| June 25, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
From our guest editor for this week, David Klotz, president at MetroTrade:
Yesterday, to the surprise of no one, ICE announced its intention to clear US Treasuries. In what is almost certain to be the next frontier of clearing and settlement, ICE joins CME Group in formally committing to clear US Treasuries. What other exchanges will put their hats in the ring? Personally, I'm excited to see what innovations will come out of this SEC requirement and disseminate into derivatives clearing.
Provable Markets announced it successfully novated a pre-existing bilateral transaction into DTCC's SFT Clearing Service, utilizing their Aurora ATS.
While in FX, IG US has rebranded to TastyFX, looking to add a little Sosnoff sizzle to their existing US FX offering.
On the lighter side, Netflix has recently updated its vaunted company culture memo and it's clear we've come a long way from merely "jeans on Friday." I'm old enough to remember the first Netflix company culture deck that came out way back in 2009 and caused a bit of a ruckus at the time. I particularly remember the lines about being a team: "We are a team, not a family, we are a pro sports team, not a kids' recreational team ... " But alas, I went to Bates College, a rival of Reed Hastings' alma mater Bowdoin College, so a future job at Netflix was not in the cards for me.
Also, in an industry full of personalities, this WSJ article caught my eye. Evidently, it's still possible to be hired based on your personality alone and your ability to bring a positive vibe to the office, because while your colleagues are covering for you daily you make them feel good about it.
Remember what I said yesterday about Jumping to conclusions? It still applies.
Finally, congratulations to Vinnie Viola and Doug Cifu, the leadership at Virtu Trading and partners at the Florida Panthers, on winning the Stanley Cup: Winners in business, winners in hockey, and winners in life. - DK
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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CFTC Commissioner Caroline D. Pham will be a keynote speaker at Skadden's "Meet the Regulators" series on June 27, 2024. She will discuss recent trends in CFTC enforcement and compliance, with a focus on cross-border issues and developments in digital assets and crypto markets. The event will take place at Skadden, Arps, Slate, Meagher & Flom LLP, located at One Manhattan West, 38th Floor, New York, NY.~JJL
The CME Group has published the 10th edition of the Complete IB Handbook, which it says is "your essential guide to succeeding as an Introducing Broker in today's market." Read today's version HERE.~JJL
Trading Technologies is seeking a "Sales Executive - TCA (Trade Cost Analysis) for a full time position in New York. They are looking for "a motivated and results driven Sales Executive with strong multi-asset TCA and data knowledge to join our New York team. Our Sales division is challenged with originating and closing new sales opportunities as well as growing wallet share from existing clients." You can go here for more information and to apply. ~SR
Oil and gas respondents are more confident than they have been in over five years, with 68% optimistic about sector growth in the coming year, the highest since 2018, according to research by DNV: The Paradox of Petroleum: How the oil and gas sector is transforming through uncertainty. The Energy Industry Insights 2024 Special Report, in collaboration with FT Longitude, surveyed nearly 450 senior oil and gas professionals to assess confidence, sentiment, and priorities for the upcoming year. Conducted between February and March 2024, the study includes in-depth interviews with industry leaders and experts to analyze rapidly evolving trends and the near-term outlook for the oil and gas sector. Download the report HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Options Contracts Needed in Crypto Markets from Traders Magazine.
- It's the Summer of the Finance Bro from The Wall Street Journal.
- CME Group Volatility Index (CVOL) from CME Group. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Make Them Stop. How to Curb Incessant Political Text Messages; The number of texts is expected to rise ahead of the 2024 presidential election
Cordilia James - The Wall Street Journal
The campaign texts with eye-roll inducing openers like "NOT ASKING FOR $" or "The 600% MATCH won't last forever" are flooding all of our phones these days. Jim Laws, a 70-year-old retired anesthetist in West Palm Beach, Fla., received a text in early June with a link to a survey about the state of the nation. The message said the sender wasn't asking for money.
/jlne.ws/3zikezq
***** I have donated to various candidates in the past and found that puts me on their radar for non-stop requests for more money. Every news headline seems to generate an alarmist, "ACT NOW! This horrible thing just happened! We need more money!" It gets old very fast. ~JB
***** I give time not money so I don't waste it on the apps.~SAED
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Even Your Plumber Wants to Meet on Zoom Now; For $3 a minute, experts offer to coach you to do home repairs yourself; virtual Lowe's runs; 'Debra, turn off the damn breaker'
Te-Ping Chen - The Wall Street Journal
Every now and then, Allyson Saling will be helping a client install a ceiling fan, when she finds herself falling to the ground. That would be a hazard for most electricians, but not Saling, who shows up to work via video calls. When homeowners knock their phone off a ladder, Saling, in Texarkana, Texas, just waits for them to pick it up so she can walk them through what to do next. "It's like, whoops, you dropped me," she says.
/jlne.ws/3xFIjj1
***** Not sure about you, but for $180/hour I want the plumber (or whatever) to come and do the work. ~JB
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Monday's Top Three
No matter what's happening in the world of trading and finance, pizza is still at the back (or front) of everyone's mind. Our top story Monday was The Wall Street Journal's Where to Find the 'Best' Pizza Slice in NYC? It's Complicated. (Of course, we know there is some contention between New York and Chicago on this. As a former New Yorker, I will stay out of that one.) Second was Historic strikes scheduled at Borsa Italiana, from Global Trading (MarketsMedia). Third was The CFTC is probing Jump Crypto, previously one of the sector's biggest players, from Fortune Crypto.
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| Lead Stories | The Oil Market Has Worrying Echoes of the Libor Scandal; Time and again, benchmark prices that rely on market honesty have been shown to be vulnerable to manipulation.
Javier Blas - Bloomberg
The oil trader had a crystal-clear order to his lieutenant: "Make sure you start talking the [market] down." He did that, and a lot more, submitting "false and misleading" bids and offers to manipulate a key US oil benchmark, making millions in profits. The Glencore Plc traders rigged US fuel-oil prices for nearly five years before they were caught, according to a plea agreement between the company and the US Department of Justice.
/jlne.ws/3xteCBV
ICE Aims to Clear US Treasuries as Market Regulation Expands
Katherine Doherty - Bloomberg
Intercontinental Exchange Inc., the market operator and parent of the New York Stock Exchange, is angling to become a central clearinghouse for US Treasuries and repurchase agreements - services required by new regulation for the world's largest debt market. ICE is laying the groundwork to clear US Treasuries through its existing clearing house, ICE Clear Credit, according to Chris Edmonds, president of ICE's fixed-income and data services. The firm is seeking regulatory approval and is in discussions with the US Securities and Exchange Commission as it prepares its application for review, he said.
/jlne.ws/3VS6rs5
London Tunnels switches IPO plan from the UK to Amsterdam; Group set up to turn second world war tunnels into a tourist attraction aborts plans for London flotation
Sally Hickey - Financial Times
A company that is planning to transform former second world war tunnels in London into a tourist attraction is pursuing a listing in Amsterdam, six months after announcing a planned initial public offering in London. The London Tunnels, which intends to develop the Kingsway Exchange Tunnels under Chancery Lane, said on Monday it had applied for a listing on the Euronext Amsterdam, and expected its shares to start trading on June 27. The group said it hoped to raise £30mn from the IPO, giving it a market capitalisation of about £130mn. The update comes after chief executive Angus Murray said in January that the "unique" set of tunnels was "owned by a British company, built by the British government, for the defence of Britain" and as a result "should be listed in London".
/jlne.ws/3VA49g1
Ken Griffin's Data Leak Suit Against IRS Ends in Settlement
Sabrina Willmer and David Voreacos - Bloomberg
The US Internal Revenue Service agreed to settle a lawsuit brought by hedge fund manager Ken Griffin that accused the agency of failing to protect his confidential financial information from a contractor who stole his tax data and leaked it to ProPublica. Both parties on Monday filed to dismiss the case in Florida federal court. The case is being dismissed because the IRS and Citadel LP's founder reached an agreement to resolve the matter, according to a person familiar with the situation who asked not to be identified discussing confidential information.
/jlne.ws/3KWUHhB
Allianz Says French Bondholders Fear a Replay of Euro Crisis; France is more reliant on foreigners than its G10 peers; Allianz's Hirt warns investors could shun French state bonds
Alice Atkins - Bloomberg
French officials must reassure foreign investors that the nation's finances are in order or risk a fresh blowout in bond spreads, according to Allianz Global Investors' multi-asset chief investment officer. Overseas investors own a much larger share of French government debt than they do elsewhere, and some fear the current political turmoil could trigger a European debt crisis to rival the one seen over a decade ago, said Gregor Hirt, whose division has EUR156 billion ($168 billion) of assets under management. "Any reminder of the European sovereign debt crisis is a red flag for many international investors," he said. Fear that a win by the right or left would exacerbate France's bloated public finances has spooked markets and triggered a selloff in French debt. The extra yield investors demand to hold the nation's 10-year bonds instead of those of Germany hit the highest on Friday since the euro-area was in the depths of the last debt crisis.
/jlne.ws/3zptOjS
The giant Exxon project that could create the world's last petrostate; But critics fear the oil bonanza will turn Guyana into a victim of the 'resources curse'
Jamie Smyth, Guyana, and Joe Daniels - Financial Times
Inside a drab six-storey office block in a residential street in Guyana's capital Georgetown, a team of ExxonMobil executives are working out how to expand one of the largest offshore oil developments in history. The US energy giant and its partners, Hess and Chinese group Cnooc, have already discovered about 11bn barrels of oil in the Stabroek Block, a vast oil reservoir about 120 miles off the coast of the South American country.
/jlne.ws/3zse3bS
WikiLeaks founder Julian Assange expected to be freed in US plea deal; Agreement would end long-running legal saga over one of biggest releases of classified materials in US history
Stefania Palma - Financial Times
Julian Assange has reached a plea deal with US prosecutors that would end the WikiLeaks founder's long-running legal saga over leaked documents and ultimately allow him to walk free after years of incarceration and confinement. According to court filings on Monday, Assange has agreed with the US Department of Justice to plead guilty to one charge of conspiracy to obtain and disseminate classified information linked to US national defence, in connection with what prosecutors have described as one of the biggest compromises of classified material in the country's history.
/jlne.ws/3zezNIv
European banking's biggest takeover battle enters uncharted territory; BBVA insists it can extract synergies from euro 10bn takeover of Spanish rival Sabadell even if Madrid blocks a merger
Barney Jopson and Owen Walker - Financial Times
BBVA, the Spanish bank facing obstacles in its euro 10bn hostile bid for Banco Sabadell, is arguing the deal would still be worthwhile even if it only gets half of what it wants - owning Sabadell without being able to merge with it. Spain's Socialist-led government is firmly opposed to the proposed acquisition of the TSB owner, which would be the biggest transaction in European banking this year. But while it can veto a merger of the two entities, it cannot stop Carlos Torres, BBVA's executive chair, from launching his all-share tender offer to Sabadell shareholders.
/jlne.ws/3S5lxsb
Foreign banks target Switzerland after UBS takeover of Credit Suisse
Oliver Hirt and Noele Illien - Reuters
As Credit Suisse fades into history following its takeover by UBS (UBS) last year, global banks are expanding in Switzerland to take advantage of companies' desire to spread their business. France's BNP Paribas (BNP.PA), Deutsche Bank (DB) and U.S. lenders Citi (C) and Bank of America (BAC) are among those increasing staffing and courting smaller companies that form the bedrock of the Swiss economy.
/jlne.ws/3zgRSFL
Big US banks expected to be cautious on shareholder payouts after stress tests
Pete Schroeder and Nupur Anand - Reuters
Big U.S. lenders are expected to show they have ample capital to weather any renewed turmoil during this week's Federal Reserve health checks, but will be conservative on investor payouts amid economic and regulatory uncertainties, analysts said. The central bank on Wednesday will release the results of its annual bank "stress tests" which assess how much cash lenders would need to withstand a severe economic downturn and how much they can return to investors via dividends and share buybacks.
/jlne.ws/3KXdGst
India's New Finance Hub in Gujarat Eyes Real-Time Dollar Settlement by 2025
Saikat Das - Bloomberg
Real-time dollar settlement in India's newest financial hub in Gujarat is likely to become operational later this year or by early 2025, according to a senior official, a step that could burnish the country's appeal to foreign investors. The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City, Prime Minister Narendra Modi's flagship project. It would speed up transactions at a time when foreigners are showing greater interest in India and its sovereign bonds are due to be included into JPMorgan Chase & Co's emerging market index.
/jlne.ws/3zpnclw
UBS Picks Beijing Over Citadel Securities for China Unit
Cathy Chan and Foster Wong - Bloomberg
UBS Group AG has agreed to sell the majority of its stake in Credit Suisse's China venture to a Beijing-backed fund, dealing a blow to the ambitions of Ken Griffin's Citadel Securities to expand in the world's second-largest economy. Under the deal, which values the money-losing business at $253.4 million, the Swiss lender will sell a 36.01% holding in Credit Suisse Securities (China) Ltd. for $91.4 million to Beijing State-owned Assets Management Co.. Founder Securities Co., Ltd. will dispose of its entire 49% stake in the venture for $124 million.
/jlne.ws/3VFZNDR
The Clock Is Ticking on Jane Fraser's Citigroup Turnaround; The CEO has called this a critical year for the troubled banking giant, after two decades of half-measures and strategic missteps
Justin Baer - The Wall Street Journal
Jane Fraser has hit the midpoint of what the chief executive has called a critical year in her plan to fix Citigroup. If she's successful, Citi might be the biggest turnaround story in recent Wall Street history. But skeptics are everywhere, in the auditorium at the bank's recent investor conference and upstairs in the offices of its headquarters. She's made progress, but more is needed. And soon.
/jlne.ws/3XCtpVy
Hedge Funds Made a Killing on FTX-Then It Got Complicated; Investors allege former FTX customers reneged on selling claims to their accounts and are suffering from seller's remorse
Caitlin McCabe, Alexander Saeedy and Jiyoung Sohn - The Wall Street Journal
The FTX bankruptcy was looking like a hedge-fund trade for the ages, set to make hundreds of millions of dollars for intrepid vulture investors. That was before things got messy. Hedge funds and other distressed investors rejoiced last month when bankruptcy managers said the corporate carcass of FTX, Sam Bankman-Fried's collapsed crypto exchange, had enough assets to more than make its creditors whole.
/jlne.ws/3XGKa1J
How This Supply Crunch Looks Different Than Covid-Era Chaos
Brendan Murray - Bloomberg
Shipping is disrupting global trade and making headlines again, but the latest constraints aren't yet holding back factory activity in major developed economies or threatening another flareup of inflation. That's the counterintuitive view from a leading US supply-chain professor as concerns grow that the world is headed for the 2.0 version of the Big Supply Crunch - the economic disorder which whipsawed freight markets, slowed manufacturing and boosted consumer prices during the pandemic.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Eight killed in fire at Moscow research centre
Daniel Hardaker - The Telegraph
Two people jumped to their deaths from the top floors of a burning building linked to the production of Russian weaponry, and at least six others have died in the fire, state-owned Tass news agency reported. The blaze broke out on Monday at the nine-storey Platan research institute building in the town of Fryazino, a scientific hub in the suburbs of Moscow that falls under US sanctions for producing parts for fighter jets and nuclear launches. It follows a string of sabotage attempts inside Russia and in Europe targeting firms linked to the war effort on both sides of the conflict.
/jlne.ws/3xw6roi
Russia could reduce decision time for use of nuclear weapons, lawmaker says
Guy Faulconbridge and Lidia Kelly - Reuters
Russia, the world's biggest nuclear power, could reduce the decision-making time stipulated in official policy for the use of nuclear weapons if Moscow believes that threats are increasing, parliament's defence committee chairman said. mThe war in Ukraine has triggered the biggest confrontation between Russia and the West since the 1962 Cuban Missile Crisis, with President Vladimir Putin last month saying that Russia might change its official nuclear doctrine setting out the conditions under which such weapons could be used.
/jlne.ws/45V4COJ
Russia says US is responsible for deadly Ukrainian attack on Crimea
Guy Faulconbridge and Filipp Lebedev - Reuters
Russia said on Sunday that the United States was responsible for a Ukrainian attack on the Russian-annexed Crimean peninsula with five U.S.-supplied missiles that killed four people, including two children, and injured 151 more. The Russian Defence Ministry said four of the U.S.-delivered Army Tactical Missile System (ATACMS) missiles, equipped with cluster warheads, were shot down by air defence systems and the ammunition of a fifth had detonated in mid-air.
/jlne.ws/3xI0Lrg
US is expected to send Ukraine $150 million more in munitions to fight off Russia's attacks
Tara Copp and Matthew - The Associated Press
The U.S. is expected to announce Tuesday it is sending an additional $150 million in critically needed munitions to Ukraine, as Russia accuses Ukraine of using U.S.-provided munitions to strike inside Russia or Russian-held territory, according to two U.S. officials. On Monday, Russia summoned the American ambassador to protest what it says was the use of U.S.-made advanced missiles in a Ukrainian attack on Crimea on Sunday that reportedly killed four people and wounded more than 150.
/jlne.ws/3XAvTne
Opinion: Russia is crumbling from within
Samuel - The Telegraph
On Sunday evening, the North Caucasus region of Dagestan was rocked by a series of brutal terrorist attacks. Gunmen opened fire in a synagogue in Derbent, graphically slit the throat of Russian Orthodox priest Father Nikolay, and attacked Jewish and Christian houses of worship in Dagestan's largest city Makhachkala. These brutal crimes claimed the lives of at least 15 people, including police officers.
/jlne.ws/4bgOckD
Ukraine destroyed columns of waiting Russian troops as soon as it was allowed to strike across the border, commander says
Sinead Baker - Business Insider
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Fresh Western munitions satiate Ukrainian forces 'shell hunger'
Anna Voitenko - Reuters
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu's Strategy Is War, War and More War; A second-front operation in Lebanon looms, risking disaster for Israel.
Marc Champion - Bloomberg
At least it's now clear: Benjamin Netanyahu has a strategy for the war in Gaza, and it commits his country to indefinite conflict. That seems the only logical conclusion to draw from the TV interview Israel's prime minister gave to Channel 14 on Sunday, which was as worrying as it was clarifying. In his first sit-down with domestic media since Hamas carried its terrorist assault more than eight months ago, Netanyahu rejected the terms of a US-mediated and United Nations Security Council-approved cease-fire proposal for Gaza, and said he was prepared to open a second front against Hezbollah, in Lebanon.
/jlne.ws/3VEaszd
Blinken Meets With Israel's Gallant Amid Netanyahu Complaints; US seeks Gaza cease-fire, tries to prevent war with Hezbollah; Blinken discusses efforts toward cease-fire, freeing hostages
John Harney - Bloomberg
Secretary of State Antony Blinken and Israeli Defense Minister Yoav Gallant met in Washington on Monday as the Biden administration struggles to forge a cease-fire in Gaza and prevent a war with Hezbollah forces in Lebanon. The meeting occurred after Israeli Prime Minister Benjamin Netanyahu has repeatedly accused the US of withholding weapons as it pursues its Gaza campaign, which began nearly nine months ago with an assault on Israel by Hamas.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE sets sights on US Treasuries clearing; ICE explained that it believes its offering will promote competition and enable the US Securities and Exchange Commission's (SEC) policy objectives around increasing transparency and resilience in the treasury securities market.
Claudia Preece - The Trade
Intercontinental Exchange (ICE) is set to launch a clearing service for all US treasury securities and repurchasing agreements. The move comes as the exchange seeks to enhance both the transparency and resilience of the US treasury market, leveraging its long-standing experience as a clearing house for credit derivatives.
/jlne.ws/3RJvivL
Changes to the Madrid Stock Exchange's General Index for the second half of 2024
BME
The index will consist of 110 stocks, following the additions of Ezentis, MFE-Media and Puig and the delistings of Applus, Inmobiliaria del Sur, Lingotes Especiales and Opdenergy. The Management Committee of the Madrid Stock Exchange General Index (IGBM) has decided, at the ordinary review meeting of the Index, that both the IGBM and the Total Index will consist of 110 listed companies in the second half of 2024, following the additions of Ezentis, MFE-Media and Puig and the delistings of Applus, Inmobiliaria del Sur, Lingotes Especiales and Opdenergy.
/jlne.ws/4caw11c
NSE Indices launches Nifty Top 10 Equal Weight Index
National Stock Exchange of India
NSE's index services subsidiary, NSE Indices Limited today launched a new standard index - Nifty Top 10 Equal Weight. The Nifty Top 10 Equal Weight aims to track the performance of top 10 companies selected based on free-float market capitalization from the Nifty 50. All stocks in the index are equally weighted. The base date for the index is March 02, 2006 and the base value is 1000. The index is reconstituted on a semi-annual basis and weights are rebalanced on a quarterly basis.
/jlne.ws/3VAwfaZ
OCC Stories: Dare Okandeji on Finding Connection
OCC
When Dare Okandeji joined OCC in 2022, he wasn't sure where or how he fit into the organization's culture. However, with help from his colleagues and OCC's employee resources, he quickly found spaces where he felt connected and supported. Read Dare's story below! As an Agile Practitioner at OCC, I offer guidance and support to the product teams. We strive to deliver valuable products, applications, and new features to support OCC's corporate goals. I found a supportive community within OCC, where many individuals are eager to lend a helping hand.
/jlne.ws/4eE2ajf
Medical Cannabis Company, Cilo Cybin, Lists on The JSE's AltX Board
Johannesburg Stock Exchange
Medical cannabis investment company, Cilo Cybin Holdings Limited, listed today on the Johannesburg Stock Exchange's (JSE) AltX Board as a Special Purpose Acquisition vehicle (SPAC), with ambitions for significant future expansion and growth through new acquisitions in the biotechnology and medical cannabis industries. Medical cannabis investment company, Cilo Cybin Holdings Limited, listed today on the Johannesburg Stock Exchange's (JSE) AltX Board as a Special Purpose Acquisition vehicle (SPAC), with ambitions for significant future expansion and growth through new acquisitions in the biotechnology and medical cannabis industries.
/jlne.ws/4bi4vxp
SPAN Margin Parameters
London Metal Exchange
LME Clear Members are advised that new SPAN1 margin parameters have been set, as marked in the SPAN Margin Parameter spreadsheet located here https://www.lme.com/en/Clearing/Risk-management/Margin-parameter-files. The changes will be made effective at close of business 24 June 2024 and will be reflected in SPS margin calls on the morning of 25 June 2024. Members are advised that Secondary SPAN margin parameters will be updated from the morning of 21 June 2024 with the new parameters as detailed in this circular.
/jlne.ws/3vimcfa
Helvetia Asset Management Ltd. Joins SIX Swiss Exchange as New Fund Issuer; With today's listing of the Helvetia (CH) Swiss Property Fund, the choice of real estate funds tradable at SIX Swiss Exchange is broadened further.
SIX
With Helvetia Asset Management Ltd, SIX welcomes another new real estate fund issuer at SIX Swiss Exchange. Their newly listed fund, the Helvetia (CH) Swiss Property Fund (ISIN CH0513838323), is now open to private investors and will make part of the SXI Real Estate Funds Broad Index (SVIIT) that comprises all SIX-listed real estate investment funds that have at least 75% of their assets invested in Switzerland.
/jlne.ws/3KYXirn
Speech by Mr Michael Syn, President, SGX Group at Securities Market Opening with SIAS
SGX Group
Mr David Gerald, Founder, President & CEO, Securities Investors Association (Singapore); Friends from SIAS, colleagues, ladies and gentlemen. It is my pleasure to welcome everyone to today's Securities Market Open, which we mark together with our valued partner, SIAS. Technology and product innovation have revolutionised the landscape and complexion for securities investors internationally. So Singapore investors today enjoy these innovations, with a wide range of channels for trading and investment in securities. As product choices and information channels grow in sophistication and novelty, so has the Singapore investor.
/jlne.ws/45GKVK1
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Hidden Road Signs with Trading Technologies to Distribute TT Platform for Multi-Asset Trading
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced that it has partnered with Hidden Road, the global credit network for institutions, through Hidden Road Partners CIV US LLC, its futures commission merchant regulated by the U.S. Commodity Futures Trading Commission (CFTC). The move will enable Hidden Road clients to utilize the TT platform for trading across a broad range of asset classes and products, including traditional cleared derivatives as well as digital assets. TT is the first independent platform Hidden Road has made available to clients for cleared derivatives.
/jlne.ws/3KZPGoy
San Francisco Fed president says tech founders can help city avoid 'doom loop'; Mary Daly points to workers being ordered back to the office and other steps required to regenerate depleted downtown
Tabby Kinder - Financial Times
San Francisco Federal Reserve president and chief executive Mary Daly called on the city's technology founders to bring their employees back to work amid record-high office vacancies that have helped fuel concerns of an economic "doom loop" there. "If you're the founder of something and you're part of this, then let's change it," Daly said at San Francisco's Commonwealth Club on Monday. "This isn't being done to us, we live in the city and so together we can help."
/jlne.ws/45BQxWb
Exclusive: China's ByteDance working with Broadcom to develop advanced AI chip, sources say
Eduardo Baptista - Reuters
China's ByteDance is working with U.S. chip designer Broadcom (AVGO) on developing an advanced AI processor, two sources familiar with the matter said, a move that would help TikTok's owner secure sufficient supply of high-end chips amid U.S.-Sino tensions.
/jlne.ws/4ezYb7s
Political deepfakes top list of malicious AI use, DeepMind finds; Artificial intelligence is used more to create realistic but fake celebrity images than to assist cyber attacks, Google unit says
Cristina Criddle - Financial Times
Artificial intelligence-generated "deepfakes" that impersonate politicians and celebrities are far more prevalent than efforts to use AI to assist cyber attacks, according to the first research by Google's DeepMind division into the most common malicious uses of the cutting-edge technology. The study said the creation of realistic but fake images, video and audio of people was almost twice as common as the next highest misuse of generative AI tools: the falsifying of information using text-based tools, such as chatbots, to generate misinformation to post online.
/jlne.ws/4cdrivT
Music Labels Take On AI Startups With New Lawsuits; Universal, Sony and Warner allege that the two companies generate sound-a-likes of popular recordings using copyrighted works
Anne Steele - The Wall Street Journal
Major music companies are suing two generative AI startups that allow users to compose new tracks using text prompts, alleging that they infringed on artist and labels' copyrights in creating the tools. Plaintiffs in the cases, which include the three largest record companies-Universal Music Group, Sony Music Group and Warner Music Group -allege that Suno and Udio used copyrighted works scraped from the internet to train models that underpin their products.
/jlne.ws/4ccSBXa
A.I. Is Getting Better Fast. Can You Tell What's Real Now?
Stuart A. Thompson - The New York Times
/jlne.ws/3xkzewc
Forget STEM. The head of Paris's top tech university says the secret to France's AI boom is a focus on the humanities
Ryan Hogg - Fortune
/jlne.ws/3VDqHfN
Don't Tell Anyone, but Private Blockchains Handle Over $1.5T of Securities Financing a Month
Ian Allison - CoinDesk
/jlne.ws/3VCj21k
Singapore's 'Fomo' amid the rise of the AI data centre; Like many other countries it has underestimated how demand is going to expand in coming years
Mercedes Ruehl - Financial Times
/jlne.ws/3VCY2rd
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| Cybersecurity | | Top stories for cybersecurity | Foster a collaborative security culture to avoid becoming the 'chief incident scapegoat officer'
Nick Lines - SC Magazine
Even just 10 years ago, the chief information security officer (CISO) role was more straightforward. Much has changed over that time, and radical changes to the threat landscape have forced the CISO to evolve. New regulatory shifts have also added another layer of complexity, with the EU's Digital Operational Resilience Act (DORA) placing added scrutiny on any third-party suppliers, and new SEC rules requiring that listed companies must report a material cybersecurity incident within four days. In both regulations, boards have been made to take on more accountability for cybersecurity. But the ultimate burden often falls on a single individual: the CISO.
/jlne.ws/3zgI0Ml
Chinese Hackers Step Up Attacks on Taiwanese Organizations, Cybersecurity Firm Says
Zen Soo - Insurance Journal
A suspected Chinese state-sponsored hacking group has stepped up its targeting of Taiwanese organizations, particularly those in sectors such as government, education, technology and diplomacy, according to cybersecurity intelligence company Recorded Future. In recent years, relations between China and Taiwan, a self-governed island across the Taiwan Strait that Beijing claims as its territory, have deteriorated. The cyberattacks by the group known as RedJulliett were observed between November 2023 and April 2024, during the lead up to Taiwan's presidential elections in January and the subsequent change in administration.
/jlne.ws/3KV1BEl
Hong Kong cybersecurity watchdog turns to AI tools as incidents rise 31% in 6 months; Hong Kong Computer Emergency Response Team tests large language models to help detect phishing websites and improve risk alert systems
Connor Mycroft - South China Morning Post
A Hong Kong information security watchdog is using artificial intelligence (AI) to strengthen its threat detection abilities as it recorded a 31 per cent increase in cybersecurity incidents in the first half of the year. The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) on Tuesday said that it had been testing AI language models since May to help detect phishing websites and improve its risk alert systems.
/jlne.ws/3KZlie7
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto May Become the New 'Trump Trade,' Bernstein Analysts Say; Crypto may come up during Thursday's presidential debate; Biden could signal softer stance on crypto, Cowen says
Benjamin Taubman - Bloomberg
Crypto may emerge as the primary "Trump Trade" during the current election cycle with Republican prospects improving and the party's standard bearer increasingly embracing a pro-crypto viewpoint, according to Bernstein analysts. Republicans see a favorable stance on the crypto industry as a way to both win over voters and get campaign funding from super PACs who back pro-crypto politicians, Gautam Chhugani and Mahika Sapra wrote in a report Monday.
/jlne.ws/3KYST7S
Binance's General Counsel Faces Some of the Toughest Challenges in Crypto
Ryan Weeks - Bloomberg
Binance's General Counsel Eleanor Hughes has a lot to keep her busy, ranging from the giant crypto exchange's testy dispute with Nigerian officials to strict monitoring by US authorities as part of a landmark plea deal. That plea agreement with the Justice Department and US regulators led to a $4.3 billion corporate penalty and the jailing of co-founder Changpeng "CZ" Zhao for failures that let criminals and terror groups use the exchange. Reflecting on the panoply of challenges, Hughes described her role at the world's biggest digital-asset trading venue as among "the most interesting jobs in the legal profession," one that throws up fresh issues and questions daily.
/jlne.ws/3VTNcyr
Jump Crypto President Kanav Kariya Announces He Is Stepping Down; Kariya plans to stay in touch with Jump portfolio firms; Tenure was marked by Jump's involvement with TerraUSD
Emily Nicolle - Bloomberg
Kanav Kariya, the head of Jump Trading's crypto unit, said he is leaving the company, a departure that follows a difficult two years that saw both Kariya and Jump at the center of one of crypto's largest collapses. "Today marks the end of an incredible personal journey for me. It's my last day at Jump," Kariya said in a post on X, without elaborating on his reasons for leaving the firm. "As for what's next, I plan to stay engaged with the portfolio companies I've been most involved with and hopefully take some time to process the unbelievably eventful few years we've had."
/jlne.ws/3XW9Jw7
Bitcoin Mining Sector Is Attracting Growing Investor Interest Following Core Scientific Deal: JPMorgan
Will Canny - CoinDesk
The bitcoin {{BTC}} mining sector is attracting a wave of investor interest following Core Scientific's (CORZ) deal with artificial intelligence (AI) company CoreWeave, JPMorgan (JPM) said in a research report on Monday. The bank notes that the total market cap of the 14 miners it tracks has grown by 22%, or $4 billion, since the announcement, versus a 7% drop for bitcoin and a 3% increase for the S&P 500 stock index. Core Scientific said it had signed a 200 megawatts (MW) artificial intelligence deal with the cloud computing firm earlier this month. News of the deal triggered a re-rating of the bitcoin mining sector as investors reacted positively to the announcement.
/jlne.ws/3RJGmcq
'Hamster' crypto craze gripping Iran highlights its economic malaise ahead of presidential election
Jon Gambrell and Nasser Karimi - Associated Press
Cab drivers and bikers tap away furiously on their mobile phones as they wait at red lights in the Iranian capital during an early June heatwave. Some pedestrians in Tehran are doing the same. They all believe they could get rich. The object of their rapt attention? The "Hamster Kombat" app.
/jlne.ws/45GMnfz
Coatue Invests in Bitcoin Miner Hut 8 as Sector Joins AI Race; The firm invests $150 million in Hut 8 via a convertible note; Bitcoin miners with access to power are riding the AI boom
David Pan - Bloomberg
/jlne.ws/3XDB99D
India digital currency transactions slump after reaching initial central bank target, sources say
Jaspreet Kalra - Reuters
/jlne.ws/3VZLonK
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| Politics | | An overview of politics as it relates to the financial markets | Biden Likely to Win Popular Vote, but Lose Presidency, Prediction Market Signals
Marc Hochstein, Shaurya Malwa - CoinDesk
Donald Trump is one of only five U.S. presidents who won the electoral college, and thus the nation's highest office, despite losing the popular vote. If prediction markets are correct, he will repeat that feat this year. On Polymarket's contract asking who will win the popular vote, "yes" shares for President Joe Biden are trading at 56 cents, indicating the market sees a 56% chance of the incumbent prevailing. Each share pays out $1 (in the USDC stablecoin) if the prediction comes true, and zero if it does not.
/jlne.ws/3KXZG1O
Global tax truce frays over fears of US Senate deadlock; Champions of digital taxes take unilateral steps after losing faith in OECD-backed treaty
Emma Agyemang, Paola Tamma and Claire Jones - Financial Times
Legislative paralysis in Washington is threatening to trigger a global tax war, as countries prepare for the likely failure of a landmark agreement overhauling taxation of big multinationals. With a self-imposed deadline of June 30, negotiators for more than 140 countries are on the cusp of emerging this week with an OECD-brokered treaty text on taxing digital companies, dubbed "pillar one" reforms.
/jlne.ws/3VxQWUS
The price of petrol may still pose problems for Biden; Voters are worried about inflation in general and the cost of filling up their cars in particular
Daniel Yergin - Financial Times
The coming US presidential election is one in which prices matter a lot. The inflation rate has dropped dramatically in these past two years of the Biden administration; yet it and the economy still rank as the top issues for voters. And the price that now matters the most is that political perennial - the one at the petrol pump. It is where presidential politics collides with the global oil market.
/jlne.ws/4czzWV1
LG Chem Says Trump Return Won't Fundamentally Change Climate Act; Korean manufacturer doesn't expect changes in US spending; Firm doesn't have immediate plan to sell down LG Energy stake
Heesu Lee and Stephen Engle - Bloomberg
LG Chem Ltd. sees the fundamental framework of Joe Biden's signature climate law remaining unchanged even if Donald Trump returns to the White House, the South Korean battery materials supplier's chief executive officer said. "Fundamentally the spirit of the IRA and the framework of the IRA will not change because what he's looking for is to use more local production in the US," LG Chem's Shin Hak Cheol said in an interview with Bloomberg Television, referring to Biden's Inflation Reduction Act. "There may be some slight changes here and there, and that may be inevitable in the midst of an administrative change."
/jlne.ws/4cxL7O8
Macron Says Extreme Opposition Parties Would Cause Civil War
Samy Adghirni - Bloomberg
President Emmanuel Macron said the agendas of the far-right and far-left blocs in France's upcoming legislative elections pit the country's people against each other, going so far as to say that "extreme" parties could spark a "civil war." The far-right National Rally's plan to deal with crime and insecurity "refers to people of a religion or an origin - it divides and it leads to civil war," Macron said in an interview with a Génération Do It Yourself podcast aired Monday evening. The far-left France Unbowed that's part of a hastily cobbled alliance is also peddling sectarian politics that would provoke similar hostilities, he said.
/jlne.ws/4eEZySc
Le Pen Blasts Macron's Scaremongering With 'Civil War' Comment; Comments come as Macron's centrist party trails in the polls; Le Pen says president's comments show he knows he's lost
Samy Adghirni - Bloomberg
/jlne.ws/3XDc3rr
China Premier Warns Decoupling Will Lead to 'Destructive Spiral'
Bloomberg
/jlne.ws/3xm2mDj
Lula's spending plans turn heat on Brazilian markets; Stocks and currency have fallen amid concerns over 'unsustainable' model for eliminating budget deficit
Michael Pooler and Beatriz Langella - Financial Times
/jlne.ws/3zhwgJh
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| Regulation & Enforcement | | Stories about regulation and the law. | Wikileaks' Julian Assange to Plead Guilty, Ending Yearslong US Battle; Under DOJ deal, Assange will avoid any US prison sentence; Wikileaks co-founder to return to his native Australia
Chris Strohm and Ben Westcott - Bloomberg
Wikileaks co-founder Julian Assange will plead guilty to leaking US national security secrets and return to his home country of Australia, under a deal with the Justice Department that ends an almost 15-year battle over his prosecution. Assange, 52, is expected to be sentenced to the more than five years he already served in a UK prison during an in-person court appearance Wednesday in Saipan, in the US Northern Mariana Islands, avoiding a potentially lengthy sentence in the US.
/jlne.ws/3xx2yzp
Star Quant Fund's 38,650% Asset Jump Threatened by India Probe; SEBI reviews possible front-running by Quant Mutual Fund staff; Quant's equity investment plans have beaten peers consistently
Chiranjivi Chakraborty and Preeti Singh - Bloomberg
Quant Mutual Fund took India's market by storm in recent years, using computer models to generate 560% returns and boost assets by almost 400-fold. That spectacular growth is under threat in India's latest regulatory probe. The Securities and Exchange Board of India is reviewing alleged front-running trades by Quant Mutual Fund employees, people familiar with the matter said. The Mumbai-based firm that manages about $11 billion said it received inquiries from the regulator and is fully complying with the requests.
/jlne.ws/3S5kSHd
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
SEC
The Securities and Exchange Commission today announced that it updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors, adding 24 soliciting entities, six impersonators of genuine firms, and four bogus regulators.
/jlne.ws/45GNJqT
The State of Disclosure Review
Erik Gerding - SEC
The Division of Corporation Finance has over 400 professionals, primarily comprised of accountants and attorneys, who carry out the Commission's important three-part mission of protecting investors, facilitating capital formation, and maintaining fair, orderly, and efficient markets. Of those Division individuals, over 70% are focused on disclosure review. It is that work I would like to highlight for you this afternoon because of the key role that it plays furthering the SEC's mission.
/jlne.ws/3KYPrtW
ASX listed company pays two infringement notices for greenwashing in market announcements
Published 25 June 2024
ASIC
Fertoz Limited (Fertoz) has paid $37,560 to comply with two infringement notices issued by ASIC in which ASIC alleged it made false or misleading statements regarding its Reforestation Project in the Philippines (Philippines Reforestation Project). On 15 November 2023, Fertoz, an ASX listed entity specialising in fertilizer mining, manufacturing and supply, made statements in a presentation published on the ASX that said that the Philippines Reforestation Project would obtain an offtake partner or receive funding for the project by the end of 2023, and begin planting the initial hectares in the respective area of the project in quarter 4, 2023.
/jlne.ws/45CTHc0
Reports and papers
FMA
This section contains our reports and papers. For corporate publications, such as the annual report and statement of intent please see our corporate publications page.
/jlne.ws/3VGolN1
Publication of the Research Report; "Study of the Use of the NGFS Scenarios"
FSA
In recent years, the awareness of and the use of the NGFS Scenarios among financial institutions have been increasing globally. In light of this, the FSA commissioned the Central Research Institute of Electric Power Industry to conduct "Study of the Use of the NGFS Scenarios". The research was aimed at examining use cases of the NGFS scenarios and providing an explanation on the features of Phase IV NGFS Scenarios published in November 2023.
/jlne.ws/4bh2Acz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Japan's Retail Investors Eye Risky Wagers on Yen Intervention
Yui Hasebe and Mia Glass - Bloomberg
An army of retail traders appears to be reloading bets for a rebound in the yen as the currency's slide increases the chances of Japan intervening in the market again. Bullish positions on the yen against the dollar have been building since mid-May via futures contracts that cater to individual Japanese investors, data from Tokyo Financial Exchange Inc. show. These wagers tumbled on April 29 and May 1-2, around the time when the government is thought to have stepped into the market, indicating that retail traders sold the yen to take profit.
/jlne.ws/4eFRC39
Fearing Losses, Banks Are Quietly Dumping Real Estate Loans; If landlords can't pay back loans on office buildings, the lenders will suffer. Some banks are trying to avoid that fate.
Matthew Goldstein - The New York Times
Some Wall Street banks, worried that landlords of vacant and struggling office buildings won't be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It's an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings - an outcome of the pandemic.
/jlne.ws/4cif6Km
What Works for Golf Works for Life; In the long run, consistency and skill tend to win out over luck.
Peter Coy - The New York Times
Rory McIlroy of Northern Ireland, one of the greatest golfers of his generation, suffered a crushing loss at the U.S. Open this month when he missed short putts on two of the last three holes. Please keep reading even if you don't give a bogey about golf, because I'm going explain how the strategies that make someone a better golfer can help in other parts of life, such as personal finances. It comes down to focusing on what really matters and avoiding dumb mistakes.
/jlne.ws/4ew6dyh
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Report: 85% of businesses have no commitment to cut supply chain emissions
Sarah George - edie
Only 15% of businesses reporting climate data through CDP have a target to reduce indirect (Scope 3) emissions from their supply chains - despite the fact that these emissions usually account for the bulk of their climate impact. Report: 85% of businesses have no commitment to cut supply chain emissions. This is according to a new analysis of the climate disclosures made by more than 23,000 companies through CDP this year, produced in collaboration with Boston Consulting Group (BCG). For the average large listed company, supply chain emissions will be 26 times higher than those generated in operations. The discrepancy is even higher in the retail and apparel sectors, at a ratio of 92:1 tonnes and 47:1 tonnes respectively.
/jlne.ws/4cytrSz
Radical Technology Aims to Rev Up Oceans' Power to Cool the World; Oceans already absorb a third of Earth's atmospheric C02. Startups want to boost that with electrochemistry, other unusual methods.
Amrith Ramkumar - The Wall Street Journal
Oceans help cool down the world. Startups are betting they can tweak the chemistry of seas to make them do even more. It is a radical idea that has yet to be proven on a commercial scale and causes some to worry about potential risks. But at least a dozen young companies are embarking on the world's first major projects to get oceans to soak up more carbon dioxide, encouraged by billions of dollars in federal and corporate funding for efforts that remove the greenhouse gas from the atmosphere.
/jlne.ws/3XFTpiG
ECB could take action against firms in bond portfolio in climate fight
Reuters
The European Central Bank said on Tuesday it plans to set emission reduction targets for its vast corporate bond portfolio and could even sell some assets if it fails to meet its targets. The ECB holds about 350 billion euros ($376 billion) worth of corporate debt, purchased as part of a massive stimulus scheme over the past decade, and has been pushing companies included in this vast portfolio to become greener.
/jlne.ws/4eExzCs
Investors press corporations for water risk data as extreme weather bites; Almost 300 investors, collectively representing more than $21trn in assets, are urging the firms they invest in to enhance how they are tracking and reporting water-related risks.
Sarah George - edie
Investors press corporations for water risk data as extreme weather bites
The investors are participating in CDP's Non-Disclosure Campaign, which targets businesses in sectors with a high water footprint that are not yet disclosing comprehensive data on their water footprint, water stewardship and risk management. The likes of Cathay Financial Holdings and Colombia Threadneedle Investments are among the investor supporters of the Campaign. A record 1,029 businesses are being asked through the Campaign to enhance their disclosures. Focus sectors include retail, consumer electronics, data centres, aviation, manufacturing, automotive, and food and drink.
/jlne.ws/3XFsgg0
Rising sea levels will disrupt millions of Americans' lives by 2050, study finds; Floods could leave coastal communities in states like Florida and California unlivable in two decades
Nina Lakhani - The Guardian
Sea level rise driven by global heating will disrupt the daily life of millions of Americans, as hundreds of homes, schools and government buildings face frequent and repeated flooding by 2050, a new study has found. Almost 1,100 critical infrastructure assets that sustain coastal communities will be at risk of monthly flooding by 2050, according to the new research by the Union of Concerned Scientists (UCS). The vast majority of the assets - 934 of them - face the risk of flood disruption every other week, which could make some coastal neighborhoods unlivable within two to three decades.
/jlne.ws/3KXZMX3
Low-Emission 'Gas Certification' Is Greenwashing, Climate Advocates Conclude in a Contested New Report; Gas utilities see certified gas as a way to sell low-carbon fuel at a premium. U.S. senators are calling on the FTC to investigate the industry's claims.
Phil McKenna - Inside Climate News
A growing effort by the fossil fuel industry to sell natural gas as a low-carbon fuel is little more than greenwashing, according to a new report by climate advocacy organizations. Gas producers looking to differentiate their products as clean fuel are increasingly seeking "gas certification" from third-party companies, which monitor wells and other gas infrastructure for climate-wrecking methane emissions.
/jlne.ws/3VYXSe7
Three Ideas to Beat the Heat, and the People Who Made Them Happen; As temperatures soar around the world, practical experiments are emerging to protect people.
Somini Sengupta - The New York Times
/jlne.ws/3VWPwVh
EU leaders want more green industry in Europe, draft shows
Kate Abnett - Reuters
/jlne.ws/4czY9un
Germany's Solar Power Generation Surges to a Fresh Record
Lars Paulsson - Bloomberg
/jlne.ws/3XH7QTF
Co-operation with oil industry 'critical' for uptake of sustainable jet fuel; United Airlines executive highlights need for access to pipeline networks and other infrastructure to help decarbonisation
Robert Wright - Financial Times
/jlne.ws/4cCTmbx
Climate Group Backed by TCI Billionaire Has a Transition Warning
Alastair Marsh - Bloomberg
/jlne.ws/3xtdzSv
Forget Shale: Canada's Oil Sands Are Having Their Moment; The American oil patch's poor northern neighbor offers investors stellar returns
Jinjoo Lee - The Wall Street Journal
/jlne.ws/3zfQ9jT
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan, Ex-Trader Agree to Settle Wrongful Firing Lawsuit
Steve Stroth - Bloomberg
A former JPMorgan Chase & Co. precious metals trader said he's reached a tentative settlement with the bank over a suit claiming he was wrongfully fired over his cooperation with a federal spoofing probe. Donald Turnbull's lawyer said in a Thursday court filing that his client and JPMorgan had reached an agreement in principle. The lawyer, Eric Adams, informed US District John G. Koeltl in Manhattan that the deal would likely take another month to finalize. Terms of the proposed settlement weren't disclosed.
/jlne.ws/3L1Ob9j
Norinchukin's Woes Show Banks Are Still Getting Rates Wrong; The Japanese bank was caught out borrowing short-term to invest in long-term government bonds - and not hedging its risks.
Paul J. Davies - Bloomberg
Norinchukin Bank is best known outside of Japan as an investing whale in the market for bonds that package up loans to private equity businesses, known as collateralized loan obligations. But it's the firm's bets on safe, vanilla government debt that have hurt the lender, in an echo of what happened to some US banks last year. And, like Silicon Valley Bank, the Japanese lender known as Nochu has given itself a major headache by failing to manage its exposure to interest rates. It's a fresh warning to others to buck up their risk management as the Federal Reserve looks set to maintain tighter policy for longer.
/jlne.ws/4eClwW4
JPMorgan brings in over $15bn from wealthy clients looking to cut tax bills; US bank seeks to take share of business from Goldman Sachs and Morgan Stanley
Will Schmitt and Joshua Franklin - Financial Times
JPMorgan Chase has attracted more than $15bn in assets from wealthy clients to its nascent tax strategy business, according to people familiar with the matter, as the US bank seeks to win a bigger share of the business from Goldman Sachs and Morgan Stanley.
/jlne.ws/45D4V0e
Goldman Sachs names Hess chief to its board as it guides oil company sale; Wall Street firm stands to make $80mn if deal to sell group to Chevron survives ExxonMobil challenge
Joshua Franklin and James Fontanella-Khan and Myles McCormick - Financial Times
Goldman Sachs has appointed oil tycoon John Hess to its board of directors, the firm announced on Monday, just as the Wall Street investment bank advises his company on its $53bn takeover by Chevron. The move comes as Goldman stands to make as much as $80mn in fees for helping Hess sell the family-run oil business in a contentious deal that has created a stand-off with ExxonMobil.
/jlne.ws/45BpES9
Carlyle, Goldman Sachs Lend $1.1 Billion PIK to Apex Group; Companies are turning to PIK to push back debt payments
Kat Hidalgo - Bloomberg
Carlyle Group Inc. and Goldman Sachs Private Credit have lent a $1.1 billion payment-in-kind note to fund administrator Apex Group, according to a statement from the firm. Companies have increasingly been turning to so-called PIK notes in the higher-interest rate environment of the last couple of years. PIK debt allows the borrower to postpone interest payments until the debt matures. While that alleviates short-term debt servicing burdens, interest is added to the principal sum and compounded.
/jlne.ws/4bnoyKW
Mizuho Hiring Bankers for US Expansion After Greenhill Takeover; Bank is bolstering financials, health and infrastructure desks; M&A activity hasn't yet panned out this year, says Michal Katz
Todd Gillespie and Sonali Basak - Bloomberg
/jlne.ws/3RCtGUn
Balyasny Pulls Cash From Ex-Elliott Trader's Hedge Fund Sparta
Nishant Kumar - Bloomberg
/jlne.ws/4bl5oW9
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Corporate Women's Gains Fall Victim to Anti-Woke Backlash; As the political right blasts DEI efforts, the number of women in C-suite jobs at major companies fell for the first time in two decades.
Beth Kowitt - Bloomberg
When Walgreens Boots Alliance Inc. named Rosalind Brewer chief executive officer in 2021, corporate America celebrated her appointment as a sign of just how far women in business had come. The former Starbucks Corp. and Walmart Inc. executive was a highly respected and sought-after leader whose new job put her in an exclusive club: the small but record number of female CEOs running a Fortune 500 company-and at the time, the only Black woman among them.
/jlne.ws/3zk5Rur
Gen Z workers think showing up 10 minutes late to work is as good as being on time-but baby boomer bosses have zero tolerance for tardiness, research reveals
Orianna Rosa Royle - Fortune
Chances are, how you feel about running 10 minutes late at work is a good indicator of how old you are. While it may be a sign of disrespect among baby boomers, Gen Zers don't see the big deal.
/jlne.ws/3VWXayX
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Another casualty of soaring health costs: jobs
Maya Goldman, Tina Reed - Axios
Rising health care prices have measurably increased unemployment in the United States, according to a new study in the National Bureau of Economic Research. Why it matters: Surging health care costs don't just hit Americans in their pocketbooks - they could be costing them jobs, especially for middle-income workers. The big picture: Most people with health insurance are covered through an employer. That system creates a "direct link" between health care prices and labor market dynamics outside of the health sector, the researchers said.
/jlne.ws/45Fnp08
These Common Medications Can Make Heat Waves More Dangerous; Certain antidepressants, blood pressure pills and other drugs make you more susceptible to heat-related illness. Here's what to know.
Katie Mogg - The New York Times
June 15, 2024 Leer en español Sign up for Your Places: Extreme Weather. Get notified about extreme weather before it happens with custom alerts for places in the U.S. you choose. Get it sent to your inbox. A major heat wave is expected to hit much of the eastern United States this week. And millions of people across the country are taking medications that may make them more susceptible to heat-related illnesses. Taking certain drugs - including some used to treat mental health conditions, high blood pressure and allergies - can make it even more difficult to stay hydrated or efficiently cool your body when it's hot outside. Here's what to know, and how to stay safe during scorching temperatures.
/jlne.ws/4cCcIh0
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India's $11 Billion Quant Mutual Fund Faces Regulator Inquiry
Ashutosh Joshi, Alex Gabriel Simon, Preeti Singh and Saikat Das - Bloomberg
A probe into a rising star of India's fast-growing mutual fund world for alleged front-running is putting a fresh spotlight on the nation's attempts to police its booming stock markets. India's securities regulator is examining trades by Quant Mutual Fund employees based on alerts generated by the regulator's surveillance system, people familiar with the matter said, adding that the probe could reach beyond top traders. The multi-asset investment manager said in a statement that it has received inquiries from the regulator and is fully committed to complying with the review.
/jlne.ws/4cBYwoy
India Says Rising Solar Cell Output Will Curb Imports From China; Government pushing for self-sufficiency in solar manufacturing; Domestic cell-making capacity to hit 30 GW/year by 2025
Rajesh Kumar Singh - Bloomberg
India expects a surge in domestic solar cell-making capacity in the coming months, which will help reduce its dependence on imported materials from China to manufacture solar panels, the country's top renewable energy official said. The nation's cells capacity is set to jump five-fold to about 30 gigawatts a year by March 2025, Renewable Energy Secretary Bhupinder Singh Bhalla said in an interview in New Delhi. This will allow the government to widen import restrictions aimed at boosting local adoption of solar power hardware and achieving Prime Minister Narendra Modi's goal of increasing self-sufficiency in the sector.
/jlne.ws/45GnO2z
China Imposes More Fertilizer Export Controls to Protect Farmers
Hallie Gu - Bloomberg
China is further restricting fertilizer exports, as it seeks to contain domestic prices, cut farming costs and bolster grain security. The curbs imposed earlier this month apply to urea, a nitrogen-based fertilizer, and phosphates, according to people familiar with the matter, who didn't want to be named discussing a sensitive issue. In years past, China has been a key supplier of the two types, and the new restrictions risk pushing up prices of essential crop nutrients around the world.
/jlne.ws/3zgwqAJ
China's Farmers Brace for More Rain and Flooding Risk to Crops
Hallie Gu - Bloomberg
Heavy rains are expected to continue in parts of central and southern China this week, battering regions where high precipitation has already led to loss of life and flood damage to crops.
/jlne.ws/45IvgKy
Ghana Bondholders to Forgo About $4.7 Billion of Their Claims; Ghana revamping debt to achieve sustainability under IMF rules; Deal follows similar agreement between Zambia and creditors
Moses Mozart Dzawu - Bloomberg
Ghana reached an agreement in principle with private creditors to restructure about $13 billion of debt, a key milestone in the West African country's efforts to overhaul its loans. The nation's bonds rallied. Under terms of an accord announced on Monday, investors accepted nominal losses of 37% on their holdings, according to a statement issued by the advisers to an international creditor committee and the government.. Bondholders will forego $4.7 billion of their claims, while providing cash flow relief of about $4.4 billion during an International Monetary Fund loan program, it said.
/jlne.ws/3KYRSN3
South Africa Risks Losing Billions Pledged for Climate Finance; Delaying closing of coal fired power plans imperils JETP Pact; Country pushed back plant decommissioning after power cuts
Antony Sguazzin - Bloomberg
South Africa is risking a $9.3 billion climate finance pact by delaying the closing of a number of coal-fired power plants, a panel appointed by the country's environment minister said. In an agreement known as the Just Energy Transition Partnership, South Africa won the bulk of the pledges from some of the world's richest nations in loans, grants and guarantees in 2021. They offered to help the country reduce its dependence on coal for power generation on condition it phased out a number of its older plants using the dirtiest fuel.
/jlne.ws/3zkN42g
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| Miscellaneous | | Stories that don't quite fit under the other sections | Archegos Trader Played Polo in St. Tropez Months After Collapse
Chris Dolmetsch and Bob Van Voris - Bloomberg
The summer after Archegos Capital Management's March 2021 collapse, former head trader William Tomita headed to St. Tropez, France, where he played polo and partied with friends. Lawyers for Archegos founder Bill Hwang wanted to ask Tomita about his glitzy vacation on the stand in Manhattan federal court, where he's been testifying as one of the star prosecution witnesses in Hwang's fraud and market manipulation trial. The defense claimed it contradicted his earlier testimony that he was wracked with pain and guilt over his conduct at Archegos at the time.
/jlne.ws/45BtElJ
Americans Are All Over Europe This Summer. Here's How to Outsmart the Crowds; Expect even more tourists than usual in the U.K., Italy, France and wherever Taylor Swift is performing
Allison Pohle - The Wall Street Journal
Who is headed to Europe this summer? You and everybody else. This year is shaping up to be a record one for American tourism to the continent. The first five months of this year saw nearly 7% more trips by U.S. citizens to Europe compared with 2023, according to air-traffic data from the International Trade Administration. Inspiration and advice for navigating your vacations and business trips, along with the latest travel news. The crowds have continued as summer has officially kicked off. The top destinations from the U.S. to Europe this season are London, Rome, Paris, Athens and Amsterdam, according to ticket-sale data from Airlines Reporting Corp.
/jlne.ws/3KYcYeB
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