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

Holden, a (sort-of) Australian icon, succumbs to globalisation

“SHE’S A BEAUTY!” grinned the prime minister of the day, Ben Chifley, as the first car built entirely in Australia rolled off the assembly line in 1948. The Holden FX, as it was known, was greeted as a totem of a young nation joining the ranks of industrialised economies. Better yet, it had an Australian pedigree, even if General Motors owned...

How Pakistani brides inadvertently sign away their rights

HOURS BEFORE her wedding ceremony, Aisha Sarwari, then a recent graduate of an American university, was called into a room full of men: her brother, her uncle, a marriage registrar and her fiancé. The registrar asked three times if she consented to marry the groom. She said yes. Then he told her to sign a contract she had never seen, with her name...

Singapore has almost wiped out its mother tongues

WHEN SANDY, a young Chinese Singaporean, learned that her grandmother was terminally ill, she signed up for a workshop in the Hokkien language run by LearnDialect.sg, a charity founded to help Singaporeans communicate with the city-state’s older Chinese residents—including within their own families. Sandy is fluent in English and Mandarin, the official...

Afghanistan’s disputed presidential election comes at a tricky time

ELECTIONS ARE supposed to bring stability to politics and legitimacy to the victor. Afghanistan’s recent presidential poll, alas, has provided neither. For one thing, only a small proportion of Afghans voted. Worse, it has taken the election commission an agonising five months to count the ballots, adjudicate disputes and declare a winner: Ashraf...

Japan’s GDP shrinks dramatically after a tax rise and a typhoon

ECONOMISTS STILL argue about the merits of Abenomics, the experimental mix of policies introduced by Japan’s prime minister, Abe Shinzo, seven years ago, in an effort to chase away deflation and stagnation. But two lessons are beyond debate. Japan’s bond market is remarkably docile despite the government’s towering debt. Japanese households,...

Europe

The Bundesbank is caught between a doveish ECB and a suspicious public

FRANKFURT IS BLESSED with not one but two central banks. In the north loom the brutalist headquarters of the Bundesbank—a raw-concrete structure that is three times wider than it is tall. Ascend to its higher floors and you get a splendid view of the city’s skyline to the south—including a gleaming glass tower completed in 2014. This is the European...

Cash sloshes around the world in unexpected ways

MONEY MAKES the world go round. But where in the world is it going? In theory the answer lies in statistics published by the likes of America’s Treasury Department and the International Monetary Fund (IMF), which track cross-border flows of debt and equity investments. In practice creative corporate accounting mucks up the official figures. A growing...

Michael Milken receives a presidential pardon

ON FEBRUARY 13TH 1990 Drexel Burnham Lambert, which only a few years earlier had been America’s most profitable investment bank, filed for bankruptcy. Its death knell had sounded ten months earlier when Michael Milken, who created the junk-bond market on which the bank’s success was founded, was indicted for fraud. He would plead guilty to six counts...

Covid-19 presents economic policymakers with a new sort of threat

THE ONLY thing we have to fear is fear itself, or so reckoned Franklin Roosevelt. In many an economic downturn that is true—an anxiety-induced reluctance to spend is the main threat to prosperity. For now, the world is treating the outbreak of covid-19, a disease caused by a coronavirus that is now responsible for more than 2,000 deaths, as no exception....

Are there too many central bankers?

CENTRAL BANKERS around the world have long pondered the causes of a slowdown in productivity. Might they be part of the problem? Many national central banks in the euro area have shed staff in the two decades since they ceded many of their responsibilities to the ecb. Yet they still look flabby: the central banks of Germany, France and Italy have many...

Mena

How America deals with Africa, despite Donald Trump

THESE DAYS it is notable when both Republicans and Democrats oppose a foreign policy of Donald Trump’s in strident unison. When it was reported that Mark Esper, the secretary of defence, was set to remove American forces from the Sahel, where jihadists have been wreaking havoc across a vast swathe of Africa, members of Congress reacted angrily together,...

Lessons for Lebanon from its struggling neighbours

IT IS PROBABLY the first time in years that Lebanon has wanted to turn down a loan. With the economy in free fall the country’s new government, seated in January after months of horse-trading, has reluctantly turned to the IMF for help. They held a first round of talks on February 20th. For now Lebanon seeks only technical advice on managing a public...

Why young, urban or rich Africans are less likely to vote

PURVEYORS OF BALLOT papers, indelible ink and polling booths will do well in Africa this year. No fewer than 18 countries are to hold general elections. Not all will be free and fair, but in many the stakes are high. In Ethiopia the popularity of Abiy Ahmed, a reformist prime minister, will be tested at the polls for the first time. Burkina Faso, which...

The Egyptian government is sending Jews mixed signals

WHEN IT COMES to Egypt’s Jewish community, President Abdel-Fattah al-Sisi says all the right things. Only a minuscule fraction of the 80,000 Jews who once lived in Egypt remain in this Arab, Muslim country. Nonetheless, Mr Sisi promises a resurgence of local Jewry. He has invited back Jews who were pushed out after Israel’s invasion in 1956. He...

Why delivering the mail in Congo is so hard

A HISTORIAN REMARKED, of the ancient Persian postal system, that “neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” Snow is not much of a problem in the Democratic Republic of Congo, but dozens of rebel groups make delivering the mail rather difficult. So do bad roads and...

International

Intuit to Buy Credit Karma to Create Financial Data Giant

SAN FRANCISCO — Intuit, the parent company of TurboTax and Mint, agreed on Monday to pay $7.1 billion for Credit Karma, a start-up that has become one of the most popular financial applications for young consumers.The deal, which is being done with both cash and stock, is expected to create a Silicon Valley financial technology company that can help...

Canada Oil-Sands Plan Collapses Over Politics and Economics

A major effort to expand development of Canada’s oil sands has collapsed shortly before a deadline for government approval, undone by investor concerns over oil’s future and the political fault lines between economic and environmental priorities.Nine years in the planning, the project would have increased Canada’s oil production by roughly 5 percent....

U.S. Stocks Plunge as Coronavirus Crisis Spreads

Stocks on Wall Street plummeted on Monday, following sharp declines in global markets after spreading coronavirus outbreaks in Italy and in South Korea stoked concern among investors about the potential damage they might inflict on the global economy.The S&P 500 dropped nearly 3 percent at the start of trading, after European markets recorded their...

Global Stocks Plummet Over Coronavirus Concerns

Spreading coronavirus outbreaks in Italy and in South Korea over the weekend incited broad slides in global stock markets on Monday, as investors appeared to fear that the economic disruption already seen in China might affect other economies as well.Futures markets suggested that Wall Street would suffer a decline of more than 2 percent when trading...

As the Start-Up Boom Deflates, Tech Is Humbled

SAN FRANCISCO — Over the past decade, technology start-ups grew so quickly that they couldn’t hire people fast enough.Now the layoffs have started coming in droves. Last month, the robot pizza start-up Zume and the car-sharing company Getaround slashed more than 500 jobs. Then the DNA testing company 23andMe, the logistics start-up Flexport, the...