London Stock Exchange Starts £750 Million Share Buyback After ‘Strong First Half’

Aug 5, 2022

First Read

Hits & Takes
John Lothian & JLN Staff

According to a U.S. Senate staffer for Senator Cynthia Lummis, every U.S. crypto exchange is being investigated by the SEC, including Binance, Forbes reported. There are more than 40 U.S. crypto exchanges.

Paris has many things, but one thing that is missing during this summer of excessive heat is trees, according to a story by Reuters. Reuters reported that, “According to data from the World Cities Culture Forum, only 10% of Paris is made up of green space such as parks and gardens compared to London at 33% and Oslo at 68%.” Paris is embarking (pun intended) on a tree planting plan and wants to plant 170,000 trees by 2026, Reuters reported.

JLN CIO Jeff Bergstrom is always good at finding some good videos and the latest he found is from Wendover Productions and titled “The Incredible Logistics Behind Corn Farming.” This YouTube video begins with the story of Bancroft, Iowa, and ends with corn at sea. It is an interesting and in depth video with great graphics.

Index Industry Association CEO Rick Redding in a Vimeo video discussed the present state of the index industry with Cboe Global Markets’ Catherine Clay

On August 3, FTX US put out a position paper titled “CFTC Investor Protections Are Robust and Appropriate for Digital Asset Markets.”

The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a paper on “CCPs’ practices for addressing non-default losses.”

Do you like root beer? I do. The site TastingTable.com has a story titled “The Real Reason Root Beer Was Invented” that tells the story of how it came to be.

The Covid-19 curse has hit my house as my wife has tested positive for the virus for the first time, which is rather remarkable. She is fully vaccinated, but was at a block party last weekend (so was I) and must have been exposed there.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

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The FIA is seeking fintech startups for its annual fintech showcase, the Innovators Pavilion, at the Futures and Options Expo in Chicago November 14-15. All selected fintech startups will participate in a pitch competition and one will be named the FIA Innovator of the Year. Expo attendees, including senior executives from exchanges, clearinghouses, banks, brokers and trading firms, will also vote for the People’s Choice Award winner. FIA is seeking startups in four areas: new products and services for derivatives traders and clearing firms; new solutions for improving operational and capital efficiency; new ways to deliver products and services to customers; and new tools for surveillance and regulatory compliance.
The Expo will take place this year at the Sheraton Grand Riverwalk Chicago. The application deadline for the Innovators Pavilion is August 26. You can go here for more information. ~SR

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Sponsored Content
Russell 2000 Index quarterly chartbook – Q2

Russell 2000: The premier investable small-cap US equity index. Explore our Chartbook: A complete interactive experience – Market performance, IPOs, sectors breakdown, risk characteristics.

• Representing the US small cap market segment, the total market capitalization of the Russell 2000 Index decreased 14.3% from $3.5 trillion as of last year’s June reconstitution to $3.0 trillion.

• The largest company in the index (with banding applied) is STAG Industrial, with a total market cap of $6.4 billion, a 12.3% decrease from last year’s largest company.

• The smallest company in the index is Akoustis Technologies with a total market cap of $240.1 million, a decrease of 6.6% from $257.1 million in 2021.

• There is a total of 308 companies joining the Russell 2000 Index, with 39 dropping down from the Russell 1000 Index / Russell Midcap® Index, and 76 shifting up from the Russell Microcap® Index (25 of which are allocated to the Financials industry and another 11 allocated to the Consumer Discretionary industry and 10 Energy companies).

• 19 IPOs are being added to the Russell 2000, with 4 of them classified in the Health Care industry, while 176 companies are joining from outside the Russell US Indexes universe.

• The largest addition to the small cap index by size is Alight (Industrials) with a total market cap of $4.5 billion.

• 315 companies are departing the Russell 2000 Index. 21 companies are moving to the Russell 1000 Index, 249 are moving to the Russell Microcap Index, and another 45 companies are leaving the Russell US Indexes universe altogether.

Read Now: INTRO – Russell 2000 Index quarterly chartbook Q2 2022 (foleon.com)

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AMTD Became a $470 Billion Meme Stock By Accident; Mistaken identity may have made a tiny fintech briefly larger than JPMorgan.
Mark Gongloff – Bloomberg
One of my least-favorite strains of market writing is the “Markets Are Obviously Big Stupid Idiots Because They’re [Doing Thing]” column. Maybe because I have written so many of them myself, I understand it’s a cheap way to look smart. Get it right and you’re Michael Burry or Nouriel Roubini forever. Get it wrong and nobody remembers, except maybe you, on those dark nights of the soul when you’re staring bleakly into the mirror, realizing you are a fraud who has no business telling other people how to invest money and should have gone to law school like your parents wanted you to do all along.
/jlne.ws/3zyYjR4

***** These days the customers make the mistakes rather than the brokers or the broker’s clerks. It is so refreshing.~JJL

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Who, What, When Why and How to Regulate Crypto in the US; Pressure is building on regulators to put safeguards in place for digital assets, but many questions remain about how best to do this.
Victoria Vergolina – Bloomberg
With every additional bankruptcy filing or accusation of insider trading in crypto, regulators seem to turn up the heat ever so slightly when it comes to their focus on the digital-asset industry. But who is planning on doing the regulating? What would that even look like? And what does it mean that regulators themselves don’t seem to entirely agree? Joining this episode to bring us up to speed on what’s happening with US crypto regulation are Bloomberg reporters Allyson Versprille and Alex Nguy?n. Welcome.
/jlne.ws/3zsw71W

****** What, no Where?~JJL

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The Great American Road Trip Is Almost Electric
Kyle Stock – Bloomberg
There are more electric vehicles in Arizona than all but six other states, but their pilots would be wise not to venture too far north of Flagstaff. There, among the cacti and coyotes, they’ll find an electron desert. The closest fast-charging station that caters to cars not made by Tesla is 207 miles away in Kanab, Utah. Alas, a quick jaunt to the Grand Canyon is still a bridge too far for the electric vehicle revolution. In fact, many of America’s favorite driving journeys are still off the map for non-Tesla EVs. Of the 11 most popular road trips as determined by AAA, four have stretches of at least 200 miles between public fast-charging stations, a dicey proposition for those driving a battery-powered vehicle that can’t top up on Tesla’s proprietary network. Of the 80 or so electric vehicle model variants for sale in the US at the moment, 31 travel less than 250 miles on a charge.
/jlne.ws/3vD81Rd

****** Electron desert? That is a new term for me. I like it.~JJL

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Crypto Companies Are Spending $2.4 Billion on Sports Sponsorships; Crypto.com, Coinbase, and FTX are moving aggressively to match the marketing muscle of carmakers, beer brands, and other big-money advertisers.
Kim Bhasin – Bloomberg
For fans of professional sports, the insistent overtures from the crypto industry have become almost impossible to miss: The names of exchanges and blockchain companies are emblazoned on team jerseys, plastered on stadiums, and beckoning from halftime TV commercials. They’re talked up by prominent players who enjoy lucrative endorsement deals. This nascent band of businesses has moved aggressively since last year to match the advertising muscle of beer brands, carmakers, telecom service providers, and other stalwart sports sponsors.
/jlne.ws/3QkClI1

****** Crypto, gaming, gambling, sports. A match made in heaven. ~JJL

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Thursday’s Top Three
Our top story Thursday was Paul Britton, CEO of $9.5 billion derivatives firm, says the market hasn’t seen the worst of it, from CNBC. Second was Renewable Reboot: A Download on the Inflation Reduction Act of 2022 – Clean Energy Tax Provisions, a webcast from Vinson & Elkins. Third was The Best Evidence Yet That the Climate Bill Will Work, from The Atlantic.

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MarketsWiki Stats
26,964 pages; 240,025 edits
MarketsWiki Statistics

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Lead Stories

London Stock Exchange Starts £750 Million Share Buyback After ‘Strong First Half’; CEO David Schwimmer says LSEG is ‘managing costs well’; Bourse reports revenue growth across all business lines
Olivia Fletcher and William Shaw – Bloomberg
London Stock Exchange Group Plc will start a £750 million ($911 million) share buyback after reporting results for the first half of the year that beat analyst estimates. The buyback will take place over up to 12 months and start immediately, according to a statement Friday. The firm will pay an interim dividend of 31.7 pence per share, up 27% from last year.
/jlne.ws/3Qrpjc5

World Food Prices Post Biggest Decline Since 2008 in July; Drop offers some relief amid deepening cost-of-living crisis; Ukraine restarted some grain shipments after deal with Russia
Aine Quinn – Bloomberg
Global food prices fell the most since 2008 after concerns over supplies of grains and vegetable oils eased as Ukraine moved toward restarting exports. A United Nations index of world food costs plunged almost 9% in July. The index fell to the lowest since January, before Russia’s blockade of ports in Ukraine — a major food exporter — pushed up food costs to a record.
/jlne.ws/3P1zpz8

London Is Teetering Toward Water Rationing If Drought Persists; The famously green UK capital is now covered in fields of yellow after weeks of unusual heat and a lack of rain.
Priscila Azevedo Rocha and Irina Anghel – Bloomberg
The lawns crossing Britain’s Kew Gardens, home to the world’s biggest collection of living plants, have turned yellow. Amid one of the hottest and driest summers on record, gardeners at the southwest London tourist attraction are carefully choosing how and when to irrigate thousands of species of plants and trees that draw in more than a million visitors a year. Over on woody Hampstead Heath, a park in the north of the city, staff have fenced off a number of trees to protect them against the risk of fire.
/jlne.ws/3JziR0j

France Forms Crisis Unit to Face Worst Drought on Record; Restrictions on water use imposed in most parts of country; Corn crop forecast to plunge after driest July in decades
Samy Adghirni – Bloomberg
The French government activated a crisis unit to deal with the worst drought on record, and warned conditions could get worse. The inter-ministerial task force will coordinate water supply to areas most affected and track the drought’s impact on energy production and agriculture, the office of Prime Minister Elisabeth Borne said Friday. Borne’s office also urged people to conserve water and said restrictions will continue to be put in place where necessary to prioritize health needs, security and drinking water supply.
/jlne.ws/3zYMMvv

SEC Chief Floats Slashing Bond-Trade Reporting to 1 Minute; Gensler sees benefit in cutting current 15-minute window; Transaction data sent to Trace should also be broader, he says
Lydia Beyoud – Bloomberg
U.S. Securities and Exchange Commission Chair Gary Gensler wants to slash the amount of time that traders have to report many bond transactions as part of a bid to increase visibility into fixed-income markets. Gensler on Tuesday said that more transparency was needed across global bond markets, and that disclosures had generally failed to keep up with technological changes. In remarks for City Week in London, the SEC chief said data should be sent faster to the Financial Industry Regulatory Authority’s Trace reporting system and cover more types of securities.
/jlne.ws/38rgZrK

Crypto Bridge Nomad Offers 10% Bounty After $190 Million Hack; Anyone returning 90% of what they siphoned can keep the rest; They’ll be viewed as ethical hackers and won’t be prosecuted
Joanna Ossinger – Bloomberg
Cryptocurrency company Nomad is offering a bounty to recoup funds spirited away in a $190 million hack that again highlighted security vulnerabilities in the digital-token sector. Anyone returning at least 90% of stolen tokens will be viewed as a so-called white-hat hacker that seeks to spotlight vulnerabilities rather than make malicious gains, according to a statement from Nomad. The remaining 10% would effectively become the reward.
/jlne.ws/3QjWlL0

CME Unveils Plans for Bitcoin and Ether Futures Tied to Euro; Futures products sized at five Bitcoin, 50 Ether per contracts
Euro-denominated crypto the second highest traded fiat: CME
Immanual John Milton – Bloomberg
One of the world’s largest derivatives exchange owners is forging ahead into the cryptocurrency market with two new futures offerings. CME Group Inc. will introduce Bitcoin and Ether Euro futures on Aug. 29, the company announced Thursday in a press release. They arrive as the crypto market falters. Bitcoin is down about 50% so far this year, while the second largest crypto Ether is down 56%.
/jlne.ws/3JxxW2k

Lessons From the ’80s, When Volcker Reigned and Rates Were High; When inflation was soaring 40 years ago and the economy slowed, short-term investing was perilous. But people with patience and long horizons came out fine.
Jeff Sommer – The New York Times
The cost of living is sky-high, and the chair of the Federal Reserve says that battling it is his highest priority. Financial markets don’t know quite how to react. That, in a nutshell, is the situation now, with Jerome H. Powell, the Fed chair, raising interest rates to damp down inflation that hasn’t been this high in 40 years.
/jlne.ws/3JvCS82

BlackRock Teams Up With Coinbase in Crypto Market Expansion; Partnership will help clients oversee their Bitcoin exposure; Coinbase is facing an SEC probe over trading of digital tokens
Silla Brush – Bloomberg
BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
/jlne.ws/3BKcaGP

Russian accused of money laundering and running $4B bitcoin exchange extradited to US
Sean Lyngaas – CNN
A Russian national accused of running a multibillion-dollar cryptocurrency exchange that allegedly profited from various hacking and extortion schemes has been extradited from Greece and is on his way to the US, according to the suspect’s lawyer.
/jlne.ws/3p2p0Ze

Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever; Blockworks exclusive: The longtime global macro hedge fund firm has raised more than $1 billion for its flagship crypto vehicle, according to four sources with knowledge of the matter
Michael Bodley – Blockworks
Brevan’s strong digital assets push reflects what is likely the most substantial foray into crypto for a traditional finance firm
Brevan Howard Asset Management has pulled off the largest crypto hedge fund launch yet. The firm’s flagship digital assets-focused vehicle raised more than $1 billion from institutional investors, according to four sources with knowledge of the matter — with the vast majority of the lofty haul timed with the fund’s launch earlier this year.
/jlne.ws/3Sq4pf4

Thai central bank to test retail digital currency late this year
Reuters
Thailand’s central bank said on Friday it expected to test its retail digital currency from late this year to the middle of 2023, as an alternative payment option.
/jlne.ws/3zBDRyK

Voyager Digital Is Cleared to Return $270 Million to Customers; Crypto broker got bankruptcy court approval to return cash deposits
Soma Biswas – WSJ
Cryptocurrency brokerage firm Voyager Digital Holdings Inc. secured approval to return $270 million in customer cash, settling one of the larger issues it faced after filing for bankruptcy. Judge Michael Wiles of the U.S. Bankruptcy Court in New York, who is overseeing Voyager’s bankruptcy, ruled on Thursday that the company provided “sufficient basis” to support its contention that customers should be allowed access to the custodial account held at Metropolitan Commercial Bank. Voyager had about $270 million in the account when it filed for bankruptcy, the bank has said.
/jlne.ws/3PY9PfE

Ukraine Invasion

Ukrainian frontline city imposes weekend curfew to root out collaborators
Reuters
Ukraine’s southern frontline city of Mykolaiv will impose an unusually long curfew from late Friday to early Monday morning as authorities try to catch people collaborating with Russia, the region’s governor said.
/jlne.ws/3d9p32Y

Ukraine seeks to extend shipping safe passage deal beyond grain
Daren Butler and Pavel Polityuk – Reuters
Three grain ships left Ukrainian ports on Friday while the first inbound cargo vessel since Russia’s invasion was due in Ukraine later in the day to load, as Kyiv called for the safe passage deal to be extended to other cargoes such as metals.
/jlne.ws/3zBGaSq

Ruble Rally Is a Headache for Banks Stuck in Russia; Thanks to currency gains, assets are growing faster than they can be dumped.
Paul J. Davies – Bloomberg
You don’t often hear bankers embarrassed about a surge in profits. But Johann Strobl, chief executive officer of Austria’s Raiffeisen International Bank, sounded almost exasperated explaining its exceptionally strong gains driven by its business in Russia.
/jlne.ws/3bvzUUy

Putin is banking on a failure of political will in the west before Russia runs out of firepower
Timothy Garton Ash – The Guardian
The Russo-Ukrainian war is coming down to a race between the weakening political will of western democracies and the deteriorating military means of Vladimir Putin’s dictatorship. But this race will be a marathon, not a sprint. Sustaining that political will requires the kind of farsighted leadership which most democracies are missing. It calls for a recognition that our own countries are also, in some important sense, at war – and a corresponding politics of the long haul.
/jlne.ws/3SsoKQO

It’s an artillery war, but Ukraine still kills tanks with Javelins
Isabelle Khurshudyan – The Washington Post
It turns out, some Ukrainian soldiers discovered, that Javelin cases make great beds. The U.S.-made antitank missiles are packed in large, black rectangular capsules — perfect for elevating a slim cot off the dirty, cold floors of front-line positions.
/jlne.ws/3oXl780

Canada to help train Ukrainian recruits in United Kingdom
Rod Nickel – Reuters
Canada will send up to 225 personnel to the United Kingdom to train Ukrainian military recruits, starting with the first troops next week, Canadian Defence Minister Anita Anand said on Thursday.
/jlne.ws/3zx6DAJ

‘There’s no path out of economic oblivion for Russia’: New report reveals how corporate exodus has already wiped out decades of post – Cold War growth
Yvonne Lau – Fortune
Over the past six months, Russia has fortified its economic defenses after Western countries pummeled it with sanctions over its invasion of Ukraine. Despite the crackdown, the Kremlin continues to rake in billions in oil and gas revenues, which helped the ruble rally to become the world’s best-performing currency this year. But all is not well with the Russian economy.
/jlne.ws/3vI54ig

Exchanges, OTC and Clearing

CME Accepts US Treasury ETFs as Collateral
CME Press Release via Traders Magazine
CME Group, the world’s leading derivatives marketplace, today announced that CME Clearing has further expanded the collateral it accepts and now will permit clearing members to deposit Short-Term U.S. Treasury Exchange Traded Funds (ETFs) to meet initial margin requirements.
CME Clearing accepts the widest range of collateral of any major clearing house. The addition of short-term ETFs gives clearing members and their clients greater flexibility and increased efficiency in managing their collateral costs. In particular, the ETFs pay a dividend, which is more operationally efficient and mitigates the need for clients to re-invest maturity proceeds for individual U.S. Treasury securities.
/jlne.ws/3QiG4GN

CME Group Announces Q4 2022 Launch of European Overnight Index Futures
CME
CME Group, the world’s leading derivatives marketplace, today announced it will launch European Overnight Index futures based on RepoFunds Rate (RFR) benchmarks and the Euro Short-Term Rate (EURSTR) in Q4 2022, pending regulatory review. RFR futures will be cash-settled contracts based on RFR benchmarks, a robust measure of overnight funding costs. The benchmarks are derived from centrally cleared repo trades executed on BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets owned by CME Group, and MTS, a leading European electronic fixed income trading platform, part of the Euronext group. RFR benchmarks are administered by CME Group Benchmark Administration Limited (CBA).
/bit.ly/3p346Jv

NGX Applauds Lafarge Africa, Calls On Corporates To Improve ESG Reporting
Mondo Visione
Nigerian Exchange Limited (NGX) has applauded Lafarge Africa Plc for consistency in disclosing its sustainability performance to capital market stakeholders. This was conveyed during the Facts Behind the Sustainability Report (FBSR) presentation of Lafarge Africa hosted by NGX on Tuesday, 2 August 2022.
/bit.ly/3Jve7J6

SE innovates to pave the way for the listing of Actively Managed Certificates
Khashanem – JSE
To meet the growing demand for Actively Managed Certificates (AMC), the Johannesburg Stock Exchange (JSE) has amended the listing requirements to include AMCs in the suite of products offered to the market, providing investors with exposure to one of the fastest-growing securities globally. AMCs are non-interest paying instruments that offer investors exposure to the performance of a portfolio that is actively managed by an independent portfolio manager according to a specific investment mandate. AMCs usually reference local or offshore portfolios with underlying assets such as liquid securities, derivatives, commodities and currencies. AMCs are, therefore used by both institutional and retail investors wishing to gain exposure to assets, which are managed according to a specific active investment strategy, via a listed instrument.
/bit.ly/3Q1ps5X

Nodal power futures grow 32% and environmental futures 103% in July
Nodal Exchange
Nodal Exchange today announced significant growth in power and environmental futures in July 2022. Nodal power futures volume was 128.4 TWh, up 32% from July 2021. The majority of U.S. power futures open interest is on Nodal Exchange with 1.166 billion MWh representing $168 billion of notional value based on both sides as of the end of July 2022.
/jlne.ws/3dbdgkM

Nigerian Exchange Group (NGX Group) Reports 138.3% Growth in Gross Earnings to N4.2 billion for the Half Year Ended 30 June 2022
Nairmetrics.com
Nigerian Exchange Group Plc (“NGX Group” or “The Group”) announces its unaudited results for the half year ended 30 June 2022.
/jlne.ws/3oV1ZYb

CME Globex Notices: August 1, 2022
CME
Critical Updates; Product Launches; Product Changes;
Events and Announcements.
/bit.ly/3dcnL7v

Forfeiture of Unclaimed Interim Dividend for 2016
HKEX
As provided in the Articles of Association of Hong Kong Exchanges and Clearing Limited (“HKEX”), any dividend unclaimed after a period of six years from the date for payment of such dividend shall be forfeited and shall revert to HKEX. Accordingly, HKEX’s interim dividend for 2016 of HK$2.21 per share, payable on 23 September 2016 and remaining unclaimed on 23 September 2022, will be forfeited and will revert to HKEX.
/bit.ly/3bB2dkn

Rollout Of Additional Submission And Download Functions Of
Electronic Communication Platform 2.0 (Ecp 2.0)
HKEX
With reference to the Exchange Circular (Ref No: CT/055/22), Electronic Communication Platform 2.0 (“ECP 2.0”) has been introduced earlier this year to replace the current Electronic Communication Platform (“ECP”) gradually. Following the successful rollout in Q2 2022, the remaining file submission and download functions will be migrated from existing ECP to ECP 2.0 by end of December 2022.
/bit.ly/3BNot59

Hearing Before The Disciplinary Committee Of Bourse De Montréal Inc. Hsbc Securities (USA) Inc.
TMX
The Disciplinary Committee of Bourse de Montréal Inc. (the “Bourse”) will hold a hearing on September 26, 2022 at 9:30 a.m. by videoconference, in order to adjudicate an offer of settlement negotiated between the staff of the Regulatory Division of the Bourse and HSBC Securities (USA) Inc. (“HSBC”), in connection with a disciplinary complaint filed against HSBC. https://bit.ly/3oXiQK0

Hearing Before The Disciplinary Committee Of Bourse De Montréal Inc. Laurentian Bank Securities Inc.
TMX
The Disciplinary Committee of Bourse de Montréal Inc. (the “Bourse”) will hold a hearing on October 18, 2022 at 9:30 a.m. by videoconference, in order to adjudicate an offer of settlement negotiated between the staff of the Regulatory Division of the Bourse and Laurentian Bank Securities Inc. (“LBS”), in connection with a disciplinary complaint filed against LBS. https://bit.ly/3Q0P3vL

Prearranged Trading
MIAX
MIAX Regulation is reminding participants, Members, and Member organizations that the use of orders or quotes to signal the arrival of an order or otherwise to coordinate order flow with another market participant may violate Exchange rules and be deemed conduct inconsistent with just and equitable principles of trade.
/bit.ly/3OTE5YF

MIAX Regulation: Prearranged Trading
MIAX
MIAX Regulation is reminding participants, Members, and Member organizations that the use of orders or quotes to signal the arrival of an order or otherwise to coordinate order flow with another market participant may violate the rules of MIAX, MIAX Pearl and MIAX Emerald (together the “Exchanges”) and be deemed conduct inconsistent with just and equitable principles of trade.
/jlne.ws/3BKbpO6

Nasdaq Halts Vinco Ventures Inc.
Nasdaq
The Nasdaq Stock Market® (Nasdaq: NDAQ) announced that trading was halted today in Vinco Ventures, Inc. (Nasdaq: BBIG) at 01:44:39 P.M. Eastern Time for “additional information requested” from the company at a last sale price of $0.7117. Trading will remain halted until Vinco Ventures, Inc. has fully satisfied Nasdaq’s request for additional information.
/bit.ly/3zZ5PG4

Shanghai International Energy Exchange has announced its Circular on Releasing the Revised Articles of Association of Shanghai International Energy Exchange co., Ltd
SFE
Shanghai International Energy Exchange has announced its Circular on Releasing the Revised Articles of Association of Shanghai International Energy Exchange co., Ltd as follows: The Revised Articles of Association of Shanghai International Energy Exchange co., Ltd has been approved by INE board of directors and China Securities Regulatory Commission. Please visit the official website of INE for the Chinese versions of the above rules. In the event of any inconsistency between the Chinese version and English version, the Chinese version shall prevail.
/bit.ly/3d8z3t2

Fintech

S.Korea’s Bithumb links system with Samsung Securities, mobile apps
Danny Park – Forkast
South Korea’s leading digital asset exchange Bithumb is linking its system with mobile applications from three major domestic financial institutions — Samsung Securities, NH Nonghyup and KB Kookmin Bank, Bithumb announced Thursday.
/jlne.ws/3bxgjDf

Old Guard Meets New Guard: Integrating Payment Networks
CoinDesk
At Consensus 2022, Alex Adelman (Lolli), Tammy Camp (Stronghold), Flori Marquez (BlockFi) and Raj Dhamodharan (Mastercard) discuss the interactions between traditional finance and new models. Plus, a conversation about obstacles and rewards as we cruise toward a future of integrated payments networks. Moderator: David Morris, Chief Insights Columnist, CoinDesk
/jlne.ws/3BJxnAM

SoftBank Talent Drain Worsens, Adding Pressure on Son to Deliver; Power will be increasingly concentrated in hands of founder; Son is shifting focus from Vision Fund to Arm, new opportunity
Giles Turner and Min Jeong Lee – Bloomberg
Masayoshi Son is losing a growing number of top executives at SoftBank Group Corp., putting more responsibility on the founder’s shoulders just as the outlook for the Japanese conglomerate turns increasingly ominous.
/jlne.ws/3btyQAx

Musk Says Twitter Played ‘Hide-and-Seek’ as He Sought Info; Twitter misled on user base to distort its value, Musk says Twitter says idea that Musk was hoodwinked is ‘implausible’
Patricia Hurtado and Jef Feeley – Bloomberg
Elon Musk said Twitter Inc. misrepresented the size of its user base to distort its value and then “played a months-long game of hide-and-seek” as he sought more information to complete the $44 billion purchase of the company.
/jlne.ws/3vIY44y

Cybersecurity

Revealed: The top 11 malware and ransomware strains you need to worry about; From ransomware to password-stealing trojans, here’s what you need to look out for.
Liam Tung – ZDnet
The US Cybersecurity and Infrastructure Security Agency (CISA) and the Australian Cyber Security Centre (ACSC) have picked 11 malware families as their top threats.
/jlne.ws/3BJFduc

Why Cybersecurity Teams Need Ruthless Prioritization And How To Achieve It
Shashank Tiwari – Forbes
The only way cybersecurity teams can effectively and efficiently thwart threats, understand unfolding attacks and piece together possible data leaks is through ruthless prioritization. You heard it right. It’s about doing fewer things well and getting deeper into it. Without a thorough understanding, chances of success are minimal, if any.
/jlne.ws/3oVsPPU

4 key cybersecurity threat trends in 2023
Security Magazine
What are some cyber threat trends that will likely dominate the landscape in 2023 and beyond?
A new Intel 471 report, The 471 Cyber Threat Report; 2022-2023 Trends & Predictions, analyzes recent and commonly used tactics, techniques and procedures (TTPs) that prominent threat actors have adopted, how these threats have affected enterprises, along with predictive intelligence assessments on threats that organizations should be prepared to thwart over the next year.
/jlne.ws/3SoAkN7

Here’s how investors want cybersecurity risk reporting to work
Pete Swabey – TechMonitor
The way listed companies report on cybersecurity risk is not meeting the needs of investors, according to a new report from the UK’s Financial Reporting Council. Limited or ‘boilerplate’ disclosures are an indication that a company does not take cybersecurity seriously enough, investors told the Council.
The report provides guidance on how companies can report ‘digital security risk’ more effectively, to help reassure investors and to prepare for forthcoming UK legislation.
/jlne.ws/3JELbyj

New U.S. Tech Laws Play Russian Roulette With Cybersecurity | Opinion
Toomas Hendrik Ilves – Newsweek
Fifteen years ago, the Estonian government that I Ied decided to move a statue. Unveiled by the Soviet regime in 1947, the Bronze Soldier was originally called “Monument to the Liberators of Tallinn.” But for Estonians, Red Army soldiers were not liberators. They were occupiers. And the Bronze Solider in the center of our capital city was a symbol of Soviet oppression.
/jlne.ws/3QooxMZ

Cryptocurrencies

Thailand’s Central Bank Extends Retail CBDC Study to Pilot Phase
Amitoj Singh – CoinDesk
The Bank of Thailand, the nation’s central bank, said on Friday that it is extending the scope of retail central bank digital currency (CBDC) development by starting a pilot study.
/jlne.ws/3d8lqdI

Here’s Why Portuguese Banks Are Closing Crypto Exchange Accounts
Cameron Thompson – CoinDesk
Portuguese commercial banks are shutting down the accounts of crypto exchanges because they want to avoid the potential for criminal activity through those exchanges. And even though the exchanges are licensed to operate in Portugal, the banks can basically do what they want when it comes to shutting those accounts.
/jlne.ws/3p2ZbZ3

Ledger Exec on Solana Wallet Hack, Potential Additional $100M Raise
CoinDesk
Approximately 8,000 crypto wallets were hacked Tuesday with at least $5 million worth of Solana-based tokens drained from unsuspecting users. Ledger Enterprises Global Head Alex Zinder weighs in on the exploit and how Ledger protects its customers. “Security is really the precursor to mass adoption and scalability,” Zinder said. Plus, insights on a report that the firm is seeking an additional $100 million raise.
/jlne.ws/3P1Gb85

Binance.US Delists Amp Token That SEC Deemed a Security
Allyson Versprille – Bloomberg
Crypto exchange Binance.US announced Monday that it’s delisting one of the crypto assets the US Securities and Exchange Commission identified as a security in a recent insider-trading case. The Amp token is one of nine digital currencies that the regulator said were securities in a lawsuit last month that accused three individuals, including a former Coinbase Global Inc. employee, of participating in an insider trading scheme. The token currently has a total market value of about $360 million, according to CoinMarketCap.
/jlne.ws/3Q4Ap6R

BlackRock’s partnership with Coinbase shows that institutions are looking to buy the dip
Jordan Finneseth – Kitco
Coinbase, the top U.S.-based cryptocurrency exchange, revealed on Thursday that it has partnered with BlackRock, the world’s largest financial asset manager by AUM, to provide greater access to cryptocurrencies for institutional investors beginning with Bitcoin (BTC).
/jlne.ws/3C08ZLt

Crypto firm Blockchain.com registers with Italian regulator
Reuters
London-based crypto firm Blockchain.com said on Thursday it had registered as a virtual asset service provider in Italy, the latest in a string of digital asset firms to do so.
/jlne.ws/3zZhZ1E

‘The Cryptoqueen’ Behind Alleged $4 Billion Ponzi Scheme
MSNBC
Ruja Ignatova pioneered an alleged multi-billion-dollar Ponzi scheme disguised as a new cryptocurrency, OneCoin. Ignatova is on the FBI’s “Ten Most Wanted” list, and she’s been indicted on several charges of fraud and money laundering. The only problem? She’s been missing since 2017. Podcast and author Jamie Bartlett, who’s written a book on “The Missing Cryptoqueen,” joins Mehdi to discuss.
/jlne.ws/3bBKadW

Every U.S. Crypto Exchange (And Binance) Is Being Investigated By The SEC, Says Senator Lummis Staffer
Michael del Castillo – Forbes
Widely circulated reports that the U.S. Securities and Exchange Commission (SEC) is investigating $20 billion crypto exchange Coinbase are just the tip of the iceberg, according to a staffer from U.S. Senator Cynthia Lummis’ (R-Wy) office. The staffer says every U.S. crypto exchange—and the largest crypto exchange in the world, Binance—are in various stages of being investigated. There are more than 40 U.S. cryptocurrency exchanges, according to crypto data site, CoinGecko. The SEC has not responded to multiple requests for comment.
/jlne.ws/3P1CAH4

Why Crypto’s Market Cap Never Booms, or Busts, as Much as You Think; Cryptocurrency market-capitalization measures are distorted by misleading trades, double counting and lost coins
Josh Zumbrun – WSJ
Coverage of the manic booms and busts of cryptocurrency typically cite a popular statistic: market capitalization. Familiar to stock investors, market capitalization is simply the supply of an asset multiplied by its price. But in the Wild West of crypto, neither the supply nor the price are always as they seem.
/jlne.ws/3d9NxsI

Lambo Dealers Are Keeping Warm Despite Crypto Winter
Hannah Miller – Bloomberg
Many crypto buyers have been consumed by a single, persistent question as they’ve watched the prices of coins rise and fall over the past few years: When Lambo? Lambo is shorthand for Lamborghini, the luxury vehicle that’s the ultimate symbol of success when it comes to getting rich off of digital currencies, and the focus of thousands of “wen Lambo?” memes. Along with high-end watches and other traditional displays of wealth, the supercars have for years been a fixture at Bitcoin conferences and on the Instagram feeds of crypto influencers.
/jlne.ws/3vHNwTi

Politics

Proposed Tax Break for Buying Electric Vehicles Is Too Hard to Get, Auto Makers Say; Draft rules in Senate climate package mean few current vehicles would be eligible, say lobbyists
Mike Colias and Jennifer Hiller – Bloomberg
Major auto makers are pressing lawmakers to ease a proposed battery-sourcing requirement for electric-vehicle tax breaks, saying that few, if any, plug-in models on sale today would qualify. The Senate climate package proposed last week would extend until 2032 a current $7,500 tax credit for electric-vehicle purchases, a consumer incentive that has been in place for more than a decade. The legislation, a deal struck between Sen. Joe Manchin (D., W.Va.) and Senate Majority Leader Chuck Schumer (D., N.Y.), could get a Senate vote by this weekend.
/jlne.ws/3Q4IBnN

The US Climate Bill Could Make Now the Best Time to Go Solar; Generous incentives mean you can replace fossil fuel home appliances and cars with electric versions — and power them with clean energy.
Todd Woody – Bloomberg
If signed into law as written, the climate bill before the US Congress would change the calculus for American households thinking about going solar. The legislation stands to make that transition more affordable while also subsidizing purchases of electric cars, heat pumps, high-tech water heaters and battery-storage systems — clean-energy upgrades that will spur more household demand for electricity. There are so many incentives to install solar that the Inflation Reduction Act of 2022 might be more aptly titled the “Electrify Your Life Act.”
/jlne.ws/3A1HLTi

It’s time to ban private jets – or at least tax them to the ground; Kylie Jenner’s 17-minute private jet ride is a reminder that private jets are morally obscene and terrible for the climate. The planet can no longer afford these indulgences
Akin Olla – The Guardian
Kylie Jenner, Drake and other celebrities have recently faced criticism for carbon emission-heavy private jet rides, with one of Jenner’s flights reportedly lasting an offensively short 17 minutes. It might be less insulting if the flights were taken for reasons vital to the survival of the human race or at least the function of government. But these were entertainers and private individuals who have access to first-class commercial flights and the same conveniences of phone and video calls us humble common folk use.
/jlne.ws/3Q1J5uP

Meta shuts down Russian troll farm linked to sanctioned Putin ally
Rebecca Falconer – Axios
Meta announced Thursday that it shut down a troll farm with links to a sanctioned Putin ally and Russia’s Internet Research Agency that spread disinformation during the 2016 U.S. presidential election campaign. The big picture: The action was part of a wider social media crackdown on cyber espionage operations and other bad actors detailed in the Facebook and Instagram owner’s Quarterly Adversarial Threat Report.
/jlne.ws/3A0YiXe

Regulation

Philippines’ SEC warns public not to invest with Binance
Timmy Shen – Forkast
The Philippines’ Securities and Exchange Commission (SEC) has cautioned the public not to invest with Binance, the world’s largest cryptocurrency exchange by trading volume, in response to think tank Infrawatch PH’s request to ban Binance in the Philippines.
/jlne.ws/3zXocey

Goldman Sachs Credit-Card Business Investigated by Consumer Watchdog; The bank said regulators are looking at areas including how it handles customer refunds
Charley Grant – WSJ
Goldman Sachs Group Inc. said Thursday that regulators are investigating business practices at its credit card unit. The bank said in a securities filing that the Consumer Financial Protection Bureau is looking into several areas, including how the bank handles customer refunds and resolves billing disputes. The regulator is also looking into Goldman’s advertisements and how it reports consumer information to credit bureaus, the bank said.
/jlne.ws/3Jzwdtn

CFTC Staff Withdraws No-Action Letter to Victoria University of Wellington, New Zealand Regarding a Not-For-Profit Market for Certain Event Contracts
CFTC
The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today announced it is withdrawing CFTC Letter No. 14-130 effective immediately. When DMO issued the letter on October 29, 2014, it took a no-action position with respect to the operation of a not-for-profit market for certain event contracts and the offering of such contracts to U.S. persons by Victoria University of Wellington, New Zealand without registration as a designated contract market, foreign board of trade, or swap execution facility, and without registration of its operators. [See CFTC Press Release No. 7047-14]
/jlne.ws/3oSVgOJ

Commissioner Goldsmith Romero to Participate in a Fireside Chat at the Federal Reserve Bank of Philadelphia’s Sixth Annual Fintech Conference
CFTC
/jlne.ws/3P0Aw2a

Commissioner Pham to Participate on a Panel at the Bloomberg Asia Wealth Summit
CFTC
/jlne.ws/3vAcjsk

FINRA OTC Reporting Facility (ORF) NTF System Availability
FINRA
The FINRA Test Facility (NTF) for the OTC Reporting Facility (ORF) will be unavailable for testing all day Friday August 5, 2022, Thursday, August 11, 2022, and Friday, August 12, 2022. All other FINRA services, including TRACE and the ADF will be available for testing during this timeframe. The ORF test facility will conduct normal operations on August 8-10 and again beginning on August 15, 2022.
/jlne.ws/3Q4He8D

Avoid Fraud; Don’t Fall for “Regulator” Imposter Ploys
FINRA
While FINRA will never ask you for money, there are scammers who might try to convince you otherwise. These financial fraudsters are posing as regulators, requesting fees to transfer funds or offering bogus investment “guarantees” that will serve only to separate you from your savings. Communications from these fraudsters can be compelling, but don’t take the bait. Neither FINRA, nor any of its employees, will ever provide a guarantee on an investment or offer to facilitate your participation in any sort of money-making scheme.
/jlne.ws/3BL03JA

Trading Prohibitions on Foreign Companies Under the HFCAA: Investor Bulletin
SEC
The SEC’s Office of Investor Education and Advocacy, along with the Office of International Affairs, the Office of the Chief Accountant, the Division of Corporation Finance, and the Division of Trading and Markets, is issuing this Investor Bulletin to highlight for investors of affected companies the consequences under the HFCAA.
/jlne.ws/3SvQjcf

ASIC successful as Court upholds decision to penalise and disqualify former director James Cruickshank
ASIC
The Full Federal Court has today dismissed an appeal against orders that Mr James Cruickshank, Blue Star Helium’s (formerly Antares Energy and Big Star Energy) former CEO, be disqualified from managing corporations for four years and pay a $40,000 pecuniary penalty.
/jlne.ws/3SmbBsy

ASIC prosecutes ten companies for failing to lodge financial reports
ASIC
ASIC successfully prosecuted ten companies in the period 1 January 2022 and 30 June 2022 for failing to comply with their obligations to lodge financial reports with ASIC.
/jlne.ws/3bvFp5p

ASIC prosecutes 73 individuals for failing to assist registered liquidators
ASIC
ASIC has successfully prosecuted 73 people in the period from 1 January 2022 to 30 June 2022 for failing to assist registered liquidators in their investigations. ASIC took action against company officers and other related individuals who failed to provide registered liquidators with access to company books and to submit a report on company activities and property (ROCAP).
/jlne.ws/3Q4tdrw

Don Evans pleads guilty to Quantum Resources market manipulation
ASiC
Don George Evans, of Inglewood, WA, has entered a guilty plea to one count of conspiring to manipulate the price of shares in Quantum Resources Limited. On 16 November 2015, Mr Evans conspired with former Quantum director Avrohom Kimelman and Benjamin Heath Cooper to manipulate Quantum shares by creating an artificial price of those shares.
/jlne.ws/3d2C9yR

Former Legacy Iron Ore director pleads guilty to stealing
ASIC
On 29 July 2022, former Legacy Iron Ore Limited (Legacy) Managing Director, Sharon Kia Le Heng, of Perth, Western Australia, pleaded guilty to one offence of stealing contrary to subsection 378(8) of Criminal Code (WA). Between 28 June 2012 and 6 November 2013, Ms Heng stole $725,639.50 from Legacy, an ASX listed entity.
/jlne.ws/3JATVWo

FCA appoints new Director of International
UK FCA
The FCA has appointed Ruairi O’Connell, OBE, as the new Director of International. Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo.
/jlne.ws/3vJ2ecG

FCA fines Sir Christopher Gent for disclosing inside information
UK FCA
The Financial Conduct Authority has fined Sir Christopher Gent, former non-executive Chairman of ConvaTec Group Plc, £80,000 for unlawfully disclosing inside information.
/jlne.ws/3zWmTN4

SEBI constitutes ‘FPI Advisory Committee (FAC)
SEBI
‘In order to provide recommendations and advise SEBI on policy matters relating to Foreign Portfolio Investors (‘FPIs’), SEBI has constituted a Standing Committee for facilitation of FPI investments.
/jlne.ws/3zzZtLZ

Status of Foreign Portfolio Investment 2022-8-5
FSC – Taiwan
According to the Regulations Governing Securities Investment and Futures Trading in Taiwan by Mainland Area Investors, mainland area investors (QDIIs) that engage in securities investment or futures trading in Taiwan are limited to qualified institutional investors approved by the competent authority of banking, insurance or securities for the mainland area.
/jlne.ws/3d36rS9

Trial of Former Twitter Employee Accused of Spying Heads to Jury; Prosecutors said the man had used his access to Twitter user accounts to spy for the government of Saudi Arabia. His lawyers said he had just been doing his job.
Kalley Huang – The New York Times
Over the last two weeks, lawyers for Ahmad Abouammo described him as a dutiful Twitter employee caught in the cross hairs of law enforcement while managing media partnerships in the Middle East and North Africa. Prosecutors said he had misused the job to spy for Saudi Arabia.
/jlne.ws/3vGOlMh

Investing and Trading

Thematic ETFs In Demand as Investors Seek Inflation Hedge; Infrastructure, agriculture-technology funds are getting popular, BlackRock says.
Michael P. Regan and Vildana Hajric – Bloomberg
Investors are turning to some thematic exchange-traded funds to hedge against inflation and take advantage of the renewed performance of value stocks this year, according to Jay Jacobs, US head of thematics and active equity ETFs at BlackRock. Jacobs joined the “What Goes Up” podcast to discuss how the firm is sizing up investing opportunities amid the uncertain economic outlook.
/jlne.ws/3Q0KQYZ

Short Term Repo Facility – Provisional Market Notice 4 August 2022; This provisional Market Notice gives a high level description of a tool – the Short Term Repo facility – that the Bank of England will be introducing to ensure short-term market interest rates remain close to Bank Rate during Asset Purchase Facility (APF) unwind.
Bank of England
Provisional Market Notice
This provisional Market Notice should be read alongside the Explanatory Note setting out the Bank of England’s overall approach to managing the operational implications of APF unwind.
/jlne.ws/3zZ2YNm

How one investor applied the lessons of the meme stocks frenzy to blockchain and NFTs
James Rogers – MarketWatch
Almost two years ago, during the first winter of the COVID pandemic, Roman Tirone was introduced to the world of meme stocks. “I think I had a couple of friends reach out about them to me and I took a look,” the New York City-based investor told MarketWatch. “There was a strong community that was pretty convinced that they were going to send the stocks up.” These were indeed heady days for meme stock darling AMC Entertainment Holdings Inc. AMC, -8.49% as investors drove the stock to a high of $72.62 on June 2, 2021. AMC closed at $18.21 on Wednesday, well below its 52-week high of $52.79, which it reached on Sep. 13, 2021. Fellow meme stock star Game Stop Corp. GME, -4.12% climbed to a 52-week high of $63.92 on Nov. 3, 2021 but ended Wednesday’s session at $37.93.
/jlne.ws/3BKaCfO

Glencore Is Thriving in a More Dangerous World; Mining company’s outperformance will likely persist as long as energy security—and geopolitical risk—remain center stage
Megha Mandavia – WSJ
Glencore, the maverick of the mining world, has long been used to doing business in unstable places. Now that the whole world is looking unstable, it is unsurprising to see Glencore doing well. In particular, its decision to resist pressure to divest from coal is looking prescient. On Thursday, the world’s top coal exporter reported a doubling of profits in the first six months of 2022, mainly due to surging coal prices as the world scrambles for energy amid rising geopolitical turmoil. The company’s trading business also benefited from volatility across a range of commodities after Russia’s invasion of Ukraine. It said it will return an additional $4.45 billion to shareholders in dividends and share buybacks.
/jlne.ws/3StdbJj

Millennials Should Use Those Roth IRAs to Invest for College; The retirement accounts can be leveraged to pursue other goals — like saving for your kid’s schooling — in a tax-advantaged way.
Erin Lowry – Bloomberg
If there’s one thing the impending back-to-school season makes clear, it’s that the cost of higher education in the US is nerve-racking. The average tuition and fees for the 2021 to 2022 school year is $10,338 at an in-state public college, $22,698 at an out-of-state and $38,185 at a private school, according to US News data.
/jlne.ws/3p3kh9H

Environmental, Social and Corporate Governance

Canadian village razed by wildfire wrestles with climate-proofing its future
Nia Williams – Reuters
A year after a wildfire destroyed the western Canadian village of Lytton, residents, municipal leaders, and the British Columbia government are grappling with the slow and costly reality of future-proofing a community against climate change.
/jlne.ws/3d7tA5U

Heatwave in Paris exposes city’s lack of trees
Manuel Ausloos – Reuters
As a third heatwave baked France this week, the heat radiating off the asphalt outside the Garnier Opera house in Paris hit 56 degrees Celsius on urban planning expert Tangui Le Dantec’s thermometer. Shade was non-existent with barely a tree in sight.
/jlne.ws/3JvHACL

3 Downpours in 8 Days: How Extreme Rain Soaked the Midwest; Back-to-back deluges swamped Kentucky, Missouri and Illinois. These type of storms are expected to be more frequent and more intense as the planet warms, climate experts say.
Amanda Holpuch – The New York Times
Three separate downpours across three states over a span of eight days this summer swept away homes, destroyed crops and left at least 39 people dead.
/jlne.ws/3BJM3jm

ISSB receives global response on proposed sustainability disclosure standards
IFRS
The International Sustainability Standards Board (ISSB) has received more than 1,300 comment letters on its two proposed sustainability disclosure standards. The ISSB has received more than 600 responses to its draft Climate disclosure standard and close to 700 responses to its draft General Requirements disclosure standard. During the 120-day comment period, ISSB representatives participated in more than 400 outreach events, engaging with thousands of stakeholders globally. A preliminary review of the comment letters confirms feedback originating from jurisdictions spanning six continents. Comments came from a range of stakeholder groups including academics; accountancy bodies and audit firms; preparers; public interest bodies; regulators; and standard-setters.
/bit.ly/3JERaDh

Review of trends in ESG reporting requirements for investors
PRI
An overview of environmental, social and governance (ESG) reporting requirements for investors around the world and the trends driving the disclosures. The PRI is assessing how best to ensure accountability on responsible investment practices globally. To support this work, we have carried out a review of the global ESG reporting landscape for investors and the major trends driving the reporting. The review covered a total of 120 ESG reporting instruments across five global reporting initiatives and nine key jurisdictions: Australia, Canada, China, the European Union, France, Hong Kong, Japan, the UK and the US. https://bit.ly/3zYQzJm

How banks can get ahead of new US regulation and beyond
Simon Fischweicher – CDP North America
When it comes to addressing climate change, for years the spotlight has been on fossil fuel companies, automotives and other carbon-intensive sectors. Now, banks and other financial institutions are increasingly under pressure to examine their climate impacts and risk, as well as take action. Today, the spotlight is on financed emissions and banks are under growing pressure to cut carbon across their portfolios – not just because they have a moral imperative to act, but because the climate crisis threatens their loan books. The risks to banks and other financial institutions are real; new research shows that climate change-induced water insecurity, for example, is exposing financial institutions to significant stranded asset risk, with US$13.5 billion in assets already stranded.
/bit.ly/3A15CCc

Registration Opens for Africa Climate Week 2022
UN Climate
Registration is now open for this year’s Africa Climate Week (ACW 2022), to be held from 29 August to 2 September in Libreville, Gabon. ACW 2022 is poised to convene key stakeholders, including African Ministers, to provide a platform for regional collaboration. The event will address shared risks and explore shared opportunities to tackle climate change. With governments, private sector leaders, development organizations, youth and civil society attending, discussions will advance on implementation of the Paris Agreement at the regional level. Inspiring examples of climate action already underway will be shared at an Action Hub to showcase what is possible and spur even more action.
/bit.ly/3bwDlu5

Climate Action
SSE
UN member States agreed on 17 Sustainable Development Goals (SDGs) to be accomplished by 2030. The following target is directly addressed by this topic; Target 13.3: Improve education, awareness raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning. The Goal; Climate change poses both risks and opportunities to financial markets as a whole, and stock exchanges have the opportunity to prepare for these changes by creating more resiliency in their markets. The financial impacts related to climate have led investors, policymakers and financial service providers to request additional data from issuers in order to effectively assess risks and to price them in the market.
/bit.ly/3vKcX6N

Institutions

Credit Suisse at big risk from Credito Real bankruptcy – media
Reuters
Credit Suisse is among the lenders owed the most money by embattled Mexican finance company Credito Real, which has begun bankruptcy proceedings for $2.6 billion in debts, a local business newspaper reported Thursday.
/jlne.ws/3zzoDud

Pimco Clients Pull $29 Billion as Rate Hikes Hit Bond Funds; Asset management business weighs on Allianz’s 2Q earnings; Property-casualty segment is bright spot with 21% profit jump
Stephan Kahl – Bloomberg
Bond giant Pacific Investment Management Co. saw outside clients pull money for a second straight quarter amid a global bond selloff. Investors withdrew 28.7 billion euros ($29.4 billion) from Pimco in the three months through June, parent Allianz SE said on Friday, adding to the first outflows since the onset of the pandemic earlier this year. Allianz group operating profit rose in the second quarter, driven by the German company’s property-casualty insurance business. Allianz counts on its asset management units to diversify its business beyond insurance, while Pimco is facing headwinds as investors fled fixed-income securities after high inflation prompted interest rate hikes, making existing bonds less attractive.
/jlne.ws/3bveIOg

Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
Federal Reserve Board
Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1.
/jlne.ws/3bB1X4T

Wellness Exchange

U.S. declares monkeypox outbreak a public health emergency
Reuters
The United States has declared monkeypox a public health emergency, the health secretary said on Thursday, a move expected to free up additional funding and tools to fight the disease.
/jlne.ws/3zGn0v0

Tourists Trapped in China’s Island Paradise as Covid Cases Rise
Bloomberg News
China’s beach resort city of Sanya is ramping up its Covid-19 controls, disrupting the holiday plans of thousands of people, after a surge in cases made it the nation’s latest virus hotspot.
/jlne.ws/3SpVdr4

Regions

Taiwan Moves to Curb Currency Volatility Amid Political Tensions; Central bank made small intervention in FX market this week; No signs of panic selling in stocks: central bank official
Chien-Hua Wan and Argin Chang – Bloomberg
Taiwan’s central bank signaled its intention to keep its currency and financial markets stable as China ratchets up its military and economic actions against the island. The monetary authority made a small intervention in foreign exchange markets this week, Eugene Tsai, director general of the Department of Foreign Exchange, told reporters in Taipei Friday.
/jlne.ws/3A0h9C4

India to Allow More Sugar Exports to Avoid Contract Defaults
Pratik Parija – Bloomberg
India, the world’s second-biggest sugar producer, will permit millers to export an additional 1.2 million tons in the year ending in September, Food Secretary Sudhanshu Pandey said on Friday.
/jlne.ws/3zzIKsf

Russia Undercuts Saudi Oil in India as Competition Heats Up
Debjit Chakraborty – Bloomberg
A fierce battle is brewing in India where Russia has undercut the price of oil from its OPEC+ ally Saudi Arabia, paving the way for Moscow to expand market share in one of the biggest crude importers.
/jlne.ws/3d5kkiI

The West Must Wean Itself Off Russian Titanium; Aerospace companies like Airbus need alternative sources of titanium sponge to diversify their supply chains and bolster national security
Jon Sindreu – WSJ
Europe’s natural gas crisis shows the problem with industrial strategies that rely on Vladimir Putin. Some Western governments and companies still haven’t gotten the memo. Recently, the European Union scrapped plans to include Russia’s VSMPO-Avisma in its seventh round of sanctions responding to the invasion of Ukraine. VSMPO is the world’s largest producer of titanium, which is essential for building aircraft because it is strong, resistant to corrosion and far lighter than steel. Almost half of global titanium is used in aerospace.
/jlne.ws/3BG7YrC

opinion | Can ESG contribute to the resilience of our countries?; States can only hope to solve the problems of climate, food, water or pandemics if they leverage the power and ingenuity of the financial markets. However, the latter need an “alphabet” of ESG. Emmanuel Faber explains how the international standards for sustainable finance will be designed.
Emmanuel Faber – Les Echos
Nothing in climate matters can be done without ambitious public policies. But it is not enough to impose rules on economic actors to succeed: in the face of climate change, only a global approach can do so. But the time for institutionalized multilateralism is over, one of its last manifestations being the COP21 in Paris where a difficult but ambitious consensus was found . It was in 2015. In this context, ESG – the alphabet of capital markets for sustainable development – ??is indispensable for two reasons. First, states can only hope to resolve global issues such as the climate, food, water or pandemics if they leverage the power and ingenuity of the markets. By construction, these are the source of organic funding for the investments required for the transition of business models towards a more resilient economy.
/bit.ly/3bATCOz

Miscellaneous

TikTok Pares Pandemic-Era Perks in Return to Office Push; Some locations are strained as thousands of new workers look for work stations and parking spaces
Salvador Rodriguez – Bloomberg
TikTok is getting rid of pandemic-era perks including daily meal stipends for many employees, according to people familiar with the situation, as the company pushes staff to work more from its offices. TikTok announced its return to office policy July 11, requiring that employees come in at least two times a week but encouraging them to do so three times a week.
/jlne.ws/3P2o6GP

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