| March 23, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Wall Street Journal has a story/infographic telling of "How War Ripples Through Commodity Markets." The presentation looks at how "Russia's invasion of Ukraine has lit up markets for raw materials. Wheat and oil are far from the only commodities with soaring prices."
The price of unleaded gasoline in Boca Raton, Fla. last week was $4.69 per gallon. The cheapest I paid on my trip back from Florida was $3.70 per gallon. Most commonly I paid between $3.99 and $4.19 per gallon on the trip down and back to the Sunshine State.
I arrived home last night at about midnight. We stopped the previous night in Kennesaw, Ga., which is famous for lots of reasons, including having a law that says all men leading households should own a firearm. The only shooting I do is with a camera.
Virtu is taking applications for Ukrainians to work in Dublin or London for Virtu Financial. You can see the jobs and applications HERE.
Crosstower Global is offering perpetual futures on UNI/USDT, which is a uniswap contract to the stablecoin Tether, with leverage up to 20x. CrossTower Global says to stay tuned for listings and trading status updates.
For those readers familiar with the Lake Geneva, Wis., area and specifically Williams Bay and Daddy Maxwell's diner, I am sorry to report that Janette Maxwell, the owner and operator of Daddy Maxwell for the last 35 years, has passed away. She has battled breast cancer for several years and she succumbed to it this week. She was a colorful and loving soul who cared for many people through the years in lots of different ways. People would come from all over the county to eat at Daddy Maxwell's because of the food and because of Janette. She will be sorely missed.
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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Crypto isn't decentralized. It's actually run by a handful of big wigs exploiting low-paid workers, says long-time internet academic.
Natasha Dailey - Business Insider
Crypto may not be the decentralized, equal-investment opportunity people think it is, according to some critics. The vast crypto world — which includes blockchain-backed technologies such as digital currencies, non-fungible tokens, internet organizations, play-to-earn video games, the metaverse, and Web3 — has what researcher Catherine Flick calls a "colonialist mindset" that she says relies on central entities and low-paid workers.
/jlne.ws/3IwHGYL
***** History repeats itself in this universe, it seems.~JJL
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Modern Money SmartPod; Voluntary Carbon Markets Are On The Rise
Smartbrief
As corporations and countries plot their net-zero plans, carbon markets have become one of the most-talked-about components in the realm of sustainable finance. To hear more about this burgeoning corner of the markets, IncubEx Founder, President and COO Dan Scarbrough joins the show to share his insights. Dan outlines the growth carbon markets have enjoyed thus far, explains growing pains that have arisen and shares the details of a platform IncubEx is set to launch -- The Voluntary Climate Marketplace (TVCM) -- that aims to optimize the buying and trading process.
/jlne.ws/3it0RrC
***** The Smartbrief crew was in full force at FIA Boca 2022 and it was good to see them.~JJL
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Federal Court Orders Chicago-area Trader and His Company to Pay $377,000 for Forex and Commodity Fraud
March 22, 2022
CFTC
The Commodity Futures Trading Commission today announced that the U.S. District Court for the Northern District of Illinois entered a consent order on March 21, 2022 for a permanent injunction, monetary sanctions, and equitable relief against defendants Dro Kholamian of Barrington, Illinois and his company, Blue Star Trading, LLC (Blue Star), which had an office in Park Ridge, Illinois.
/jlne.ws/3JAHSar
***** Blue Star Trading says this is a scam.~JJL
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Midtown Manhattan With Fewer Office Workers: Imagining the Unthinkable; New York officials face the reality that the district's economy might never be the same
Kate King, Roque Ruiz, Konrad Putzier - WSJ
People want to live in Manhattan as much as they ever have. The problem is that not enough people want to work there. And for Midtown Manhattan, a neighborhood built on the five-day-a-week commuter, that is a problem so momentous that after decades as the dominant office district in the country, real-estate developers and city planners are trying to imagine what else it can offer.
/jlne.ws/3qozWSc
****** I don't think you are using "Unthinkable" correctly.~JJL
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They Failed a Trust Test, Then Chose Finance. Any Questions? A study of German university students finds that those with low scores in a trust game are more likely to go to work in the financial sector. Does that matter?
Justin Fox - Bloomberg
Former Goldman Sachs banker Tim Leissner has been fessing up to an awful lot of dishonest behavior lately. Under questioning from both the prosecution and defense, Leissner admitted to faking divorce documents, creating phony email accounts, marrying multiple women at once and keeping money that wasn't his.
/jlne.ws/37HH8Cn
****** We had to go into finance, all the game show jobs were taken.~JJL
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Tuesday's Top Three
Our most read story on Tuesday was the press release ICE Launches Multi-Faceted Global Brand and Advertising Campaign from Intercontinental Exchange. Sartorial stories for men seem to be popular - our second most read story was the Financial Times' The end of the necktie and the last stylish man. Third was The Trade's Hudson River Trading joins TP ICAP's digital asset platform as market maker.
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MarketsWiki Stats
26,777 pages; 237,793 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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Associate Editor
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| Lead Stories | Trafigura's finance chief warns of trading house collapses; Fears that volatility will push capital requirements so high some smaller operators will fail
Neil Hume and Harry Dempsey - FT
The crisis in global energy markets will force some smaller commodity traders out of business and unleash a wave of consolidation in the sector, a senior executive at one of the world's largest trading houses has warned. Christophe Salmon, Trafigura's chief financial officer, said the spike in capital needed to keep commodities flowing around the world since Russia invaded Ukraine would squeeze smaller trading houses out of the market.
/jlne.ws/3tygSTz
Central banks unlikely to offer immediate support to energy markets; Market executives have intensified talks with commodities trading under strain in Russia-Ukraine war
Philip Stafford, Claire Jones, Neil Hume and Martin Arnold - FT
Central banks have intensified discussions with energy trading firms calling for help to ease market strains sparked by the war in Ukraine, but are unlikely to unlock immediate extra support, according to people with knowledge of their talks. Top energy market executives spoke to the Bank of England and European Central Bank this week to express alarm at large spikes in commodity futures prices, which are hampering risk management and threatening the smooth flow of physical assets around the world.
/jlne.ws/37Jn0Qk
Powell Flags Risks of New Digital Financial Products; Fed chief highlights potential financial stability worries from proliferation of private cryptocurrencies
Nick Timiraos - WSJ
Federal Reserve Chairman Jerome Powell said the central bank supported innovation in digital financial products but warned that it is "easy to see the risks" of certain new technologies, including cryptocurrencies, that would demand a regulatory overhaul.
/jlne.ws/36pQbHP
EU to unveil landmark legislation to tackle market power of Big Tech; Digital Markets Act now expected to target core online platforms with market cap of at least EUR75bn
Javier Espinoza - FT
The EU is poised to unveil a landmark law designed to rein in the market power of Big Tech this week, after a deal was struck on crucial details such as the size of companies targeted by the long-anticipated legislation. The Digital Markets Act could be revealed as early as Thursday, following the European Commission, European parliament and member states agreeing many of the final aspects of the law, despite intense lobbying efforts from the likes of Google and other large technology groups.
/jlne.ws/3NdjldY
Vitol urges regulators to maintain 'integrity' of financial markets; Oil trader's comments come as broader industry faces huge demands for cash to cover hedges
Neil Hume - FT
The world's biggest independent oil trader has called on regulators to maintain the "integrity" of the financial markets that underpin dealings in global commodities. In its annual results statement, Vitol said policymakers needed to consider "market integrity and liquidity" on futures exchanges, which are used by the industry to manage price risk.
/jlne.ws/3ttRChp
London's Threat From Amsterdam Hasn't Gone Away; A potential Euronext listing for buyout firm CVC shows how hard it is for London to win IPOs it might expect to gain. But chip designer ARM is a bigger prize.
Chris Hughes - Bloomberg
Two potential initial public offerings highlight the stiffening competitive pressure on London as a venue for raising capital. Post-Brexit, it may no longer be the natural choice for European companies. And it's still struggling to catch up with the U.S. as a favored arena for technology and biotech firms.
/jlne.ws/3ulYInd
US climate rules are good for business; SEC proposals will do investors and the planet a favour
The editorial board - FT
Last weekend, scientists were caught off guard when temperatures soared at both the north and south poles to levels that scientists described as stunning and unprecedented. On Monday, when US regulators unveiled sweeping proposals requiring public companies to disclose their exposure and contribution to climate risks, Republican critics branded the step onerous, expensive and undemocratic. These objections are short-sighted and overblown.
/jlne.ws/3Lbmt87
Gary Gensler Stages a Climate Coup; The SEC Chairman does the bidding of BlackRock and the left.
The Editorial Board - WSJ
Russia's assault on Ukraine is changing the world—except Washington, D.C., where the Biden Administration is continuing its war on fossil fuels as if energy security doesn't matter. The latest strike came Monday when the Securities and Exchange Commission voted 3-1 to advance a proposed rule requiring public companies to disclose climate risks. The proposal, which was issued with only Democratic votes, is contrary to SEC history, securities law, and sound regulatory practice.
/jlne.ws/3IzsdqJ
The SEC Will Regulate Climate; Also banker fees, search funds, nickel and Amalgamated/Amalgamated.
Matt Levine - Bloomberg
Yesterday the U.S. Securities and Exchange Commission proposed a new set of rules requiring public companies to make "certain climate-related disclosures" in their public reports. Here is the 510-page proposal. There is a lot. But then, why wouldn't there be? The SEC has had 88 years to create and refine a system of rules regulating how companies disclose their financial performance. Now it is building a parallel system regulating how companies disclose their environmental performance. Of course that is complicated.
/jlne.ws/3Nazf8R
Global Finance Watchdog Warns of Risks Posed by Migrant Smuggling; Many countries don't understand the money-laundering and terrorist-financing risks associated with this illicit industry, Financial Action Task Force says
Dylan Tokar - WSJ
Countries must do more to understand the money-laundering and terrorist-financing risks posed by the clandestine business of migrant smuggling, a global finance watchdog said Tuesday. Over the past decade, political instability, poverty and the effects of climate change have led to more migrants and refugees, fueling the growth of an illegal industry with annual profits exceeding $10 billion, according to a new report by the Financial Action Task Force.
/jlne.ws/3qsTbds
E.U. weighs sweeping energy market measures to tackle price and supply blows.
Matina Stevis-Gridneff - NYTimes
European Union countries are starting a fraught but urgent debate on how to immediately deal with booming energy prices and the prospect of fuel shortages, both linked to Russia's invasion of Ukraine, as they attempt to cut remaining ties to Russia's economy. The European Commission on Wednesday unveiled a set of options for E.U. leaders to look at during a meeting later in the week.
/jlne.ws/3L9z3os
Wall Street Bonuses Climbed 20% in 2021, New York Comptroller Says
Jennifer Surane - Bloomberg
The average Wall Street bonus increased 20% last year as a flurry of initial public offerings and record underwriting fees boosted profitability. The typical bonus paid to employees in New York's securities industry climbed to $257,500, according to an analysis by New York State Comptroller Thomas DiNapoli. That was more than the state's projections, which should help the city exceed its expected revenue from income taxes.
/jlne.ws/37HH2L1
EU warned to avoid fight for gas deals in rush to replace Russian supplies; Belgium's prime minister pushes for joint purchasing in echo of Covid vaccines strategy
Sam Fleming and Valentina Pop - FT
European capitals need to avoid competing for bilateral gas deals and instead jointly buy fuel from big suppliers, Belgium's prime minister urged, as he warned the EU was allowing its economy to be "ruined" by soaring energy prices. Alexander De Croo said the EU should draw on the success of the European Commission's joint Covid-19 vaccines procurement and make a combined effort to secure large quantities of gas, as it seeks to curb prices and wean itself off Russian fossil fuels.
/jlne.ws/36eLpgx
Ukraine Is Changing the World Order, Just Not How Putin Hoped; However the war unfolds, Russia's invasion has upended European defense policy for the long term.
Marc Champion - Bloomberg
Two days after President Vladimir Putin sent his armed forces into Ukraine, Russian state news agency RIA Novosti published an article that assumed imminent victory. It celebrated "a new era," marked by the end of Western domination, the severing of bonds between the U.S. and continental Europe and the return of Russia to its rightful "space and place" in the world.
/jlne.ws/3itXbG5
Ukraine War and Pandemic Force Nations to Retreat From Globalization
Edward Wong and Ana Swanson - NY Times
When the Cold War ended, governments and companies believed that stronger global economic ties would lead to greater stability. But the Ukraine war and the pandemic are pushing the world in the opposite direction and upending those ideas.
/jlne.ws/3ipG8oN
Russian Billionaires Are Running Out of Havens to Stash Fortunes; Sanctions put wealth abroad at risk, but repatriating assets to a country on the brink of economic ruin is a dire proposition.
Benjamin Stupples and Devon Pendleton - Bloomberg
Glance at a map, and Cyprus is barely a blip relative to Russia's vast expanse. The Mediterranean island is a mere 0.05% the size of the world's largest country. But for Russia's top 0.05% — its oligarchs and billionaires — Cyprus is hugely significant. It for years housed an outsized share of their wealth, in some cases even dwarfing what they held in the motherland itself.
/jlne.ws/352e3AE
Nickel Investors Wiped Out Again as WisdomTree Shuts Second Fund; London and Milan-listed 3NIL closes 2 weeks after bearish 3NIS; Nickel has been retreating after LME halt and canceled trades
Sam Potter - Bloomberg
Add another leveraged nickel trade to the long list of wipeouts in the historic turmoil rocking the metal. Just two weeks after its bearish sibling was shuttered, the WisdomTree Nickel 3x Daily Leveraged exchange-traded commodity (ticker 3NIL) is being compulsorily redeemed, issuer WisdomTree Investments said in a statement dated March 21.
/jlne.ws/3tuw44a
SEC Delays Spot Bitcoin ETF Offerings From WisdomTree and One River; The move continues a pattern by the U.S. securities regulator to deny or not take action on all spot bitcoin ETF applications.
Michael Bellusci - Coindesk
The U.S. Securities and Exchange Commission (SEC) has delayed decisions on applications for spot bitcoin exchange-traded funds from WisdomTree Investments (WETF) and One River Asset Management, according to separate filings Monday.
/jlne.ws/36FFbWs
Exclusive-Chinese regulators ask some U.S.-listed firms to prepare for audit disclosures - sources
Reuters
Chinese regulators have asked some of the country's U.S.-listed firms, including Alibaba, Baidu and JD.com, to prepare for more audit disclosures, sources said, as Beijing steps up efforts to ensure domestic companies remain listed in New York.
/jlne.ws/3JFeksn
Olaf Scholz warns immediate Russian energy ban would trigger recession in Europe; German chancellor's resistance to instant embargo comes as think-tank cuts country's growth forecasts
Martin Arnold and Joe Miller, Erika Solomon and Valentina Romei - FT
Chancellor Olaf Scholz has stood firm on Germany's resistance to an immediate embargo of Russian fossil fuels and warned it would trigger a recession, as economists slashed growth forecasts for Europe's largest economy.
/jlne.ws/3iwiEhO
Rival Sept. 11 Victims Near Potential Deal to Divide Afghan Central Bank Assets; But another group opposes it. A court has not yet decided whether $3.5 billion in Afghan central bank funds can be used to pay Taliban debts.
Charlie Savage - NY Times
At least six major groups of victims of the Sept. 11, 2001, attacks have struck a tentative deal to divide about $3.5 billion in Afghan central bank assets they are trying to seize to pay off legal claims against the Taliban, according to a letter filed on Tuesday to a judge overseeing the matter.
/jlne.ws/36gUS71
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | TotalEnergies says it will stop buying oil from Russia by the end of the year; The French company said it had been accused of "complicity in war crimes" for continuing to work in Russia.
Stanley Reed - NY Times
TotalEnergies, the French oil and gas company, said on Tuesday that it would stop buying Russian oil by the end of the year and halt further investment in projects in the country. At the same time, the company warned of the risks and potential negative consequences — for itself and Europe — of a headlong flight from Russia in the wake of Moscow's invasion of Ukraine.
/jlne.ws/3ugwGcR
Putin's war demands a concerted global economic response; Countries will have to use their fiscal resources to look after refugees and offset the impact of rising food prices on the poorest
Martin Wolf - FT
Vladimir Putin's assault on Ukraine will remake our world. How it will do so remains uncertain. Both the war's outcome and, even more, its wider ramifications, including those for the global economy, are largely unknown. But certain points are already all too evident. Coming just two years after the start of the pandemic, this is yet another economic shock, catastrophic for Ukraine, bad for Russia and significant for the rest of Europe and much of the wider world.
/jlne.ws/3iuRCaA
Limited Russian stock market trading to resume on March 24, central bank says
Reuters
The Russian central bank said on Wednesday some stock market trading would resume on Thursday after a near month-long hiatus, with 33 securities set to be traded on the Moscow Exchange for a limited period of time and with short selling banned.
/jlne.ws/3qQtKCX
Putin Adviser Chubais Quits Over Ukraine War and Leaves Russia; Respected longtime reformer had been Kremlin's climate envoy; Few senior insiders have gone public opposing invasion
Simon Kennedy - Bloomberg
Sign up here to get the latest updates on the Russian invasion of Ukraine. You can also follow us on Telegram here. Russian climate envoy Anatoly Chubais has stepped down and left the country, citing his opposition to President Vladimir Putin's war in Ukraine, according to two people familiar with the situation, becoming the highest-level official to break with the Kremlin over the invasion.
/jlne.ws/3D7xZi1
When, Why and How Putin Might Use Nukes; The newly prominent role of so-called tactical nuclear weapons puts the world in the greatest danger since the Cuban Missile Crisis.
Andreas Kluth - Bloomberg
We must assume that a man like Vladimir Putin is capable of anything, even the use of nuclear weapons. The Russian President has made abundantly clear that human life is worth nothing to him unless it's his own. And there are scenarios in which he might calculate diabolically that launching one or more nukes could keep him in power and save his skin.
/jlne.ws/37ULGFK
Nestle Stops Most of Russian Production, Barring Essentials; Swiss company will stop selling brands like KitKat in Russia; Move comes as Nestle faces political pressure to leave Russia
Corinne Gretler - Bloomberg
Nestle SA, the world's largest food maker, said it's suspending the vast majority of its manufacturing in Russia amid growing pressure on multinationals to fully exit the country following its invasion of Ukraine. The Swiss company is stopping the sale of brands like KitKat and Nesquik and will focus on essential foods including baby food and medical nutrition, it said in an emailed statement Wednesday. The company is in the process of identifying solutions for its factories and employees in Russia, who will continue to be paid, a spokesperson said, adding the move means Nestle will suspend most of its pre-war sales volume and production volume in Russia.
/jlne.ws/353AANw
Zelenskiy Urges Japan to Help With 'Tsunami' of Russian Invasion; Ukrainian president calls for ban on trade with Russia; Japan parliament hosts foreign leader speech for first time
Isabel Reynolds and Daryna Krasnolutska - Bloomberg
Ukrainian President Volodymyr Zelenskiy urged Japanese lawmakers to expand their already unprecedented sanctions regime against Russia, saying he needed more help to turn back the "tsunami of brutal invasion."
/jlne.ws/3ILT3w5
Russia chokes major oil pipeline in further threat to global supplies; Repairs to storm-damaged loading terminals could cut up to 1mn b/d of shipments through CPC network
Derek Brower and Myles McCormick, Justin Jacobs and Nastassia Astrasheuskaya - FT
Russia is throttling capacity on a major pipeline that sends crude oil to global markets, driving prices higher and raising fears that Moscow was prepared to retaliate against western sanctions by curbing its own energy supplies.
/jlne.ws/36reqp0
Putin's war threatens millions with hunger; The poorest must be protected against the impact of rising food costs
The editorial board - FT
Russia's army is attempting to starve the people of Mariupol into submission in an act of barbarity that almost certainly constitutes a war crime. But the knock-on effects of Vladimir Putin's invasion of Ukraine threaten hunger, even starvation, for millions of people beyond the immediate theatre of war.
/jlne.ws/3uixoq4
The Grand Theory Driving Putin to War
Jane Burbank - NY Times
President Vladimir Putin's bloody assault on Ukraine, nearly a month in, still seems inexplicable. Rockets raining down on apartment buildings and fleeing families are now Russia's face to the world. What could induce Russia to take such a fateful step, effectively electing to become a pariah state? Efforts to understand the invasion tend to fall into two broad schools of thought. The first focuses on Mr. Putin himself — his state of mind, his understanding of history or his K.G.B. past. The second invokes developments external to Russia, chiefly NATO's eastward expansion after the Soviet Union's collapse in 1991, as the underlying source of the conflict.
/jlne.ws/3wM7fmr
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Dividend Letter
ASX
Attached is a letter to shareholders from the Chairman and the Managing Director and CEO regarding ASX's FY22 interim dividend and half-year results.
/bit.ly/3sGw54D
Borsa Istanbul announces the constituent changes to the BIST Stock Indices for the second quarter of 2022
Borsa Istanbul
All changes will be applied after the close of business on Thursday, March 31, 2022 and will be effective on Friday, April 1, 2022.
/jlne.ws/3qvAwxx
New Product: Initial Listing of the Russell 2000 Annual Dividend Index Futures and the Nasdaq-100 Annual Dividend Index Futures Contracts - Effective April 11, 2022
CME Group
Initial Listing of the Russell 2000 Annual Dividend Index Futures and the Nasdaq-100 Annual Dividend Index Futures Contracts.
/bit.ly/3IFEslO
Revised Advisory #22-104: Performance Bond Requirements - Interest Rate, Energy Margin - Effective March 18, 2022
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/bit.ly/36HJkcv
STAR Conference 2022, the dedicated meetings forum for companies listed on Euronext STAR Milan, returns in person to Palazzo Mezzanotte
Euronext
The 21st edition of the STAR Conference, dedicated to meetings between companies listed on Euronext STAR Milan and Italian and international investors, begins today, and runs until 25 March. For this edition, 12 international companies listed on other Euronext markets have been invited to participate to the conference and meet with investors.
/bit.ly/3twhCIH
HKEX Welcomes Hong Kong's First Carbon Futures ETF
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome today (Wednesday) Hong Kong's first carbon futures ETF to its markets. The CICC Carbon Futures ETF (stock code: 3060 / 83060 / 9060) listed today extends the coverage of Hong Kong-listed commodity ETFs to carbon credits, an important asset class in the global drive to achieving carbon neutrality.
/bit.ly/3D4myHU
Reminder for Error Trade Claims in the Derivatives Market
HKEX
Pursuant to Futures Exchange Rule 819B of the Rules, Regulations and Procedures of the Hong Kong Futures Exchange Limited ("the Exchange"), Exchange Participants ("EPs") may claim that a trade took place at a level which deviated from the price parameters established by the Exchange (i.e., that is an error trade) no later than the prescribed time limit.
/bit.ly/37NB9fn
CICC Hong Kong Asset Management Selects ICE Index for CICC Carbon Futures ETF
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that China International Capital Corporation Hong Kong Asset Management Limited (CICC HKAM) has selected the ICE EUA Carbon Futures Index (Excess Return) for its CICC Carbon Futures ETF.
/bit.ly/3NhfTz2
Cash Collateral; March Quarter End
LME
LME Clear Members are advised that in order to assist management of potential tightening in market liquidity over the March quarter end period, additional controls will be introduced in relation to Cash Collateral on a temporary basis as follows: EUR/GBP: From close of business 28 March 2022 to close of business on 31 March 2022 no new pledges of Cash Collateral will be accepted.
/bit.ly/3624ceb
Bank Of Russia: Trading On Moscow Exchange On 22 March 2022
Mondovisione
The Bank of Russia has decided to hold trading in federal government bonds on the Moscow Exchange in the stock market on 22 March 2022 in the main trading mode from 9:50 to 18:50 Moscow time (9:50 — 10:00 Moscow time, an opening auction; 10:00 — 18:40 Moscow time, the main trading session; 18:40 — 18:50 Moscow time, a closing auction) as well as from 9:30 to 19:00 Moscow time, in the mode of negotiated trades/ traded deals with the CCP. There will be a ban on short selling of such instruments.
/jlne.ws/3ucN0v6
NGX's CEO Highlights The Value Of Corporate Governance In Capital Market
NGX
The Chief Executive Officer, Nigerian Exchange Limited ("NGX"), Mr. Timi Popoola has highlighted the value of sound corporate governance as the foundation that creates transparency and establishes the trust required to keep the global financial system running. He said this during the launch of the Corporate Governance Triangle, an initiative of the Nigerian Bar Association Section on Business Law (NBA-SBL), Nigerian Exchange Limited and the Institute of Directors, Nigeria (IoD) on Tuesday, March 22, 2022.
/jlne.ws/3twoXIj
Saudi Tadawul Group Announces its Intention to Launch a Bundle of Enhancements to Develop the Post Trade Infrastructure
Saudi Tadawul Group
Saudi Tadawul Group, through its subsidiaries, today announced its intention to launch a bundle of new enhancements aiming to strengthen the post trade infrastructure and increase its efficiency by providing a more streamlined trading experience, and support market participants to develop a wide range of securities services.
/jlne.ws/3wti3Wd
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Robinhood launches debit card that lets consumers use spare change to invest
Brad Smith·Anchor - Yahoo Finance
Robinhood (HOOD) is launching a Cash Card and banking on consumer spending trends to unlock its next growth opportunity. For each transaction, Robinhood Cash Card customers can decide whether to round up their change to the nearest dollar when they make purchases and they can then choose an investment asset to direct their spare change to.
/jlne.ws/3ipbtb2
Wirecard: the case against Markus Braun; The former chief executive of the German payments company that went bust with debts of EUR3bn faces fraud charges
Olaf Storbeck and Dan McCrum - FT
In March 2020, as Wirecard fought to convince the world that its business was not built on a fraud, George-Alexander Trümper, the company's head of legal, spotted what he thought was a serious problem.
/jlne.ws/3twnQs1
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| Cybersecurity | | Top stories for cybersecurity | Putin May Finally Be Gearing Up for Cyber War; A new White House warning suggests Russia is weighing a cyberattack against the U.S. Here's what to expect — and how to prepare.
Parmy Olson - Bloomberg
Cybersecurity experts have been puzzled by the absence of a major cyberattack from Russia in the wake of its invasion of Ukraine and in retaliation for crippling sanctions. Kremlin-backed hackers have previously shut down Ukrainian electric grids and propagated malware that caused an estimated $10 billion worth of global damage. This time, barring a few issues on Ukrainian websites and the disruption of a satellite internet provider, it's been quiet on the hacking front. Prevailing theories have been that Russia's cyber capabilities are not that great, while Ukraine has become better at defending its networks.
/jlne.ws/3D1I6VC
Lawmakers mull measure requiring public agencies to report cybersecurity incidents
Dana DiFilippo - New Jersey Monitor
Lawmakers advanced a measure Monday that would require public agencies to report cybersecurity incidents to the New Jersey Office of Homeland Security and Preparedness.
Mandated reporting would allow authorities to have a statewide strategy in helping agencies more quickly and effectively respond to and recover from such attacks, said Michael Geraghty, the state's chief information security officer and director of the Office of Homeland Security and Preparedness' cybersecurity office.
/jlne.ws/37VK4vt
Tech Leaders Must Raise Awareness And Build Trust To Close The Cybersecurity Gap
Ken Gude - Forbes
The recent spate of ransomware attacks, the persistent threat of malware and the high-profile exploitations affecting critical infrastructure have all contributed to an erosion of trust among Americans that their computer networks and mobile devices can be kept secure.
This anxiety, however, is not translating into commensurate action to protect their personal data online. It is essential that those of us in technology leadership positions boost public awareness and help users adopt smart and simple steps they can take to regain control over their online security.
/jlne.ws/3qp5tDF
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| Cryptocurrencies | | Top stories for cryptocurrencies | Thailand Bans Crypto as Means of Payment
Sam Reynolds - Coindesk
Thailand's Security and Exchange Commission said on Wednesday that it will ban the use of crypto as a means of payment from April 1. The regulator cited money laundering concerns and the inability of the central bank to step in and provide assistance as the reason behind the ban.
/jlne.ws/3KZ2WYG
Thailand to ban use of digital assets as payments from April - SEC
Reuters
Thailand has issued rules to ban digital assets from being used to pay for goods and services from April 1, the market regulator said on Wednesday. The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country's financial stability and overall economy, the SEC said in a statement.
/jlne.ws/3tu1vLP
Cowen to Offer Spot Crypto Trading in Early Move by Wall Street; Bank aims for more than 100 staff in new digital asset unit; Future plans include derivatives, lending, DeFi and NFT access
Yueqi Yang - Bloomberg
Boutique investment bank Cowen Inc. started a digital asset unit offering institutional clients access to spot cryptocurrency trading, a step that puts it at the front of Wall Street's push into the expanding industry. Cowen Digital will allow clients to trade 16 cryptocurrencies including Bitcoin, Ethereum and Solana, according to a statement. The business, targeting Cowen's hedge fund, mutual fund and family office clients, will also provide custody of the assets through Standard Custody & Trust Co.
/jlne.ws/36gMXGP
FTX, CoinShares Partner on Solana ETP Offering Staking Rewards; Staking rewards will be shared to reduce costs for investors; Internal staking agent seen helping to avoid liquidity issues
Emily Nicolle - Bloomberg
Two of the crypto world's most prominent companies are teaming up in a strategic partnership, with the first venture being an exchange-traded product that seeks to utilize staking rewards to reduce costs for investors.
/jlne.ws/3L9khOI
Bosonic Adds Derivatives Veteran Paddy Boyle To Boost Growing Network
Bosonic
Former Goldman Sachs Partner, Head of LCH ForexClear to Build out Clearing Function, Capitalize on Derivatives Adoption
Bosonic, a decentralized Financial Market Infrastructure (dFMI) business with a real-time clearing and settlement service for crypto and digital assets -- the 'Bosonic Network™' -- today announced that Paddy Boyle has joined as Global Head of Clearing and Derivatives.
/prn.to/3IDvBkm
The founder of a DeFi venture capital fund just had $1.7 million worth of NFTs stolen from his personal wallet
Taylor Locke - Fortune
Even those well-versed and experienced in the crypto space aren't safe from scams and hacks. Arthur Cheong, founder of DeFiance Capital, a venture capital fund focused on the decentralized finance (DeFi) space, just had over $1.7 million worth of non-fungible tokens (NFTs) stolen from his crypto wallet on Tuesday.
/jlne.ws/3NpzoWe
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| Politics | | An overview of politics as it relates to the financial markets | Pentagon scrambles to replenish weapons stocks sent to Ukraine; Lawmakers want the U.S. to make more missiles, but companies will wait until they have contracts before cranking up production.
Lee Hudson, Paul McCleary, Connor O'Brien - Politico
The Pentagon is rushing to replace thousands of U.S.-made Javelin and Stinger missiles pulled from European and American stockpiles for use in Ukraine. But the multibillion-dollar effort is still waiting on the military and defense industry to figure out how to ramp up production quickly.
/jlne.ws/36fbyf9
Biden to Sanction Hundreds of Russian Lawmakers, U.S. Officials Say; Biden administration preparing sanctions on more than 300 members of Russia's lower chamber of Parliament as soon as Thursday
Vivian SalamaFollow - WSJ
The Biden administration is preparing sanctions on most members of Russia's State Duma, the lower house of Parliament, as the U.S. continues its crackdown on Moscow over its invasion of Ukraine. President Biden intends to announce the sanctions on more than 300 members of the Russian State Duma as soon as Thursday during his trip to Europe, where he will meet with allies from the North Atlantic Treaty Organization to formulate their next steps, according to U.S. officials and internal documents reviewed by The Wall Street Journal.
/jlne.ws/36JVoKE
Biden to Unveil New Russia Sanctions, Energy Aid in Brussels
Justin Sink - Bloomberg
President Joe Biden and allies meeting Thursday in Brussels are expected to announce both new sanctions against Russia over its invasion of Ukraine and fresh measures designed to keep the Kremlin from sidestepping existing economic penalties, the White House said. The announcement will involve "not just on adding new sanctions but on ensuring there is joint effort to crack down on evasion," White House national security adviser Jake Sullivan told reporters Tuesday.
/jlne.ws/3D7uuse
U.S., U.K. Strike Trade Deal to End Tariffs on British Steel and American Whiskey; Deal will help lower costs of imported steel for U.S. users
Yuka Hayashi - WSJ
The U.S. and U.K. struck a trade accord Tuesday that will remove U.S. tariffs on British steel and aluminum, while the U.K. will lift levies on American whiskey, motorcycles and tobacco. Biden administration officials said the agreement with the U.K. will allow the U.K to ship "historically-based sustainable volumes" of steel and aluminum products to the U.S. without levies imposed under the former Trump administration.
/jlne.ws/3D0FaJ2
How Russia and Right-Wing Americans Converged on War in Ukraine; Some conservatives have echoed the Kremlin's misleading claims about the war and vice versa, giving each other's assertions a sheen of credibility.
Sheera Frenkel and Stuart A. Thompson - NY Times
After President Vladimir V. Putin of Russia claimed that action against Ukraine was taken in self-defense, the Fox News host Tucker Carlson and the conservative commentator Candace Owens repeated the assertion. When Mr. Putin insisted he was trying to "denazify" Ukraine, Joe Oltmann, a far-right podcaster, and Lara Logan, another right-wing commentator, mirrored the idea.
/jlne.ws/3D5xYLI
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Federal Reserve Board invites comment on interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions
Federal Reserve Board
The Federal Reserve Board on Tuesday invited comment on an interagency proposal to update policies and procedures governing administrative proceedings for supervised financial institutions. The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in administrative proceedings. The proposal was jointly developed with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration.
/jlne.ws/3D3ntbD
ISDA/SIFMA/IIB SBS Comment Letters to SEC
ISDA
On March 21, ISDA, the Institute of International Bankers (IIB) and the Securities Industry and Financial Markets Association (SIFMA) submitted comment letters to the Securities and Exchange Commission (SEC) on three proposed security-based swaps (SBS) rules under the Securities Exchange Act of 1934: 1. Proposed Rule 15Fh-4(c) Prohibition Against Undue Influence over Chief Compliance Officers, 2. Proposed Rule 10B-1 Position Reporting of Large Security-Based Swap Positions and 3. Proposed Rule 9J-1 Prohibition Against Fraud, Manipulation or Deception in Connection with Security-Based Swaps.
/jlne.ws/3D7lxyT
Anti-money laundering and countering the financing of terrorism supervision is improving but not always effective yet, finds the EBA
European Banking Authority
The EBA published today the findings from its assessment of competent authorities' approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. Since the EBA started those reviews in 2019 and strengthened its AML/CFT guidance, national supervisors have started to adopt meaningful reforms to improve their AML/CFT supervision, but the EBA found that significant challenges remain in important areas such as the identification and assessment of money laundering and terrorist financing (ML/TF) risks.
/jlne.ws/352hgjG
EBA launches call for papers for its 2022 Policy Research Workshop
European Banking Authority
The European Banking Authority (EBA) launched today a call for research papers in view of its 11th Policy Research Workshop taking place on 26-27 October 2022 on the topic "Technological Innovation, Climate Finance and Banking Regulation". The paper submission deadline is 24 June 2022.
/jlne.ws/3Jy6ZLl
Federal Reserve Board issues enforcement action with former employee of Rabo AgriFinance LLC
Federal Reserve Board
The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Consent Prohibition against Erica Rachal, Former employee Rabo AgriFinance LLC, Chesterfield, MO, Misappropriation of bank funds
/jlne.ws/3NaCUU9
BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlements
Bank for International Settlements
The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank today announced the completion of prototypes for a common platform enabling international settlements using multiple central bank digital currencies (mCBDCs).
/jlne.ws/36JWciE
Call for papers: 2022 Annual Meeting of the Central Bank Research Association (CEBRA)
Financial Stability Board
The FSB invites academic paper submissions for a plenary session on the topic of 'Financial Stability Implications of Decentralised Finance (DeFi) and Crypto Asset Markets' at the 2022 Annual Meeting of CEBRA. The conference is jointly organised by the Banco de España, the Barcelona School of Economics (BSE) and the Leibniz Institute for Financial Research "Sustainable Architecture for Finance in Europe" (SAFE), and will take place in person at the Universitat Pompeu Fabra from 29-31 August 2022
/jlne.ws/3qrHnZ4
Federal Court Orders Tennessee and Kentucky Men and Their Company to Pay Over $5 Million for Commodity Futures Pool Fraud
CFTC
The Commodity Futures Trading Commission today announced that the U.S. District Court for the Middle District of Tennessee entered a summary judgment order on March 16, 2022 for permanent injunction, monetary sanctions, and equitable relief against Rodney Scott Phelps, formerly of Tennessee. Previously, the U.S. District Court for the Middle District of Tennessee entered an order of default judgment (default order) against two other parties to the suit, Jason T. Castenir of Kentucky and Maverick Asset Management (Maverick) of Tennessee.
/jlne.ws/36lDuhh
Federal Court Orders Chicago-area Trader and His Company to Pay $377,000 for Forex and Commodity Fraud
CFTC
The Commodity Futures Trading Commission today announced that the U.S. District Court for the Northern District of Illinois entered a consent order on March 21, 2022 for a permanent injunction, monetary sanctions, and equitable relief against defendants Dro Kholamian of Barrington, Illinois and his company, Blue Star Trading, LLC (Blue Star), which had an office in Park Ridge, Illinois.
/jlne.ws/3JAHSar
Fraud Stoppers: FINRA's Market Investigations Group
FINRA
Detecting and deterring fraud and insider trading is at the core of FINRA's mission of investor protection and market integrity. On this episode, Sam Draddy, the head of FINRA's Market Investigations team, joins us once again to talk about the latest trends and patterns in FINRA's fraud and insider trading investigations, including some stories about some of the craziest and most interesting cases of the past few years.
/jlne.ws/3L6Rbj0
ASIC scrutinises marketing of managed fund performance and risks
ASIC - Australian Securities and Investments Commission
ASIC has commenced a surveillance into the marketing of managed funds, to identify the use of misleading performance and risk representations in promotional material.
ASIC is scrutinising traditional and digital media marketing of funds, including search engine advertising, targeting retail investors and potentially unsophisticated wholesale investors, such as some retirees.
/jlne.ws/3D4qTea
Supporting consumers through tough times - priorities for credit regulation
FCA
Given that you and your firms represent a large proportion of the consumer credit market, this is a particularly timely moment for us to engage. It's vital that we maintain constructive dialogue between regulators, industry, consumer groups and debt advisors, as the economic situation changes around us. Those changes will be having significant effects on firms across consumer credit, and a real impact on consumers, with much more change to come.
People across the country are facing significant pressure from the rising cost of living. We're still processing the effects of previous seismic events like Brexit and the cornavirus pandemic, as the implications of the war in Ukraine start to impact the UK economy. Just as we and the credit industry acted swiftly and successfully to help shield consumers in the emergency phase of the pandemic, we need to respond again to these new circumstances - and be ready for future challenges when they come.
/jlne.ws/3txPCoc
Press Release on the "Development of a New High-precision AI-based Translation Engine Specialized for the Financial Sector"
FSA
As part of the "International Financial Center Initiatives," the JFSA has decided to strengthen its capability for communicating in English and further enhance the sophistication of its financial sector policy. To this end, the JFSA has commissioned the research to the NICT under the "Commissioned Research on the Construction of a New AI-based Translation Engine Specialized for the Financial Sector."
/jlne.ws/3NgN2uw
Bank of England warns of staff shortages as it takes on post-Brexit powers; Retaining and recruiting people biggest management task as financial sector vacancies surge, says PRA chief
Laura Noonan - FT
The Bank of England has warned that it could be a "stretch" to hire the 100 or so extra staff needed to take on new post-Brexit powers, as soaring vacancy levels fuel fierce competition for financial services personnel. "We're in a very challenging environment from a recruitment and retention point of view. It's a very tight labour market," Sam Woods, head of the BoE's Prudential Regulation Authority told the House of Lords European Affairs committee on Tuesday.
/jlne.ws/3N825qm
Statement on Jury's Verdict in Trial of Jonathan Dax Cooke and Keystone Capital Partners
Gurbir Grewal - SEC
On March 21, after a nine-day trial, a jury in the Northern District of Georgia ruled in favor of the SEC against a former registered representative of LPL Financial, LLC, and a firm he co-founded.
/jlne.ws/3uewA5q
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Traders warn of looming global diesel shortage; Loss of Russian supplies could lead to 'systemic shortfall' in Europe, says Vitol chief
Neil Hume and Harry Dempsey and Eva Szalay - FT
Global markets face a squeeze on diesel because of sanctions on Russia, with Europe most at risk of a "systemic" shortage that could lead to fuel rationing, the world's top trading groups have warned. The heads of three of the largest commodity traders — Vitol, Gunvor and Trafigura — estimated that as much as 3mn barrels of oil and its products a day could be lost from Russia as a result of sanctions, following the country's invasion of Ukraine. The corporate leaders were speaking at the FT Commodities Global Summit in Lausanne, Switzerland.
/jlne.ws/3D8N42X
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Omicron BA.2 Variant Represents Rising Share of U.S. Covid-19 Casesl; Easily transmitted variant accounts for more than 50% of cases in parts of Northeast, CDC estimates
Jon Kamp - WSJ
An easily transmitted version of the Omicron coronavirus variant known as BA.2 represents a growing share of Covid-19 cases in the U.S., including a majority in parts of the Northeast, new federal estimates show. New Centers for Disease Control and Prevention estimates released Tuesday put BA.2 at about 35% of U.S. cases as of the week ending on March 19. The numbers top 50% in both New England and a region that includes New York and New Jersey, the CDC sequencing estimates show.
/jlne.ws/3IyboME
Why I'm stocking up on masks and tests; We're running out of money to address the pandemic, and Congress won't act
Syra Madad - Washington Post
Congress's inability to provide continued funding for the country's pandemic response gives me deja vu. In December 2019, I and other experts warned that a program protecting us from a deadly pandemic was about to expire. Three days later, news broke about a cluster of cases of pneumonia of unknown cause, which would turn out to be the novel coronavirus. Despite the warnings, it wasn't until the following March that Congress appropriated funds to respond to the coronavirus. By then, some states had implemented stay-at-home orders to prevent further spread of the coronavirus.
/jlne.ws/3NaEe9z
Pfizer, Unicef Strike Covid-19 Pill Deal; Pfizer will sell to the United Nations Children's Fund up to four million treatment courses of Paxlovid for use in low- and middle-income countries
Joseph Walker - WSJ
Pfizer Inc. plans to sell to the United Nations Children's Fund up to four million treatment courses of its Covid-19 pill Paxlovid, which will go to 95 low- and middle-income countries, as part of the company's effort to expand access to the pill beyond wealthy countries. Pfizer said Tuesday that Afghanistan, Pakistan and Zimbabwe are among the countries where Unicef will distribute the easy-to-use pill.
/jlne.ws/3L7IAws
Moderna's Covid-19 Vaccine Works Safely in Young Children, Company Says; The shot generated strong immune responses in children 6 months to 5 years, says Moderna, which plans to seek authorization for use
Peter Loftus - WSJ
Moderna Inc.'s Covid-19 vaccine safely induced robust immune responses in children ages 6 months to 5 years in a new study, the company said, though the shot had modest efficacy against the Omicron variant. Moderna said Wednesday the vaccine's efficacy against symptomatic infections was 43.7% in children ages 6 months to 2 years, and 37.5% in children ages 2 to 5.
/jlne.ws/3D6kteL
The Next Covid Wave Is Probably Already on Its Way
Tom Frieden - NY Times
The most important lesson of the Covid pandemic is that the only constant is change. Variants spread, cases surge and abate, treatments change and knowledge expands. This means that we — the public, elected officials and public health leaders — need to learn constantly and adapt quickly, acting on the insight that no one policy response is likely to stay effective for long.
/jlne.ws/3tAhE2x
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Europe Moves Closer to Enforcing ESG Rules on Foreign Firms
Frances Schwartzkopff and John Ainger - Bloomberg
European lawmakers have agreed to force roughly 28,000 foreign subsidiaries to comply with the bloc's ESG rules, marking a blow to representatives for U.S. corporations who had lobbied for the opposite outcome.
In a wide-reaching revamp of the EU's reporting requirements for non-financial firms, the bloc's parliament has dropped a planned exemption that had been backed by the American Chamber of Commerce to the European Union, according to draft documents seen by Bloomberg. An announcement is expected on Wednesday, as part of a wider package of corporate reporting proposals.
/jlne.ws/3ueqNgc
SIX partners with Sustainalytics to provide ESG data
Wesley Bray - TheTrade
SIX has partnered with Morningstar company Sustainalytics, an ESG and corporate governance, ratings and analytics specialist, to provide its customer base with ESG data to help them comply with new EU sustainability regulations.
Sustainalytics is the first third party specialist ESG data provider to be onboarded by SIX to its distribution channels.
/jlne.ws/3wxekHm
Why ESG Investors Put Too Much Emphasis on the Environment
John Engle - Yahoo Finance
Ever since it broke into the market mainstream in the wake of the Great Financial Crisis, environmental, social and governance (ESG) investing has only grown in popularity among institutional investors and allocators. Insatiable demand from some of the worlds biggest allocators has helped fuel the ongoing ESG boom across a host of asset classes.
/jlne.ws/3uo4Tae
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BMO Sets $2.1 Billion Share Sale to Finance Bank of the West Deal
Kevin Orland - Bloomberg
Bank of Montreal is selling about C$2.7 billion ($2.1 billion) in shares to help fund its purchase of Bank of the West from BNP Paribas SA. The Toronto-based bank will sell about 18.1 million common shares at C$149 apiece, according to a statement Tuesday. Underwriters will have the option to buy an additional C$405 million in stock within 30 days after closing.
/jlne.ws/3IwQDkG
Hedge Fund Up 3,000% in Five Years Can't Buy Enough China Stocks; Zhengyuan to raise money as stock valuations more attractive; Manager expected China policy support before last week's vow
Bloomberg News
Just as worries from the fallout of Russia's invasion of Ukraine and surging Covid cases pummel Chinese stocks, a local hedge fund that jumped almost 30 times over the past five years by picking undervalued shares is ready to dive in.
/jlne.ws/3wpzYNz
Ex-Goldman Banker's 1MDB Loot Bought $20,000 Hourglass, Diamonds
Patricia Hurtado - Bloomberg
An FBI agent told a jury how he traced $35 million siphoned from 1MDB, diverted to a Goldman Sachs banker and used to buy a $20,000 gold-plated hourglass and $300,000 in diamond jewelry.
/jlne.ws/3IDmqAq
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bet of a Lifetime's 10,000% Surge Made Indonesian Man a Billionaire; Otto Toto Sugiri is worth about $2.5 billion after DCI surge; He's not planning to sell DCI stake but is open to other bids
Fathiya Dahrul - Bloomberg
Otto Toto Sugiri was already a multimillionaire after selling his company to Indonesia's largest telecom operator. Then he spotted a once-in-a-lifetime opportunity. It was 2011, and web usage in the nation was booming. To ensure data security, the government was planning a law requiring online information to be stored in Indonesia rather than abroad. That meant a huge need for local data centers.
/jlne.ws/3iulSSS
We should not abandon Russian citizens to a culture of brutality; As the west wages war on the tyranny of the present, it must not destroy the possibility of a peaceful future
Alexander Rodnyansky - FT
A century ago the first of the "philosophers' ships" set out from the Soviet Union to Germany, carrying Russian intellectuals who refused to accept Soviet rule. Among the passengers were the theologians Nikolai Berdyaev and Sergei Bulgakov, the critic Yuly Aikhenvald, the sociologist Pitirim Sorokin and many others.
/jlne.ws/36rl5Q2
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| Miscellaneous | | Stories that don't quite fit under the other sections | BuzzFeed News Editor in Chief Is Stepping Down as Company Trims Workforce; Digital-media business posts 18% quarterly revenue growth but expects decline in current period
Alexandra Bruell - WSJ
BuzzFeed Inc., in its first earnings report as a public company, said it expected revenue to decline in the current quarter and announced staff cuts, as the top two leaders of its news division resigned. BuzzFeed founder and Chief Executive Jonah Peretti said on an earnings call Tuesday that the company was looking to boost profitability at its news division by reducing head count and giving priority to "coverage of the biggest news of the day, culture and entertainment, celebrity and life on the internet."
/jlne.ws/3L0P8g4
Goldman CEO Solomon Gets His Big Break With Lollapalooza Gig; Other music artists include Metallica, Green Day and Doja Cat; Solomon was part of a New York probe after 2020 Hamptons set
Carolina Gonzalez and Paulina Cachero - Bloomberg
Goldman Sachs Group Inc. Chief Executive Officer David Solomon is set to take the stage at Chicago's Lollapalooza music festival in July, joining a roster headlined by artists including Machine Gun Kelly and Doja Cat.
/jlne.ws/3Ixbx3e
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