First Read

FinTech Exchange Chicago: Future Is Now For Some FinTech and Right Around The Corner For Other Technology
Spencer Doar,

FinTech Exchange 2016 Chicago was no wistful exercise in futurology last month. It was firmly set in the do-or-die present of technological solutions and opportunities.

Chicago may not be thought of as a fintech hub among key global financial centers such as New York or London, but the homegrown talent was out in force along with a slew of imported presenters on the forefront of finding and pioneering new technology opportunities.

The themes were well known — big data analytics, blockchain, machine learning and the necessity of reimagining the assumptions around how a business runs. And of course, the event’s overarching message of “Run, don’t walk, to the cloud” was loud and clear.

Watch the videos and read the story »

The tech world has expanded into every industry and the financial one is no exception. Our team got 10 exclusive interviews with the top showcases at this year’s Fintech Exchange. The event featured keynote speakers from Google and Tally Capital.

***** More on FINTECH EXCHANGE from Advisor.TV


Deutsche Boerse CEO touts LSE merger, saying ‘size is everything’
Deutsche Boerse’s (DB1Gn.DE) planned $30 billion merger with LSE Group (LSE.L) is on track for completion late this year or in early 2017, the German exchange operator’s Chief Executive Carsten Kengeter said on Wednesday.

***** I know this is true for the size of your beer stein.


NASA Just Announced 1,284 New Planets; There are now 3,264 known planets outside our solar system.
Mary Ann Georgantopoulos – BuzzFeed News Reporter
NASA on Tuesday said 1,284 new planets had been discovered by the Kepler space telescope, marking the biggest batch of exoplanets ever announced at one time.

***** In related news, wasting no time, ICE just announced the launch of 1,284 new OTC crude contracts.


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Budweiser to Rebrand Beer to America Through Elections; Packaging part of ‘America is in Your Hands’ campaign
Anheuser-Busch InBev NV has a plan to make America great again—or at least sell more beer.
****** This America is for You? Don’t Steal My America Lite? America, the King of Beers? Hmmmm.
*****JB: Given how this election cycle is shaping up I think we will all need a few drinks.
***DA: Um, isn’t AB/InBev a Dutch company now?


Tuesday’s Top Three
It warms our collective hearts when the click count leader is a charity story. Yesterday’s story from Bloomberg, Robin Hood Gala Raises $61 Million, Helped by Bezos Family led all counts. Robin Hood Galas are much better for the industry than Robin Hood taxes. Second place, also from Bloomberg, was a look at the ugly side of the industry, Madoff Sons’ Fight Over Cash Endures Long After Their Deaths. Also from the dark side, our third place story was from NYT, Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In. Alas, it kind of puts the $61 million raised at the gala in a different perspective.


WFE Focus, April 2016 – SME Edition
World Federation of Exchanges
The theme of this month’s edition is SMEs. SMEs are an economic cornerstone, contributing significantly to the economy and also acting as the incubator for the large companies of tomorrow. In March, WFE released its research paper on SMEs, which can be downloaded from the WFE research section HERE. We complement this study with comments from some WFE members at the forefront of this area.


Make A Plan: How OCC Is Forging Change In The Options Industry
JIm Kharouf,

Craig Donohue joined OCC in 2014 to help address some major issues for the clearing house and to position the organization for the new derivatives clearing landscape. He sat down with John Lothian News to discuss the current state of the options industry, regulation and where the organization is heading next.

One of Donohue’s first issues to address was the OCC’s capital plan to raise the organization’s shareholder equity to $247 million, from $25 million. That plan, which strengthens OCC’s capital base as one of the designated Systemically Important Financial Market Utilities (SIFMUs), puts the clearing house on firmer footing going forward, Donohue said. The SEC approved the capital moves by OCC in March.

Watch the video »

Lead Stories

Wall Street firms under investigation for treatment of retail investors
By Aruna Viswanatha, Bradley Hope and Dave Michaels, WSJ
Federal and state authorities are investigating whether Wall Street firms that handle millions of orders annually for retail clients have lived up to their obligation to provide the best possible treatment for those investors, according to people familiar with the matter.

Russian gang suspected of scam in ICE market
Caroline Binham in London – FT
The City of London Police revealed that they had arrested two men — one a Russian broker — over suspected money-laundering as part of a global alleged scam spanning Switzerland, the Caribbean and Russia. The police did not name the broker, but people familiar with the situation said it was Dzimitry Niadzvetski, who worked at a London unit of Archer Daniels Midland, the US agricultural trader and producer.

Nasdaq Commodities to launch new European Power and Gas Markets, Mercuria to provide direct and sponsored access liquidity
Nasdaq Commodities is pleased to announce the establishment of 14 new energy markets in Europe on its exchange. The development was made possible through collaboration with Mercuria Energy Trading, one of the world’s largest independent energy and commodities groups. While the new markets and instruments will be available to Nasdaq Commodities clients generally, they have been designed to work with Mercuria’s sponsored access business1 for OTC European Energy markets.

Banks cull accounts in fight against corruption
Martin Arnold and Laura Noonan – FT
Deutsche Bank, Barclays and UBS have come to the conclusion they would be better off without tens of thousands of their existing customers.

Citadel Said in Talks to Buy Citigroup Electronic Trading Unit
Annie Massa, Dakin Campbell – Bloomberg
Talks come amid bank departure from wholesale market-making
Citadel, KCG dominate the industry, according to Finra data
Citadel Securities is in talks to buy Citigroup Inc.’s electronic market-making unit Automated Trading Desk, according to people familiar with the matter.

Exclusive: U.S. investigates market-making operations of Citadel, KCG
Federal authorities are investigating the market-making arms of Citadel LLC and KCG Holdings Inc, looking into the possibility that the two giants of electronic trading are giving small investors a poor deal when executing stock transactions on their behalf.

New prudential requirements deliver long-term certainty for Euronext N.V.
Euronext and the Dutch Ministry of Finance have reached agreement on Euronext’s prudential requirements. The agreement follows an evaluation of the initial requirements that were set following incorporation of the Company and ahead of its IPO in 2014. The agreed new requirements provide Euronext N.V. with the necessary flexibility to pursue its strategic objectives and remove uncertainty around its financial structure, while not hampering financial stability in the long-term. The improved requirements enable Euronext to pursue acquisitions and investments and to define a prudent and consistent dividend policy and financial structure.

Miraculous Rise and Dramatic Acquittal of U.K.’s `Mad Punter’
Liam Vaughan, Suzi Ring – Bloomberg
Iraj Parvizi went from kebab shop to stock-market riches; Found not guilty of insider trading in Tabernula case
Iraj Parvizi made his way through the London courtroom, an untucked white Ralph Lauren shirt covering his pronounced paunch. Dressed in sneakers and jeans, he looked out of place among the spectators in suits and barristers in black robes and wigs.

BATS Should Be A Great Hedge For Choppy Markets, According To Morgan Stanley
Jim Swanson, Benzinga Staff Writer
Morgan Stanley’s Betsy L. Graseck believes BATS Global Markets, Inc.
BATS was “a great hedge for choppy markets,” since “exchanges outperform when volatility is high or rising, even if markets are falling.”

Top hedge-fund managers made $13 billion in 2015 even as Wall Street tanked; Hedge fund’s top 25 managers made 10% more in 2015 than the previous year, according to Alpha
By MARK DECAMBRE – MarketWatch
The rich continued to get richer in 2015 despite a tepid performance from U.S. stocks, according to a ranking of the top 25 highest-earning hedge-fund maestros compiled by Institutional Investor’s Alpha magazine

Hedge fund geeks outshine activists in earnings bonanza
Miles Johnson – FT
The mantra of Wall St hedge funds was once “only the strongest will survive”. It may now have to change to “the geeks will inherit the earth”.

German financial watchdog warns on low rates ‘poison’
James Shotter in Frankfurt – FT
Low interest rates are a “seeping poison” for Germany’s banking system, the head of the country’s financial watchdog has warned, in the latest expression of German fears over the European Central Bank’s policies.

Anonymous Declared a 30-Day War on the Big Banks of the World — Here’s How It’s Going
By Jack Smith IV -Tech.Mic
Anonymous is ramping up its operations in recent months, and now that the loose collective of hacktivists has some new notches in its belt, it’s skipping straight to the big targets: the world’s biggest banks.

The Bank for International Settlements is unconvinced that ending the dominance of the US dollar will protect the world economic order
Jake Cordell – City AM
Ending the dominance of the US dollar will not be enough to promote stability in the international monetary and financial system, a top official at the Bank for International Settlements has argued (BIS

Citadel moves on Automated Trading Desk
Nicole Bullock and Joe Rennison in New York – FT
Citadel is in talks to buy Automated Trading Desk, an electronic market-maker owned by Citigroup, as the Chicago-based hedge fund seeks to expand its already sizeable market-making operations, according to a person familiar with the deal.

An Investment Banker’s Worst Nightmare; More companies are deciding to do without bankers when they make acquisitions
One day late last month, two big companies announced takeovers that had something in common: Neither Comcast Corp. nor AbbVie Inc. used a banker.


The Global Financial Industry is Over-Regulated
By SG Value Investor – ValueWalk
‘The Global Financial Industry is Over-Regulated
The recent crises have brought about a barrage of regulations on banks which have reduced their profitability so much so that a number of major banks have wind down their investment banking operations. Regulation of the financial industry has been a widely debated topic ever since the Global Financial Crisis in 2008. The increased regulations on banks, such as the imposition of the Basel III and the Volcker rule, has significantly curtailed profits of the investment banking industry.

CFTC Issues Proposed Amendment to the 2013 Final Order Regarding RTOs and ISOs
The U.S. Commodity Futures Trading Commission (CFTC) today issued a proposed amendment to a final order the CFTC issued on March 28, 2013 that exempted certain specified transactions of six Regional Transmission Organizations and Independent System Operators (RTO-ISO Order) from certain provisions of the Commodity Exchange Act (CEA) and CFTC regulations.

***DA: Also see supporting statement by Tim Massad HERE and dissenting statement by Chris Giancarlo HERE

FCA probes Bloomberg bond rejections; UK regulator has requested data from Bloomberg after asset manager revealed on-screen prices were impossible to execute.
By Hayley McDowell – The Trade
The UK’s Financial Conduct Authority (FCA) has asked Bloomberg for data on the percentage bond trades rejected as work on the electronification of the fixed income market continues.

China Cracks Down On Speculative M&A In FinTech, VR, Gaming, Films – Asia Stocks to Watch
China Securities Regulatory Commission’s new chairman does not want another summer meltdown or LendingClub (LC) drama. According to respected Chinese financial magazine Caixin, the CSRC has already banned companies from making acquisitions in the high-flying fintech, virtual reality, gaming and film sectors. For instance, a cement company can buy a publicly-listed solar company but it will not be able to buy a video gaming company.

Exchanges & Trading Facilities

Bats Europe Successfully Operates Exchange From Disaster Recovery Facility – Company Executes Critical Infrastructure Test On May 5, 2016
Bats Europe, Europe’s largest stock exchange, today announced the successful operation of its European business from the exchange’s disaster recovery (DR) office. The test constitutes a critical part of Bats Europe’s Business Continuity Planning (BCP) process.

NCDEX sees 17% jump in turnover in April
Business Standard
The futures segment of the National Commodity and Derivatives Exchange (NCDEX) has registered a 17 per cent growth in turnover at Rs 70,848.06 crore in April 2016.

BRIEF-ICE Clear U.S. lowers margins for cocoa
Intercontinental Exchange Inc via Reuters
Ice Clear U.S. lowers Cocoa (CC) margins for specs by 13.3 percent to $1,300 per contract from $1,500

SGX welcomes Bank of China as accredited issue manager
Singapore Exchange (SGX) welcomes Bank of China (BOC), Singapore branch, as an accredited issue manager for Mainboard listings.

Appointment of Members to the Consultative Panels
The Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEX) today (Wednesday) approved appointments to the Cash Market Consultative Panel, Clearing Consultative Panel and Derivatives Market Consultative Panel to fill vacancies arising from the expiry of the term or the resignation of certain members. HKEX wishes to take this opportunity to thank all these members for their dedicated service to the panels.

ASIT Biotech makes debut on Euronext Brussels and Paris; Biopharmaceutical company specialized in allergies valued at EUR 89.3 million
Euronext today celebrated the listing of ASIT biotech on its Brussels and Paris markets. ASIT biotech joins a community of 77 life sciences issuers listed on Euronext.


Broadridge Adds Derivatives Clearing to its Global Post Trade Management Solution
PR Newswire
Through this acquisition, Broadridge Global Post Trade Management will facilitate central clearing for exchange-traded derivatives, which encompasses connectivity to global clearing houses and exchanges through its global, multi-asset class post-trade solution. Terms of the deal were not disclosed.

FinTech Companies Should Be Wary of Potential Sales Tax
The National Law Review
As shown in a recent Texas case involving a financial technology (FinTech) business, the rapid advance of online professional services is colliding with states that impose sales tax on cloud computing or data processing. With limited exceptions, states generally do not impose sales tax on most professional services; however, some states are casting their nets to tax online services that utilize computing in order to deliver otherwise nontaxable services. FinTech companies need to be aware that some states might say their services are taxable as a cloud based or data processing service.

Big Banks Stake Fintech Claims With Patent Application Surge
Big banks and credit card companies, looking to protect their investments in innovation, have accelerated efforts to patent methods linked to key technologies. Since 2013 large financial institutions have applied for at least 2,679 patents in hot areas such as blockchain, analytics and cybersecurity, a surge of 83% from the prior three years.

Fintech under fire: LendingClub and On Deck fall on earnings
Valuations in “fintech” are starting to look closer to fin than tech, as investors raise concerns over credit quality and whether demand for peer-to-peer loans can keep pace with supply. The poor performance of LendingClub and On Deck Capital, in addition to the postponed IPOs of two other online lenders in the past six months, calls into question the IPO prospects of four VC-backed online lenders that have achieved $1+ billion valuations. Fintech take note.


Trump v Clinton: what does it mean for markets?
Nicole Bullock and Gregory Meyer in New York – FT
Ripping up political convention has helped make Donald Trump the presumptive Republican presidential nominee. The past few days have robbed investors of any notion that the New York property developer would observe the usual financial markets script that candidates seeking the keys to the White House follow.

How to Tell Facts About the Debt From Political Hype
By Mohamed A. El-Erian – Bloomberg
Recent remarks by Donald Trump, the presumptive Republican presidential nominee, have turned the spotlight back to the U.S.’s $18 trillion federal government debt. The attention follows a period of substantial decline in the budget deficit that countered claims the country was heading rapidly toward debt Armageddon.

Turkey’s President Erdogan Fails to Silence German Publisher
President Recep Tayyip Erdogan on Tuesday in Ankara. The Turkish president has tried to silence his critics at home and abroad. Credit Reuters
President Recep Tayyip Erdogan of Turkey tried again to silence one of his German critics, but failed this time when a court denied his request on Tuesday to block an open letter by the head of one of Germany’s most powerful media companies expressing support for a comedian who lampooned the Turkish leader.

Facebook staff donates more to Hillary than any other candidate
By Marisa Schultz – NY Post
Facebook employees contribute more to Hillary Clinton than to any other presidential candidate — and among the donors is an executive in charge of trending topics.

Trump Versus the Fed
By Narayana Kocherlakota – Bloomberg View
Donald Trump’s ideas about managing the U.S. government’s finances have generated a lot of debate, shedding useful light on the presidential hopeful’s unconventional approach to economic policy. But Trump has yet to address a crucial issue: How he would manage a likely conflict with one of the world’s most powerful institutions — the Federal Reserve.

Clinton Son-in-Law’s Firm Is Said to Close Greece Hedge Fund
Former President Bill Clinton and his son-in-law, Marc Mezvinsky, at an event in March 2015 supporting equality for women. A Greece-focused fund run by Mr. Mezvinsky’s firm is said to have lost nearly 90 percent of its value, and sources say it will be shutting down. Credit Spencer Platt/Getty Images
It was a hedge fund portfolio pitched by Hillary Clinton’s son-in-law, Marc Mezvinsky, as an opportunity to bet on a Greek economic revival.

Donald Trump’s Plan to Raise Taxes on Rich: Just Kidding
Peter Eavis – NY Times
The 1 percent can breathe a small collective sigh of relief.
Hillary Clinton’s platform contains many new taxes for the wealthy, and in recent days it seemed that Donald Trump might be moving in the same direction. When asked Sunday on “Meet the Press” about taxing the rich, Mr. Trump said: “For the wealthy, I think, frankly, it’s going to go up. And you know what? It really should go up.”

Hedge Funds & Managed Futures

Does securitisation of online loans have a future in Europe?
Thomas Hale – FT
Europe’s securitisation market has just endured its worst quarter in nearly half a decade. However, last month something new piqued the industry’s attention.

Why God Sent Financial Advisors Into the World
by Joshua M Brown – The Reformed Broker
Your favorite stock; see if it’s a buy, sell or hold opportunity
Nick Murray talks about how an advisor earns his or her weight in gold and very little of it has to do with asset allocation or fund selection, although those aspects are obviously important. Murray was very early to the insight that guarding clients from their own emotions and protecting them from six-figure mistakes was the true calling of an advisor – and why, as he puts it, “god sent financial advisors into this world.”

US infrastructure decay forecast to cost trillions
Sam Fleming in Washington – FT
The San Francisco Skyline and the west span of the Oakland-San Francisco Bay Bridge is seen from a ferry in the San Francisco Bay in Alameda, California, U.S., on Thursday, June 20, 2013. Photographer: David Paul Morris/Bloomberg©Bloomberg
The US’s failure to address its infrastructure deficit is set to cost the country trillions of dollars in lost economic output in the coming decades, according to a study published on Tuesday.

Brexit trades: anticipating the markets if Britain votes to leave
FT Reporters
Britain’s historic referendum on EU membership has already moved the markets — sterling, equities and property have all experienced volatility.

Banks & Brokers

Fintech in Futures
Markets Media
Recent history hasn’t been kind to Futures Commission Merchants, as their numbers have dwindled by more than half since the global financial crisis amid tighter regulation and a mostly tepid business climate. Simply put, the bar has been raised for futures brokers to continue to be futures brokers.

RBS speeds up promotion of junior investment bankers
Emma Dunkley and Laura Noonan – FT
Royal Bank of Scotland is accelerating the promotion of junior investment bankers in an attempt to retain young talent as its shrinking division comes under pressure and competition in the sector mounts.

Credit Suisse: not down for the count
Boxing trainers throw in the towel when their fighter risks permanent injury by fighting on. Dazed and bloody, Credit Suisse shareholders keep heaving themselves up off the canvas . After two-fifths of their value was bashed out of them over the past year, shares in the Swiss lender rose by 5 per cent on Tuesday after results from 2016’s first round came were marginally less bruising than feared.

Clearing & Settlement

Dealers disagree over charge for CCP counterparty risk; Fed stress tests push US banks towards charging CVA for cleared derivatives
Nazneen Sherif –
Amid the increasing use of central counterparties (CCPs) for over-the-counter derivatives, major dealers have adopted different approaches to adjusting the value of cleared trades to account for counterparty credit risk. Several large dealers tell they are taking a credit valuation adjustment (CVA) charge to reflect the counterparty risk of centrally cleared trades, or reporting the charge for regulatory purposes. However, the practice is far from universal, with US banks embracing the…

Korea Exchange pairs with DTCC
Securities Lending Times
The Depository Trust & Clearing Corporation (DTCC) has signed a memorandum of understanding with the Korea Exchange (KRX) to cooperate on a trade repository solution in Korea. KRX is the only securities and derivatives exchange operator in South Korea. The two institutions intend to build a long-term relationship, exploring the potential of direct links between the DTCC Global Trade Repository (GTR) and KRX.

First Eurex OTC IRS compression cycle on triReduce® completed
With EurexOTC Clear Release 5.0, Eurex Clearing had introduced technical and functional changes to support the multilateral portfolio compression service triReduce® offered by TriOptima®. In April the first compression cycle for Euro Interest Rate Swaps has been completed.

Indexes & Products

There’s a Reason New ETFs Look Too Silly or Complex; Funds tied to millennials, among other fads. But there’s money to be made.
Eric Balchunas – Bloomberg
When it comes to new exchange-traded funds, investors are doing a lot of eye-rolling and head-scratching. And rightfully so

Index IDEA: FTSE Russell & Deutsche AM examine emerging markets factors YTD
FTSE Russell
After a challenging start to 2016, emerging markets indexes have steadily trended upward since February 11th. According to global index provider FTSE Russell, the FTSE Emerging Index has risen 7.2% in 2016 as of April 26th. Further analysis by FTSE Russell through its global factor indexes shows that the upward trend for emerging markets during this time period has been influenced by five major market factors; momentum, size, quality, value and low volatility. In fact, the FTSE Emerging Comprehensive Factor Index, which measures emerging markets equities through these five factors, has returned 9.2% year-to-date.

STOXX Announces Results Of Annual Emerging And Developed Markets Classification Review
STOXX Ltd., the operator of Deutsche Boerse Group’s index business, and a global provider of innovative and tradable index concepts, today announced the results of the annual Emerging and Developed Markets Country Classificationreview. All changes will become effective at market open on Sep. 19, 2016.

WisdomTree Europe launches smart beta broad commodity ETF
ETF Strategy
WisdomTree Europe has launched a new smart beta commodity exchange traded fund with a built-in mechanism that helps reduce the cost of holding commodity future contracts, meaning investors can hold the ETF in their portfolios for longer.


Insider trading case highlights the challenges facing prosecutors
Caroline Binham – Ft
It is the end of the road for “Fruit” and “Nob”. Rather than being an ageing folk duo or 1970s children’s TV characters, they were insider traders who were convicted on Monday of a conspiracy that netted £1.1m profit between them.

Environmental & Energy

Saudi raising oil output ahead of Aramco IPO
Anjli Raval in Dhahran, Neil Hume and David Sheppard in London – FT
Saudi Arabia is raising production and pressing ahead with a global expansion plan for its state oil company ahead of what could be the world’s largest ever stock market listing.

Most of Canada’s oil sands production shut down by wildfire
The majority of Canada’s oil sands industry has stopped production and will only start back up when it is “absolutely safe” but that should happen soon, Alberta’s premier said Tuesday after meeting with company officials to discuss the impact of the massive wildfire that destroyed more than 10 percent of the homes and buildings in Canada’s main oil sands city.

Oil Bust Gives Billionaire Deal-Maker Buyer’s Remorse; Energy Transfer Equity’s Kelcy Warren wants to restructure or escape the biggest deal of his life, but seller Williams Cos. won’t let go
Kelcy Warren became a billionaire oil man by making deal after deal, including purchases of thousands of miles of pipelines after Enron Corp. collapsed. Now he is suffering from a severe case of buyer’s remorse.

Glencore Mucking About in the Dirtiest Market in the World
Streetwise Professor by The Professor
The WSJ has an interesting story about Glencore big-footing the Singapore fuel oil market:

Carbon-offset deal would cost airlines $6.2 billion in 2025: IATA
A global market-based measure to curb aviation emissions would cost the airline industry up to $6.2 billion in the year 2025, but carriers could face higher charges if governments fail to reach a deal by October, the International Air Transport Association said.


Why China’s Bad Bank Needs Another $5 Billion; China Cinda Asset Management Chairman Hou Jianhang arrives for a news conference on the company’s annual results in Hong Kong on March 30. ENLARGE
For a glimpse of how China’s rising bad loans will play out in the banking system, just look to one of the institutions tasked with soaking up the deluge of toxic debt.

Japan’s Financial Services Agency: The First Meeting Of The Panel Of Experts On FinTech Start-ups
The Panel of Experts on FinTech Start-ups will hold its first meeting on May 16th, 2016 as follows.

As Hedge Funds Reel, One Hong Kong Firm Is Thriving
In a hedge fund industry plagued by lackluster performance and the biggest outflows since 2009, Benjamin Fuchs stands out. From his office next door to hawkers of pigs’ feet and live chickens in Hong Kong, the founder of BFAM Partners has steered his $1.8 billion Asia fund to nine straight months of positive returns and boosted assets under management by $650 million since July 1.

Frontier Markets

Technology Driven Wealth Management Is In The Interest Of Investors
Maneesh Taneja –
As we approach the twenty-fifth anniversary of ‘liberalisation’ of the Indian economy, the role of Wealth Management/Financial Advisory industry is one of the most visible difference from the ‘pre-liberalisation’ era. There are reasons for this. The growth witnessed by the Indian economy in the last couple of decades has coincided with a historical reduction in interest rates and a substantial increase in the share of private sector in formal employment.

India’s biggest shipper of gold says smuggling to hit record high; Australia and New Zealand Bank’s head said he expects 15% of India’s gold this year to be smuggled to escape 10% levy
Reuters via Business Standard
India’s gold imports could hit a record high this year amid widespread smuggling to sidestep government levies on overseas shipments, Australia and New Zealand Bank, Asia’s biggest shipper of physical gold, said on Wednesday.


$100 Million Defamation Suit Filed against Bloomberg L.P., Reporter Matt Robinson and Editor Jesse Westbrook
Written by Amvona News
Marlborough, Mass., May 10, 2016— Bloomberg, L.P. and two Bloomberg employees, Jesse Westbrook, a Bloomberg editor, and Matt Robinson, a Bloomberg reporter, were sued today for defamation in Massachusetts Superior Court. The plaintiff, Father Emmanuel Lemelson, seeks $100 million in compensatory damages for defamation in a March 18, 2016 Bloomberg article by Robinson.

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