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

Violent protests rack the Indonesian provinces of Papua and West Papua

WHITE AND RED were the colours of the day. It was August 17th, the anniversary of Indonesia’s liberation from the Dutch, and TV screens showed the national flag, with its red and white stripes, billowing across the country. But in Surabaya, a city in eastern Java, one flag lay in the gutter. Responding to allegations that someone had torn down an...

Karaoke with colleagues is no longer compulsory in South Korea

AFTER-WORK gatherings in South Korea used to follow a pattern. After a boozy dinner and several rounds of beer and soju, a local spirit, the party would decamp to a dingy basement and squeeze onto faded upholstery in an airless room with a karaoke machine. There, employees would be pressed into accompanying the boss on the tambourine as he howled his...

When India’s government abuses power, the media cheer

IT IS NEARLY three weeks since the government of Narendra Modi, in one swoop, scrapped Jammu & Kashmir’s constitutional autonomy, ended its status as a state and divided it into two parts, both to be ruled from Delhi. It carried this out not by consulting the region’s 12m-odd inhabitants on whose behalf it claims to be acting, nor after a national...

India’s justice system does far too little to protect witnesses

THE TEENAGER riding down National Highway 31 was already living a nightmare. Two years earlier she had been raped, she claimed, by a group of men starting with Kuldeep Singh Sengar, a powerful politician in her home district of Unnao, in Uttar Pradesh, India’s most populous state. Her family tried to file a complaint with the local police, who brushed...

Violent protests rack the Indonesian part of New Guinea

WHITE AND RED were the colours of the day. It was August 17th, the anniversary of Indonesia’s liberation from the Dutch, and TV screens showed the national flag, with its red and white stripes, billowing across the country. But in Surabaya, a city in eastern Java, one flag lay in the gutter. Responding to allegations that someone had torn down an...

Europe

The Japanification of bond markets

IN THE 1920S E.M. Forster, an English novelist, set out the difference between a story and a plot. “The king died and then the queen died” is a story, he wrote. But a sense of causality is needed to make a plot more than just a sequence of events. “The king died and then the queen died of grief” is a plot. Investors like stories as much as anyone....

Tidjane Thiam’s overhaul of Credit Suisse is paying off

TIDJANE THIAM is not the first non-Swiss chief executive of Credit Suisse. His American predecessor, Brady Dougan, held the job for eight years. But Mr Dougan was an insider, having been at the firm for ages. Mr Thiam was anything but. A citizen of France and Ivory Coast, where he was a government minister in the late 1990s, he had been a consultant...

China’s interest-rate revamp highlights the slow march of reform

FOR A CASE study in the complexity of transitions from central planning, consider the knotty mess that is China’s interest-rate system. More than 40 years after Mao Zedong died, the country is an economic superpower, yet it still struggles to manage bank lending using interest rates, rather than through heavy-handed interventions such as credit quotas....

France is giving unilateralism a go

“DON’T TAX you, don’t tax me, tax that fellow behind the tree.” Historically, this rhyme has poked fun at the tax-shy American public. Today it reflects complaints against the French government, which on July 25th introduced a tax on digital services. American companies such as Amazon, Facebook and Google are protesting that they are being treated...

Who wins from foreign investment?

SHAWNEA ROSSER earned upwards of $29 an hour when she worked for General Motors in Dayton, Ohio. But in 2008 the factory closed. Years later the building was bought by Fuyao Group, a Chinese multinational company that makes glass. The new American managers promised that the “historic” project would “give people jobs, and give a future to your...

Mena

Africa is on the verge of being declared polio-free

ERADICATING POLIO is hard. It is even harder when politicians and imams fan the conspiracy theory that the polio vaccine is part of a Western plot to sterilise Muslims, as happened for several years in northern Nigeria. So in 2015 Nigeria’s president, Muhammadu Buhari, decided to set an example. He gave the vaccine to one of his grandchildren on television,...

A $2bn loan scandal sank Mozambique’s economy

THE LATEST exhibition by Nelsa Guambe, an artist from Mozambique, is a startling chronicle of her country’s predicament. Strange faces stare from a collage of newspaper headlines about corruption. “Sharks of Maputo”, reads a clipping pasted onto the tie of an unnamed government minister. A grotesque beast—captioned “the monster of the West”—looms...

Many Egyptians miss their deposed president, Hosni Mubarak

HOSNI MUBARAK once shut off the internet to discourage protests. So what happened to one of his biggest online supporters this summer is ironic. Karim Hussein shares photos and videos of the former dictator with the 3m followers of his “I’m Sorry, Mr President” Facebook page. Many of his posts are subtly political, like a tongue-in-cheek list...

Politicians are stoking anti-refugee sentiment in Lebanon

THE CONCRETE walls ringing the Al-Awdah camp for Syrian refugees in Lebanon appear cheerful. Pink hearts adorn one segment, SpongeBob SquarePants another. The walls, though, are the only remaining traces of 178 homes that were demolished in June, ostensibly for building-code violations. “It’s an upsetting thing,” says Abu Jawad, a longtime resident....

A power-sharing deal in Sudan paves the way for civilian rule

IT WAS A stunning sight for many Sudanese. For nearly 30 years Omar al-Bashir led a crooked and genocidal regime in Sudan. On August 19th, four months after being ousted in a coup, Mr Bashir sat in a cage in a Sudanese courtroom. It was the first day of his trial for corruption. When asked where he lived, Mr Bashir seemed amused by his comeuppance....

International

Business Groups Warn of Peril as Trump’s Trade War Spirals

The latest whipsawing escalations in the United States’ trade war with China prompted a wide array of business organizations to warn over the weekend that American consumers and workers would soon be caught in the crossfire.It is now looking increasingly likely that few large American companies will be able to sidestep the toll exacted by the new...

Business Groups Warn of Consequences as Trump’s Trade War Spirals

The latest whipsawing escalations in the United States’ trade war with China prompted a wide array of business organizations to warn over the weekend that American consumers and workers would soon be caught in the crossfire.It is now looking increasingly likely that few large American companies will be able to sidestep the toll exacted by the new...

Iceland’s Purple Planes Are Grounded, and With Them, Its Economy

REYKJAVIK, Iceland — In retrospect, it was probably not a fantastic idea to leave Iceland’s economic fortunes tethered to an airline called WOW.Before it collapsed in March, WOW Air delivered more than one-fourth of all international visitors to this ruggedly spectacular island nation. Its credulity-straining fares — $199 round trip from New York...

Trump Faces a Stubborn Opponent in Fed’s Economic Experts

JACKSON, Wyo. — President Trump characterizes himself as a master deal maker who gets what he wants. But as he tries to pressure the Federal Reserve to lower interest rates, he is contending with a powerful opponent: technocrats.The Fed lowered borrowing costs in July amid mounting trade uncertainties, but it has refused to promise the kind of aggressive...

Nissan Got Rid of Carlos Ghosn. The Way It Did So May Prove Costly.

After the arrest last year of its chairman, Carlos Ghosn, Nissan has made a very public accounting of its management failures, from a lack of strong internal checks and balances to board meetings that lasted only 20 minutes.That frankness may play well with the Japanese public and with prosecutors, who have charged the company and Mr. Ghosn with financial...