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
Mohamed Bourouissa, a French-Algerian artist, was awarded the Deutsche Börse Photography Foundation Prize 2020 for the exhibition “Free Trade.” Bourouissa (born 1978) was awarded the prestigious prize, worth 30,000 British pounds, on Monday 14 September 2020. The announcement was made during an online presentation by the Photographers’ Gallery in London.
Today, the FT has a special report about Luxembourg as a financial center. “Luxembourg is among the biggest winners from Brexit as businesses shift operations out of UK. The Grand Duchy has built on its strengths in private banking, investing, insurance and corporate lending developed over the past half century.”
The stories from the special report have these headlines:
- Luxembourg among biggest winners from Brexit
- Luxembourg financial watchdog sharpens its teeth
- Luxembourg post-pandemic stimulus ‘should be sustainable’
- Luxembourg tries to shed ‘tax haven’ label
- Luxembourg strengthens status as offshore renminbi centre
- Secure, green and international: why Luxembourg suits expatriates
- Luxembourg’s older investors turn to robo advisers
- Shake-up at Luxembourg’s Qatar-owned Quintet bank
The Long Term Stock Exchange is open for business. It actually opened on September 10, in what I would describe as the softest of launches.
David “DJ” Cooke will be joining West Monroe Partners after graduation as a full time software engineering consultant out of their Seattle office. DJ is one of my Eagle Scouts who went to the World Scout Jamboree in Japan in 2015 with help from the readers of this newsletter.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
New Retail Interest Spurs Renewed Focus on Investor Education
By Suzanne Cosgrove, John Lothian News
Equity markets are seeing an influx of new retail interest, with up to 25 percent of market activity executed by retail investors on peak days this year, compared with about 10 percent in 2019, said John Zecca, Nasdaq’s executive vice president and chief legal and regulatory officer.
The trend is pushing market professionals and regulators to look at comprehensive ways to educate and protect novice market entrants.
“During this time period, we have seen some challenging questions,” including about complex investments like inverse exchange-traded funds (ETFs) and options leverage accounts, said Lori Schock, head of the SEC’s office of investor education and advocacy. “We’re a disclosure-based system in the U.S.,” she said. “We need people to read and understand it. You need to do your homework.”
Schock was among the half-dozen panelists who examined the retail trend Monday in a Nasdaq-sponsored webinar titled, “The Evolution of Retail Investing and Related Obligations.”
To read the rest of this story, go HERE.
Tracking the Unprecedented Food Crisis Brought on by Covid-19
Contributors: Millie Munshi – Bloomberg
The world is hurtling toward an unprecedented hunger crisis. The pandemic is upending food supply chains, crippling economies and eroding consumer purchasing power. In a worst-case scenario, about a tenth of the world’s population won’t have enough to eat. Some projections show that by the end of the year, more people will die each day from hunger than from Covid-19.
******In the U.S., we are lucky to have local food banks to help address the hunger crisis. But those food banks need your support. The food bank for Chicago is the Greater Chicago Foodbank. One in seven people in Chicago will experience food insecurity during 2020. September is Hunger Action Month. You can donate to the Greater Chicago Food Depository HERE. Or, find your local food depository or food bank and give to it.~JJL
At JPMorgan, Productivity Falls for Staff Working at Home
Michelle F Davis – Bloomberg
‘Creative combustion’ has taken a hit, KBW analysts say; JPMorgan CEO Dimon discussed bank’s findings with KBW
A troubling pattern emerged as most of JPMorgan Chase & Co.’s employees worked from home to stem the spread of Covid-19: productivity slipped. Work output was particularly affected on Mondays and Fridays, according to findings discussed by Chief Executive Officer Jamie Dimon in a private meeting with Keefe, Bruyette & Woods analysts. That, along with worries that remote work is no substitute for organic interaction, is part of why the biggest U.S. bank is urging more workers to return to offices over the coming weeks.
*****This may be the exception rather than the rule – according to a recent study published by the Harvard Business Review, the productivity of “knowledge workers” – people whose job involves the use of specialized knowledge, which probably applies to most of JPMorgan’s WFH employees – has actually increased during the pandemic. While some aspects of work life, including direct management methods, have become more difficult, the study found that knowledge workers seem to be more intrinsically motivated.~MR
Mohamed Bourouissa was awarded the Deutsche Börse Photography Foundation Prize 2020
Mohamed Bourouissa receives the Deutsche Börse Photography Foundation Prize 2020. The French-Algerian artist is awarded for the exhibition “Free Trade”. Mohamed Bourouissa (born 1978) was awarded the prestigious prize worth 30,000 British pounds on Monday 14 September 2020. The announcement was made during an online presentation by the Photographers’ Gallery in London. The accompanying film provided an overview of the history of the Photography Prize as a warm-up before the work of Bourouissa and this year’s three other finalists Anton Kusters, Mark Neville and Clare Strand were presented. The winner was then announced.
****Photojournalism has always been a powerful medium for showing stories that need attention. Mr. Bourouissa’s work continues that heritage.~JB
Vinyl record sales surpass CDs for the first time since the 1980s
Jazmin Goodwin – CNN
The days of vinyl records being a nostalgic relic of the past are long gone. This year, vinyl sales have outpaced CD sales in the United States for the first time since the 1980s.
Vinyl records accounted for $232.1 million of music sales in the first half of the year, compared to CDs, which brought in only $129.9 million, according to a report from the Recording Industry Association of America.
****I wholeheartedly support this. Raise your hand if you miss reading liner notes.~JB
Monday’s Top Three
Our top story Monday was These 5 Habits Will Help You Stay Focused All Day. A Psychologist Explains Why, from Inc.com. Second was Miax joins challengers to dominant US exchange operators, from the Financial Times. Third was The Wildly Popular Trades Behind the Market’s Swoon and Surge, from the Wall Street Journal.