The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Hits & Takes
Thanksgiving. We are thankful for the holiday, the family, friends and food. We at JLN are thankful for our readers, subscribers, sponsors and donors. Thank you all.
FIA Asia-V is December 1 to 3. JLN will be covering the conference this year remotely. If you have some news related to the conference, please reach out to me. You can register for the conference HERE.
We had four new donors to the JLN MarketsWiki Education GoFundMe campaign. Guy Sheetz, the CFO of the FIA, donated to our efforts to preserve industry history. We had two anonymous, but notable donors and a generous one from Steve Auerbach of the OCC. Auerbach is an executive director at the OCC for participant solutions. He is also the former president of Sungard Futures Systems, among his other career highlights. Thank you to Guy and Steve and our two anonymous donors and all who have given and all who have yet to give. You can donate HERE.
Drinking coffee can be beneficial to you. Here are the ways.
My dog Indy found the carcass of our Thanksgiving turkey on the kitchen counter and ate the whole thing. I am thankful she is OK after having a couple of days of expunging the bones and more from her system.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Last week Yearn Protocol, a set of lending smart contracts, announced that Pickle Protocol, another set of lending smart contracts, was merging into it. Then on Saturday, Yearn Protocol said it was taking over responsibility for further developing the Cover Protocol, a DeFi insurance platform whose Claim tokens are used to insure yield-seeking deposits on lending platforms. As this is all “decentralized finance” there appears to be no cash or tokens or property involved in the take-overs. Unmentioned by Yearn in its takeover announcements was that Pickle, which started up in August, had been hacked on November 21 for about $19.7 million. Cover, which launched on November 17, admitted liability for $285,000 of those November 21 losses. Crypto moves fast.~Thom Thompson
President-elect Joe Biden has hired an all-female communications team, four of whom are women of color. The communications director of Biden’s election campaign, Kate Bedingfield, will serve as communications director for the White House. Democratic spokeswoman Jen Psaki will serve as Biden’s press secretary. This will be the first time in history that the senior White House communications team will consist entirely of female employees.~MR
The Hemp Industry Has Room To Grow
Thom Thompson – John Lothian News
As the third nationally legal industrial hemp crop hits the market, it is clear that American producers, consumers, merchants and processors are engaged, at an early stage, in a grand and exciting economic experiment to leverage an ages-old commodity into effective, reliable products for technologically advanced markets.
According to the November PanXchange Hemp Benchmarks Analysis and Report, prices continue to languish at bargain basement levels not only for biomass and CBD-priced refined products but also to a lesser extent for grain and fiber hemp.
By now most, if not all, of the 2020 field crop has been harvested. According to estimates from our friends at PanXchange, about two-thirds of planted acres were dedicated to CBD-hemp, 7.5% for fiber-hemp, and 16.5% for grain-hemp, with the remaining acreage dedicated to seed-hemp.
To read the rest of this article, go here.
Hong Kong Covid-19 wave traced to socialites’ love of the cha-cha; Rich businesswomen and ‘tai tais’ caught coronavirus at elite dance clubs
Nicolle Liu – FT
Hong Kong is battling a new coronavirus cluster originating from one of the city’s lesser-known elite pastimes — wealthy older women visiting dance clubs for lessons, often with handsome younger instructors. The cluster has fuelled a so-called fourth wave in the Asian financial hub, its worst outbreak in months with 92 cases reported on Friday. The sharp rise in infections has been linked to ballroom dancing venues, including the Starlight Dance Club and Heavenly, the government said.
*****I would have guessed the rumba or the mambo, not the cha-cha.~JJL
My Son’s School Has Closed Again. Stop This; Shutting classrooms doesn’t control Covid-19. The young generation is paying a huge price for the sum of our fears.
Anjani Trivedi – Bloomberg
It was 9 a.m. on a Wednesday when I received a call from my six-year-old’s school nurse. He’d come to her office and put himself to bed. The nurse reported no temperature and that he was “alert, times three.” His teacher said that he’d seemed discombobulated and not his usual self earlier in the morning. When my son — who isn’t normally a sleepy kid and stopped napping far sooner than I’d have liked — called me after waking, he said, “I was just exhausted.”
*****This current generation is paying a steep price during the pandemic. We should try our best to lower that cost.~JJL
‘Tired of being sad.’ The financial stress from Covid is taking an emotional toll
Jeanne Sahadi, CNN Business
The holidays often make people more vulnerable to feeling depressed or anxious. But for the millions of Americans suffering from a pandemic-induced financial crisis, the risk is much greater this season. Many are at their wit’s end. And it doesn’t appear that help is on the way. Congress is still at odds over a package that would provide additional economic aid to those who have lost their jobs or are struggling to get by. For many Americans, federal pandemic benefits are set to expire by the end of next month — if they haven’t already.
*****The holidays can be a difficult time. With social distancing, an increasing number of COVID-19 cases and deaths, it is important to try to stay mentally strong and connected to people. Reach out. Talk. Be healthy.~JJL
North Korea executes forex trader as Kim tightens grip on economy; Supreme leader speeds up centralisation of power as Covid and sanctions halt growth
Edward White and Kang Buseong – FT
North Korea has executed a currency trader as part of a crackdown on foreign exchange markets, according to South Korea’s spy agency, as supreme leader Kim Jong Un tightens his grip over the economy.
****** This is not acceptable, anywhere, anytime.~JJL
Wednesday’s Top Three
Our top story Wednesday was Bloomberg’s account of the impact of Wirecard’s collapse Confidence in German Capital Markets Has Been Shattered. Second was The Trade’s NYSE sales head departs for role at HFT Jump Trading, which also made it to the top last week, and third was Business Insider’s JPMorgan story, A US regulator fined JPMorgan Chase $250 million for ‘deficient’ risk controls.