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

The leaders of China and India pretend to get along

DRAGON AND tiger, or panda and elephant? As Xi Jinping, the Chinese president, and Narendra Modi, India’s prime minister, met for an “informal summit” on October 12th, the masala of metaphors in the Indian press was telling. Strongmen on their own political turf, the two men ambled as tourists through the eighth-century rock carvings of Mamallapuram...

Thailand’s army chief sees a commie conspiracy to topple the king

IT WAS A speech worthy of Dr Strangelove. In a 90-minute lecture-turned-rant at the army headquarters on October 11th, Apirat Kongsompong, the head of Thailand’s armed forces, accused academics and other leftists of implanting “communist chips” in the minds of brainwashed youths. Opposition politicians such as Thanathorn Juangroongruangkit, leader...

For the sake of workers, Uzbekistan is privatising its cotton industry

UNDER THE blazing sun in a cloudless blue sky, green foliage droops with unfurling white cotton bolls. In the Fergana Valley in the heart of Central Asia, in the shadow of snow-dusted mountains, the cotton is ripe for picking. If the Uzbek authorities have their way, it will become T-shirts and skirts, to be sold around the world. Uzbekistan, already...

Japan’s emperor is a prisoner in his own palaces

IN HIS MEMOIR, “The Thames and I”, Prince Naruhito, as he was when he wrote it, recalls his brushes with greasy kippers and dingy pubs as a student at Oxford University in the 1980s. He recounts how doormen at a disco turned him away because he was wearing jeans—not the sort of reversal a Japanese royal often experiences. The picture above shows...

Singapore stands to gain from Hong Kong’s troubles

WHATEVER VIEW is taken on the mayhem in Hong Kong—righteous rebellion or obscene rioting—it is a disaster for the territory’s economy. And if one place stands to benefit from Hong Kong’s troubles, it is that other self-governing, Chinese-majority, financial, commercial and shipping hub in East Asia: Singapore. The two places have always...

Europe

Commission and EIB announce launch of “European Drone Investment - Advisory Platform”

The European Commission and the EIB launched the “European Drone Investment - Advisory Platform” to support innovation and investment in drones. Drones – or unmanned aircraft - are widely regarded as having a major role to play in the future of aviation. The initiative aims to improve access to EU support in this field, and to develop a better...

Is the board overseeing Puerto Rico’s bankruptcy unconstitutional?

“ARE YOU and your client here just to defend the integrity of the Constitution?” asked Samuel Alito, an associate justice of the America’s Supreme Court, on October 15th. “Or would one be excessively cynical to think that something else is involved here, involving money?” The court had heard arguments from Donald Verrilli, for the board overseeing...

The EIB is ready to become even greener, says EIB President Hoyer at the Atlantic Council’s EuroGrowth Initiative event in Washington DC.

EIB President presented the EU Bank’s new ambition for 2030 to further support projects for climate action and environmental sustainability. Read More

A massive money-laundering scandal stains the image of Nordic banks

DANSKE BANK’S headquarters in Copenhagen, reminiscent of a Greek temple, speaks of an illustrious past. But Denmark’s biggest bank has “no vanity left”, says a spokesman. Since 2008 it has been embroiled in a disaster every five years. After one during the financial crisis, it was again in crisis mode in 2013 when the board sacked Eivind Kolding...

Is the board overseeing the territory’s bankruptcy unconstitutional?

“ARE YOU and your client here just to defend the integrity of the Constitution?” asked Samuel Alito, an associate justice of the America’s Supreme Court, on October 15th. “Or would one be excessively cynical to think that something else is involved here, involving money?” The court had heard arguments from Donald Verrilli, for the board overseeing...

Mena

Did Ethiopia’s premier deserve the Nobel peace prize?

THERE ARE two types of Nobel peace-prize winner. The uncontroversial ones are often campaigners, such as Nadia Murad (who won last year for her work highlighting rape during war) or the Organisation for the Prohibition of Chemical Weapons (which won in 2013). The controversial ones are often the politicians who actually negotiate peace deals—think...

Why do one in ten ships fly tiny Liberia’s flag?

LIBERIA’S ECONOMY is on the rocks. The aid money that held the country steady after its brutal civil wars is ebbing and inflation has surged to more than 25%. Many businesses are struggling to stay afloat. But one industry seems to be weathering the storm: shipping. The tiny west African country, with a GDP of just $2.1bn, has one of the largest seagoing...

South Africa’s president promises big results—eventually

SOUTH AFRICANS are growing impatient with Cyril Ramaphosa, the former union boss, anti-apartheid activist and tycoon who is now their president. In his 20 months in office, no one has been prosecuted for the looting of the state that took place under his predecessor, Jacob Zuma. In an interview with The Economist in London on October 13th, Mr Ramaphosa...

Congo’s enormous rainforest is getting smaller

JAGGED, CHARRED tree stumps jut out of blackened earth in what was once part of the rainforest in the Democratic Republic of Congo. One man, Rafael, standing amid the devastation, reckons he has set fire to around 40 sections of the forest near the city of Bandundu in the past two months. He bags the scorched wood and flogs it as charcoal in the capital,...

The election of Kais Saied gives Tunisians something to cheer

IT HAS BEEN a difficult eight years since Tunisia toppled its dictator and embraced democracy in 2011. The economy remains stagnant, corruption is still endemic, terrorism is a problem and politicians have disappointed. But the election of Kais Saied (pictured) as president on October 13th has brought a new sense of hope. After it became clear that...

International

G.M. Workers Begin to Size Up the Deal Their Union Is Selling

The tentative contract hammered out by the United Automobile Workers and General Motors won’t please all of the union’s members, but it is sure to get strong support at the Detroit-Hamtramck assembly plant.The factory, which employs 700 U.A.W. members, is scheduled to close in January. But under the contract, G.M. has promised to spend $3 billion...

Johnson & Johnson Recalls Baby Powder Over Asbestos Worry

Johnson & Johnson, which has spent years insisting that its baby powder is safe, recalled 33,000 bottles of the product on Friday after the Food and Drug Administration discovered evidence of asbestos, a known carcinogen, in one of the bottles.The recall, the first time Johnson & Johnson has pulled baby powder from store shelves over asbestos...

Read the Boeing Pilot Messages From 2016: ‘The Plane Is Trimming Itself Like Craxy’

A top Boeing pilot working on the 737 Max said in messages from 2016 that a new automated system known as MCAS was making the plane difficult to control in flight simulators. The messages suggest that Boeing officials working on the development of the best-selling jet knew of potential issues with the automated system years before the plane was involved...

Johnson & Johnson Recalls Asbestos-Tainted Baby Powder

Johnson & Johnson is recalling a shipment of baby powder after the Food and Drug Administration discovered evidence of asbestos in one of the bottles, the company said on Friday, a move that undercuts its defense in a growing number of claims that its talc-based products were contaminated with the potent carcinogen.The regulator found trace levels...

Boeing Pilot Complained of ‘Egregious’ Issue With 737 Max in 2016

A Boeing pilot working on the 737 Max said in messages from 2016 that a new automated system was making the plane difficult to control in flight simulators, more than two years before it was grounded following two deadly crashes.The pilot, Mark Forkner, complained that the system, known as MCAS, was causing him trouble. “It’s running rampant in...