Finance

Americas

Pendo Systems name Ruth Wandhöfer, a globally recognized banking expert, to their Board of Directors

Pendo Systems is proud to announce that Ruth Wandhöfer, Global Head of Regulatory and Market Strategy at Citi, has joined their board. Ms. Wandhöfer is a banking regulatory expert and one of the foremost authorities on transaction banking regulatory matters. Her reputation has been built around her ability to drive regulatory and industry dialogue...

Implications of the money laundering law reform

The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism...

Wall Street finishes flat ahead of earnings season, key US-China meeting

It was a fairly flat session on Wall Street overnight, as investors exercised caution ahead of the first-quarter earnings season and a meeting between the US and Chinese presidents later this week. Investors will be focussed on the potentially tense meeting between Donald Trump and Xi Jinping on Thursday and Friday, after Mr Trump held out the possibility...

GLC Advisors Strengthens Advisory and M&A Expertise with Addition of Senior Bankers

Addition of Several Industry Bankers Including Former St. Charles Capital Professionals Deepens Firm’s Expertise and Relationships Across Technology, FIG, Consumer, Retail and Energy IndustriesGLC Advisors & Co., LLC (“GLC Advisors”) is pleased to welcome nine seasoned M&A professionals, including former Partners and professionals of Denver based...

Columbia Threadneedle opens office in Chile

Columbia Threadneedle Investments has opened its first Latin American office in Santiago, Chile. As its first proprietary distribution hub for the Andes (Chile, Peru and Colombia), the new office will serve the asset manager’s institutional and wholesale clients in the region. Columbia Threadneedle has also appointed Santiago Zarauza Riestra...

Asia Pacific

Japan is not rallying around its prime minister

SINCE JAPAN recorded its first case of covid-19 on January 16th, 784 people have died across the country of 126m, fewer deaths than in one day in New York City during the peak of the outbreak there. On May 14th the government lifted the state of emergency in 39 of Japan’s 47 prefectures, with more likely to be released this week. In terms of deaths...

India’s economy has suffered even more than most

EMERGING FROM two months under one of the world’s most stringent covid-19 lockdowns, India faces a double dilemma. The stay-at-home rules did indeed bend the virus’s growth curve. This means that, so far, fewer Indians are known to have died of the disease than Swedes, even though India has 134 times more people. Yet India’s lockdown failed to...

Malaysia’s shaky government dodges a no-confidence motion

IT WAS THE shortest session on record. Malaysia’s MPs convened on May 18th to hear a speech from the king (pictured). No sooner had he finished than they adjourned until July. The official reason for the brevity was to avoid spreading covid-19. But the brisk timetable also thwarted plans to hold a vote of no confidence in the prime minister, Muhyiddin...

Why the Philippines is a magnet for idled cruise ships

IN HEALTHIER TIMES the sight of a fleet of cruise ships lying at anchor in Manila Bay, silhouetted against the sunset, would gladden the hearts of business people on shore, eager to relieve free-spending passengers of their money. But the 21 vessels dotting the seascape on May 21st were not so much floating hotels as prison hulks. The passengers are...

Afghanistan’s two rival presidents reach a deal

ASHRAF GHANI remains president of Afghanistan, while his eternal rival for the job, Abdullah Abdullah, who disputes the result of the election held last September, gets yet another consolation prize. That, it seems, is the upshot of a deal finally agreed on May 17th, after months of posturing and haggling, including an absurd moment in March when both...

Europe

EIB und fünf nationale Förderbanken bekämpfen gemeinsam die Covid-19-Folgen

Europäische Entwicklungsinstitutionen verfolgen ein gemeinsames Ziel: Sie wollen die Wirtschaft fördern und zu nachhaltigem Wachstum und zur Beschäftigung beitragen. In der aktuellen Krise gilt das mehr denn je.Read More

Covid-19: Vizepräsident Fayolle unterstreicht die Bedeutung kurz- und langfristiger Maßnahmen

Am Rande der Frühjahrstagung der Weltbankgruppe und des Internationalen Währungsfonds signalisierte Vizepräsident Fayolle, wie wichtig es ist, angesichts der Coronakrise in der Diskussion über Entwicklungsfinanzierungen kurz- und langfristige Lösungen zu finden. Der Austausch fand im Rahmen der Sitzung der „Freunde der G20 Eminent Persons Group“...

EIB publishes new Circular Economy Guide

The EIB has published an updated version of its Circular Economy Guide. The Guide aligns with the European Commission’s recently adopted Circular Economy Action Plan, one of the main pillars of the European Green Deal. It also integrates the findings of report, Categorisation system for the circular economy, drafted by the European Commission’s...

America’s cities and states face a cash crunch

NO COUNTY IN New York, outside the city and Long Island, has seen more cases of covid-19 than Westchester, just north of the Bronx. For weeks tens of thousands of would-be commuters have been staying home. Bars, restaurants and other businesses have been closed. Sales-tax revenue, usually around $500m, may be down by as much as $100m this year. With...

Melissa Dell wins the John Bates Clark medal

WHEN MELISSA DELL was an undergraduate she heard about some economics research that reminded her of a recent trip to Peru. It was no idle daydream. The study, by Daron Acemoglu and Simon Johnson of the Massachusetts Institute of Technology (MIT) and James Robinson of the University of Chicago, argued that colonial institutions could determine economic...

Mena

Khalifa Haftar is losing ground and lashing out in Libya

KHALIFA HAFTAR’S self-styled Libyan National Army (LNA) says it will cease fire for what remains of the holy month of Ramadan. But friends of General Haftar say he is doubling down on the civil war he started six years ago. His year-long siege of Tripoli, seat of the UN-backed Government of National Accord (GNA), has intensified of late. Groups loyal...

Saudi Arabia stops flogging

“THE FORNICATRESS and the fornicator—flog each of them with a hundred stripes; and do not let pity for them hold you back from carrying out God’s law.” So says the Koran, which dates back to the seventh century. Prince Muhammad bin Salman, the de facto ruler of Saudi Arabia, is trying to drag the kingdom into the 21st. So on April 25th the government...

Zambia was already a case study in how not to run an economy

“I FEEL YOUR PAIN,” said Edgar Lungu in a televised address on April 24th. The president of Zambia claimed that covid-19 had “thrown into disarray” the country’s finances. He mused about whether the government could afford to pay for pensions, civil-service salaries and medicine. “Where will the money come from?” It is a good question....

How Sudan’s warlords buy their gun trucks

THE TOYOTA HILUX is a sturdy vehicle. That makes it especially popular in Africa. It outsells all other pickup trucks, or “bakkies”, in South Africa. In Mali and Niger smugglers transporting people and goods across the Sahara will accept no alternative, since they can cram 30 people onto one and can still climb a sand dune. It is also a familiar...

Some African politicians risk spreading covid through quackery

Editor’s note: The Economist is making some of its most important coverage of the covid-19 pandemic freely available to readers of The Economist Today, our daily newsletter. To receive it, register here. For our coronavirus tracker and more coverage, see our hub MANY AFRICAN politicians are fighting covid-19 with tools prescribed by science. South...

International

Pay Cuts Become a Tool for Some Companies to Avoid Layoffs

It was late and Martin A. Kits van Heyningen feared he was letting the team down at the company he co-founded, KVH Industries. Rather than lay off workers in response to the coronavirus pandemic, he had decided to cut salaries, and when he emailed a video explaining his decision at 3 a.m. last month, he was prepared for a barrage of complaints.Instead,...

‘I’m Teaching Into a Vacuum’: 14 Educators on Quarantine Learning

Julia Rothman is an illustrator. Shaina Feinberg is a writer and filmmaker. Both live in Brooklyn.Let's block ads! (Why?)Read More

A Feud in Wolf-Kink Erotica Raises a Deep Legal Question

Addison Cain was living in Kyoto, volunteering at a shrine and studying indigenous Japanese religion. She was supposed to be working on a scholarly book about her research, but started writing intensely erotic Batman fan fiction instead.It happened almost by accident. It was 2012, and Ms. Cain — who grew up in Orange County, Calif., under a different...

The Artisans Behind Italian Fashion Tremble at Their Future

Until recently, some of most intricately embroidered fabrics in the world, like those found in garments designed by Giorgio Armani, Valentino, Etro and Prada, have come out of a duplex apartment complex in Milan, the home of a small business called Pino Grasso Ricami.Under the watchful eye of Mr. Grasso and his daughter, Raffaella Grasso, several designers...

Hertz, Car Rental Pioneer, Files for Bankruptcy Protection

Hertz, which started with a fleet of a dozen Ford Model T’s a century ago and became one of the world’s largest car rental companies, filed for bankruptcy protection on Friday after falling victim to its mountain of debt.The coronavirus pandemic has devastated Hertz by grounding business travelers and tourists, making it impossible for the company...