First Read

Hits & Takes
JLN Staff

MarketsWiki Education’s World of Opportunity series had another successful run yesterday over the course of two sessions at IIT’s Stuart School of Business.

Here are a few Did You Know’s from the first session.

Bryan Durkin, president of CME Group, asked the audience if they’d seen the movie “Trading Places.” A surprisingly small percentage of the audience raised their hands. Clearly, the industry needs to do more to promote that movie for the next generation. He also relayed a story about his first day as a “black jacket” at the CBOT. He cried after his first day. Now he’s CME president.

Jennifer Wilson, partner at DRW, mentioned that when she was getting into the industry as a youngster, she received a copy of “Options Volatility and Pricing” by Sheldon Natenberg for Christmas. So now you know how holidays go when the family includes a diehard trader.

Joe Guinan, CEO and chairman of Advantage Futures, somehow tied French Jesuits, Miley Cyrus and the Boy Scouts together into a coherent speech about building a career. Props to Joe for that accomplishment.

Amy Shelly, CFO and senior vice president with OCC, traced her path to the C-suite. Bottom line: you never how you’re going to get there. Her first job in accounting was with Mitsui — she still knows more about steel than she can forget.

Richard Sandor, the father of financial futures, demonstrated the opportunities available in an exchange town through the lens of his own new young hires and their different career paths up until now. (Sandor was wearing his hat.)

Terry Savage, behind many ‘firsts’ for women, took a different tack, and lectured the audience on the need for financial security as they get older. She would probably have a lot to argue about with Tom Sosnoff, who spoke on Monday, regarding passive investing. But this series is all about exposure to different points of view. –SD

The speakers at the second session of MarketsWiki Education on Wednesday came from widely different backgrounds and spoke on a variety of topics, but one common theme was that even in this age of electronics and algos, how you relate to other people is crucial.

“Reputation is your best friend,” according to the CME Group’s Julie Armstrong Menacho. It is important to “be yourself” and be kind to everyone you meet – not just the C-suite folks. Being able to engage with customers was what landed her jobs that she wasn’t necessarily fully qualified for, but ended up doing very well, Menacho said.

Back in the days of pit trading, the saying “My word is my bond,” meant everything; nowadays, we have to put our trust in technology, said Pat Kenny of CQG. Nevertheless, he said, honesty and transparency are watchwords even today, and you will meet people in the industry who you will know for a long time.

Kenny, who started as a runner at the CBOT and was “the world’s worst trader,” before he joined the ISV Patsystems, said trust is the most important aspect of relationships. He said building trust requires: being honest about what you can and cannot offer; using good judgement; honoring your commitments; practicing good nonverbal communication (put away your phone during meetings!); and having an attitude of “we” rather than “me, me, me.”

Even the most technical of the talks included the advice that firms and exchanges need to be open and transparent about how they manage their order execution and matching.

And creating and managing the right “brand” is about your reputation as well, or as David Kelbaugh, founder and CEO of the marketing firm Tacklebox, put it, “Your brand is about how you will be remembered,” rather than the product you’re selling. – SR

Our friends at the Commodity Markets Council, including Charlie Carey and Greg Doud, rang the bell at Nasdaq yesterday.~JJL

(Click for larger image)


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Street Contxt Launches New Service for Buy Side Investors
Street Contxt
Street Contxt, a fintech company that helps brokerages, independent research providers, and asset managers distribute, manage, unbundle, and value research, today announced the official launch of its buy side service. The new functionality allows investors, including hedge funds, pension funds, and institutional asset managers, to never miss information that they care about by centralizing and organizing the entire firm’s content and knowledge, whether it comes from brokers, independent research providers, internal sources, corporate IR, filings, the web, or anywhere else.


German regulator to assess suitability of Deutsche Boerse management
A German regional exchange regulator will assess the suitability of Deutsche Boerse’s (DB1Gn.DE) management board after allegations of insider trading against the company’s chief executive officer earlier this year.

***** I guess that casual summer wardrobe edict was a bad idea, or am I missing something?


Wednesday’s Top Three
It’s not a competition, but if it was, Bloomberg’s story on the crytpo coin market would be the winner by a longshot. Ethereum Co-Founder Says Crypto Coin Market Is a Time-Bomb, is also another way of saying we may have hit the top in the market. But following the path of disruption, the second most read piece was Bloomberg’s Banks May Face Kodak-Style Obsolescence in 5 Years. Finally, everyone came to their senses in Singapore, as the traditional lunch break is now back. The FT covered it in Singapore traders regain appetite for lunch and promptly went for something to eat.


MarketsWiki Stats
104,741,480 pages viewed; 22,609 pages; 207,114 edits
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Lead Stories

The Financial Industry Needs to Start Planning for the Next 50 Years, Not the Next Five
Nadeem Shaikh –
Despite rapid innovations in data processing and machine learning, many businesses have yet to make the leap from the Industrial Age to the information age, and the gap between technological and organizational progress is widening. Closing this gap requires much more than short-term fixes, like adopting new technologies. Businesses need to organize around long-term strategies for growth and partnership in a sustainable way. The consequences for not doing so can be dire.

**Also from this piece: According to McKinsey, legacy financial institutions will see profits decline 20% – 60% by 2025 if they fail to evolve digitally.

Wall Street Efforts to Improve Its Image Fail to Sway Americans
Tom Metcalf and John McCormick – Bloomberg
Bad news for financial titans like JPMorgan Chase & Co.’s Jamie Dimon and Goldman Sachs Group Inc.’s Lloyd Blankfein: Most Americans hold unfavorable views of Wall Street banks and corporate executives, and distrust billionaires more than they admire them.

US tech sector surges past its dotcom era peak; Ninth consecutive day of gains pushes S&P 500 IT index into virgin territory
Eric Platt in New York – FT
Most records are eventually broken, and this week the S&P 500 technology sector finally surged past its dotcom bubble peak of March 2000.

The U.S. Drought Is Turning Wheat Into Hay
Sydney Maki and Megan Durisin – Bloomberg
Northern Plains farmers harvest before kernels can fully form; New threat for supplies already set to shrink with fewer acres
The stunted wheat plants on Robert Ferebee’s parched North Dakota farm were in the worst condition he’d seen in almost three decades. Rather than wait until late July or early August to harvest the crop, Ferebee decided last month to cut his losses and his fields.

EU’s Barnier Says Still Disagreement With U.K. Over Citizens’ Rights
Ian Wishart and Tim Ross – Bloomberg
Barnier says EU wants ECJ to protect citizens in U.K.; Davis says two sides undersatnd each other’s positions
The second round of Brexit talks finished with disagreements about the role of the European Court of Justice, the divorce bill that Britain will pay the European Union, and maintaining Ireland’s soft border.

Billionaire quants intensify their ‘smart factor’ smackdown; Rob Arnott and Clifford Asness clash publicly over the role of ‘factor’ investing
John Authers – Financial Times
Is it possible to time factors? Perhaps it is better to put the question in a longer form that people other than quantitative investors have a chance to understand. There are several factors that have been shown over the long term to help some stocks to outperform others; these include value (cheap stocks do better), momentum (winners tend to keep on winning) and size (small-cap stocks tend to do better). Is there any way to time when any particular factor is going to do well?

Convictions of 2 Former Traders in Libor Scandal Are Dismissed
Chad Bray- NY Times
A United States appeals court threw out the convictions of two former London-based traders at the Dutch bank Rabobank on Wednesday, in what had been the first American criminal case to arise from investigations into the manipulation of the interest rate benchmark known as Libor.

Big HFT warns against late change to EU trading rules; The European Commission is looking to close a perceived trading loophole in Mifid II that could hurt traditional exchanges
Samuel Agini – Financial News
One of the world’s best-known high-frequency trading firms has told European authorities it is too late to start making changes to Europe’s incoming securities rulebook — which has already been beset by delays.

Wall Street banks that complain about burdensome rules made $20 billion last quarter
John Detrixhe – Quartz
Since the global financial crisis, Wall Street banks are more boring than they used to be. The rules imposed after the subprime-driven meltdown favor things like simple loans and deposits, require big capital buffers in case there’s another crash, and discourage activities like trading with a bank’s own money. The result is a safer financial system, according to the Federal Reserve (pdf).

Finra seeks to raise pressure on firms hiring rogue brokers, avoiding arbitration payments; Board advances proposals to amend membership applications to allow the regulator to scrutinize troubled brokers, pending monetary awards
Mark Schoeff Jr. – Investment Week
The Finra board has advanced proposals that would give it more opportunities to put pressure on financial firms that hire brokers with checkered disciplinary histories or avoid paying arbitration claims.

Exchanges, OTC and Clearing

Traders Rejoice: Lunch Break Is Returning to Singapore’s Stock Market; SGX will reinstate a daily one-hour lunch break in November
Steven Russolillo – WSJ
Traders in Singapore soon won’t have to worry about being chained to their desks for lunch.

Prosecutor’s offer to drop probe eases pressure on Deutsche Börse chief; No action against Carsten Kengeter means he can focus on other challenges at the exchange
Philip Stafford – FT
The personal trial of Carsten Kengeter, Deutsche Börse’s chief executive, may soon be over — and with it the need to scramble to find a new head of Europe’s largest exchanges operator.

CME Group expands Asia swaps clearing; Swaps products will see CME expand its offering to 21 currencies.
Joe Parsons – The Trade
CME Group has cleared its first swaps in India and Korea, expanding its suite of cleared products in Asia.

Eurex Exchange’s Equity Index Highlights
“Looking back over the past six months, two political events have shaped the narrative in Europe: the anticipated presidential election in France and the rather unexpected election in the UK. We witnessed a huge volume uplift in the VSTOXX® Derivatives segment at the time of the French elections which saw the pro-euro and reformist candidate Macron prevail. This has created a positive tailwind in Europe due to the decrease in political uncertainty, which will add pressure on the ECB to reduce quantitative easing in the second half of 2017. We may experience market weakness as investors adapt to changes in the current accommodative central bank policy.

Metro-Ceconomy Basket, Metro-Ceconomy Dividend Basket: Change of product code
Due to technical reasons, the Eurex product codes will change for the above-mentioned products.

New at the Frankfurt Stock Exchange: JOST Werke AG
Deutsche Börse Group
JOST Werke AG ( ISIN: DE000JST4000 ) has been listed in the Prime Standard on the Frankfurt Stock Exchange since today. The issue volume of the private placement was around 231 million euros. The first exchange price was 27.40 euros, the issue price was 27.00 euros.

TOCOM and Holly Su Futures Sign Memorandum of Understanding
The Tokyo Commodity Exchange, Inc. (TOCOM) announced today the signing of a Memorandum of Understanding (MOU) with Holly Su Futures (Hong Kong) Co., Ltd. in Nanjing. The MOU establishes a cooperative relationship for collaborating on mutually beneficial business opportunities. They will also pursue projects to increase market liquidity and reliability.

Deutsche Börse AG: Hearing Letter by the Public Prosecutor
Deutsche Börse
The Company today has received a notification of hearing from the public prosecutor’s office in Frankfurt a.M. notifying the Company that it intends to formally involve the Company in the ongoing investigation proceedings against the Chief Executive Officer of the Company, Carsten Kengeter.


Equinix Invests $42M in SY4 Data Center Expansion
Robert Demeter – Commercial Property Executive
Equinix Inc. plans to invest $42 million to expand its SY4 International Business Exchange data center near Sydney, Australia, to meet the rising demand for additional capacity and interconnection services.

London Stock Exchange latest to partner with IBM on blockchain; The technology company has emerged as a key partner for financial services firms looking into distributed ledgers
Samuel Agini – Financial News
The London Stock Exchange has joined a growing list of big names from the world of finance to partner with the technology giant IBM in a bid to bring blockchain to financial services.

Goldman Sachs is on a hiring spree to become the Google of Wall Street
Frank Chaparro and Matt Turner – Business Insider
Goldman Sachs is looking to fill over 20 positions for its Marquee platform, which is at the heart of its plan to become the Google of Wall Street.; The Marquee platform offer clients access to Goldman’s firmwide risk platform and pricing system SecDB.
Goldman Sachs wants to become the Google of Wall Street, and now it is staffing up the unit that could help it achieve that goal.


Trump Will Nominate Former Senate Aide Hester Maria Peirce For SEC Commissioner
U.S. President Donald Trump intends to nominate former Senate Republican aide Hester Maria Peirce to be a member of the Securities and Exchange Commission, the White House said on Tuesday.

Big German Bank, Key to Trump’s Finances, Faces New Scrutiny
Ben Protess, Jessica Silver-Greenberg and Jesse Drucker – NY Times
During the presidential campaign, Donald J. Trump pointed to his relationship with Deutsche Bank to counter reports that big banks were skeptical of doing business with him.

Manafort Was in Debt to Pro-Russia Interests, Cyprus Records Show
Mike McIntire – NY Times
Financial records filed last year in the secretive tax haven of Cyprus, where Paul J. Manafort kept bank accounts during his years working in Ukraine and investing with a Russian oligarch, indicate that he had been in debt to pro-Russia interests by as much as $17 million before he joined Donald J. Trump’s presidential campaign in March 2016.


FIA comments on EMIR Review part 1 REFIT proposals
On 18 July, FIA submitted a response to the European Market Infrastructure Regulation (EMIR) Part 1 (REFIT proposals). Many of the European Commission’s (Commission) proposed measures reflect FIA’s previous comments. As a result FIA’s response to Part 1 of the REFIT makes the following recommendations:
Reporting of exchange traded derivatives (ETDs). FIA encourages the Commission to clarify:

German regulator to assess suitability of Deutsche Boerse management
A German regional exchange regulator will assess the suitability of Deutsche Boerse’s (DB1Gn.DE) management board after allegations of insider trading against the company’s chief executive officer earlier this year.

Florida man settles SEC insider trading charges over Apple takeover
A Florida man has agreed to pay $278,773 to settle U.S. Securities and Exchange Commission insider trading charges stemming from Apple Inc’s (AAPL.O) purchase of his employer, mobile security company AuthenTec Inc.

Libor Traders’ Appeal Win Could Chill U.S. Cross-Border Cases
Bob Van Voris, Tom Schoenberg and Suzi Ring – Bloomberg
Convictions of Rabobank traders tossed on tainted testimony; Court finds U.K. interviews were improperly used by U.S.
A New York appeals court tossed out convictions of two former London-based Rabobank Groep traders for manipulating the Libor benchmark rate, ruling that their forced testimony to a U.K financial regulator was improperly used against them in a U.S. criminal trial.

U.S. Hunt for Nigeria Fraud Cash May Come Second to a Small Bank
Franz Wild and Donal Griffin – Bloomberg
Banque Havilland lines up first for N.Y. condominium proceeds; Aluko signed One57 mortgage as U.K. investigated his wealth
One57 building in New York. Photographer: Michael Nagle/Bloomberg
U.S. prosecutors trying to recover proceeds from an alleged $1.5 billion Nigerian fraud may have to wait their turn.

Record SEC award expected for JPMorgan whistleblowers
Ann Marsh – Financial Planning
The SEC is expected to present the largest whistleblower award in its history – possibly $70.6 million or more to be shared by two whistleblowers in a case involving a former adviser at JPMorgan Chase – according to an SEC letter obtained by Financial Planning.

CFTC charges Scharf and Shah over USD16m binary options fraud scheme
The Commodity Futures Trading Commission (CFTC) has charged Jason B Scharf, a worldwide web of companies he controlled, and affiliate marketer Michael Shah and his company Zilmil, with unlawfully soliciting and accepting more than USD16 million in connection with illegal binary options contracts.

ESMA to cooperate with Indian regulators on CCPs
The European Securities and Markets Authority (ESMA) has established a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI) under the European Markets Infrastructure Regulation (EMIR).

ESAs’ Joint Board of Appeal decides on FinancialCraft Analytics appeal against ESMA’s registration decision
The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in an appeal brought by FinancialCraft Analytics Sp. z o.o. (formerly named Global Rating Sp. z o.o.) against a decision of the European Securities and Markets Authority (ESMA).

SEC Bars Lawyer Who Committed Fraud
The Securities and Exchange Commission today barred a New York-based attorney from appearing or practicing before it and acting as an officer or director of a public company after finding that he made false and misleading statements in corporate filings.

Investing and Trading

Loophole Closed: Hedge-Fund Managers Prepare Huge Tax Checks; Steven Cohen, David Einhorn and others are facing looming tax bills for years of offshore gains
Gregory Zuckerman and Rob Copeland – WSJ
Hedge-fund managers for years accumulated offshore gains without paying federal and state taxes. Now Uncle Sam is going to get paid.

Visiting the Trump White House may be good for your share price; Companies whose CEOs met the president had an apparent stock market boost, researchers find
Lauren Leatherby – FT
What do America’s corporate chieftains get out of a visit to the Trump White House? A coincidental $170m bump in their company’s market value, on average, based on one academic analysis.

Coal has no future, says US railroad boss; CSX will not buy locomotives to haul the fuel despite Trump pledge to revive industry
Gregory Meyer in New York – FT
One of the largest haulers of US coal says fossil fuels have no future, despite pledges to the contrary from President Donald Trump.

Banks’ Asset Managers Embrace Calm Markets That Crippled Traders
Dakin Campbell and Hugh Son – Bloomberg
Wealth, asset-management units benefit from stock-market rally; Divisions at three banks post record profits as fees climb
Wall Street’s bond traders may abhor the lack of volatility that’s overcome markets. But their colleagues who are managing other people’s money certainly seem to like it.

Hedge Funds Performing Their Best Since 2009
Institutional Investor

Markets to Fed: Please Leave Us Alone; Financial pros think the Fed’s market manipulation is dangerous, and with Trump, their views are gaining prominence
Greg Ip – WSJ
Bond yields around the world have surged since the European Central Bank hinted last month that its bond buying was coming to an end, a replay of the “taper tantrum” in 2013 when the Federal Reserve caught markets off guard with similar plans.

Seven charts that show how the developed world is losing its edge; The gap between rich and poor nations narrows as the sources of dynamism in high-income economies slow
Martin Wolf – FT
What is happening to the world economy? Here are some answers, in seven charts. They reveal a world undergoing profound changes.

Half of firms trading more bonds electronically – survey; Regulation seen as major driver in electronification of bond trading.
John Bakie – The Trade
Asset managers are increasingly trading fixed income securities on electronic venues, according to a survey conducted by Liquidnet.

JonesTrading adds six traders to equities team; Broker makes significant investment in single stock and program trading.
The Trade News
JonesTrading has hired six new staff to its equity trading team to bolster its high-touch service.

Sword of Damocles hangs over Wall Street but may not drop yet
Ambrose Evans-Pritchard – Telegraph
Global economic expansions do not die of old age. Outside war or violent energy shocks they are invariably murdered by central banks fearing inflation.

Companies Go Public, and the Board Is a Boys’ Club; Nearly half of the 75 biggest initial public offerings of the last three years involved companies that lacked female directors when they went public
Joann S. Lublin – WSJ
Despite aggressive efforts to place women on corporate boards, few newly public companies heed the call.


Morgan Stanley Gives Goldman Sachs a Lesson in Diversity
Antony Currie – Dealbook
James P. Gorman, the chief executive of Morgan Stanley, is teaching his rival Wall Street boss Lloyd C. Blankfein the benefits of diversity.

James Gorman Is in No Mood for Target Practice
Liz Hoffman – WSJ
Morgan Stanley Chairman and CEO James Gorman barely had time to bask in the glow of a strong earnings beat before he was taking questions from analysts about what comes next.
About 15 minutes into the firm’s second-quarter earnings call, analysts asked Mr. Gorman whether Morgan Stanley would set more ambitious targets for trading revenue and wealth management profit margin now that the Wall Street firm has met its targets.

Goldman’s Partners Cash Out; Goldman’s partners stake in the company slips below a regulatory threshold that had mandated public disclosures
By Liz Hoffman – WSJ
Goldman Sachs Group Inc. GS -0.20% became a public company 18 years ago. It is starting to look more like one.

Goldman Partners Mark End of Era as Stock Holding Drops Below 5%
Dakin Campbell – Bloomberg
Departures, share sales diminish stake held by bank’s partners; Stock sales made by Cohn, Ealet helped drive the decline
In a symbol of how much Goldman Sachs Group Inc. has changed from its days as a true partnership, the company disclosed Wednesday that the combined ownership of its so-called partners has dropped below 5 percent.

Northern Trust to set up EU bank in Luxembourg ahead of Brexit
Huw Jones – Reuters
Asset management company Northern Trust (NTRS.O) will set up a European Union banking base in Luxembourg following Britain’s decision last year to leave the bloc, the body promoting the Grand Duchy as a financial centre said on Wednesday.

New York’s DiNapoli asks Dimon to back off a proxy reform
Ross Kerber – Reuters
JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon, who has faced tough shareholder resolutions, is being asked to save them.

Gaining a Better View of What Lurks in Banks; The last crisis left investors guessing about loan losses, an accounting change will fix that – at a cost
Paul J. Davies – WSJ
A major improvement in how European banks account for loan losses is coming in January, which could give clues to how a similar change will affect American peers. But greater transparency won’t come free.


Yen Could Face Pressure as Japan Becomes an Outlier; Many analysts believe the Bank of Japan won’t start unwinding its easing programs until the end of 2018
Chelsey Dulaney – WSJ
Investors have been focused on the U.S. dollar’s big slide this year, but the Japanese yen may actually be the biggest loser from the shift toward tighter monetary policy across the globe.

Germany Warns Investors, Visitors on Turkey as Ties Deteriorate
Patrick Donahue and Rainer Buergin – Bloomberg
Economy and NATO are levers to influence Erdogan: CDU’s Hardt; Turks should realize Erdogan is leading them into a ‘dead end’
Germany’s government warned companies against doing business in Turkey and issued revised guidelines for travelers as Foreign Minister Sigmar Gabriel announced a “re-orientation” of policy toward Turkey.


No-deal Brexit would spawn ‘legal morass and economic disaster’; Experts predict widespread, damaging and pervasive effects on Britain if no agreement is reached before planned EU exit in 2019
Heather Stewart – The Guardian
Leaving the European Union without a deal in place would have, “widespread, damaging and pervasive” effects on Britain’s economy and legal system, a report says.

Citigroup Said to Open Frankfurt Hub as Banks Consider Post-‘Brexit’ Moves
Chad Bray and Michael Corkery – NYTimes
Score one for Frankfurt. With Britain locked in negotiations with the European Union over their post-“Brexit” relationship, the financial companies that dominate London’s economy have forged ahead, eager to ensure they can continue to serve clients across the Continent. That has set other European cities scrambling to win a slice of the business that the British capital has long kept for itself.

Branch out to avoid a post-Brexit capital markets crunch; Europe lacks the services ecosystem that leaves London the only town in the game
Reza Moghadam – FT
It could just be confidence talking when EU officials shrug off warnings about the coming hit to capital markets from Brexit. After all, the reasons for optimism have lately been plentiful: a widening economic recovery, the defeat of Euroscepticism at the polls, hopes for deeper reforms led by France and Germany, and unified positions on key issues, including Brexit.

Barnier: ‘Vital’ that UK clarifies position on exit bill
Jim Brunsden – FT
The EU’s chief Brexit negotiator has said that it is “vital” that Britain set out a detailed position on its exit bill from the bloc if talks are to advance, warning that it was one of the major sticking points to emerge during discussions this week in Brussels.

France Says ‘We Want Our Money Back’ as Brexit Talks Crawl On
Helene Fouquet and Ian Wishart – Bloomberg
Le Maire cites 100 billion-euro sum in parliamentary hearing; Second round of Brexit talks wrap up in Brussels Thursday
France insisted that the U.K. pay a Brexit bill of as much as 100 billion euros ($115 billion), underlining the hurdles to substantial progress in negotiations toward a new relationship with the European Union.

Deutsche Bank Preparing for Hard Brexit, CEO Cryan Tells Employees
William Canny, Jan-Henrik Foerster and Aaron Kirchfeld – Bloomberg
‘Vast majority’ of assets to be booked in Germany, he says; CEO says roles will need to be moved or added in Frankfurt
Deutsche Bank AG is preparing for a hard Brexit and will probably book the “vast majority” of its assets in Frankfurt, Chief Executive Officer John Cryan tells employees in a videotaped message.

Brexit ‘uncertainty’ has lead to drop in overseas university students, says Tory minister;
According to the latest figures from the admissions service, Ucas, the number of EU students applying for a place at a UK university has dropped by five per cent on last year
Ashley Cowburn – Independent
Christians protesting LGBT Pride surprised as pro-gay ‘Jesus’ turns up
Uncertainty surrounding the UK’s future with Brexit could have caused a drop in overseas students coming to Britain, according to a Conservative minister.

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