| July 26, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
FIA President and CEO Walt Lukken has highlighted the top issues driving FIA's work in the second half of 2023 in his latest Viewpoints column.
Hong Kong Exchanges and Clearing Limited (HKEX) signed a cooperation agreement with the Indonesia Stock Exchange.
Chicago lost another civic leader yesterday when Chicago Blackhawks Chairman Rocky Wirtz died at age 70, Crain's Chicago Business reported. Wirtz died in NorthShore Evanston Hospital following a brief illness, Crain's said. Wirtz's passing at age 70 follows the untimely death of fellow Chicago civic leader Jim Crown, who died in June while celebrating his 70th birthday.
According to a Bloomberg story, the wildfires in Canada are set to "double the emissions from all other sectors of the nation's economy combined." And the year is not even over.
Julie Ros announced on LinkedIn that the Foreign Exchange Professionals Association (FXPA) added the software development firm Atlassian - represented by Treasurer Alex Blackmur, CFA - as the newest buy side member.
Chris Brummer shared on LInkedIn that the 7th Annual DC Fintech Week will take place on November 7, at Fannie Mae's spectacular Midtown Center, and on November 8, at the International Spy Museum in Washington, DC.
Michigan football coach and former Chicago Bears' quarterback Jim Harbaugh is negotiating a four game suspension for recruiting violations and false claims Harbaugh made to investigators. While Harbaugh will be missing from the Michigan sidelines, his khaki pants will still be there. After all, they did not do anything wrong.
This Barbie movie is so popular that it makes me want to get out my Barbie doll from my youth, but alas Barbie ran away with G.I. Joe years ago and has not been seen since.
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 yesterday on JLN Options were:
- How to Trade Volatility: An Introduction
- The Hottest Trade in Equity Options Is Spreading to Commodities
- Hedging Has Never Been So Cheap ~JB
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CME Group's Derek Sammann on the Future of Markets panel at IDX and CME's growth in international markets, emerging markets, and options
JohnLothianNews.com
JLN Correspondent Julie Ros talked to Derek Sammann, senior managing director and global head of commodities, options and international markets at CME Group, at the IDX conference in London in June. She asked Sammann about his reflections on the Future of Markets panel at IDX. He said that each of the panelists brought a different perspective to such topics as what grows markets and in particular "product development through the lens of client need."
Watch the video »
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It's so hot in Arizona, doctors are treating a spike of patients who were burned by falling on the ground
Jen Christensen - CNN
It is so hot in Maricopa County, Arizona, that people are being brought into the emergency room with significant, sometimes life-threatening burns. For the past three or four weeks of this record heatwave, people have been burned just by falling on the ground. "Summers are our busy season, so we anticipate that this sort of thing is going to happen. But this is really unusual - the number of patients that we're seeing and the severity of injuries - the acuity of injuries is much higher," said Dr. Kevin Foster, director of burn services at the Arizona Burn Center at Valleywise Health. "The numbers are higher and the seriousness of injuries are higher, and we don't have a good explanation for it."
/jlne.ws/452EbVC
***** Here is a suggestion. Don't fall on the ground. It is hot enough to fry an egg there.~JJL
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Manhattan Prepares to Sizzle in US's Extreme Heat: Weather Watch
Brian K Sullivan - Bloomberg
Manhattan's Central Park could reach temperatures in the high 90s over the next couple of days, with humidity making it feel closer to 104F, the National Weather Service said. That would be the warmest reading in a year. "Tomorrow looks like the first day here of the heat headlines," said James Tomasini, a weather service meteorologist in Upton, New York on Long Island.
/jlne.ws/3Ds57lQ
****** There is nothing like the smell of garbage on the front sidewalks of Manhattan in the summertime, especially when the temperatures broil it just right.~JJL
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Elon Musk the Banker Wants to Take On Dimon Where Google Failed; Billionaire plans to make Twitter a financial-services app too; Idea is part of the rebranding of Twitter with the letter X
Aisha S Gani, and Jennifer Surane - Bloomberg
Elon Musk's grand vision is to turn Twitter into a one-stop shop for financial services. It's hardly the first time a tech giant has sought to muscle in on Jamie Dimon's turf. Facebook spent years investing in a project called Libra that was supposed to revolutionize cross-border payments, but regulatory scrutiny forced it to abandon the push. Google planned a digital financial offering and even lined up 11 banks as partners for the launch before it suddenly nixed the entire plan. Amazon.com Inc. considered offering checking accounts for consumers, yet that endeavor never became a reality.
/jlne.ws/3OhfMVA
***** Count me out on giving my money to Mr. Musk. Bankers need to be stable and predictable.~JJL
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Tuesday's Top Three
Our top story Monday was What are the top new markets for international trading firms and how can exchanges capitalise on the demand?, a post from Acuiti on LinkedIn. Second was Bloomberg's Confused by Corporate Jargon? This Buzzword Survival Guide Is Here to Help. Third was Northern Trust quietly chopping 900 jobs, from Crain's Chicago Business.
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| Lead Stories | The Little Known Metals Giant that Rules a Global Market
Mark Burton - Bloomberg
When China's Vital Materials Co. bought up a $600 million stockpile of obscure critical minerals in early 2020, it barely raised an eyebrow outside the niche world of minor metals. Spin forward a few years, and the influence of a company some people in the industry have still barely heard of is a timely illustration of the scale of the challenge to loosen China's grip on what have become key raw materials.
/jlne.ws/3YaI2xr
Citi Says New Capital Rules Could Hinder Derivatives, Prime Brokerage Services
Jenny Surane and Sonali Basak - Bloomberg
Citigroup Inc. said a slew of new capital requirements that regulators will propose this week could hinder the bank's ability to trade certain products like exotic derivatives or offer prime brokerage services.
/jlne.ws/454HMCz
Johannesburg Stock Exchange and big xyt launch new joint venture to offer data analytics to global trading venues; Named big xyt ecosystems, the joint venture will offer the Trade Explorer data platform - which was recently launched in South Africa - to financial centres globally.
Wesley Bray - The Trade
Market data provider big xyt and the Johannesburg Stock Exchange (JSE) have announced the launch of big xyt ecosystems, a new joint venture company. The joint venture will provide the Trade Explorer data platform, launched in South Africa earlier this year, to financial centres globally. "We have created a new company as a joint venture because we believe that we have highly complementary capabilities," Richard Hills, head of client engagement at big xyt, told The TRADE.
/jlne.ws/3Dt2yzS
Europe's corporate bond markets are the most electronic in the world; Last year, 62% of European investment-grade corporate bond trading volume was executed electronically, as with 49% of notional high-yield volume; compared to 40% and 31% in the US, respectively.
Wesley Bray - The Trade
New research from Coalition Greenwich has found that 62% of European investment-grade corporate bond trading volume was executed electronically last year - making Europe the most electronic bond markets globally. Nearly half of notional high-yield volume in Europe (49%) was also executed electronically in 2022.
/jlne.ws/3DthaPA
NatWest CEO Goes From Star to Outcast After Farage Row; Alison Rose stepped down from NatWest after political pressure; Decision to debank Nigel Farage sparked weeks of scrutiny
Ambereen Choudhury - Bloomberg
Alison Rose spent years preparing for the top job at NatWest Group Plc. Her downfall took less than a month thanks to a controversy sparked by the way her lender shut the accounts of Brexit backer Nigel Farage.
/jlne.ws/450EvUD
NatWest CEO Successor: Who's In The Running for the Top Job; Internal names include interim CEO Thwaite, CFO Katie Murray; Joe Garner, Ewen Stevenson among external candidates for role
Harry Wilson - Bloomberg
When Ross McEwan stepped down as Chief Executive Officer of what was Royal Bank of Scotland Plc in April 2019, it would take the British taxpayer-supported lender close to five months to name his replacement. That successor, Alison Rose, was appointed following an extensive search that crowned her the first woman to run one of Britain's biggest lenders. Four years later, and earlier than NatWest Group Plc would've expected, the bank is once again on the hunt for a new CEO after Rose resigned Wednesday.
/jlne.ws/3OuPJvd
Limited support for central bank digital currencies in global investment industry survey
Marc Jones - Reuters
The most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work. The survey carried out by the CFA Institute, a worldwide association for bankers, investors and finance chiefs, found that only 42% of the more than 4,150 respondents who took part believed that central bank digital currencies, or CBDCs, should be launched.
/jlne.ws/3Ke6Yym
Top JPMorgan exec sought Jeffrey Epstein's help during Madoff crisis, suit claims
Shannon Thaler - NY Post
A top banker at JPMorgan desperately sought help from Jeffrey Epstein as the Bernie Madoff Ponzi scheme slammed the bank's clients in 2008 - despite the fact that Epstein had recently been convicted of sex-trafficking charges, according to explosive new court documents filed by the US Virgin Islands in its ongoing lawsuit against the Wall Street giant.
/jlne.ws/3OwV3hQ
Sputtering Bitcoin's Spot Trading Volumes Sink to a 30-Month Low
Siuming Ho - Bloomberg
A metric tracking how much Bitcoin is being bought and sold has slid to a 30-month low as the largest digital asset holds below $30,000. The seven-day average of Bitcoin spot trading volume on July 22 was the least since around the start of 2021 amid subdued price swings, K33 Research said.
/jlne.ws/3OtuHgC
Sam Bankman-Fried due back in court as judge weighs bail conditions
Luc Cohen - Reuters
Sam Bankman-Fried is due back in court on Wednesday, as the judge overseeing his fraud case weighs whether the founder of the now-bankrupt FTX cryptocurrency exchange can remain free on his current bail conditions ahead of his Oct. 2 trial.
/jlne.ws/452iZ1P
Deutsche Bank's Rising Costs Take Shine Off Trading Beat; Costs exceed estimates on severance payments, litigation; CEO Sewing is trying to balance cost cuts and investments
Steven Arons - Bloomberg
Deutsche Bank AG Chief Executive Officer Christian Sewing said he's optimistic the lender can keep increasing revenue through next year, helping offset headwinds from rising costs and deteriorating credit quality.
/jlne.ws/44HtUye
Twitter is turning into X. Analysts don't see the treasure map; In changing Twitter's logo, owner Elon Musk is trading a bird in the hand for the promise of a wide-ranging 'everything app' analysts say may never materialize
Joseph Menn - The Washington Post
Twitter began removing its name from its corporate headquarters Monday, blocking two lanes of traffic as a large crane plucked letters off the sign. The crane departed by midafternoon leaving the task half-finished - only the blue bird logo and the "er" remained, next to a ghostly outline reading "@twitt."
/jlne.ws/3YfADNy
British billionaire Joe Lewis indicted on insider trading charges
Samantha Delouya - CNN Business
British billionaire and owner of the Tottenham Hotspur football club Joe Lewis was indicted on insider trading charges by the United States Attorney's Office for the Southern District of New York, the office announced Tuesday. In a video posted to social media, US Attorney Damian Williams accused Lewis of orchestrating a "brazen insider trading scheme" between 2013 and 2021, passing confidential trading tips to his "romantic partners, his personal assistants, his private pilots, and his friends," helping them make millions of dollars.
/jlne.ws/44YLE7Y
***** Here is the Bloomberg version of this story. ~JJL
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Corruption, treason in Ukraine won't be tolerated, Zelenskiy says
Reuters
Ukrainian President Volodymyr Zelenskiy said on Tuesday he would tolerate no corruption or treachery in affairs of state while his country is struggling to find the means to defend itself against Russian invaders. Zelenskiy made anti-corruption appeals in his nightly video address as two landmark cases came to light - the arrests of a military recruitment official accused of mass embezzlement and of a parliamentarian accused of collaborating with Russia.
/jlne.ws/453TM71
Russia to cut back on French wine and Norwegian fish with duty hike on 'unfriendly' imports
Reuters
The days of French and Italian wines may be numbered in Russia as Moscow raises duties on imports from so-called "unfriendly" countries, promising that domestic producers will be able to fill the gaps. Russian imports from nations that imposed sanctions against Moscow over its invasion of Ukraine slumped in 2022 and the price of imported alcohol has risen significantly.
/jlne.ws/43EOhL3
China is sending enough military gear, including drones, to Russia to equip an army, thanks to a loophole in the West's attempts to stop Putin's war machine, report says
Sinead Baker - Business Insider
China has sent Russia enough military equipment to outfit an army, using loopholes in Western sanctions over Russia's invasion of Ukraine, Politico reported. Politico, using evidence such as customs records, reported that Chinese manufacturers were delivering significant quantities of equipment to help Russia in its fight against Ukraine.
/jlne.ws/3KdzUqh
As War Becomes Grinding Fight, Medics Battle to Save Soldiers in Ukraine; Mines, lack of training cause high casualties in a fight that has become a war of attrition
Matthew Luxmoore - The Wall Street Journal
A badly wounded Ukrainian soldier was rushed into a front-line medical facility this week and hoisted onto an operating table. His screams filled the room as medics stripped off his clothes and pressed gauze deep into a leg wound where a large piece of shrapnel from a Russian artillery round had lodged. The medics managed to stop the bleeding, saving his life.
/jlne.ws/3rOKD4g
Putin Bans Digital Assets as Payments While Granting Legal Tender to Digital Ruble
Hope C - CoinMarketCap
Russian President Vladimir Putin has signed a bill into law that forbids the use of digital financial assets as payment for goods and services. A portion of an existing federal legislation on banks and banking activities is suspended by the bill, which was presented to the lower chamber of Parliament in June. As a result, it is now forbidden for people to use cryptocurrencies as payment methods.
/jlne.ws/44WtDI1
Danone Says It Remains Owner of Business Seized in Russia; French yogurt maker increases total impairment to EUR700 million; Moscow has said it's taking temporary control of assets
Dasha Afanasieva - Bloomberg
/jlne.ws/3DrvpVn
EU to Discuss Subsidizing Transport for Ukraine's Grain; Five eastern EU states discussed grain transit with Commission; Ukraine is seeking alternative routes after Russia exited deal
Lyubov Pronina - Bloomberg
/jlne.ws/3QgaiwU
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The Nasdaq Q-50 Which Tracks Companies That Are Next in Line for Inclusion Into the Nasdaq-100 Index
Nasdaq Trade Talks
Sanjana Prabhakar, Index Research Specialist with Nasdaq Investment Intelligence joins Jill Malandrino on Nasdaq TradeTalks to discuss the Nasdaq Q-50 which tracks companies that are next in line for inclusion into the Nasdaq-100 Index.
/jlne.ws/476Zx5L
JSE and big xyt partner on new joint venture which will deliver data analytics solutions to global exchanges and their ecosystems
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) has partnered with big xyt, a global independent provider of smart data and analytics solutions, to launch big xyt ecosystems. The joint venture entails the formation of a new company: big xyt ecosystems. big xyt ecosystems will deliver the innovative Trade Explorer data analytics solution to global stock exchanges and their ecosystems. In May 2022, the JSE and big xyt announced that they would be collaborating to launch an analytics offering, JSE Trade Explorer, aimed at trading participants of the exchange's cash equity and ETF markets (including the exchange members and their clients, and issuers).
/jlne.ws/3QbZAY4
SIX Swiss Exchange Now Offers Access to More Than a Hundred Green Bonds
SIX
Green bond activity in Switzerland continues to gain momentum, according to the latest data from SIX Swiss Exchange. Today, there are more than a hundred green bonds with an aggregated equivalent nominal amount of CHF 28 billion listed and/or admitted to trading on SIX Swiss Exchange, up from around sixty at the end of 2021. Approximately half of these green bonds are from Swiss issuers, and 91% are denominated in Swiss Francs. Main issuers are banks (36% of the green bond issuances), real estate companies (16%), sovereigns, cantons, provinces and cities (12%), transportation companies (9%) and supranational bodies (6%).
/jlne.ws/3Y7riXM
CME Group Inc. Reports Second-Quarter 2023 Financial Results; Double-digit growth in revenue and adjusted earnings per share
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the second quarter of 2023. The company reported revenue of $1.4 billion and operating income of $839 million for the second quarter of 2023. Net income was $778 million and diluted earnings per common share were $2.14. On an adjusted basis, net income was $836 million and diluted earnings per common share were $2.30. Financial results presented on an adjusted basis for the second quarter of 2023 and 2022 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
/jlne.ws/44FKNcI
Deutsche Boerse Group reports significant growth in earnings for the first half of the year
Deutsche Boerse Group
Deutsche Boerse Group has just published its half-yearly financial report 2023 including the figures for the second quarter. The link to the full report is at the bottom of the email. The quarterly results at a glance: Our net revenue increased by 20 percent to euro 1,220.6 million in the second quarter of 2023, mainly driven by strong net interest income from banking business.
/jlne.ws/3KenP42
HKEX Signs Cooperation Agreement With Indonesia Stock Exchange
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to announce it has signed a Memorandum of Understanding (MOU) with Indonesia Stock Exchange (IDX). The partnership will explore opportunities across a number of strategic areas that seek to support the mutual development of both organisations and their corresponding markets.
/jlne.ws/3OcBslC
ICE Expands UN SDG Offering for Corporate Bonds and Equities
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced a collaboration with Util, the award-winning provider of evidence-based sustainability data, to expand its UN Sustainable Development Goals (SDG) data offering for corporate bonds and equities. As demand for impact investing continues to grow, the UN SDGs serve as one key framework of measuring impact for investors. To support clients with their sustainable investment strategies, ICE offers a UN SDG-aligned data set, which now includes corporate bonds and equities in addition to municipal bonds.
/jlne.ws/43CzDnC
ICE Announces Record Trading in Midland WTI (HOU) with Participants Using HOU to Deliver Midland Crude into Brent Basket
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record activity in the ICE Midland WTI (ICE: HOU) contract this month, with participants using the contract to deliver physical Midland WTI barrels into Dated Brent and the rest of the Brent complex. With Midland-origin WTI crude being a deliverable grade into the Brent basket, increasing numbers of customers now need to directly price and hedge Midland WTI quality crude.
/jlne.ws/46ZHiPT
Status of Proof of Concept Testing for HTML Disclosure of Earnings Reports (Kessan Tanshin)
JPX Market Innovation
JPX Market Innovation & Research, Inc.（JPXI）hereby announces the status of Proof of Concept testing for HTML disclosure of earnings reports* (hereinafter referred to as "the PoC testing") promoted by JPXI as of the end of May 2023.
/jlne.ws/473esht
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date July 14, 2023
Nasdaq
At the end of the settlement date of July 14, 2023, short interest in 3,291 Nasdaq Global MarketSM securities totaled 10,433,832,264 shares compared with 10,495,374,039 shares in 3,300 Global Market issues reported for the prior settlement date of June 30, 2023. The mid-July short interest represents 3.26 days compared with 2.49 days for the prior reporting period.
/jlne.ws/3KdD0KV
The Taiwan Futures Exchange (TAIFEX) has announced temporarily increased margin levels
Taiwan Futures Exchange
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of IPF due to its underlying being subject to disposition measures imposed by securities market. The margins will be effective after the close of the regular trading session on 2023/07/26 and will be restored to the current levels after the close of the regular trading session on 2023/08/09. (Margin levels will be increased from 2023/07/26 to 2023/08/09 and will be extended accordingly if the securities market is closed on any of the days.)
/jlne.ws/3rKvReK
New listing rules of the Moscow Exchange come into force on August 1
MOEX
On August 1, 2023, a new version of the listing rules of the Moscow Exchange comes into force. Under the new listing rules, the requirements for the number of shares in free float (free-float) for the second level of the listing of the Moscow Exchange are temporarily relaxed:
/jlne.ws/43KVXeR
The Kaliningrad region starts selling the fourth issue of bonds for the population at Financial Services
MOEX
On July 27, 2023, the placement of the fourth bond issue of the Kaliningrad Region for the population begins exclusively on the Finuslugi platform. The purchase and sale service is available to Finuslug customers both on the website and in the mobile application, you just need to register on the platform by linking the account of the State Services portal. Attracted funds, as in previous issues, will be directed to the development and improvement of cities and towns in the region.
/jlne.ws/44YsX4j
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Advantage Futures deploys Eventus' Validus platform for trade surveillance
Eventus
Eventus, a leading global provider of multi-asset class trade surveillance, market risk and algo monitoring solutions, announced today that Advantage Futures has deployed the firm's Validus platform to meet its trade surveillance needs. Advantage is among the highest volume clearing firms in the futures industry. Advantage made the decision to migrate to the Eventus software solution following extensive research on companies in the space and testing of the Validus platform to ensure the features met its needs. Joseph Guinan, Chairman & Chief Executive Officer of Advantage Futures, said: "I've had great respect for Eventus CEO Travis Schwab for more than 15 years. The company has thrived under his leadership, and its Validus trade surveillance platform is now an important component of the Advantage surveillance program."
/jlne.ws/43I8xM3
ChatGPT creator says AI advocates are fooling themselves if they think the technology is only going to be good for workers: 'Jobs are definitely going to go away'
Jacob Zinkula - Business Insider
Generative AI technology like ChatGPT could boost productivity for many workers in the years ahead. But some Americans are likely to lose their jobs in the process. That's according to Sam Altman, the CEO of OpenAI, the company behind ChatGPT. Altman has said AI's development could provide the "most tremendous leap forward" for people's quality of life. But he's also said it'd be "crazy not to be a little afraid of AI" and its potential to create "disinformation problems or economic shocks."
/jlne.ws/477aS5V
Arqaam Capital launches new Middle East and North Africa focused proprietary trading tool for European clients; The trading infrastructure tool is said to allow institutional clients to trade more securely across over 50 global exchanges.
Claudia Preece - The Trade
Emerging markets broker Arqaam Capital has launched a new proprietary trading infrastructure tool, ArqNET, aimed at enabling European institutional clients to trade faster in Middle East and North Africa (MENA) markets. The tool will reportedly allow institutional clients to trade up to three times faster and provide real-time error reporting and instant issue resolution.
/jlne.ws/3Kh4EH0
Amundi execution business onboards FlexTRADER EMS to consolidate trading across asset classes; The move is designed to deliver Amundi's 60 dealers globally a common set of tools and processes to handle cross-asset trading and execution.
Annabel Smith - The Trade
Amundi Asset Management's execution subsidiary, Amundi Intermédiation, has onboarded the multi-asset FlexTRADER execution management system to consolidate its trading across asset classes. The system will replace existing multi-asset processes and will be used to deliver a common set of tools and processes to Amundi's 60 dealer clients globally for cross asset trading.
/jlne.ws/453eP9M
AI Creates Security Risks and Attack Vectors. Can Blockchain Help?
Chao Cheng-Shorland - CoinDesk
There is no doubt that artificial intelligence (AI) has tremendous potential to enhance our lives. But many scholars, science fiction writers and technologists have sounded alarm bells over AI's possible dangers. To this point, President Joe Biden's administration aims to update an existing blueprint for AI principles to address data security, algorithmic discrimination and other threats.
/jlne.ws/3QesAON
How Jack Ma's Ant Group Is Inching Toward IPO Reboot
Lulu Yilun Chen - Bloomberg
Almost three years ago, Chinese regulators torpedoed what would have been a record initial public offering by financial technology giant Ant Group Co., sending shock waves across global capital markets. They imposed new rules that curbed the power of a business with operations that spanned consumer lending, wealth management and online payments. The crackdown appeared to be nearing an end in July, when the authorities issued Ant with a fine of almost $1 billion. With its founder Jack Ma, China's most-famous entrepreneur, now ceding control, investors are wondering if Ant will one day get another chance at going public.
/jlne.ws/43H8Ruu
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| Cybersecurity | | Top stories for cybersecurity | Russian court jails top cyber security executive for 14 years in treason case
Andrew Osborn - Reuters
A Russian court on Wednesday convicted Ilya Sachkov, a top cyber security executive, of treason and jailed him for 14 years in a case which state news agency TASS said centred on allegations he had passed classified information to foreign spies.
/jlne.ws/47joD1J
SeeMetrics launches Security Performance Boards to help CISOs measure cybersecurity effectiveness
Michael Hill - CSO Online
Cybersecurity performance measurement boards cover vulnerability management, endpoint protection, identity management, awareness, and incident response.
/jlne.ws/3QeQ4DA
White House Cybersecurity Plan Misses the Boat on AI and IoT
Fabian Kochem - Newsweek
The Biden administration's long-delayed National Cybersecurity Strategy Implementation Plan is here, and it's shockingly inadequate. Artificial intelligence (AI) doesn't appear once in the 57-page document. And AI's vehicle for global expansion, the Internet of Things (IoT), is given cursory treatment. The 65-point plan has many smart ideas, but it seems stuck in time, as if it was written when Biden was elected and left to collect dust as tech evolves rapidly.
/jlne.ws/3QjE5ot
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| Cryptocurrencies | | Top stories for cryptocurrencies | Putin Signs Digital Ruble Bill Into Law, Priming Russian CBDC for Launch
Nicholas Morgan - Decrypt
Russian President Vladimir Putin has signed into law a bill that will grant legal tender to a "digital ruble" amid severe Western sanctions and rising inflation brought on by the war in Ukraine. Under the bill, Putin has granted legal authority to the Bank of Russia-the country's central bank-to serve as the platform operator for the central bank digital currency (CBDC). The bill also provides legal definitions for users and specifies how banks will operate under the new framework.
/jlne.ws/3Y8EpYN
EDX Markets Crypto Exchange Taps Talos to Broaden Reach
Nicholas Morgan - Decrypt
Cryptocurrency exchange EDX Markets has announced that it will work with the Talos Trading platform to create more access points to the market as more large institutions are stepping into the ring.
/jlne.ws/44Wu8Sp
Crypto.com, messaging app Line to collaborate on crypto solutions in Asia
Forkast.News
Cryptocurrency exchange Crypto.com and Line Xenesis - the crypto asset and blockchain-related business developer of Japanese messenger app Line - have signed a memorandum of understanding to boost crypto innovation in Asia-Pacific and the global industry.
/jlne.ws/44TC7ze
Binance To Offer Full Services in Japan After Acquiring Sakura Exchange Bitcoin Last November
Hope C - CoinMarket
After acquiring Sakura Exchange BitCoin (SEBC) in November 2022, Binance, the biggest cryptocurrency exchange in the world, will start providing full services for Japanese users in August this year.
/jlne.ws/477cqwL
Binance withdraws application for crypto license in Germany
Reuters
Binance has withdrawn its application for a crypto license in Germany, suggesting the world's biggest cryptocurrency exchange is rethinking its immediate expansion plans amid a tough regulatory stance towards the industry.
/jlne.ws/3DtEOLR
Binance to Reenter Japan in August 2 Years After Regulator's Warning
Amitoj Singh - CoinDesk
/jlne.ws/43ITqlr
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| Politics | | An overview of politics as it relates to the financial markets | How George Santos Used Political Connections to Fuel Get-Rich Schemes; Mr. Santos, a first-term House member under federal indictment, often tried to use his candidacy and ties to Republican donors to create moneymaking opportunities.
Grace Ashford - The New York Times
About a year before George Santos was elected to Congress, he and three other men approached a loyal campaign donor with a potentially lucrative opportunity. A wealthy Polish citizen wanted to buy cryptocurrency, they said, but for reasons unclear, his fortune was frozen in a bank account. They asked the donor, a wealthy investor in his own right, for help.
/jlne.ws/3Kgb8Wi
Trump's Former Head of the EPA Has Been a Quiet Contributor to Virginia's Exit From RGGI; Gov. Glenn Youngkin caused an uproar picking Andrew Wheeler as his natural resources secretary. Senate Democrats blocked Wheeler's nomination, but now he oversees regulatory efforts and remains involved in environmental policy.
Jake Bolster - Inside Climate News
In the days after Republican Glenn Youngkin took office as Virginia's governor, he issued a series of sprawling executive orders, some of which caused a stir in the media for their partisan nature. Order number one triggered an immediate review to identify any "critical race theory" being taught in the state. Executive order six began the process of reexamining COVID-19 regulations in Virginia.
/jlne.ws/477b6tN
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Charges Tennessee Husband and Wife Realtors for Operating a $6 Million Digital Assets Commodity Pool Scheme
CFTC
The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the Middle District of Tennessee against Michael and Amanda Griffis of Clarksville, Tennessee. The complaint charges the defendants with defrauding over 100 people across the U.S. and failing to register with the CFTC in connection with a multi-million dollar commodity pool scheme they operated from approximately July 2022 through January 2023.
/jlne.ws/471xnt0
SEC Names Natasha Vij Greiner and Keith E. Cassidy Interim Acting Co-Directors of the Division of Examinations
SEC
The Securities and Exchange Commission today announced that Natasha Vij Greiner and Keith E. Cassidy have been named interim Acting Co-Directors of the Division of Examinations, effective immediately, while Division Director Richard Best is on extended medical leave from the agency.
/jlne.ws/43O5SQF
Remarks for the SEC / DFI / NASAA Joint Public Roundtable
Chair Gary Gensler - SEC
As securities regulators, whether at the state level or the national level, our mission-our charge-are clear. For us at the SEC, we have a three-part mission, focused ultimately on making sure that the markets-broker-dealers, the investment advisers, so-called intermediaries in the middle of the market-they serve investors like you and issuers raising money in the markets. It's not the other way around; it's not that you serve the broker-dealers and the investment advisers.
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SEC Files Subpoena Enforcement Action Against Real Estate Broker
SEC
The Securities and Exchange Commission announced it filed an action against Brandon Charnas, a real estate broker based in New York and South Florida, seeking an order directing him to comply with an investigative subpoena for documents.
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SFC welcomes IOSCO endorsement of new sustainability disclosure standards
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) welcomes the endorsement by the International Organization of Securities Commissions (IOSCO) (Note 1) of the IFRS Sustainability Disclosure Standards published by the International Sustainability Standards Board (ISSB) (Note 2). The ISSB standards aim to serve as a global framework for investor-focused corporate sustainability disclosures. IOSCO's endorsement signals to its 130 member securities regulators to adopt, apply or make reference to the standards in addressing sustainability-related risks and opportunities.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How right-wing news powers the 'gold IRA' industry; Ads for gold coins have become a mainstay on Fox News, Newsmax and other conservative outlets, even as regulators have accused some companies of defrauding elderly clients.
Jeremy B. Merrill and Hanna Kozlowska - The Washington Post
Dedicated viewers of Fox News are likely familiar with Lear Capital, a Los Angeles company that sells gold and silver coins. In recent years, the company's ads have been a constant presence on Fox airwaves, warning viewers to protect their retirement savings from a looming "pension crisis" and "dollar collapse." One such ad caught the attention of Terry White, a disabled retiree from New York. In 2018, White invested $174,000 in the coins, according to a lawsuit by the New York attorney general - only to later learn that Lear charged a 33 percent commission.
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Rice Surges to Three-Year High as Indian Export Ban Roils MarketNapat Kongsawad - Bloomberg
Rice prices in Asia jumped to the highest level in more than three years after top shipper India banned a hefty chunk of its exports, raising concerns about supplies of the food staple for people around the world.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | In an Ominous Sign for COP28, G20 Nations Once Again Failed to Reach a Deal to Phase Down Fossil Fuels; Another proposal that would commit the coalition's members to triple their renewable energy development by 2030 also failed to pass amid opposition from Saudi Arabia, China and Russia.
Kristoffer Tigue - Inside Climate News
A four-day summit held in India last week by some of the world's wealthiest nations ended without a commitment to phase down fossil fuels or to increase the development of renewable energy, largely because of opposition from Saudi Arabia, China and Russia. The deadlocked deals, which come amid a summer of record-breaking global heat, are the latest indicators that the countries contributing the most to the climate crisis could fail to reach similar agreements at the COP28 global climate talks in November-an outcome that experts have said could jeopardize key Paris Agreement targets.
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In Phoenix Heat, Ice-Filled Body Bags Are a Life-Saving Technology; At least two hospitals in Arizona's Maricopa County are employing a novel method for cooling core body temperatures.
Zahra Hirji - Bloomberg
As temperatures hit 119F in Phoenix last Thursday, doctors at Valleywise Health Medical Center saw a patient whose internal temperature was at least 110F - the maximum registered by its thermometers. Needing to cool the patient down as quickly as possible, the emergency medical team turned to a technique they had designed and honed themselves: immersing the person in a body bag filled with ice. It worked. In less than half an hour, the patient's temperature was down to about 102F, low enough to move on to further treatment and observation. The next day, the medical team had to pull out a new body bag.
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Wildfires Are Set to Double Canada's Climate Emissions This Year; Early estimates of the carbon released by the fires far surpass the country's total emissions in 2021. And fire season isn't over yet.
Danielle Bochove - Bloomberg
When the greenhouse gases released from Canada's 2023 wildfires are eventually tallied, they will be at least double the emissions from all other sectors of the nation's economy combined, according to a top government scientist who has spent three decades measuring the carbon footprint of forests.
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Green Bond Momentum Builds in H1 2023
Jack Grogan-Fenn - ESG Investor
Linklaters forecasts record year for green bonds, while SLB issuance suffers Q2 slowdown. Investor demand for green, social, sustainability, sustainability-linked and transition bonds (GSS+) has surged in H1 2023, with regulatory developments bringing greater transparency and confidence to the market. According to analysis by global law firm Linklaters, based on data from Bloomberg, GSS+ bonds raised US$568 billion in H1 2023, with 1,758 sustainable bond products being issued.
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There were even more ESG shareholder proposals this proxy season than last year-Here's why investor support for them tanked
Lila Maclellan - Fortune
Good morning, With this year's proxy season in the rearview mirror, EY's Center for Board Matters analyzed voting trends among Fortune 100 company shareholders to see what could be gleaned about investor sentiment. It found that investors are getting much choosier about the environmental, social, and governance (ESG) issues they're willing to support, even as the category continues to attract more shareholder proposals.
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Wind, Solar and EVs Offer Japan Cheapest Net Zero Climate Path; Japan can meet net zero goal with minimal reliance on hydrogen
Shoko Oda - Bloomberg
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Blended finance: a cornerstone of the New Financial Pact
UNEP FI
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Corporate law departments key to institutionalizing ESG as an expectation for their outside law firms
Natalie Runyon - Thomson Reuters Institute
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BT to trial conversion of defunct on-street broadband cabinets into EV chargers
Amber Roltclock - BusinessGreen
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Divest or engage? Some investors are shifting their stance
Grant Harrison - GreenFin
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Warren Buffett Lifts Fossil Fuel Bets; Energy is cheapest sector in S&P 500 yet generates most cash; Berkshire adds to stakes in Occidental, LNG, Japanese traders
Kevin Crowley and Max Reyes - Bloomberg
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Record-Breaking 2023 Heat Events Are 'Not Rare Anymore' Due To Climate Change
Ayesha Tandon - Carbon Brief
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank profit slides amid investment banking slump; warns of cost cuts
Tom Sims and Matthias Inverardi - Reuters
Deutsche Bank on Wednesday posted a 27% fall in second-quarter profit as investment banking revenue slumped and warned of the need for cost cuts even though higher interest rates fuelled gains at its retail division.
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Deutsche Bank quarterly profits fall despite 11% increase in net revenues; The investment bank revenues fell by 11% in Q2 compared to 2022 results, which the bank said were impacted by the continued events surrounding Russia-Ukraine.
Claudia Preece - The Trade
Deutsche Bank has reported a EUR2.3 billion post-tax profit for the first half of 2023, a decrease of 9% compared to Q2 2022 and a 7% fall for the overall half of the year, attributing the fall to higher tax rates.
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Has the golden age of private equity come to an end? Plus, Carlyle throws a lifeline to iRobot and Jeffrey Epstein continues to haunt Wall Street
Financial. Times
Two big things to start. First: NatWest chief executive Alison Rose has stepped down after she admitted to having inaccurately briefed a BBC journalist about the closure of Nigel Farage's bank account. Her resignation follows a high-profile row between the former Brexit party leader and the taxpayer-backed lender.
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NatWest shareholders put pressure on Howard Davies to step down; Bank chair 'clearly not in charge' after board backed chief executive Alison Rose hours before she resigned
Harriet Agnew, Stephen Morris and Jim Pickard - Financial Times
NatWest shareholders have ramped up pressure on chair Sir Howard Davies to step down for mishandling the fallout from the closure of Nigel Farage's bank account. "He's clearly not in charge," said a top-20 investor on Tuesday. "Banking is about trust and confidence. That's sacrosanct and starts with the tone from the top."
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Singapore's GIC warns of the end of an era for private equity; Sovereign fund says high valuations, lower leverage costs and low interest rates are 'not coming back any time soon'
Mercedes Ruehl - Financial Times
Singapore's GIC, one of the world's largest institutional investors, has warned that the golden age for private equity firms has "come to an end". The sovereign wealth fund, which has estimated assets of more than $700bn and is one of the largest backers of buyout funds, said a new era of higher interest rates and volatility had created challenges.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | JPMorgan executives rejected request from in-house human trafficking experts to sever ties with 'that scum Epstein'
Grace Eliza Goodwin - Business Insider
JPMorgan Chase's in-house human trafficking experts urged the company to sever ties with "that scum Epstein" - but bank executives rejected their request, according to a new court filing. AML compliance, the bank's experts who work to combat global human trafficking, expressed their concern in 2010 about continuing to work with Jeffrey Epstein, a known sex offender. They cited news stories that connected Jeffrey Epstein to human trafficking, according to the court document, which was filed in Manhattan court on Monday.
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Out of office: the rise of the 'workcation'; Companies including Google and Citibank are allowing staff to work from other locations in summer
Simon Kuper - Financial Times
Dalia Hamiyeh, a communications executive at Publicis in Lausanne, will spend a week this summer working remotely in her family's homeland of Lebanon. In 2022, the French media group began allowing staff to work for up to six weeks a year from any of the 100-plus countries where it has offices. "Most of us use the time in summer," said Hamiyeh.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Blistering Heat Spreads to U.S. Midwest as Wildfire Smoke Lingers; Midwestern residents sweltered in the heat wave that has scorched the South and Southwest for many days.
Julie Bosman - The New York Times
The heat wave that has scorched much of the American South and Southwest is now spreading throughout the Midwest, bringing temperatures exceeding 100 degrees, dangerous conditions for millions of people and pleas from state and local officials to avoid the outdoors. The extreme heat and humidity will spread misery across the region, particularly on Wednesday, meteorologists said, while warning that the intense heat and humidity could linger for days. In cities like St. Louis, Wichita, Kan., and Kansas City, Mo., temperatures could be 10 to 20 degrees above normal, and heat index readings, which consider both temperature and humidity, will reach into the 100s.
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Influencers Built Up This Wellness Startup-Until They Started Getting Sick; Inside the fiasco that turned Daily Harvest, a vegan food company backed by celebs including Gwyneth Paltrow, into a cautionary tale.
Courtney Rubin and Priya Anand - Bloomberg
One day last October, as chants of "Kale yeah, kale yeah!" and "Power to the parsnips!" echoed throughout a Connecticut campground, 100 or so Daily Harvest employees were indulging in some months-delayed corporate bonding. They were at Harfest, the vegan meal startup's two-day retreat, where, along with talking business and playing games, there was a silent disco, s'mores with vegan marshmallows and a boozy superheroes-and-villains-themed party with a live band. The company's chief executive officer, Rachel Drori, wore a green tutu, a yellow cape and a long-sleeved green shirt emblazoned with the letter "G," reminiscent of the DC Comics superhero Green Lantern, except her "G" was surrounded with recycling arrows.
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Ground beef contaminated with salmonella sickens 16 people in 4 Northeastern states, CDC says
Jonel Aleccia and The Associated Press via Fortune
Ground beef contaminated with salmonella has sickened at least 16 people, including six hospitalized, in four Northeastern states, federal health officials said Tuesday. The Centers for Disease Control and Prevention said illnesses have been reported in New York, New Jersey, Connecticut and Massachusetts. Ground beef is the only common food reported in the outbreak. People who recalled what they ate and where they bought it reported eating 80% lean ground beef purchased from ShopRite stores in Connecticut, New Jersey and New York. No recall has been issued, and an investigation is continuing, the agency said.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Foreigners Will Benefit From U.S. Climate Subsidies, and That Is Good News; Buy-in from Japanese and Korean companies is a sign of success
Nathaniel Taplin - The Wall Street Journal
Foreign firms are shaping up to be some of the biggest beneficiaries of America's new climate-focused industrial policy law, the Inflation Reduction Act. Japan's Panasonic PCRFY 0.28%increase; green up pointing triangle, for example, estimates it could reap $2 billion a year from tax credits associated with battery plants in Nevada and Kansas. Is that a problem?
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China widens scope of tight import controls on Japanese food -Jiji
Reuters
Hong Kong has strengthened inspections of vegetable imports from Japan, expanding the scope of tightened controls beyond seafood after Tokyo confirmed plans to release treated radioactive water from Fukushima, Jiji news agency reported on Wednesday. Hong Kong had said it would ban seafood products from a large number of Japanese prefectures if Tokyo went ahead with the plan for discharges into the sea from the wrecked nuclear power plant.
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Taiwan chipmaker UMC sees 'uncertain' demand, gearing up for AI
Reuters
Taiwanese chipmaker United Microelectronics Corp (UMC) said on Wednesday that it sees "uncertain" demand in the third quarter but stuck to its 2023 capital spending plans as its gears up to meet customer demand for artificial intelligence (AI). The semiconductor industry has come under pressure as global economic woes dent demand for chips used in everything from cars to cellphones.
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Britain's richest man says Brexit was 'not good for the UK,' backs PM Sunak's economic plans
CNBC
Britain's wealthiest man, Gopichand Hinduja, condemned the U.K.'s departure from the European Union as a bad decision, while throwing his backing behind Prime Minister Rishi Sunak. The Indian-born British billionaire welcomed the U.K.'s efforts to forge new trade partnerships, particularly with India. Britain and India last week concluded the latest round of long-running negotiations for a free trade agreement.
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China insists diplomacy 'orderly' after foreign minister's shock removal; Replacement of presidential favourite Qin Gang with a veteran diplomat seen as possible stop-gap move
Joe Leahy and Edward White - Financial Times
China has insisted its diplomatic affairs are in an "orderly" state despite the month-long disappearance and sudden removal from office this week of foreign minister and favourite of President Xi Jinping, Qin Gang. Speculation is growing over whether the appointment of a veteran diplomat to replace Qin, who was removed without explanation from his job on Tuesday night, is a stop-gap measure until a more suitable, younger candidate can be found.
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China's sharp-tongued foreign minister is ousted, but his combative style is expected to continue
Associated Press
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Arqaam Capital launches new Middle East and North Africa focused proprietary trading tool for European clients; The trading infrastructure tool is said to allow institutional clients to trade more securely across over 50 global exchanges.
Claudia Preece - The Trade
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To tackle inequality, start with cities; Globalisation has not levelled the economic playing field - instead, wealth is more concentrated than ever
Ian Goldin - Financial Times (opinion)
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Russian court jails cyber security executive for 14 years in treason case
Andrew Osborn - Reuters
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Explainer: Argentina could again use yuan to evade IMF default
Jorgelina Do Rosario and Rodrigo Campos - Reuters
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California and New York Saw Exodus of High Earners in the Pandemic; People making at least $200,000 a year have been leaving high-cost states and relocating to the Sun Belt, with Florida the top destination.
Paulina Cachero, and Jo Constantz - Bloomberg
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| Miscellaneous | | Stories that don't quite fit under the other sections | Billionaire Leon Black is accused in lawsuit of raping autistic girl
Jonathan Stempel - Reuters
The billionaire investor Leon Black was sued on Tuesday by an autistic woman who says he raped her in the disgraced financier Jeffrey Epstein's mansion in Manhattan in 2002, when she was 16. In a complaint filed in Manhattan federal court, the woman, using the pseudonym Jane Doe, said that as she was preparing to give Black a massage, Black pinned her down and penetrated her with sex toys, causing her to bleed.
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Billionaire Leon Black faces lurid claim amid new flurry of Jeffrey Epstein developments
Julie K. Brown - Miami Herald
Billionaire hedge fund founder Leon Black has been accused of beating and raping a 16-year-old girl with a rare genetic disorder at Jeffrey Epstein's Manhattan mansion in 2002, a newly surfaced allegation of sexual abuse involving a powerful friend of the late multimillionaire.
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