| April 26, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The ebb and flow of exchanges continues. Yesterday we heard more about FMX's plans to take on the big bad CME Group, using a plan similar to one that has failed during assaults on the Chicago powerhouse in the past. BGC Group, Inc. yesterday announced that Bank of America, Barclays, Citadel Securities, Citi, Goldman Sachs, J.P. Morgan, Jump Trading, Morgan Stanley, Tower Research Capital, and Wells Fargo have become minority equity owners of FMX, with a post-money equity valuation of $667 million. I think Eurex US got a better deal for $1, but we shall see.
Also yesterday, Cboe Global Markets announced a realignment of its digital asset business, rolling its digital asset futures into CFE and announcing plans to wind down the Cboe Digital Spot Market in the third quarter of 2024. This brings Cboe's digital asset derivatives trading and clearing into existing derivatives and clearing business lines.
So long to Cboe Digital. Welcome to the mainstream Cboe's digital asset products.
The NIBA introduced its latest member benefit, "The NIBA Toolbox," accessible for free on their website www.theniba.com. This comprehensive resource hub covers Compliance, Conferences, Marketing, and Partnerships, with regular updates. Users can find a preview of the Toolbox on the website's homepage, and a "how-to" guide is available for accessing and using this valuable member resource. Visit https://jlne.ws/3QiWEIw for more information about the toolbox.
A story in The Wall Street Journal says a recent study by the Employee Benefit Research Institute reveals a discrepancy between workers' expectations and the actual age of retirement. While 28% of workers anticipate retiring at age 65, the median retirement age has consistently been 62, which is the earliest age to claim Social Security benefits. The study highlights an overoptimism among workers regarding the length of their careers. Furthermore, although 75% of workers expect to continue working in some capacity during retirement, only 30% of retirees report having done so. This gap underscores the need for realistic planning regarding retirement age and savings.
Believe it or not, Mother's Day is coming up soon, so The Wall Street Journal is offering some shopping advice for what to get a mom who says she doesn't want anything. The story is titled "30 Unique Gifts for the Mom Who Doesn't Want Anything" and the subheadline is "She swears there's nothing she needs, but she'll definitely be touched by these expert-recommended presents. (And a phone call every once in a while-is that too much to ask?)"
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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The International Energy Agency (IEA) has released a special report titled "Batteries and Secure Energy Transitions," which examines the role of batteries in the energy transition toward net zero. Batteries can function alongside renewables as a competitive, secure, and sustainable alternative to electricity generation from fossil fuels. Additionally, they underpin the decarbonization of road transport by powering electric vehicles. According to the report, battery deployment in the power sector more than doubled last year. In addition, the report suggests that a sixfold increase in global energy storage led by batteries is needed to enable the world to meet its 2030 targets. Read and download the report HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Cboe Global Markets Realigns Digital Asset Business, Leveraging Strength and Expertise in Derivatives and Clearing from Cboe.
- SEC reviews new rules for Bitcoin options trading from CoinTelegraph.
- Lutnick Lands Wall Street Giants for His Futures Fight With CME from Bloomberg via Yahoo Finance ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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JLN Podcast: Navigating Fintech's Evolution: Liquiditybook's Journey Through Technological Advances and Regulatory Shifts
JohnLothianNews.com
The fintech landscape has seen a remarkable evolution over the past decades, marked by technological advancements and regulatory changes. That progress and those obstacles were opportunities for firms like Liquiditybook to automate workflows and establish itself as a dependable partner to a diverse group of market participants. John Lothian News interviewed Terrence Cheung, director of post trade product management, and Shawn Samuel, CTO of Liquiditybook, in this podcast about its history and how it is managing the quickly shifting technological and regulatory landscape.
Listen to the podcast »
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MEMX Celebrates Five Years of Innovation and Growth in the Financial Exchange Market
JohnLothianNews.com
As MEMX marks its fifth anniversary, CEO Jonathan Kellner reflected on the company's significant strides in reshaping the financial exchange landscape through cutting-edge technology and a robust corporate culture in an interview at the FIA International Futures Industry Conference in Boca Raton, FL in March. Kellner spoke to John Lothian News for the JLN Industry Leader video series sponsored by .
Watch the video »
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Options Discovery Episode 33: Multi-leg Options Strategies, Volatility, and Corporate Actions; Mark Benzaquen, Principal of OCC Education, Discusses This and More With JLN's Asma Awass.
JohnLothianNews.com
In this episode of Options Discovery, Asma Awass talks about topics that newer and intermediate traders should familiarize themselves with. This episode includes a breakdown of a few multi-leg options strategies, volatility, and the most common corporate actions. Asma then sits down with Mark Benzaquen, Principal of OCC Education, who goes deeper into these topics. You can learn more about OCC Education here: https://www.theocc.com/company-information/investor-education
Watch the video »
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Multi-leg Options Strategies, Volatility, and Corporate Actions; Mark Benzaquen, Principal of OCC Education, Discusses These Topics In This Options Discovery Full Interview
JohnLothianNews.com
In this Options Discovery full interview, Asma Awass speaks with Mark Benzaquen, the Principal of OCC Education. Mark talks more about his career in the options industry as well as the educational curriculum that he has launched with the OCC. Mark also digs deeper into different multi-leg strategies, how traders can approach volatility, and how common corporate actions can affect options pricing. You can learn more about OCC Education here: https://www.theocc.com/company-information/investor-education
Watch the video »
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Futures Exchanges Are for Traders; FMX, private credit undisintermediation, Trump Media short complaints, index fund bank ownership and buying the customers' yachts.
Matt Levine - Bloomberg
The stylized history of financial exchanges is something like: Once, a dozen or so big brokers met under a tree or whatever to trade their stuff. They collectively set some rules for trading the stuff, which evolved into a nonprofit membership organization - an "exchange" - run by the big brokers. The exchange charged fees to trade, it invested in technology, and it eventually made sense for the exchange to restructure and go public as a for-profit company. The dozen or so big brokers, who once owned and ran the exchange, don't anymore: It's a public company, they've sold whatever shares they had in it, it's just an arm's-length counterparty now. They don't like paying the fees. They get to talking with each other. "At the end of the day," they say, "this exchange is really just us. It's a venue - now a computer system, not a tree, but still - where the 12 of us get together to trade stuff with each other. Why are we paying these fees to a for-profit exchange? Why don't we just meet together somewhere else, trade with each other, and save on fees?" They can't literally meet under a different tree, since now everything is computerized, but if they talk about this enough eventually an entrepreneur will go and build it for them.
/jlne.ws/3UxSONZ
****** Matt Levine has it all today.~JJL
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Trump Allies Draw Up Plans to Blunt Fed's Independence; Some Trump advisers argue that the president should be consulted on interest-rate decisions
Andrew Restuccia, Nick Timiraos and Alex Leary - The Wall Street Journal
Donald Trump's allies are quietly drafting proposals that would attempt to erode the Federal Reserve's independence if the former president wins a second term, in the midst of a deepening divide among his advisers over how aggressively to challenge the central bank's authority. Former Trump administration officials and other supporters of the presumptive GOP nominee have in recent months discussed a range of proposals, from incremental policy changes to a long-shot assertion that the president himself should play a role in setting interest rates. A small group of the former president's allies-whose work is so secretive that even some prominent former Trump economic aides weren't aware of it-has produced a roughly 10-page document outlining a policy vision for the central bank, according to people familiar with the matter.
/jlne.ws/3UzPimt
****** Evidently Mr. Trump's allies don't know where the real power lies, or maybe they do.~JJL
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Why the World Needs More Copper - a Lot More Copper
James Attwood - Bloomberg
Avoiding a climate catastrophe is often portrayed as a question of political will. Yet the push to reduce carbon emissions is also a daunting technical and societal challenge. Retooling power and transportation systems to run on renewable energy will require far more copper than the companies that produce it are currently committed to deliver. The question is whether a traditionally cautious mining industry - grappling with increasingly rigorous regulations - will embrace the scale of investment needed to rewire the world. In an indication of how difficult it is to develop new copper projects, BHP Group Ltd. has proposed a $39 billion takeover of Anglo American Plc, part of a larger trend of mergers and acquisitions as metal producers look to buy rather than build production growth. Failure by the industry to deliver sufficient copper supplies could throw the transition to cleaner power sources off course.
/jlne.ws/3UAKgGn
****** I knew my penny collection would pay off. If only I had collected chocolate candy bars too.~JJL
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EU Lawmakers Call for Release of WSJ Reporter Evan Gershkovich and Others Held in Russia; European Parliament members condemn election process that elected Vladimir Putin as Russia's leader
Ann M. Simmons - The Wall Street Journal
European lawmakers approved a resolution calling for the "immediate and unconditional release" of all political prisoners held in Russia, including Wall Street Journal reporter Evan Gershkovich, who has been in custody in a Moscow prison awaiting trial for more than a year. The nonbinding resolution approved Thursday by 493 lawmakers was part of a motion in the European Parliament condemning Russia's March presidential election as a sham and proposing limiting relations with Russian President Vladimir Putin.
/jlne.ws/4dfqBTp
****** FREE EVAN NOW!!!~JJL
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Thursday's Top Three
Our top story Thursday was California investor buys distressed office building near Willis Tower at fire-sale price, from Crain's Chicago Business. Second was the home page for Horizons National, an organization that seeks to advance educational equity, for which Sean Smith is raising donations. Third was a tie between CFTC Weighs Outright Ban for Derivatives Bets on US Election and Lutnick Lands Wall Street Giants for His Futures Fight With CME, both from Bloomberg.
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| Lead Stories | The Thrill Factor Is Back for Retail Investors; Trading activity at Charles Schwab, Morgan Stanley and Robinhood reaches highest levels since early 2022
Hannah Miao - The Wall Street Journal
The rally that powered stocks higher for much of this year made everyday investors excited about trading again. Amateurs flocked to trading platforms during the pandemic but pulled back in 2022 when the market dropped. When stocks climbed to new highs in 2024, many jumped back in-and had fun trading once more. Before a 3.9% drop in April, the S&P 500 notched its best first-quarter performance in five years and clinched 22 record closes. The benchmark index is now up 5.8% this year. Shares of chip maker Nvidia, a popular stock among individual investors, have soared 67% in 2024. Nine of the 11 sectors in the S&P 500 are up this year.
/jlne.ws/3xToBQN
Consensys Sues to Block SEC From Deeming Ether a Security
Vicky Ge Huang - The Wall Street Journal
Crypto firm Consensys on Thursday sued the Securities and Exchange Commission in an attempt to block the agency from classifying ether as a security. Ether, the second-largest cryptocurrency by market capitalization, is the token that powers the Ethereum Network. The blockchain has grown sharply in recent years, hosting non-fungible tokens and decentralized applications. Consensys alleged that the SEC is seeking to designate ether as a security, threatening the blockchain ecosystem. In 2019, the chair of the Commodity Futures Trading Commission, a sister agency that regulates commodities, said that he viewed ether as a commodity, under the remit of that agency.
/jlne.ws/44l6LT0
UK Watchdog Doubles Down on Name and Shame Plan After Criticism; FCA wants to name those under investigation at earlier stage; House of Lords committee raised concerns about market impact
Upmanyu Trivedi - Bloomberg
The UK's financial watchdog pushed back against criticism of its plan to name firms it's investigating at an early stage, which it thinks will boost transparency and deterrence. The Financial Conduct Authority believes the proposals are timely, according to its response to a House of Lords Financial Services Regulation Committee published on Friday. Firms and consumers benefit from knowing which issues are in the watchdog's sights, leading to better standards of conduct, it said.
/jlne.ws/3Jyu4yW
Key Measure of Bitcoin Mining Profitability Nears All-Time Low; The hashprice fell sharply after Bitcoin's recent halving; Metric indicates Bitcoin miners may struggle with earnings
Sidhartha Shukla - Bloomberg
A metric providing a window into the profitability of Bitcoin mining is approaching the all-time low it reached after the collapse of Sam Bankman-Fried's FTX, signaling hard times ahead for miners. The sharp drop in the so-called "hashprice" comes on the heels of Bitcoin's fourth "halving," which on April 20 cut in half the reward miners earn for their work securing the network.
/jlne.ws/3QjfqPQ
Ban on non-compete agreements sends shockwave across Wall Street; Financial companies scramble to rework contracts and tie down personnel after US Federal Trade Commission rule
Amelia Pollard, Brooke Masters and Joshua Franklin - Financial Times
The US Federal Trade Commission's action to ban non-compete agreements has left Wall Street businesses rushing to restructure contracts and find new ways to tie down the high-priced personnel that their business models rely on. The contracts, which constrain a worker's ability to work for a competitor for a certain period of time after leaving their current employer, have long been a hallmark at big banks, brokers, asset managers and hedge funds. But led by chair Lina Khan, FTC commissioners voted 3-2 on Tuesday to invalidate existing contracts for most employees and for all new contracts starting in August.
/jlne.ws/4d8WywV
Crypto Firm Sues SEC to Fend Off Oversight of Ethereum
Madlin Mekelburg and Olga Kharif - Bloomberg
Crypto software firm Consensys sued the US Securities and Exchange Commission in an effort to fend off regulation of the Ethereum blockchain and push back against what it called the agency's "campaign to seize control over the future of cryptocurrency." Consensys says in a lawsuit in federal court in Texas Thursday that if the SEC is permitted to exert authority over Ethereum and its digital token Ether, it would bring the blockchain to a halt, "crippling one of the internet's greatest innovations." The lawsuit comes amid growing scrutiny of Ethereum by the SEC. In March, the agency demanded information from various companies as part of a review of aspects of Ether, the world's second biggest cryptocurrency.
/jlne.ws/4aPR7kZ
Goldman and Citadel Securities back Howard Lutnick's renewed tilt on futures market; Soon-to-launch venture marks bond pioneer's third attempt to break stranglehold of Chicago's CME
Jennifer Hughes - Financial Times
Goldman Sachs and Citadel Securities are among a group of 10 large trading groups backing bond pioneer Howard Lutnick's renewed tilt on CME's monopoly on the US Treasury futures market. The 10 investment banks and proprietary traders are investing a combined $172mn for a 26 per cent stake in Lutnick's venture, called FMX. The investment will give FMX a valuation of $667mn.
/jlne.ws/4aSv8tv
Former SEC Commissioner Urges DOJ to Model Whistleblower Program on SEC's
Kohn, Kohn & Colapinto
In developing its new whistleblower award program, the U.S. Department of Justice (DOJ) should look to the best practices of the U.S. Securities and Exchange Commission (SEC) Whistleblower Program, says Allison Herren Lee, former SEC Commissioner and currently Of Counsel at the whistleblower firm Kohn, Kohn & Colapinto. Lee commends the DOJ's decision to develop a whistleblower award program and outlines the key elements of the SEC program in a new article "A Proven Success: The SEC Whistleblower Regime Provides a Roadmap for DOJ's New Program" published by the Harvard Law School Forum on Corporate Governance.
/jlne.ws/3xP4mU9
Prop shops recoil from EU's 'ill-fitting' capital regime; Large proprietary trading firms complain they are subject to hand-me-down rules originally designed for banks
Samuel Wilkes - Risk.net
The curse of the younger sibling is to receive clothes and toys previously bought for an older child. Proprietary trading firms in Europe know the feeling, after they were subjected to a capital regime that, they say, imposes rules on them that were originally intended for their bigger cousins: banks. Prop shops are now intensifying their lobbying efforts ahead of an expected review of the regime, in the hope that they can persuade regulators to tailor the rules more closely to their own needs.
/jlne.ws/3xSQAA4
ACLU Sues NSA, Defense Department for AI Spy Program Records - EXCLUSIVE
Tonya Riley - Bloomberg
The American Civil Liberties Union sued the National Security Agency Thursday, alleging it failed to disclose documents about its deployment of AI under federal public records law. Transparency about the agency's ramped-up use of AI is critical to allowing the public to understand how their rights are being affected, and the agency hasn't complied with the federal Freedom of Information Act, according to the ACLU's lawsuit filed in the US District Court for the Southern District of New York and shared first with Bloomberg Law. It also names as defendants the Office of the Director of National Intelligence and Defense Department.
/jlne.ws/4aGKSQh
Quinn Emanuel Battles Former Allies in Jane Street Options Case
Tatyana Monnay - Bloomberg
Quinn Emanuel, a law firm with a reputation for driving hard-nosed litigation, is squaring off against former partners on behalf of Jane Street Group, which claims a theft of its trading strategy. Alex Spiro, Elon Musk's go-to lawyer, leads Jane Street's outside legal team from Quinn Emanuel Urquhart & Sullivan, along with firm partner Deborah Brown.
/jlne.ws/3JAOveI
US regulator pauses plans to scrutinize asset manager stakes in banks
Pete Schroeder - Reuters
A top U.S. bank regulator on Thursday shelved a vote to impose stricter oversight on asset managers like BlackRock and Vanguard that have big passive stakes in banks, despite officials agreeing the matter merited more attention. The Federal Deposit Insurance Corporation postponed votes on two competing plans that would have given the agency more power to scrutinize asset managers after it was clear neither had the majority backing of the five-member board.
/jlne.ws/4d7awPI
Surveying the World's Path From Fossil Fuels to Clean Energy; Energy executives warn that it will be a long and costly journey, while activists and analysts say there are significant rewards and little time to waste.
Zahra Hirji, Ruth Liao, Simon Casey, Mitchell Ferman, Lucia Kassai, and Dayanne Sousa - Bloomberg
The nations of the Gulf know that the world's shift to cleaner energy could change everything: Their economies today depend on demand for oil and gas, and their efforts to diversify could take a long time to pay off. But the speed and nature of the energy transition will have economic, political and, of course, environmental consequences. For the special Gulf issue of Bloomberg Markets, we asked energy executives, analysts and activists to map out what they see coming. Their responses have been edited for clarity and length.
/jlne.ws/44jgwB9
Lessons for investors from the history of war finance; Governments rarely tell voters the true cost of military adventures, or how they intend to pay for them
Gillian Tett - Financial Times
How did the word "capitalism" arise? If you ask most investors that question today, they might mutter about markets, commerce and Adam Smith - or Karl Marx. But according to Michael Sonenscher, a British historian, the term actually emerged first in 18th-century Europe in connection with war finance. "'Capitalism' began as a French word (capitalisme) but was used initially to refer to several largely British problems," Sonenscher notes. "The most salient was the [18th-century] system of war finance. In French, someone who lent money to a branch of the French royal government was called a capitalist (capitaliste)."
/jlne.ws/3Uz40tJ
A justifiable ban on US non-compete clauses; There are other ways of retaining key workers and protecting trade secrets
Editorial Board - Financial Times
How should companies protect trade secrets? In the US and elsewhere, companies have long used non-compete clauses in employment contracts, which prevent employees from moving to rivals in a particular region or starting a new business for a period of time. But such clauses have, over time, extended from high-powered professionals to millions of low-wage employees, from fast-food workers to bartenders or security staff. The Federal Trade Commission this week voted to ban them. Its move is long overdue.
/jlne.ws/44eyZ1F
Fragmentation and regulatory complexity pegged as main hurdles to European ETF growth; Panellists at TradeTech unpacked the ETF landscape in Europe, exploring the inevitable comparison between Europe and the US and discussing current hurdles preventing the former keeping up with the latter.
Wesley Bray - The Trade
With ETFs increasingly becoming more popular in Europe, panellists at TradeTech highlighted fragmentation and regulation as two key pain points that need to be addressed going forward in order to boost growth in the trading segment. Simon Barriball, ETF and portfolio trading, EMEA, at Virtu Financial emphasised the detrimental impact the fragmented venue landscape was having on the assets - highlighting the sheer number of listing venues that Europe has for each ETF, as well as multiple sets of currencies and settlement depots. Europe has twice the listings of the US for just a fifth of the AUM, he explained.
/jlne.ws/49WWVI7
Fireside Friday with... Generali Insurance Asset Management's Marie-France Gavillon
Wesley Bray - The Trade
How are skillsets on the desk having to evolve as the market becomes increasingly technological?
Firstly, I would say that artificial intelligence and algorithms are taking up more and more space. Therefore, we need to adapt our skills to understand how they function as they evolve. The way we practice our profession is not the same as yesterday and will not be the same as tomorrow; we must be able to adapt alongside progress.
/jlne.ws/3waLgYa
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Seven Russian officers killed in strike near Mariupol
Lilia Sebouai - The Telegraph
At least seven Russian officers have been killed in a missile strike near occupied Mariupol, a Ukrainian official has claimed. Petro Andryushchenko, an aide to Mariupol's exiled Ukrainian mayor, said at least six missiles struck a camp being used by the Russian military in Babakh-Tarama, in Ukraine's eastern Donetsk region. The attack caused at least seven fatalities, while more than ten other people were injured. "All of them [the victims] are officers, no soldiers live there," he said in a post on Telegram.
/jlne.ws/4aR9u96
Ukraine war: Kyiv uses longer-range US missiles for first time
Kathryn Armstrong - BBC News
Ukraine has begun using longer-range ballistic missiles against Russia that were secretly provided by the US, American officials have confirmed. The weapons were sent as part of a previous US support package, and arrived this month. Officials said they were not announced publicly to maintain Ukraine's "operational security". They have already been used at least once to strike Russian targets in occupied Crimea.
/jlne.ws/3WnDKDU
Analysis-Arrest of Russian defence minister's deputy may be strike by rival 'clan'
Andrew Osborn - Reuters
Sergei Shoigu, Russia's defence minister, has tried to send a "business as usual" message since his deputy was arrested on a bribery charge. But the widening scandal looks bad for him too, and is seen as a push by a rival clan to dilute his power. On the surface, the timing of the detention on Tuesday of Timur Ivanov, one of Shoigu's 12 deputy ministers, was unexpected, coming when Russia is waging war in Ukraine and the authorities have made discrediting the army a jailable offence.
/jlne.ws/3Qkeue0
Zelenskyy presses the US and allies for Patriot missiles, expected in new $6 billion aid package
Lolita C. Baldor and Tara Copp - Associated Press
Ukrainian President Volodymyr Zelenskyy said that Kyiv needs Patriot missiles to create an air shield against further Russian missile attacks, and it's likely he'll get them in an additional $6 billion aid package expected to be announced by the U.S. as soon as Friday. Zelenskyy discussed the need for Patriots early Friday at the Ukraine Defense Contact Group, a coalition of about 50 countries gathering virtually in a Pentagon-led meeting. His address marked the second anniversary of the group, which has "moved heaven and earth" since April 2022 to source millions of rounds of ammunition, rocket systems, armored vehicles and even jets to help Ukraine rebuff Russia's invasion, Defense Secretary Lloyd Austin said at the meeting.
/jlne.ws/4dcn9ZT
Ukraine's farm minister is the latest corruption suspect as Kyiv aims to undo recent Russian gains
Illia Novikov - Associated Press
A Ukrainian court on Friday ordered the detention of the country's farm minister in the latest high-profile corruption investigation, while Kyiv security officials assessed how they can recover lost battlefield momentum in the war against Russia. Ukraine's High Anti-Corruption Court ruled that Agriculture Minister Oleksandr Solskyi should be held in custody for 60 days, but he was released after paying bail of 75 million hryvnias ($1.77 million), a statement said.
/jlne.ws/3UjEB5U
Ukraine Detains First Minister in Zelenskiy's Graft Crackdown; Agriculture official released on bail after placed in custody; Prosecutors accuse Solskyi of appropriation of state land
Volodymyr Verbianyi - Bloomberg
Ukraine's agriculture minister became the first cabinet member under Volodymyr Zelenskiy's presidency to be detained in a crackdown on corruption demanded by allies as a condition for aid in Kyiv's war against Russia. The High Anti-Corruption Court in Kyiv ordered Mykola Solskyi, who has overseen Ukraine's grain-export policy during the conflict, to be taken into custody early Friday, the court said on its website. The minister, who submitted his resignation even as he denied wrongdoing, was released after paying 75.7 million hryvnia ($1.9 million), according to a ministry statement.
/jlne.ws/44luNNt
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Egypt Sends Negotiators to Israel, Fearing Time Is Running Out for Rafah; Cairo's intelligence chief leads effort to spur new Gaza cease-fire proposal and stave off invasion of crowded border city
Jared Malsin and Summer Said - The Wall Street Journal
Egypt's president dispatched his intelligence chief to Israel on Friday in a last-ditch effort to revive talks toward a cease-fire in Gaza that would also free Israeli hostages and hold off a planned Israeli military offensive against Hamas in the city of Rafah. Abbas Kamel, Egypt's chief of general intelligence, is leading a delegation that was set to meet with David Barnea, the head of Israel's Mossad intelligence agency, and an array of other top Israeli officials.
/jlne.ws/4b9qTti
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Boerse Photography Foundation presents the exhibition "See/Change - Art Collection Deutsche Boerse 25" at Photo London in Somerset House
Deutsche Boerse
The Deutsche Boerse Photography Foundation is showing the exhibition "See/Change - Art Collection Deutsche Boerse 25" at the international photography fair "Photo London" at Somerset House from May 15 to 19, 2024. With this presentation, the foundation is celebrating the 25th anniversary of the Art Collection Deutsche Boerse, which, with more than 2,300 works by 160 artists from 35 nations, is one of the most important international collections of contemporary photography.
/jlne.ws/4aMuwpg
Addition of Financial Information Data Dataset to Data Distribution Service J-Quants Pro for Corporate Users
Japan Exchange Group
Today, April 26, 2024, JPXI will add a financial information data dataset to J-Quants Pro, which is a service that distributes financial data related to the Japanese market to corporate users in an easy-to-use manner. Two APIs are included in the financial information data dataset: Financial Summary Data and Financial Statements (BS/PL).
/jlne.ws/4dh1G1M
HKEX Announces the Laura M Cha Capital Markets Scholarship Programme
Hong Kong Exchanges & Clearing
New annual HKEX scholarship launched for exceptional postgraduate students looking to further their knowledge in global finance and capital markets. Scholarships recognise the considerable contribution of outgoing HKEX Chairman, Laura M Cha, to the development of capital markets in Hong Kong, Mainland China and globally. Programme to be run in partnership with The Chinese University of Hong Kong Business School. Hong Kong Exchanges & Clearing Limited (HKEX) is today (Friday) pleased to announce that it has established a new postgraduate scholarship programme in partnership with The Chinese University of Hong Kong (CUHK) Business School.
/jlne.ws/3Ud2bBz
MCX hosts Energy Conclave 2024: Fostering dialogue and knowledge sharing within the industry
Multi Commodity Exchange of India
The Multi Commodity Exchange of India Ltd. (MCX), India's largest Exchange in the Commodity Derivatives Market segment, hosted today, the 'MCX Energy Conclave 2024' which was held at the Taj Lands End in Mumbai. This one-day thought leadership event brought together industry leaders, experts, and stakeholders to deliberate and brainstorm over thematic sessions, unfolding the energy landscape. The Chief Guest for the event, Shri. Ananth Narayan G, Whole Time Member, SEBI addressed the gathering during the inaugural session on developments in commodity derivatives market in India and how commodity markets play a crucial role in strengthening the modern economy, and Guest of Honour, Smt. Yogieta S. Mehra, Chief
(Economics), CERC, shared her thoughts on developments in the Indian power market.
/jlne.ws/3Qlv8Ka
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ByteDance Says It Won't Sell U.S. TikTok; The company was responding to a report by the Information that it is considering scenarios for selling a majority stake in TikTok's U.S. business
Sherry Qin - The Wall Street Journal
China's ByteDance said it won't sell its U.S. TikTok, a day after President Biden signed legislation that could force the company to sell the popular video-sharing platform or stop operating in the U.S. ByteDance said late Thursday on Toutiao, a media platform it owns, that reports that it is exploring the sale "are untrue." The company was responding to a report by the Information that it is considering selling a majority stake in TikTok's U.S. business without the algorithm it uses to recommend videos to users.
/jlne.ws/49VRwB9
Microsoft, Google Gain After AI Fuels Cloud Computing Demand
Julia Love and Jackie Davalos - Bloomberg
Microsoft Corp. and Google owner Alphabet Inc. sent a clear message to investors on Thursday: Our spending on artificial intelligence and cloud computing is paying off. The companies trounced Wall Street estimates with their latest quarterly results, lifted by a surge in cloud revenue - fueled in part by booming use of AI services. Shares of the companies rallied. Alphabet was up 12% and Microsoft gained 4% in premarket trading Friday in New York.
/jlne.ws/49OM7f2
OpenAI's Sam Altman and Other Tech Leaders to Serve on AI Safety Board; Panel will advise Department of Homeland Security on deploying artificial intelligence safely within America's critical infrastructure
Dustin Volz - The Wall Street Journal
Sam Altman of OpenAI and the chief executives of Nvidia, Microsoft and Alphabet are among technology-industry leaders joining a new federal advisory board focused on the secure use of artificial intelligence within U.S. critical infrastructure, in the Biden administration's latest effort to fill a regulatory vacuum over the rapidly proliferating technology. The Artificial Intelligence Safety and Security Board is part of a government push to protect the economy, public health and vital industries from being harmed by AI-powered threats, U.S. officials said.
/jlne.ws/3Qjq3lM
Sequoia commits to backing Elon Musk's xAI start-up; Venture capital firm is among investors that entrepreneur is wooing as he seeks to gain ground on rivals
George Hammond - Financial Times
Sequoia Capital, Silicon Valley's best-known venture capital firm, has committed to investing in Elon Musk's artificial intelligence start-up xAI, boosting the Tesla chief's efforts to raise billions and take on OpenAI, Meta and Google. Musk has spent months attempting to raise as much as $6bn from investors globally for xAI, which he launched in 2023 with a mission "to understand the true nature of the universe".
/jlne.ws/4dh4uvQ
Microsoft's cloud sales receive a boost from AI; Tech group's shares up 3% a day after better than expected earnings report
Camilla Hodgson - Financial Times
Artificial intelligence helped boost Microsoft's cloud sales past analysts' forecasts, as demand for the high-profile technology challenges the company's capacity to keep up with its rivals. The Seattle-based group, which has become a bellwether for the rapidly developing generative AI industry, on Thursday reported revenue and earnings ahead of analysts' estimates for the three months to March 31. It said it would increase capital spending in support of the technology behind chatbots and smart assistants.
/jlne.ws/3Jxvk5w
AI service providers mine a rich seam of demand for efficiencies; Clients from media to manufacturing are driving growth at software groups
Nick Huber - Financial Times
The business market for artificial intelligence (AI) software is booming as companies seek new ways to cut costs and automate laborious tasks. And that trend is already reflected in this year's FT-Statista ranking of the Americas' 500 fastest-growing companies: it includes at least two dozen that claim to use AI or machine learning in their products.
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| Cybersecurity | | Top stories for cybersecurity | Thoma Bravo to Buy U.K. AI Cybersecurity Company Darktrace for $5.3 Billion; Darktrace's board of directors unanimously recommended that its shareholders approve the deal
David Sachs - The Wall Street Journal
Thoma Bravo said it plans to buy cybersecurity company Darktrace for about $5.31 billion, intending to take the firm private and drive its global expansion in the field of artificial intelligence. The U.S. private equity group said Friday that it had struck a cash deal with London-listed Darktrace, known for its utilization of AI to combat cyber threats. Its client list has included Coca-Cola, Rolls-Royce, and the city of Las Vegas.
Thoma Bravo to buy UK-listed Darktrace for £4.3bn; Offer comes less than two years after private equity group held talks about buying cyber security company
Will Louch and Yasemin Craggs Mersinoglu - Financial Times
US private equity firm Thoma Bravo has agreed to take UK cyber security company Darktrace private in a transaction valuing the company at £4.3bn, marking the latest high-profile takeover of a London-listed group. The offer, which values the shares at 620p each, represents a 20 per cent premium to Thursday's closing share price and sent Darktrace's shares up 19 per cent in early trading in London on Friday. Darktrace floated in April 2021 at 250p per share.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Consensys Sues SEC, Challenging Ethereum's Security Classification
Hope C - CoinMarketCap
Consensys, the Ethereum software company, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The legal action alleges that the SEC is attempting to gain control over the future of cryptocurrency and intends to classify Ethereum as a security. In the 34-page complaint, Consensys argues that the SEC is overstepping its regulatory boundaries under the leadership of Chair Gary Gensler. The company highlights a previous statement from an agency official in 2018, affirming that Ethereum (ETH) should not be treated as a security.
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SEC sued over Ethereum, crypto firm asks court to state token is not a security
Jeff John Roberts - Fortune
A bitter legal fight between the crypto industry and the Securities and Exchange Commission grew more intense on Thursday as Consensys, a major backer of the Ethereum blockchain, filed a lawsuit against the agency in Texas federal court. The complaint seeks to head off an impending SEC lawsuit against the company over features of its popular MetaMask wallet, but also asks the court to resolve one of the biggest legal uncertainties hanging over the crypto industry by stating that Ethereum's digital token, Ether, is not a security.
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Consensys Sues SEC Over 'Unlawful Seizure Of Authority' Over Ethereum
Cheyenne Ligon, Nikhilesh De - CoinDesk
Ethereum developer Consensys has filed a lawsuit against the U.S. Securities and Exchange Commission, striking back against what the company calls an "unlawful seizure of authority" over Ethereum by the federal regulator. The company wants a federal court to declare that ETH {{ETH}} is not a security, any investigation of ConsenSys based on the idea that ETH is a security "would violate" the company's fifth amendment rights and the Administrative Procedures Act, that MetaMask is not a broker under federal law, that MetaMask's staking service does not violate securities law and an injunction against the SEC investigating or bringing an enforcement action tied to MetaMask's Swaps or Staking functions.
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| Politics | | An overview of politics as it relates to the financial markets | Britons Finally Taste Full Brexit as Costly Border Checks Begin; EU food imports to the UK are about to get more expensive and complicated as the British government implements the Brexit deal.
Ellen Milligan - Bloomberg
Just down the corridor from where Danish Crown's pigs are slaughtered, boned and prepared for export as bacon, six staff have a new task: filling in customs and health certificates made necessary by the UK's split from its largest trading partner. The scene at the abattoir in Blans, Denmark, lays bare the change created by Brexit: More time than ever spent on untangling red tape for shipments to Britain. From April 30, the UK will impose checks on fresh food imports - a stark reversal from the era of frictionless trade when the country was part of the European Union.
/jlne.ws/3xVw8i3
Macron Says Europe Can No Longer Rely on US for Its Security; The French president delivers a speech at Sorbonne University; He warned that Europe is mortal and has to step up defense
Ania Nussbaum - Bloomberg
French President Emmanuel Macron said the American security umbrella is a thing of the past and that Europe needs to build its own credible defense strategy if it wants to survive. In a speech setting out his vision for the region six weeks ahead of European Parliament elections, Macron said the continent may need to produce its own anti-missile shield, long-range surface missiles and other equipment to be able to protect itself in a more hostile geopolitical context.
/jlne.ws/3waRPdu
US sanction threats against Chinese banks over Russia trade ties risk 'gargantuan' financial instability; Reports suggest US has 'preliminarily discussed sanctions on some Chinese banks' over their trade with Russia
Ralph Jennings and Kandy Wong - South China Morning Post
Washington would create global financial instability, while damaging the United States' already tenuous ties with Beijing, if it carried out reported threats to sanction Chinese banks over their trade with Russia, and even cut China out of the Swift global interbank system, analysts said on Wednesday. The Wall Street Journal reported on Monday, without elaboration, that Washington was drafting sanctions to help US Secretary of State Antony Blinken persuade Beijing to stop any commercial support for Russia's military production.
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EU to tell Beijing of plan to blacklist more Chinese businesses for breaching Russia sanctions; Purpose is to enlist China's help in ending the companies' activities that allegedly violate sanctions on supplying products with military applications to Moscow
Finbarr Bermingham - South China Morning Post
European Union officials plan to inform Chinese diplomats on Friday about the intent to add more Chinese companies to a blacklist because they had helped Russia evade EU sanctions. The Chinese companies stand accused of buying European-made goods that are not permitted to be sold to Russia, then exporting them to Russian military buyers. The aim of the meeting is to enlist Beijing's help in closing the loopholes, people familiar with the planning said.
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| Regulation & Enforcement | | Stories about regulation and the law. | A Proven Success: The SEC Whistleblower Regime Provides a Roadmap for DOJ's New Program
Allison Herren Lee, Kohn, Kohn & Colapinto LLP - Harvard Law School Forum on Corporate Governance
The Department of Justice (DOJ) recently announced that it is embarking on a "90-day sprint" to develop a whistleblower award program. This is a promising and welcome development for fairness and the rule of law in corporate America. Whistleblower programs at other federal agencies have been resounding successes, bolstering enforcement efforts against hard-to-detect crimes by incentivizing those with knowledge of misconduct to come forward. As DOJ considers how best to construct this new program, it fortunately has a model of success to consider in the programs created under Dodd-Frank at the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
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Letter to CFTC on the Use of Artificial Intelligence in CFTC-Regulated Markets
U.S. Chamber of Commerce
Dear Mr. Kirkpatrick:
The U.S. Chamber of Commerce (the "Chamber") writes to provide our comments on the Commodity Futures Trading Commission ("CFTC") Request for Comment ("Request") regarding the use of artificial intelligence ("AI") in markets regulated by the CFTC. The Chamber appreciates the CFTC soliciting views from the public about the evolving nature of AI and the implications of AI use in the financial markets. As a threshold matter, it is critical for the CFTC and other regulators to recognize that regulated entities have been using AI technology in different capacities for decades. Many of the questions surrounding AI - and concerns over risks expressed by government authorities - have been driven by the more recent proliferation of generative AI. The Chamber believes it is vital that any initiatives to address AI through formal regulations or regulatory guidance should not inappropriately disincentivize the use of a technology that has been efficiently and appropriately deployed by many regulated entities for years.
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Former PR adviser handed 3-year insider trading sentence in 'breakfast trust' trial; Defendant made more than EUR14mn in profit using tips from Perella Weinberg banker
Olaf Storbeck - Financial Times
A former communications adviser was sentenced to three years and three months in jail by Frankfurt district court on Friday after he was found guilty of insider trading spanning multiple years. The 48-year-old, who cannot be named for legal reasons, was found guilty by a panel of five judges of making more than EUR14mn in profit between 2017 and 2021 from trading on inside information shared by a partner of Perella Weinberg Partners, a prestigious boutique investment bank.
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Opening Remarks of Commissioner Kristin N. Johnson at FIA L&C Panel: Futureproofing Financial Markets: AI and Derivatives Markets
CFTC
During my tenure as a Commissioner, conversations among global regulators, market participants, customers, and investors have reached a fever pitch. Innovations such as generative AI have the power and the potential to alter many aspects of our markets and lives. These innovations offer exciting hope for more effective disease screening, more accurate and timely disease diagnosis and mapping, and exceptional potential to solve complex questions that have posed challenges in math, science, and medicine for centuries. At the same time, without appropriate guardrails that ensure responsible adoption of AI, the risks of integrating this technology may outweigh the benefits in some contexts.
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Federal Court Orders California-Based Precious Metals Company, CEO, Senior Salesperson to Pay Over $56 Million for Fraud in Connection with Precious Metals Sales
CFTC
The Commodity Futures Trading Commission today announced Judge R. Gary Klausner of the U.S. District Court for the Central District of California entered a consent order against Red Rock Secured, LLC (Red Rock), Sean L. Kelly f/k/a Shade L. Kelly-Johnson (Kelly), and Anthony "Tony" Spencer (Spencer) on April 23. The order finds the defendants liable for making fraudulent misrepresentations to customers and rendering unlawful investment advice in connection with the purchase and sale of precious metals.
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SEC Small Business Advisory Committee to Discuss Regulation Crowdfunding and the State of Angel Investing
SEC
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Monday, May 6, 2024. The meeting will include a discussion of Regulation Crowdfunding (Reg CF) and activity and trends in angel investing. Members of the public can watch the live meeting via webcast on www.sec.gov.
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NSW financial adviser Adele Baaini permanently banned from credit and financial services industries
ASIC
ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities. ASIC found Ms Baaini engaged in dishonest conduct and failed to act with integrity and sound judgment in relation to a financial service.
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ASIC and APRA release notes on latest Superannuation CEO Roundtable
ASIC
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are releasing the public notes on the Superannuation CEO Roundtables held on Wednesday 27 March and Thursday 28 March 2024. The Roundtables were hosted by ASIC Commissioner Simone Constant and APRA Executive Director Carmen Beverley-Smith. They were attended by 20 superannuation trustee Chief Executive Officers and other executives, representing a broad cross-section of the industry.
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ASIC releases March 2024 financial adviser exam results
ASIC
ASIC today released the exam results from the 24th Financial Advisers Exam cycle, held in March 2024. This is the first exam to reflect the amendments in the Corporations (Relevant Providers-Education and Training Standards) Amendment (2024) Measures No. 1) Determination 2024. The exam, conducted by the Australian Council for Educational Research (ACER) since inception, follows a rigorous process to ensure all candidates in each cycle are tested to the same standards.
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Stewardship Code : 334 institutional investors have signed up to the Principles for Responsible Institutional Investors as of March 31, 2024
FSA
The Council of Experts Concerning the Japanese Version of the Stewardship Code (Chairman: Professor Hiroyuki Kansaku, University of Tokyo Graduate Schools for Law and Politics) published the Principles for Institutional Investors (Japan's Stewardship Code, hereinafter referred to as "the Code") on February 26, 2014. The Council of Experts on the Stewardship Code (Chairman: Professor Hiroyuki Kansaku) revised the Code on May 29, 2017(Finalization of the Japan's Stewardship Code (Revised version)(May 29, 2017)).
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What's New on the FSA Website
FSA
Week of April 12, 2024 - April 19, 2024
This page contains the latest in events, developments, and updates to the FSA website.
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Osaka Plenary Meeting of the International Forum of Independent Audit Regulators (IFIAR)
FSA
From April 16 to 18, 2024, the 24th Plenary meeting of the International Forum of Independent Audit Regulators (IFIAR) was held in Osaka, Japan, hosted by the Certified Public Accountants and Auditing Oversight Board (CPAAOB)/Financial Services Agency (FSA), and IFIAR member regulators from 48 jurisdictions attended the meeting.
/jlne.ws/3Waf41Q
Impact Forum
FSA
Japan's Impact Consortium was launched with public-private collaboration in November 2023, as an interactive-communication platform where impact-driven stakeholders could join in and share their expertise and experiences. The first Impact Forum will be hosted by the JFSA to provide opportunities to share market's views and commitments to impact, as well as raise awareness on the need for investment that would create environmental or social impact and to enhance sustainability for businesses and the economy.
/jlne.ws/4dhTXk4
Three-year extension of grant scheme for open-ended fund companies and real estate investment trusts
SFC
The Securities and Futures Commission (SFC) today announces details of the three-year extension of the Government's grant scheme to subsidise the setting up of open-ended fund companies (OFCs) and real estate investment trusts (REITs) in Hong Kong (Note 1). For OFCs incorporated in or re-domiciled to Hong Kong and SFC-authorised REITs listed on the Stock Exchange of Hong Kong Limited, the extended scheme covers 70% of eligible expenses paid to Hong Kong-based service providers, subject to a cap of $1 million per publicly offered OFC, $500,000 per privately offered OFC and $8 million per REIT.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Alphabet, Microsoft earnings show hefty AI bets are driving growth
Aditya Soni - Reuters
Alphabet and Microsoft ignited a rally in technology stocks on Friday with earnings that showed big AI investments were driving growth, allaying doubts that their costly bets would take time to pay off after a soft forecast from Meta Platforms. After pouring billions of dollars into the infrastructure needed to support AI applications, both Alphabet and Microsoft reported that their quarterly revenue growth was outpacing expectations as more users turn to services including the Copilot AI assistant and the Gemini chatbot.
/jlne.ws/49ZJw1Q
Alphabet surges past $2tn valuation as search giant announces first dividend; Shares of Google's parent company jump after first-quarter earnings beat expectations and $70bn stock buyback
Stephen Morris and Richard Waters - Financial Times
Alphabet's market value surged 11 per cent on Friday to more than $2tn after Google's parent company announced its first-ever dividend and reported strong growth across its main business lines. Revenue rose 15 per cent in the first quarter to $80.5bn from $69.8bn a year ago, the Silicon Valley giant reported on Thursday, beating analysts' expectations for $79bn. Net income was $23.7bn, up 57 per cent from $15.1bn in the same period a year earlier, beating analysts' consensus of $19.1bn.
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Rooting for Trump to fail has made his stock shorters millions
Bernard Condon - Associated Press
Rooting for Donald Trump to fail has rarely been this profitable. Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business - Truth Social - will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate's latest polls, court trials and outbursts on Trump Social itself.
/jlne.ws/4aSLphZ
Copper Still Isn't a One-Way Bet; The price of copper has surged and BHP has bid for Anglo American, but the bull case for the metal is a bit more complicated than it seems
Megha Mandavia - The Wall Street Journal
Copper bulls are roaming the wilds of the London Metal Exchange again. The price for the 3-month contract, which dipped below $8000 a metric ton in late 2023 as Chinese growth sagged, closed above $9700 on Wednesday. It is now up around 13% from the beginning of the year. And BHP, one of the world's top miners, has just unveiled its bid to buy its rival, and copper heavyweight, Anglo American. All of this makes a certain amount of sense given hopes for a stronger Chinese recovery, the global green-tech boom and mining woes in South America. But copper still isn't quite the one-way bet it seems.
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Rising Copper Demand Spurs Search for Alternative Climate Solutions
Akshat Rathi - Bloomberg
The metals industry is abuzz with a possible £31 billion ($39 billion) takeover of Anglo American Plc by Australian giant BHP Group Ltd. Anglo has rejected the offer arguing that it's a significant undervaluation. The deal, if it happens, would make BHP the world's top producer of copper - a metal that's desperately needed in greater quantities for a world that's electrifying quickly. Copper can make all sorts of green solutions a reality, from building out power lines and transport to clean energy and electric car manufacturing. BloombergNEF calculates that, based on the way copper's used today, reaching the world's most ambitious climate goals would require a fourfold rise in consumption.
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CVC Capital Partners Shares Soar in First Day of Amsterdam Trading; The stock opened at EUR17.34, 24% higher than its floating price of EUR14.
Ian Walker and Elena Vardon - The Wall Street Journal
CVC Capital Partners shares jumped on the company's first day of trading on Amsterdam's stock exchange. The stock opened at EUR17.34, 24% higher than its floating price of EUR14. The global buyout firm said Friday morning that its initial public offering price was set at the mid point of its previously guided range of EUR13 to EUR15. This implied a market capitalization of EUR14 billion.
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Diamonds won't be forever unless miners make them sparkle; The natural jewels have lost their old mystique because carbon crystals can be grown in labs
John Gapper - Financial Times
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Air Conditioning and AI Are Demanding More of the World's Power-Renewables Can't Keep Up
Ed Ballard - The Wall Street Journal
Renewable electricity is growing fast. The trouble is, it can't keep up with growing power demand. In the U.S., the new driver is energy-guzzling artificial intelligence. Demand was already on the rise to power electric vehicles, heat pumps and other devices designed to reduce fossil fuel use.
/jlne.ws/4dhXXkE
COP29 climate summit host Azerbaijan defends oil and gas investments
Reuters
Azerbaijan, host of this year's U.N. climate summit, will defend the right of oil and gas producing nations to invest in the sector, the country's president said on Friday, noting that despite climate targets, fossil fuel demand remains strong. As the host of the United Nations COP29 climate summit in November, Azerbaijan will oversee negotiations among nearly 200 countries on how to raise more finance to combat climate change and reduce the greenhouse gas emissions heating the planet.
/jlne.ws/3UD88cw
***** Also see Bloomberg's story, COP29 Host Azerbaijan Says Its Fossil Fuel Is 'Gift of the Gods' and from the Financial Times, COP29 host Azerbaijan still 'working on' its own climate plan.
BHP Makes $39 Billion Anglo Approach to Create Mining Giant; All-share deal would create the world's top copper producer; Demand for the metal soaring amid the global energy transition
Thomas Biesheuvel, Dinesh Nair, and Crystal Tse - Bloomberg
BHP Group Ltd. proposed a takeover of Anglo American Plc that valued the smaller miner at £31.1 billion ($38.9 billion), in a deal that would create the world's top copper producer while sparking the industry's biggest shakeup in over a decade. BHP, already the largest miner, proposed an all-share deal in which Anglo would first spin off controlling stakes in South African platinum and iron ore companies to its shareholders before being acquired by BHP. The total per-share value of the non-binding proposal was about £25.08, BHP said.
/jlne.ws/4dbrcFU
Deposit Return Scheme: UK-wide drinks bottle recycling scheme delayed to 2027
Michael Holder - BusinessGreen
Launch of DRS delayed by further two years amid ongoing row over inclusion of glass between UK and devolved governments. Plans to introduce a nationwide recycling scheme next year that would allow the public to return their used drinks bottles and cans in exchange for rewards and discounts have been delayed by a further two years, with the scheme now not expected to go live until 2027.
/jlne.ws/3xTjC2x
Germany plans bilateral debt reforms to push global climate investments
Reuters
Germany plans to change its bilateral debt relief framework to enable middle-income countries to benefit from climate investment, Chancellor Olaf Scholz said on Friday. "In future, vulnerable middle-income countries that are willing to reform could also be eligible for a climate debt conversion programme," Scholz said on the sidelines of the Petersberg Climate Dialogue in Berlin.
/jlne.ws/4aXZ4Vm
'A Damn Hard Thing to Do': Tesla Co-Founder JB Straubel Takes on Battery Recycling; An in-depth conversation about EVs and how his latest venture, Redwood Materials, is transforming the battery supply chain to compete with China.
Tom Randall - Bloomberg
/jlne.ws/3UgQidV
India braced for heatwaves as nearly 1bn head for marathon summer elections; Voting takes place over next six weeks as temperatures expected to reach new highs above 45C in some areas
Benjamin Parkin - Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Blackstone Credit Chief Dellaert Downplays Rivalry With Banks
Dawn Lim and Silas Brown - Bloomberg
Blackstone Inc.'s credit chief played down his industry's rivalry with banks, even as the biggest alternative-asset managers rise to become major sources of financing across the economy. "We are always going to coexist with banks," Gilles Dellaert said in an interview with Bloomberg Television, adding that money managers' share of lending will "ebb and flow" through cycles.
/jlne.ws/4dbElyH
Activist Elliott Builds $1 Billion Anglo American Stake; Anglo American has received takeover approach from BHP; Hedge fund has been amassing stake over recent months
Crystal Tse, Dinesh Nair, and Swetha Gopinath - Bloomberg
Elliott Investment Management has built a roughly $1 billion stake in Anglo American Plc, people with knowledge of the matter said, adding to the pressure on the UK-listed miner after it rejected a takeover approach from Australia's BHP Group Ltd. The activist hedge fund led by Paul Singer amassed the holding over recent months, the people said, asking not to be identified discussing confidential information. The size of the stake puts Elliott among Anglo American's 10 biggest shareholders, data compiled by Bloomberg show.
/jlne.ws/4dhYy5S
Canada Pension Fund's Credit Head Wants to Take Advantage of Leveraged Buyout Boom; Fund expects to hold over $84 billion in credit assets by 2029; Risk in private credit concentrated in smaller firms: Edgell
Paula Sambo - Bloomberg
Canada's largest pension fund plans to nearly double the size of its credit holdings over the next five years, and it's counting on an upturn in leveraged buyouts to generate some of that growth. Andrew Edgell, global head of credit investments at Canada Pension Plan Investment Board, said the fund expects to have more than C$115 billion ($84.1 billion) in credit assets by 2029, compared with about C$62 billion today. Much of that will be handled by its in-house investment team, which is prepared for a thaw in the buyout market after a couple of slow years.
/jlne.ws/3y4fCfq
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The 'Senior' Jobs That Require Little or No Experience; Many early-career jobs now come with inflated titles, and a loophole in the FTC's new ban on noncompetes could lead to dubious promotions
Callum Borchers - The Wall Street Journal
The job titles imply a wealth of real-world expertise: senior client associate at JPMorgan Advisors, senior analyst at Johnson & Johnson, senior associate application engineer at Discover Financial. In reality these recently advertised roles are among a slew of jobs that sound high level yet require a year or less of work experience, according to their postings. I searched for entry-level openings on Indeed's job board this week with "senior" as the keyword and got more than 8,000 results. In some cases, you could go straight from being a senior in college to a senior employee.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Exercising in Nature Reduces Depression, Improves Health
Neuroscience News
Engaging in physical activity in natural settings like parks and beaches could prevent around 13,000 cases of non-communicable diseases annually in England, saving over £100 million in healthcare costs. This study underlines the critical role of natural environments in promoting health by reducing the prevalence of conditions such as heart disease, diabetes, and cancer.
/jlne.ws/3Wf4hTW
Taking Multiple Medications? You May Need to Scale Back.; Many people in the United States are taking five or more prescription drugs. That can lead to serious complications.
Knvul Sheikh - The New York Times
Around one in five adults between the ages of 40 to 79 is taking five or more prescription drugs, according to data from the Centers for Disease Control and Prevention. And the older patients are, the more likely it is they're taking even more medications. But taking many medicines simultaneously, known among medical experts as polypharmacy, increases people's risk of experiencing severe side effects and drug interactions, said Dr. Nina Blachman, an associate professor of medicine and geriatrics at the N.Y.U. Grossman School of Medicine.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The ambitions of China's BYD stretch well beyond electric vehicles; The company's global plans range from solar modules and electric buses, trucks and trains to complex transport systems. But is it trying to do too much?
Edward White - Financial Times
Upon arriving at the palatial entrance of BYD's hexagon-shaped headquarters in Pingshan, on the outskirts of Shenzhen, a giant screen presents visitors with a question of biblical proportions: "Where is Noah's ark that saved mankind?" The answer, given the query's prominence at the doorway to a company whose rapid expansion is sending shivers through the boardrooms of automakers worldwide, appears to be: "right here".
/jlne.ws/4dcv7Cl
Thousands of Vietnamese lament life savings lost in nation's largest financial scam
South China Morning Post
A total of 42,000 victims have seen their savings and investments in SCB evaporate after the bank was embroiled in a US$12.5 billion fraud. Vietnamese banks are vulnerable to fraud due to complex rules applicable to their operations, financial experts say.
/jlne.ws/4bezLy2
Bonjour, New York? French Oil CEO Sees a Climate Path Out of Paris; The boss of TotalEnergies says "there's a case" to move the company's listing as he navigates the energy transition.
Javier Blas - Bloomberg
In recent years, energy companies have faced what looked like a clear choice between either sticking with fossil fuels or pivoting to renewables. In the US, Exxon Mobil Corp. and Chevron Corp. have expanded their traditional, and very profitable, oil businesses, ignoring the climate crisis. In the UK, Shell Plc and BP Plc have shifted into green energy, reducing oil output but hurting their earnings. Either black or green - but all in.
/jlne.ws/3QIcJI3
China's Gold Consumption Rises on Safe-Haven Demand; Expectations of U.S. rate cuts and global geopolitical tensions have helped send gold prices to all-time highs
The Wall Street Journal
Chinese buyers, spooked by a protracted property slump and a recent stock-market rout, are rushing toward gold as economic uncertainty looms, propelling a global bullion rally. Gold consumption in China rose 5.94% from a year earlier to 308.91 tons in the first quarter, the state-backed China Gold Association said Friday. Meanwhile, China's imports of gold raw materials surged 78% in the same period, helping the country's total gold output to jump 21.16%.
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