, extending a push to bolster its hefty stockpile as it tries to diversify away from the US dollar. Bullion held by the People's Bank of China rose by 930,000 troy ounces in August, the central bank said on Thursday. That's equivalent to about 29 tons. Total reserves now sit at 2,165 tons, with around 217 tons added in a run of purchases that began in November.
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South Korea launches samurai bond in Japan as bilateral relations improve; Bank of Japan's dovish monetary policy has made yen-denominated debt issuance attractive
Song Jung-a - Financial Times
The South Korean government sold its first yen bond, worth ¥70bn ($474mn), on Thursday in a sign of improving relations with Japan and as debt issuers from around the world flock to Tokyo this year to take advantage of low borrowing costs.
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Onshore Yuan Sinks to Weakest Since 2007; Streak of stronger-than-expected PBOC fixings hits record; Yuan weighed by gloomy economic outlook, policy differential
Bloomberg News
The onshore yuan dropped to a 16-year low against the dollar, as pessimism grew toward China's economy and financial markets. The currency slid by about 0.2% to 7.3294 per dollar and declined by a similar magnitude in the offshore market. The weakness came even after the People's Bank of China set its daily reference rate at a stronger-than-expected level for a 54th straight day on Thursday, the longest streak since Bloomberg started a survey of estimates for the so-called fixing in 2018.
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The World's Biggest Green Bank Is Electrifying Australia; Australia wants to reach 82% renewables by 2030, and gave the CEFC A$20.5 billion to make it happen. "We're up to the challenge," says CEO Ian Learmonth.
Jill Namatsi, Oscar Boyd, Akshat Rathi, and Christine Driscoll - Bloomberg
Trillions of dollars are needed to fund the climate transition, including contributions from both governments and the private sector. Australia's answer is the Clean Energy Finance Corporation (CEFC), which describes itself as the world's largest green bank.
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Saudi Cuts Send World Diesel Prices Soaring; European refineries have been starved of both Russian and Middle Eastern crude
Anna Hirtenstein - The Wall Street Journal
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Norway's $1.4 Trillion Wealth Fund Shutters Shanghai Office
Kari Lundgren - Bloomberg
/jlne.ws/3LbElSM
The Middle East Becomes the World's ATM; Flush with cash from an energy boom, Saudi Arabia and other Gulf monarchies have a moment on the world's financial stage
Eliot Brown and Rory Jones - The Wall Street Journal
/jlne.ws/3sFP6GJ
What Is Dollarization, and Why Is Argentina Considering It?
Christopher Condon - Bloomberg
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Brazil readies first ESG bond, eyes September-November window, official says
Marcela Ayres and Bernardo Caram - Reuters
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| Miscellaneous | | Stories that don't quite fit under the other sections | Philanthropies Pledge $500 Million to Address Crisis in Local News; The effort, spearheaded by the MacArthur Foundation, will give grants to support newsrooms and start-ups as concern grows over the rapid disappearance of local news outlets.
Katie Robertson - The New York Times
Many major philanthropic groups have increasingly focused their attention in recent years on helping struggling local newsrooms. Now they are joining forces. On Thursday, more than 20 nonprofit organizations will announce plans to invest a total of $500 million over the next five years in local media organizations, one of the biggest efforts yet to address the crisis in local news.
/jlne.ws/3sBPwxK
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