| August 08, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
We missed this from back on July 11, but amid the NATO press conference and the Ukraine Compact Launch, President Joe Biden slipped some nominations out at the White House that included one for Julie Brinn Siegel to replace Christy Goldsmith Romero as a CFTC commissioner.
Dentons, which bills itself as the world's largest global law firm, has hired Acting CFTC Chairman Mark Wetjen as a partner.
Our recently updated pages on MarketsWiki include: Affinity Fraud, Bank Secrecy Act, Binary Options Fraud, Edward T. Tilly, Eric Cott, Fraud Recovery Scams, Gestation Repo, Hack-to-trade scheme, High-Yield Investment Programs (HYIP) Fraud, Impersonation Schemes Fraud, Interactive Brokers Group, LLC, Internet and Social Media Fraud in Financial Markets, John H. Stassen, Julie Brinn Siegel, Luc Fortin, Major swap participants, Mark P. Wetjen, Martin Franchi, MF Global Holdings Ltd, Montreal Exchange Inc., National Futures Association, Nicolas Aguzin, Nicolas Breteau, NinjaTrader Group, LLC, Philip McBride Johnson, Prime Bank Scams, Registered Futures Association, Robert Swaak, Ryan Moroney, Rug Pull, Stephane Boujnah, Swap dealers, TP ICAP, Vladislav Klyushin and Wire fraud
Of these pages, new pages include: Julie Brinn Siegel, Prime Bank Scams, Internet and Social Media Fraud in Financial Markets, Registered Futures Association, Impersonation Schemes Fraud, Bank Secrecy Act, Wire fraud, Binary Options Fraud, Hack-to-trade scheme, Robert Swaak and Vladislav Klyushin
Today's top story in the Leads section is "Wall Street Engineers Unveil Complex New Options Trade" and has a subheadline "Cboe to Launch Options on VIX Futures Amid Surging Derivatives Demand." We mentioned this yesterday here in Hits and Takes. The story says Cboe Global Markets Inc. plans to launch a new options product tied to futures for the Cboe Volatility Index (VIX) on October 14, pending regulatory approval. This product allows the trading of options on VIX futures, aiming to provide new ways for investors to hedge market volatility. Unlike the existing cash-settled VIX options, these will be physically settled and traded in futures accounts, thus accessible to more investors. This move is part of Cboe's response to increasing demand for innovative derivatives. However, according to Bloomberg, some experts believe the complexity of the new product may limit its appeal.
Bloomberg is right. First off, futures are not for everyone. Securities trading is not for everyone. Complex trading of indexes like the VIX just makes it a much more selective group of sophisticated, mathematically gifted traders. In securities trading there is the suitability rule and in futures trading there is a "know your customer" rule, both of which could limit who can trade securities or particular securities and who can trade futures.
Are you going through a midlife crisis and you always wanted a Ford Mustang? Or maybe one of the new sporty Ford Broncos? But what you really need is something that is more affordable, efficient and easier to use to get around town. And maybe you want to get some exercise too? Well, according to a New York Post story, Ford has come out with E-Bike versions of the Mustang and Bronco. The Bronco starts at $4500 and the Mustang at $4000.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Cboe Announces Planned Launch of Options on VIX Futures, Further Expanding Volatility Product Suite from Cboe.
- Agricultural Futures: Navigating the Fields: Futures Discovery EP 12 from John Lothian News.
- Traders spurn zero-day options in this week's market tumble from Reuters. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
Unrealized Insurance: The Futures Industry's Missed Opportunity for FDIC-Like Protection in 1973
JohnLothianNews.com
How the Original CFTC Proposal's Plan for Insured Customer Accounts Was Replaced by Self-Regulation and Led to the Creation of the National Futures Association.
Ream more »
Futures Discovery Episode 12 - John Lothian News
Watch Video »
Steve Sosnick - Interactive Brokers
Watch Video »
++++
Why Everyone Needs a 'Digital Death-Cleaning' Plan; Nobody wants to leave heirs a confusing collection of files they can't open, accounts they can't access and assets they can't locate
Alexandra Samuel - The Wall Street Journal
I come from a long line of packrats. When I went through my grandmother's home after she died in 1986, I found some priceless mementos she had stashed away. But I also found that if you insist on keeping every one of those lovely shopping bags you got from Bloomingdale's, you reach the end of your life with a closet that is nothing but shopping bags. Packrats like us are the fodder for "Swedish death cleaning," a decluttering trend based on the idea of thinning your material possessions in life, so you don't burden your survivors in death. But many people now burden their survivors with nonmaterial possessions, too, in the form of countless digital files and online accounts. (Especially those who believe in archiving every email and file.)
/jlne.ws/3yHNUpw
***** Don't make your heirs have to cut off your index finger or thumb in order to access files and accounts on your computer after you die. Have a plan.~JJL
++++
All About Telegram, and Why it Became a Go-To App for Troublemakers
Eleanor Thornber and Jeff Stone - Bloomberg
Whether it's spreading conspiracy theories or organizing riots, messaging app Telegram has become a focus of extremist activity online. The service, started in 2013, is one of the most downloaded apps worldwide. Its private chat setting has made Telegram a free space for open discussion in countries with authoritarian regimes. But a relatively light-touch approach to content moderation means it's now a prime target for governments trying to stop the spread of misinformation that can destabilize societies. Telegram was used to foment and coordinate anti-immigrant riots in the UK in early August. Prime Minister Keir Starmer responded with a pledge to crack down on social media platforms that helped to inflame the unrest.
/jlne.ws/3Apj3yu
****** Back in the 1990s, I started using ICQ as an instant messenger. It was created by an Israeli software company, then sold to AOL. It was eventually sold to Mail.ru and was a popular mobile app for Russians. In May of 2024, it was announced ICQ would shut down, which it did on June 26, 2024.
++++
Wednesday's Top Three
Our top clicked story on Wednesday was How Russian Hackers Stole Millions from U.S. Investors - Putin's Trader, a documentary video from CNBC. Second was Japan's $1.1 Trillion Stock Meltdown Rewrote the Record Books, from Bloomberg. Third was a tie between Why you should sell shares in your company immediately, an opinion piece from the Financial Times, and Pakistani national with ties to Iran charged in connection to a foiled assassination plot potentially targeting Trump, from CNN.
++++
++++
|
| | | | |
| Lead Stories | Wall Street Engineers Invent a New Head-Spinning Options Trade; Cboe says it plans to launch options on VIX futures in October; Product is latest bid to tap surging demand for derivatives
Lu Wang and Sam Potter - Bloomberg
Financial wizards have conjured up possibly their most dizzying product yet in the quest to ride the derivatives boom: Cboe Global Markets Inc. is poised to offer options on futures for an index based on options on another index. The Chicago-based firm plans to issue options tied to futures for the Cboe Volatility Index, the famous "fear gauge" otherwise known as the VIX. That gauge is itself built using options that track the S&P 500. The new contracts - scheduled to list on Oct. 14, pending regulatory review - are the latest in a flurry of products unleashed by Cboe amid a record surge in trading volumes across the derivatives complex.
/jlne.ws/4dzaT57
Funds offering protection from volatility fail to deliver in sell-off; 'Covered call' ETFs were supposed to be a goldilocks investment but are not immune from sharp downturns
Nicholas Megaw and Will Schmitt - Financial Times
Investors who pumped tens of billions of dollars into funds offering insulation from volatility suffered sharp losses during this week's stock sell-off, highlighting the perils for retail traders seeking easy ways to ride out market uncertainty. "Covered call" ETFs have boomed in popularity in recent years, with assets under management growing from about $18bn in early 2022 to roughly $80bn as of July, according to Morningstar data. Covered call strategies involve buying a basket of stocks while selling income-generating derivatives tied to the underlying assets.
/jlne.ws/4ddWAmN
Judge Fines Ripple $125M, Bans Future Securities Law Violations in Long-Running SEC Case
Nikhilesh De - CoinDesk
A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations on Wednesday. District Judge Analisa Torres, of the Southern District of New York, imposed the fine after finding that 1,278 institutional sale transactions by Ripple violated securities law, leading to the fine. The $125.035 million fine is well below the $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties the SEC sought.
/jlne.ws/3SB2JRt
Warren Buffett's Berkshire Hathaway now owns more short-term Treasurys than the Fed
Matthew Fox - Markets Insider
Warren Buffett's Berkshire Hathaway now owns more short-term Treasurys than the Federal Reserve. The company held $234.6 billion in short-term US Treasury Bills at the end of the second quarter, according to its latest earnings release. That's up 81% from the roughly $130 billion it owned at the end of 2023. It also eclipses the Federal Reserve's T-bill holdings, which stood at $195.3 billion as of last week.
/jlne.ws/3ym3DL5
JPMorgan Says Three Quarters of Global Carry Trades Now Unwound;Returns have fallen around 10% since May, Says JPMorgan; Reiterates clock is ticking for the G10 carry trade: JPM
Matthew Burgess - Bloomberg
Three-quarters of the global carry trade has now been removed, with a recent selloff erasing this year's gains, according to JPMorgan Chase & Co. Returns in Group-of-10, emerging market and global carry trade baskets tracked by the bank have fallen about 10% since May, quantitative strategists Antonin Delair, Meera Chandan and Kunj Padh wrote in a note to clients. The moves have wiped out the year-to-date returns and significantly cut into profits accumulated since the end of 2022.
/jlne.ws/3A9yqLp
Bond Trader Seeks Huge Options Payout on German Recession Wager; Profit of EUR75 million seen if German 10-year yield falls to 2%; Speculation increased about recession after weak US jobs data
James Hirai - Bloomberg
Investors are placing large bets on German bonds, with at least one seeking a huge payout in the event yields fall at a pace typically seen when the economy is in a recession. An investor has purchased 50,000 options contracts tied to 10-year bond futures since Wednesday, according to two London-based traders, targeting a EUR75 million ($82 million) profit from an outlay of just under EUR14 million. Hitting the jackpot will require the benchmark yield to fall to 2% or lower within six weeks from the current level around 2.25%. The period covers next month's European Central Bank and Federal Reserve monetary-policy decisions.
/jlne.ws/3LVcSVF
Nvidia chips used to power advanced AI are finding their way to the Chinese military despite US blockade
Kenneth Niemeyer - Business Insider
A network of smugglers is helping the Chinese military obtain powerful microchips made by Nvidia, an American company, all under the nose of a US national security blockade meant to curb China's AI development. The United States is competing with China to dominate the AI industry. In an effort to maintain its global dominance, the Biden administration plans to expand its ban on exports of semiconductor manufacturing equipment to include Israel, Taiwan, Singapore, and Malaysia. The United States also worries that advanced artificial intelligence could be used to modernize foreign militaries, which could threaten American security worldwide.
/jlne.ws/3YBn8JZ
Central Banks Get Sand Kicked in Their Face Again; Markets are pretty good at bullying monetary authorities, and now the BOJ has fallen into a pattern that started after Paul Volcker.
John Authers - Bloomberg
Of Bullies, Toddlers and Central Bankers
The relationship between central banks and securities markets is supposed to be difficult. At times like this, it can boil over. Thus it was that Mohamed El-Erian has just warned in Bloomberg Opinion that the markets were "bullying" central bankers after the Bank of Japan made what was seen as a big concession to market pressure.
/jlne.ws/3Arf6JF
Iress and Ediphy partner on fixed income offering; The partnership will allow Iress' trading customers to source comprehensive liquidity from fixed income providers and venues across the US, Europe and APAC.
Claudia Preece - The Trade
Iress has partnered with Ediphy to enhance its offering to include fixed income for its trading customers. The move will allow its clients access to a low-cost mechanism to trade fixed income, as well as access to comprehensive liquidity from fixed income providers and venues across the US, Europe and APAC.
/jlne.ws/3LYWDqq
Cboe to launch options on Cboe Volatility Index futures; New options-on-future structure has been developed to provide a new way to manage market volatility.
Wesley Bray - The Trade
Cboe Global Markets is set to launch options on Cboe Volatility Index (VIX) futures, with an expected date to commence trading on 14 October, subject to regulatory review. Cboe currently offers securities-based VIX Index options, allowing investors to manage or gain exposure to broad US equity market volatility. The new options on VIX futures will offer a similar utility but will be based on front-month VIX futures.
/jlne.ws/4dzDuXR
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia says fighting continues in Ukrainian incursion into Kursk region
Associated Press Finance
Russian troops are fighting Ukrainian forces in the Kursk region in the third day of one of the largest cross-border incursions of the war, the Russian Defense Ministry said Thursday. A ministry statement said the Russian military and border guards have blocked Ukrainian forces from advancing deeper into Kursk region in southwest Russia and that the army is attacking Ukrainian combatants who are trying to advance on the area from Ukraine's Sumy region.
/jlne.ws/4fz9GfX
Ukraine's Surprise Incursion Into Russia Turns the Tables on Putin
Anthony Halpin - Bloomberg
President Vladimir Putin's invasion of Ukraine has unexpectedly given rise to a Ukrainian intervention across the border into Russia, to the evident embarrassment of the Kremlin leader. The incursion by as many as 1,000 Ukrainian troops into the Kursk region that's now in its third day caught out the Russian military. It's the first time since World War II that another country's army has invaded Russia.
/jlne.ws/3WEqo4R
Kremlin rejects Budweiser owner AB InBev's plan to exit Russia; Authorities tell brewer's joint venture partner Anadolu Efes 'the current structure of the transaction has not been approved'
Adam Samson in Ankara and Madeleine Speed - Financial Times
Moscow has rejected a deal through which Turkish brewer Anadolu Efes was set to acquire AB InBev's stake in a $1.3bn Russian joint venture. Anadolu Efes, which first agreed the deal with the brewer of Budweiser and Stella Artois in December, said on Thursday that it was informed by Russian authorities that "the current structure of the transaction has not been approved".
/jlne.ws/3SIERLT
|
| | | |
|
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Sinwar Power Grab Cements Hamas-Iran Ties; Yahya Sinwar oversaw the Oct. 7 attacks on Israel and helped repair ties between his militant group and Tehran several years ago
Summer Said and Rory Jones - The Wall Street Journal
Hamas's elevation of the Oct. 7 attacks' architect, Yahya Sinwar, as its leader cements the militant group's strategic ties to Iran, signaling a united front between Tehran and its axis of militias in a conflict with Israel and the U.S. Iran has supported Hamas with funds and training in recent years, but the relationship between Tehran's Shiite Muslim clerics and Gaza's Sunni Muslim militants was historically fraught with tension. Tehran split with Hamas over its support for the Arab Spring in Syria and didn't join the fighting after Oct. 7, as Sinwar and others had hoped. Inside Hamas, there was a schism over how much to trust Iran.
/jlne.ws/3YEpGHo
Iran Says Israel Must Agree Gaza Truce to Calm Region; French president tells Iran not to retaliate against Israel; Iran has vowed to strike Israel after killing of Hamas leader
Patrick Sykes and Samy Adghirni - Bloomberg
Iran's president told his French counterpart Emmanuel Macron the US and Europe must urge Israel to accept a truce in Gaza to reduce tensions in the Middle East. Masoud Pezeshkian's comments on a call with Macron on Wednesday hint at a diplomatic path to de-escalation as Israel braces for retaliation after the killing of a top Hamas leader in Tehran.
/jlne.ws/3WTxt2R
UK's biggest private pension fund dumps £80mn of Israeli assets; USS has 'materially' reduced exposure to Israeli stocks and debt following pressure from members
Josephine Cumbo and Harriet Agnew - Financial Times
Britain's biggest private-sector pension fund has sold £80mn of Israeli assets, joining a wave of global retirement funds retreating from the conflict-ridden region following public pressure. The £79bn Universities Superannuation Scheme (USS), which has more than 500,000 members, has "materially" reduced its exposure to Israeli investments including government debt and Israeli currency in the past six months, said two people with knowledge of the matter. USS started selling down the bond and currency portfolio in March, the people said.
/jlne.ws/4dzBmiP
How to end a spiralling Middle East crisis; A ceasefire deal in Gaza is the only way to put a stop to the region's cycle of violence
The editorial board - Financial Times
Following the back-to-back Israeli assassinations of senior leaders of Iranian-backed militant groups Hizbollah and Hamas last week, there was a burst of triumphalism in Israel. But in the days since, Israelis - and the wider region - have been gripped by apprehension, waiting in trepidation for what may come next as their country is locked in a dangerous, escalatory spiral of violence with its foes.
/jlne.ws/3WFW8qt
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | TMX Acquires Newsfile
TMX Group via MarketsMedia
TMX Group Limited announced it has acquired Newsfile Corp. (Newsfile), the largest Canadian-owned news dissemination and regulatory filing provider. "TMX Group is committed to delivering best-in-class products and services; we are always looking at ways to add new capabilities to better serve our clients today and well into the future," said Loui Anastasopoulos, CEO, Toronto Stock Exchange and Global Head of Capital Formation, TMX Group. "The acquisition of Newsfile, a client-first newswire and regulatory filing solutions provider, bolsters our Capital Formation business as we continue to expand our offerings beyond listings."
/jlne.ws/3WXRIMZ
CME Group Declares Quarterly Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared a third-quarter dividend of $1.15 per share. The dividend is payable September 25, 2024, to shareholders of record as of September 9, 2024.
/jlne.ws/3SHregd
The Tel-Aviv Stock Exchange Reports the Results of the Financial Statements for the Second Quarter and the First Half of 2024
The Tel Aviv Stock Exchange Ltd.
TASE records adjusted profit of close to NIS 26 million in the second quarter, compared to NIS 20 million last year; Revenue in the second quarter of 2024 totals NIS 105.1 million, a 13% increase compared to NIS 92.9 million in the corresponding quarter last year; Adjusted EBITDA in the second quarter of 2024 totaled NIS 45.8 million, compared to NIS 35.6 million in the corresponding quarter last year, an increase of 29%; Adjusted net profit in the second quarter of 2024 totaled NIS 25.7 million, compared to NIS 20.4 million in the corresponding quarter last year, an increase of 26%
/jlne.ws/4dglP7Q
CME STP Notices: August 8, 2024
CME Group
/jlne.ws/3LWHIgt
EBS Market on CME Globex Notice: August 8, 2024
CME Group
/jlne.ws/3SKCE2z
United Nations Sanctions (Yemen) Regulation 2019
HKEX
Holders of Stock Exchange Trading Rights and Exchange Participants are requested to note that updated lists of individuals and entities under the United Nations Sanctions (Yemen) Regulation 2019 were published on the website of Commerce and Economic Development Bureau ("CEDB") on 1 August 2024.
/jlne.ws/3Affn2l
NSE registered investor base crosses 10 crore (100 million) unique investors (unique PANs) and 19 crore (190 million) total accounts
NSE
The unique registered investor base on the National Stock Exchange of India crossed the 10-crore (100 million) mark on August 8th, 2024. The total number of client codes (accounts) registered with the Exchange stands at 19 crore (Includes all client registrations done till date; clients can register with more than one trading member).
/jlne.ws/4fFsPwT
SGX Group reports market statistics for July 2024
SGX
Singapore Exchange (SGX Group) today released its market statistics for July 2024. Activity in SGX Group's marketplaces increased across asset classes as global investors managed portfolio risks in response to manifold economic and political developments during a volatile month. Derivatives traded volume gained 15% year-on-year (y-o-y) to 23.5 million contracts.
/jlne.ws/4dgiVjs
SGX Group reports FY2024 net profit of S$525.9 million
SGX
Singapore Exchange (SGX Group) today reported FY2024 adjusted net profit of S$525.9 million, 4.5% higher from the previous year (S$503.2 million). Adjusted EBITDA was up at S$711.6 million (S$688.6 million), while adjusted earnings per share was 49.2 cents (47.1 cents). Revenue increased 3.1% to S$1,231.7 million (S$1,194.4 million), mainly driven by higher revenues from Currencies and Commodities[2] and Platform and Others, partially offset by lower Equities - Cash2 and Equities - Derivatives2 revenue.
/jlne.ws/3YxZKNL
The Taiwan Futures Exchange (TAIFEX) has announced the margin changed of TX, MTX, MXFFX, TMF, GTF, G2F, XIF, E4F and TXO. The margins will be effective after the close of the regular trading session on 2024/08/09.
TAIFEX
/jlne.ws/46FzrHx
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Eventus and ANCORD enter into a partnership to offer ANCORD members a trade surveillance solution
Eventus via PR Newswire
Eventus, the leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, has partnered with ANCORD, Brazil's National Association of Securities, Foreign Exchange and Commodities Brokers and Dealers, to make Eventus' award-winning Validus platform available to members of ANCORD. Through this initiative, ANCORD members will be able to quickly implement Validus as their trade surveillance solution and benefit from the ability to adapt Validus to their needs, with ready-to-use solutions as well as extensive automation and functionality for more complex use cases - all at a price that is exclusive to them.
/jlne.ws/3WY0pa8
Eventus wins Risk Technology Award for Trade Surveillance Product of the Year; Fourth win in the category for Validus platform since 2019
Eventus
Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, announced that its Validus platform was named Trade Surveillance Product of the Year today at the Risk Technology Awards 2024. This is the company's fourth win in the category since 2019. The Risk Technology Awards recognize vendors "doing the most to help the industry meet its various challenges" in asset liability management (ALM), credit, operational risk, and wider enterprise risk management. Award winners are decided by a judging panel, consisting of technology users, analysts and the editors of Risk.net, the world's leading publication for risk management and risk transfer.
/jlne.ws/3Ae2mX1
Social Media Platforms Show Little Interest in Stopping Spread of Misinformation
Aisha Counts - Bloomberg
Changing priorities
It's been more than a week since riots first erupted in the UK and misinformation about a fatal stabbing killing three children circulated across TikTok, X and other social media sites. The UK telecommunications regulator has urged the companies to take action to stop people from using their platforms to incite violence. Despite the real-world consequences, there has been radio silence from the social media giants.
/jlne.ws/3M43ZJb
Move Over, LLMs. Small AI Models Are the Next Big Thing; OpenAI, Google and Meta are all investing in more affordable alternatives to large language models.
Rachel Metz - Bloomberg
For years, tech giants like Google and startups such as OpenAI have been racing to build ever bigger and costlier artificial intelligence models using a tremendous amount of online data. Deployed in chatbots like ChatGPT, this technology can handle a wide range of complex queries, from writing code and planning trips to drafting Shakespearean sonnets about ice cream. Mark McQuade is betting on a different strategy. Arcee.AI, the startup he co-founded last year, helps companies train and roll out an increasingly popular - and much tinier - approach to AI: small language models. Rather than try to do everything ChatGPT can, Arcee's software helps accomplish a more limited set of day-to-day corporate tasks - like building a service that only fields tax-related questions, for example - without requiring as much data. "I say 99% of business use cases, you probably don't need to know who won an Olympic gold medal in 1968," McQuade said.
/jlne.ws/4dcCkly
Microsoft, Palantir Team Up to Sell AI to US Defense, Intelligence Agencies
Dina Bass and Lizette Chapman - Bloomberg
Microsoft Corp. and Palantir Technologies Inc. are combining their government cloud-computing and artificial intelligence tools in a bid to sell software, including OpenAI's GPT-4, to US defense and intelligence agencies for top-secret tasks. As part of the agreement, Palantir will integrate its products with Microsoft's Azure cloud services for government customers, including tools meant for confidential use, and will adopt Microsoft's Azure OpenAI service inside these secretive clouds. The combination of products will let US defense workers handle tasks like logistics, contracting and action planning, the two companies said Thursday in a statement.
/jlne.ws/46BHwwA
Blue Ocean ATS Resumes After Cancelling Trades
Shanny Basar - MarketsMedia
Blue Ocean Technologies's venue for overnight trading of US stocks was forced to cancel trades on 5 August after a spike in volumes, just a few weeks ahead of its planned migration to a new technology platform. Blue Ocean clients can trade US National Market System stocks between 8pm and 4am ET from Sunday to Thursday, which allows Asian investors to buy and sell US stocks during their trading day. Last year the Tokyo Stock Exchange acquired a stake in Blue Ocean and the firm also has partnerships with brokers in South Korea and Hong Kong.
/jlne.ws/3LXFAFb
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | 'Criminals are preying on Windows users': Software subject of CISA, cybersecurity warnings
James Powel - USA Today
The U.S. Cybersecurity and Infrastructure Security Agency added a vulnerability in Microsoft's Windows 10 software to a list of exploited security weak spots. CISA said that "Microsoft COM for Windows contains a deserialization of untrusted data vulnerability that allows for privilege escalation and remote code execution," in a listing added to the agency's Known Exploited Vulnerability Catalog Monday.
/jlne.ws/46CpUkq
Las Vegas police issues cyber advisory with cybersecurity, hacker conventions in town; The Las Vegas Metropolitan Police Department has issued a "cyber awareness advisory," specifically mentioning the Black Hat and DEF CON conventions in town.
Joe Vigil - FOX-5 Vegas
The Las Vegas Metropolitan Police Department has issued a "cyber awareness advisory," specifically mentioning the Black Hat and DEF CON conventions in town. "Black Hat and DEF CON are known as playgrounds for attackers of all kinds to target the attendees and try our new techniques and tools," read the LVMPD advisory.
/jlne.ws/3YDmEmW
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | What Tim Walz, Kamala Harris's New VP Pick, Could Mean For The Crypto Industry
Murtuza Merchant - Benzinga
Vice President Kamala Harris's choice of Minnesota Governor Tim Walz as her running mate for the 2024 presidential election has sparked a wave of speculation and concern within the cryptocurrency community. Who Tim Walz Is: While Walz himself has remained largely silent on digital assets, his alignment with stringent financial regulations and consumer protections, akin to figures like Senator Elizabeth Warren (D-Mass.) and SEC Chair Gary Gensler, suggests a possible shift towards stricter oversight.
/jlne.ws/4dCEmuL
FTX, Alameda Ordered to Pay $12.7B to Creditors by U.S. Judge
Shaurya Malwa - CoinDesk
Defunct crypto exchange FTX and trading firm Alameda Research will pay $12.7 billion to creditors as a New York judge officially approved a consent order on Wednesday, ending a 20-month-long lawsuit from the Commodity Futures Trading Commission (CFTC). United States District Judge Peter Castel passed the approval on August 7, a filing shows. It did not seek a civil monetary penalty. The order doesn't include civil penalties but bans FTX and its sister concern, Alameda, formerly a heavyweight crypto market maker, from trading digital assets and acting as intermediaries in the market.
/jlne.ws/4fDHB7m
Exclusive: Crypto vet Meltem Demirors raising $75 million for two venture funds under Crucible Capital
Leo Schwartz - Fortune Crypto
Meltem Demirors has become a prominent voice in the blockchain industry through her work at the digital asset investment firm CoinShares and her 263,000-follower count in the trenches of Crypto Twitter. After investing in hundreds of companies at CoinShares and as an angel investor, Demirors is launching her own venture firm called Crucible Capital, according to forms filed with the Securities and Exchange Commission on Tuesday.
/jlne.ws/3WGvzRV
Hong Kong Digital Bank Mox Adds Crypto ETFs, Plans Direct Crypto Investing
Helene Braun - CoinDesk
Digital bank Mox, a subsidiary of Standard Chartered, has started offering crypto exchange-traded funds (ETFs) to its customers. It is also planning on offering direct crypto investments in the future. Mox is one of several banks offering crypto ETFs in Hong Kong, differentiating itself by charging a lower fee. Mox, a virtual bank subsidiary of Standard Chartered, has started offering bitcoin {{BTC}} and ether {{ETH}} exchange-traded funds (ETFs) to its clients shortly after launching an investment platform in Hong Kong, the company announced Wednesday.
/jlne.ws/46LtBUT
Stand with Crypto UK Announces First Cohort of Partners
Stand with Crypto via MarketsMedia
Stand with Crypto UK proudly announces strategic partnerships with Animoca Brands, Archax, Fabric Ventures, Greengage, Solana SuperteamUK, Polygon Labs, TP ICAP and Zodia Markets. These new partners are Standing with Crypto in the UK because they recognise the potential of this transformative new technology, are building on the blockchain and are contributing to innovation and growth for the UK economy.
/jlne.ws/3WDdJ23
IMF Hints At Bitcoin Policy Shift In New El Salvador Statement
Javier Bastardo - Forbes
The International Monetary Fund published a new statement about El Salvador regarding the negotiations between the multilateral organization and the Central American country. The mission, led by Raphael Espinoza, said, "progress has been made in the negotiations toward a Fund-supported program," and even the BitcoinBitcoin +0.1% project in El Salvador received what could be considered positive feedback -specially taking in ming how reluctant the IMF have been regarding this decision.
/jlne.ws/46HUnh4
Bitcoin Miner Reserves Drop to Three-Year Low in Wake of Halving; Miner revenue was slashed by software upgrade in April; Pressure on miners to sell crypto reserves has accelerated
Benjamin Taubman - Bloomberg
/jlne.ws/46AALv7
Memecoins are the hottest sector in crypto-but 97% of them are already dead
Niamh Rowe - Fortune Crypto
/jlne.ws/4drmK5m
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Tim Walz's and JD Vance's Personal Finances Couldn't Be More Different; How the rival running mates manage their money and investments
Katherine Hamilton, Veronica Dagher and Anne Tergesen - The Wall Street Journal
The two candidates for vice president have little in common politically or financially. Tim Walz doesn't own a home or many investments outside of pensions and a college-savings plan, according to past financial disclosures and tax returns. Getting elected vice president as Kamala Harris's Democratic running mate-a job that pays $235,000-would mean a more than 50% pay bump. JD Vance, his Republican rival for the No. 2 job, by contrast is a multimillionaire who owns several homes and invests in a range of assets including gold and crypto, according to his most recent financial disclosures.
/jlne.ws/4dxsKsZ
Tim Walz's Net Worth Trails the Other Candidates
Gregory Korte - Bloomberg
Minnesota Governor Tim Walz is likely the poorest of the four people on this year's major-party presidential tickets with a disclosed net worth of under $1 million, following his selection as Democratic nominee Kamala Harris' running mate. As a former House lawmaker who pushed a federal law tightening disclosures of congressional stock trading in 2012, Walz said at the time he did not own any stocks himself. More than a decade later, he still doesn't, according to his most recent disclosures.
/jlne.ws/3ApyS8l
Ron DeSantis signs anti-woke law to stop banks from freezing Floridians' bank accounts based on their politics - but Treasury says the law puts 'America's national security at risk'
Bethan Moorcraft - Moneywise
The Treasury Department has taken aim at Florida's new anti-woke banking law - warning it could open the floodgates for criminals to use and manipulate the U.S. financial system. The new state law (HB 989), signed by Florida Gov. Ron DeSantis in May, declares it would be "unsafe and unsound" for banks to consider non-financial factors like politics, religion or environmental, social and corporate-governance (ESG) when doing business. "We reject a global elite trying to force their ideology on us by capturing major institutions," DeSantis, who has led an aggressive campaign against so-called "woke" ideology in the Sunshine State, said when signing HB 989 into law.
/jlne.ws/3Ah24yr
Donald Trump vows to fill up US emergency oil stockpile; Returning to the reserve levels of his previous presidency would mean US buying nearly 300mn barrels
Malcolm Moore - Financial Times
Donald Trump has said he will immediately fill up the US Strategic Petroleum Reserve if he becomes president in November, a move that could boost oil demand by hundreds of millions of barrels. "We have to fill up the strategic reserves immediately," the Republican presidential candidate said in an interview with Fox News on Wednesday. "We don't need energy from any other country. We have to fill up the strategic reserves again. It is the lowest number it has ever been," he added. The SPR is at its lowest level since 1983.
/jlne.ws/3SIFx
UK to introduce bill to regulate ESG rating agencies; Announcement by chancellor Rachel Reeves comes amid global drive to increase transparency of sector
George Parker and Lucy Fisher - Financial Times
A new UK law to regulate agencies that evaluate the environmental, social and governance performance of companies is to be brought forward next year, Rachel Reeves has announced. The chancellor's crackdown on the sustainable ratings industry - a largely unregulated sector that wields broad influence over trillions of pounds' worth of investments - is part of a global drive to increase transparency of the sector.
/jlne.ws/46AyEHH
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | US consumer watchdog probes major US banks over Zelle scam, WSJ reports
Reuters
The Consumer Financial Protection Bureau is investigating major U.S. banks for their handling of customer funds on the peer-to-peer payments platform Zelle Network, the Wall Street Journal reported on Wednesday. The probe focuses on JPMorgan, Bank of America and Wells Fargo among other large banks, the report said, citing people familiar with the matter. JPMorgan last week had disclosed in a filing that it was responding to the CFPB's inquiries regarding Zelle and was considering whether to sue the U.S. consumer watchdog over the agency's inquiries.
/jlne.ws/3SGaZA2
UK regulator launches formal probe into Amazon's $4bn Anthropic deal; CMA to escalate matter to the first phase after seeking views on tech giant's investment in the AI start-up
Camilla Hodgson - Financial Times
The UK's competition watchdog has launched a formal merger inquiry into Amazon's investment in the high-profile artificial intelligence start-up Anthropic, as regulators step up their scrutiny of deals in the fast-growing technology. The Competition and Markets Authority said on Thursday that it had "sufficient information" about Amazon's partnership with the company behind the Claude generative AI models to begin an investigation. It will decide whether to escalate the inquiry into a more in-depth "Phase 2" investigation by October 4.
/jlne.ws/3AayASM
SEC Charges Founder-Owners of Urban Commons LLC with Orchestrating Two Securities Fraud Schemes
SEC
The Securities and Exchange Commission charged Taylor Woods and Howard Wu, the co-founders and co-owners of Urban Commons, LLC, with securities fraud involving two schemes to defraud two sets of investors related to investments in and ownership of thirteen hotels in the United States, including the historic Queen Mary. The two schemes resulted in over $70 million in investor losses.
/jlne.ws/4cdyzuR
Financial regulators and industry representatives set vision for New Zealand's insurance sector
FMA
The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand's insurance sector. "Our vision is for an insurance sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business," says Clare Bolingford, Chair of the CoFR Insurance Forum and Executive Director - Regulatory Delivery at the Financial Markets Authority (FMA).
/jlne.ws/3WvuR9O
FCA progresses framework to drive long-term value for workplace pension savers
FCA
Pension savers stand to benefit from a new proposed framework designed to shift the focus from costs to long-term value, and ultimately deliver better retirement savings. The FCA, the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) aim to implement a joint framework for workplace defined contribution schemes. The joint framework would be used by pension providers and those making decisions on behalf of savers to provide greater transparency over how schemes are performing.
/jlne.ws/4ceaX9b
Joint statement from the Bank of England and Financial Conduct Authority.
Bank of England
Statement: The Bank of England (Bank) co-operates with the Financial Conduct Authority (FCA) ('The Authorities'), to supervise financial market infrastructure (FMI). A memorandum of understanding (MoU)footnote[1] facilitates effective supervision and policy making by the authorities. The MoU allows for the exchange of information between the authorities and promotes efficiency by minimising duplication of regulatory activities regarding FMIs. The MoU must be reviewed annually to ensure it is proving effective. This involves requesting feedback from supervised FMIs on whether the proposed co-operation is working effectively.
/jlne.ws/46ClWIq
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Swiss Franc Rally Is Supercharged by Search for Safe Havens
Naomi Tajitsu and Bastian Benrath-Wright - Bloomberg
The wave of risk aversion that ripped through markets at the start of the week has supercharged the Swiss franc's rally, offsetting the prospect of further rate cuts and spurring calls for the central bank to take more action to cool its gains. The franc jumped to its highest level in nearly a decade against the euro on Monday after its strongest week since Russia invaded Ukraine in early 2022. On Wednesday, the country's biggest lobby group for manufacturers appealed to the Swiss National Bank to do something fast to stop franc strength from hurting exporters and endangering the economic recovery.
/jlne.ws/46BDlRq
Office Loans Are Toxic, but Apartment Loans Are in Bad Shape Too; Distress rates are rising for a type of loan that apartment flippers feasted on during the pandemic
Carol Ryan - The Wall Street Journal
"Survive until 25" has become a mantra for landlords who are hanging onto buildings by their fingernails and praying for rate cuts soon. While it is well understood that many offices are a lost cause, apartment loans are in surprisingly bad shape, too. More than $40 billion of office loans were in distress at the end of the second quarter based on data from MSCI, which is around three times the value of distressed apartment loans. But the pool of apartment mortgages that could get into difficulty in the future is larger-$56.9 billion are at risk of distress, compared with $50.9 billion for offices. These loans are flashing amber because occupancy rates are falling or the income generated by the buildings is barely enough to meet interest payments, says Alexis Maltin, a vice president at MSCI Research.
/jlne.ws/3SHrWtT
Here's what has to happen for Nvidia's price to be justified, says the dean of valuation
Steve Goldstein - MarketWatch
Wednesday was another rough day for the stock market, this time with a weak bond auction contributing to downbeat sentiment. Nvidia, the darling of the market for the last two years, slumped 5% and could now be said to be in a bear market, as it's down more than 20% (23%, to be precise) from its recent high. For those tempted to wade in, Aswath Damodaran, the NYU Stern School of Business finance professor oft quoted as the "dean of valuation," says Nvidia's stock price only makes sense if investors assume the company will invent and succeed in a whole new segment.
/jlne.ws/46BWanK
Berkshire Hathaway Plays the Yen Carry Trade-the Right Way
Andrew Bary - Barron's
One of the bigger participants in the so-called yen carry trade is Berkshire Hathaway, which helped finance its sizable purchase of stock in a group of Japanese trading companies with yen-denominated borrowings. The yen carry trade often involved investors borrowing funds in Japanese yen at low rates of 1% or so and then using those funds to invest in higher-yielding currencies, bonds, or equity investments. That trade went awry recently as the yen rallied sharply and stocks worldwide declined.
/jlne.ws/3YwMg4N
Dogfight in credit e-trading as platforms see double figure growth
Lucy Carter - The Desk
Average daily volumes (ADV) for Tradeweb's rates trading were US$455 billion for the month of July, the company reported, with overall volumes reaching US$10 trillion. MarketAxess reported US$22 billion and US$492 billion for rates trading ADV and trading respectively. Although rates ADV dropped month-on-month (MoM) for Tradeweb, with European government bonds falling by 15% from June and US government bonds by a less drastic 2.17%, significant gains were seen year-on-year (YoY). US government bonds were up 47% from July 2023, while European government bonds rose by a less drastic 17%. At MarketAxess, US government bonds ADV was up by 29% YoY and down 0.88% MoM - mirroring the trend on a smaller scale.
/jlne.ws/4dAROQ8
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UK to introduce bill to regulate ESG rating agencies; Announcement by chancellor Rachel Reeves comes amid global drive to increase transparency of sector
George Parker and Lucy Fisher - Financial Times
A new UK law to regulate agencies that evaluate the environmental, social and governance performance of companies is to be brought forward next year, Rachel Reeves has announced. The chancellor's crackdown on the sustainable ratings industry - a largely unregulated sector that wields broad influence over trillions of pounds' worth of investments - is part of a global drive to increase transparency of the sector.
/jlne.ws/46AyEHH
The IEA's divisive mission to decide the future of oil; The International Energy Agency forecasts that the world will reach peak oil in 2029. Oil companies accuse it of playing climate politics
Malcolm Moore in London and Jamie Smyth in New York - Financial Times
Every morning at 6am, Fatih Birol skips breakfast, pours himself five or six cups of Turkish tea, and prepares to face another day of disagreement and criticism. The 66-year-old head of the International Energy Agency (IEA) has spent the past three years being increasingly blunt about the world's need to switch from fossil fuels to clean energy, as carbon emissions continue to grow and global temperatures hit new monthly records.
/jlne.ws/3yl9iB7
Temperature record streak ends 'by a whisker' in July; Year remains on track to be the hottest yet, agency says
Jana Tauschinski - Financial Times
The global average temperature for July ended a streak of 13 monthly records by a "whisker", as climate scientists warned that 2024 was still on track to be the hottest year. July was the second-warmest month on record at 16.91C, the latest data from the Copernicus Climate Change Service showed, just 0.04C lower than the previous high set in July 2023.
/jlne.ws/4dhJGEg
This Texas Energy Is So Bountiful, They Pay You to Take It Away
The New York Times
Natural gas has traded at negative prices for weeks at a time in West Texas, where pipelines often lack the capacity to get the fuel to places that need it.
/jlne.ws/4fvCs13
Harris' Vice President Pick Brings Farming Issues Off Backburner; Risk of tariffs or US biofuel policy changes are top concerns; With the selection of Walz, 'Rural America is on the ballot'
Chipman and Gerson Freitas Jr - Bloomberg
Vice President Kamala Harris' decision to pick the governor of a major farming state as her running mate has signaled to the shrinking US agricultural industry that its top issues may finally get some attention on the campaign trail.
/jlne.ws/4fQ9YiP
US government will loan $1.45 billion to help a South Korean firm build a solar plant in Georgia
Jeff Amy - Associated Press
The federal government is making its first loan to a crystalline silicon solar plant, loaning $1.45 billion to support a South Korean company's bid to build up key parts of the solar supply chain inside the United States. The loan from the U.S. Energy Department, announced Thursday, will be key to funding a $2.2 billion complex that Qcells, a unit of South Korea's Hanwha Group, is building. The company plans to take polysilicon refined in Washington state and make ingots, wafers and solar cells - the building blocks of finished solar modules - in Cartersville, Georgia, northwest of Atlanta.
/jlne.ws/3AhChpQ
New, lower-cost carbon-capture materials in development in Japan
Kenta Ando - Nikkei Asia
Japanese companies are preparing to roll out new carbon-capture technologies designed to slash the cost of removing carbon dioxide from industrial emissions. Materials group Nitto Denko will spend roughly 2 billion yen ($13.6 million) to manufacture separation membranes, which remove CO2 from emissions before it is released into the atmosphere. Mass production is due to start as soon as next year.
/jlne.ws/3LXlQBO
How to Fund Biodiversity and Fight 'Biopiracy'; On the table at COP16 is a new system to tap a sliver of the trillions of dollars in revenue raked in by the world's largest companies.
Natasha White - Bloomberg
When negotiators from 196 countries gather at COP16 in Cali, Colombia in October, trying to find the money to plug an annual funding gap of $200 billion for biodiversity protection and restoration will be at the top of the agenda. So far, proposals have ranged from rich country donations to impact funds or bonds deploying private capital, as well as a new international market for so-called biodiversity credits-tradable instruments representing a unit of protected or restored nature (akin to a carbon credit).
/jlne.ws/3LW946n
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Robinhood Stock Rises After Trading Platform Posts Record Revenue
Hannah Miao - The Wall Street Journal
Robinhood reported record quarterly revenue and profit that beat Wall Street expectations, giving the stock a premarket boost. The trading platform posted net income of $188 million, or 21 cents a share, on revenue of $682 million for the second quarter. Analysts had expected profit of 16 cents per share on revenue of $640 million, according to FactSet consensus estimates.
/jlne.ws/3LYciGD
Goldman Sachs Is Giving Select Clients Access to One of Its Hottest Businesses; Big push into asset-backed loans is part of bank's plan to roughly double its private-credit assets in next five years
AnnaMaria Andriotis and Miriam Gottfried - The Wall Street Journal
Goldman Sachs is letting some big clients get a piece of one of its hottest businesses. The Wall Street giant has started allowing certain asset-management clients-namely insurance companies-to invest alongside it when it loans money to borrowers including private-credit funds and nonbank lenders such as mortgage providers. The move is the first offering involving this type of loan by Goldman's asset-management arm. It is part of a plan to roughly double its private-credit assets under management to $300 billion in the next five years.
/jlne.ws/46FcsMD
JPMorgan's Jamie Dimon confirms his hit-by-a-bus CEO pick for the bank
Amanda Gerut - Fortune
The long-running refrain about when JPMorgan Chase CEO Jamie Dimon will retire has been "five years"-unchanged during the nearly two decades he's run the $570 billion bank. Accordingly, he sent shock waves through the business community earlier this year when he announced at an investor event that the timeline was "not five years anymore." In an interview on Wednesday with CNBC, Dimon, who turned 68 in March, confirmed that he will, indeed, retire at some point. "Eventually, I have to leave-I know that," he said. "We've got great people out there."
/jlne.ws/46ASwul
Barclays becomes first UK bank to scrap EU bonus cap; 'Material risk takers' will be eligible for bonus of 10 times fixed pay
Owen Walker - Financial Times
Barclays has become the first British bank to tell staff it will scrap the bonus cap imposed by the EU, following the UK's post-Brexit decision to remove the limits last year. The lender follows the UK operations of JPMorgan and Goldman Sachs in telling staff it will raise bonuses. Morgan Stanley's UK business has told regulators it intends to do so.
/jlne.ws/3WUskHN
Coutts' asset management head Mohammad Kamal Syed resigns; Bank executive became interim chief in wake of Nigel Farage 'debanking' scandal
Akila Quinio - Financial Times
Coutts' head of asset management Mohammad Kamal Syed has resigned after more than 12 years at the NatWest-owned elite private bank. The upcoming departure of Syed, who was the bank's interim chief executive until the end of June, was announced to staff internally on Thursday, according to people familiar with the details. NatWest said: "After careful consideration, Mo Kamal Syed has taken the decision to leave NatWest to pursue opportunities outside of the group. We would like to thank Mo for his contribution to the group and wish him well."
/jlne.ws/4fFusKL
Allianz Profit Rises on Life Business as Pimco Sees Inflows; German insurer confirms profit guidance for the full year; Company also plans to expand this year's share buybacks
Stephan Kahl - Bloomberg
Allianz SE, the owner of bond manager Pacific Investment Management Co., saw second-quarter profit rise on stronger earnings from the life-health insurance and asset management businesses. Group operating profit climbed 3.8% to EUR3.93 billion ($4.3 billion), which beat analysts' expectations, the Munich-based company said on Thursday. Life and health earnings, driven by all regions, helped offset weaker property and casualty results which were impacted by events including flooding in Germany.
/jlne.ws/4fvEdvb
Balyasny Goes on New Hiring Spree With $200 Million in Payouts; Point72's Peter Goodwin, Citadel's Alberto Mann among recruits; Millennium, Citadel also tapping into a limited pool of talent
Nishant Kumar, Katherine Burton, and Gillian Tan - Bloomberg
Dmitry Balyasny is on an expensive hiring spree to fix his hedge fund's equities trading business. The billionaire's Balyasny Asset Management is spending more than $200 million in payouts to recruit senior money managers who previously worked for rivals such as Ken Griffin, Steve Cohen and Izzy Englander, according to people with knowledge of the matter.
/jlne.ws/3WAkJwJ
ETFs smash previous record for monthly flows in July; Buying frenzy highlights exuberance that gripped markets before this week's sharp sell-off
Steve Johnson and Will Schmitt - Financial Times
Investors poured record sums into exchange traded funds in July, highlighting the exuberance that gripped global financial markets before this week's sharp sell-off. Net inflows into ETFs globally hit $195bn in July, according to figures from BlackRock, totally eclipsing the monthly record of $169bn in December 2023. About $124bn of that flowed into US-listed ETFs, the second-highest amount on record behind December's $129bn.
/jlne.ws/3Ah9hhZ
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Federal remote work posture should not be one-size-fits-all, OPM says; In new guidance, OPM said a thoughtful and intentional approach to federal remote work programs can significantly benefit employees who fit the bill.
Drew Friedman - Federal News Network
Hybrid work arrangements are already in place at many federal agencies, but agency leaders are still looking to continuously evaluate their workplace posture and make adjustments as needed. To help them make those ongoing decisions, agencies have more advice from the Office of Personnel Management, which published new federal remote work guidance Wednesday.
/jlne.ws/3AfjtYh
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | The Battle Over Disability Pay and Mental-Health Leave; Requests for paid time off for mental-health conditions are denied at a higher rate than straight medical claims, data show
Lauren Weber - The Wall Street Journal
When Justin Gimotea's anxiety and depression flared in 2023, he did what an increasing number of American workers do: He took a leave of absence. He filed a claim for temporary disability benefits to cover part of his salary while he was on leave. Following months of submitting forms and attestations from his doctors, Gimotea's claim was rejected by his employer's insurance administrator. Several appeals were also denied. More workers are seeking paid time off to treat mental-health conditions such as anxiety, depression or post-traumatic stress disorder, and they are facing more resistance than do employees with straight medical claims, according to lawyers, industry experts and data from insurance-claim administrators.
/jlne.ws/46UsdQ5
In a rural Texas town, the constant hum of a bitcoin mine haunts residents
Kristin Schwab and Sofia Terenzio - Marketplace
In 2022, a new bitcoin mining facility opened just outside the rural town of Granbury, Texas. Since then, a constant hum has tormented the town's residents. "[The mine] is emitting a sort of hum that some people have compared to anywhere from a vacuum to a lawn mower to sitting on a tarmac," said Andrew Chow, technology correspondent at Time magazine and author of the book, "Cryptomania: Hype, Hope, and the Fall of FTX's Billion-Dollar Fintech Empire." Residents of the town have reported ailments, including tinnitus and cardiovascular issues, that they attribute to the noise coming from the mine.
/jlne.ws/3WRtiVb
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | The great sell-off and why the Japanese market trades like a penny stock; Investors have to understand that 'normalisation' after the 'lost' decades is going to be painful
Leo Lewis - Financial Times
On the first full day of trading after the great Tohoku quake of 2011, recalls a browbeaten fund manager, the office was shuddering with aftershocks. The world's largest nuclear plant, in Fukushima, was in meltdown and an explosion had blown its roof off. There was talk of evacuating Tokyo.
/jlne.ws/3LWc7LW
The Goldfinger film director says greed, financial illiteracy expose Hongkongers to scams
South China Morning Post
The Goldfinger, Hong Kong's latest box-office hit starring Tony Leung and Andy Lau, is based on a 1983 case that is still one of the city's biggest financial frauds. But it rings true even today as Hongkongers keep losing their hard-earned fortunes to scams and deceptions in their pursuit of quick riches. The film, which was released at the end of last year, chronicles the bankrupt Carrian group under George Tan Soon-gin, which collapsed in a web of corruption and murder and inflicted severe losses on stock investors and banks.
/jlne.ws/3YyA8A7
Hong Kong court adjourns Chinese developer Shimao's liquidation petition
Reuters
Embattled Chinese property developer Shimao Group said on Thursday a Hong Kong court had adjourned a winding up petition against the company to Dec. 16, allowing Shimao more time to work with creditors on a revised restructuring proposal. Since the Chinese property sector plunged into a debt crisis in 2021, numerous developers, including major players like China Evergrande Group, have been hit with liquidation lawsuits from creditors, with some firms already ordered to dissolve.
/jlne.ws/3WGvpKj
Taiwan July exports misses forecasts on weak China demand, but U.S. soars
Jeanny Kao and Faith Hung - Reuters
Taiwan's exports rose less than expected in July as weak demand from China offset record orders from the United States which underscored the island's essential role as a supply hub for the booming artificial intelligence (AI) industry. Exports rose 3.1% from a year earlier to $39.94 billion, the finance ministry said on Thursday, but missed the 6.13% forecast in a Reuters poll and trailed a 23.5% gain in June. It was the ninth consecutive monthly rise.
/jlne.ws/4dBD5nM
Italy doubles tax for wealthy foreigners; Premier Giorgia Meloni hopes measure will address local concerns that expats have sparked a rise in housing costs
Amy Kazmin, Emma Agyemang and Harriet Agnew - Financial Times
Italy has doubled a flat tax on the foreign income of new residents, in a blow to rich expats seeking to flee the prospect of higher levies elsewhere in Europe. Prime Minister Giorgia Meloni's cabinet on Wednesday approved a rise in the annual levy on overseas income for new tax residents in Italy to EUR200,000.
/jlne.ws/4fNanm2
Founder of one of South Korea's biggest internet companies indicted over K-pop stock-rigging scandal
Shinhye Kang, Jenny Lee and Bloomberg - Fortune
South Korean prosecutors have indicted Kakao Corp. founder Brian Kim on charges of stock manipulation, kicking off a watershed case that's transfixed South Korea's young internet industry.
/jlne.ws/4dxsGtq
Malaysia Taps State Funds to Invest $27 Billion Domestically
Ram Anand - Bloomberg
Malaysia is setting up a program to tap state-linked funds to make 120 billion ringgit ($27 billion) in direct investments locally in the next five years to "catalyze growth in key economic sectors," the Ministry of Finance said.
/jlne.ws/3ylVBSp
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Nate Silver Wants to Teach You How to Be a Better Gambler; After leaving FiveThirtyEight last year, the extremely online prognosticator is back with a new election forecast and a book on the practice and culture of risk taking.
Max Chafkin - Bloomberg
Over the course of reporting his new book, On the Edge: The Art of Risking Everything, Nate Silver spent several years getting to know pretty much every type of gambler. He met card counters, poker champions, Las Vegas bookmakers, crypto bros, venture capitalists and even people who believe they can guess which slot machines are about to pay out. These "advantage players" are perhaps the most elusive species within what Silver calls "the River"-the world of professional risk takers that includes poker great Phil Hellmuth, the Massachusetts Institute of Technology blackjack team, venture capitalist Peter Thiel, OpenAI co-founder Sam Altman, convicted fraudster Sam Bankman-Fried and Silver himself, who is best known as an uncannily accurate election forecaster. "They have a very different posture-much more erect, like, focused," Silver says of professional slot players as we stroll past banks of video screens and spinning wheels at Resorts World New York in Queens, New York. He scans the room but comes up empty. There are no advantage players among the elderly men and women pumping money into these machines.
/jlne.ws/4cl3EN7
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
