| April 04, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The rule of holes states that when you find yourself in a hole, stop digging. Not Elon Musk. He is being sued in a $258 billion "racketeering lawsuit accusing him of running a pyramid scheme to support the dogecoin, according to Reuters," CNN reports. So what does he do two days after April Fool's day? He changes the bird icon with that of a "Shiba Inu, an apparent nod to dogecoin, the joke cryptocurrency that CEO Elon Musk is being sued over." And what did the cryptocurrency, which Musk owns, do? It shot up 30%. Just keep digging, Mr. Musk, keep digging.
Chicago voters, dead and alive, will head to the polls today to vote in the mayoral election. OK, I am kidding about the dead part. But death is an issue in the election as crime has dominated the election debate between Paul Vallas and Brandon Johnson. Vallas is leading in the latest poll of 900 Chicagoans, with just less than 50% of the vote and 5% undecided. Johnson is supported by the Chicago Teachers Union, while Vallas is supported by some big-time business leaders. The election is one of fear versus hope. Personally, I hope Brandon Johnson wins. I have no vote in this election, but I am a believer in trying to address the root cause of issues and I think he does this the best.
The OCC cleared more that 1 billion contracts in a month for the first time in March 2023, the highest volume month ever for the world's largest equity derivatives clearing organization. The March volume was up 12.2% year-over-year. The OCC said year-to-date average daily volume through March 2023 was 46.3 million contracts, up 8.4 percent compared to year-to-date average daily volume through March 2022.
Eventus has appointed Jonathan Dixon as director of regulatory affairs, EMEA & MENA, where "he will work closely with clients and industry bodies to champion regulatory effectiveness to protect them from market malfeasance," Eventus said in a statement. Dixon has more than 18 years of experience in financial services and more than nine years of experience in trade surveillance. Before joining the firm, Dixon served as Kraken's head of trade surveillance where he managed a surveillance team of 13, covering both the crypto spot platform and Futures FCA-regulated multilateral trading facility (MTF).
JPMorgan's Jamie Dimon wrote a letter to shareholders today that says the U.S. banking turmoil is not over and he sees long repercussions. Meanwhile, JPMorgan may face a not-so-funny expanded lawsuit over Jeffrey Epstein ties, Reuters reported.
As for U.S. Treasury Secretary Janet Yellen, she says she is not willing to allow contagious bank runs to develop, Reuters reported.
Credit Suisse had one final annual meeting and at the meeting, Chairman Axel Lehmann apologized for not being able to stem the losses and for disappointing the shareholders, The Wall Street Journal reported. I am sure that made them feel better.
The good news about the recent bad weather across parts of the U.S. is that the IRS has delayed the filing deadline for taxpayers in those states, The Wall Street Journal reported. Taxpayers in parts of Arkansas, Mississippi, Alabama, Georgia, New York and California will have extra time to file. And just for fun, another outbreak of tornadoes is threatening the U.S. midwest and south today, The New York Times reports.
Congratulations to the University of Connecticut, which won the Men's NCAA basketball tournament, the fifth time the school has won it, The New York Times reports.
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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Larry Tabb, Head of Market Structure Research, Bloomberg Intelligence, opines about SEC Chairman Gary Gensler's concerns and plans
JohnLothianNews.com
John Lothian News interviewed Larry Tabb at the FIA International Futures Conference in Boca Raton, FL about the actions of SEC Chairman Gary Gensler and what he thinks about the chairman's ideas. Tabb said Chairman Gensler would like to see more vigorous competition in equities. He offered his thoughts about Gensler's suggested revisions involving order flows, tick size, execution requirements, and greater transparency.
Watch the video »
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SEC to Highlight Free Investor Education Resources During Financial Capability Month
SEC
The Securities and Exchange Commission's Office of Investor Education and Advocacy (OIEA) today announced that its theme for April's National Financial Capability Month is, "Investing for everyone." All month long, SEC leadership and staff will promote the free tools and resources available on Investor.gov and participate in investor education events across the country with various audiences, including students, underrepresented communities, older investors, and the military.
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****** They had me at "FREE."~JJL
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Can the Oil-and-Gas Industry Crack Geothermal Energy?; Geothermal energy has been a neglected corner of renewable energy because of its high cost and high risk profile
Jinjoo Lee - The Wall Street Journal
Geothermal has the worst of both worlds-the exploratory risk of oil and gas and the low-return profile of solar and wind. What is in it for the energy industry? Chevron, which divested its geothermal business in 2017, is dipping its toes back in through pilot projects or early stage exploration in California, Japan and Indonesia. Others exploring geothermal include BP, Shell, Continental Resources, Chesapeake Energy and Murphy Oil.
/jlne.ws/3KtXbEW
****** Are you ready for the next hot thing in energy?~JJL
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Crypto Bros Ditched NFTs Along With Rolexes; The richest art collectors are still on a tear, but recent banking turmoil may change the picture.
Andrea Felsted - Bloomberg
The rich are living in a different economic world. You can see that from all the Dior handbags and Cartier watches they're buying - but it becomes even clearer when you look at all the art they're collecting. Global art sales rose to $67.8 billion in 2022, according to art economist Clare McAndrew's latest state-of-the-industry report for Art Basel and UBS Group AG. That marked a 3% increase from 2021, which saw a 31% rebound in sales from the pandemic-induced low point in 2020.
/jlne.ws/3MeyEoA
***** It is as if they have stopped believing in the power of bling, real and digital.~JJL
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Monday's Top Three
Our top story Monday was our top story from Friday, CoinDesk Editorial: It Sure Looks Like the U.S. Is Trying to Kill Crypto. Second was Currency derivatives trends from The World Federation of Exchanges' April issue of Focus. Third was Bittrex crypto exchange shutters US operations due to regulatory uncertainty, from Forkast.
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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
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| Lead Stories | UK watchdog orders publication of 'synthetic' dollar Libor rate; Decision allows some derivatives extra 15 months to transition from tarnished benchmark
Nikou Asgari and Harriet Clarfelt - Financial Times
The UK financial watchdog has ordered that some Libor rates continue to be published beyond the original June deadline, giving market participants more time to shift away from the tainted lending benchmark. The Financial Conduct Authority said on Monday that synthetic versions of the one, three and six-month US dollar Libor rates would continue to be published "for a short period" after the original June 30 cut-off point - before ending for good in September 2024. Synthetic Libor attempts to mimic what Libor would have been, if it had continued to exist.
/jlne.ws/3m6rFDC
Jamie Dimon says regulations stoked banking turmoil; JPMorgan chief executive uses annual shareholder letter to caution policymakers against 'knee-jerk' responses
Joshua Franklin - Financial Times
Jamie Dimon has criticised regulators in the wake of the banking turmoil for incentivising banks to load up on government securities and imposing flawed stress tests. Dimon said the failure last month of Silicon Valley Bank and the Swiss government-engineered takeover of Credit Suisse risked undermining confidence in the banking industry and had prompted investors to price in a greater risk of a US recession.
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A Kingdom Built on Oil Now Controls the World's Climate Progress; Sultan Al Jaber was selected to lead COP28 - the most important climate summit. He also runs the oil and gas behemoth Adnoc.
Akshat Rathi - Bloomberg
In the months before the signing of the Paris Agreement, the then-crown prince of oil-rich Abu Dhabi wondered aloud about the fate of his sheikhdom at the end of the fossil fuel era. "After we have loaded this last barrel of oil, are we going to feel sad?" Sheikh Mohammed bin Zayed Al Nahyan asked attendees at the 2015 Government Summit in the United Arab Emirates. "If our investment today is right, I think-dear brothers and sisters-we will celebrate that moment."
/jlne.ws/3ZVe3Jn
AI and Robotics ETFs Are Hotter for Traders Than Crypto in 2023; BBH survey says 56% investors want to add theme to portfolio; Funds in the space have pulled in $105 million in March: BI
Emily Graffeo - Bloomberg
The popularity of artificial intelligence-powered chatbots like ChatGPT is catching the eye of exchange-traded fund investors looking for exposure to the space. A majority of professional investors, 56%, are planning to add AI- and robotics-focused ETF strategies to their portfolios this year, according to a survey by Brown Brothers Harriman released on Monday. That figure is up from 46% in 2022.
/jlne.ws/3zrYTQX
U.K. Plans to Invest $495 Million in Economic Crime Crackdown; The country zeroed in on sanctions evasion and 'corrupt elites,' but its plan also includes broad overhauls to corporate fraud law
Richard Vanderford - The Wall Street Journal
The U.K. government said it would hire 475 financial crime investigators and change laws around corporate crime as part of a new plan to crack down on economic crime. The three-year plan, unveiled Thursday, calls for new spending of £400 million, equivalent to $495 million, at several government agencies-£200 million of which will come from the government and £200 million from a levy on the private sector. The government will make a £100 million investment in data analytics and other technology to aid law enforcement.
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Credit Suisse Faced Bankruptcy Without UBS Deal, SNB's Schlegel Says; Comments reiterate government fear of immediate collapse; Credit Suisse shareholders set to confront management Tuesday
Bastian Benrath - Bloomberg
Credit Suisse Group AG faced imminent failure if it hadn't been sold to UBS Group AG in an emergency rescue last month, according to the Swiss central bank. Without the government-brokered takeover, it's "very, very likely a financial crisis in Switzerland and worldwide would have happened," Swiss National Bank Vice President Martin Schlegel told broadcaster SRF in an interview that aired Monday. Credit Suisse "would then have been bankrupt."
/jlne.ws/3K6tWqs
Signature Bank Insiders Sold $100 Million in Stock During Crypto Surge; Sales went largely unnoticed by investors due to securities rules and filing method
Tom McGinty and Ben Foldy - The Wall Street Journal
Insiders at collapsed Signature Bank sold more than $100 million of shares in the years after the bank pivoted to attract cryptocurrency companies and became a stock-market darling, according to a Wall Street Journal analysis.
/jlne.ws/3nLIjZF
JPMorgan may face expanded lawsuit over Jeffrey Epstein ties
Jonathan Stempel - Reuters
The U.S. Virgin Islands wants to expand its lawsuit accusing JPMorgan Chase & Co of aiding in Jeffrey Epstein's sex trafficking in girls and young women, adding a new obstruction charge and a claim that bank executives joked about the late financier. In a Monday filing in Manhattan federal court, the territory said Epstein's behavior had been "so widely known" at JPMorgan, where he was a client from 2000 to 2013, that senior executives "joked about Epstein's interest in young girls."
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Is UBS the new Swiss government (bond)? Too Zug to fail
Rui Soares - Financial Times
The collapse of Credit Suisse and takeover by UBS created the ultimate Swiss behemoth. New UBS will have total assets of around Sfr1.6tn, accounting for about 200 per cent of Swiss GDP. To put things in context: BNP Paribas's balance sheet size accounts for approximately 100 per cent of France's GDP. Deutsche Bank's for around 35 per cent of German GDP and JPMorgan's for about 15 per cent of US GDP. It's beyond reasonable argument that New UBS is too big to fail; and too big to resolve.
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Glencore Is Still Pursuing Teck After $23 Billion Bid Rejected; Glencore proposes deal to combine companies, spin off coal; RBC, Jefferies analysts suggest Glencore could raise its offer
Thomas Biesheuvel and Jacob Lorinc - Bloomberg
Glencore Plc is still pursuing its $23 billion proposal to buy Teck Resources Ltd. and seeking talks with the Canadian company's management, undeterred by firm rejections from both Teck's board and controlling shareholder. Glencore has proposed an ambitious multi-stage deal to acquire Teck for shares and then spin off both firms' coal businesses into a new company.
/jlne.ws/40Wz7Qv
Cash Exodus Shows Just How Much Quicker Funds Adapt to Fed Hikes; Funds historically more nimble in passing on Fed rate changes; Total size of US money-market funds has topped $5 trillion
Liz McCormick - Bloomberg
The recent flood of cash from bank deposits to money-market vehicles has sharpened investors' focus on just how much more nimble those funds are in passing on interest-rate changes by the Federal Reserve. Over the past two decades, money funds have passed on around 88% of changes in central bank interest rates, compared with just 26% for rates on retail cash deposits - more than three times the amount - according to an blog post from the Federal Reserve Bank of New York. And that dynamic, combined with lag effects, means that there's scope for money funds to keep ballooning in size.
/jlne.ws/3KwEC32
Nigel Lawson, tax-cutting chancellor under Margaret Thatcher, dies aged 91
Ben Riley-Smith, Christopher Hope and Daniel Martin - The Telegraph
Nigel Lawson, the tax-slashing chancellor under Margaret Thatcher and one of the titans of British politics in the 1980s, has died at the age of 91. Lord Lawson headed up the Treasury under Mrs Thatcher from 1983 to 1989, playing a leading role in her transformative government which rolled back the state. He helped lead the privatisation drive that put swathes of the public sector under the control of private companies, a reform that has been largely kept in place ever since.
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Glencore launches $22bn copper raid as battle for battery resources explodes
Rachel Millard - The Telegraph
Glencore has launched a $22bn (£17bn) bid for a rival copper miner amid a growing battle for control of the world's battery metals resources. The FTSE 100 metals giant's unsolicited approach to Canada's Teck Resources would create the world's third largest copper producer, as demand for the metal jumps along with the shift towards electric cars.
/jlne.ws/3U6YkW4
Hedge Fund Chatham, Founder Pay $19 Million in SEC Case Over Bond Trading; Regulator alleged Chatham trading amped up price in AMI bonds; Firm, Founder Melchiorre didn't admit or deny allegations
Austin Weinstein - Bloomberg
Hedge fund Chatham Asset Management and its founder, Anthony Melchiorre, agreed to pay more than $19 million to settle US allegations that the firm improperly traded bonds in a media company that owned the National Enquirer. The Securities and Exchange Commission said the trades were executed at prices that lifted the value of American Media Inc. bonds at a significantly higher rate than those of similar securities. Neither Chatham nor Melchiorre admitted to or denied the SEC's allegations.
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Binance and NBA star Jimmy Butler slapped with fresh class action lawsuit for touting crypto
Jennifer Sor - Business Insider
Binance and influencers associated with the cryptocurrency exchange have been named in a fresh class action lawsuit for unlawfully touting crypto, a week after regulators sued Binance for dodging trading rules. The crypto exchange and several of its partners are now facing a $1 billion class action suit filed by Moskowitz Law Firm and Bois Schiller Flexner on Friday, Fortune reported. The firms, which have previously partnered to deliver two class action suits against troubled crypto exchanges, are alleging that Binance was trading cryptocurrencies as unregistered securities, and influencers paid by the exchange were unlawfully touting the tokens on social media.
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The Crypto Industry Needs to Fix Itself Before It Can Progress
William Mougayar - CoinDesk
Crypto is stuck between the proverbial rock and a hard place, and there's a lot of blame to go around. Choose the culprits: The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and their panoply of lawsuits, the U.S. Congress' inability to pass any significant blockchain law, a lackluster Biden administration "Economic Report of the President" with 30 pages bashing the industry, the closure of two of the most crypto-friendly U.S. banks (Signature and Silicon Valley Bank), the Terra implosion and its ripple effects, the FTX failure and its ripple effects, the ongoing flurry of decentralized finance (DeFi) exploits in vulnerabilities, blockchain bridges failures, token prices tanking, increased negative public opinion, decreased institutional holdings - just to name major ailments facing the blockchain industry today.
/jlne.ws/3Ky9AaI
After Credit Suisse, Chinese Banks Aren't a Great Safe Harbor; Shares of Chinese lenders are cheap for good reason
Jacky Wong - The Wall Street Journal
Chinese banks are unlikely to be dragged into the still-simmering banking crisis in the U.S. and Europe. But they might not be the best investments. Anemic growth and declining margins-along with persistent concerns about undercounted problem loans-make Chinese bank shares more of a value trap than a safe harbor.
/jlne.ws/3m6bR3M
OCC Clears Over 1B Total Contracts in March 2023, Highest Month on Record and up 12.2% Year-Over-Year
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through March 2023 was 46.3 million contracts, up 8.4 percent compared to year-to-date average daily volume through March 2022. Total volume was 1.1 billion contracts, up 12.2 percent compared to March 2022. March 2023 was the highest total volume month in OCC's history and the first time cleared contract volume surpassed 1 billion contracts in a single month.
/jlne.ws/3nF2qIR
'There were only two options: deal or bankruptcy,' says Credit Suisse chairman addressing stakeholders at final AGM; At Credit Suisse's Annual General Meeting held on 4 April, senior members of staff apologised for the demise of the 167-year-old bank and unpacked the events that led to the UBS acquisition.
Wesley Bray - The Trade
This morning, Credit Suisse held what is most likely going to be its last Annual General Meeting as an independent firm - unpacking its sudden takeover by UBS and the impacts this will have on stakeholders.
/jlne.ws/3nLkUYn
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin's meatgrinder tactics are destroying a generation of Russian men
Hamish de Bretton-Gordon - The Telegraph
Vladimir Putin's regime is in its death throes. His "special military operation", far from disarming Ukraine, has only succeeded in disarming Russia. Moscow has lost over 220,000 soldiers to death or injury alongside 1,900 tanks. These are the sort of numbers we associate with the first world war; modern militaries are rarely built to handle such catastrophic losses.
/jlne.ws/3K1tGbW
Russia warns Finland's Nato membership risks escalating conflict; Moscow threatens counter-measures and describes Helsinki's move as an 'encroachment on Russia's security'
Henry Foy and Anastasia Stognei - Financial Times
Russia has warned that Finland's official accession to Nato risks a significant expansion of conflict between Moscow and the west, and that it would be forced to take countermeasures against Helsinki's new status.
/jlne.ws/40FdBjs
Brussels calls on China to use influence with Russia to rein in war; Ursula von der Leyen and France's Emmanuel Macron to meet Xi Jinping this week
Sam Fleming and Leila Abboud - Financial Times
The president of the European Commission has called on Beijing to play a "constructive" role in bringing peace to Ukraine as she prepares for a joint visit to China with France's Emmanuel Macron. Ursula von der Leyen told the Financial Times in an interview the bloc was "concerned by [China's] position of friendship with Russia" but said Beijing should use its ties with Moscow to rein in the Kremlin's war, which began just over a year ago.
/jlne.ws/3Gkl4MD
Putin's Paranoia Deviates from Its Soviet Roots; Russia has yet to resort to the drastic reprisals of the Stalinist years, but the regime's opponents still face some deepening perils.
Leonid Bershidsky - Bloomberg
Many of us who grew up in the Soviet Union find grimly familiar features in today's Russia, including a blossoming official paranoia grounded in a siege mentality. But as Tolstoy might say, each paranoid regime is paranoid in its own way.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ESMA relieves DTO pressure as participants migrate credit default swaps away from ICE Clear Europe; ICE Clear Europe will stop clearing credit default swap contracts as of the end of October this year.
Annabel Smith - The Trade
ESMA is offering participants relief from certain requirements under the derivatives trading obligation (DTO) that could pose a risk to their migration of credit default swaps (CDS) contracts away from ICE Clear Europe. Following ICE Clear Europe's decision to stop clearing CDS as of the end of this coming October, participants must now migrate their positions in the instruments to other CCPs clearing those contracts.
/jlne.ws/3K7TmDW
CME Group Reports Second-Highest March and Quarterly ADV on Record
CME Group
24% ADV Growth in March 2023 and 4% Rise in Q1; Record Interest Rate ADV in Q1; Record SOFR futures and options ADV, OI in March and Q1; Record Options ADV in March and Q1. CME Group, the world's leading derivatives marketplace, today reported its March and Q1 2023 market statistics, showing average daily volume (ADV) increased 24% to 30.3 million contracts in March, representing the company's second-highest March ADV on record. Q1 ADV increased 4% to 26.9 million contracts, the second-highest quarterly volume ever.
/jlne.ws/3KxGBE6
Assenagon Selects ICE for OTC Derivative Valuations
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that Luxembourg-based Assenagon has selected ICE's Portfolio Analytics platform for the valuation of OTC derivatives products. With offices in Luxembourg, Munich, Frankfurt and Zurich, Assenagon is one of the fastest growing active asset managers in Europe with EUR 37 billion in assets under management (AUM).
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U.K. Financial Conduct Authority to Require ICE Benchmark Administration to Publish "Synthetic" U.S. Dollar LIBOR
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today notes the decision from the U.K. Financial Conduct Authority (FCA) to require ICE Benchmark Administration Limited (IBA) to publish 1-, 3- and 6-month "synthetic" U.S. dollar LIBOR. The FCA announced today that, further to its November 2022 Consultation, it has decided to use its powers under the UK Benchmarks Regulation (UK BMR) to require IBA to continue the publication of the 1-, 3- and 6-month U.S. dollar LIBOR settings using an unrepresentative "synthetic" methodology.
/jlne.ws/3nIxCHr
SIX Exchanges Figures: March 2023
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/40G3zi6
Moscow Exchange extends preferential conditions for connecting to MOEX Dealing
MOEX
The Moscow Exchange extends preferential conditions for connecting and using the MOEX Dealing terminal until June 30, 2023 inclusive. Detailed information about the preferential program is available on the website of the Moscow Exchange.
/jlne.ws/3UbZn79
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter Users Are Still Waiting for a Check-Mark Reckoning
Kate Conger and Ryan Mac - The New York Times
Twitter users anticipated a reckoning over the weekend as the verification check marks that denoted the accounts of celebrities, politicians and other notable figures and organizations were set to be removed en masse. That reckoning didn't come. While Twitter took away the check mark from some accounts, including that of The New York Times, most verified users retained the symbols, which have long been viewed as conferring a special status and showed that the identity of those behind the accounts had been confirmed by the social media service.
/jlne.ws/3ZFDL44
TikTok fined £12.7mn for failing to protect children's privacy; Fine by UK watchdog comes amid growing global concerns over use of data at the Chinese-owned social media app
Ian Johnston - Financial Times
The UK's data watchdog has fined TikTok £12.7mn for failing to protect children's privacy, amid growing global concerns over the use of data at the Chinese-owned social media app.
/jlne.ws/3ZGjICE
UBS conducts cross-border intraday repo trade on Broadridge DLT platform; Platform utility facilitates increased settlement velocity and collateral mobility.
Richard Schwartz - The Trade
UBS and a global Asian bank have successfully executed the first cross-border intraday repo transaction on Broadridge Financial Solutions' blockchain-enabled Distributed Ledger Repo (DLR) platform.
/jlne.ws/3ZKmBCy
QubeAlgo aims to speed development time, reduce costs of building complex trading applications; Groundbreaking initiative provides core technology so quant/algo developers can focus on models and business logic.
QubeAlgo
QubeAlgo, which has been live with a select group of clients, is now being rolled out to the broader market, providing highly customizable solutions that empower quants and developers to build bespoke, multi-asset, electronic trading applications, often with minimal code.
/jlne.ws/40GZha0
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| Cybersecurity | | Top stories for cybersecurity | 'A cautionary tale of success': Taking stock of the latest massive hack
Tim Starks - The Washington Post
The worst part of a massive hack that was uncovered last week, which triggered a frenzy of activity from cyber companies and government agencies, appears to be over. But some details about what happened - and any remaining risk - are still up in the air. Just on Monday, for instance, Russian cyber firm Kaspersky said it discovered that the hackers responsible had targeted cryptocurrency firms.
/jlne.ws/3KsQdjr
Joe Biden's Cybersecurity 'Dream Team' Roiled as Chris Inglis Resigns
William Turton and Katrina Manson - Bloomberg
On March 2, US President Joe Biden's administration proposed some of the most aggressive measures to fight cyberattacks to date. They would require businesses to beef up their defenses and hold software makers more accountable for security breaches. Noticeably missing that day was the architect behind the plan: Chris Inglis, America's first cyber director. Inglis had stepped down from his post a few weeks before the unveiling.
/jlne.ws/3U7OaEB
SEC's New Cybersecurity & Tech Proposals Target Gaps in Incident Response and Notification
Akin Gump Strauss Hauer & Feld LLP - JDSupra
On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) voted to propose three measures to protect customer information and hold covered institutions accountable for cyberattacks. The first set of measures would expand requirements under Regulation S-P for "covered institutions"-broker-dealers, registered investment advisors, investment companies and transfer agents.
/jlne.ws/3UnBbix
UK's cyber spy agency offers rare insights into its activities; Head of covert unit conducting 'daily' hacking operations named for the first time
John Paul Rathbone and Mehul Srivastava - Financial Times
The UK's National Cyber Force has been conducting "daily" hacking operations in support of overseas military deployments as well as targeting terrorists, cyber criminals and child pornographers, one of the country's top spies said on Tuesday.
/jlne.ws/3KaQIx7
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| Cryptocurrencies | | Top stories for cryptocurrencies | Former Gemini execs launch tokenized T-Bill vault OpenEden
Yogita Khatri - The Block
Jeremy Ng and Eugene Ng - Gemini's ex-Asia Pacific head and former head of business development for the region, respectively - unveiled a new crypto startup called OpenEden to offer exposure to tokenized Treasury Bills (T-Bills). OpenEden was established early last year and comes out of stealth today with its first product launch, according to a statement shared with The Block on Monday. The product, dubbed OpenEden T-Bill vault, lets USDC stablecoin holders mint the "TBILL" token and earn a yield.
/jlne.ws/3ZKsUpz
valantic FSA and dwpbank Partner on Digital Assets Platform
MarketsMedia
Deutsche WertpapierService Bank AG (dwpbank), Germany's leading provider of securities services, has successfully launched the "wpNex" platform for digital assets and conducted pilot transactions with crypto assets for retail customers. The platform was developed with valantic FSA providing the underlying automation and integration technology. The launch of "wpNex" enables 1200 banks and savings banks in Germany to develop opportunities to trade digital assets for themselves and their customers. The first component of the wpNex platform is an offer for trading cryptocurrencies, and the pilot transaction based on Bitcoin has been successfully completed. wpNex will be gradually expanded so banks and savings banks connected to dwpbank can include the regulated trading of other digital assets in their services for retail customers.
/jlne.ws/3ZElWma
Internet Computer Issues 'Liquid Bitcoin,' for Faster, Cheaper BTC Transactions
Shaurya Malwa - CoinDesk
The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, on Monday issued ckBTC - a liquid and cost-efficient "twin" token that is backed on a 1:1 basis with bitcoin (BTC).
/jlne.ws/3nLENP3
Digital assets platform Bakkt completes $155M deal for Apex Crypto
Leo Schwartz - Fortune
New York-based Bakkt announced on Monday that it had received regulatory approval to acquire trading infrastructure provider Apex Crypto in one of the largest deals in the crypto landscape since the onset of the bear market in mid-2021. The deal will see the publicly traded Bakkt pay $55 million in cash plus $100 million in stock.
/jlne.ws/3nIqo6a
Bitcoin Liquidity Is Drying Up as Crypto 'Tourists' Recoil From Industry Disorder
Vildana Hajric and Isabelle Lee - Bloomberg
By just about any measure, Bitcoin liquidity remains low, despite the cryptocurrency's eye-catching upsurge this year. Investors have been paying more on trades because of slippage, or the difference between the expected price of a transaction and the price at which it's fully executed, a sign of worsening liquidity, according to Conor Ryder at Kaiko. The higher the difficulty in trading, the more investors are exposed to potential volatile price swings.
/jlne.ws/4367ciG
Dogecoin Rises as Much as 30% After Twitter Home Button Becomes Doge Meme
Max Zimmerman - Bloomberg
Dogecoin rose as much as 30% after Twitter users noticed their home buttons changed into the dog meme after which the cryptocurrency is named. Some Twitter users began to notice the home button in the top left corner of their web browsers - usually the company's solid blue bird logo - replaced with a cartoon of the Shiba Inu that is the face of the Doge meme at around 1:45 p.m. New York time.
/jlne.ws/3m6S1p0
Hong Kong Intervenes in FX Market for First Time in Seven Weeks; HKMA drains HK$7.1 billion of liquidity to defend currency peg; Bottom for aggregate balance at around HK$54 billion: Analysts
Chester Yung and Matthew Burgess - Bloomberg
The Hong Kong Monetary Authority intervened to prop up the local dollar for the first time since February as carry trades against the currency push it past the weak end of its trading band. The HKMA bought HK$7.1 billion ($905 million) worth of the city's dollars on Monday, shrinking the city aggregate balance, a measure of interbank liquidity, to HK$69.9 billion. Standard Chartered Bank Plc. and DBS Bank expect that gauge to bottom out at around HK$54 billion.
/jlne.ws/3ZHKSsZ
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| Politics | | An overview of politics as it relates to the financial markets | Sen. Warren's 'Anti-Crypto Army' Is Just the Beginning of Crypto's Politicization
George Kaloudis - CoinDesk
We're heading into an election year and crypto's moment on the campaign circuit seems imminent. mOn March 20, Florida Gov. Ron DeSantis, a Republican who will likely seek the GOP nomination for president, announced legislation to prohibit the use of a federally controlled central bank digital currency, or CBDC, in the state. Soon after, Sen. Ted Cruz (R-Texas) introduced legislation to prohibit the Federal Reserve from developing a direct-to-consumer CBDC that could be used as a financial surveillance tool by the federal government with two other Republican co-sponsors.
/jlne.ws/3Kxx5Ro
Right-Wing Media Splits From DeSantis on Press Protections
Ken Bensinger - The New York Times
Gov. Ron DeSantis has long courted right-wing news outlets, while dismissing mainstream reporters as biased and untrustworthy. But legislation that would sharply curb press freedom in Florida is creating a rare rift between the governor and the media that have helped propel his rise. The legislation, drafted at DeSantis' urging as he inches toward a presidential bid, takes aim at several protections in state and federal law, including the decades-old Supreme Court precedent that makes it difficult for public figures to win libel lawsuits
/jlne.ws/3zzYNGI
George Santos Has His First Primary Challenger - One Who Actually Worked on Wall Street; Kellen Curry filed papers with the Federal Election Commission; New York congressman admits he made up parts of his resume
Gregory Korte - Bloomberg
US Representative George Santos, who embellished his resume by claiming to have worked on Wall Street, will face a Republican primary challenge from someone who actually did - a former JPMorgan Chase & Co. vice president. Kellen Curry, a major in the Air Force Reserves, said he quit his job as a vice president in JPMorgan's corporate and investment banking business to file campaign paperwork with the Federal Election Commission on Monday.
/jlne.ws/3K0gxQA
US and Saudis Go From Fist Bump to Knife in the Back; A surprise decision for a huge OPEC+ production cut will help Russia and boost inflation. Unless it doesn't.
Jessica Karl - Bloomberg
Exactly 261 days ago, US President Joe Biden did a fist-bump with Saudi Arabia's crown prince, Mohammed bin Salman. Oh, how times have changed. In a surprise weekend announcement, OPEC+ said it's culling more than 1 million barrels a day from the market in the name of maintaining "stability" ... which the White House has called "ill-advised." This kind of feels like a textbook thing for an oil cartel to do - sow mass chaos while attempting to pocket boatloads of cash - but on the back of a bros' fist-bump, it stings, nonetheless.
/jlne.ws/3nL2CXf
Texas Governor Sees Opening for Shale in OPEC's Surprise Oil Cut; OPEC+ to slash production by more than 1 million barrels a day; Crude surges more than 8% in response to shock announcement
Mitchell Ferman - Bloomberg
Texas Governor Greg Abbott sees an opportunity for Lone Star State shale drillers to massively boost crude production in light of OPEC's surprise decision to crimp output. The leader of the biggest US oil-producing state pegged the potential increase in Texas crude production at 1 million barrels a day in a Twitter post late Sunday. That would push the state's output above 6 million barrels a day - a level not seen in at least 43 years of Energy Department data.
/jlne.ws/3K7Y8Bp
Progressive and centrist Democrats clash in Chicago mayoral race; The party dominating politics in America's third-largest city is offering two very different visions
Claire Bushey - Financial Times
The contest to run Chicago, a city that last elected a Republican mayor nearly a century ago, has boiled down to a battle between the progressive and centrist wings of the Democratic party. Brandon Johnson and Paul Vallas present clashing approaches to crime and policing, public education and taxes as they meet in a run-off on Tuesday to become mayor of the third-largest city in the US.
/jlne.ws/40Guom9
Hong Kong Intervenes in FX Market for First Time in Seven Weeks; HKMA drains HK$7.1 billion of liquidity to defend currency peg; Bottom for aggregate balance at around HK$54 billion: Analysts
Chester Yung and Matthew Burgess - Bloomberg
The Hong Kong Monetary Authority intervened to prop up the local dollar for the first time since February as carry trades against the currency push it past the weak end of its trading band. The HKMA bought HK$7.1 billion ($905 million) worth of the city's dollars on Monday, shrinking the city aggregate balance, a measure of interbank liquidity, to HK$69.9 billion. Standard Chartered Bank Plc. and DBS Bank expect that gauge to bottom out at around HK$54 billion.
/jlne.ws/3ZHKSsZ
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| Regulation & Enforcement | | Stories about regulation and the law. | Merrill agrees to pay over $9.5 million to settle SEC charges over fee disclosures
Chris Prentice - Reuters
Bank of America's investment management unit has agreed to pay over $9.5 million to settle U.S. Securities and Exchange Commission charges that it failed to disclose millions of dollars of fees to clients, the regulator said on Monday.
/jlne.ws/3zuaVcj
Twitter Users Are Still Waiting for a Check-Mark Reckoning
Kate Conger and Ryan Mac - The New York Times
Twitter users anticipated a reckoning over the weekend as the verification check marks that denoted the accounts of celebrities, politicians and other notable figures and organizations were set to be removed en masse. That reckoning didn't come. While Twitter took away the check mark from some accounts, including that of The New York Times, most verified users retained the symbols, which have long been viewed as conferring a special status and showed that the identity of those behind the accounts had been confirmed by the social media service.
/jlne.ws/3ZFDL44
Commissioner Johnson to participate in the NASAA Spring Public Policy Symposium
CFTC
Commissioner Kristin N. Johnson will participate in a fireside chat at the North American Securities Administrators Association Spring Public Policy Symposium.
/jlne.ws/3U4JEH3
Commissioner Johnson to participate in the American University Business Law Review 2023 Annual Spring Symposium
CFTC
Commissioner Kristin N. Johnson will provide a keynote speech and participate fireside chat at the AUBLR Annual Spring Symposium.
/jlne.ws/3K2JQ50
Commissioner Johnson to participate in the Financial Readiness for Service Members and Their Families Townhall
CFTC
Commissioner Kristin N. Johnson will participate in a fireside chat with CFPB Director Rohit Chopra and SEC Commissioner Caroline Crenshaw discussing financial literacy.
/jlne.ws/431cuw6
SEC Charges Merrill Lynch for Failing to Disclose Foreign Exchange Fees to Clients
SEC
The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith Incorporated for charging advisory clients more than $4 million in undisclosed foreign exchange fees for transfers to or from their accounts. To settle the charges, Merrill Lynch has agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling more than $9.5 million and has agreed to distribute funds to harmed clients.
/jlne.ws/3McbsaF
SEC to Highlight Free Investor Education Resources During Financial Capability Month
SEC
The Securities and Exchange Commission's Office of Investor Education and Advocacy (OIEA) today announced that its theme for April's National Financial Capability Month is, "Investing for everyone." All month long, SEC leadership and staff will promote the free tools and resources available on Investor.gov and participate in investor education events across the country with various audiences, including students, underrepresented communities, older investors, and the military.
/jlne.ws/3Mg9yWr
SEC Charges Chatham Asset Management and Founder Anthony Melchiorre for Improper Fixed Income Securities Trading
SEC
The Securities and Exchange Commission today charged New Jersey-based Chatham Asset Management LLC and its founder, Anthony Melchiorre, in connection with improper trading of certain fixed income securities. Chatham and Melchiorre agreed to pay more than $19.3 million in combined disgorgement, prejudgment interest, and civil penalties to settle the charges.
/jlne.ws/3nKAvHF
SEC Obtains Final Judgments Against Two Additional Defendants in Codesmart Fraud
SEC
On March 31, 2023, the U.S. District Court for the Eastern District of New York entered final judgments against Darren Ofsink and Michael T. Morris, enjoining them from violating certain provisions of the federal securities law and imposing other remedies.
/jlne.ws/3m3BClh
SEC Charges Crypto Trading Platform Beaxy and Its Executives for Operating an Unregistered Exchange, Broker, and Clearing Agency
SEC
On March 29, 2023, the Securities and Exchange Commission charged the crypto asset trading platform beaxy.com (the Beaxy Platform) and its executives for failing to register as a national securities exchange, broker, and clearing agency. The SEC also charged the founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., with raising $8 million in an unregistered offering of the Beaxy token (BXY) and alleged that Hamazaspyan misappropriated at least $900,000 for personal use, including gambling. Finally, the SEC charged market makers operating on the Beaxy Platform as unregistered dealers.
/jlne.ws/412cEBk
DOJ seizes over $112 million linked to cryptocurrency scams in Arizona, California, Idaho
Ellie Willard - Arizona Republic
/jlne.ws/3zxEo5s
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Warner Bros. Nears Deal for Harry Potter Online TV Series
Lucas Shaw - Bloomberg
Warner Bros. Discovery Inc. is close to a deal for a new online TV series based on Harry Potter, the best-selling young adult books, according to two people with knowledge of the matter. Each season of the series will be based on one of JK Rowling's seven books, said the people, who asked not to be identified since the deal hasn't been announced, suggesting years of fresh fare from the popular stories.
/jlne.ws/430L2yp
BlackRock Looks to Offer 'Buffer ETFs' That Aim to Limit Investors' Losses; Largest ETF issuer files for two defined-outcome funds Friday; 'Tremendous' growth in buffer ETFs speaks to demand: Seyffart
Katherine Greifeld - Bloomberg
The world's largest exchange-traded fund issuer is setting its sights on a booming corner of the $6.9 trillion industry: ETFs that aim to limit an investor's downside by also capping their potential gains. BlackRock is looking to set up two funds known as Buffer ETFs: The BlackRock Large Cap Moderate Buffer ETF and the BlackRock Large Cap Deep Buffer ETF.
/jlne.ws/3nM1tym
WeWork Starts Bond Exchange as Part of Debt Restructuring Plan; Firm offered to exchange two sets of bonds maturing in 2025; Company unveiled restructuring plan to cut debt in March
Amelia Pollard - Bloomberg
WeWork Inc. said it's offering to swap two sets of bonds worth about $1.2 billion for new debt and stock as part of a sweeping restructuring effort. The company is seeking to exchange its 7.875% notes due 2025 and 5% bonds due 2025, according to a statement Monday. Terms for investors depend on if they agree to participate in a new debt financing for the company.
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Trading Volatility Is the New Reality for Bond Investors; A gauge of US rates volatility reached the highest since 2008
Two-year Treasury yields regularly seeing outsized moves
Michael Mackenzie and Liz McCormick - Bloomberg
/jlne.ws/3Gg2chR
Traders Fired Over Bonuses in Danish Energy Market Scandal
Frances Schwartzkopff
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Amsterdam Hub to Halt Night Flights, Ban Private Jets to Cut CO2; Schiphol taking steps to lower noise and curb carbon emissions; Move will result in 10,000 fewer night flights each year
April Roach - Bloomberg
Schiphol Airport, a key European transfer hub, plans to stop late night flights and ban private jets to reduce noise and lower CO2 emissions. Aircraft will no longer take off between midnight and 6 a.m. at the Amsterdam hub once the changes go into effect in the next two to three years, the airport said in a statement on Tuesday. There will be no more landings between midnight and 5 a.m.
/jlne.ws/3ZH9r9x
ESG Asset Recount in Europe to Ax 'Vague' Fund Strategies; Eurosif is delaying review as ESG fund market hit by turmoil; Academic designing new system suggests market may be halved
Greg Ritchie - Bloomberg
Fund managers offering hard-to-define strategies such as "ESG integration" will be excluded from the next major tally of Europe's sustainable investing market. The European Sustainable Investment Forum, whose most recent estimate put the market at $12 trillion, is in the process of developing a revised methodology to calculate its actual size.
/jlne.ws/3GfvqNH
Renewable energy use is up sharply in Illinois and slightly in Missouri
Mark Degon - St. Louis Public Radio
Generation of renewable energy surged in many U.S. states last year with a major jump in Illinois and a minor increase in Missouri, according to a new report by a nonpartisan research group. Nationally, renewable energy climbed 16% in 2022, compared to 2021, according to the Climate Central "WeatherPower Year In Review: 2022." While that is not enough to meet net-zero emission goals, Climate Central Senior Data Analyst Jen Brady finds the figures encouraging, especially in light of a growing number of renewable energy projects in the country.
/jlne.ws/3ZL1IXL
Revealed: UAE plans huge oil and gas expansion as it hosts UN climate summit; Exclusive: UAE's fossil fuel boss will be the president of Cop28, making a mockery of the summit, say campaigners
Damian Carrington - The Guardian
The United Arab Emirates, which is hosting this year's UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar. The CEO of the UAE's national oil company, Adnoc, has been controversially appointed president of the UN's Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis.
/jlne.ws/3KbY1F2
China Slowly Squeezes Global Carmakers Out of Its Massive Market; Electrification has opened up a lane for domestic manufacturers to leap ahead.
Colin McKerracher - Bloomberg
Legacy automakers have been sounding optimistic lately about vehicle sales in China heading higher following the great reopening. Volkswagen boss Oliver Blume seemed to come away bullish from his visit in February, and others like BMW have offered similarly positive sentiment. That near-term swagger hides an uncomfortable point for established automakers: Many of them are slowly but steadily getting squeezed out of the Chinese auto market.
/jlne.ws/3KtTUWa
US and Europe Wrangle Over Green Subsidies to Avoid a Trade War; US, EU working on a complex plan to curb carbon emissions; Both sides want to reduce trade dependencies on China, Russia
Bryce Baschuk, Alberto Nardelli and Eric Martin - Bloomberg
/jlne.ws/410F1zR
$9 Trillion Energy King's Climate Fix Is a Hand-Picked Oil Exec; Sultan Al Jaber was selected to lead COP28 - the most important climate summit. He also runs the oil and gas behemoth Adnoc.
Akshat Rathi - Bloomberg
/jlne.ws/40WSKHX
Worst-Performing Funds of 2023 Are Drawing Huge Amounts of Cash; Natural gas fund that fell 80% nearly doubled its assets; ETFs betting against tech added cash on hopes rally would fade
Angel Adegbesan - Bloomberg
/jlne.ws/3nzOLTm
Investors committed to ESG fighting against the backlash
Hazel Bradford - Pensions & Investments
/jlne.ws/3K5Aupf
ISS ESG announces launch of US Cyber Risk Index
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Marsh McLennan reveals report on ESG activities; Broker believes ESG strategies "create sustainable long-term value" Marsh McLennan reveals report on ESG activities
Ryan Smith - Insurance News
/jlne.ws/435dyPl
Norway should push for a global moratorium on deep-sea mining; The environmental impacts of this extractive process are colossal
Nina Jensen - Financial Times (opinion)
/jlne.ws/3nLOehl
Gender equality ETFs delivered best performance yet in 2022; Most of the nine funds beat their relevant benchmarks last year
Emma Boyde - Financial Times
/jlne.ws/3MfpxUw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs One Million Black Women Deploys More Than $2.1 Billion, Expected to Impact the Lives of Over 215,000 Black Women Across the Country
Goldman Sachs
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that One Million Black Women has deployed more than $2.1 billion in investment capital and over $23 million in philanthropic capital to 137 organizations, companies and projects across the country to drive economic empowerment. In the two years since launch, One Million Black Women - in partnership with Black women-led organizations, financial institutions and diverse partners - has laid the groundwork to positively impact the lives of over 215,000 Black women across the U.S.
/jlne.ws/3U4cwiN
UBS Executes First Cross-Border Intraday Repo Trade on Broadridge Distributed Ledger Repo Platform
Broadridge Financial Solution - PR Newswire
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that UBS (NYSE:UBS) and a global Asian bank have successfully executed the first cross-border intraday repo transaction on Broadridge's blockchain enabled Distributed Ledger Repo (DLR) platform. This groundbreaking intraday trade marks the launch of the next phase in the rollout of Broadridge's DLR platform. Continuing to build on the initial success of the platform and leveraging the growing expansion of the network across the global repo community, this is a major step forward to providing a more efficient means of intraday liquidity management.
/jlne.ws/432B5Au
Why One Firm's 3,612% Return Is Drawing the Ire of Hedge Funds; Portfolio protection faces scrutiny just as market fears rise; Taleb-advised Universa under fire for performance claims
Justina Lee - Bloomberg
Mark Spitznagel is a master at generating buzz for his tail risk-protection business. From partnering with the man who coined the very term "Black Swan" to warning this January that we're in "the greatest tinderbox-timebomb in financial history," he makes sure Universa Investments is rarely far from the Wall Street spotlight. But it's the firm's returns that really make headlines - and get the blood of some of the hedge-fund world's biggest names boiling in the process.
/jlne.ws/3nC7DBf
Some TD shareholders urge bank to ditch or renegotiate First Horizon deal
Maiya Keidan - Reuters
TD Bank Group should abandon or renegotiate its $13.4 billion acquisition of U.S. lender First Horizon as the regional banking crisis has unearthed unknown risks, some small shareholders told Reuters.
/jlne.ws/3UafT7V
Yellen Says US Banks Are 'Stabilizing,' After Tumultuous March; Treasury chief repeats government will act again if needed; Yellen rejects criticism of FSOC for missing rising-rate risk
Christopher Condon - Bloomberg
/jlne.ws/3KxGfNZ
FDIC Plans to Offer $60 Billion of Signature Loans in the Coming Months
Sally Bakewell - Bloomberg
/jlne.ws/3Kt5G1Z
Wall Street Banks Set to Lose More Than $1.3 Billion on Citrix Buyout Debt; High-yield bond is marketing at a discounted price of 78 cents; Lenders stand to realize at least $700 million in new losses
Olivia Raimonde and Paula Seligson - Bloomberg
/jlne.ws/3ZGKnzs
JPMorgan executives joked about Jeffrey Epstein's behaviour, US Virgin Islands alleges
Joshua Franklin and Joe Miller - Bloomberg
/jlne.ws/3zvlBYg
Swiss Prosecutors Probe Credit Suisse Deal, Job Cuts Seen
Bastian Benrath - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Regulating AI Will Be Essential. And Complicated.
Noah Feldman - Bloomberg
Whether or not calls for pausing AI development succeed (spoiler: they won't), artificial intelligence is going to need regulation. Every technology in history with comparably transformational capabilities has been subject to rules of some sort. What that regulation should look like is going to be an important and complicated problem, one I and others will be writing a lot about it in the months and years to come.
/jlne.ws/3K5kd3F
By Pausing AI, We'd Only Be Hurting Ourselves; A slowdown would politicize the development of artificial intelligence, damage US national security - and accomplish very little.
Tyler Cowen - Bloomberg
Should we slow down the progress of artificial intelligence, large language models in particular? Not necessarily through government regulation, but on a voluntary basis, with the major companies suspending improvements for six months, until the world is in a better position to let this work proceed? A recent petition, signed by Elon Musk and more than 1,100 others, suggests that this is exactly what we should do.
/jlne.ws/3ZDROay
London just lost 10,000 offices - and even more will be wiped out; City landlords face a stark choice as net zero rules threaten office market
Riya Makwana - The Telegraph
Thousands of offices across Britain have become unlettable after new net zero rules left landlords unable to let them out. New laws that came into force on April 1 ban landlords from renting offices with an energy efficiency rating of E or below. The minimum E rating that came into force on Saturday has left around 8pc of offices obsolete, according to BNP Paribas.
/jlne.ws/3m7Kcze
SMFG/Wall Street: hiring plan is well-timed - retention is a longer game; Investors in Japan's second-biggest bank can forget about any quick results from US expansion
Financial Times
Wall Street giants have been firing. But Japanese lenders are hiring in the US. Japan's second-largest bank, Sumitomo Mitsui Financial Group, is reportedly staffing up. For redundant bankers, it may be a case of any port in a storm. Investors in SMFG should be more sceptical. Japanese banks can struggle in foreign markets. Consensual decision making and long chains of command do not export well.
/jlne.ws/3UfqXRa
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| Wellness Exchange | | An Exchange of Health and Wellness Information | An office building in Amsterdam is turning one of its rooms into a giant treadmill. So long treadmill desks! Meet the Walking Room
Elissaveta M. Brandon - Fast Company
I'm standing in a glassy conference room on the ground floor of an office building in Amsterdam, staring down at a carpet made of grass. At the far end of the carpet is a rectangular desk, a long wooden table with four steel legs and a touchscreen embedded into its surface. Touch the button on the screen, and suddenly the carpet will start to glide, slipping the entire room beneath your feet as it forces you to walk along.
/jlne.ws/3zwJ63m
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Rents Double in India's Silicon Valley as Engineers Fight for Flats; Bangalore rents have nearly doubled, estate agents say; Covid suppressed demand and new construction in recent times
Saritha Rai and Alex Gabriel Simon - Bloomberg
Rents in India's technology hub of Bangalore have nearly doubled since the start of last year, making it the country's hottest residential market. Landlords in the city, often referred to as India's Silicon Valley, now charge the highest proportion of their property's value as rent, edging out financial center Mumbai, according to data from market researchers.
/jlne.ws/40Ypv7H
$2 Billion Loss at Sweden's Pension Fund Has Stocks Chief Put on Leave
Anton Wilen and Rafaela Lindeberg - Bloomberg
Sweden's biggest pension fund Alecta has put its equities chief on leave and announced a plan to reduce risk exposure after reporting $2 billion in investment losses tied to last month's US banking crisis.
/jlne.ws/40Qegye
California's Biggest Snowpack in 70 Years Brings Threat of Floods; Good news for drought-weary state spells trouble for parts of deluged Central Valley where rivers likely will overflow in spring.
David R Baker - Bloomberg
California's relentless winter storms have left behind one of the state's biggest snowpacks on record, while raising the risks of prolonged flooding this spring in parts of the Central Valley already under water. The snowpack's water content measures 237% of normal for this time of year, officials with the California Department of Water Resources said Monday.
/jlne.ws/3K0h3y0
Global Wheat Supplies Under Threat From Dry Canadian Fields; Parched conditions can hamper spring planting and crop growth; Drought fears come amid uncertainty about Black Sea, US crops
Jen Skerritt - Bloomberg
A dry spell is parching Canadian farmland when growers most need moisture to plant the wheat and canola crops that help feed the world. Parts of the Canadian Prairies have experienced the second-driest start to a year in 45 years, said David Streit, senior meteorologist at Commodity Weather Group.
/jlne.ws/3KvZLdu
KFC, Other Chains Hunt for Elusive 4-Pound Chicken; A shortage of small-breasted chickens is raising costs for fast-food restaurants
Patrick Thomas and Heather Haddon - The Wall Street Journal
The growing popularity of crispy chicken sandwiches has left restaurants chasing a relatively rare bird: small chickens. Restaurant companies, including KFC and Chick-fil-A Inc., have come to prize chickens that weigh about 4 pounds, a slimmer bird than the big-breasted varieties that have come to dominate the U.S. chicken industry.
/jlne.ws/3Kb4ik3
Owner of two Illinois power plants files for bankruptcy
Crain's Chicago Business
/jlne.ws/40Tjglu
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