Hits & Takes
John Lothian & JLN Staff
There is a bit of deflation running through the NFT market, particularly with the NFT of Jack Dorsey’s first tweet dropping from $2.9 million to just under $14,000, according to a WSJ story. There is a bid for the Dorsey tweet just under $14K, which is quite the drop. It is a good thing we don’t have NFTs as part of the CPI.
Elon Musk has been branded a liar by a judge in the case involving his statements about taking Tesla private. The judge ruled the statements were “false and misleading.” The court “held that he recklessly made the statements with knowledge as to their falsity,” Reuters reported. That sounds like lying to me. That is not the kind of person I want to be the owner of Twitter, just an FYI.
One of the important things to be able to do is to change your mind when the situation changes. President Biden is reportedly allowing the U.S. to resume oil and gas drilling on public land, despite having promised not to allow drilling as a campaign pledge. Now, you could be cynical and say he was lying, but that would be politics. The situation has changed and the greater good now calls for greater energy production in the short term, even if it means going back on a campaign pledge. The ability to rethink and relearn is not easy, but it is an important skill. Try the book “Think Again” by Adam Grant to learn more about the subject.
The Global Cyber Security Initiative 2022 annual conference in Chicago is on April 26 starting at 8:30 a.m. at the Illinois Technology Kent College of Law. The Global Cyber Security Initiative (GCSI), an annual cyber security summit, is co-hosted by the Illinois Institute of Technology (IIT) and the Pan Asian American Business Council (PAABC). For more information about the conference and to register, go HERE.
The GCARD April 2022 Newsletter is now available online and features articles “by Nick Vasserman, Ron Miller, PE, MBA, CEM, REP, John Lothian, Blu Putnam, and Arthur Yu. The newsletter also includes interviews with Chris Calger and Sharon (Hyman) Weintraub as well as news on the GCARD’s new Editorial Advisory Board member, David Fyfe. In addition, the latest newsletter includes a presentation by Dr. Tom Brady.”
I love Eurex’s sense of humor. It was on display on LinkedIn over the weekend with this pun-filled post: “In case you were wondering if we’re swapping our “eurexcellent” puns for “eggs-ellent” this Easter – then yes, you’re right, we absolutely are. HappyEaster from the Eur-eggs team.”
Lindsey Patterson has been promoted to account executive with Forefront Communications Group Inc. Lindsay is a graduate of Fordham University with degrees in American Studies and Journalism. Congratulations Lindsey.
New CFTC Commissioner Summer Mersinger posted a tribute to her former boss Dawn Stump, who just left the CFTC when Caroline Pham was sworn in as a commissioner. It was a classy move by Commissioner Mersinger.
There is snow in Elmhurst this morning and in Wisconsin some schools are closed due to the spring storm. But it is time to start thinking about getting on your bike again, so the New York Times has a helpful article “Six Exercises for Mountain Bike Newbies and Veterans” that they bill as helping you avoid cycling injuries and improve performance. I so want to get back on my mountain bike again and ride the prairies and plains of Illinois.
Thank you again to Doug Ashburn for his donation to the JLN MarketsWiki Education GoFundMe campaign and best of luck to him as he starts his first day of work at Britannica today. Good luck, Doug.
I am more than halfway done with my radiation treatments for prostate cancer and surprised by how well I am feeling. I could use more sleep and exercise, but am otherwise feeling pretty good.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
ICYMI: Cboe Global Markets is holding a webinar on Wednesday, April 20 at 12:00 p.m. ET on “Trading SPXW Options with Expirations Five Days a Week” with Scott Bauer, Prosper Trading Academy; Joe DeSipio, Arin Risk Advisors; and Anthony Montesano, Cboe. You can go here to register. ~SR
Cboe, MIAX & OCC Release Trading Volumes; Tesla CEO’s stake in Twitter Sparks Options Bets; Cboe Awards Scholarships #2
“Alex Perry’s Optionstopia” takes a look at this week’s options news highlights: FEX Global Suspends Argus Futures and Options Contracts; CME Group Makes Leadership Changes; ICE Expands ESG Efforts
TERM OF THE WEEK: Euronext presents “Options Term of the Week”. A right to Buy or an Obligation to Sell
Catherine Clay on How Cboe Global Markets is a Different Company Now at Boca 2022
Cboe Global Markets is a very different company today than it was the last time people gathered together at FIA Boca, said Catherine Clay, the company’s executive vice president, global head of data and access solutions. Cboe has made a number of strategic fintech acquisitions in recent years, acquiring Hanweck Associates, a real-time risk analytics company, FT Options, a portfolio management platform, and TradeAlert, a distributor of market intelligence, in 2020, and acquiring the Canadian fintech company NEO and the digital asset spot market ErisX in 2021.
Here’s How We Can Eat Our Chocolate With a Little Less Guilt; Enjoy your chocolate bunnies today, but spare a thought or two for global warming, ethical farming and your calorie intake.
Lara Williams – Bloomberg
Happy Easter! Maybe this column will find you enjoying the long weekend and spring weather with loved ones, or maybe it’ll find you in full goblin mode, scarfing down chocolate bunnies in the sweatpants you first wore on Friday and haven’t taken off since.
Single mom sues coding boot camp over job placement rates
Aarthi Swaminathan – Bloomberg
A single mom who signed up for a $30,000 income-share agreement at a for-profit coding bootcamp has filed a lawsuit in California, alleging she entered the agreement under “false pretenses.”
*****Coding camps were the sure thing. Maybe not. ~JJL
Coinflip Named Official Presenting Sponsor Of Thinkchicago 2022; In Partnership with World Business Chicago, CoinFlip will Participate in Events for University Students
CoinFlip, a leading financial services platform focused on the digital economy, announces today its presenting sponsorship of ThinkChicago, a national STEM talent attraction & retention program led by World Business Chicago. Through this sponsorship, CoinFlip will support, present, and organize various ThinkChicago events to connect with university students and educate them about the opportunities within the fintech industry. The partnership further enhances CoinFlip’s commitment to giving back and serving its hometown base of operations in Chicago.
*****Coinflip was a trading strategy used for years in the Chicago markets. Interesting name for a financial services platform.~JJL
Money.Net Launches Scout, the Next-Generation Financial Data, Analytics and Chat Platform for Retail Investors; Scout is a Web-based financial data and analysis platform powered by Money.Net featuring ScoutChat, an online chat community delivered by Symphony
Money.Net, a financial data and analytics company, announced today that it has launched Scout, a web-based financial platform for retail investors. Available immediately, the platform features a new online community, ScoutChat, a unique forum for investors of all experience levels.
******The ScoutChat includes a tent feature where the Scouts chat in the tent and keep their leaders up all night. Oh, that is a different kind of Scout chat.~JJL
Friday’s Top Three
Our most clicked story Friday was the picture of Caroline Pham being sworn in as a new CFTC commissioner on John’s LinkedIn page. Second was a video interview of Citadel CEO Ken Griffin on Bloomberg TV. Third was the page to donate to Fleur Sohtz’s fundraiser for Summer Bluefish, a program that provides free swimming lessons to underserved youth.
26,807 pages; 238,145 edits
Gary Gensler Reflects on His First Year as S.E.C. Chair; “No one could be really prepared for a job like this,” the nation’s top markets regulator said.
Ephrat Livni – NY Times
Almost exactly one year ago, Gary Gensler was confirmed as chair of the Securities and Exchange Commission. The Senate approved him in a 53-to-45 vote, with nearly all Republicans opposing Mr. Gensler, a former Goldman Sachs executive and veteran of the Clinton and Obama administrations who had voiced support for tougher reporting rules for public companies.
‘The NFT thingy is starting to burst,’ warns guru whose ‘Black Swan’ theory foresaw 2007 financial crisis
Erin Prater – Fortune
The NFT bubble is beginning to burst, says the man who was one of the few to see the 2007-2008 financial crisis coming in a book some consider one of the most influential since World War II. “The NFT thingy is starting to burst,” Nassim Nicholas Taleb, author of the 2010 New York Times best seller The Black Swan, tweeted Saturday. “All you need is higher interest rates for things that make no sense to start making no sense.”
Long Covid: the invisible public health crisis fuelling labour shortages; Many people with lingering symptoms of Covid-19 have been forced to leave the workforce entirely. Can businesses create policies to help?
Delphine Strauss and Jamie Smyth – FT
When Katie Lazell-Fairman returned to work after recovering from a Covid-19 infection, she quickly discovered that the virus had taken a much heavier toll on her body than she initially realised. “I woke up suddenly feeling incredibly exhausted, dizzy. My heart rate was 135 beats per minute standing, 140-150 walking,” says the 35-year-old, a data scientist from New York. “I couldn’t think straight and struggled to code on my laptop.”
A court battle that has raised concerns about Spacs; Lawyers and regulators now have lopsided financial products in their sights
Sujeet Indap – FT
In 2020 and 2021, the Wall Street and Silicon Valley luminaries who sponsored the flurry of US blank cheque companies known as Spacs had a simple message for retail and institutional investors: we can be partners who could make fortunes hand-in-hand. Investors would stump up cash and the sponsors would use their connections and acumen to find private companies ready to shine in the public markets.
SEC Obtains TRO and Asset Freeze against Alleged Perpetrators of nearly $450 Million Ponzi Scheme
The Securities and Exchange Commission today announced charges and an asset freeze against several Las Vegas-area individuals and companies allegedly behind a nearly half-billion dollar Ponzi scheme involving purported personal injury settlements. The SEC charged certain defendants with violations of the antifraud provisions of the federal securities laws, certain individual defendants with acting as unregistered brokers, and all defendants with engaging in an unregistered securities offering.
Cutting-Edge Crypto Coins Tout Stability. Critics Call Them Dangerous; Algorithmic stablecoins that use financial engineering to link their value to the dollar have surged in popularity
Alexander Osipovich – WSJ
A new breed of cryptocurrencies is seeking to replicate the stability of the dollar. But critics say they are a disaster waiting to happen. So-called “algorithmic stablecoins” have surged in popularity in recent months, spurring debate over whether they are good for the crypto industry. They are the edgy upstart sibling of conventional stablecoins—digital currencies that seek to maintain a one-to-one relationship with a traditional currency, usually the dollar.
Jack Dorsey Tweet NFT Once Sold for $2.9 Million, Now Might Fetch Under $14,000; Modest bids for tweet, converted to a nonfungible token last year, show a maturing NFT market
Meghan Bobrowsky – WSJ
Twitter Inc. founder Jack Dorsey’s first tweet was converted to a nonfungible token last year and sold for $2.9 million. Now, it may be resold for less than $14,000, a reflection of a maturing NFT market. Sina Estavi, chief executive of Malaysia-based blockchain company Bridge Oracle, paid $2.9 million last March for the NFT, a digital certificate that says he owns Mr. Dorsey’s tweet, which reads “just setting up my twttr.”
Ex-BofA Treasury Note Trader Admits to Spoofing; Tyler Forbes admitted to entering illegal phony orders, prosecutors say
Richard Vanderford – WSJ
A former Bank of America Corp. trader has pleaded guilty to spoofing, admitting to entering phony orders to try to influence the market for U.S. Treasurys. Tyler Forbes, 27, on Thursday entered a plea to a single count of manipulating securities prices at a hearing in Brooklyn federal court, according to prosecutors. Mr. Forbes, who traded in the secondary market for U.S. Treasury notes, entered large so-called spoof orders to move the market ahead of genuine orders he intended to fulfill, prosecutors said.
Beijing Wants European Companies to List in China. It Remains a Tough Sell; A trading link between Chinese and European exchanges has so far attracted only companies from China
Jing Yang – WSJ
Beijing is trying to revive a long dormant stock-exchange link with Europe, after years of unsuccessful attempts to lure multinational companies to list their shares in China. The problem: No European company is comfortable with the idea. On Feb. 10, China’s stock-market regulator said it would expand a nearly three-year-old link between the stock exchanges of Shanghai and London to include bourses in Germany, Switzerland and Shenzhen. It also made rule changes that would enable European companies to sell new shares and raise funds from investors in mainland China, and simplified their financial-reporting and disclosure requirements.
London Stock Exchange to enter market for private company financing
Huw Jones – Reuters
The London Stock Exchange Group (LSEG) said on Tuesday it had teamed up with digital private asset platform Floww to enter the market for unlisted companies that want to raise capital. Britain is reforming its capital market after leaving the European Union to ensure London still attracts global investors.
DeFi Project Beanstalk Loses $182 Million in Flash Loan Attack; Hacker gets away with $80 million, donates $250,000 to Ukraine; Beanstalk’s stablecoin token BEAN fell about 75% from $1 peg
Sidhartha Shukla – Bloomberg
Decentralized finance project Beanstalk Farms suffered one of the largest-ever flash-loan exploits on Sunday, sending its price tumbling. The credit-focused, Ethereum-based stablecoin protocol suffered a total loss of around $182 million and the attacker got away with around $80 million of crypto tokens, according to blockchain security firm PeckShield, which had flagged the incident on Twitter. The project’s native token BEAN fell about 75% from its $1 peg against the dollar, pricing from CoinGecko showed.
Carbon-linked crypto tokens alarm climate experts; Traders are converting older, lower-quality offsets into virtual assets
Camilla Hodgson – FT
Crypto enthusiasts are rushing to bring the green revolution to the blockchain, but environmental experts fear the new boom in digitising carbon offsets may undermine efforts to tackle climate change.
The 26-Year-Old Dropout Lapping the Hedge-Fund Field; Fund manager, startup founder, blogger: Eva Shang is cracking the private debt market. The $400 million she raised in six months says Wall Street is taking notice.
Matt Wirz – WSJ
Eva Shang is doing the hedge-fund thing her way. That means making money but also making time to blog about dreams, her labradoodle and her fear of becoming a Silicon Valley has-been at age 26. Legalist Inc., Ms. Shang’s technology-powered investment firm, raised about $400 million in the past six months. Its funds focus on private debt, a hot patch of Wall Street populated mostly by men with pedigrees from top investment banks and private-equity firms.
JPMorgan Unveils Headquarters With Dimon Committing to New York; Bank reveals plans for tower under construction in Manhattan; Dimon affirms bank’s connection to ‘best city in the world’
Natalie Wong and Jill R Shah – Bloomberg
JPMorgan Chase & Co. unveiled plans for its new global headquarters — a 60-story skyscraper in midtown Manhattan that, according to the bank, demonstrates its commitment to New York City’s revival. To encourage employees to back that revival, it’s offering lots of amenities at the Park Avenue tower, including yoga and cycling rooms, meditation spaces, an abundance of outdoor areas and a state-of-the-art food hall, according to a statement Thursday. Such enticements could also help JPMorgan with another effort it’s actively engaged in: Wall Street’s intense fight to retain talent.
JP Morgan Is Channeling Its Inner Google With An Eco-Friendly New Headquarters Offering Yoga And Meditation Spaces
Jack Kelly – Forbes
Top-tier investment banking giant JP Morgan is channeling its inner Goolgeness as it unveiled its new state-of-the-art global headquarters at 270 Park Avenue. In a charm offensive to entice employees to come to their offices, the bank is offering Google-type of perks and amenities including yoga and cycling rooms, meditation spaces, outdoor areas and a state-of-the-art food hall.
U.S. to resume oil, gas drilling on public land despite Biden campaign pledge
Katanga Johnson – Reuters
The Biden administration on Friday said it has resumed plans for oil and gas development on federal lands, a move that could break a pledge Joe Biden made while campaigning for president.
The Pandemic Isn’t Over, But Workplace Vaccine Mandates Are Going Out of Style; Nearly a third of employers who previously required Covid shots have dropped or plan to drop the requirement by the end of this year, a survey found.
Emma Court – Bloomberg
By now you’ve probably heard a lot about employers imposing vaccine mandates in the workplace. But you probably haven’t heard that employers are now starting to pull those policies back. Given that the pandemic is still very much in progress, it’s happening a whole lot more than one might expect.
PayPal’s Peter Thiel may be a ‘genius’, but I’m still not champing at the bitcoin
John Naughton – The Guardian
Since powdered rhino horn has (rightly) been banned, only two aphrodisiacs remain: political power and great wealth. Of these, the second is the more interesting, partly because most humans, especially journalists, seem to be affected by it. It’s what leads them to assume that if someone is fabulously rich, then she or he must be very smart. That’s why the super-rich are invariably surrounded by fawning sycophants – and also why they eventually come to believe that they themselves are geniuses.
Russia’s debt default will be one of the hardest in history to resolve and could see the US seize the central bank’s assets, economist says
Harry Robertson – Business Insider
The impending Russian debt default is likely to be one of the most difficult in history to resolve, and could even lead the US to permanently seize assets from the country’s central bank, according to a report from the consultancy Oxford Economics. Russia is facing its first default on its foreign-currency debt since the aftermath of the Bolshevik revolution in 1918.
Coin Center takes aim at ‘unconstitutional’ SEC redefinition of an ‘exchange’
Nonprofit blockchain advocacy group Coin Center has called the Securities and Exchange Commission’s (SEC) proposed redefinition of an “exchange” an “unconstitutional overreach.” The lobby group made the comments in a written response to the SEC’s March 18 Amendments Regarding the Definition of “Exchange”, which details changing the meaning of “exchange” from a “system that brings together the orders” of a security to one that “brings together buyers and sellers.”
CFTC Whistleblower Office Posts NCAs for Forex Fraud Cases
Geoff Schwelle – Whistleblowerblog.org
The Commodity Futures Trading Commission (CFTC) Whistleblower Office recently posted two new Notices of Covered Actions (NCAs) which both cover forex fraud cases. The NCAs signal that individuals may now submit whistleblower award claims for the cases.
Commodity Margin Calls Pose Macroeconomic Risk, Dallas Fed Says
Archie Hunter – Bloomberg
Commodity markets should be tracked for potential macroeconomic risks, Dallas Federal Reserve analysts said in the latest sign that liquidity concerns in the sector have caught the eye of central banks and regulators. “Ongoing developments in commodities should be monitored for potential impacts on financial conditions broadly,” according to the note from Dallas Fed economists, including Jill Cetina, who leads surveillance and supervisory risk analysis.
‘Voting with their feet’: China’s wealthy look to leave after Shanghai lockdown; Emigration inquiries surge as harsh Covid restrictions cause food and medicine shortages
Sun Yu – FT
Chinese immigration consultants say inquiries from wealthy individuals trying to leave the country have surged following the lockdown of Shanghai, underscoring the mounting frustration with Beijing’s zero-Covid strategy. Requests for help have risen sharply this month, according to more than a dozen consultancies, following an outbreak of the Omicron coronavirus variant that led authorities to impose severe restrictions.
The Next Hurdle in Europe’s Energy Transition: Being More Enticing Than NFTs; Financing the next generation of green energy technologies means larger investments and getting venture capitalists to turn their attention away from “fast money.”
Eshe Nelson and Adam Satariano – NY Times
When Jakob Bitner was 7, he left Russia for Germany with his parents and sister. Twenty-eight years later, he is set on solving a vexing green-energy problem that could help Germany end its dependency on imported energy from Russia, or anywhere. The problem: how to make wind and solar energy available 24 hours a day, seven days a week, even if the sun is not shining or the wind not blowing.
How the Russian Orthodox Church is Helping Drive Putin’s War in Ukraine
Geraldine Fagan – Time
Russia’s President Vladimir Putin (L) congratulates Patriarch Kirill of Moscow and All Russia during a presentation ceremony for presenting Andrew the First-Called order in Moscow on November 20, 2021. Credit – Mikhail Metzel- SPUTNIK / AFP
Russian Orthodox Church lends legitimacy to Vladimir Putin’s war in Ukraine; Moscow-led institution risks alienating independent-minded clergy at home as well as many Ukrainians
Polina Ivanova – FT
Father Ioann Burdin, the priest of a small village in central Russia, began his first sermon since the outbreak of war with a promise to pray for the people of Ukraine, and for an end to their suffering.
Natalia Sindeyeva: Russia’s unlikely media revolutionary; Once a socialite, she founded a TV channel that became a beacon of Russian dissent. Now, in exile, she’s plotting her next move
Max Seddon – FT
In aviator shades and a brightly coloured jacket, Natalia Sindeyeva is not a person to let life’s troubles stand in her way. The 50-year-old was treated successfully for breast cancer in 2020; today she puffs happily on miniature cigarettes from a heated tobacco device. A competitive dancer, she is in Istanbul to take part in a tango tournament — the dancing, she says, helped see her through her treatment.
Stay or go? Ukrainian mayors’ agonising choice as Russia invaded; The decision to remain can inspire local people to resist, but also have deadly consequences
Shaun Walker – The Guardian
Two days before the Russian invasion, Ukraine’s deputy prime minister Iryna Vereshchuk received a call from the British ambassador to Ukraine, with a simple message: get out of Kyiv immediately. The call, as Vereshchuk recalled it, was one of a number of warnings made to senior government figures, amid western expectations that the Russian army would swiftly win control of Kyiv and seek to install its own puppet government.
On ‘Easter of war’, pope implicitly criticises Russia over Ukraine
Philip Pullella – Reuters
Pope Francis implicitly criticised Russia for dragging Ukraine into a “cruel and senseless” conflict and urged leaders to strive for peace as he marked what he called an “Easter of war” on Sunday. The 85-year-old pope made the comments in his “Urbi et Orbi” (to the city and the world) address – traditionally an overview of world conflicts – to about 100,000 people in St. Peter’s Square.
Why Ukraine’s Wheat Fields Sow Dictators’ Megalomania; A Q&A with Scott Reynolds Nelson, author of “Oceans of Grain,” on how the region’s rich black earth has darkened and convulsed global history.
Stephen Mihm – Bloomberg
For centuries, Ukraine has been one of the most productive places on the planet when it comes to growing wheat. Russia has long coveted the country for precisely this reason. As the war-ravaged country enters the planting season, I discussed the roots of the current crisis with historian Scott Reynolds Nelson, my colleague at the University of Georgia and author of “Oceans of Grain: How American Wheat Remade the World.”
Exchanges, OTC and Clearing
Building the Marketplace of the Future
HKEX Corporate Strategy
ICE Launches Data Solution for EU Sustainable Finance Disclosure Regulation
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the launch of a data solution for the European Union Sustainable Finance Disclosure Regulation (EU SFDR).
Publication of Japan Exchange Group Green Bond Framework
On April 15, 2022, Japan Exchange Group, Inc. (JPX) published the Japan Exchange Group Green Bond Framework.
Cooperation in the Issuance of Japan’s First Wholesale Digitally Tracked Green Bond
Japan Exchange Group, Inc., Hitachi, Ltd., Nomura Securities Co., Ltd., and BOOSTRY Co., Ltd. today announce their cooperation in the issuance of a publicly-offered wholesale “Digitally Tracked Green Bond”*, the first in Japan, using a corporate bond-type security tokens scheme that utilizes a blockchain provided by BOOSTRY Co., Ltd.
Shanghai International Energy Exchange has released its Circular on the Delivery Issues of SC2205
Shanghai International Energy Exchange has released its Circular on the Delivery Issues of SC2205 as follows: The last trading day for the crude oil futures contract SC2205 is April 29, 2022, and the delivery dates are May 5, May 6, May 9, May 10 and May 11, 2022. Accordingly, Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”) hereby notifies issues concerning delivery as follows:
Elon Musk’s Cryptic Tweet Channeling Elvis Baffles Investors
Michael Tobin – Bloomberg
Billionaire entrepreneur Elon Musk kept investors in the dark this weekend, floating a cryptic tweet with the word “tender,” a likely wink-and-nod reference to a potential tender offer to Twitter Inc. shareholders for control of the company.
In Praise of Standardisation
As a concept, “standardisation” doesn’t sound as exhilarating as “innovation” or “disruption.” But practically speaking, standardisation is a critical underpinning of progress and growth. Standardisation is why you can plug any appliance or device made by any manufacturer into any wall socket (at least, within a given country). And it’s why the variety of apps you download function on your smartphone, regardless of who developed them.
Judge rules Musk’s tweets over taking Tesla private were false, investors say
Hyunjoo Jin – Reuters
A federal judge has ruled that Tesla (TSLA.O) CEO Elon Musk’s 2018 tweets about having secured financing to take the company private were false, according to court filings by Tesla investors suing the billionaire over the tweets. The filing said that the court ruled April 1 that Musk’s 2018 tweets were “false and misleading.” The court “held that he recklessly made the statements with knowledge as to their falsity,” it said.
U.S. Venture Capital Is Pouring Into Canadian Enterprise Tech Startups; ‘U.S. funds have been coming across the border aggressively in the last five years, which has helped fuel cohorts of investable companies,’ says a lead investor at Georgian, a Toronto-based VC firm
Angus Loten – WSJ
U.S. investors are pumping cash into Canadian information-technology startups, which last year raised a record $13.6 billion in venture capital, more than double a previous high set in 2019, according to researcher PitchBook Data Inc.
Some Companies Pull Back on Securitizations as Investors Seek Higher Yields; Issuance of debt backed by consumer and commercial loans dropped 45% in first quarter, data show
Kristin Broughton – WSJ
Some companies that tap the securitization market for cash are pulling back as rising interest rates and the war in Ukraine result in investors demanding higher yields. Fintech lender Affirm Holdings Inc. and auto lender World Omni Financial Corp. are examples of companies that recently pulled or delayed planned transactions.
Currency.com boss: ‘Russia cyberattacked us hours after we quit’; Crypto giant is the latest attacked by Moscow
Jim Armitage – The Sunday Times
When the London-based billionaire Viktor Prokopenya decided to stop his cryptocurrency exchange group Currency.com serving clients in Russia last week, he did not realise how rapidly the backlash would arrive. Within minutes of the announcement came a torrent of abuse and death threats from Russians to his call-centre staff. Unpleasant but perhaps not unexpected, given its 500,000-strong band of customers in the country.
The Urgent Concern That Boardrooms Must Brace For In 2022: Supply Chain Cyberattacks
Avani Desai – Forbes
Last year, organizations found themselves caught in the clutches of an ongoing rampant pandemic, with the world’s economy creaking beneath the weight of the global repercussions. The Covid-19 restrictions caused, among other things, supply chain bottlenecks, an issue that reminded us how heavily consumers and enterprises depend on efficient supply chains. It also exposed this vulnerability to seasoned cybersecurity attackers.
Why We Need People-Defined Cybersecurity
Barry Field – Forbes
Zero trust has become a huge buzzword in the cybersecurity industry. At the last in-person RSA Conference two years ago, the number of vendors claiming to have zero-trust solutions had grown 50%. When we reconvene at that event in San Francisco this June, that number will probably be significantly higher.
Nearly every cybersecurity company out there claims to have a zero-trust solution, so how can you cut through the noise? What exactly is zero trust? What is it not?
Cyber Security Education Firm Aware Force Reports on Most Dangerous Phishing E-mails and Texts Cyber Thieves Sent in Q1 2022
Research by Atlanta-based cyber security employee engagement firm Aware Force shows cyber crooks were devious in the first three months of 2022 in their attempts to dupe people into giving them money and personal information. Here are seven of the year’s most common phishing emails, so far:
AI and Cybersecurity Issues Look Set to Dominate the Privacy Landscape in 2022
Andy: Meghan, the state privacy legislation landscape is evolving rapidly, as you discussed in your recent article in WestLaw. What other “hot” topics in privacy drew the state AGs’ attention in 2021? How might that affect their priorities in 2022? Are there any takeaways for the business community?
Crypto Fund Founder Warns Industry on North Korean Cyber Attacks
All prominent cryptocurrency organizations are probably being targeted by North Korean hackers and should strengthen their cybersecurity, according to the founder of a crypto fund. North Korea is likely to devote more resources to such attacks given the success it’s had so far, said Arthur Cheong, who set up DeFiance Capital in Singapore in 2020 and was himself a recent victim of a cybercrime. He advised crypto firms to take extra care in hiring remote teams, have dedicated computers for crypto transactions and revoke unnecessary token approvals.
The crypto market has something called a ‘fear and greed index’ and it’s getting ugly
Will Daniel – Bloomberg
Cryptocurrencies had a rough start to the year in 2022, but for a time it seemed many top digital assets were making their way out of the crypto winter. Near the end of March, Bitcoin and Ether, the two top cryptocurrencies by market cap, were notching highs not seen since early January.
Understanding FTX’s Guaranty Fund Sizing
Many of the questions that FTX US Derivatives has received in connection with its proposal to offer leverage for U.S. crypto futures, and its $250 million guaranty fund (of unencumbered USD cash), relate to perceived uncertainty around how or whether the 24×7 risk model and the guaranty fund will work in times of stress and/or volatility. Fortunately, through FTX’s experience running the FTX.com trading platform over the last several years, we have objective and historical data based examples that show how well the FTX risk and clearing model works.
Crypto Savant Makes Rich List
Tom Wright – Project Brazen
For our Brazen Rich List this week, we’re delving back into crypto. If you’re looking to survey undercounted wealth, there really is no better place to search than this new and fast-growing industry. So far, Changpeng Zhao, or CZ, the founder of crypto-trading platform Binance, is top of our rich list, with $225 billion in wealth.
Ether Is Struggling as Its Network Hits a Setback
Daren Fonda – Barron’s
A major change in the blockchain was expected in June. The aim is to cut traffic congestion on the network and reduce high transaction fees, which would be a significant development in the world of cryptocurrencies. is larger, but Ethereum is the leading network for “smart contracts” and decentralized finance, or DeFi.
Disclosure NFTs, disclosure DAOs and more
Chris Brummer – Rollcall.com
Circle CEO Jeremy Allaire joins the show to co-host and ask Chris Brummer anything and everything about NFTs and his new white paper, “Disclosure, Dapps and DeFi.”
Worlds Inc. Partners With CrossTower For NFT Marketplace Services Related to First Metaverses
Worlds Inc. (OTCQB: WDDD), a pioneer that developed the first 3D metaverses and technologies crucial to interactive online multi-player gaming technologies, today announces a partnership with CrossTower Inc., one of the world’s top rated cryptocurrency exchanges. Worlds will utilize CrossTower’s global non-fungible token (NFT) marketplace and services to sell NFTs of digital art, avatars, and other artifacts related to the first online interactive virtual worlds (now known as metaverses) created for some of the most famous music and entertainment artists and brands, such as Aerosmith, David Bowie, New York Yankees, DMC, WWE, and Coca-Cola.
What True Conservatives Should Care Most About; There are three threats to civilization that demand more attention than anything else: war, pandemic and environmental catastrophe.
Tyler Cowen – Bloomberg
If you are a true conservative — and I use the term not as Ted Cruz might, but in its literal sense, as in conserving what is of value in the modern world — then you should be obsessed with three threats to the most vital parts of our civilizational heritage, all of which are coming to the fore: war, pandemic and environmental catastrophe.
Small Businesses Object to Clawback of Covid-19 Aid; Seeking to avoid new spending, Congress is negotiating deal to redirect funds to pandemic health response
Amara Omeokwe, Anne Steele, Natalie Andrews – WSJ
Small-business owners are bristling over a congressional proposal that would redirect unspent money from Covid-19 programs to provide $10 billion for the federal government’s pandemic health response, including vaccines and therapeutics. At issue is about $5 billion that Congress allocated for three small-business aid programs but which hasn’t yet been spent. Some lawmakers want to repurpose those existing funds for healthcare, rather than allocate new money, because they are increasingly focused on reining in the federal deficit and spending amid a surge in inflation, which is at a 40-year high.
French Prosecutor Is Investigating Le Pen After EU Fraud Report
Jenny Che – Bloomberg
The Paris prosecutor is looking into allegations that nationalist leader Marine Le Pen and several of her party members misused hundreds of thousands of euros of European Union funds between 2004 and 2017 when she was a member of the European Parliament, with just a week left before she stands in the final round of the French presidential election.
Lithuania’s president urges Sweden and Finland to join Nato; Gitanas Nauseda says admitting the Nordic nations would improve security situation in Baltic region
Richard Milne – FT
Finland and Sweden joining Nato would boost the security of the Baltic states and reinforce the western military alliance, said Lithuania’s president, urging the two Nordic countries not to waste time in applying. Gitanas Nauseda brushed aside Russian threats to increase its military presence in the Baltics and deploy nuclear weapons there if the pair agreed to sign up to the alliance. He said Moscow had kept such weapons in its Kaliningrad exclave for many years and that Finland and Sweden were only responding to Russian aggression.
U.S. SEC announces asset freeze against those allegedly behind nearly $450 mln Ponzi scheme
The U.S. Securities and Exchange Commission (SEC) on Friday announced charges and an asset freeze against several Las Vegas-area individuals and companies allegedly behind a nearly $450 million Ponzi scheme. In a complaint filed in U.S. District Court in Las Vegas, the SEC said attorney Matthew Beasley, as well as Jeffrey Judd and Christopher Humphries, falsely told hundreds of investors that they would earn 12.5% quarterly returns by making purportedly risk-free investments in J&J Consulting Services.
Fired Goldman Trader Loses Bid to Revive Claim Against Bank
Chris Dolmetsch – Bloomberg
A former Goldman Sachs Group Inc. managing director failed to convince a court to revive his claim that he was illegally fired for blowing the whistle on compliance lapses at the bank.
Activision says it is cooperating with federal insider trading probes
Activision Blizzard (ATVI.O) is cooperating with federal investigations into trading by friends of its chief executive shortly before the gaming company disclosed its sale to Microsoft Corp, it said in a securities filing on Friday.
NFA Fines Interactive Brokers $250k for Retail FX, Supervisory Failures; Interactive failed to heed a warning issued in May 2021, NFA says; The broker also ignored a directive from NFA until three months after deadline.
Solomon Oladipupo – Finance Magnates
The National Futures Association (NFA), the United States’ derivates industry watchdog, has fined Interactive Brokers LLC, an American multinational brokerage firm, $250,000 in fine. Take Advantage of the Biggest Financial Event in London. The fine is for allegedly cancelling its retail customers’ forex orders and failing to adequately supervise its employees in the conduct of their forex activities on behalf of the firm.
CySEC Withdrew License of Broker Operator Hoch Capital; It operates brands like itrader and tradeATF; It settled with CySEC earlier for multiple possible instances of non-compliance.
Arnab Shome – Finance Magnate
The Cyprus Securities and Exchange Commission ( CySEC ) announced on Friday the withdrawal of the regulatory license of Hoch Capital Ltd, which operates multiple broker brands. The regulatory decision for the license withdrawal was taken on 28 March 2022. It further added that it was Hoch Capital’s decision to renounce its Cyprus Invest Firm (CIF) license.
Court Orders Five Defendants in International Ponzi Scheme to Pay Over $13.1 Million
The Securities and Exchange Commission recently obtained final judgments against defendant Damon Elliott, a United Kingdom citizen and French resident, in a civil action in which the SEC charged that Elliott engaged in a Ponzi scheme and misappropriated money from investors, as well as against multiple relief defendants. Among other things, Elliott has been ordered to pay a total of $6,445,837. The court also recently entered judgments against several other defendants and relief defendants that ordered additional money to be paid and will bring the SEC’s enforcement action to a conclusion.
SEC Charges Former CFO and Son with Insider Trading
Securities and Exchange Commission v. Carl Iberger and Timothy Iberger, No. 1:22-cv-10565 (D. Massachusetts)
The Securities and Exchange Commission charged the former Chief Financial Officer of a medical diagnostics company and his son for insider trading in 2020 in advance of the announcement of a newly signed distribution deal for an FDA-authorized COVID-19 serology antibody test. The defendants have agreed to settle the charges under terms that would require them to pay a total of over $200,000.
SEC Charges Four Defendants in Microcap Fraud Scheme
Securities and Exchange Commission v. Dean Shah et al., Civil Action No. 22-CV-3012 (LJL) (S.D.N.Y. filed April 12, 2022)
The SEC announced charges against Dean Shah and Henry Clarke, residents of Spain, Julius Csurgo, a resident of Canada, and Csurgo’s company, Antevorta Capital Partners, Ltd., for their roles in a scheme to secretly gain control of a thinly-traded microcap company, hire stock promoters to generate demand for the company’s stock, and profit by illegally dumping their shares into the public securities markets. The SEC has obtained emergency relief in court, including an order to freeze the assets of Csurgo and Antevorta.
SEC Obtains TRO and Asset Freeze against Alleged Perpetrators of nearly $450 Million Ponzi Scheme
The Securities and Exchange Commission today announced charges and an asset freeze against several Las Vegas-area individuals and companies allegedly behind a nearly half-billion dollar Ponzi scheme involving purported personal injury settlements. The SEC charged certain defendants with violations of the antifraud provisions of the federal securities laws, certain individual defendants with acting as unregistered brokers, and all defendants with engaging in an unregistered securities offering.
Statement Regarding SPAC Matter
Commissioner Hester Peirce – SEC
Alberton Acquisition Corporation (the “SPAC”) filed a Form 8-K yesterday announcing that SolarMax Technology, Inc. (“SolarMax”) intends to terminate its merger agreement with the SPAC. The press release explains that SolarMax reasonably believed that the proposed merger would not be completed by April 26, 2022, the date by which the merger must be completed for the SPAC’s securities to remain listed on Nasdaq. The press release does not say why meeting Nasdaq’s deadline would be problematic. It states only “[a]s of April 13, 2022, the registration statement on Form S-4 . . . with a proxy statement containing information about the Merger was not declared effective by the U.S. Securities and Exchange Commission . . . .” (emphasis added). Therein lies the question that troubles me: Why exactly did the SEC not take the routine step—one typically taken on delegated authority by the staff without input from the Commission—to declare the registration statement effective?
FMA warns against illegal derivative services offered by Prime Capital Limited
Financial Markets Authority of New Zealand
FMA are concerned that Intelligence Prime Capital Limited (also known as IPRIME CAPITAL) and the websites iprimecapital.com and member.iprimecapital.com may be offering derivative services to New Zealand residents illegally.
Guidebook for Registration of Investment Management Business and Other Financial Instruments Businesses
Asset managers, who engage in asset management with professional expertise, play very important roles in revitalizing the Japanese capital market and achieving people’s stable asset building.
For reaching these goals, it is crucial to facilitate the smooth entry of Financial Instruments Business Operators by reducing burdens on their entry into the Japanese financial market. From this viewpoint, “Follow-up on the Growth Strategy” (June 2019 Cabinet decision) proclaims preparation of a guidebook to support registration application for financial industry as one of the growth strategies.
IRS Investigating American Express Sales Pitches; Businesses were told they could deduct transaction fees while their owners earned tax-free cash rewards, WSJ previously reported
AnnaMaria Andriotis, Richard Rubin, Heather Haddon – WSJ
The Internal Revenue Service is investigating American Express Co. AXP 0.87% over a questionable tax break that it pitched to clients, according to people familiar with the matter. The civil investigation has been under way for a few months, these people said. The Wall Street Journal reported in November that AmEx salespeople touted a tax break based on a shaky interpretation of tax law. The pitch was part of a strategy to persuade business owners to sign up for costly payment services.
Investing and Trading
Inflation surge slashes $11tn from world’s negative-yielding debt; Central banks adopt hawkish move to end large-scale asset purchases and raise interest rates
Tommy Stubbington – FT
This year’s hawkish change in tack from central banks is close to ending the era of negative-yielding debt, shrinking the global tally of bonds with sub-zero yields by $11tn. Bond prices have tumbled this year as central banks move to end large-scale asset purchases and raise interest rates in their battle with soaring inflation, pushing yields in many big economies to their highest levels in years.
A Top Personal Finance Expert on Saving for Retirement in Trying Times
Neal Templin – Barron’s
Christine Benz, Morningstar ‘s director of personal finance, is a mix of analytical and practical. Her analytical side says U.S. growth stocks are overvalued, so she advises investors to load up on foreign stocks and cheaper U.S. value stocks. Her practical side realizes that Americans worry about their mortgages or saving enough to send their children to college, and that they crave common-sense solutions that allow them to sleep at night.
The GCARD’s April 2022 Newsletter is now available at the following link: https://lnkd.in/eVp9N6qx.
The GCARD is produced by the J.P. Morgan Center for Commodities (JPMCC, CU Denver Center for Commodities) at the University of Colorado Denver Business School, in association with Premia Education, Inc. The publication is supported by funding from Integrated Portfolio Intelligence, LLC, FourPoint Energy, LLC Energy, and the CME Group.
Investors seeking havens must weigh geopolitical risks of China versus US; Reserve currency competition is all about what constitutes the least unsafe option
John Plender – FT
Economists’ definitions of so-called safe assets — those that serve as a bolt hole for nervous money in crises — are often devoid of political content. This omission is historically under-informed. Safe assets, like reserve currencies and financial centres, have largely lost their pre-eminent status thanks to war. Russia’s invasion of Ukraine serves as a reminder that the definition of a safe asset will differ according to which geopolitical camp you side with in the strategic competition between the US and China. China, of course, has adopted a position of “strategic neutrality” towards the invasion.
The Stock Market’s Future Ain’t What It Used to Be; In recent years, investors often got rewarded for taking reckless risks, but in unforgiving markets, it’s harder to recover from mistakes.
Jason Zweig – WSJ
With U.S. stocks off more than 7% and the bond market down almost 9% so far this year, many investors seem to feel they have to take more risk to catch up. In fact, you should take less. In unforgiving markets, it’s harder to recover from mistakes. Over the past decade or more, stocks, bonds, real estate and cryptocurrencies—just about every asset—boomed. You often got rewarded for reckless risks and, even if you got punished, rising markets helped you recover quickly from your blunders. That won’t last forever.
Five Questions Every Retiree Should Ask Now About Planning Their Finances; As investors face more meager stock-market returns, it may be time to re-examine nest eggs
Michael A. Pollock – WSJ
After several years of stellar stock-market performance, retirees now might face more meager investment returns just when the cost of living is rising at a pace not seen in many years. Stocks this year face stiffer headwinds that notably include the Federal Reserve’s efforts to tame inflation by raising interest rates and the likely damping effect that will have on economic growth. Meanwhile, costs are soaring for all sorts of products and services.
Want to Retire in Portugal? Here’s What to Know, as Americans Move There in Droves; Retirees are drawn by a low cost of living, healthcare, a sunny climate and tax incentives
Kathleen Hughes – WSJ
Heidi Dezell, 57, worked in sales for education-technology companies for almost two decades before she was laid off from her job in Seattle four years ago. “I was an older woman and I couldn’t get hired,” she says. “I always wanted to travel the world, write and take photographs. I thought why not take 10 years and go? If I run out of money and I’m not a famous writer, I’ll come back and be a Starbucks barista or a Walmart greeter.”
People Who Hate Retirement—and What the Rest of Us Can Learn From Them; Thanks to the Great Resignation, there may be a lot more retirees who regret leaving the workforce. Preparation may make all the difference.
Beth DeCarbo – WSJ
It’s the dream that so many people share: After 30 or 40 years of work, they retire, finally able to live the life they’ve long imagined. But for some of those people, reality turns out to fall far short of their imagination. “To retire full time and shift your life, I intellectually understood it,” says Brant Pope, who retired from academia in 2020. “But emotionally I’ve struggled with it.”
Environmental, Social and Corporate Governance
Climate change activists block central Paris square
Climate change activists forced the closure of a main square in central Paris on Saturday to protest against the environmental programmes put forward by France’s remaining presidential candidates. The Extinction Rebellion (XR) had said on its website that it planned to block a major Parisian location to disrupt the electoral cycle and its “business as usual” attitude.
A Quick Way to Cut Carbon From Your Cocktail; Shipping crates of bottles around the world leaves a huge carbon footprint. Some startups are looking for a better way.
Joanna Ossinger – Bloomberg
Decades of marketing and overpackaging products means there’s plenty of low-hanging fruit in the effort to make the beverage industry greener. And while many of the efforts to reduce waste have concentrated on recycling the billions of plastic containers, aluminum cans and glass bottles the industry uses each year, one of the easiest and most cost-effective ways to cut emissions, energy and consumption of raw materials is to rethink the way drinks are packaged and transported.
Wind surpassed nuclear power in the US for the first time on March 29—and then did it again; A quartet of wind turbines stand in front of the billowing smokestacks of a coal plant.
Nicolás Rivero – Quartz
On March 29, wind became the second largest source of daily electricity in the US, surpassing coal and nuclear for the first time on record. Just two weeks later, on April 12, wind power beat coal and nuclear again (but still trailing far behind natural gas).
Unregulated Texas Gas Pipeline Triggers a Huge Methane Leak; A leak that lasted a little more than an hour on a natural-gas pipeline in Texas had the same estimated warming impact as the annual emissions from 16,000 cars.
Aaron Clark and Naureen S Malik – Bloomberg
A natural gas pipeline in Texas leaked so much of the super-potent greenhouse gas methane in little more than an hour that by one estimate its climate impact was equivalent to the annual emissions from about 16,000 U.S. cars.
Cargill Suspends Palm Oil Purchases From Malaysia’s Sime Darby
Anuradha Raghu – Bloomberg
Cargill Inc., one of the word’s biggest agricultural traders, stopped buying palm oil products from Sime Darby Plantation Bhd. after the U.S. said it found indicators of forced labor in the Malaysian grower. Cargill has suspended all new sourcing of palm oil and derivative products from Sime Darby since Feb. 25, the world’s biggest oil palm planter by acreage said in an emailed response to questions. Sime did not give a reason for the halt but said that it is in talks with Cargill, who is a direct customer, on the move.
Treasury Blames Audit Imbalance on Underfunding of IRS; Officials say high-net-worth audits take more time, expertise; Biden has asked for $80 billion over 10 years to modernize IRS
Christopher Condon – Bloomberg
U.S. Treasury officials blamed the Internal Revenue Service’s outsized number of audits on low-income households on severe underfunding of the agency by Congress. Audits on filers with higher net worth require more time and expertise, and the agency’s underfunding has led to a significant loss of personnel capable of performing those, senior Treasury officials told reporters in a telephone conference Friday.
US natural gas export fever tempered by costs and climate concerns; Suppliers must weigh Europe’s demand for LNG with its long-term goal to reduce fossil fuel use
Derek Brower – FT
A vessel docked at a jetty on Louisiana’s coast is claiming its cargo of liquefied natural gas. Ice forms on a pipe as chilled fuel extracted from fields as far away as Texas or Pennsylvania is sent into the tanker’s insulated hold for shipment overseas. Cheniere Energy’s Sabine Pass export terminal is one of seven operating in the US, all of them running flat out to feed a global market desperate for energy.
Companies used carbon credits created in oil extraction projects; Process to tap inaccessible deposits employs captured carbon and was therefore eligible to generate offsets
Camilla Hodgson – FT
Daimler Trucks, eBay and a US energy company were among the recent buyers of carbon offsets created by projects that involved injecting carbon dioxide underground in order to extract more oil. Three US-based extraction projects were eligible to generate credits because their processes involved the capture of CO2. But this was used as a way to extract fresh oil that would otherwise have been inaccessible, a procedure known as “enhanced oil recovery” (EOR).
Goldman Sachs, Morgan Stanley Face Off on Musk Bid for Twitter
Michelle F. Davis – Bloomberg
Elon Musk’s unsolicited $43 billion offer for Twitter Inc. sets up a showdown between two of Wall Street’s biggest advisory shops, which could result in lucrative payouts for both if the biggest hostile takeover in years is successful.
Goldman’s Youngest Black Partner Leaving to Start His Own Fund; Darren Dixon rose rapidly putting together lucrative deals; Firm’s small pool of Black partners has been getting smaller
Sridhar Natarajan – Bloomberg
Goldman Sachs Group Inc.’s youngest Black partner, Darren Dixon, is leaving to start his own fund, adding to a string of exits in the past year from the bank’s already small pool of top-ranking Black executives. The 35-year-old, who was named partner in 2020, was most recently head of global capital solutions, a group that structures complex deals and rescue financing for companies navigating trouble. Dixon, well-known at the firm for his rapid rise, is in conversations with backers to start an infrastructure-focused fund that would mimic the style of his lucrative money-making group at Goldman, according to people with knowledge of his plans.
Bank of America’s Quarterly Profit Falls 12%; Other big U.S. banks reported first-quarter profit declines last week
Orla McCaffrey – WSJ
Bank of America Corp. BAC -3.22% said Monday that its first-quarter profit fell 12%, its first quarterly decline since 2020. The second-largest U.S. bank earned $7.07 billion, down from $8.05 billion a year earlier. Per-share earnings of 80 cents topped the 75 cents that analysts polled by FactSet had expected.
More Chinese cities tighten controls as Shanghai COVID cases rise
Andrew Galbraith – Reuters
Shanghai reported a record number of symptomatic COVID-19 cases on Saturday and other areas across China tightened controls as the country kept up its “dynamic clearance” approach that aims to stamp out the highly transmissible Omicron variant.
Chinese truckers left stranded for days at highway exit by hardline COVID curbs
Martin Quin Pollard – Reuters
Earlier this month Chinese truck driver Dong Zhigang finished a job in the coastal city of Nantong and began what should have been a four-hour journey north to his home village in Lianyungang, Jiangsu province. On Friday, nine sticky days in his cab later, he still had not made it home.
‘Last few tweaks’ being made to COVID IP waiver deal -WTO chief
Emma Farge – Reuters
The head of the World Trade Organization told Reuters on Thursday that negotiations on an intellectual property deal for COVID-19 vaccines were ongoing between the four parties, saying they were seeking to agree on the proposal’s final terms.
India Is Stalling the W.H.O.’s Efforts to Make Global Covid Death Toll Public; The agency has calculated that 15 million people have died as a result of the pandemic, far more than earlier estimates, but has yet to release those numbers.
Stephanie Nolen and Karan Deep Singh – Bloomberg
An ambitious effort by the World Health Organization to calculate the global death toll from the coronavirus pandemic has found that vastly more people died than previously believed — a total of about 15 million by the end of 2021, more than double the official total of six million reported by countries individually.
Covid Workforce Reshuffle Sees U.S. Judges Get Younger, Farmers Older; Median age of high school teachers jumped 4.4 years since 2019; Aerospace engineering lost years of experience in pandemic
Alexandre Tanzi – Bloomberg
The pandemic has shaken up the age profile of workers in some key areas of the U.S. economy. The median age of the country’s aerospace engineers, journalists and judges has dropped sharply since 2019, according to the latest data from the Bureau of Labor Statistics. But the typical high school teacher is significantly older now, and farming is another profession increasingly dominated by older Americans.
Already got COVID? Vaccines, boosters up to 68% effective against hospitalization from reinfection, CDC study shows
Adrianna Rodriguez – USA Today
Immunity from a bout of COVID-19 may provide some protection against the virus, but a new study suggests it may not be enough to keep you out of the hospital. The Centers for Disease Control and Prevention partnered with Epic Research, which shares data to advance medicine and public health, to determine how effective vaccines and boosters are against hospitalization from reinfection.
China tightens controls as Shanghai reports record Covid cases; Japan urges local government to address business concerns as ongoing restrictions hit commerce
Shanghai reported a record number of symptomatic Covid-19 cases on Saturday and other areas across China tightened controls as the country kept up its “dynamic clearance” approach that aims to stamp out the highly transmissible Omicron variant.
Hong Kong Reports Fewer Than 1,000 Covid Cases for Second Day
Kiuyan Wong – Bloomberg
Hong Kong reported fewer than 1,000 Covid cases Saturday for the second straight day as the city’s deadliest wave of the pandemic continues to subside from its peak of more than 55,000 last month.
Shanghai’s covid siege: Food shortages, talking robots, starving animals
Lily Kuo, Lyric Li, Vic Chiang and Pei-Lin Wu – Washington Post
For weeks, China’s most populous city, Shanghai, has been under strict lockdown orders in an effort to control a coronavirus outbreak. Its 25 million residents have been trapped at home, struggling to feed themselves or get medical help for sick family members. Others have been corralled into makeshift quarantine centers and temporary hospitals, unsure when they will be allowed to leave.
When Covid Enters the House, What Should We Do? When someone in the family tests positive for the coronavirus, there are some guidelines to follow.
Sharon Otterman – NY Times
Though I have been writing about Covid-19 for The New York Times for the past two years, I still felt overwhelmed when my son was sent home from school sick in mid-March and tested positive. Suddenly, I was in a cluttered New York City apartment with my husband, first grader and third grader, a lot of virus particles and no clear plan.
Turkey Taps Forex From Services to Bolster Currency Reserves
Inci Ozbek – Bloomberg
Turkey has added hard currency earned by the services sector to the list that must be exchanged with the central bank, in an effort to bolster the nation’s foreign exchange reserves.
‘Destructive hunger’: South America’s farmers seek to head off global food crisis; Supply problems and rising costs make it difficult to replace lost agricultural output caused by Russia’s invasion of Ukraine
Michael Pooler and Bryan Harris and Lucinda Elliott – FT
Print this page
Alongside the sugarcane and soyabeans that sprout from his fields in the interior of São Paulo state, this year José Odilon De Lima Neto plans on sowing a different crop for the first time. “There may be an investment opportunity in wheat due to complications for summer planting in Ukraine and Russia,” said the farmer based near the city of Ribeirão Preto.
Six Exercises for Mountain Bike Newbies and Veterans; This workout will help you avoid cycling injuries and improve performance
Jen Murphy – NY Times
Bikes became one of the hottest commodities during the pandemic, with more Americans taking to trails on mountain bikes. Whether you’re a hobbyist tackling single-track on the weekend or an elite athlete chasing the podium, proper physical preparation is key to both performance and avoiding injury.
Summer Camp May Be a Luxury Parents Can No Longer Afford; Getting the kids out of the house for some quality socializing seems more important than ever this year, but be ready to pay triple what you did before the pandemic.
Alexis Leondis – Bloomberg
The days are long gone when it was cute for your kids to barge in on a Zoom work call. After two-plus years of interruptions, many working parents are hell-bent on getting their kids out of the house this summer to socialize, learn new skills and generally rediscover the wider world. Those who are returning to the office are feeling even more pressure to figure out a plan for the end of the school year. With childcare providers still in short supply, the need for summer camp is even more critical.
Deloitte scales back London office space in stark shift to remote working; Rival professional services firms have also shed space after changes triggered by pandemic
Michael O’Dwyer – FT
Deloitte has sharply scaled back its London office space in one of the most significant reductions of real estate by a UK professional services firm since the pandemic triggered a shift to hybrid working. The Big Four accounting and consulting firm will leave a building at its New Street Square campus next month, taking the amount of office space it has abandoned in the British capital in the past year to almost 250,000 sq ft.