SEC nomination; Trouble for fastest traders; The death of stocks has been exaggerated

Sep 1, 2017

First Read

Hits & Takes
By JLN Staff

Our friends at Deutsche Boerse Group have produced a video posted to Youtube titled “Brexit explained in simple terms”~JJL

Do you know BOAT Services? The Cinnober subsidiary just received FCA approval to publish your firm’s post-trade reports – it’s a MIFID II thing. BOAT Services has more than 350 customers.~JK

Retired FIA President John Damgard is today’s featured speaker from this summer’s MarketsWiki Education World of Opportunity series in Chicago.~JJL

The Realization Group and Software AG is hosting the second in a series of roundtable discussions on Digital Excellence in Banking and Financial Markets on middle office systems, September 14, from 5:30 p.m. to 8:30 p.m. at the London Capital Club, 15 Abchurch Lane, London, EC4N 7BW.~JK

One interesting tidbit from STOXX‘s announced changing the composition of its blue-chip indices yesterday, the Moscow Exchange was dropped from the STOXX Eastern Europe 50 Index. Last year, the exchange ranked fourth globally, behind ICE, in terms of annual derivatives volume.~JK

On Facebook, CME Group said the “CME Group Foundation is honored to accept an Innovators in Education Award at this year’s LEAPinnovatED Summit, in recognition of our efforts to impact on education innovation in Chicago.” Nice work CME!~JJL

Oliver Wyman has issued a report, “The State of the Financial Services Industry 2017, TRANSFORMING FOR FUTURE VALUE~JJL

The EEX 500! EEX held the 500th German Auction Of Emission for more than 900 million emission allowances.~JJL

Here is the Asia Pacific Financial News from John Lothian News for August 31.~JJL


Meet the 35-year-old in charge of attracting companies to go public on the New York Stock Exchange; John Tuttle of the New York Stock Exchange
Frank Chaparro – Business Insider
John Tuttle has his pitch down. The 35-year-old head of global listings at the New York Stock Exchange ó one of Wall Street’s most iconic institutions ó is in charge of attracting companies to go public on the exchange. The Michigan native glows when talking about the 225-year-old exchange and its family of listed companies, which he says represent the “greatest community of companies on earth.”

**NYSE listings claimed 88 percent share of US IPO proceeds through the first two quarters this year, but listings represented just 9 percent of ICE’s total net revenues in Q2, according the ICE Quarterly Earnings. ~JK


3Points Newest Account Director: Fabiola Camacho
Fabiola Camacho, a native of south suburban Midlothian, “Fabz” graduated from Stanford University in 2012 and spent the past five years working in enterprise technology PR in San Francisco.

**A fabulous choice for 3Points.~JK


Famed T. rex ‘Sue’ getting a makeover at Field Museum in Chicago
The Field Museum in Chicago said on Wednesday it will take down and remount the 40-1/2-foot-long (12.3-meter) Tyrannosaurus nicknamed Sue, perhaps the world’s most famous dinosaur fossil, in a way that embodies the latest understanding of this ferocious Cretaceous Period predator.

**If you want to know what Ken Griffin does with his pocket change.~JK


Gotta have faith: The rise of religious ETFs
Chris Taylor – Reuters
Making money in the markets is tricky enough on its own. Try doing it while staying faithful to your religious beliefs.

*****Exchange Traded Faith?~JJL


How to Overcome Challenges – John Damgard

“There never used to be any competition in the futures markets anywhere else in the world. People used to say, ‘If you want to manage your risk you have to come to Chicago.’ That’s not the issue anymore.”

In this video from MarketsWiki Education’s World of Opportunity event in Chicago, John Damgard, former FIA president, reminisces about his start in politics and how it eventually led to a career in futures. After working on several political campaigns, Damgard shifted his focus and started working at the Department of Agriculture for Earl Butz. Damgard would go on to be a voice for the FIA during market crashes, the fall of Barings and the September 11 attacks.

Watch the video »


Thursday’s Top Three
The most clicked story yesterday was second on Tuesday, tops on Wednesday and again on Thursday, Wall Street recruiter jumps to her death from luxury NYC home. Cryptocurrency got in on the action in second place, Bitcoin Exchange Sees Complaints Soar. Coming in third was Editorial: Stop stalling, SEC. Approve the Chinese-led purchase of the Chicago Stock Exchange


MarketsWiki Stats
106,907,760 pages viewed; 22,713 pages; 208,624 edits
MarketsWiki Statistics


Lead Stories

White House Set to Tap Columbia Law Professor for SEC on Friday; Robert Jackson to be nominated to fill vacant Democratic slot
Andrew Ackerman – WSJ
The White House is expected on Friday to nominate Columbia University law professor Robert Jackson to a vacant slot on the Securities and Exchange Commission, according to people familiar with the matter.

The fastest traders on Wall Street are in trouble
Frank Chaparro – Business Insider
Wall Street’s fastest traders are going to need a lot more than speed if they’re going to survive.
High-frequency traders, the Wall Streeters made famous by Michael Lewis’ Flash Boys, use their technology to get to trades ahead of the competition. For years, this strategy raked in billions. But low volatility and rising operational costs have squeezed HFTs, precipitating a wave of consolidation and closures.

The Death of Stocks Has Been Exaggerated; A British industrial company is putting private equity firms in the shade.
Chris Bryant – Bloomberg
Stock markets are shrinking and increasingly they’re a sideshow. Private equity nabs all the really juicy returns, long before the general public gets a sniff. Besides, why bother raising equity when debt is so cheap?

SEC Names Jeffrey Harris as Director of the Division of Economic and Risk Analysis
The Securities and Exchange Commission today announced that Dr. Jeffrey H. Harris has been named Director of the agency’s Division of Economic and Risk Analysis (DERA). He replaces former director Mark Flannery who left the agency to return to teaching.

Storm Harvey exposes Achilles heel for global energy market
Gregory Meyer, Jude Webber and Anjli Raval – Financial Times
When hurricanes Katrina and Rita tore into the Gulf of Mexico coast in 2005, the US was importing the most foreign oil in its history. Petrol prices soared, allies released emergency fuel stocks and President George W Bush urged Americans to drive less.

SEC Names Dalia Blass as Director of the Division of Investment Management
The Securities and Exchange Commission today announced that Dalia Blass has been named Director of the agency’s Division of Investment Management.

FX traders going ‘quantamental’
Graham Bippart, Paul Golden – Euromoney Magazine
A growing number of FX traders are extolling the virtues of combining quantitative and fundamental analyses into an approach known as quantamental.
Traders are constantly looking for new insights into quantitative and fundamental data via more comprehensive data sets, faster delivery or new types of data that provide unique insights into a currency.

LSE completes $685 million bond indices deal with Citi; Deal to acquire Citi’s fixed income indices and the Yield Book announced in May this year has closed.
Hayley McDowell – The Trade
The London Stock Exchange (LSE) has completed its acquisition of Citgroup’s fixed income indices and The Yield Book for $685 million.

Wells Fargo Review Finds 1.4 Million More Suspect Accounts
Stacy Cowley – NY Times
Nearly a year after Wells Fargo’s fraudulent account scandal burst into public view, the bank said it had turned up more than a million additional accounts that customers may not have authorized.

India Is Said to Plan Setting New Gold Bourse Rules in November
Swansy Afonso and Eddie Van Der Walt – Bloomberg
India plans to finalize trading specifications for the country’s new spot gold exchange in November amid a push to improve transparency in the world’s second-biggest bullion market, people familiar with the matter said.

Steve Cohen Takes Ken Griffin’s Advice, Quant
Jon Shazar – Dealbreaker
Last year, Steve Cohen was complaining about just how hard it is to get some decent help around here. Rather than offering a sympathetic shoulder to cry on, Ken Griffin pointedly noted he wasn’t having any trouble, possibly because Preet Bharara hadn’t dragged his name through the mud. Why, look, he’d just hired Steve Cohen’s brother-in-law to run a new stock-picking unit.

More Banks Team Up for New Digital Coin
Credit Suisse Group AG and Barclays Plc are joining a UBS Group AG initiative to create a new type of digital money to settle financial transactions over blockchain. Bloomberg’s Caroline Hyde discusses the boom in cryptocurrencies with Bloomberg’s Vonnie Quinn on “Bloomberg Markets.”

Exchanges, OTC and Clearing

Trading suspended on Kenyan stock exchange after court calls for new election
Nicholas Megaw – FT
Trading on the Kenyan stock exchange was temporarily suspended on Friday after the supreme court’s call for a repeat of last month’s election prompted sharp falls in local stocks.

Kenya stock exchange halts trading due to massive fall – traders
Kenya’s stock exchange halted trading midway through Friday’s session after blue chip shares plummeted following the Supreme Court’s decision to annul the Aug.8 presidential election, traders said.

LSEG Completion Of Acquisition Of The Yield Book And Citi Fixed Income Indices From Citi
London Stock Exchange Group (“LSEG”) is pleased to announce that, following satisfaction of the closing conditions, LSEG has today completed the acquisition of The Yield Book and Citi Fixed Income Indices from Citigroup Inc.

Stock exchanges propose extending trade hours till 7.30 pm, await Sebi nod
PTI – Business Standard News
Leading bourses have proposed to extend the timing of stock trading up to 7.30 pm to better align Indian markets with global trends and boost business, but several brokers are opposing the move citing logistics and employee-related issues, market sources say.

Replacement of Component Issues for the RN Prime Index
The following partial change of components of RN Prime Index was announced.

Japan Exchange Group Trading Overview in August 2017
Cash Equities: In August 2017, the daily average trading value for the TSE 1st Section (domestic common stocks) was JPY 2.4411 trillion; – In the ETF market, monthly trading value was JPY 2.5262 trillion.
Derivatives: In August 2017, total derivatives trading volume was 23,125,486 contracts; Total derivatives trading value was JPY 173 trillion, and trading value for equity index derivatives was JPY 83 trillion.

A cocreator of the VIX says the market is looking at volatility all wrong
Joe Ciolli – Business Insider
With the CBOE Volatility Index, or VIX, stuck near record lows for months, traders and market pundits alike have been twisting themselves into knots trying to explain why.


AI’s rapid advance sparks call for a code for robots; Who takes moral and legal responsibility for our mechanical creations? Governments are being urged to join the debate
John Thornhill – Financial Times
Maximum Overdrive has entered movie legend as one of the worst films ever made. The 1986 science fiction, horror and comedy film imagined a world in which inanimate objects, including bulldozers, chainsaws and electric hairdryers, came to life and started massacring people. Even Stephen King, the bestselling author who wrote and directed the film, described it as a “moron movie”.

Opinion: Does bitcoin threaten economic stability?; he state has no control over cryptocurrency, but would have to clean up the mess anyway
Andrew Sheng and Xiao Geng – MarketWatch
Financial markets today are thriving. The Dow Jones Industrial Average , the S&P 500 SPX, and the Nasdaq Composite index COMP, have all reached record highs lately, with emerging-economy financial markets also performing strongly, as investors search for stability amid widespread uncertainty.

Colt and Equinix announce strategic partnership; Joint offering delivers connectivity to cloud services on demand
Automated Trader
Colt Technology Services has announced a strategic partnership with Equinix to interconnect the Colt IQ Network with Equinix’s cloud ecosystem.

10 Most Ridiculous Cryptocurrencies
Wayne Duggan – Benzinga
The growing list of cyryptocurrencies added yet another name this week as Restaurant Brands International Inc QSR’s Burger King launched its new WhopperCoin currency at its Russia locations. The company said it plans to have Apple Inc. AAPL and Android WhopperCoin apps available within the next month. Burger King diners can amass one coin for every Whopper sandwich they purchase.


Mnuchin Says Trump Administration, Congress to Release Tax Plan Details in Coming Weeks
Richard Rubin and Kate Davidson – WSJ
The Trump administration and top congressional officials intend to release a more detailed tax plan in the next few weeks, Treasury Secretary Steven Mnuchin said in an interview with The Wall Street Journal on Thursday.

When Colleagues Won’t Stop Talking Politics
Rob Walker – NY Times
I work at a manufacturing plant, interacting with a variety of teams. I am constantly subjected to political conversations and remarks ó and most of my co-workers have political views very different from mine. Being reminded of this all day makes me want to scream.

Republicans Want to Sideline This Regulator. But It May Be Too Popular.
Steve Eder, Jessica Silver-Greenberg and Stacy Cowley – NY Times
With the election of President Trump, the nation’s consumer watchdog agency faced a quandary: how to shield the Obama-era institution from a Republican administration determined to loosen the federal government’s grip on business.

Fiscal Austerity After The Great Recession Was A Catastrophic Mistake
Frances Coppola – Forbes
Nearly nine years ago, the world was rocked by the worst financial crisis since 1929. The collapse of Lehman Brothers set off a domino effect of bank failures which rippled round the world. Massive runs on financial markets pushed interest rates sky-high: investors dumped riskier investments and fled for the safety of traditional havens. Fearing a repeat of the 1930s, central banks poured money into distressed markets and propped up asset prices with massive asset purchase programs, while governments rescued failing banks. In 2009, the G20 embarked on a coordinated program of fiscal expansion designed to restore trade, promote growth and reduce unemployment around the world.

Oil Firms That Cheered Regulatory Rollback Are Quaking on Nafta
Jennifer A Dlouhy – Bloomberg
Energy projects in Mexico, Canada imperiled if deal jettisoned; Oil industry could be ‘collateral damage’ in negotiations
The Trump administration is easing environmental regulations and opening up territory for drilling as part of the president’s bid to unleash the “vast energy wealth” of the U.S. Yet Donald Trump’s push to rewrite the North American Free Trade Agreement could have the opposite effect.

Here’s How Congress Is Reacting to Wells Fargo’s Latest Setback
Elizabeth Dexheimer – Bloomberg
Lawmakers outraged after bank discloses more bogus accounts; Embattled lender could face more hearings, reputational damage
Break up big banks, hold more congressional grillings and don’t let up until executives are held accountable.


FINRA Issues Alert Warning Investors of Stock Fraud Following Hurricane Harvey
FINRA issued an Investor Alert today warning investors to beware of potential scams touting stocks and other investments promising huge financial gains in the wake of Hurricane Harvey.
The Investor Alert, Beware of Stock Fraud in the Wake of Hurricane Harvey, explains how investors can spot and protect themselves from investment scams associated with the clean-up or rebuilding of the devastated areas.

U.S. charges four with insider trading in NJ drug company
Jonathan Stempel – Reuters
A former accountant at a New Jersey drug company was among four people charged with insider trading on Thursday, after he tipped a close friend that the company would soon be acquired by saying he had a “little bird” that would make its stock “pop.”

Platinum Partners founder’s lawyers drop appeal on witness contact order
Brendan Pierson – Reuters
Lawyers defending Platinum Partners founder Mark Nordlicht in a $1 billion fraud case on Thursday said they would no longer pursue their appeal of a federal judge’s order restricting the attorneys’ contact with potential government witnesses.

MiFID Sees Researchers Betting on Growth That May Not Come
Katie Linsell – Bloomberg
Researchers face unprecedented competition from banks; Some expect to thrive, others expect challenging times
It’s the persistently ringing phone on Regina Borromeo’s desk that’s showing her the effects of MiFID II.

SEC and NYU to Host Forum on Exchange-Traded Products
The Securities and Exchange Commission and New York University will host a forum in September to examine the fast growing market for exchange-traded products and its implications for investors.

Insolvency regulators welcome start of second tranche of insolvency law reforms
The Australian Financial Security Authority (AFSA) and the Australian Securities & Investments Commission (ASIC) have welcomed the start today of the second and final tranche of reforms introduced by the Insolvency Law Reform Act 2016 (ILRA).

Initial Coin Offerings: Know the risks before you buy
The Financial Industry Regulatory Authority (FINRA) today issued an Investor Alert warning investors about the potential risks of participating in initial coin offerings, commonly referred to as ICOs.

FINRA Publishes Appendix B Data
On August 31, 2017, FINRA published Appendix B.I., B.II. and B.IV. data for the months of April 2016 through April 2017. Going forward, each month’s data will be available on FINRA’s website within 120 calendar days following month end. Access the Appendix B data.

Chairman Clayton Names Executive Staff
The Securities and Exchange Commission today announced that John Cook, Jeffrey Dinwoodie, Raquel Fox, Kristina Littman, Alan Cohen, Christopher Carofine, and Shelby Begany Telle have been named to the executive staff of Chairman Jay Clayton.

Former Pharma Company Accountant, Three Others Charged With Insider Trading
The Securities and Exchange Commission today charged an accountant and three others with insider trading on market-moving news about the New Jersey-based pharmaceutical company where the accountant formerly worked.

Investing and Trading

Did Buffett Kill Value Investing?
Michael Batnick – The Irrelevant Investor
From 1957-1969, Warren Buffett’s partnership returned 2800%, or 29.5% a year*. Over the same time, the S&P 500 rose 153%, or 7.4% a year. Warren Buffett has been crushing the market for seven decades, but his early success went largely unnoticed. His name didn’t appear anywhere noteworthy until Adam Smith’s Supermoney, which wasn’t written until 1972

$10 Billion Robo-Adviser Betterment Flourishes as Chief Learns to Let Go; CEO’s do-it-all mind-set key factor behind company’s success in delivering financial advice to investors
By Michael Wursthorn – WSJ
The 220 people who work for robo adviser Betterment LLC gather in the New York company’s cafeteria twice a year to hear from their chief executive.

New ETF plans to ‘make America great again’
Trevor Hunnicutt – Reuters
A planned index fund is hoping to “make America great again” by investing in companies that support the Republican Party. The Point Bridge GOP Stock Tracker exchange-traded fund will list under the ticker “MAGA,” according to a filing with U.S. securities regulators this week, an apparent reference to the slogan repeatedly used by U.S. President Donald Trump.

Vanguard defies companies to back climate change resolutions
Chris Flood – Financial Times
Vanguard has broken with its past by throwing its weight behind shareholder resolutions on climate change and gender diversity as the world’s second-largest asset manager attempts to strengthen its corporate governance record.

If you can’t beat ’em: Stockpickers targeting index-provider MSCI
David Randall – Reuters
Stockpickers are jumping into the boom in passive investing by loading up on shares of index-provider MSCI Inc, whose products are the basis for dozens of popular exchange traded funds.

Don’t Let That FOMO Go to Waste
Spencer Jakab – WSJ
It’s an investing foible as old as financial markets with but with a brand new moniker: “FOMO.”
Being fearful or greedy, given the right stimuli, kept us in the gene pool across the millennia. Sadly, those instincts are poisonous for investment performance. With markets near record highs and all manner of assets booming, it is the greedy side of that continuum that is going to wind up costing some people a chunk of change.

Dollar looks to sail out of the doldrums
Robin Wigglesworth – Financial Times
A decade ago, Gisele B¸ndchen caused a stir in currency markets rather than on the catwalk when her agent said the Brazilian supermodel would prefer to be paid in euros rather than dollars. Today the situation looks similar, even if Gisele has hung up her heels.
The greenback has sagged lower against all its major world counterparts in 2017 as initial expectations of a “Trump bump” have unravelled.

US hedge accounting changes could spur small bank swaps boom; Banks eye opportunities to claim hedge accounting treatment for fixed-rate portfolios and callable debt
Louie Woodall –
US accounting changes that make it easier for firms to get recognition for hedges could result in greater use of swaps by regional and community banks, market participants hope.

Candriam bolsters multi-asset trading desk with new hire; Vincent Minichetti joins Candriam from Edmond de Rothschild Asset Management in Paris.
Hayley McDowell – The Trade
Candriam Investors Group has hired a new trader covering cash equity, FX and derivatives as the firm looks to foster new talent in European buy-side trading.

Soaring euro drives investors out of European stocks; Regional equity funds suffer worst outflows in almost six months
Joe Rennison and Eric Platt in New York – FT
European stock funds suffered their largest redemptions in nearly six months as the region’s strengthening currency damped investor enthusiasm.

Harvey aftermath hits a third of US oil refineries; Damage to US energy infrastructure sends price of petrol sharply higher
David Sheppard, Energy Markets Editor – FT
The havoc wrought by tropical storm Harvey began to spread well beyond the Houston area on Thursday as the damage to the US’s energy infrastructure sent the price of petrol sharply higher and forced Washington to step in to prevent fuel shortages.

Harvey’s Made the World’s Most Important Chemical a Rare Commodity
Jack Kaskey – Bloomberg
Ethylene used to make cars, milk jugs, paint and mattresses; More than half of U.S. production has been knocked out
Few Americans care about ethylene. Many have probably never heard of it. As it turns out, this colorless, flammable gas is arguably the most important petrochemical on the planet — and much of it comes from the hurricane-stricken Gulf Coast. Ethylene is one of the big reasons the damage wrought by Hurricane Harvey in the chemical communities along the Gulf is likely to ripple through U.S. manufacturing of essential items from milk jugs to mattresses.

What’s the Bigger Risk: Bond Market Bubble or Complacency?
Kathy A. Jones – Charles Schwab
Talk of a “Bondageddon” is back again.
Commentators have repeatedly invoked the fear that investors could suddenly flee the bond market, causing prices to collapse in their wake, ever since the Federal Reserve lowered short-term interest rates to near zero and began its bond buying programs back in 2008. Former Federal Reserve Chairman Alan Greenspan provided an example of the genre when he warned in a recent TV interview that bond yields are unsustainably low and that the market is in a bubble. Such concerns have proved durable despite the fact that previous bouts of Bondageddon talk haven’t borne out.


Cash flowing again from Fed’s flood-threatened Houston branch
Jonathan Spicer and Ann Saphir – Reuters
Cash has begun flowing again from the Federal Reserve’s steel and cement vault in Houston, heading for banks in the hurricane-ravaged region after several days of flooding halted armored-truck deliveries and stranded employees overnight.

Former Deutsche Bank co-chief executive Fitschen to head up firm’s charitable foundation
William Turvill – City AM
Former Deutsche Bank co-chief executive Juergen Fitschen is to head up the firm’s charitable foundation.

As Wells Fargo Scandal Expands, a C.E.O. Is Exposed
Jeffrey Goldfarb – NY Times
Wells Fargo’s supersized scandal magnifies the spotlight on its chief executive. An outside review that examined a longer time frame uncovered an additional 1.4 million potentially fake accounts at the bank with a $2 trillion balance sheet. With the board of directors and sales practices already grudgingly refreshed, the chief executive, Timothy J. Sloan, a 30-year Wells Fargo veteran, sticks out as a vestige of the old regime.

Wells Fargo Boosts Fake-Account Estimate 67% to 3.5 Million
Laura J Keller – Bloomberg
Bank says it will pay $10.7 million in customer compensation; Review finds 528,000 questionable online bill-pay enrollments
Wells Fargo & Co. raised its estimate for how many bogus accounts employees may have created, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations.

Northern Rock investors accuse Treasury of profiting from bailout; Shareholders renew compensation push as 10th anniversary of bank’s failure nears
Martin Arnold, Banking Editor – FT
Thousands of Northern Rock shareholders who were wiped out when the bank was nationalised almost a decade ago are renewing their campaign for compensation, arguing the government is set to make billions of pounds in profit from the bailout.

The Underappreciated Risks to Canadian Banks
Aaron Back – WSJ
Americans looking north to Canada see a housing market that echoes their own before the financial crisis. While there are substantial differences that make Canadian lenders more resilient, investors still should be on guard.


Japan’s 10-year bond yields fall below zero for first time since November
Alice Woodhouse – FT
The yield on Japan’s benchmark 10-year government bond fell below zero on Friday for the first time since mid-November.

The world didn’t learn enough from the 2007-2008 financial crisis; Donald Trump wants to return to the ugly days that Raghuram Rajan warned about
William Pesek – Livemint
Last weekend, Fed chair Janet Yellen and fellow central bank bigwigs returned to the scene of crime of economic crises past: the Jackson Lake Lodge in the western US state of Wyoming.

Demonetisation, Narendra Modi’s biggest move, is a total bust; Few governments in history have introduced something as disruptive as demonetisation with as little thought, preparation or study
Mihir Sharma – Livemint
When India’s prime minister announced last November that 86% of India’s currency would be worthless in hours, he presented the decree as a well-thought-out measure to attack cash “hoarded by anti-national and anti-social elements”. We were led to believe that honest taxpayers would line up to return their high-value currency notes, but these “anti-national and anti-social elements” would be unable to do so without raising suspicion. In the words of finance minister Arun Jaitley: “Obviously people who have used cash for crime purposes are not foolhardy enough to try and risk and bring the cash back into the system because there will be questions asked.”

Biggest Nigeria Power Plant Owed $352 Million by Government
Tope Alake and Elisha Bala-Gbogbo – Bloomberg
Half of Egbin’s output wasted due to transmission challenges; Country currently distributes 4,500 megawatts of electricity
Nigeria’s Egbin power plant, the biggest in Africa’s most-populous nation, is owed 125 billion naira ($352 million) by the government and half of its output is wasted because of inadequate transmission infrastructure, its chief officer said.


A Greek Drama, London Actors, and a European Stage
Viktoria Dendrinou, Nikos Chrysoloras and Ian Wishart – Bloomberg
Specter of Varoufakis’s failures is haunting U.K. strategy; Vague proposals, clash with bureaucrats ring familiar bells
When David Davis used the words “constructive ambiguity” to describe the U.K.’s negotiating strategy last month, a sense of dÈj‡ vu struck European Union officials.

Brexit Talks Stall as Tone Sharpens; Differences on how much Britain pays and when its future ties with EU get settled hamper negotiations
Valentina Pop and Jenny Gross – WSJ
After six months of largely civil conversations between Britain and the European Union, Brexit talks appear to be heading toward conflict. A third round of negotiations that concluded on Thursday failed to break the deadlock over money and the EU’s insistence that it is too early to discuss its future relationship with Britain.


Filmmakers inspired by financial calamity
Joanna S. Kao – Financial Times
A Financial Times analysis found 468 titles on the Internet Movie Database (IMDb) related to the financial crisis, based on key phrases such as “housing bubble”, “foreclosure” and “economic crisis” in their plot summaries.

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