First Read

John on the Mend
by JLN Staff

John Lothian was in and out of surgery quickly yesterday and home by noon. He is recovering well and optimistic about being able to attend next week’s FIA EXPO if his healing continues at its present pace.

Thank you to all who sent him notes of encouragement and healing. He greatly appreciated it.


Grace Under Pressure: OCC’s Chief Risk Officer Talks About Preparing for Systemic Threats

As a Systemically Important Financial Market Utility (SIFMU), the OCC must be able to manage capital and operational risk on a day to day basis and during extraordinary events. JLN spoke with John Grace, chief risk officer for the OCC, about the challenges OCC faces as a SIFMU and what it’s doing to prepare for cyber and physical attacks, such as using multiple backup sites and creating third party risk management systems.
Watch the video »

Deutsche Bank Says Goodbye to Clients to Revive Returns
Donal Griffin, Ambereen Choudhury – Bloomberg
Some residential MBS, CDS among businesses being abandoned
10 countries exited and clients with `limited prospects’ cut
Anshu Jain spent two decades turning Deutsche Bank AG into a global investment-banking behemoth. Now the lender is cutting its client list in half and pulling out of countries around the world.

***** To my point yesterday, how is portability going to work at FCMs when firms/banks are firing existing customers?


Police find body in search for missing American trader who disappeared after flying to London for a job interview
Police have found the body of a man near train tracks in London in the search for an American trader who disappeared after flying to the UK for a job interview.

***** This trader was pictured in front of the CBOT Building in this story.


‘Biggest Log Cabin in the World’ Is Most Expensive Home in Michigan
Lisa Johnson Mandell – Yahoo
Not only is the main residence reported to be the largest log cabin in the world, but priced at $40 million, “Granot Loma” is also the most expensive home in the entire state of Michigan. And boy, does it have a history. This National Landmark on the shores of Lake Superior consists of a 26,000-square-foot log mansion and a farm to sustain it, on almost eight square miles of land. Construction took four years, completed in 1923, for a grand total of $5 million. That’s the equivalent of about $70 million today, points out Curbed Detroit (the site from which we first learned of the listing).
****SD: Even though it is made of logs, at a certain point — probably the inclusion of a Steinway — it should no longer be called a “cabin.”

***** JJL: From the bond pit to the shores of Lake Superior, Tom Baldwin was always surrounded by liquidity. Tom Baldwin’s cabin in the Michigan woods is impressive.


Garry Jones, London Metal Exchange – Managing an Exchange in Uncertain Times

“It doesn’t matter where you start, it matters where you finish. Don’t just do the job for the money. Do your research, work hard…and it might work out.”

Garry Jones, CEO of the London Metal Exchange, says that our lives and the career path we go down shouldn’t be seen like a checklist – expecting to work at Company X by the time one is a certain age or saying that “By age Y, I will be married and have children” is unrealistic. Jones himself graduated with a degree in Geology and Geophysics; it would be later in his career that he became interested in banking and the financial industry. Jones stresses that it is important to take risks and not be afraid of failure. He also says that when speaking with other companies in hopes of employment, research is key.

Watch the video »

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Lead Stories

Spoofing Defendant Coscia Says He Intended to Trade Orders
Michael Coscia, testifying in his own defense in the first-ever “spoofing” prosecution, said he didn’t tell a programmer that trading software would be used to “pump” the market. – Bloomberg
Asked about the programmer’s description in notes presented as evidence to the jury, Coscia responded that he wasn’t really sure what the phrase meant.

Alleged CME ‘spoofer’ testifies: ‘I didn’t move any market’
Kim Janssen – Chicago Tribune
Trader takes the stand in his own defense in high-profile ‘spoofing’ trial
Alleged “spoofer” Michael Coscia took the stand in his own defense in federal court Thursday and insisted, “I didn’t move any market.”n Accused of manipulating prices on the Chicago Mercantile Exchange, Coscia, 53, faces up to 25 years if convicted by a jury.

Deutsche Boerse steals march on London with new China venture
By Michelle Price and Pete Sweeney-Reuters
Two Chinese exchanges and the country’s foreign exchange trading operator formally agreed to establish joint ventures with Germany’s Deutsche Boerse AG on Thursday.

China and Germany strike deal to boost renminbi trading business
Financial Times
Angela Merkel, Germany’s chancellor, and China’s premier Li Keqiang attended the signing of the agreement in Beijing on Thursday between Deutsche Börse, the Shanghai Stock Exchange and China Financial Futures Exchange to set up Ceinex.

Euronext expansion puts investors in reach of Hong Kong
Euronext have announced that it will soon provide automated trading services to domiciled clients in Hong Kong after approval was received from the Hong Kong Securities and Futures Commission.
As a result of the new service, Euronext will now be able to offer clients direct access and membership to their own derivatives markets in Paris.

More Pain, Slow Gain as Europe’s New Bank CEOs Expect Grim Years
Nicholas Comfort, Jeffrey Voegeli – Bloomberg
Cryan says next two years won’t be strong at Deutsche Bank
Barclays lowers 2016 profitability target on rising costs
Europe’s biggest investment banks are telling investors that it will take years for their overhauls to bear fruit.

World stocks on course for best month in four years
World shares rose on Friday and were on course for their best month in four years, led by Europe’s best month in over six years, as global central banks kept stimulus policies intact and many hinted at further steps to reenergize their economies.

Exclusive Club: No High-Frequency Traders Allowed at Luminex; New private trading platform is designed to give the world’s largest asset managers a new place to buy and sell stock
The most exclusive new club on Wall Street opens for business next week and there are a few things you won’t find: members with under a billion dollars or high-frequency traders.
Those are among the rules laid out by the founding members of Luminex, a private trading platform designed to give the world’s largest asset managers a new place to buy and sell large blocks of stock.

The Long Shadow of Europe’s Big Banks
Over the last year, Europe has been unsettled by several significant challenges, including the inflow of migrants, the conflict in Ukraine and the threat of Greece falling out of the euro. Perhaps less appreciated is the role that Europe’s largest banks have played in damping the mood on the Continent. And on Thursday, the burden of the big banks was on display.

Company Spokesmen, Reporters Lose Sleep as NYSE Shifts ‘Opening’
By Annie Massa and Brad Skillman – Bloomberg
The earnings times, they are a-changing. Oshkosh Corp., a maker of specialty vehicles such as fire trucks, published its earnings at 6:45 a.m. New York time Thursday. That’s 5:45 a.m., b’gosh, back at company headquarters in Oshkosh, Wisconsin. Phoenix-based computer maker Avnet Inc., and Glendale, California-based label maker Avery Dennison Corp. also reported at 6:45 a.m. — 3:45 a.m. at their home offices.
All three had previously reported quarterly earnings at 7 a.m.
Eastern time.

700 Years of Swedish Prices Contrast Plague With Globalization
A 2.6% average since 1291 may provide solace to policy makers
Amanda Billner – Bloomberg
If Swedish central bankers think they have an inflation problem now, they’re lucky they weren’t around when the bank was founded.

Interest rate derivatives trading going electronic, but investors still value sell-side relationships
The business of trading interest-rate swaps is moving to electronic platforms at breakneck speed, largely driven by the implementation of Dodd-Frank. Sixty per cent of notional client swap trading volume in the US this year is being executed electronically – up from just 20 per cent in 2014. But according to a new study from Greenwich Associates, investors are still relying on the support and advice of sell-side salespeople.

Europe’s Last Dictator Has Become the Darling of the Bond Market
Ksenia Galouchko – Bloomberg
EU lifted Belarus asset freeze, travel ban on Thursday
Belarus Eurobonds are `mispriced,’ Ashmore’s Dehn Says
He’s known as Europe’s last dictator, he mangles financial terminology and his secret service once jailed the chief executive officer of the world’s biggest potash miner. He’s also turning into a darling of the bond market.

Will Shift in Insider Trading Spell a Comeback for Steve Cohen?
Bob Van Voris, Matt Robinson – Bloomberg
Court ruling, dropped charges, Martoma may help limit any ban
SAC Capital founder bulks up Point72 as he awaits SEC verdict
SAC Capital Advisors founder Steven Cohen is seeking a little redemption, and Mathew Martoma may help him get it.

The Benchmark Podcast: The U.S. Government’s $18 Trillion Debt Problem
What would Alexander Hamilton say?
Aki Ito, Victoria Stillwell, Daniel Moss – Bloomberg
Every week, hosts Tori Stilwell, Dan Moss and Aki Ito bring you a jargon-free dive into the stories that drive the global economy.

Forces of Erosion Are Reshaping Fixed Income
Anthony J. Perrotta, Jr., TABB Group
Forces such as regulation, capital adequacy requirements, business model pivoting and shareholder demands are threatening the traditional foundation of the OTC fixed income markets. The prevailing models of principal risk intermediation and immediacy are beginning to crack. And the RFQ trading protocol, dependent on both, is unlikely to emerge unscathed.


Volatility and flash events in the oil market: Kemp
The chief of the U.S. Commodity Futures Trading Commission (CFTC) warned a conference last week the oil market had already experienced 35 “flash events” since the start of the year.
CFTC Chairman Timothy Massad defined flash events as occasions on which prices moved by at least 200 basis points within an hour but returned to within 75 basis points of the starting position within the same hour (“Evolving structure of the U.S. Treasury market” Oct. 21).

Asset managers call for tougher, more consistent clearinghouse standards
Neil Roland, MLex (Subscription Required)
The Securities Industry and Financial Markets Association’s asset management group said derivatives clearinghouses should be required to upgrade their risk standards and make them more transparent and consistent.
Asset managers said derivatives clearinghouses should have to upgrade their risk standards and make them more transparent and consistent. Global authorities also should clarify that asset managers’ margin shouldn’t be used to help a reeling clearinghouse recover, the Securities Industry and Financial Markets Association’s asset management group (AMG) said.

CFTC’s Giancarlo blames dwindling liquidity on bank regulators
FX Week
Insolvency risk has been transformed into liquidity risk, says the commissioner Bank regulators should bear responsibility for diminishing liquidity across a broad swathe of markets and high-frequency trading (HFT) firms should be welcomed for filling the liquidity gap, according to Christopher Giancarlo, a commissioner at the Commodity Futures Trading Commission (CFTC).

Mom and pop crowdfunding for startups is about to become a reality
Mom and pop crowdfunding for startups is about to become a reality. That’s good news, but it also comes with a lot of red flags. On Friday, the Securities and Exchange Commission is expected to issue a final rule regarding Title III of the JOBS Act. This will allow small companies to directly raise debt or equity capital from friends, family, and interested investors.

Exchanges & Trading Facilities

Vrije Universiteit Brussel (VUB) Innovates with First Listing of European Academic Bonds
Alternext in Brussels today welcomed the listing of a series of bonds issued by the Vrije Universiteit Brussel (VUB), the Dutch-speaking university of Brussels. The bonds will be listed under the Euronext Private Placement Bonds programme (EPPB), an initiative giving issuers of private placement bonds simplified access to Euronext markets. To celebrate the new listing, Prof. Dr. Paul De Knop, Rector of Vrije Universiteit Brussel, rang the bell to open trading.

Shanghai Stock Exchange, Deutsche Börse and China Financial Futures Exchange jointly establish CEINEX
Signing of the Shareholder Agreement during Chinese-German government consultation in Beijing
Shanghai Stock Exchange (SSE), Deutsche Börse Group and China Financial Futures Exchange (CFFEX) today officially founded their joint venture “China Europe International Exchange”. This new marketplace for the trading of RMB-denominated offshore products will be launched on 18 November 2015 under the new brand CEINEX.

Hong Kong Bourse Wants to Expand China Equity Link to IPOs
Eduard Gismatullin, Bloomberg
Hong Kong Exchanges & Clearing Ltd. expects to expand an equity link with China and allow mainland investors access to initial public offerings of foreign companies, Chief Executive Officer Charles Li said.

CBOE Holdings Reports Record Results For Third Quarter
Press Release
CBOE Holdings, Inc. (NASDAQ: CBOE) today reported net income allocated to common stockholders of $67.2 million, or $0.81 per diluted share, for the third quarter of 2015, compared with $48.1 million, or $0.57 per diluted share, in the third quarter of 2014. On an adjusted basis, net income allocated to common stockholders was $63.0 million, or $0.76 per share, up 31 percent and 33 percent, respectively, over the third quarter of last year. Operating revenue for the quarter was $187.0 million, up 26 percent compared with $148.9 million in the third quarter of 2014.

CME Group Inc. Reports Strong Third-Quarter 2015 Financial Results
CME Group
– Third-quarter 2015 revenues rose 12 percent to $850 million
– Third-quarter 2015 adjusted net income of $344 million and adjusted diluted earnings per share of $1.02 both grew more than 20 percent(1)
CME Group Inc. (NASDAQ: CME) today reported revenues of $850 million and operating income of $516 million for the third quarter of 2015. Net income was $360 million and diluted earnings per share were $1.06. Excluding the items noted in the reconciliation, adjusted net income would have been $344 million and adjusted diluted earnings per share would have been $1.021.

Report on Initial Public Offering Applications, Delisting and Suspensions

While cotton has had a long-standing spot at the center of the global textiles industry, the last decade has seen a pronounced shift in the commodity’s production and exportation. In 2003/2004, the U.S. accounted for 19% of the world’s cotton production and 41% of global cotton exports. Just ten years later in 2013/2014, the U.S. accounted for only 11% of world cotton production and 27% of the product’s exports – a 42% and 34% drop respectively.

TO THE END OF SEPTEMBER, UP 8.4% YEAR ON YEAR; The best nine months result since 2008; Revenue to September stood at EUR264.6 million, up 6.3% year-on-year; EBITDA increased by 6.7% to EUR186.6 million; The efficiency ratio and the Return on Equity (ROE) improved 0.3 points to 29.5% and 1 point to 41.1% respectively to September, compared to a year ago; Investment flows channelled by the exchange between January and September 2015 amounted to EUR36.2 billion, up 63.9%
BME net profit for the first nine months of 2015 totalled EUR132.5 million, an increase of 8.4% on the year ago figure. This is the best nine months result since 2008. Third quarter net profit increased 6.3%, to EUR40.9 million.

Hedge Funds & Managed Futures

Pimco Added Treasuries to Protect Against Increasing Volatility
Wes Goodman – Bloomberg
Fed will move toward liftoff in December, Scott Mather says
Treasury market volatility for October is lowest this year
The Pimco Total Return Fund added government and related debt last month to guard against financial-market volatility and as a hedge against its other holdings, Scott Mather, one of the fund’s three managers, wrote in an e-mail.

As China’s Stock Market Crashed, These Hedge Funds Rose 70%
Bloomberg News
Chasing gains was like `sucking blood from the tip’ of a knife
Best performers sold before the selloff, some bought on dips
China’s summer market selloff wasn’t a total rout if you were one of the country’s top-performing hedge funds that gained an average 70 percent as almost 1,300 other funds were wiped out. The country’s top 10 performers, run by Ze Quan Investment, Sunrise Investment, Zexi Investment and Yingyang Asset Management, found gains in the June-August period by heeding a famous maxim: Markets are ruled by fear and greed.

Boardroom Compensation Made This Man a Billionaire
Caleb Melby – Bloomberg
Drugmaker’s chairman has helped deliver 16,000% return
Received discounted shares, options that fueled net worth
When Roy Vagelos was forced to retire in 1994 as chief executive officer of Merck & Co. at the mandatory age of 65, he feared boredom. So he joined Regeneron Pharmaceuticals Inc.’s board, a move that would make him a billionaire.

Banks & Brokers

Deutsche Bank to Cut 35,000 Jobs Under New Strategy
Deutsche Bank said on Thursday that it planned to cut as many as 35,000 jobs through internal cuts and the sale of businesses over the next two years as part of an overhaul by John Cryan, the bank’s new co-chief executive, to simplify the lender and improve its returns.

JPMorgan Says Impact of $600 Billion Reserve Plunge Overstated
Ye Xie – Bloomberg
Currency effect is mostly responsible for year-long decline
Halt in accumulation still reverses trend of past 15 years
There may be less than meets the eye in the $600-billion drop in global foreign reserves.

Valeant’s Goldman Connection: A CFO Schooled on Wall Street
Neil Weinberg – Bloomberg
Schiller was key architect behind drug company’s acquisitions
He resigned after Allergan deal fell apart, remains on board
With an impeccable Wall Street pedigree — 24 years at Goldman Sachs Group Inc., culminating in a top investment-banking job — Howard Schiller left for what was fast becoming another palace of deal-making: Valeant Pharmaceuticals International Inc.

BNP Paribas Profit Climbs Almost 15% in Third Quarter
BNP Paribas, the largest French bank, said on Friday that its third-quarter profit had risen nearly 15 percent from a year earlier, helped by one-time items and a strong performance in international financial services.

RBS warns of ‘obstacles to overcome’ as profits rise
Emma Dunkley in London – FT
A Royal Bank of Scotland (RBS) branch is seen in central London.©AP
Sir Howard Davies has warned that Royal Bank of Scotland faces a number of hurdles in its path to recovery with conduct and litigation issues at risk of proving much costlier than expected.

RBS to sell off final stake in US bank Citizens; Secondary stock offering will net Royal Bank of Scotland nearly £2bn
By Andrew Trotman – The Telegraph
Royal Bank of Scotland has announced plans to sell off the last of its stake in US lender Citizens Financial.

Clearing & Settlement

Bitcoin: Jury is still out on derivatives
by Farah Khalique, Euromoney
Bitcoin is riding high after a recent European Court of Justice ruling that users in Europe are not liable to pay value-added tax when trading the cryptocurrency. But regulators worldwide are divided on whether it is a commodity or a currency and are still probing the advent of bitcoin derivatives as exchanges flourish to satisfy traders’ demand for a wider range of products.

Dwolla to Replace ACH Payments in Chicago Mercantile Exchange
Payment Week
Chicago Mercantile Exchange & Chicago Board of Trade has made a deal with payment company Dwolla that will enable users of CME to make collateral payments during the trading day in real time. With Dwolla’s involvement, traders can both send and receive collateral payments.

Nasdaq Clearing responds to debate on CCP concentration and systemic risk
Automated Trader
On Wednesday 21 October, the World Federation of Exchanges (WFE) published a paper on CCP risk management, recovery and resolution.

BCBS faces challenge over leverage ratio
Securities Lending Times
A group of 13 derivatives exchanges and clearing members have signed a letter to the Basel Committee on Banking Supervision (BCBS) urging the committee to address the unintended consequences of the leverage ratio using the current exposure method (CEM).

JCCH SPAN Parameter update effective 11/2

Indexes & Products

Three New Climate Change Index Series Launched by S&P Dow Jones Indices and Toronto Stock Exchange
Press Release
S&P Dow Jones Indices (S&P DJI), one of the world’s leading providers of financial market indices, and Toronto Stock Exchange have today announced the launch of three new climate change index series for Canada: S&P/TSX 60 Carbon Efficient Index, S&P/TSX 60 Carbon Efficient Select Index and S&P/TSX 60 Fossil Fuel Free Index. All three indices are derived from the constituents of the S&P/TSX 60, Canada’s leading equity benchmark.

MSCI to report carbon footprint of all global equities indexes
Reporting starts with 19 MSCI ACWI, world and emerging markets indexes
IR Magazine
Index provider MSCI will start publicly reporting the carbon footprint of its more than 160,000 global equities indexes to meet growing demand from investors following SRI strategies worldwide, the company says.

Sensex consistently outperforms MSCI Emerging Market Index
Indian markets have consistently outperformed the broader grouping of emerging markets (EMs) represented by the MSCI Emerging Market (EM) Index, justifying the premium at which local equities trade.


Fintech patents: where finance meets technology
There is substantial interest in the financial technology (‘FinTech’) sector, at a time when the financial services sector is generally experiencing considerable churn. Several start-ups and newer companies are challenging the incumbents, using digital platforms to deliver products and services more efficiently and employing better business models.
The chart below shows an overview of the top FinTech patent holders, along with their filing trends.

**CME Group leads in terms of patents in two categories.

Lendified joins MaRS FinTech cluster
Toronto-based alternative lender Lendified announced today that it has joined the MaRS FinTech cluster. Launched in only August of this year, Lendified joins major Canadian financial services players like Interac and TMX as cluster members.

Heartland CEO: Blockchain Could Power Trillions in Bank Transactions
Pete Rizzo – CoinDesk
“I wish I could give you a grand leading vision.”
It’s the first thing Heartland CEO Bob Carr says as he sits down in the media room at Money20/20, the modern white leather couch clashing with his holiday sweater. We’re talking about the buzz around the bitcoin blockchain, the technology’s decentralized ledger, and how it relates to the future of his New Jersey-based payments firm.


NFA bars Woodstock, Ga., commodity trading advisor Jonathan Parker from membership
National Futures Association (NFA) has permanently barred Jonathan Parker, an NFA Member commodity trading advisor, associated person, and principal, located in Woodstock, Ga., from membership.

SGX reprimands Advance SCT, chairman and CEO Simon Eng and Non-executive Director Peter Choo
Public reprimand: breaches of Listing Rules

Environmental & Energy

Oil Companies Have Cut Back Everything Except Crude Production
Dan Murtaugh, Naureen Malik – Bloomberg
U.S. oil output up 1.6% as drilling rigs decline 62%
Rystad Energy sees U.S. onshore production dropping in 4Q
A year after the bear market in crude began, oil companies have cut workers, are using fewer rigs and have less money to spend.

Glencore Crisis Hurts Most Those Who Have the Least
More than 4,000 will be laid off for mine modernization in Zambia, and workers there say they will struggle to find new jobs.
Matthew Hill, Andy Hoffman – Bloomberg
For more than a decade, copper mines in Africa proved a lucrative bet for Glencore Plc, accounting for almost a third of its production of the metal in the first half of the year. Executives including the company’s billionaire chief, Ivan Glasenberg, were happy to highlight the economic benefits they brought to places like Kitwe, Zambia, where most of the local economy is dependent on the company’s Mopani mining complex.

Oil Producers Curb Megaproject Ambitions to Focus on U.S. Shale
Joe Carroll – Bloomberg
Rising complexity making biggest crude developments harder
Failure rates soaring when companies can least afford it
Big U.S. oil companies are starting to think small. A stubborn 16-month crude rout with no end in sight is driving the largest U.S. oil producers away from costly, high-risk megaprojects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.

Hopes for Golden Age of Gas Evaporate; Slumping prices and weak Chinese demand for gas casts a pall over the LNG industry
SINGAPORE—When the International Energy Agency published a report four years ago heralding a “golden age of gas” it seemed little could derail a bright future for the energy source.

Water too warm for cod in US Gulf of Maine as stocks near collapse; Waters in the north-west Atlantic have warmed 99% faster than the rest of the world’s oceans in the past decade due to changes in the Gulf Stream and Pacific
A rapid warming of the Gulf of Maine off the eastern United States has made the water too warm for cod, pushing stocks towards collapse despite deep reductions in the number of fish caught, a US study has shown.

Biggest Climate Threat You Never Heard of Is Stronger Than CO2
Alex Nussbaum – Bloomberg
HFCs are thousands of times stronger than CO2 at trapping heat
As envoys debate a phase-out, some countries balk at cost
The biggest global warming battle you’ve never heard of kicks off in Dubai this weekend.


Don’t Look to China for Oil Rebound; China’s two largest refiners provide downbeat picture of demand in the world’s marginal consumer
China continues to keep the oil bulls at bay.

Risking trade friction, China set to unleash more aluminium onto world markets; China exporting record amounts of aluminium; Surge has already caused trade friction; Cuts in power prices to help struggling smelters
By Melanie Burton – Reuters
China is likely to sell more aluminium onto world markets by offering its struggling smelters cheaper power prices to keep them operating, adding to growing trade tensions with rival producers in countries such as the United States and Russia.

China Banks Enter Eye of Storm Adding Risky Debt to Wealth Funds
Justina Lee – Bloomberg
Wealth products increasing leverage, extending asset maturity
Lenders getting drawn into high-yield competition, says HSBC
The wealth-management products that banks sell at branches across China are often considered as safe as deposits by customers. There are growing reasons to question that faith.

SGX reprimands Advance SCT, chairman and CEO Simon Eng and Non-executive Director Peter Choo

China Ending Its One-Child Policy Offers a Boost to Dairy Demand
Whitney McFerron – Bloomberg
Country is top consumer of milk powder used in infant formula
World dairy prices fell this year on Chinese import slowdown
China’s decision to end its one-child policy offers a boost for embattled dairy producers.

Frontier Markets

Digging for Riches: Inside Russia’s Biggest Gold Supplier
Russia’s Polyus Gold International is the country’s largest producer and one of the top 10 gold miners globally. With bullion remaining a large part of many central banks’ reserves decades after they stopped using it to back paper money, Russia’s reserves have reached a record high of 1,353 metric tons, up 250% since 2005. Safe-haven purchases may continue, as Russia supports domestic gold producers and contends with weak oil prices, ruble depreciation and inflation. Polyus was formed in the 2005 spinoff of Norilsk Nickel’s gold assets. Here we look at the company’s projects in Bodaybo, Russia. Photographs by Andrey Rudakov for Bloomberg


London and Hong Kong Facing Housing Bubble Risk, UBS Says
Neil Callanan – Bloomberg
Sydney, Vancouver, San Francisco are significantly overvalued
London home values have surged 40% since beginning of 2013
London and Hong Kong are the cities most at risk of a housing bubble as real estate begins to look overvalued, according to UBS Group AG.

Apple TV Review: A Giant iPhone for Your Living Room; A new touch-friendly remote and a store full of apps bring the dream of cable-cutting closer
For a glimpse of the future of television, grab a mat and join me for a Glute Boost with the new Apple TV. On the big screen, a personal trainer app called Zova chirps orders for lower-body exercises. Meanwhile, the Apple Watch on my wrist measures my heart rate so the TV can show how hard I’m working. There’s no escaping these squats.

Debate Devolved Into G.O.P. vs. CNBC, and the Network Lost
The first question at CNBC’s Republican debate on Wednesday night was, “What’s your biggest weakness?” A moderator, Carl Quintanilla, described this as a “job interview” line. True: It is the kind of gimmick that sounds slyly revealing but is not; one that, at a job interview, is a good sign that you would be happier sending your résumé to a different employer.

Cargill to modernize, centralize its North American Cocoa and Chocolate business
Cargill press release
In early 2016, Cargill will continue to take steps to improve and expand its chocolate, compound and chocolate liquor production offerings and services for North American food and beverage companies. –

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