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

President Hoyer outlines EIB Group's support to countries hosting Venezuelan migrants at International Donors Conference

EIB President Hoyer participated in the "International Donors Conference in solidarity with Venezuelan migrants and refugees in the countries of the region, amid COVID-19", convened by the European Union together with the Government of Spain and with support of the UN Refugee Agency (UNHCR) and of the International Organisation for Migration (IOM).Read...

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...

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

Twitter Comes Under Attack From Trump’s Supporters

OAKLAND, Calif. — Not long after Twitter added a warning label to two of President Trump’s tweets on Tuesday, his supporters swung into action.On Twitter, Mr. Trump’s adherents targeted one of the company’s executives for old tweets in which he had criticized the president and other Republicans. On Capitol Hill, lawmakers including Senator Marco...

‘Just Sitting in Limbo.’ For Many Professionals, Careers Are on Hold.

After five years at the wellness industry start-up she co-founded in San Francisco, Hasti Nazem decided it was time for her next adventure in Silicon Valley. Her last day was March 5.Two months later, the job market has imploded, promising leads have dried up, and Ms. Nazem, 35, is stuck in limbo. She is mining her network for introductions, but still...

Attacks on Joe Scarborough Draw Criticism From Trump's Media Allies

Some of President Trump’s most stalwart media defenders broke ranks with him on Wednesday, aghast at his baseless smears against the MSNBC host Joe Scarborough, whom Mr. Trump has all but accused of killing a former staff member two decades ago despite a total lack of evidence.The backlash even spread to the senior levels of Mr. Trump’s party on...

‘Ugly Even for Him’: Trump’s Media Allies Recoil at His Smear of MSNBC Host

Even President Trump’s most stalwart media defenders have recoiled at his baseless smears against the MSNBC host Joe Scarborough, whom Mr. Trump has all but accused of killing a former staff member two decades ago despite a total lack of evidence.The president is accustomed to — and often relishes — blowback from critics in the press. But he is...

Renault and Nissan Unveil Plan to Patch Tattered Alliance

TOKYO — Nissan and Renault, the quarrelsome main partners in the world’s largest automaking alliance, announced a plan on Wednesday to try to reset their troubled relationship as they seek to survive the coronavirus’s devastating impact on the car industry.The plan seeks to more clearly delineate each company’s turf so they can better absorb...