| April 17, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Covid has largely disappeared from the headlines. You still see some people wearing masks, but they are in the fringe minority, except at hospitals and doctors' offices. But Covid is still one of the leading causes of death in the U.S., with some 250 Covid-related deaths a day on average, The Washington Post reports. So let's continue to be careful out there, especially around older and immunocompromised communities.
Cboe Global Markets has a story on its Insights page titled "Mission Possible; Why a Pre-Trade Tape Works and Needs to be Adopted in Trilogue." The description of the piece is "EU Policymakers are gathering this week to begin finalising the MiFiR review, and a crucial decision they will need to make is the type of consolidated tape (CT) that will be mandated for the EU equities market."
What caught my eye on LinkedIn about the Cboe's post on the Insight piece was this tidbit: "FACT: The slower the tape - the more misleading it becomes..."
The Financial Times published a Special Report about Fixed Income. The report summary says: "Bank collapses in Switzerland and the US have made bondholders reconsider risks to their capital and yield expectations. But the UK gilt market is returning to normal after political upheavals and green bonds are being held to higher standards."
Here are the stories in the FT's Fixed Income Special Report:
Investors rethink risk after Credit Suisse bonds wiped out
Nikou Asgari
Swiss regulator's decision to prioritise equity over additional tier 1 debt raises questions over $260bn market
/jlne.ws/3UOMwYX
Banking turmoil creates uncertain outlook for bond yields
Chris Flood
Collapse of Silicon Valley Bank makes investors doubt further hikes in interest rates, despite high inflation
/jlne.ws/41xsCDV
UK gilt market returns to normal as 'idiot premium' subsides
Andrew Whiffin
An end to the soaring yields and forced selling under the Truss administration should make it easier to issue new bonds
/jlne.ws/3L73QFa
'All-to-all' trading offers fix for illiquid Treasuries market
Kate Duguid
New system would reduce reliance on banks and make US government bond market more like the stock market
/jlne.ws/3A3JCWH
Analysts pore over Ueda's words for clues on Japanese bond policy
Leo Lewis
New central bank governor uses a phrase that suggests yield curve control could end this year
/jlne.ws/3L1GLnr
New standards keep the greenwash off green bonds
Andy Bounds
European Union aims to define what counts as sustainable debt finance and bring in independent reviewers
/jlne.ws/41sVKvW
Nodal Exchange traded its first Washington Carbon Allowance (WCA) options last week and set a new daily record of 565 contracts.
Bloomberg is reporting that ChatGPT has a future as a Fed watcher. The story says ChatGPT can decode Fed speak and predict stock moves from headlines. It says the Fed Staff found the tech can "decipher dovish, hawkish language."
BlackRock CEO Larry Fink had his compensation cut 30% to $25.2 million in 2022. Total assets under management declined 14% in 2022, as a number of economic factors led to the decline, Bloomberg reported. I am sure he will find a way to get by.
The SEC Historical Society shared on LinkedIn today that: "This week in 1978, the NYSE launched the Intermarket Trading System (ITS), transmitting orders for eleven securities on a pilot basis. ITS was a compromise between exchanges seeking to retain their trading floors and the SEC promoting an integrated national market system. You can learn more HERE.
The Freakonomics Radio Network did an episode on Hal Weitzman's book, "What's the Matter with Delaware?" in a video titled "Why Does One Tiny State Set the Rules for Everyone?"
Wedbush Securities has hired Matt Lisle as its new futures chief compliance officer.
Eugene Ing is starting a new position as head of product management, US securities operations at UBS. Ing previously was with DTCC.
Frank J. Tirado has joined the Calamos Investments team leading ETF marketing.
Who is Lucas Helmke? He is an Australian man who just set a new world record for the most push-ups done in one hour. How many, you ask? He did 3,206 push-ups, the NY Post reports. That is about 3,205 more than I can do currently.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The International Swaps and Derivatives Association annual general meeting takes place in Chicago May 9-11, 2023, at the Swissotel Chicago. It's a three day in-person event with many educational and networking sessions. Sessions include Bloomberg's Odd Lots Podcast hosts Joe Weisenthal and Tracy Alloway interviewing CFTC Chairman Rostin Behnam live on-stage at 9:00 a.m. Wednesday. SEC Chair Gary Gensler delivers the May 10 luncheon keynote. View the agenda and register here.~SAED
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Josh Sterling of Jones Day talks with John Lothian News about NFTs, DeFi, and the role banks play related to climate change
JohnLothianNews.com
Josh Sterling, a partner with Jones Day specializing in commodities and derivatives law, spoke with John Lothian News about his work helping trading platforms address strategic enforcement, regulatory, and transactional matters.
Watch the video »
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The Downside of Success? It Can Lead to Failure; Research on both basketball and business teams suggests that successful teams tend to rely too much on the stars
Tom Taiyi Yan and Elad Sherf - The Wall Street Journal
Does success beget success? Not necessarily. In fact, success can hurt a winning team. In our research, we found that success comes with a trap: It can cause teams to rely more on their most influential members or stars-in other words, the hierarchy of the team becomes steeper. This makes the team less adaptable and more likely to get stuck in old ways of doing things. And, ultimately, it increases the chances of failure the next time around.
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***** Too much of a good thing can make you blind to other things going on. ~JJL
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Banking Crises Are Preventable, But Human Nature Gets in the Way; From 1300s Venice to 2023 Silicon Valley, financial panics arise from an endless cycle of complacency, risk-taking and fear.
Max Abelson - Bloomberg
One of Jamie Dimon's daughters called him up from school with a question more than a decade ago: "Dad, what's a financial crisis?" The billionaire who runs JPMorgan Chase & Co. tried to put her at ease. "It's the type of thing that happens every five to seven years," he told her, he later testified to the Financial Crisis Inquiry Commission. She asked him on the phone why people seemed so surprised by the calamity. In Washington, when he told this story, he said we shouldn't be.
/jlne.ws/3on5vOk
****** Darn human nature. If only we were all Vulcans like Mr. Spock from Star Trek.~JJL
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How Bank Apps Know You're You; A lot goes on behind the scenes to keep you safe from hackers
Dalvin Brown - The Wall Street Journal
If we've learned one thing from years of hacks and phishing, it's this: A username and a password alone aren't strong enough to protect our most precious accounts. So why don't our bank apps require us to pile on extra security settings? Security experts (and our own columnists) have long urged people to turn on two-factor authentication or other tools to secure their apps. Banks, arguably the most sensitive apps on our smartphones, don't often make you use any of that.
/jlne.ws/43y0mTH
****** You are not where you normally are. You did not come in the way you normally do. You might be an intruder.~JJL
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Not a penny more: the time to abolish the US coin has come; The denomination costs more to produce than it ever has and public opinion is shifting
Sam Learner - Financial Times
They pile up in drawers. They're taken or left on a whim at store counters. Vending machines and parking meters won't accept them. And last year, they cost the US Treasury $100mn more to produce than they're worth. Despite all this, the penny - America's copper-plated one-cent coin - persists. For decades, US lawmakers, journalists and penny-jar owners have debated whether the coin's declining value justifies its continued production.
/jlne.ws/41v6wC3
***** Everything under $5 should be digital. There, I said it.~JJL
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Friday's Top Three
Our top story Friday was The Once-Mighty Eurodollar Futures Contract Fades Away, from Bloomberg. Second was CME vs ASX: a cage match with only one winner, subtitled "Terry Duffy's parents lent their child $50,000. He lost it all and more, and then built an amazing monopoly," from Intelligent Investor. Third was a tie between The Top 25 Entry-Level Jobs for College Grads in 2023 from Bloomberg and John Lothian News' video interview from FIA Boca, ICE Futures US President Jennifer Ilkiw Talks with John Lothian News About Her Career in Finance, Cash-settled Contracts, and What's New.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Wall Street Tells New High School Graduates to Pick Tech Career Over Finance; Investors say high school students graduating this year should go into tech rather than finance. For today's kindergarteners, AI is seen as a threat to both career paths.
Jo Constantz - Bloomberg
Graduating high school students will be best off pursuing a career in tech rather than finance, investors said. For soon-to-be adults, tech is the smartest route despite recent layoffs at Meta Platforms Inc., Amazon.com Inc. and Alphabet Inc., the latest MLIV Pulse survey with 678 respondents suggests. Tech savvy is seen as ever more important in a world increasingly influenced by digital platforms and artificial intelligence.
/jlne.ws/41BHsJN
The UK's financial watchdogs: 10 years on the political tightrope; Over their first decade, the FCA and the PRA have had to guard against scandals even as government priorities shifted towards post-Brexit growth
Laura Noonan - Financial Times
The 2008 financial crisis was a calamity for many, but for David Cameron and George Osborne, then leaders of the UK's Conservative opposition party, it was also an opportunity. As the collapse of Lehman Brothers sent shockwaves through global finance and the UK nationalised several banks, Osborne devised a plan to dismantle the regulatory structure created by the ruling Labour party and centred around the "super-regulator" Financial Services Authority.
/jlne.ws/3ohc5Wo
Rate rises test Charles Schwab's tactics in US brokerage price wars; Broker's big bet on customers' cash looked like a smart move until Fed began to tighten
Madison Darbyshire - Financial Times
Charles Schwab's war on fees has come home to roost, as rising interest rates sour the largest US broker's big bet on customer cash. Under pressure from low-cost start-ups such as Robinhood, Schwab shook its industry in 2019 by eliminating trading fees, then one of its big revenue streams. The move seemed decisive in a long industry-wide price war, letting it outflank low-cost competitors such as ETrade and TD Ameritrade and become the largest retail brokerage in the US with $7.4tn in client assets.
/jlne.ws/3UIZNST
Cboe FX Relaunches FX Point
Colin Lambert - The Full FX
Cboe FX has relaunched its bilateral trading service FX Point, initially working with Wells Fargo - the service was first released in 2019 and the renewed service has been live since April 1 The relaunch comes as recent Bank for International Settlements' analysis indicates the strong growth in bilateral, disclosed trading and sees Cboe commit to expanding its franchise beyond its largely anonymous trading franchise.
/jlne.ws/43vEKai
SEC's Gensler Takes on Crypto DeFi Exchanges With Refreshed Rule Plan; SEC would get more power to scrutinize decentralized finance; Agency voted to reopen comment on oversight plan on Friday
Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission on Friday altered a proposed rule to make more explicit that digital-asset exchanges and decentralized-finance platforms must register with the regulator. The SEC's plan, which was first proposed in 2022, is meant to close a regulatory gap created by platforms that offer trading in securities but don't register as exchanges or brokerages.
/jlne.ws/41p3mjg
SEC Targets Bittrex, Fallen Giant of U.S. Crypto Exchanges; Seattle-based company, winding down American operations, is told it faces potential enforcement action
Dave Michaels and Mengqi Sun - The Wall Street Journal
Bittrex Inc. once ranked as the country's biggest platform for trading digital assets. Its rocky history at home is coming to an end with a regulatory threat and a decision to leave the U.S. for good. The Securities and Exchange Commission's enforcement staff told Bittrex in March it would recommend that the agency sue the company over alleged violations of investor-protection laws, according to David Maria, the company's general counsel.
/jlne.ws/3L4SmSB
Money market funds caught up in US debt ceiling stand-off; Rising concerns over government borrowing could disrupt portfolios flush with deposits after banking crisis
Harriet Clarfelt and Kate Duguid - Financial Times
Money market funds, flush with deposits after investors sought safety during last month's banking turmoil, are now confronted by the political stand-off over the US debt ceiling that threatens to disrupt their investment portfolios. More than $440bn has poured into US money market funds since early March, according to data provider EPFR, in the wake of Silicon Valley Bank's collapse, and as attractive returns drove investors out of ordinary deposit accounts.
/jlne.ws/3L7GyPP
Global regulators consider wider net to catch smaller US banks; Demise of Silicon Valley Bank and Signature fuels concerns that existing focus on largest lenders is outdated
Laura Noonan - Financial Times
Global regulators are considering imposing tougher rules on smaller lenders and requiring all banks to ready themselves for faster runs on deposits as officials search for lessons from the recent turmoil that led to the failure of several midsized US institutions.
/jlne.ws/41wd5Ev
Theft of Bitcoin that topped $3 billion in value leads to one-year prison sentence for James Zhong: 'I always knew what I did was wrong'
David Voreacos - Fortune
A Georgia man who stole more than 50,000 Bitcoin from the Silk Road drug-trafficking site before his cache hit $3.35 billion in value was ordered to serve a year and a day in prison. James Zhong, 32, was sentenced Friday in New York federal court, where he pleaded guilty to wire fraud last year. At the time of the heist in 2012, the Bitcoin was worth $620,000.
/jlne.ws/3GL1vNK
SEC 'Crypto mom' Hester Peirce attacks U.S. regulator's new exchange definition on DeFi
Danny Park - Forkast
U.S. Securities and Exchange Commission (SEC) member Hester Peirce has criticized the regulatory agency for its proposal to expand the definition of an "exchange" to decentralized platforms that trade cryptocurrencies, calling it an effort to stymie development of new technology in a statement titled "Rendering Innovation Kaput."
/jlne.ws/41bl5uI
U.S. Congress to Tackle SEC Oversight, Stablecoin Legislation
Ryan Ozawa - Decrypt
SEC Chair Gary Gensler will be in the hot seat on Tuesday, the star witness before the full U.S. House Committee on Financial Services on the topic of "Oversight of the Securities and Exchange Commission." The next day, the Subcommittee on Digital Assets, Financial Technology and Inclusion will take up draft legislation relating to stablecoins.
/jlne.ws/3L7EWWh
Swiss Vote Against UBS Deal Could Be Binding, Legal Experts Say
Claudia Maedler - Bloomberg
The Swiss parliamentary vote last week against state guarantees for UBS Group AG's takeover of Credit Suisse Group AG may prove more than just symbolic, some legal experts have told the Swiss media. The government has argued that no matter the outcome of the vote, the state's 109 billion francs ($122 billion) in guarantees for UBS to takeover Credit Suisse are binding. The government says that's because a small number of lawmakers - the financial delegation - gave their approval at the time the deal was negotiated in March.
/jlne.ws/3L1APe9
World records 529th straight month of above-average heat - and an El Niño is brewing; March of 2023 was the planet's second-warmest month in recorded history.
David Knowles - Yahoo! News
Planet Earth continues to run a fever. Data released by the Copernicus Climate Change Service last week showed that March of 2023 was the planet's second-warmest month in recorded history, registering average global temperatures 0.92 degrees Fahrenheit above normal high temperatures measured between 1991 and 2020.
/jlne.ws/43HdmGG
The dangers of asset managers when it comes to long-term infrastructure; Closed-end funds with fixed lifespans dominate the sector
Brett Christophers - Financial Times
Amid all the recent turmoil in energy markets, a significant transaction went largely under the radar: the January 2023 acquisition of a controlling share of National Grid's UK gas transmission and metering business by Macquarie Infrastructure and Real Assets, in a consortium with the British Columbia Investment Management Corporation.
/jlne.ws/41cPlWb
How Can China Contain Its $8.3 Trillion Fiscal Crisis?; Beijing faces a fine-balancing act as local-government borrowings reach critical levels.
Shuli Ren - Bloomberg
Call it luck or stellar crisis management. China, one of the world's most indebted nations, has not experienced a full-blown financial crisis, yet. There were a few close calls. In 2019, the government had to seize a regional bank, for the first time in decades, to prevent a run on deposits. Last year, a wave of real estate developer defaults ended up with homebuyers threatening mortgage boycotts.
/jlne.ws/3MTMa1r
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Battle for Ukraine's Bakhmut Reaches Highest Intensity Yet; Russian forces are advancing block by block as Ukraine seeks to inflict the maximum losses on the enemy
James Marson - The Wall Street Journal
Heavy fighting gripped the Ukrainian city of Bakhmut Sunday, as Russia claimed small advances while Ukraine said the intensity of the battle had reached its highest level yet. The Russian Ministry of Defense said that Wagner paramilitaries had advanced a few blocks on the northern and southern edges of the city. The Ukrainian military said it had repelled Russian attacks in and around the city, Russia's main immediate target in the country.
/jlne.ws/41vWJvB
Missile Destroys Ukrainian Church Ahead of Orthodox Easter Celebrations
The Wall Street Journal
A church in southern Ukraine was destroyed by a Russian missile before Orthodox Easter celebrations, Ukrainian officials said. Footage showed artifacts and religious paintings outside the church during the cleanup.
/jlne.ws/41Ah2Iq
Ukraine's EU Neighbors Move to Block Grain Imports Over Falling Prices
Thomas Grove - The Wall Street Journal
Plans by Poland and Hungary to suspend imports of Ukrainian grain, in a bid to appease farmers hit by falling prices, triggered a warning from Brussels on Sunday and boosted tensions between the two countries and Brussels. Prices of grain in both countries have dropped since the EU scrapped duties and quotas on Ukrainian grain imports last year.
/jlne.ws/41fB4Ia
Poland and Hungary defy Brussels to halt Ukraine grain imports; Temporary block an attempt by Warsaw and Budapest to placate their farmers amid grain glut
Raphael Minder, Barbara Erling, Andy Bounds and Marton Dunai - Financial Times
Poland and Hungary have temporarily halted imports of Ukrainian grain despite a warning from Brussels that such unilateral action would contravene EU trade policy. After Moscow launched its full-scale invasion of Ukraine last year, the EU scrapped customs duties and quotas on Ukrainian grain imports and rerouted some shipments from blockaded Black Sea ports via Polish and Romanian roads and railway networks.
/jlne.ws/3A0draN
Ukraine Says Polish Ban on Its Grain Violates Recent Agreement; Poland moves to stop imports as its farmers complain of glut; Grain from war-torn Ukraine is piling up in eastern Europe
Piotr Bujnicki - Bloomberg
Ukraine said a move by Poland to ban imports of its grains and certain other food products violated an agreement reached earlier this month, hours after Warsaw announced an effort to shield its farmers from competition. Poland "will keep on supporting Ukraine," the country's ruling party leader Jaroslaw Kaczynski said on Saturday at a rally in Lyse. "However, we have a duty to protect our citizens, farmers and avoid a crisis of our agriculture."
/jlne.ws/3oiYWfy
How the Ukraine war has divided the world; China is making diplomatic progress with countries that are unhappy about America's approach to the conflict
Gideon Rachman - Financial Times
While Joe Biden was on a sentimental journey to Ireland, Xi Jinping was busy in Beijing. Following a high-profile visit by President Emmanuel Macron of France, the Chinese leader played host to President Luiz Inácio Lula da Silva of Brazil.
/jlne.ws/3mMKsnA
Swiss-owned company's Russian gold trades expose gap in western sanctions; Open Mineral's Abu Dhabi subsidiary not bound by Bern's rules
Harry Dempsey and Chris Cook - Financial Times
A Swiss commodity trader's Abu Dhabi subsidiary has been able to buy tens of millions of dollars of Russian gold despite a ban on Swiss entities undertaking such activity, the latest evidence of a gap in western sanctions against Moscow.
/jlne.ws/3A47bi9
Nuclear Powers Pledge to Push Putin Out of Uranium Markets; G-7 countries pool nuclear-fuel capacity to challenge Russia; Kremlin-led Rosatom dominates global nuclear supply chains
Jonathan Tirone - Bloomberg
Nuclear powers within the Group of Seven nations pledged to end Russia's dominance over global atomic-fuel markets, potentially cutting off a critical source of geopolitical currency for Russian President Vladimir Putin more than a year after his invasion of Ukraine.
/jlne.ws/3GP184U
Russian Oil Exports Rebound to Reignite Doubts Over Output Cut; Seaborne flows climbed back above 3 million barrels a day in week to April 14
Julian Lee - Bloomberg
/jlne.ws/3A49jq9
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group to Expand Bitcoin and Ether Options Expiries on May 22
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to expand its suite of cryptocurrency options across its standard- and micro-sized Bitcoin and Ether contracts beginning on May 22, pending regulatory review. With these new contracts, expiries will be available every day of the business week, Monday through Friday.
/jlne.ws/3UFyDw6
Abaxx Technologies Announces Voting Results of Special Meeting of Shareholders
Abaxx
Abaxx Technologies Inc. ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of the Abaxx Commodity Exchange (ACX) and Abaxx Clearinghouse (Abaxx Clearing), and producer of the SmarterMarketsâ„¢ Podcast, announces the voting results from the Company's special meeting of shareholders held on April 14, 2023.
/jlne.ws/3mI308M
BME Growth welcomes Greening Group
BME
BME Growth today welcomed Greening Group. Ignacio Salcedo, CEO Greening Group; Manuel Mateos, Corporate Director of Greening Group, and Antonio Palacios, Country Manager Greening-e Mexico, were accompanied by Jesús González, Managing Director of BME Growth, at the traditional ringing of the bell. The company, which is the first to debut on this market so far this year, established a reference value for its shares of 4.92 euros, which represents a total valuation of the company of 143 million euros. The company has accompanied the market listing with a capital increase in the amount of 23 million euros.
/jlne.ws/41ycqCt
Forfeiture of Unclaimed Final Dividend for 2016
Hong Kong Exchange
As provided in the Articles of Association of Hong Kong Exchanges and Clearing Limited ("HKEX"), any dividend unclaimed after a period of six years from the date for payment of such dividend shall be forfeited and shall revert to HKEX. Accordingly, HKEX's final dividend for 2016 of HK$2.04 per share, payable on 2 June 2017 and remaining unclaimed on 2 June 2023, will be forfeited and will revert to HKEX.
/jlne.ws/3L5ry4I
Cap Factor Adjustment in KRX Constructions index
KRX
Cap Factor in the KRX Constructions index will be changed; Effective Date : April 19th, 2023; Details will be sent out in index data product.
/jlne.ws/3MOXNqd
Moscow Exchange launches trading in futures and options on HSCI shares
MOEX
On April 18, 2023, trading in deliverable futures and settlement premium options for ordinary shares of PJSC HSCI (Human Stem Cell Institute) will begin on the derivatives market of the Moscow Exchange. Futures and stock options will expand the investment strategies of private and institutional investors, as well as provide additional opportunities for hedging securities portfolios.
/jlne.ws/3KGhPAI
Shanghai International Energy Exchange Has Released its Notice on Approving Sinochem-Hongrun Oil Staging (Weifang) Co.,Ltd. to Rename Hongrun Oil Storage & Transportation (Weifang) Co.,Ltd.
Shanghai Futures Exchange
Shanghai International Energy Exchange has released its Notice on Approving Sinochem-Hongrun Oil Staging(Weifang) Co.,Ltd. to Rename Hongrun Oil Storage & Transportation (Weifang) Co.,Ltd.as follows: Recently, the Shanghai International Energy Exchange(hereinafter referred to as"INE") has received an application from Sinochem-Hongrun Oil Staging(Weifang) Co.,Ltd.
/jlne.ws/41earn7
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How London lost its lustre for fintechs; Despite positive government noises the UK is not the draw it once was
Siddharth Venkataramakrishnan - Financial Times
As Silicon Valley Bank UK imploded at the start of March, fintech start-ups were among those scrambling to get money out of the troubled US lender that specialised in funding the technology sector.
/jlne.ws/3KCz85w
Elon Musk plans artificial intelligence start-up to rival OpenAI; Billionaire seeks to hire engineers, attract investors and acquire chips needed to build large language model
Madhumita Murgia and Tim Bradshaw and Tabby Kinder and Richard Waters - Financial Times
Elon Musk is developing plans to launch a new artificial intelligence start-up to compete with ChatGPT-maker OpenAI, as the billionaire seeks to join Silicon Valley's race to build generative AI systems.
/jlne.ws/3GQHwND
ChatGPT and Advanced AI Face New Regulatory Push in Europe; European legislators to add new provisions for powerful AI to pending bill
Sam Schechner - The Wall Street Journal
European Union lawmakers want to give regulators new powers to govern the development of technologies like those behind ChatGPT, the biggest push so far in the West to curb one of the hottest areas in artificial intelligence.
/jlne.ws/3A6P37a
Goldman Sachs expands options visualisation tool to include equities and crypto; The bank launched the visual structuring tool for FX as part of its Marquee platform in September last year; todays expansion includes new machine learning capabilities.
Annabel Smith - The Trade
Goldman Sachs has expanded the remit of its Visual Structuring tool capabilities to include equities, crypto and precious metals. The expanded tool which uses natural language input now covers 2,200 equities. Available via the bank's institutional client platform Marquee, Visual Structuring allows for indicative price discovery and trade idea generation in options by allowing clients to assess price variations, scenarios, run back testing analysis, and collaborate with colleagues.
/jlne.ws/3L2Pi9M
Maybe AI Needs to Write Its Own Dictionary; The backlash against using human terms for machine-based phenomena leaves us with one real solution.
Tim Culpan - Bloomberg
/jlne.ws/3UFvSe8
Google CEO Warns Against Rush to Deploy AI Without Oversight; Strong regulation needed to avert harmful effects, Pichai says; Google has been among the pioneers in developing modern AI
Julia Love - Bloomberg
/jlne.ws/3GQmgrg
Virtu Financial becomes latest EMS provider to integrate with Appital's bookbuilding platform; Integration will allow users of Virtu Financial's EMS to receive Appital liquidity opportunities directly into their workflows and trading infrastructure.
Wesley Bray - The Trade
/jlne.ws/43QKnAj
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity expert reveals the five emails that might be a scam
Dr. Tim Sandle - Digital Journal
Scam emails continue to menace consumers and businesses and one concerning attempt at fraud 'doing the rounds' relates to a supposed failed online order delivery. With phishing scams becoming more prolific each year, cybersecurity expert Chris Bluvshtein from VPNOverview.com explains to Digital Journal about the most common tactics scammers use to incite you into taking quick action without thinking. Based on his findings, here are the most recognisable phishing scams out there.
/jlne.ws/3KJ9DQ1
How reporting a data breach can make cybersecurity community stronger?
Alka Jain - Mint
Cyberattacks against organizations or individuals are launched every day. They can steal their sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and governmental and industry information systems.
/jlne.ws/3mMS1uu
7 cybersecurity mindsets that undermine practitioners and how to avoid them
Matthew Tyson - CSO Online
It's no secret that cybersecurity jobs are burning people out. It's a high-pressure environment that ever seems to be ratcheting up the daily demand on security professionals. There are many reasons for this, but underlying them all is the way we think about security. By consciously recognizing these mindsets we can change them and better position everyone for success.
/jlne.ws/41fh0FR
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| Cryptocurrencies | | Top stories for cryptocurrencies | DWF Labs is ruffling feathers as it climbs the ranks of crypto's most active investors
Ryan Weeks, Yogita Khatri and Frank Chaparro - The Block
DWF Labs is raising eyebrows - and ruffling feathers - as it storms up the charts of the crypto sector's most active investors. Through a turbulent six months for the industry marked by scandal, bankruptcy and a U.S. regulatory clampdown, DWF Labs has stepped from obscurity into the limelight. The Block Pro's deals dashboard tallies $232 million invested across 25 fundraising rounds, 18 of which had DWF as the sole investor, while the firm itself says it has poured at least $100 million into more than 100 projects.
/jlne.ws/3KYx2hO
Crypto Startup Chia Network Files Confidentially for IPO; The eco-friendly blockchain maker thinks market conditions are set to improve.
Hannah Miller - Bloomberg
Crypto startup Chia Network Inc. indicated Friday that it has moved a step closer to a US initial public offering. The company said that it has confidentially submitted a draft registration statement to the Securities and Exchange Commission. Chia, which was valued at about $500 million in 2021, said in the announcement that the size and price range for the proposed IPO have not been determined yet.
/jlne.ws/40mr3YI
FTX Is Considering Using Creditor Money to Restart Crypto Exchange; Exchange would require significant amount of cash, lawyer says; Discussions about exchange restart are still in early stages
Steven Church - Bloomberg
FTX may use money marked to repay customers to restart its failed crypto exchange because the project would require a significant amount of cash, a lawyer for the company said in court Wednesday. The company is still in the early stages of deciding whether to bring back the exchange, which allowed customers to trade digital assets before FTX collapsed, Andrew G. Dietderich, an FTX attorney with law firm Sullivan & Cromwell told US Bankruptcy Judge John T. Dorsey. https://jlne.ws/3GL2ZaM
France's 'Startup Nation' Becomes a Haven for Crypto; Circle, Binance, Crypto.com have made Paris their Europe base; Macron's push comes as US regulators clamp down on crypto
Anna Irrera and Benoit Berthelot - Bloomberg
At a crypto conference in Paris in late March, the buzz stood in sharp contrast to the nearby mounds of trash that gave the impression of a breakdown in city services. As protests and strikes against President Emmanuel Macron's plan to raise the retirement age roiled the French capital, digital-asset executives rubbed shoulders at a convention space inside the Louvre Palace.
/jlne.ws/3L4QqJP
Crypto Miner Bitdeer Makes Delayed SPAC Debut in Changed Market; Crypto miner Bitdeer starts trading on Nasdaq after delays; Deal once estimated to be worth $4 billion at Bitcoin's peak
David Pan - Bloomberg
Crypto miner Bitdeer Technologies Holding Co. started trading on the Nasdaq Friday after a long-delayed SPAC deal finally closed, allowing shares of the Singapore-based company to be traded in the US. Bitdeer - owned by Chinese billionaire Jihan Wu - first agreed to merge with Blue Safari Group Acquisition Corp., a special purpose acquisition company, in November 2021. But the transaction was delayed multiple times amid turmoil in the crypto market.
/jlne.ws/3GK3AJV
Crypto Investment Firm BlockTower Winds Down Its Market-Neutral Fund; The market-netural fund had managed more than $100 million; BlockTower is pursuing other strategies, "real-world" assets
Muyao Shen and Hannah Miller - Bloomberg
/jlne.ws/3GNN2AG
East meets West at DAO Tokyo conference as Japan plays catch up
Forkast Labs
The 1,300-year-old Kanda Myojin Shrine in central Tokyo, a 10 minute walk from the blaring neon of anime and tech shopping district Akihabara, provided an impressive backdrop for the daylong conference on Thursday.
/jlne.ws/41A45xY
Shaq Finally Served in FTX Lawsuit After Months of 'Running', Say Lawyers
Alys Key - Decrypt
/jlne.ws/3KCqJPw
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| Politics | | An overview of politics as it relates to the financial markets | G7 ministers agree to speed up phaseout of fossil fuels; Japan's plans for ammonia and coal use challenged but Tokyo resists setting firm timeline for wind down
Kana Inagaki, David Sheppard and Andy Bounds - Financial Times
G7 countries have pledged to accelerate a gradual phaseout of fossil fuels and the shift towards renewable energy, as Japan faced significant pushback on central parts of its climate strategy. The agreement reached on Sunday followed weeks of fraught negotiations between Japan and other member states as the world's most advanced economies sought to respond to criticism that they were backtracking on climate targets following the Ukraine crisis.
/jlne.ws/3A4XfVG
Powerful Billionaire Deals Huge Blow to Florida Gov. DeSantis; The chairman of Interactive Brokers says he will pause his financial support for the governor of Florida, who is seen as Donald Trump's most serious rival in the 2024 Republican primary.
Luc Olinga - The Street
Donald Trump announced his candidacy for the 2024 Presidential Election on Nov. 15. After his announcement, the former president has seen a large number of major donors to the Republican party abandon him, including much of the Republican business establishment. They believe that the time for the new generation has come.
/jlne.ws/43E0qkv
U.S. House Financial Services Committee releases draft stablecoin bill for Wednesday hearing
Timmy Shen - Forkast
The U.S. House Financial Services Committee is set to hold a hearing on April 19 to discuss a draft bill released over the weekend on regulating stablecoins, a class of digital currency designed to offer price stability by being pegged to another asset's value.
/jlne.ws/3mCedre
Republicans Want to Cut Spending, But Can't Say Where; House Speaker Kevin McCarthy has been understandably reluctant to get specific about his demands in negotiations over the debt ceiling.
Matthew Yglesias - Bloomberg
Months after initiating a potentially economy-destroying standoff over the debt ceiling, House Republicans are (maybe!) finally getting close to saying what they actually want. Unfortunately, that doesn't mean the crisis is getting any closer to resolution. Ever since last fall's midterms, the issue of the debt ceiling has been stuck in a bizarre quantum superposition: House Speaker Kevin McCarthy insists there can be no increase unless the White House acquiesces to his demands. The White House responds that first McCarthy needs to make some demands.
/jlne.ws/3KE5dtP
The breakdown of French-German relations augurs ill for the EU; Progress on enlargement, the budget and governance will be close to impossible without harmony between Paris and Berlin
Mujtaba Rahman - Financial Times
The French-German "motor" that has been at the EU's heart for six decades has broken down. The biggest culprit is the new government in Berlin. Chancellor Olaf Scholz is mostly concerned with the unity of his coalition and Germany's economy. If he lifts his head to contemplate the world outside Germany, it is usually to gaze across the Atlantic, not towards Paris or Brussels.
/jlne.ws/43E5Lsb
Turkey's voters lose faith in Erdogan
Financial Times
US subsidies have led to more than $200bn in commitments to clean tech and chipmaking
/jlne.ws/41AD7Xk
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| Regulation & Enforcement | | Stories about regulation and the law. | Bank of England considers major reform of deposit guarantee scheme; UK's Financial Services Compensation Scheme faces review after failure of Silicon Valley Bank
Stephen Morris and Patrick Jenkins and Chris Giles - Financial Times
The Bank of England is considering an overhaul of its deposit guarantee scheme, including boosting the amount covered for businesses and forcing banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses.
/jlne.ws/3mFyVXi
Ongoing Mifir Review and regulatory complexity is harming liquidity in Europe, says AFME; Industry association warns regulators that the ongoing Mifir Review could risk holding back EU equity markets; is calling for a diverse range of trading mechanisms in Europe.
Annabel Smith - The Trade
The Association for Financial Markets in Europe (AFME) has issued a warning on the state of liquidity in Europe and the negative impact the ongoing "complex" Mifir Review could have on the bloc's already suffering markets.
/jlne.ws/41AbEoE
CFTC Commissioner Christy Goldsmith Romero Announces Yevgeny Shrago as Senior Counsel and Policy Advisor
CFTC
Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero announced that Yevgeny Shrago will serve as her Senior Counsel and Policy Advisor. "I am very excited to have Yevgeny on the team. Yevgeny has tremendous experience protecting consumers and advancing the safety, transparency, and integrity of our financial markets," said Commissioner Goldsmith Romero.
/jlne.ws/3mBvYah
SEC poised to increase its scrutiny of decentralized finance exchanges
Colin Wilhelm - The Block
The U.S. Securities and Exchange Commission removed any doubt that they plan to police decentralized finance. The commission declared on Friday that rules governing trading exchanges in the U.S. also apply to decentralized finance. The procedural move isn't a change to rules, but rather an effort to make explicit whether existing exchange rules apply to decentralized finance. The proposed clarification and amendments to the definition of an exchange are subject to a vote by the Democratic majority commission that leads the agency, making them likely to pass.
/jlne.ws/3UBZ5ql
SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information
SEC
The Securities and Exchange Commission today reopened the comment period and provided supplemental information on proposed amendments to the definition of "exchange" under Exchange Act Rule 3b-16. The Commission initially proposed the amendments in January 2022 and reopened the comment period in May 2022. The reopened comment period closed on June 13, 2022.
/jlne.ws/3UWeUZr
Statement on Alternative Trading Systems and the Definition of an Exchange
Chair Gary Gensler - SEC
Today, the Commission is considering whether to issue a supplemental release to our January 2022 proposal requiring significant trading platforms-including in the Treasury markets-to come under important rules for the markets. I believe this supplemental release would help address comments on the proposal from various market participants, particularly those in the crypto markets.
/jlne.ws/41r1rLe
Promoting Fair and Competitive Markets
Commissioner Jaime Lizarraga - SEC
In January 2022, the SEC took steps to address a competitive imbalance between unregistered trading platforms that perform similar functions as those of registered exchanges and alternative trading systems, or ATSs. The proposed amendments were designed to close a regulatory gap and strengthen oversight, protect investors and promote fair and orderly markets.
/jlne.ws/3L4D2p7
Statement on Supplemental Information and Reopening of Comment Period for Amendments to Exchange Act Rule 3b-16 regarding the Definition of "Exchange"
Commissioner Mark T. Uyeda - SEC
Thank you, Chair Gensler. Today's recommendation from the staff of the Division of Trading and Markets is to reopen the comment period for proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (Exchange Act) regarding the definition of "exchange" and provide supplemental information relating to trading systems for crypto assets.[1] As I was not a member of the Commission when the proposal was issued, this is my first opportunity to vote on the topic. The Supplement, along with the original proposal, unfortunately raise more questions than they address in terms of highly important definitional terms as to what is, and what is not, an exchange for purposes of the Exchange Act.
/jlne.ws/3GRcAgq
Statement on Supplemental Information and Reopening of Comment Period for Amendments to Exchange Act Rule 3b-16 Regarding the Definition of "Exchange"
Commissioner Caroline A. Crenshaw - SEC
Thank you, Chair Gensler. In January of last year, the Commission voted to propose amendments to Rule 3b-16 that would update the definition of "exchange."[1] The updated definition would include systems that offer the use of non-firm trading interest and what we termed "communication protocols" to bring together buyers and sellers of securities. While these systems perform the same or similar functions as an exchange or ATS, they are currently not subject to the exchange regulatory framework. If adopted, the amendments should help ensure that there is a level playing field among entities performing similar functions, and provide important investor protections.
/jlne.ws/3odRClj
Rendering Innovation Kaput: Statement on Amending the Definition of Exchange
Commissioner Hester M. Peirce - SEC
Thank you, Mr. Chair. Stagnation, centralization, expatriation, and extinction are the watchwords of this release. Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology. Accordingly, I dissent.
/jlne.ws/408BSNK
Joint Regulatory Oversight Committee sets out recommendations for the next phase of open banking in the UK
FCA
Today, the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), has published its recommendations for the next phase of open banking in the UK.
/jlne.ws/41AIPZg
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US executive pay bucked falling stock market in 2022; More than a third of S&P 500 executives received pay rises last year despite negative shareholder returns
Patrick Temple-West - Financial Times
Moderna, Simon Property Group and Marriott are among at least 107 S&P 500 companies that gave their chief executives pay increases last year even as their shares declined, according to regulatory disclosures. More than a third of S&P 500 companies awarded executives more pay for 2022 than in 2021 even though they had negative total shareholder returns last year, according to a preliminary analysis of regulatory findings conducted by ISS Corporate Solutions (ICS) for the Financial Times.
/jlne.ws/43AMGar
Dubai Orders KPMG to Pay $231 Million Over Abraaj Fund Audit: FT
Susanne Barton - Bloomberg
A Dubai court ordered KPMG Lower Gulf to pay more than $231 million to a group of investors who claim they lost money due to the firm's poor-quality audit work on a fund they invested in, the Financial Times reported. The firm breached international auditing standards by approving the financial statements of an infrastructure fund managed by collapsed private equity firm Abraaj Group, the FT reported, citing the judgment that it said was issued late last month.
/jlne.ws/3L4U1rj
Deposit insurance is key to the confidence trick of banking; Reforms to guarantee schemes in UK and US are essential to avoid a deeper crisis
Patrick Jenkins - Financial Times
You might think that bank regulators would be feeling a little jittery these days - in short order, three US lenders and the globally systemic Credit Suisse became victims of a not-so-mini-banking crisis that all too closely resembled the chaotic collapses of 2007-08.
/jlne.ws/3UJ2Ha9
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | G7 ministers agree to accelerate phase-out of fossil fuels; Japan's plans for ammonia and coal use challenged but Tokyo resists setting firm timeline for wind-down
Kana Inagaki, David Sheppard and Andy Bounds - Financial Times
G7 countries have pledged to accelerate a gradual phase-out of fossil fuels and the shift towards renewable energy, as Japan faced significant pushback on central parts of its climate strategy. The agreement reached on Sunday followed weeks of fraught negotiations between Japan and other member states as the world's most advanced economies sought to respond to criticism that they were backtracking on climate targets following the Ukraine crisis.
/jlne.ws/3A6erKi
'Transformational change': Biden's industrial policy begins to bear fruit; FT research shows commitments of more than $200bn to US manufacturing since IRA and Chips Act
Amanda Chu and Oliver Roeder - Financial Times
The US appears poised for a manufacturing boom as companies tap into Biden administration subsidies with pledges to spend tens of billions of dollars on new projects, according to Financial Times research. The Chips Act and the Inflation Reduction Act, passed within days of each other last August, together include more than $400bn in tax credits, grants and loans designed to foster a domestic semiconductor industry and clean-tech manufacturing base. The package was aimed at countering China's dominance in strategic sectors such as electric vehicles and recapturing jobs from abroad.
/jlne.ws/41fXady
Look Out, California: One of the Country's Largest Solar Arrays is Taking Shape in... Illinois? A 593-megawatt project has begun construction near Springfield and will power O'Hare Airport and Chicago government buildings.
Dan Gearino - Inside Climate News
The largest solar arrays operating in the United States are located in the kinds of sunny states you would expect-five in California, four in Texas and one in Arizona. But a project that began construction last month in Illinois is going to be about as large or larger than all of them. The 593-megawatt Double Black Diamond Solar farm near Springfield is indicative of several trends in solar power, as projects grow ever larger and are built in places that get much less sun than the southwest.
/jlne.ws/3mCLLp9
Climate Rules Expose Surprising Splits Among Businesses; SEC's disclosure proposals have fans among beneficiaries, but opponents see higher costs
Shane Shifflett and Jean Eaglesham - The Wall Street Journal
Regulators knew they were facing a political hornet's nest when they launched a plan that would force businesses to disclose their carbon emissions and other climate data. The fight has been just as bitter among companies. They are split between businesses that believe climate disclosure can boost profits and those that see it as costly, complicated and useless, a Wall Street Journal analysis of hundreds of comment letters on the proposed rules shows.
/jlne.ws/3UKZ1oy
Pentagon Sounds Alarm Over Biden Plan for Offshore Wind Sites; The Defense Department has raised concerns about East Coast areas earmarked for new wind farms in a setback for the fledgling industry.
Jennifer A Dlouhy - Bloomberg
The Pentagon is sounding alarms over Biden administration plans to advance offshore wind projects along the central Atlantic US coast, warning that almost all of the new terrain eyed for development conflicts with military operations. Maps shared with industry stakeholders and seen by Bloomberg News show vast red areas that the Navy and Air Force have deemed "highly problematic," covering prime real estate the Interior Department last year earmarked for leasing off the coasts of North Carolina, Virginia, Maryland and Delaware.
/jlne.ws/3UEf2MU
Germany's Weaker Penalties Will Make Emissions Goals Harder; Coalition agreed to cut sanctioning powers in climate law; Government advisers warn of increased risks to 2030 targets
Petra Sorge - Bloomberg
/jlne.ws/41y4h0R
Africa needs more help with climate change, debt and food crises
Joe Bavier - Reuters
/jlne.ws/41l6ehC
Rising costs and competition threaten US boom in LNG projects; Multibillion-dollar natural gas projects on the Gulf Coast face delays as Ukraine war raises demand for fuel exports
Myles McCormick - Financial Times
/jlne.ws/3MPCpBd
UK's biggest asset manager LGIM challenges Exxon's climate plans; Investor joins forces with Christian Brothers over concerns oil major is failing to disclose green transition costs
Emma Dunkley - Financial Times
/jlne.ws/40g855Z
UK looks to mine potential rich seam of critical clean-tech minerals; British Geological Survey maps areas for exploration as ministers look to strengthen supply of key raw materials
Harry Dempsey - Financial Times
/jlne.ws/3KKHQyM
Mass ESG Fund Downgrades That Rocked Market May Be Reversed; EU Commission says passive strategies can be Article 9; Asset managers stripped Article 9 off EUR175 billion last year
Frances Schwartzkopff - Bloomberg
/jlne.ws/3A46d5r
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wells Fargo Warns of More Office-Market Stress On The Way; Lender boosted provisions because of commercial-property loans; Bank cautions that it isn't seeing meaningfully higher losses
Natalie Wong and Hannah Levitt - Bloomberg
Wells Fargo & Co. warned about shakiness in the commercial real estate market and said it's reviewing its more than $35 billion portfolio of office loans for ways to decrease risk. The lender has been boosting its allowance for credit losses on office loans for the past four quarters, Chief Financial Officer Mike Santomassimo said on the bank's first-quarter earnings call Friday.
/jlne.ws/3GP17h9
US regulator calls for greater scrutiny of hedge funds after bond turmoil
Laura Noonan, Stefania Palma and Katie Martin - Financial Times
Hedge funds and other parts of the shadow banking system should face greater scrutiny after last month's upheaval in US government bonds, the country's top markets regulator has said, reflecting concerns that speculative investors pose a risk to financial stability. Gary Gensler, chair of the Securities and Exchange Commission, told the Financial Times that taming risks from speculative funds and other so-called non-bank financial institutions was now "more important than ever".
/jlne.ws/41wrQHd
One failed drone venture tells a tale of SVB's eccentric lending; The failed bank's $74bn loan book points to risk-taking that may have gone unnoticed elsewhere
Mark Vandevelde - Financial Times
Had it ever left the ground, the self-piloting camera drone that Antoine Balaresque dreamt of building when he was an undergraduate at Berkeley would have been a marvel of the modern world. The loan from Silicon Valley Bank that sustained his doomed venture arouses a different kind of wonder. It is unlikely that many banks would have considered Lily Robotics for a loan in late 2015.
/jlne.ws/41qy2kk
Banks Are Finally Facing Pressure to Pay Depositors More; Smaller lenders lose deposits to their bigger peers
Gina Heeb - The Wall Street Journal
Depositors fled to the perceived safety of the titans of finance following a pair of bank failures last month. A raft of earnings this week will show just how costly the run was for everyone else. Small and midsize U.S. banks lost hundreds of billions of dollars in recent weeks to their bigger peers and to money-market funds offering higher yields. That is likely to force many of them to increase the interest rates they are paying to avoid losing more customers.
/jlne.ws/3UGUOlC
In Morgan Stanley CEO Race, Wealth Boss Emerges as One to Watch
Sridhar Natarajan - Bloomberg
Andy Saperstein's first stint on Wall Street didn't last long. He landed at Salomon Brothers at the end of the 1980s with all the right credentials-degrees in finance and economics from the Wharton School of the University of Pennsylvania. Standing among the newbies, he watched queasily as senior leaders played liar's poker on the trading floor, betting serious money on a bluffing game that became the title of Michael Lewis's 1989 book on the firm. When his bosses took issue with his loose mop of hair, urging him to cut it for client meetings, he refused. He didn't see why he should.
/jlne.ws/41wjpeZ
First Republic Worked Hard to Woo Rich Clients. It Was the Bank's Undoing; The bank attracted wealthy clients with loans that have become a costly hurdle to finding a rescuer.
Noah Buhayar, Jennifer Surane, Max Reyes and Ann Choi - Bloomberg
In America's richest enclaves, word spread quickly: A bank was offering loans on sweet terms. Wealthy homebuyers and property investors with high incomes and sterling credit scores could get a mortgage from First Republic Bank with a rock-bottom rate for several years. Better yet, they didn't have to start repaying the principal for a decade.
/jlne.ws/3ohaDmT
Federal Reserve Backs UBS Purchase of Credit Suisse US Units
Katanga Johnson - Bloomberg
The Federal Reserve on Friday approved UBS Group AG's takeover of the US subsidiaries of Credit Suisse Group AG. Although Swiss authorities are primarily involved in the deal between the European nation's banking giants, the US central bank needed to weigh in as each institution has American operations. The Fed's move green lights UBS to acquire all US units of Credit Suisse.
/jlne.ws/41juzUP
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Elon Musk plans artificial intelligence start-up to rival OpenAI
Madhumita Murgia, Tim Bradshaw, Tabby Kinder and Richard Waters - Financial Times
Elon Musk is developing plans to launch a new artificial intelligence start-up to compete with ChatGPT-maker OpenAI, as the billionaire seeks to join Silicon Valley's race to build generative AI systems. The Tesla and Twitter chief is assembling a team of artificial intelligence researchers and engineers, said people familiar with the tech entrepreneur's plans.
/jlne.ws/3GQHwND
BlackRock Cuts Larry Fink's Pay 30% to $25.2 Million for Past Year; Five top executives all had pay reduced by at least 27%; The firm's assets under management declined 14% in 2022
Silla Brush - Bloomberg
BlackRock Inc. reduced Chief Executive Officer Larry Fink's total compensation to $25.2 million for 2022, a 30% decline from the previous year, according to a regulatory filing. Fink, 70, received a $1.5 million base salary, $7.25 million in cash incentives, $12.7 million in long-term incentive awards and deferred equity of $3.75 million, the New York-based money manager said Friday in its annual proxy filing.
/jlne.ws/43FjZsY
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China's top doc George Fu Gao 'not optimistic' COVID origins will ever be revealed: report
Katherine Donlevy - New York Post
The top official in charge of China's COVID-19 response doesn't think the destructive virus' origins will ever be revealed, according to a report. Dr. George Fu Gao, director of the Chinese Center for Disease Control and Prevention, told the Telegraph that he is "not optimistic" that information will be publicly shared because the globe is too invested in the subject.
/jlne.ws/3A4VvM8
Does Honey Really Prevent Allergies?
Kristen V Brown - Bloomberg
This is one I could have sworn was true before digging into it. It just makes a certain amount of sense. Your local honey bees are pollinating local flora and local flora is what makes your seasonal allergies flare up. So why wouldn't their honey be some sort of inoculation? Sadly, it turns out this bit of received wisdom is more fiction than fact.
/jlne.ws/3UGlwe2
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India's Population Surpasses China's, Shifting the World's 'Center of Gravity'
Shan Li and Liyan Qi - The Wall Street Journal
China's population has reigned as the largest in the world for more than two centuries. Now India is taking its place, heralding a major shift in the global order. The United Nations has said India's population is projected to surpass China's sometime this year. Many demographers estimate it could happen this month, if it hasn't already. India's population is expected to reach 1.429 billion by the end of the year, according to the U.N.
/jlne.ws/3A1cMWz
'London Is Over.' A Billionaire Abandons Belgravia Living for Dubai; "It's not selling because London is finished." Or maybe it just comes down to tax.
Bloomberg
"London is over," declares my client over lunch at an exclusive private club in Mayfair that's a home away from home for those who like to make such sweeping observations, and can afford to. He's in town to meet with lawyers and discuss the sale of his Belgravia penthouse, which we've discreetly put on the market. It's about 30% overpriced, in my opinion, asking £28 million ($35 million) when we really should be closer to £20 million.
/jlne.ws/3GK1w4n
Singapore Says Missing Oil Tanker Found Off Ivory Coast
Shiyin Chen - Bloomberg
A Singapore-registered oil tanker that was boarded earlier this week by "unidentified persons" off the coast of Africa has been located. The Success 9 was found off the coast of Abidjan, Ivory Coast, on Saturday and the crew was reported safe, according to a statement from the government of Singapore, where the vessel is registered. A commercial ship passing by had picked up and reported a distress call from the tanker, which has since safely arrived in Abidjan port.
/jlne.ws/3GMCHVu
Drought Is Parching Crops Across Southern Europe for Second Year; Spain faces drought in 60% of its countryside: Italy also dry; Late plantings could reduce crop production: Confagricoltura
Flavia Rotondi, Alessandro Speciale and Megan Durisin - Bloomberg
A dry spell is wilting crops and delaying plantings in some of Europe's top produce growers, risking a further run-up in food inflation. About 60% of the Spanish countryside is gripped by drought, and conditions are worsening for farmers in Italy and Portugal. It follows an exceptionally dry, warm winter in southern and western Europe, curbing the availability of water for agriculture use later in the year.
/jlne.ws/3omFXRq
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