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John Lothian Newsletter: Deutsche Börse reconsiders vote threshold on LSE deal; Black Hole of Negative Rates Is Dragging Down Yields Everywhere; London Stock Exchange Group Launches Online Private Placement

First Read

Knowledge Is Power: A MarketsWiki Education Journey
Doug Ashburn, JLN
“There is a lot of competition out there, but that is what our markets are all about. It is the essence of what we do. We innovate because of competition.”

With those words, CME Group Chairman Emeritus Leo Melamed kicked off the inaugural MarketsWiki Education event in 2013. We have come a long way since then; the event has expanded its reach each year and in 2016 will visit five cities, beginning in Chicago July 12-15. For more information on the Chicago event, or to register, click HERE
The goal of the series is quite simple. We connect industry professionals with students and young professionals and give them the information that will inspire a career in this industry.

To read the rest of the story, click HERE.
***DA: Next week we move the series to Times Square. For a full lineup of the July 19th New York event, click HERE.

MWE 2016


Deutsche Börse Photography Foundation awards photo prize as part of HfG Offenbach Annual show; This year’s winners are Robert Schittko and Hosam Katan
Deutsche Börse Photography Foundation
The Deutsche Börse Photography Foundation, together with the Offenbach University of Art and Design (HfG), presented the HfG Fotoförderpreis of the Deutsche Börse Photography Foundation (HfG Photo Advancement Award 2016) to Robert Schittko on 8 July. The award, together with prize money of EUR2,500, has been presented since 2010 to students at the University of Art and Design with a focus on the medium of photography. The presentation was made as part of the Offenbach HfG Annual show.

***** Stuff like this makes me happy to be part of this industry.


Banker Sitting in U.S. Prison Has a Most Incredible Tale to Tell
Christie Smythe – Bloomberg
Eugene Gourevitch claims he saw looting, bribery in Kyrgyzstan; Now he says he wants to help U.S. recover millions lost
Eugene Gourevitch, a 39-year-old Berkeley-educated finance whiz, spends his days working in the library in a federal prison in Montgomery, Alabama. He’s serving a five-year sentence for wire fraud related to insider trading.

***** This should be the next plot for the Jason Bourne movies.


Pokemon Go Hit Underscores Nintendo’s Potential in Mobile Gaming
Pavel Alpeyev, Yuji Nakamura – Bloomberg
Pokemon Go tops smartphone app rankings since launch; Nintendo shares climb as much as 25% in Tokyo trading
Nintendo Co. hasn’t fully embraced the world of mobile gaming, but the early success of Pokemon Go is giving gamers and investors a taste of the rewards the Japanese gaming company may reap if it decides to go all in.

***** This is the type of stuff that keeps executives up late at night. A single new product that just transcends an organization. If you don’t know what Pokemon Go is, you should find out.


Algo Trading


How Americans Got Over Their Fear of Camping; The nation eased its long-held jitters with the help of Romantic writers, local guides and innovations like bug spray
With so many Americans headed for the woods over the summer, it is useful to remember how long it took us to feel comfortable with camping. In the imagining of the first European settlers, the continent’s wild places teemed with imps and devils. On the Mayflower in 1620, the future Plymouth Colony Gov. William Bradford gazed out at what he called the “hideous and desolate wilderness” of Massachusetts. In Puritan poems, the forest gibbered and howled.

***** In two weeks, I head to Boy Scout camp in Wisconsin for a week of bug spray and bug juice.


Friday’s Top Three
On most days, the top clicked story is the top subject of the day. Recent examples include the latest news on the Deutsche Boerse/LSEG merger, anything involving automated trading rules or enforcement actions. Some days, many times on a Friday, fingers gravitate toward the scandals or human interest stories. Friday was one of the latter, as the Bloomberg article Moore Capital’s Barna Fired Following Hamptons Party Gone Awry easily sailed to the top spot. In second place, from NYT, was How Wall Street Bro Talk Keeps Women Down. And taking the number three spot was Legendary Hedge Fund Wants to Use Atomic Clocks to Beat High-Speed Traders


Lead Stories

Deutsche Börse reconsiders vote threshold on LSE deal; Increased effort to ensure pan-European exchanges deal goes through
James Shotter in Frankfurt and Philip Stafford in London – FT
Deutsche Börse is considering cutting the acceptance threshold for its merger with the London Stock Exchange Group in an effort to ensure that the deal goes through.

Black Hole of Negative Rates Is Dragging Down Yields Everywhere; As developed-world rates slide, investors widen search for income, driving down yields in corporate bonds and emerging markets
The free fall in yields on developed-world government debt is dragging down rates on global bonds broadly, from sovereign debt in Taiwan and Lithuania to corporate bonds in the U.S., as investors fan out further in search of income.

London Stock Exchange Group Launches Online Private Placement
London Stock Exchange Group
Pilot phase testing will begin shortly prior to full launch in late 2016
London Stock Exchange Group (LSEG) today announces the launch of ELITE Club Deal (ECD), a new online private placement platform for ELITE companies and professional investors. The initiative will help to bridge a funding gap by bringing together professional investors with high growth companies in a secure and efficient environment through an online platform. Pilot phase testing with five European ELITE companies will begin shortly, with a full go-live planned for late 2016, subject to regulatory approval.

EU Banks Need $166 Billion, Deutsche Bank Economist Tells Welt
Europe urgently needs a 150 billion-euro ($166 billion) bailout fund to recapitalize its beleaguered banks, particularly those in Italy, Deutsche Bank AG’s chief economist said in an interview with Welt am Sonntag.
“Europe is extremely sick and must start dealing with its problems extremely quickly, or else there may be an accident,” Deutsche Bank’s David Folkerts-Landau said, according to the newspaper. “I’m no doomsday prophet, I am a realist.”

Hedge Funds’ Tech Metamorphosis Seen in Citadel’s Microsoft Hire
Saijel Kishan, Taylor Hall – Bloomberg
Bridgewater, Point72, Two Sigma have poached from tech giants; Quant hedge funds proved their value following Brexit vote
Silicon Valley watch out. The finance industry is coming after your top managers.

Osborne Heads to Wall Street as Disarray Roils U.K. Politics
Simon Kennedy, Emma Charlton – Bloomberg
Chancellor to lobby investors in U.S., China, Singapore; Eagle to challenge Corbyn as May-Leadsom Tory race heats up
Chancellor of the Exchequer George Osborne heads to Wall Street on Monday aiming to shore up investor confidence in the U.K.’s economy and financial markets roiled by the vote to quit the European Union.

Charm offensive by Paris leaves bankers confused; After much enmity, there is distrust over France’s sudden affections
Anne-Sylvaine Chassany – Financial Times
When Manuel Valls, the French prime minister, addressed hundreds of financiers at an event in Paris this week, the jeers were audible. The frosty reception was hardly surprising: under Mr Valls’ boss, socialist president François Hollande, bankers have been branded public enemies in France and burdened with heavy taxes. Undaunted, Mr Valls sweet-talked the crowd: “Paris’s financial centre is what makes France attractive,” he said. “Welcome to Paris!”

Hedge Funds End Disappointing First Half by Bucking Brexit Pain
Simone Foxman and Taylor Hall – Bloomberg
Share on Facebook Share on Twitter The first half is over, and for most hedge funds, it’s good riddance. After spending the last few months trying to walk back losses in January and February, most hedge funds stayed away from risk-taking in June as U.K. citizens cast votes to leave the European Union. The average hedge fund rose 0.8 percent in June, bringing the gain in the first half of the year to 1.6 percent, according to data released Friday by Hedge Fund Research Inc.

For Too Many, the Job Market Isn’t Working
Betsey Stevenson – Bloomberg View
For all the encouraging headlines that the strong June jobs report has generated, it also illustrates a major challenge for the U.S. economy: Too many people are still not working or not even trying to find work.


Theresa May is poised to become British prime minister after Andrea Leadsom drops out of race
Theresa May moved Monday onto an unchallenged path to become Britain’s next prime minister after her lone rival pulled out of the race and set in motion a possible fast-track leadership change as the country plots its exit from the European Union.

Deutsche Bank’s Reid: Brexit could force UK to use ‘helicopter money’
Financial News
Deutsche Bank strategist Jim Reid has renewed his calls for the UK government to use “helicopter money” to boost the economy, saying the Brexit vote may force it to do so. The strategy involves central banks printing new money and injecting it directly into underlying economies.

Bye-Bye Bonus: Brexit Seen Biting Profit for Years at U.S. Banks
Laura J Keller – Bloomberg
Analysts estimate second-quarter profit fell 18% at top firms; ‘Nobody is talking about having a great year,” recruiter says
When U.S. banks post second-quarter results in days, it’ll boil down to this: Bonus cuts are coming for just about everyone this year, says Wall Street recruiter Richard Lipstein. “If you are break-even, it’s an achievement.”

Jefferies Says Brexit May Threaten Trading Revenue in Europe
Laura J Keller and Jennifer Surane – Bloomberg
Investment bank sees volatility, damage to investor confidence
Finance business posts losses for periods ended in May
Jefferies Group, the investment bank owned by Leucadia National Corp., said the U.K.’s vote to leave the European Union may hurt its business on the Continent. “The uncertainty surrounding the terms of the U.K.’s exit and its consequences could adversely impact customer and investor confidence, result in additional market volatility and adversely affect our businesses, including our revenues from trading and investment banking activities, particularly in Europe,” New York-based Jefferies said Friday in a quarterly regulatory filing.

‘Ordinary Guy’ Files Suit to Force Brexit Vote in Parliament
Patrick Gower – Bloomberg
A U.K. man, described by his lawyer as an “ordinary guy,” filed the first lawsuit seeking to slow Brexit through the courts. The bid for a judicial review contends that Parliament, not the prime minister alone, must vote to trigger Article 50, which starts the two-year process to leave the European Union, said Dominic Chambers, a lawyer working on the case. Judge Ross Cranston will hold a hearing July 19 to set a timetable for the proceedings.

Voters deserve responsible nationalism not reflex globalism; Agreements should be judged not by how many barriers are torn down but whether people are empowered
Lawrence Summers
by: Lawrence Summers – FT
It is clear after the Brexit vote and Donald Trump’s victory in the Republican presidential primaries that voters are revolting against the relatively open economic policies that have been the norm in the US and Britain since the second world war.

Will Brexit Spark a Constitutional Crisis in the U.K.? Q&A
Flavia Krause-Jackson, John Fraher – Bloomberg
Brexit negotiator says new PM can trigger EU talks on her own; Some constitutional lawyers say Parliament must vote first
Britain’s shock referendum result has sparked a legal debate about who has the right to initiate the process of taking Britain out of the EU — the Prime Minister or the U.K. Parliament?

Can the City of London thrive after Brexit?; FT commentators discuss whether the UK’s financial powerhouse will be fatally weakened
FT Debates
The future of the City of London has been one of the key concerns since the Leave victory in the EU referendum last month.

Exchanges, OTC and Clearing

Euronext to offer MiFID II-compliant Trade Publication and Transaction Reporting Services
Amsterdam, Brussels, Lisbon, London and Paris – 11 July 2016- Euronext announced it will enhance its Trade Publication and Transaction Reporting Services[1]to allow investment firms to meet the new regulatory requirements specified under MiFID II[2].

Leverage ratio will negatively impact client clearing FIA warns Basel Committee
On 6 July the FIA submitted a response to the Basel Committee on Banking Supervision’s consultative document on revisions to the Basel III leverage ratio framework, expressing its concerns that the current leverage ratio framework could have several negative impacts.

BSE plans trading in commodity derivatives
Business Standard
Leading bourse BSE on Saturday said it planned to launch a commodity derivative segment which would allow trading in metals, and had approached the market regulator Securities and Exchange Board of India (Sebi) for approval.

BSE taking steps to curb illegal money flow into penny stocks; Country’s oldest stock exchange has created weekly, monthly, quarterly and annual price bands
Business Standard
In a bid to prevent black money being invested in shares, India’s oldest stock exchange BSE has created various price bands for scrips on weekly, monthly, quarterly and annual basis for early deduction of illegal money flows.

NSE unveils online bidding platform for gold bond issuance; Bid entry for gold bonds will be available through single bid entry and bulk upload facility
Business Standard
To facilitate orderly trading in sovereign gold bonds, top stock exchange NSE has introduced online bid collection facility for such issuances.

Currency Traders Shun Last Look in Suspicious Climate, LMAX Says
Lananh Nguyen – Bloomberg
Exchange surveyed more than 1,100 market participants; Urges regulators to speed up efforts, bolster sanctions
Most currency traders in the $5.3 trillion-a-day market want to see the practice known as last look banned, according to LMAX Exchange.

World grain glut set to enter fourth year; Bumper harvest looms as stock levels remain high, adding to pressure on prices
by: Gregory Meyer in New York
D E Bondurant Grain Co’s silos have for decades stored wheat, corn and milo grown by farmers in western Kansas. But the recent winter wheat harvest brought something different.

NZX Celebrates Milestone In New NZ Milk Price Futures
NZX celebrated a milestone in the development of its NZ milk price futures contract on Friday, with more than one million kilograms of milk solids (kg/ms) traded since the product launched at the end of May.

Test of new FX market projects on Sunday 17.07.2016
Moscow Exchange
This Sunday (17 July 2016) the public testing of the new MOEX FX market projects will take place on the production environment. For more details about the market innovations visit

Thomson Reuters adds FX platform to post-trade network
By Hayley McDowell –
Thomson Reuters has added FX platform EBS to its post-trade network, the company announced today.

JSE Successfully Moves To A Shorter Three Day Settlement Cycle – SA Market Aligns With Global Standards
South Africa’s financial markets took a major step forward today with the successful launch of a shorter three-day settlement cycle, known as T+3. The move follows months of intensive market-wide activity culminating in a change-over to new systems in the days leading up to today’s launch. The South African market is now aligned with international best practice settlement standards. From this point onwards, equities will be delivered in exchange for payment in four days (T+3 = Trade plus three days) versus the previous six-day (or T+5 = Trade plus five days) settlement cycle, meaning that all trades traded today will settle this Thursday.


Democrats Approve Stricter Financial Crime Language in Platform
Democratic platform committee members approved several amendments Saturday promising a tougher stance against financial crimes committed by corporations or Wall Street.

Investing and Trading

In Negative-Yield Era, Whopping Data Can’t Stop Treasuries Rally
Brian Chappatta and Eliza Ronalds-Hannon – Bloomberg
Longer maturities rise even as jobs report trounces forecast
‘Wall of buying’ at work in 10-, 30-year debt: TD’s Goldberg
The strongest U.S. labor report in eight months was no match for investors waiting in the wings for a chance to buy long-maturity Treasuries. Yields on 10- and 30-year Treasuries ended Friday at record-low closing levels even after government data showed the U.S. created 287,000 jobs in June, 107,000 above the median forecast. The securities initially declined on the announcement as signs of economic strength boosted riskier assets.

Tough to Keep the World From Warming When Carbon Is This Cheap
Mathew Carr and Joe Ryan – Bloomberg
Carbon markets are collapsing because of competing policies
The crashes undermine fight against climate change: analysts
Carbon markets, the free-enterprise solution to saving the world from global warming, are now in danger themselves. The idea was simple enough: Set a cap on carbon emissions, issue enough permits to allow power plants, refineries and the like to stay within those limits and then shrink the cap over time to achieve reductions. The companies whose emissions fall fastest can sell their permits for a profit to slower responders — call it a reward for good behavior.

The Challenge of Carbon Pricing
Bloomberg Video
Ronald Oxburgh, member of the U.K. House of Lords, discusses energy companies wanting to help mitigate climate change, developing the renewables market and carbon pricing. He speaks to Bloomberg’s Haslinda Amin on “Trending Business” from the World Cities Summit in Singapore.

Kazakhtsan’s Central Bank is Better at Currency Trading than George Soros
Chris Matthews – Fortune
There are few currency traders more legendary than George Soros. So when Bloomberg suggests that another investor is now “the most prescient speculator in the [British] pound,” people take notice. The publication argues that this title now belongs to someone who lives in, of all places, the home of fictional broadcaster Borat, specifically Daniyar Akishev, the governor of the Bank of Kazakhstan. According to Bloomberg Akishev “opened a long position—meaning he was betting the pound would rise—at 1.4350 pounds per dollar in the run-up to the referendum,” and then sold that position “at 1.4920 a day before the vote results were announced.”

JPMorgan Says Panama Bonds Are a Buy as Offshore Scandal Fades
Matthew Bristow – Bloomberg
Negative headlines triggered by the so-called Panama papers scandal earlier this year may have created an opportunity to buy the Central American nation’s sovereign bonds, according to JPMorgan Chase & Co. The bank raised its recommendation on the country to “overweight” from “marketweight”, saying that the bonds have under-performed this year, even as the economy remains a top performer.

Man Group’s Contrarian Ruble Bet Pays Off as Hedge Funds Rush In
Elena Popina – Bloomberg
Speculative bets go long for 25th week in world-beating rally; Carry trade holds its appeal for Osses seeing appreciation
Backing the ruble seemed like a lonely bet for Man Group Plc’s Guillermo Osses five months ago, but now the strategy is paying off — and the rest of the market is racing to catch up.

Oil Trader Trafigura Profits From Growing U.S. Crude Exports
Javier Blas – Bloomberg
Trafigura uses terminals in U.K. and Israel to help exports; U.S. crude overseas sales hit record of 660,000 barrels a day
Over nearly 45 years, the oil tanks at Milford Haven on the U.K. west coast have stored dozens of crude varieties: from North Sea Brent to Nigeria’s Bonny Light and almost everything in between. Now, for the first time, they are holding U.S. crude too.


Barroso joins Goldman Sachs as non-executive chairman
Former president of the European Commission Jose Manuel Barroso has joined Goldman Sachs as a non-executive chairman in its international business and adviser to the wider group. Barroso served as EC president from 2004 to 2014, and before that was prime minister of Portugal from 2002 to 2004. He was first elected to the Portuguese parliament in 1985, and held positions including state secretary for home affairs, state secretary for foreign affairs and cooperation, and minister for foreign affairs in successive governments.

The Problem(s) With Europe’s Banks
Alastair Marsh – Bloomberg
Record low interest rates, a mountain of bad loans and advances in technology are threatening the operations and profitability of Europe’s banks.
Europe’s banks have been a focal point of investor skittishness since Britons voted to leave the European Union, but reasons to be worried about financial firms pre-date the referendum. Whether it be the mountain of non-performing loans, the challenge from fintech firms and alternative lenders encroaching on what was once their turf, or rock bottom interest rates eroding margins, the problems facing Europe’s lenders are mammoth.

Thomson Reuters add EBS to post-trade network
Thomson Reuters has added FX platform EBS to its post-trade network as part of its drive to improve market efficiency through provision of a venue-agnostic trade notification service.
EBS joins more than 2500 other publishers and receivers on Thomson Reuters Trade Notification (TRTN) which enables EBS to offer complete straight through processing to its clients.

Europe Turmoil Shows Why Deutsche Bank Chases Wealth Abroad
Chanyaporn Chanjaroen – Bloomberg
Firm is seeking to become a top-five wealth manager by 2020; Assets to rise even as stricter tax rules apply, Campelli says
Deutsche Bank AG is pushing ahead with plans to become one of the world’s top five wealth managers as the business outlook for European banks worsens because of the Brexit vote and Italy’s banking crisis.

U.K. Hedge Funds Look to European Watchdog to Ease Brexit Fears
Luca Casiraghi
Decision due on whether non-EU funds can access single market; About 85% of Europe’s hedge-fund assets are managed in London
The future of London as the hedge-fund capital of Europe, along with the 700 billion pounds ($906 billion) of assets money managers control, may be determined by a market watchdog this month.

As fears of a banking crisis on the continent grow, are mega-mergers the way to fix Europe’s ailing banks?
Vicky Pryce and Tim Worstall – City AM
Vicky Pryce, a CEBR board member and former joint head of the Government Economic Service, says Yes.


Bank Cyber Attacks Reportedly Prompting New Fed Safeguards
Carrier Management
U.S. regulators plan to require banks to adopt baseline safeguards to shield themselves from cyber threats after a series of assaults cost the industry billions of dollars and shook consumer confidence, said people with knowledge of the matter.

What the Costco and Chip Credit Card Debacles Say About Mobile Payments
Taylor Tepper – Money
The new Costco credit card was supposed to make everybody happy. Consumers were receiving a card with better rewards, while the behemoth wholesaler would save money by switching payment platforms, from American Express to Visa. As soon the switch went into effect, though, Costco members reported problems with the card and vented their frustrations on social media.

Bitcoins: Not for the faint-hearted; This virtual currency has had a volatile past and the future can be equally unpredictable
RAJESH BHAYANI – Business Standard
Bitcoin has emerged as an alternative asset class, delivering high returns in the past few years but not without equally high risks. A year before, the crypto-currency was quoting at $260 a unit. In the past six weeks, the price has risen to $640, following the British vote to exit (Brexit) the European Union and a depreciating Chinese currency. In India, each bitcoin is worth Rs 44,000-45,000.


Sean McKessy, Chief of Whistleblower Office, to Leave SEC
Press Release
The Securities and Exchange Commission today announced that Sean McKessy, Chief of the SEC’s Office of the Whistleblower, is planning to leave the agency later this month.

SEC accuses KPMG partner in Atlanta, two others of insider trading
Nate Raymond – Reuters
U.S. securities regulators have accused a KPMG [KPMG.UL] partner and two other individuals of insider trading on tips about three pending corporate mergers on which the accounting firm was providing advice.

UBS France says former employee admits guilt in tax fraud probe
Swiss bank UBS (UBSG.S) said on Friday that a former employee at the bank’s French arm has pleaded guilty in an investigation into tax fraud and wrongfully soliciting for clients, but rejected allegations that the bank itself was complicit.

Federal Reserve Gives Final Time-Extension For Banks To Conform To The Volcker Rule
The U.S. Federal Reserve announced on Thursday that its Board of Governors extended the deadline for financial institutions to comply with the Volcker Rule until July 21, 2017.

SEC tightens rules to stamp out spoofing; The US Securities Exchange Commission (SEC) has rubber-stamped a change to clock synchronisation standards to stamp out market abuse and spoofing.
By Hayley McDowell – The Trade
The US Securities Exchange Commission (SEC) has rubber-stamped a change to clock synchronisation standards to stamp out market abuse and spoofing.


China’s green revolution goes global
Nicholas Stern – Financial Times
Smart investors are recognising that China intends to lead the US and other countries in the race to develop green technologies as part of its ambitious new strategy for economic growth. China’s 13th Five-Year Plan, for the period from 2016 to 2020, is guided by five principles: innovation, coordination, greening, opening up and sharing. When Zhang Gaoli, vice-premier, described these principles this year to a group of overseas business and academic leaders at the China Development Forum, he spent longest on ‘greening’, providing a clear indication of the importance being placed on green development for China’s future growth.

Blindness Is No Obstacle for This Currency Trader in Mumbai; India has the most blind people in the world, but little opportunity.
Anto Antony – Bloomberg
Feeling his way with a white cane, Vishal Agrawal, 29, reaches his foreign exchange trading desk on the fifth floor of Standard Chartered Plc’s office in Mumbai’s business district each day by 8:00 a.m.

Standard Chartered Starts Brokerage in Japan With 100 Staff
Takahiko Hyuga – Bloomberg
Firm will sell to investors diversifying into emerging markets; Will also start investment-banking business, unit chief says
Standard Chartered Plc started its first brokerage business in Japan with 100 employees as institutional investors in the country seek products from emerging markets in Asia, the Middle East and Africa for better returns.

Tokyo Welcomes Treasury Investors to ‘World of Japanification’
Wes Goodman – Bloomberg
Mitsubishi UFJ Kokusai says U.S. yield may reach 1% in July; Bonds in record rally even as U.S. reports June jobs surge
Japan’s biggest bond bulls, seasoned by two decades of economic stagnation, say the plunge in yields below zero in Tokyo foreshadows record-breaking gains for U.S. Treasuries.


Cargill to sell Texas cattle feed yards to Friona Industries
Press Release
Cargill is announcing the sale of its beef cattle feed yards at Bovina and Dalhart, Texas, to Amarillo-based Friona Industries, L.P. Terms of the pending sale are not being disclosed. Finalization of the transaction will take place upon the completion of definitive agreements and any required regulatory reviews. Cargill will retain its cattle feed yards at Yuma, Colo., and Leoti, Kan.

Faster Rooftop Solar Growth to Cut Demand From Biggest U.S. Grid
Rooftop-solar panels are being installed in the region covered by the biggest U.S. power grid at a faster pace than expected. That will accelerate the shift away from large generators.

NATO Has Bigger Problems Than Brexit as German Ambivalence Rears
Marc Champion – Bloomberg
At the last North Atlantic Treaty Organization summit in Wales two years ago, the villain of the piece was clear: Russian President Vladimir Putin, who just months earlier had annexed part of Ukraine. Leaders, military officials, security experts and others attending the alliance’s two-day summit in Warsaw expressed deep concern, either directly or by implication, over Steinmeier’s recent attack on NATO military exercises in Poland and the Baltic States as “saber-rattling and war cries.”

Face it, Facebook. You’re in the news business.
By Margaret Sullivan – Washington Post
You’ve heard of the accidental tourist. Now we have the reluctant news media.

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About Author

Doug Ashburn is a former editor-at-large of John Lothian News. He left in late 2016 and is now the managing editor of T3 Custom.