| January 10, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The devastating fires in Los Angeles have hit close to home here at JLN. JLN's Patrick Lothian's wife's sister and her family lost their home in the Palisades Fire. Patrick's wife, Amanda McCune, has set up a GoFundMe account to to assist Scott and Sarah and their family of five children and a dog through this crisis.
The family tragically lost their home and belongings in the Palisades Fire. Sarah, a home designer, and Scott, who supports families through estate matters, are known for their generosity and would never ask for help themselves.
Funds will provide essential support, including temporary housing and basic necessities. Any contribution, no matter the size, will bring much-needed stability during this challenging time. Let's rally around this family and show them the power of community. As their son wisely said, "You are alive. That's all that matters." Please consider donating to help this loving family recover through the Rebuild Hope for Sarah and Scott's Family GoFundMe campaign.
Southern California faces continued wildfire risks as Santa Ana winds persist amid extremely dry conditions. AccuWeather reports that Los Angeles and San Diego are experiencing record-low rainfall, leaving landscapes dangerously dry and prone to ignition. Another round of winds, with gusts reaching 60-70 mph in some areas, is expected from Thursday to early Friday, exacerbating fire dangers. Brief relief will come late Friday through Saturday, but light winds may trap smoke, worsening air quality. Winds are forecasted to pick up again from Monday to Wednesday, potentially creating further wildfire challenges, as high-pressure systems and dry storms persist throughout January.
The Los Angeles wildfires have caused devastating losses for everyday people, but they also destroyed many homes belonging to notable figures. Among those affected are Sir Anthony Hopkins, Paris Hilton, Billy Crystal, Eugene Levy, Mandy Moore, Anna Faris, Miles Teller, John Goodman, Leighton Meester and Adam Brody, Diane Warren, Jeff Bridges, Jhené Aiko, Cary Elwes, Ricki Lake, Melissa Rivers, Milo Ventimiglia, Spencer Pratt and Heidi Montag, Cameron Mathison, Jennifer Grey, James Woods, Rosie O'Donnell, Ed Harris, Mark Hamill, Denise Crosby, Michael Connelly, Neil Young, Shannen Doherty, Gerard Butler, Miley Cyrus and Liam Hemsworth, Robin Thicke, Fred Durst, Joe Flanigan, Camille Meyer, Lil Pump, Daniel Tosh, Eric Wynalda, Andrew von Oeyen, Gabe Kapler, Catherine Oxenberg, Kevin Parker, Pat Hitchcock, David Dreier, Scott Derrickson, Jonathan Banks, and Kim Basinger.
FIA, EACH, FESE, and the AFME issued a policy paper aimed at the European Commission, which addresses concerns about the application of the Digital Operational Resilience Act (DORA) to EU and non-EU regulated financial services. The associations argue that digital-backed financial services, intrinsically tied to financial operations, should not be classified as "ICT services" under DORA, given their robust regulatory oversight and governance frameworks. Including such services in DORA's scope risks unnecessary duplication, added complexity, and increased compliance costs, which could hinder market access and competitiveness. The associations urge the European Commission to adopt an expansive exemption for regulated financial services to maintain international regulatory harmony and avoid retaliatory actions from third countries. Lastly, they emphasize the potential adverse impacts on ancillary services and market infrastructure, urging proportionality to prevent disruption and preserve EU financial entities' global competitiveness.
The board meeting update from the NFA's November meeting is available for viewing HERE.
Here are the headlines from in front of FOW's paywall from some recent stories: Abaxx launches nickel sulphate futures in first new product since opening, FCA issues seventh fine for dividend arbitrage 'cum-ex' trading, ANALYSIS: Cboe looks to new products after volatile year, Inflation uncertainty could drive volatility, raise margin calls - OpenGamma and HKEX makes latest senior hires, in markets, strategic projects.
Ed Rainer is starting a new position as director, product management and development, group digital assets at the London Stock Exchange Group (LSEG), he shared on LinkedIn. He was previously the senior product manager, group digital assets. He is also the LSEG Global Lead, LSEG Pride, LSEG's LGBTQ+ Network.
In today's scene in Auditions from The Front Runner, in a tense interrogation at a Telluride police station, Dex Carter is questioned by FBI Agent James Harmon about potential connections to the Sterling Group. Carter, clearly agitated, quickly turns the focus to Mike Harris, accusing him of theft, sabotaging his promotion, and disappearing with stolen money and jewelry. While Harmon dismisses Carter's relevance to the Sterling Group case, the conversation reveals Harris's obsession with commodity trading and aspirations to move to Chicago or New York, key hubs for traders. As the FBI agent concludes the interview, his casual reference to the Chicago Board of Trade prompts Carter to piece together Harris's likely next move. The scene ends with Harmon advising Carter to avoid vigilante action before leaving the room, leaving Carter with a new lead and simmering frustration. See today's complete entry of Auditions HERE and the complete script to date HERE.
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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MEMX CEO Jonathan Kellner Showcases Data-Driven Technology Transforming Market Infrastructure
JohnLothianNews.com
Jonathan Kellner, CEO of MEMX, highlighted the company's data-centric approach and robust technology infrastructure in an interview with John Lothian News at FIA EXPO. MEMX leverages its architecture to harness data effectively, enhancing market surveillance and ensuring integrity through advanced tools like artificial intelligence, Kellner said.
Watch the video »
Sriram Krishnan - National Stock Exchange
Watch Video »
Joe Corona - Matrix Executions
Watch Video »
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The iconic LA neighbourhoods reduced to ashes; Home of Hollywood struggles to cope after thousands of homes and businesses are destroyed
Christopher Grimes and Amelia Pollard - Financial Times
Patty Burns, a 93-year-old with a sparkling memory, has lived in the Pacific Palisades neighbourhood of Los Angeles for more than 60 years. She always kept a black suitcase filled with important documents at the ready, in case of a fire. On Tuesday, she needed it. Her daughter, who lives just up the road, arrived at her doorstep that morning to usher her out of the house. Flames, propelled by heavy winds, were already raging across the Santa Monica mountains in what would become the most damaging fire in LA history.
/jlne.ws/4jm80IG
***** They interviewed a woman named "Patty Burns" for a story about a huge fire? Interesting choice.~JJL
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Polymarket users are hoping to profit from the devastation in California, betting on how far the deadly fires will spread
Sasha Rogelberg - Fortune
Users of prediction market platform Polymarket are callously wagering on the spread of the disastrous California wildfires, which have killed at least five people and forced more than 100,000 to evacuate. The deadly California wildfires that have claimed lives, destroyed communities, and forced thousands to flee their homes to safety have spurred Polymarket gamblers to wager on the devastation left in their wake. Users have placed bets on about 20 predictions as of Thursday, ranging from whether the catastrophe will spread to Santa Monica to the number of acres the blaze will engulf by Sunday. About 20% of users have predicted decimation up to 80,000 acres, and some of these predictions have accumulated pools exceeding $100,000.
/jlne.ws/4h58DnQ
***** This is not good press for event markets. I wonder if there will be some academic or regulatory research into this to see whether there was any actual hedging going on or whether this was just plain old gambling on other people's misfortune.~JJL
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The Problem With Financial Forecasts Is They're Usually Wrong; On this episode of Merryn Talks Money, we discuss why we use them anyway.
Mohsis Andam and Merryn Somerset Webb - Bloomberg
Financial forecasting is a mainstay of finance and economics. Banks use them to analyze how well a company should be doing a few years from now; governments use them to set their budgets. But how often are those prognostications-on which so much depends- actually accurate? Not very often, according to Daniel Rasmussen, founder of Verdad Advisers, author of The Humble Investor: How to Find a Winning Edge in a Surprising World and guest on this week's episode of Merryn Talks Money.
/jlne.ws/4gRBlcm
******CNBC's Bob Pisani's book "Shut Up and Keep Talking: Lessons on Life and Investing from the Floor of the New York Stock Exchange" has a great chapter about this subject. I have an interview scheduled with him about his book, which I read on my way to New York last month.~JJL
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Elon Musk is pushing to remove dates from X posts and planning new $8 sign-up fee
Kali Hays - Fortune
Elon Musk has asked staffers at X to explore removing dates from posts displayed in the main timeline, one of several changes under consideration that could fundamentally alter the social media platform's core functionality, Fortune has learned.
/jlne.ws/3BS78L3
***** X/Twitter is going to become even more useless as a news source and community. Its former utility and community is being replaced by other tools, but it has left us with an even more bifurcated world.~JJL
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Thursday's Top Three
Our top story Thursday was Hershey seeking CFTC approval to buy more ICE cocoa than allowed, says report, from Reuters. Second was the January 8 Keynote Address of Chairman Rostin Behnam, from the CFTC. Third was Wall Street Job Losses May Top 200,000 as AI Replaces Roles, from Bloomberg.
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| Lead Stories | US regulator plans to toughen customer protection on crypto accounts; CFPB proposes to put digital wallets under same standard as bank accounts
Nikou Asgari - Financial Times
US cryptocurrency companies should be responsible for refunding customers' accounts when they are hacked, bringing standards for digital wallets into line with bank accounts, the consumer banking regulator has proposed. The Consumer Financial Protection Bureau wants to mandate service providers to pay back consumers who lose funds owing to hacks or unauthorised transactions, according to a copy of the proposed rule seen by the FT. The move by the CFPB would force digital asset businesses to increase their security and reserves to counter operational threats.
/jlne.ws/3BQ23Tu
Two Sigma Founders Head to Arbitration After Years-Long Feud; Compliance chief Otto, Co-General Counsel Shih have left firm; Founders Overdeck and Siegel stepped down as co-CEOs last year
Hema Parmar - Bloomberg
Two Sigma Investments' billionaire founders, John Overdeck and David Siegel, are heading to arbitration after a longstanding feud over the direction of the quant hedge fund. Two Sigma, which manages more than $60 billion, disclosed the arbitration and a pair of executive departures in a letter to investors Wednesday. The firm said in the letter that it isn't a party to the dispute and doesn't intend to share regular updates about it with clients, according to people familiar with the matter. "While the arbitration between the firm's founders runs its course, the management team remains focused on serving our investors and strengthening Two Sigma for the long term," a spokesperson for New York-based Two Sigma said in a statement.
/jlne.ws/4gOUs6z
Wall Street Bonuses to Jump by Double Digits at Big Banks
Katherine Doherty - Bloomberg
Atop Wall Street's largest investment banks, executives are locking in plans to award traders and dealmakers their biggest bonus increases since the pandemic, with 10% hikes - or more - coming for many desks, according to people briefed on the plans. At Bank of America Corp., that's the average increase in store for investment bankers and traders handling stocks and fixed-income products, people with direct knowledge of the decisions said, asking not to be named discussing personnel matters. At Morgan Stanley and larger rival JPMorgan Chase & Co., bonuses will rise more than 10% for traders, people familiar with their deliberations said. And for JPMorgan's investment bankers, bonuses will rise roughly 15%.
/jlne.ws/4gIGoLY
Cryptoverse: Next wave of US crypto ETFs already in the pipeline
Suzanne McGee - Reuters
What a difference a year makes. Rewind the clock to early January 2024, and the asset-management industry was anxiously watching to see if the much-anticipated debut of U.S. spot bitcoin exchange-traded funds could live up to expectations they would pull in as much as $30 billion in their first year. Today, those issuers are cracking open the champagne. That first wave of bitcoin ETFs attracted a whopping $65 billion in 2024, helping to propel the price of bitcoin from $43,000 to more than $100,000. The largest of those new products, BlackRock's iShares Bitcoin Trust has become the most successful debut in the ETF industry's 35-year history.
/jlne.ws/4a8G1b7
California wildfires raise alarm on water-guzzling AI like ChatGPT
Fortune editors - Fortune
If there weren't enough of an argument against AI from an environmental standpoint, a new waterfall of data might push even the most ambivalent consumer over the edge.
/jlne.ws/4gIBpLg
Wall Street just got another sign that dealmaking is on the rebound
David Hollerith - Yahoo Finance
Wall Street just got a new sign that a dealmaking rebound is chugging higher. Investment bank Jefferies Financial Group (JEF) reported fourth quarter and full-year results Wednesday afternoon that showed fees for its M&A advisory business soared 91% from the year-ago quarter to $597 million. For the full year, investment banking fees rose 51% from the year before to $3.44 billion, notching the investment bank's second-highest annual results on record.
/jlne.ws/428bhov
Catastrophe Bonds Look Set to Dodge Losses as LA Fires Rage
Gautam Naik - Bloomberg
The wildfires sweeping through Los Angeles are unlikely to trigger significant losses for catastrophe bonds designed to capture such risks. Roughly 12% of the $50 billion cat-bond market is currently exposed to wildfire risk, according to Florian Steiger, chief executive officer of Icosa Investments AG, a Swiss-based investment firm. Even in an "extreme scenario," many of these bonds are likely to be minimally or not affected at all by the Los Angeles fires, he said.
/jlne.ws/3DMyfrj
Chinese Traders' Demand for Global Stocks Prompt Rare ETF Halts; Two China ETFs tracking overseas shares suspended from trading; The ETFs' premiums spiked as traders seek returns abroad
Bloomberg News
Chinese investors' fierce appetite for overseas shares has triggered rare, full-day suspensions on a pair of exchange-traded funds tracking global equities. The Invesco Great Wall S and P Consumer Select ETF QDII and Harvest Der Dax ETF QDII have been suspended from trading until further notice after their premiums soared, according to exchange filings issued after market hours on Thursday. This marks an escalated degree of risk warning to investors, as halts on such funds usually last for an hour.
/jlne.ws/403mnbK
LNG Cluster and Abaxx Announce Strategic Partnership to Advance Global LNG Market
Rodrigo Sandoval, Founder at Energies Invest & LNG Cluster - LinkedIn
LNG Cluster, a leading collaborative platform dedicated to advancing the liquefied natural gas industry, is pleased to announce a new strategic partnership with Abaxx Exchange, a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
/jlne.ws/4fRFj39
Top Federal Reserve official says central bank is 'pretty close' to meeting twin targets; Kansas City Fed chief Jeff Schmid calls for 'gradual' changes in monetary policy
Adam Samson in New York - Financial Times
A top Federal Reserve official has said the US central bank is "pretty close" to meeting its objectives on inflation and employment, underscoring investor expectations that policymakers will refrain from sharp interest rate cuts this year. Jeff Schmid, the president of the Kanas City Fed who will become a voting member of the central bank's policy-setting committee this year, on Thursday said he is "optimistic about employment and the strength of the economy", and that inflation will continue easing in coming months.
/jlne.ws/3DMAue5
Constellation Energy to buy Calpine in $26.6 billion deal
Reuters
Constellation Energy said on Friday it would buy privately held Calpine Corp, a geothermal and natgas energy company, in a cash-and-stock deal valued at $26.6 billion including debt, sending Constellation's shares up 8.8%. The deal comes at a time when electricity demand is expected to rise to record highs this year, according to data from the U.S. Energy Information Administration.
/jlne.ws/4a8KNFz
Why everyone else can panic about rising bond yields; In the US they signal optimism while I'm loving a weaker pound
Stuart Kirk - Financial Times
Thirty years ago when I started on the grad programme at Morgan Grenfell Asset Management, we equity kids looked down on the losers in fixed income. Bonds were dull and no one was particularly hot. At trading them, I mean. Shame on you! But little did we all know that fixed income - from government securities to corporate bonds - was about to embark on the mother of all multi-decade runs.
/jlne.ws/3DZtWsB
FinCEN Asks Supreme Court to Reinstate Law Requiring Ownership Information; The application was submitted to Justice Samuel Alito, who has requested a response from the plaintiffs by Friday
Mengqi Sun - Then Wall Street
The U.S. Supreme Court is expected to rule soon on the national injunction issued by a lower court that paused the implementation of the Corporate Transparency Act, a law requiring companies to disclose their true ownership. The U.S. Justice Department, on behalf of the Financial Crimes Enforcement Network, in an application filed on New Year's Eve asked the Supreme Court to stay the injunction issued by a Texas district judge in early December. The attorneys representing FinCEN said the government is likely to succeed in defending the constitutionality of the law and that the district court's injunction was "vastly overbroad," according to the filing. The lawyers said the Supreme Court, at a minimum, should narrow the injunction to the plaintiffs in the case.
/jlne.ws/40b8yrV
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Trump says meeting with Putin being arranged
Christy Cooney - BBC News
Donald Trump has said that a meeting is being arranged between himself and Russian President Vladimir Putin. The US president-elect gave no timeline for when the meeting might take place. "He wants to meet and we are setting it up," he said in remarks at his Mar-a-Lago resort in Florida.
/jlne.ws/3WckjNA
Do Russians Really Support the War in Ukraine?; A group of sociologists found that few Russians were steadfast supporters of the war. Most had something more complicated to say.
Keith Gessen - The New Yorker
In the summer and fall of 2023, three researchers from a small Russian collective called the Public Sociology Laboratory, or P.S. Lab, travelled to three different regions across Russia, to find out what people thought about the war in Ukraine. A university lecturer whom I'll call Masha went to Sverdlovsk Oblast, at the eastern edge of the Ural Mountains; a recent college graduate who goes by Aida went to Buryatia, on the border with Mongolia; and an anthropologist who goes by Marina went to Krasnodar, a southern resort region connected to Crimea by the Kerch Strait Bridge. The researchers stayed in these regions for about a month, talking to as many people as possible. They could not simply announce that they were from a sociology collective studying the war, so they were undercover, and they knew that there wasn't much that P.S. Lab could do for them if they got in trouble.
/jlne.ws/428LeO5
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Gaza death toll 40 percent higher than recorded, Lancet study estimates
France24
Paris (AFP) - A study in the medical journal The Lancet estimated that 64,260 people have been killed in Gaza since the start of the Israel-Hamas war, which would mean the health ministry in the Hamas-run Gaza Strip had under-reported the number of deaths to that point by 41 percent.
/jlne.ws/3CfgG2B
US, Arab mediators make some progress in Gaza talks, no deal yet, sources say
Nidal Al-Mughrabi - Reuters
U.S. and Arab mediators have made some progress in their efforts to reach a ceasefire accord between Israel and Hamas in Gaza, but not enough to seal a deal, Palestinian sources close to the talks said on Thursday. As talks continued in Qatar, the Israeli military carried out strikes across the enclave, killing at least 23 people on Thursday, Palestinian medics said.
/jlne.ws/3C6GJZP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Optiver, XTX Markets among consortium to back launch of Brazilian derivatives exchange A5X; The exchange is set to go live in 2026 with investment from five firms set to fund talent and technology to facilitate launch.
Claudia Preece - The Trade News
Optiver, IMC Trading, Jump Trading Group, XTX Markets and ABN AMRO Clearing Bank have invested in A5X, a new Brazilian derivatives exchange which is set to begin operations by 2026. The Series B strategic investment follows a previous funding round and will specifically fund the investment in talent and technology necessary for A5X's launch. The five latest investors, as well as contributing capital, are set to share their joint knowledge in the creation and evolution of other stock exchanges globally also, said IMC in a social media announcement. The total capital raised so far stands at an estimated R$200 million following both Series A and B rounds.
/jlne.ws/3WfF23f
Nickel Sulphate Futures Now Live for Trading on Abaxx Exchange
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced that Nickel Sulphate futures, the first of its battery metals products, are now live for trading.
/jlne.ws/40D1BBD
BME Growth companies increase their turnover by 25.5% compounded annual rate over the last five years
BME-X
The companies listed on BME Growth have increased their turnover, EBITDA and headcount over the last five years. With data at the close of the first half of 2024, all these variables confirm that taking the leap into the financial markets contributes to the growth of companies and the generation of employment, thanks to the visibility, reputation and access to recurring financing that they offer.
/jlne.ws/40w27kQ
Euronext announces volumes for December 2024
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 9 January 2025- Euronext, the leading European capital market infrastructure, today announced trading volumes for December 2024.
/jlne.ws/3BZlMA7
HKEX Announces Senior Appointments
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) the appointments of Gregory Yu as Managing Director, Head of Markets, and Kevin Rumjahn as Managing Director, Head of Strategic Projects. In his new role, Mr Yu will help drive the continued vibrancy of HKEX's equities, derivatives, and fixed-income and currencies franchises, and oversee the development of the Markets function, further elevating Hong Kong's leading position as an international capital market. Mr Yu will join HKEX in March after over 18 years at JP Morgan, and will report to HKEX Chief Executive Officer, Bonnie Y Chan. He will also become a member of the Group's Management Committee.
/jlne.ws/42coj4v
State Street and Japan Securities Clearing Corporation collaborate on USD cash collateral to clearing service offering; The scheme will meet the US Treasury repo clearing requirement which is scheduled to be introduced by the US Securities and Exchange Commission in June 2026.
Jonathan Watkins - The Trade News
State Street has worked with the Japan Securities Clearing Corporation (JSCC) to assist the clearing house in adding USD cash to the eligible collaterals in its interest rate swap clearing service. USD cash collateral posted by clearing participants and customers will be managed on a daily basis through the sponsored repo transactions, the structure of which was jointly developed by State Street.
/jlne.ws/4abSZEV
Notice on Investigation and Penalties for Violations of Relevant Rules and Regulations in December 2024
SHFE
Shanghai Futures Exchange (hereinafter referred to as "the Exchange") has been on continuous efforts in investigating and penalizing violations of relevant rules and regulations, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The enforcement against such violations in December 2024 is listed as follows:
/jlne.ws/3BSP3MR
TAIFEX Trading Volume Reaches All-Time High in 2024
TAIFEX
Taiwan Futures Exchange (TAIFEX) concluded 2024 with a record-breaking total volume of 395,471,441 contracts, surpassing its previous high set in 2021. The average daily volume (ADV) climbed to 1,634,180 contracts, representing a 20.3% increase from 1,358,347 contracts in 2023. Notably, foreign institutional participation in Taiwan's futures market also reached an all-time high, accounting for 33.5% of total trading volume in 2024, up from 29.4% in 2023.
/jlne.ws/4fMllqA
TMX Group Pledges Support to the Red Cross California Wildfire Relief
TMX Group
TMX Group today announced a $25,000 USD donation to the Red Cross California Wildfire Relief to help those impacted by wildfires in southern California. Donations will be used by the Red Cross to provide safe shelter, food, emotional support and health services during this challenging time.
/jlne.ws/3DIE1dp
Disciplinary Decision - Settlement Agreement Marex Capital Markets Inc.
TMX
The Regulatory Division of the Bourse de Montréal Inc. (the "Bourse") filed the following complaint against Marex Capital Markets Inc. (the "Respondent"), an Approved Participant: https://jlne.ws/3C6W3pl
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Exegy Hires Industry Vet, Fiesel, To Build On Sales Momentum
Mondovisione
Exegy, the leading provider of market data and trading technology for capital markets across the latency spectrum, is pleased to announce the hiring of Jim Fiesel as its new Chief Revenue Officer (CRO). Fiesel joins Exegy from his role as Managing Director of the Americas at Broadridge, where he led Broadridge Trading and Connectivity Solutions (BTCS). Exegy grew its annual new sales by over 60% in 2024 and sought out Fiesel's extensive experience and expertise to build on its sales momentum.
/jlne.ws/3Wf2y0e
Elon Musk calls on California and Delaware to force auction of OpenAI stake; Latest salvo in legal battle over ChatGPT-maker's restructuring as a for-profit company
George Hammond - Financial Times
A lawyer for Elon Musk has called on the California and Delaware attorneys-general to force OpenAI to auction off a large stake in its business, intensifying a bitter fight with the company's chief executive Sam Altman. In a letter to the states' top law officers seen by the Financial Times, Musk's attorney Marc Toberoff said he was writing on behalf of big artificial intelligence investors who wanted to participate in an open and competitive bidding process for the OpenAI stake.
/jlne.ws/40caEb3
AI Chip Curbs Trigger Rare Public Fight: Tech Giants vs. China Hawks; Silicon Valley battles both Biden and Republicans in clash over chip trade
Liza Lin and Alexander Ward - The Wall Street Journal
Tension between national-security hawks and the biggest American technology companies over China policy has burst out into the open. The trigger: a Biden administration plan to limit the global sale of advanced artificial-intelligence chips. It seeks to ensure the U.S. keeps control over the future of AI by blocking Beijing from accessing AI technology through third countries.
/jlne.ws/3DQwZ6w
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| Cybersecurity | | Top stories for cybersecurity | 2025 Will Be A Huge Year For The $220 Billion Dollar Cybersecurity Industry
Dr. Sai Balasubramanian, M.D., J.D. - Forbes
With the rapid proliferation of artificial intelligence across numerous sectors, security concerns have become top of mind for many leaders and innovators. Especially for healthcare, mitigating cybersecurity breaches is of paramount importance. The growth of the cybersecurity industry has paralleled the rapid explosion of data and means to harness information. In fact, the cybersecurity market was estimated to be valued at nearly $222 billion in 2023 and continues to rapidly grow. The healthcare industry contributes a large part of this market, given how much sensitive and private data the sector generates on a day-to-day basis.
/jlne.ws/4aeNghB
How AI will transform cybersecurity in 2025 - and supercharge cybercrime; From AI-driven defense to evolving ransomware tactics, here's what cybersecurity industry leaders and experts are preparing for this year.
Dan Patterson - ZD Net
The cybersecurity landscape of 2024 was marked by devastating ransomware attacks, artificial intelligence (AI)-powered social engineering, and state-sponsored cyber operations that caused billions in damages. As 2025 kicks off, the convergence of AI, geopolitical instability, and evolving attack surfaces presents an even more complex threat environment. Security professionals are bracing for what could be the most challenging year yet in cyber defense as threat actors leverage increasingly sophisticated tools and tactics. Based on current threat intelligence and emerging attack patterns, here are five significant cybersecurity predictions that will likely shape 2025.
/jlne.ws/3C4KD5o
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| Cryptocurrencies | | Top stories for cryptocurrencies | Gemini Makes Senior Hires in Europe As It Expands in Region; Crypto exchange appoints new leadership team across Europe; Mark Jennings joins as Gemini's Europe head from Kraken
Emily Nicolle - Bloomberg
The Winklevoss twins' Gemini Trust Co LLC crypto exchange has made a slew of senior appointments in Europe, as it seeks to grow its presence in the region this year under the bloc's new regulatory regime. Mark Jennings, who previously ran rival exchange Kraken's derivatives platform, has joined Gemini as its new head of Europe, the company said in a statement on Thursday. Jennings, who was also Kraken's chief operating officer in Europe, formerly worked at Citigroup Inc., TP ICAP Group PLC and Credit Suisse Group AG.
/jlne.ws/4acojU2
The federal government just got the greenlight to sell $6.5 billion in Bitcoin seized from Silk Road
Catherine McGrath - Fortune
The Department of Justice has been cleared to sell off tens of thousands of Bitcoins acquired as part of the government's largest-ever seizure of crypto assets.
/jlne.ws/4hadXGM
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| Politics | | An overview of politics as it relates to the financial markets | Nvidia Slams Biden for Trying to 'Preempt' Trump With Policy
Nick Turner - Bloomberg
Nvidia Corp. (NVDA) criticized new chip export restrictions that are expected to be announced soon, saying the White House was trying to undercut the incoming Trump administration by imposing last-minute rules. The looming changes, which Bloomberg News reported on Wednesday, would cap the sale of US artificial intelligence chips on both a country and company basis - a move that would more tightly limit exports to most of the world. It's part of a yearslong US effort to keep the latest technology away from China and Russia.
/jlne.ws/40qt4pT
Dollar dominance means tariffs are not the only game in town; America's grip on global financial services could provide Trump with another source of leverage
Gillian Tett - Financial Times
Another week, another wave of wild threats from US president-elect Donald Trump. On Tuesday, he pledged to "tariff Denmark at a very high level" if it did not agree to sell Greenland to the US. Then on Wednesday, reports emerged that he was considering the declaration of a national economic emergency to slap trade sanctions on numerous countries. No doubt yet more sabre-rattling will follow soon. Welcome to a world of angry mercantilism, where power politics rules supreme.
/jlne.ws/4gNQDyK
Donald Trump's careless talk The president-elect's expansionist rhetoric is unsettling America's allies
The editorial board - Financial Times
Even before his return to the White House, Donald Trump has demonstrated just how disruptive his second term threatens to be. In a Mar-a-Lago press conference this week, the president-elect declined to rule out the use of force to take US control of Greenland and the Panama Canal. He suggested "economic force" might persuade Canada to become the 51st state of the US. Knowing how much weight to place on Trump's words has always been a challenge. But his newly expansionist rhetoric is unsettling American allies.
/jlne.ws/4aewpvi
Crypto CEOs Clamor for Access to Trump as Inauguration Day Nears
Olga Kharif and Stephanie Lai - Bloomberg
Circle Chief Executive Officer Jeremy Allaire said Thursday on X that the stablecoin company contributed tokens worth $1 million to President-elect Donald Trump's inaugural committee - joining a parade of other CEOs vying for favor as the incoming administration works to form a key crypto industry group. With the inauguration less than two weeks away, industry executives are jockeying for access to Trump himself and for a seat on the planned crypto advisory council, expected to be formed soon after Trump takes office.
/jlne.ws/40hUVHI
How Trump Came Around to Crypto-and What Crypto Wants in Return
Monique Mulima - Bloomberg
President-elect Donald Trump was once skeptical of digital assets, saying Bitcoin "seems like a scam" and that crypto's value was "based on thin air." Times have changed. During his latest presidential campaign, Trump pivoted to crypto cheerleader: a July speech at the Bitcoin 2024 conference capped his complete about-face. Since his reelection, cryptocurrency prices have surged - especially Bitcoin's, which hit a record high above $108,000 in December - amid expectations that his incoming administration will pursue a pro-crypto agenda.
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Microsoft, Google, Adobe Give $1 Million Each to Trump Inaugural Fund
Matt Day and Brody Ford - Bloomberg
Microsoft Corp., Alphabet Inc.'s Google, and Adobe Inc. are each donating $1 million to Donald Trump's inauguration fund, joining the roster of technology companies shelling out to back the incoming US president's festivities later this month. Spokespeople for the companies confirmed the donations on Thursday. The software makers and search giant join peers such as Amazon.com Inc. and Meta Platforms Inc. as well as OpenAI Chief Executive Officer Sam Altman in donating to the incoming administration's fund.
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Liberal Americans consider moving to UK after Trump win, lawyers say; Advisers cite rise in US citizens weighing up emigration amid fears over introduction of socially conservative policies
Josh Spero - Financial Times
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Bessent Treasury Secretary Confirmation Hearing Set for Jan. 16
Nurin Sofia - Bloomberg
/jlne.ws/3PwWTiq
EU fears Donald Trump rolling back Biden-era measures; Bloc concerned about president-elect reversing US sanctions against Russia and other policies
Henry Foy in Brussels - Financial Times
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Jean-Marie Le Pen Was a Prototype for Trumpian Vote-Winners; The French far-right leader's anti-liberal and anti-immigration legacy lives on.
Lionel Laurent - Bloomberg Opinion
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| Regulation & Enforcement | | Stories about regulation and the law. | Trump's Potential Top Banking Regulators Tease Lighter Regulatory Touch; FDIC Vice Chairman Travis Hill planned to call for no change in capital requirements for largest banks in Friday speech
Gina Heeb and Dylan Tokar - The Wall Street Journal
President-elect Donald Trump has yet to name his picks to head Washington's banking agencies, but possible nominees for key posts are already teasing a pullback of regulations and embrace of technologies such as cryptocurrency. Federal Deposit Insurance Corp. Vice Chairman Travis Hill outlined plans to lessen the regulatory burden on banks, encourage innovation around crypto and address the issue of so-called debanking in a speech Friday morning, according to prepared remarks viewed by The Wall Street Journal.
/jlne.ws/3PtPSyz
Top Wall Street Prosecutor to Join Law Firm Paul Weiss
Erin Mulvaney - The Wall Street Journal
Damian Williams, who oversaw dozens of high-profile white-collar investigations as Manhattan's U.S. attorney, is heading to Wall Street powerhouse law firm Paul Weiss. Williams served as lead prosecutor of the Southern District of New York from 2021 through 2024. President Biden nominated Williams, the first Black U.S. Attorney in the SDNY, after he served as co-chief of the office's securities-fraud unit.
/jlne.ws/4h7rIWD
FCA fines Arian Financial LLP £288,962.53 for failings relating to cum-ex trading
FCA
The FCA has fined Arian Financial LLP (Arian) £288,962.53 for failing to ensure it had effective systems and controls against financial crime. Arian's failure to implement adequate systems and controls against financial crime put it at risk of being used to support fraudulent trading and money laundering on behalf of clients of the Solo Group. This is the seventh case brought by the FCA in relation to cum-ex trading and withholding tax schemes. This has involved proactive engagement with EU and global law enforcement authorities. The FCA has imposed fines of more than £22m in relation to this trading.
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FCA objects to Change in Control due to failures to meet standards
FCA
The FCA has issued a Final Notice objecting to the proposed acquisition of Olampicaran Limited (Olampicaran) by Mr Ahmed. Mr Ahmed failed to notify and seek approval from the FCA, causing harm to the integrity of the UK payment services market. Mr Ahmed sought to acquire 100% control of Olampicaran, which was a small payments firm that provided money remittance services. The FCA objected because Mr Ahmed demonstrated a serious lack of professional competence and consequently failed to comply with the requirements set out in legislation.
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FSA Weekly Review No.618
FSA
Week of December 20, 2024 - December 27, 2024
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Ad Hoc Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services
FSA
Q. Today, regarding the insider trading cases committed by an FSA official and a former employee of the Tokyo Stock Exchange, the Securities and Exchange Surveillance Commission (SESC) filed a charge against those people with the Tokyo District Public Prosecutors Office. Could you explain your view and the FSA's responses regarding this issue?
/jlne.ws/4h7hKob
Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services
FSA
Q. Regarding the issue of the insider trading, you said yesterday that the FSA would issue an order to request reporting to JPX and the Tokyo Stock Exchange, and thereafter, JPX announced that it received the order. Could you explain the factual relationships and your view at this point in time on what to investigate based on the orders and what actions are to be deliberated on?
/jlne.ws/4a9kqiT
SFC warns public against unlicensed virtual asset trading platform iSCAT
SFC
The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) International Standard Carbon Assets Technology Co., Limited which is also known as "iSCAT" or "iSCAT Exchange" (Note 1). "iSCAT" and/or "iSCAT Exchange", which has not been licensed by the SFC, had purported to be a VATP operating in Hong Kong. It claimed to provide cryptocurrency trading services and used social media platforms to refer investors to its website and mobile application for investment in cryptocurrencies.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Who is right about 'Maganomics': bearish economists or bullish investors? Equity market optimism about president-elect's impact contrasts with warnings over hit to GDP growth
Jennifer Hughes and Harriet Clarfelt in New York and George Steer and Ian Smith in London - Financial Times
Stock investors are brushing aside economists' gloomy predictions about US president-elect Donald Trump's economic policies, betting instead that his plans will boost corporate earnings and power the market higher. Wall Street's S&P 500 benchmark soared to record highs last year and, although there has been a recent pullback, equity strategists have predicted gains of about 10 per cent for the index this year on the back of strong earnings growth.
/jlne.ws/4hcUuoV
Frigid Weather Adds to High Beef Price Pains; Expected continued freezing temperatures in the Corn Belt may send prices even higher
Kirk Maltais - The Wall Street Journal
The deep cold across much of the U.S. pushed cattle out of grazing fields and prices to new highs this week, adding to a plethora of factors that may keep that record run going. Several supply issues and the continued appetite of U.S. consumers for beef underpinned the recent rally in cattle futures, and the blast of cold temperatures look to push consumers to dole out more at the meat counter.
/jlne.ws/40sPK8Y
Silicon Valley's largest start-ups to shun IPOs in 2025; Huge recent fundraising deals for Databricks, SpaceX and OpenAI further delay need for stock market debuts
George Hammond in San Francisco - Financial Times
The hottest start-ups in Silicon Valley are finding ways of staying private for longer, dashing the hopes of investors waiting for blockbuster public listings to cash in their holdings. A series of recent tech deals have furnished the biggest start-ups with billions of dollars of new capital to continue growing and given employees a way to cash out valuable stock options - resolving two of the main issues that have traditionally pushed companies to go public.
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Why everyone else can panic about rising bond yields In the US they signal optimism while I'm loving a weaker pound
Stuart Kirk - Financial Times (opinion)
Thirty years ago when I started on the grad programme at Morgan Grenfell Asset Management, we equity kids looked down on the losers in fixed income. Bonds were dull and no one was particularly hot. At trading them, I mean. Shame on you! But little did we all know that fixed income - from government securities to corporate bonds - was about to embark on the mother of all multi-decade runs.
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US 30-Year Yield Hits 5% as Traders Push Back Next Fed Rate Cut; US two- to seven-year yields all rise at least 10 basis points; US payrolls rose most since March and jobless rate dropped
Liz Capo McCormick and Ye Xie - Bloomberg
US Treasuries plunged as evidence of a resilient labor market pushed traders to shift their expectations for the Federal Reserve's next interest-rate cut to the second half of the year. The selloff pushed yields higher across the curve on Friday after US employment in December advanced by the most in nine months, sending the yield on the 30-year above 5% for the first time in more than a year. Ten-year yields rose to the highest since 2023, while those on notes maturing in two to seven years all rose by more than 10 basis points.
/jlne.ws/4fRw3fE
China Swap Curve Inverts as Traders Dial Back Rate-Cut Bets; Inversion reflects a delay in the policy rate or RRR cuts: BNP; Authorities face dilemma over easing policy or supporting yuan
Bloomberg News
China's money markets are betting the authorities will delay their anticipated monetary easing measures in order to support the beleaguered yuan. The country's five-year interest-rate swaps, a popular hedging tool, dropped below their one-year counterparts last month for the first time since September. The discount deepened to the most in almost a decade last week, according to data compiled by Bloomberg.
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Gilts Aren't Only Besieged By Bond Vigilantes; Risk managers at dealers, clearinghouses and hedge funds are also to blame for the selloffs in Treasury and gilt markets.
Paul J. Davies - Bloomberg Opinion
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | BlackRock quits climate change group in latest green climbdown; World's largest money manager had staked out position as sustainable investment leader
Brooke Masters and Patrick Temple-West in New York - Financial Times
BlackRock has become the latest financial firm to bail out of a big climate change industry group in the wake of Donald Trump's election as US president and heightened regulatory scrutiny. The world's largest money manager told institutional clients in a letter on Thursday that it had quit Net Zero Asset Managers, a voluntary global group that describes itself as committed to "the goal of net zero greenhouse gas emissions by 2050 or sooner".
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Insurers brace for losses of up to $20bn from California wildfires; JPMorgan analysts double estimates as blazes continue to rage
Lee Harris - Financial Times
Insurers are bracing for losses of as much as $20bn from wildfires in Los Angeles after blazes ravaged some of the most exclusive neighbourhoods in California, according to early estimates from analysts. JPMorgan analysts on Thursday doubled their expectations for insured losses from the $10bn they estimated a day earlier, citing limited progress on containment and the spread to neighbouring areas.
/jlne.ws/3PsbHPj
World breaches 1.5C global warming target for first time in 2024; Data for warmest year sparks fears climate change is accelerating faster than expected
Attracta Mooney, Jana Tauschinski and Steven Bernard - Financial Times
The world breached 1.5C of warming last year for the first time, top international agencies said, as an "extraordinary" spike in the global average temperature sparked fears that climate change is accelerating faster than expected. Europe's Copernicus observation agency confirmed on Friday that 2024 was the hottest year on record, with average surface temperatures 1.6C above preindustrial levels after greenhouse gas emissions hit a new high.
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Nuclear Power Giant to Acquire Natural Gas Plants for $16.4 Billion; Constellation Energy's deal to buy Calpine is being driven by fast-rising demand for electricity in part by the technology industry's investments in artificial intelligence.
Rebecca F. Elliott - The New York Times
Constellation Energy, the nation's largest nuclear power plant operator, has agreed to buy another electricity producer, Calpine, for $16.4 billion, a deal that shows how fast-rising demand for power, partly a result of the data centers technology companies are building for artificial intelligence and other services, is having far-reaching affects on the economy. The cash-and-stock deal, announced Friday, ranks among the power sector's biggest, and indicates that natural gas is likely to play a larger role than many expected a few years ago in meeting the nation's rising power demand. That could undermine efforts to address climate change unless companies quickly figure out how to capture and store emissions from gas power plants.
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US right wing fans misinformation fires as firefighters battle Los Angeles blazes; A similar campaign of rumors and lies was seen after the North Carolina hurricane, with DEI a primary target
Rachel Leingang - The Guardian
As Los Angeles firefighters battle ongoing blazes, prominent rightwing figures are spreading bigoted criticism of the response and lies about who is to blame, including that the fire is raging because of diversity within the fire department. The misinformation echoes the claims that plagued the North Carolina hurricane response. Both disasters led to outrage, which partisan actors seized upon to advance their political goals, muddying the already confusing information ecosystem that accompanies a fast-moving news event.
/jlne.ws/4hbXYrM
UK has 'less than a week' of gas stores, says Centrica; Owner of British Gas says low temperatures have strained supplies
Josephine Cumbo and Shotaro Tani - Financial Times
The UK has "less than a week" of gas reserves in store as plunging temperatures strain supplies, according to the owner of energy company British Gas. Inventories at gas storage sites were, as of Thursday, 26 per cent lower than at the same point last year, Centrica said on Friday, leaving them roughly half full and at "concerningly low" levels. Britain's cold snap, during which temperatures have fallen to close to minus 20C in places, has led to increased heating demand from households, most of which rely on gas.
/jlne.ws/4afxsvm
Hottest Year Ever Sees World Breach 1.5C Global Warming Target; Scientists in the EU and UK find that last year was the hottest year on record, breaching the climate change limit sought by the Paris Agreement.
Eric Roston - Bloomberg
/jlne.ws/4h5fXQm
Why Smoke From the Los Angeles Fires Is So Dangerous; Incinerating commercial and residential buildings releases hazardous chemicals and gases from their materials
Dominique Mosbergen and Nidhi Subbaraman - The Wall Street Journal
/jlne.ws/4jcrSxS
Politics, not climate, to drive sustainable finance trends in 2025
Simon Jessop - Reuters
/jlne.ws/40twngb
UK Wind Generation to Dip as Icy Weather Squeezes Power Market; Wind generation forecast to decline to two-week low in the UK; Intraday prices are trading at peak of £176.25 a megawatt-hour
Eamon Farhat - Bloomberg
/jlne.ws/40D8NxD
Hungarian energy bid under review over Russia concerns, says Romanian minister; Bucharest could mirror Spain's recent decision to block a takeover on security grounds, says Sebastian Burduja
Marton Dunai in Budapest - Financial Times
/jlne.ws/40pVEHQ
Germany's Costly LNG Terminals Aren't Paying Off as Imports Dip; Government says floating units ensure supply security buffer; Germany's LNG imports via the facilities saw a decline in 2024
Petra Sorge and Anna Shiryaevskaya - Bloomberg
/jlne.ws/4aaJ2Yi
Toyota rethinks its bet on hydrogen; The world's largest carmaker is pivoting to commercial vehicles after passenger cars fail to gain traction
Harry Dempsey and David Keohane in Tokyo and Song Jung-a and Christian Davies in Seoul - Financial Times
/jlne.ws/4ha9CDj
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Dozens more investors sue over EUR17bn Credit Suisse debt wipeout; Plaintiffs argue Swiss government 'folded' to UBS demands when bank rescued its troubled rival
Simon Foy and Ortenca Aliaj in London - Financial Times
Dozens of new investors have joined a lawsuit against Switzerland over the wipeout of EUR 17bn of Credit Suisse debt, arguing that the government "folded to virtually all of UBS's demands" when it orchestrated the rescue takeover of the bank. In an amended complaint filed in New York on Wednesday, 39 plaintiffs were added to the lawsuit, taking the total value of the claim to more than $370mn, up from $82mn when the case was originally filed in June with eight claimants.
/jlne.ws/4abNTIN
Investment bank Jefferies' profit more than triples: CEO says the 'cherry on top' is that 'financial stars are aligning' after crippling inflation
Hallie Steiner - Fortune
Fortune 500 investment bank Jefferies Financial Group reported a stellar 2024 performance, starting the new year in what executives called "the best position ever in [the] firm's 62-year history."
/jlne.ws/4j7ZooO
Goldman Names Investment Banking Co-Heads in Deal Hotspot Italy
Antonio Vanuzzo and Pamela Barbaglia - Bloomberg
Goldman Sachs Group Inc. promoted Marco Paesotto and Edoardo Rava to co-heads of investment banking in Italy as the country experiences a flurry of deals, according to a memo seen by Bloomberg News. The duo will work closely with Francesco Pascuzzi, who'll continue leading the Italian franchise and serving as co-head of global power, utilities and infrastructure, as well as head of natural resources in Europe, the Middle East and Africa, the memo said.
/jlne.ws/3C4Yby0
Millennium Hedge Fund Spinoff Modular Expands to Hong Kong
Bei Hu - Bloomberg
Millennium Management spinoff Modular Asset Management plans to expand to Hong Kong, the latest hedge fund arrival as the city tries to defend its status as a global financial hub. Singapore-based Modular, which manages $1.5 billion and focuses on macro bets, has brought in former Barclays Plc trader Alex Hu Xiuyi as a portfolio manager. Hu is its first hire for Hong Kong, where the firm is looking to open an office in the second quarter, said a person with knowledge of the matter.
/jlne.ws/3PuVmJG
BlackRock Stares Down FDIC Before Deadline Over Bank Stakes; Asset manager is seeking to delay Friday deadline to March 31; Request would push negotiations into the Trump administration
Silla Brush and Katanga Johnson - Bloomberg
BlackRock Inc. is resisting the Federal Deposit Insurance Corp.'s demands that the world's largest asset manager submit to new oversight of its stakes in US banks, seeking to delay negotiations into the Trump administration. The FDIC had set a Jan. 10 deadline for BlackRock to sign an agreement. But in a letter to the agency, the company asked for an extension until at least March 31, saying it had only two weeks to review a proposed pact that risks hurting its ability to serve clients.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'A dream that ended too soon': How to manage the return-to-work blues
Business News Australia
If you enjoyed a well-earned extended break over the Christmas-New Year period but now feel overcome by the "return-to-work blues", you are not alone. "Many employees experience an emotional hangover when returning to work after a break, like waking up from a dream that ended too soon," says Professor Herman Tse, a leadership expert at Monash Business School who notes that getting back into the swing at work can take some effort.
/jlne.ws/4gMs0Cl
Why General Manager Is the Hottest Job in College Sports; With players being paid and routinely changing schools, universities increasingly need someone besides a coach to put together a team.
Kevin Draper - The New York Times
Bill Belichick grew up around college football. As a child, he tagged along as his father, Steve, went about his duties as an assistant coach at the United States Naval Academy. But his own five-decade coaching career never took him back to the college game until recently. And in that time, and especially in the past few years, the sport has changed tremendously.
/jlne.ws/3DLYw94
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How AI uncovers new ways to tackle difficult diseases
Zoe Corbyn, Technology Reporter, San Francisco - BBC
This is the fourth feature in a six-part series that is looking at how AI is changing medical research and treatments. Over a video call, Alex Zhavoronkov holds up a small, green, diamond-shaped pill. It has been developed by his company to treat a rare progressive lung disease for which there is no known cause or cure. The new drug has yet to be approved, but in small clinical trials has shown impressive efficacy in treating idiopathic pulmonary fibrosis (IPF). It's one of a new wave of drugs where artificial intelligence (AI) has been integral to its discovery. "We can't say we have the first AI discovered and designed molecule approved," says Dr Zhavoronkov, the co-founder and CEO of US-based start-up Insilico Medicine. "But we may be the furthest along the path." Welcome to the great AI drug race, where a host of companies are employing the power of AI to do what has traditionally been the job of medicinal chemists.
/jlne.ws/42aJkfU
The rising threat of deadly diseases jumping from animals to humans; Zoonotic pathogens very likely caused the last pandemic. Can we get better at halting them before the next one?
Michael Peel in Khao Yai, Thailand - Financial Times
The drugged macaque lying in the bed of a pick-up truck in Thailand's Khao Yai national park is an unwitting but potentially crucial sentinel for the next pandemic. Thai veterinarians are taking vials of blood and swabs from the anaesthetised animal, to be screened for known and new pathogens that could infect people.
/jlne.ws/4j8M6IK
Scientists Turn Mosquitoes Into Tiny Weapons to Fight Disease; Billions of bacteria-infected mosquitoes are being weaponized by cities.
Karoline Kan and Rachel Gamarski - Bloomberg
On a warm tropical morning, a group of residents gathered in Singapore to examine canisters humming with male mosquitoes. A few people reached in, boldly testing the promise that the insects, infected with a bacteria that stops them from reproducing, don't bite. The mosquitoes are part of Singapore's $1.45 million four-year effort to bring down record levels of dengue, which it estimates has cost the government up to $2.2 billion in the decade through 2020 to fight.
/jlne.ws/4fRsPZt
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Pacific Palisades fire may spell an end to cheap homeowners insurance in California
Andy Sullivan - Reuters
The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the U.S., home to Hollywood A-Listers and multimillion dollar mansions. And ahead of this week's disaster, its insurance costs were among the most affordable in the country, according to a Reuters analysis of insurance and real estate industry data.
/jlne.ws/3Wf6rlE
Wildfires Will Deepen Housing Shortage in Los Angeles; With so many people displaced and looking for rentals, the region's housing options could grow even scarcer and more expensive.
Danielle Kaye and Conor Dougherty - The New York Times
Each of the homes burned in the Los Angeles fires is its own individual calamity. Collectively, the losses - whether in the hundreds or, as is far more likely, in the thousands - will weigh on the city's already urgent housing shortage.
/jlne.ws/3DSwrx1
PBOC Halts Bond Buying to Defend Yuan as Economic Gloom Worsens; Move comes after benchmark yields fell to record low in Jan.; PBOC began a bond trading plan last year to manage liquidity
Bloomberg News
China's central bank said it will suspend buying government bonds, its latest attempt to temper investor bets on weak economic growth that have undermined the currency and sapped confidence among businesses and consumers. The People's Bank of China will halt purchases of sovereign debt this month as the supply of the bonds has fallen short of demand, it said in a statement on Friday. The central bank will pick a time to resume buying depending on market conditions, it added.
/jlne.ws/4a8MN0x
China Evergrande's Key Unit Ordered to Liquidate by HK Court
Bloomberg
A key offshore unit of China Evergrande Group was ordered to wind up in Hong Kong, the latest legal win for liquidators trying to access assets of the world's most indebted developer. The decision was presented in a short hearing Friday morning, without much discussion in the courtroom. A year ago, Evergrande Group was ordered to be wound up in Hong Kong, becoming the biggest casualty of the country's prolonged property crisis.
/jlne.ws/40wlkSf
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. |
INT. POLICE STATION TELLURIDE COLORADO
Dex Carter sits uneasily at a desk in a cramped interrogation room, his discomfort obvious. His fingers tap nervously on the table, revealing his tension. The door swings open, and in walks a man in a sharp gray suit, crisp white shirt, and a blue tie.
FBI AGENT
Apologies for the closed conditions. This is the only spot we could find some privacy in such a small station.
The agent looks exactly like an FBI agent should, utterly unremarkable. He places a folder on the table and extends his hand for a shake.Carter shakes his hand reluctantly.
FBI AGENT
I'm agent James Harmon, Denver branch office.
See today's complete entry of Auditions HERE and the complete script to date HERE.
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