NYC unions secure six-figure pay as Jefferies raids rivals

Alberto Tamura told Bloomberg he's 'hoping that the yen strengthens to around 140' per dollar, but only if the Bank of Japan acts. Morgan Stanley's FX research shows USD/JPY trading above fair value since PM Takaichi took office, driven by expectations of aggressive fiscal expansion and continued monetary accommodation. Japan's finance minister meets Treasury Secretary Bessent this week, though officials see 'little scope' for a grand bargain on currency intervention. The BoJ policy rate sits around 0.5% with another hike projected for September, but faster normalization would narrow the rate differential with the US and support the yen.

Indonesian palm oil stocks tumbled after the government introduced export allocation requirements for used cooking oil and palm residues to support its B40 biodiesel program. UCO and palm residue exports from January-November 2024 totaled 3.95 million tonnes, down 13.75% from 2023. The move echoes the three-week palm oil export ban in April-May 2022 that sent global food prices spiking and weakened the rupiah. Indonesia plans to produce 15.6 million kiloliters of B40 biodiesel in 2025 and wants to prevent subsidized cooking oil from being mislabeled as UCO and exported. The world's largest palm oil producer is prioritizing domestic energy security over export revenue, tightening feedstock supply for European biodiesel plants.

Jefferies hired Gideon Volschenk from Standard Chartered to lead its metals and mining investment banking in EMEA, signaling aggressive expansion in energy transition deals. The move comes as global decarbonization drives M&A in copper, nickel, lithium, and rare earths, while mining majors like BHP and Rio Tinto reposition portfolios toward critical minerals. Jefferies often ranks in the top 15 globally for mid-cap M&A and is building sector specialist coverage to compete with bulge bracket banks. Standard Chartered's loss of a senior commodities banker suggests competitive pressure for talent as banks reassess focus between traditional trade finance and pure-play investment banking.

Beach Energy CEO Brett Woods is positioning the company as both buyer and takeover target after Australia's domestic gas reservation push increased strategic value for gas-focused producers. Woods cut 30% of headcount in March and plans to slash production guidance by about 20% at a June 18 strategy day, resetting expectations before pursuing growth through M&A. Beach's gas-weighted portfolio across Cooper, Perth, and Otway basins aligns with policy preferences for reliable domestic supply over LNG exports. Seven Group Holdings' 30%+ stake and activist reputation makes Beach a logical consolidation platform for Australian gas assets.

Seth Fischer's Oasis Management is running activist campaigns across Kao, DIC Corp, Kokuyo, and Nissan as Japan's corporate governance reforms create clearer catalysts for value unlock. Fischer told Bloomberg he sees Japan as one of the most attractive markets globally for activism, citing TSE pressure on companies trading below book value and increasing board responsiveness to shareholder proposals. The Hong Kong-based fund filed a ¥7.2 billion lawsuit against Kusuri No Aoki over allegedly underpriced stock options, showing willingness to litigate when governance breaches occur. Oasis's Japan campaign roster has expanded as foreign investors re-rate Japanese equities and the weak yen attracts global capital.

The UK lowered its oil price cap on Russian crude from $60 to $47.60 per barrel while the US temporarily loosened restrictions for 30 days to contain fuel prices amid Iran-related supply disruption. The UK's tighter cap took effect September 2 with a 45-day wind-down period, aligning with EU moves to squeeze Russia's wartime revenues. The policy divergence creates compliance complexity for traders and shipowners navigating different sanctions regimes. Oil markets are under pressure from Strait of Hormuz concerns, with roughly 20% of global crude flowing through the waterway, forcing governments to balance sanctions policy against inflation control.

The Pentagon plans to withdraw about 5,000 troops from Germany, reducing the US force posture in Europe from four brigades to three and returning to roughly pre-Ukraine invasion levels. The move comes after German Chancellor Friedrich Merz criticized US handling of the Iran conflict, straining transatlantic relations. Congress passed a defense law in December barring the Pentagon from reducing total European troop levels below 76,000 without assessing security risks. The cut affects logistics, command-and-control, and rapid reinforcement capacity at a time when European leaders worry about America's commitment to continental defense. Germany hosts Ramstein Air Base and other critical infrastructure supporting US operations across Europe.

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