First Read


‘Star Wars’ Poised to Set Mark for Fastest Film to $1 Billion
Christopher Palmeri – Bloomberg
Christmas Day sales bring worldwide total to $890.3 million
Hitting mark would topple record set by `Jurassic World’
“Star Wars: The Force Awakens” was poised to pass $1 billion in worldwide ticket sales this weekend and become the first picture to reach that mark so quickly.

***** I saw the movie last night. My soul was not stolen, per my son Robby’s concern. It was good, but I was disappointed actually. Too predictable but you knew I was going to say that. It should not be missed in the theater.


Cars and Pizza Ovens Targeted as Italy Combats Air Pollution
John Follain – Bloomberg
Rome, Milan take contrasting measures as alert levels breached
Wood-fired pizza ovens prohibited by town near Naples
Rome and Milan have imposed bans on cars starting Monday, with one small town near Naples prohibiting wood-fired pizza ovens, as Italian authorities seek to combat air-pollution that has breached alert levels in an exceptionally warm and dry winter.

***** I thought this was why you wore garlic around your neck in Italy?


Ed Boyle, BOX Options Exchange – The Crystal Ball

“The successful firms in this industry looked at the history, saw the change coming, and reacted by getting ahead of it.”

Ed Boyle believes that everyone has access to a crystal ball. The trick, however, is to make sure it is tuned to the right frequency. He says the past creates the future, and one must look through the trees to see properly. Then, proceed with passion. Sure; it sounds easy on paper, and yes, the devil is in the details, but that’s where the passion comes in.

The financial markets are in the midst of a full regulatory overhaul, and with this change comes opportunity, but only for those firms capable of embracing the change and riding the wave.

Watch the video »

Incredible Images Of Wall Street Trading Before The Bloomberg Terminal
Elena Holodny – Business Insider
Today’s traders are spoiled by their online discount brokerage accounts and their Bloomberg terminals.

***** Thank goodness for Bloomberg terminals.


Peter Lynch, 25 years later: it’s not just ‘invest in what you know’
By Chana Schoenberger – MarketWatch
Peter Lynch wants you to know that his ideas are being misquoted widely.

****** Misquoted, or misinterpreted?


How to apply Game Theory to buying your Christmas presents
Rachel Norman –
According to Sheldon from The Big Bang Theory, if someone is buying you a Christmas gift then the “essence of the custom is that I now have to go out and purchase for you a gift of commensurate value and representing the same perceived level of friendship as that represented by the gift you’ve given me”.

****** My wife is addicted to The Big Bang Theory. I think she has a thing for Sheldon.


Iran Has Been Hiding One of the World’s Great Collections of Modern Art; We went to Tehran to see the secret Warhols.
By Peter Waldman and Golnar Motevalli – Bloomberg
Inside the rotunda of the Tehran Museum of Contemporary Art, a circular walkway spirals down from the street level, like an underground version of Frank Lloyd Wright’s Guggenheim Museum in New York. A series of galleries branches out from there, giving up astonishing secrets from one of the finest—if forgotten—collections of 20th century art in the world. A show this fall included abstract expressionist paintings by Kandinsky, Motherwell, Pollock, Rothko, and Stella, to name just a few from the museum’s vault. Sculptures by Ernst, Giacometti, Magritte, and Moore are on permanent display in the garden. The corkscrew-shaped foyer wraps around a giant Calder mobile—its playful red shapes glinting in midair beneath the stern glares of Ayatollahs Khomeini and Khamenei in portraits above.

***** The risk of art.


Corzine, CFTC Duel Over MF Global Collapse
Sued by the CFTC, Mr. Corzine says he is entitled to a pretrial ruling that the regulator has no case against him. According to Mr. Corzine’s lawyers, he never directed, authorized or encouraged the use of funds in segregated accounts, and wasn’t even aware of the transgression until Oct. 30, 2011. By the close of business on Oct. 28, according to the CFTC, nearly $1 billion in funds that were supposed to be held safely for customers were instead being used by the brokerage.

***** Dude, ignorance is not a defense. You knew or should have known.



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Lead Stories

ETFs to play main role in the next crisis
John Authers – FT
Liquidity fears in indexed products have caused jitters this year
The next financial crisis will be played out in indexes and exchange traded funds. That is inevitable given the huge share that ETFs now take of investor fund flows, and their popularity as hedge fund trading vehicles.

Here is what a trader learned from putting together his bank’s most profitable trade ever
By Jonathan Marino – Yahoo Finance
In 2008, during the nadir of the financial crisis, one Barclays trader was already $200 million in the hole and staring at a deal he called an “unavoidable abyss.”
But miraculously, Bob Henderson, then Barclays’ managing director and head of commodity index, hybrids and exotics trading, said he helped steer the firm away from enormous losses and into the bank’s “best trade ever.”

A big political battle over Dodd-Frank financial reforms is coming in 2016; Dodd-Frank law is targeted
David Lazarus – LA Times
Forgive and forget. Or just pretend that banks’ greedy and reckless behavior never happened.

UK City regulator raises jail term tally to 14 from 2
Caroline Binham, Financial Regulation Correspondent – FT
Criminal convictions following cases brought by the Financial Conduct Authority surged in 2015, with 14 people going to prison compared with two in 2014, according to the regulator.

Central Banks’ Shock Therapy Has Investors on Edge; Policy makers had a habit of delivering surprises that jolted markets during 2015
By TOMMY STUBBINGTON in London, MIN ZENG in New York, and LINGLING WEI in Beijing – WSJ
Behind the biggest market meltdowns of 2015 were familiar culprits: central banks.

Obscure Corner of Wall St. Draws Skepticism From Investors
Most companies listed on American stock exchanges are conventional, familiar businesses like Apple or Exxon Mobil, but the stock market also contains many obscure, even mysterious, specialized sectors that operate with much less public awareness. In recent months, one of those groups of specialty firms has been drawing attention as controversy has increased over some of its tactics and results.

US banks hit by cheap oil as Opec warns of long-term low
Laura Noonan in Dublin and Ben McLannahan in New York – FT
US banks face the prospect of tougher stress tests next year because of their exposure to oil in a sign of how the falling price of crude is transforming the outlook not just for energy companies but the financial sector.

Jobless Claims Near 42-Year Low as Labor Market Tightens
NY Times
The number of Americans filing for unemployment benefits fell more than expected last week, nearing a 42-year low as labor market conditions continued to tighten in a boost to the economy. Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 267,000 for the week ended Dec. 19, the Labor Department said on Thursday.


Aguilar prods SEC to take up derivatives, small-cap trading, target-date funds
Neil Roland, MLex
Departing US Securities and Exchange Commissioner Luis Aguilar expressed hope that next year the agency would move to adopt more derivatives rules, improve trading markets for small companies and increase disclosure of target-date fund risks

It’s time to re-emphasize fundamentals of Canada’s steadfast securities system
LOUIS MORISSET – The Globe and Mail
Louis Morisset is chair of the Canadian Securities Administrators and president and CEO of the Autorité des marchés financiers.
As the federal Liberals consider their position on the previous government’s “co-operative securities regulator” project, I believe it’s important to re-emphasize the fundamentals of Canada’s already co-operative securities regulatory framework, to which I am firmly committed.

Selection panel for Sebi chief reset; PMO nominee included; The panel will include Additional Principal Secretary to the PM, Economic Affairs Secretary and three experts of repute
Press Trust of India
As the search continues for next chief of the markets regulator Sebi, the government has reconstituted the search-cum-selection panel which would now include a representative from the Prime Minister’s Office.

Exchanges & Trading Facilities

BATS Trading Hours

HKEx Extends Incentives for RMB Currency Futures
Renminbi (RMB) currency futures contracts continue to serve as an effective risk management tool in periods of unexpected USD/CNH* volatility, and Hong Kong Exchanges and Clearing Limited (HKEx) is extending incentives to solidify the development of its RMB currency futures market.

Deutsche Börse reflects on a positive year for IPOs; Twenty-four new companies on the Frankfurt Stock Exchange in 2015/Issue volume reached of around EUR7 billion
Deutsche Börse
Deutsche Börse Cash Market: Deutsche Börse reports that 2015 has been a positive year for IPOs on the Frankfurt Stock Exchange. 24 new companies had been listed on the exchange, making 2015 Deutsche Börse’s best year in terms of number and volume of IPOs since 2007.

Nasdaq short interest down 0.5 percent in early December
Short interest on the Nasdaq fell 0.5 percent in the first half of December, the exchange said on Thursday.

Bank Of America To Obtain Clearing Membership With Moscow Exchange’s FX Market
Bank of America, National Association (BANA) is set to join Moscow Exchange”s FX Market as a clearing firm.

Hong Kong stock exchange begins tighter environmental and social disclosure standard from 2016
South China Morning Post
Revisions in criteria to the Hong Kong Exchanges and Clearing’s corporate governance code and stricter obligations for environmental, social and governance, or ESG, disclosure were set to take effect on January 1. The change would raise current voluntary levels to a standard of ‘comply or explain’.


Wall Street is Clinton’s achilles heel and for Sanders’s sake it will stay that way; Accusations of her being in financial industry’s pocket keep resurfacing in the presidential debates but is the Vermont senator focusing on the wrong culprit?
Suzanne McGee- The Guardian
As the final days of 2015 slip by in a fundraising blitzkrieg for the two Democratic candidates who are battling it out for the nomination to be their party’s standard bearer in the upcoming presidential election, increasingly, the rhetoric seems to revolve around two words.

Trump’s attacks raise eyebrows on Wall Street
Gina Chon in Washington – FT
As Donald Trump has barnstormed his way across America in recent months stirring up the Republican heartland with populist invective, it is not just immigrants the billionaire property tycoon has had in his sights.

Hedge Funds & Managed Futures

A Surprising Source of Dividend Safety; The Federal Reserve’s stress tests have made bank dividends the safest in the world
It has been a long time since anyone thought of bank stocks as reliable dividend payers. It may be time to give them a second look.

Diamond miners face more price cuts in 2016
James Wilson, Mining Correspondent – FT
Diamond miners are expected to have to offer more price cuts in 2016 to help the industry clear a backlog of stock and revive sales, according to sector experts.
The likely need for lower prices and possible supply cuts will put further strain on the balance sheets of some miners including Anglo American, which owns De Beers, the largest supplier of rough diamonds by value.

Markets in 2015: the darlings and the dogs
As the holiday season kicks into high gear and the year draws to a close, fastFT has a look at some of the biggest winners and losers in global financial markets.

Investors deal with nasty stock market mood swings
Lisa Kiplinger and Matt Krantz – USA Today
Mood swings aren’t just something you see in middle schools. The stock market is rife with them these days, and investors had better get used to it.
Ever since the Federal Reserve announced its highly anticipated interest rate hike last week, stocks have been on a triple-digit joy ride. Moves by the Dow Jones industrial average have ranged from up 224 points — or 1.5% — on the day of the announcement on Dec. 16 to down 367 — or 2.1% — just two days later.

Hedge fund managers have reason to celebrate this holiday season
By Michelle Celarier – NY Post
Ira Rennert back in court over alleged $70M pension fraud
Yes, hedge fund managers, there really is a Santa Claus. Even though their performance has been bad this year, there’s no coal in their stockings. Indeed, pension fund investors might give them even more money in 2016.

Switzerland to vote on banning banks from creating money; Referendum on radical proposal to give central banks sole money creation power will be held after petition gains 110,000 signatures
By Mehreen Khan
Switzerland will hold a referendum to decide whether to ban commercial banks from creating money.

Pawnshops Emerge as Solid Lender in Post-Austerity Spain
Lax lending and deadbeat borrowers nearly brought down the Spanish banking system a few years ago. That’s why the remnants of some of the failed banks are resorting to a time-honored form of loans with can’t-miss collateral: pawnshops.

The Brooklyn Nets Beat the Stock Market (but Not Nike); NBA team valuations have skyrocketed, thanks to big TV deals, a recovering economy, and Steve Ballmer.
Eben Novy-Williams – Bloomberg
The S&P 500 is up 111 percent since the beginning of 2010. The Brooklyn Nets have done slightly better.

Banks & Brokers

Morgan Stanley’s Bloodcurdling Economic Forecast: Global GDP To Shrink By 5% Next Year
Tim Worstall – Forbes
This is of course the time when everyone rolls out their forecasts (aka “guesses”) for the year ahead. And there’s a fairly bloodcurdling one from Morgan Stanley MS +0.00%, that global GDP growth is going to go into reverse next year: the world at the end of 2016 will be 5% poorer than it was at the beginning of the year. This is, of course, possible. For it has happened before, that the world ended the year poorer than it started. The big concern this time around though is different. This is the first time that we’ve really worried about the influence of China on global GDP: because this is the first time for a couple of centuries that China has been a large enough portion of global GDP for events there to make that much of a difference. There’s also something of a measurement problem here. Whether growth does fall or not will depend, in part, on what it is that you try to measure.

BNP Paribas Earnings to Be Dented by Write-Down; Move will result in a reduction to fourth-quarter earnings of almost $1 billion
French bank BNP Paribas SA said it will write down part of the goodwill related to its Italian unit BNL, after European regulators asked the Paris-based lender to set aside additional capital for BNL following an intensive review.

New Brooms: Bank CEOs embark on clean-up
FT Reporters
In 2015, new bank chief executives have been rather like buses. You wait ages while anger mounts over regulation of the service, then three turn up at once.

Deutsche Bank Sees Volatility Ahead for the Bond Market
Alexandra Scaggs – Bloomberg
Market disconnect from Fed’s rate path may fuel volatility
Traders wager on two rate increases next year; Fed sees four
Enjoy the holiday slowdown, bond traders. If analysts at Deutsche Bank AG are right, the market is going to get a lot more volatile.

Federal Reserve will pay banks $12 billion in 2016
By Jared Blikre – Yahoo Finance
In 2016, the Federal Reserve will pay at least $12.2 billion to U.S. and foreign banks to keep the money created via its quantitative easing programs out of the economy. If the Fed raises rates as expected next year, the amount nearly doubles to $23.1 billion.

Clearing & Settlement

Industry Steering Committee issues playbook for moving US settlement to T+2 by Q3 2017
The T+2 Industry Steering Committee published a “Implementation Playbook” on Monday intended to serve as a detailed guide for helping the U.S. securities industry shorten its settlement cycle to two days post trade (T+2) from the current three-day settlement cycle, known as T+3. The industry had previously set the third quarter of 2017 as the target time by which the shortened settlement cycle should be achieved.

UAE to set up Chinese yuan clearing centre
The United Arab Emirates plans to establish a centre for clearing transactions in the yuan, the central bank said on Saturday, becoming the second country in the Middle East to do so as China’s economic ties with the region boom. Qatar opened the region’s first such clearing centre, which can handle all stages of a currency transaction, in April.

William Mougayar advises banks on 2016’s blockchain revolution
International Business Times
Mougayar said: “When it comes to covering their risk, banks and credit card companies will give consumers instantaneous answers/settlements (like for purchase authorisations or withdrawing money from an account); but when it comes to our own transactions (e.g. depositing a check or transferring money), we typically have to wait days before receiving confirmations.”

China Money Rate at Three-Month High as Leverage Curbs Seen
The China Securities Depository and Clearing Corp. is asking brokerages about their use of leverage in the exchange-traded bond market, according to people familiar with the matter. It said last month it may adjust the ratio that determines how much investors can borrow to buy new notes. Outstanding repurchase agreements in the interbank market, used by investors to amplify their buying power, surged in November to the highest since at least 2012 as a Bloomberg index of sovereign securities rallies for a record eighth quarter.

Indexes & Products

Stock futures slip ahead of last trading week of year
Abhiram Nandakumar – Reuters
U.S. stock index futures were lower in thin volumes on Monday, ahead of the final trading week of the year.

Nasdaq Outperforms Rivals
Corrie Driebusch and Leslie Josephs – WSJ
While the Dow industrials and S&P 500 limp into the end of the year, the Nasdaq has a spring in its step.
The tech-heavy Nasdaq Composite is up 6.6% so far in 2015. At the same time, the broad-based S&P 500 is on track to rise 0.1% and the Dow Jones Industrial Average is on pace to end down 1.5%.

Ahli United Bank shares included in MSCI frontier markets index
Times of Oman
MSCI, a leading United States-based provider of equity, fixed income, and hedge fund stock market indexes, as well as equity portfolio analysis tools, said that Ahli United Bank (AUB) became part of their MSCI Frontier Markets Index (FMI) on November 30, 2015.

Who Will Win the Factor ETF Fight?
Factor investing — sometimes referred to as “smart beta” investing — is one of the fiercest battles now being fought among ETF providers. But for investors and advisors alike, it can be a confusing battle, because of widespread disagreement about which strategy is superior.

The Rieger Report: 500 Index Sectors – stocks vs. bonds
S&P Dow Jones Indices
Stocks and bonds behave differently in most market environments and the resulting low historical correlation between the two has been an important factor in many investment strategies. With the launch of the S&P 500 Bond Index we can now compare the performance of stocks and bonds of the same ‘blue chip’ entities in the iconic S&P 500 Index.


Meanwhile, Over At The “New York” Stock Exchange… Many Lasers
Back in March, when looking at the main antenna array at the real “New York” Stock Exchange located off Route 17 and MacArthur Boulevard in Mahwah, New Jersey, we noticed something peculiar: instead of just housing various now traditional microwave dishes…

Goldman, JPMorgan Seen as Fintech Winners While AmEx Suffers
Hugh Son – Bloomberg
Goldman Sachs Group Inc. and JPMorgan Chase & Co. will probably benefit most from the coming wave of financial technology disruption, rather than being supplanted by startups driving the change, according to an Autonomous Research survey.

Reserve Bank of India Publicly Endorses Blockchain Technology
Slowly but surely, the central banks of this world are coming together in showing their appreciation for the technology powering the Bitcoin network. Up until a few years ago, these same institutions were quite vocal in their opinion and Bitcoin and its technology, which, according to them, held no value for the future.

Banks should work with fintech firms operating in Hong Kong
Jamie Spence – South China Morning Post
Recent announcements by the Hong Kong and Australian governments in relation to becoming leading financial technology (fintech) hubs in the region must be acknowledged.
Forming steering committees to deliver blueprints to support the industry is on the face of it a step forward. However, fintech is already an established, active, and fast growing industry serving customers across the globe. If regional governments want to position themselves at the forefront of this growth they must start by working with commercial banks to provide practical support.

What Military Strategy Can Teach Us About the Vulnerability of Fintech
Finance Magnates
One of the fascinating aspects of military strategy is human psychology and the vulnerability of the human ego. The psychological vulnerability of the high and mighty was often the subject of Greek tragedy, and many of Shakespeare’s plays. Tolstoy’s Anna Karenina is another great example, arguably the greatest psychological novel of all time.

FinTech is Booming and Here’s Why You Should Join in 2016
Dianna Labrien –
FinTech has become one of the hottest topics in the tech startup scene and will continue to dominate in 2016. For entrepreneurs, that stands for a great chance to get their slice of the financial market cake, while banks have started to realize the threat and invest heavily in startups themselves.


SAC Capital to Pay $10 Million in Wyeth Investor Suit Accord
Chris Dolmetsch – Bloomberg
Settlement needs approval from federal judge in New York
Investors sued in 2013 alleging damage from insider trading
SAC Capital Advisors LP agreed to pay $10 million to end a lawsuit by Wyeth LLC shareholders who claimed they lost money because the fund formerly run by billionaire Steven A. Cohen engaged in insider trading.

Environmental & Energy

Florida’s case of climate denial: A tale of two governors; Under Charlie Crist, state with most at stake was briefly a leader on issue; Under Rick Scott, even the words ‘climate change’ have been avoided
Tristram Korten – Miami Herald
When Charlie Crist was Florida’s attorney general and preparing to run for governor in 2005, he sat down in a private room at the Biltmore Hotel in Miami with U.S. Sen. John McCain.

Rich white people are ruining the planet: How the donor class prevents action on climate change; Research indicates wealthy white Republicans are less likely to support policy proposals to reduce carbon emissions
Although the Paris Climate Deal certainly represents a step forward for the international community, there are still many potential pitfalls to addressing climate change. New data suggest that the overwhelmingly white donor class may be one such obstacle.

Shale’s Running Out of Survival Tricks as OPEC Ramps Up Pressure
In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a-barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well.

Why There Could Be a Bright Future Ahead for Solar Energy
Bryan Birsic, Wunder Capital’s co-founder and chief executive officer, discusses the outlook for the solar industry and the U.S.’s extension of tax breaks for renewable energy. He speaks with Bloomberg’s Cory Johnson and Vonnie Quinn on “Bloomberg Markets.” (Source: Bloomberg)

Smog Blankets Beijing and Shanghai After Christmas Alert
Bloomberg News
‘Orange alert’ had caused cancellation of hundreds of flights
China remains under pressure to tackle chronic air pollution
Dense smog continued to shroud China’s largest cities on Saturday though an approaching cold front began to clear the skies, a day after a Beijing air-pollution alert forced the cancellation of more than 200 flights from the nation’s capital.

Opec faces a mortal threat from electric cars; The oil cartel is living in a time-warp, seemingly unaware that global energy politics have changed forever
By Ambrose Evans-Pritchard
OPEC remains defiant. Global reliance on oil and gas will continue unchanged for another quarter century. Fossil fuels will make up 78pc of the world’s energy in 2040, barely less than today.

Oil Bankruptcies Reach Highest Quarterly Level Since Recession
David Wethe – Bloomberg
At least 9 U.S. oil company bankruptcies in 4th quarter
More U.S. oil company bankruptcies may follow next year
Bankruptcies among oil and gas companies have reached quarterly levels last seen in the Great Recession, according to the Federal Reserve Bank of Dallas.

Warm Weather in U.S. Northeast Pinches Salt Producers; With temperatures high, stocks of road salt are piling up as sellers watch the skies for snow
A small mountain of white rock salt has been growing slowly at a shipping terminal alongside the Monongahela River this month, waiting to be shipped to city-owned sheds or packed into 50-lb. plastic bags for hardware-store wholesalers.


Japanese bank chief warns over stricter US merger rules
Leo Lewis in Tokyo – FT
Plans by Japan’s largest financial groups for a new round of US-focused acquisitions risk being thrown off course in 2016 by stricter regulation and political pressure, one of Japan’s banking chiefs has warned.

China Plans a New Silk Road, but Trade Partners Are Wary
By Keith Brasher
Beijing’s effort to revive ancient trade routes is causing geopolitical strains, with countries like Turkey increasingly worried about becoming too dependent on China.

World’s Biggest Pension Fund to Add Board in Governance Overhaul
Tom Redmond, Shigeki Nozawa, Yuko Takeo – Bloomberg
Japan’s public pension fund moved closer to completing a long-awaited governance revamp as the health ministry released a plan to install a mostly independent management committee to oversee its investments.

When India Analysts Make 2016 Stock Predictions, Don”t Bank on Accuracy
It’s that time of the year, when analysts make predictions about how Indian stocks will perform next year. But, with their dismal track record from last year, should they bother?

Frontier Markets

World Silver Council to set silver standard in India soon; The launch of WSC would bring a major relief for silver consumers as it would set a purity standard soon
Business Standard
India is set to have a silver standard, with the launch of the World Silver Council (WSC) by the apex bullion dealers body India Bullion and Jewellers Association (IBJA).

Sudan’s new gold rush: miners risk their lives in search of riches; With the economy in tatters, the government has opened the country to prospectors operating without regulations or oversight
Peter Schwartzstein and Leyland Cecco
It’s a little before 7am on a bright, airless morning, and already Abdullah Idriss Isaac has been hard at work for hours.

Garlic price up 40% in 3 months on lower output estimate
Business Standard
Garlic prices have jumped 40 per cent in three months, on reports of lower production and robust seasonal demand. Data compiled by the government-owned National Horticulture Board showed a price of Rs 82 a kg in wholesale markets here on Thursday, as compared to Rs 59 a kg in September. In retail markets here, it was Rs 147 a kg on Thursday as compared to Rs 100 a kg in September. Retail demand for garlic rises in winter season, for use as a vegetable additive and direct consumption.

Zimbabwe loosens controversial foreign-investor law
Zimbabwe loosened Thursday the terms of a controversial law that forces foreign companies to cede a majority stake to local investors, signalling an attempt to shore up the country’s moribund economy.


Philanthropy: How to give away $1bn
Stephen Foley – Bloomberg
Mark Zuckerberg’s letter to his new daughter Max, in which he promises to dedicate his fortune to philanthropy, was addressed to one person, and read and discussed by millions — but 1,825 people will have paid special attention. These are the other members of the elite club of the world’s billionaires according to the latest annual count by Forbes magazine, with an aggregate wealth of $7tn.

Gold plates and coins among valuable haul unearthed by archaeologists at 2,000-year-old royal tombs in China; Gold plates discovered at the royal tombs of the Marquis of Haihun State
Gold plates are among the valuable items unearthed at the tomb of a Chinese emperor who died thousands of years ago.

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