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

Kazakhstan’s choreographed election goes off-script

“HAPPY HOLIDAY!” cried a pie-seller in national dress as voters left a polling station in Almaty, Kazakhstan’s financial capital. A short stroll away in a leafy park, police were ruining the festive mood. Masked officers carried away prostrate protesters and hurled them into police vans. They were breaking up a peaceful demonstration by a few...

Australia’s surprising disregard for free speech

FOR A GROWING number of Australians, it is like stumbling out of bed and not recognising, let alone liking, the face you see in the bathroom mirror. In early June federal police raided the Sydney headquarters of the state broadcaster, the ABC. It had aired allegations of appalling deeds by Australian special forces in Afghanistan, including the killing...

South Korea’s government wants greener energy. Who will pay for it?

STANDING IN THE middle of a huge coastal mud flat, Moon Jae-in, South Korea’s president, announced in October the beginning of “a new 1,000-year energy history” for his country. Behind him stretched a field of solar panels; a large windmill loomed in the background. The area, called Saemangeum, was dammed with the world’s largest seawall under...

Japanese debate how foreigners should refer to them

THE WORLD calls the leader of China Xi Jinping. His North Korean counterpart is known as Kim Jong Un. The man who led North Vietnam to independence is almost always dubbed Ho Chi Minh. In all three instances, the surname comes first, and then the given names, as is customary in China, Korea and Vietnam. That is the custom in Japan, too. Yet English-speakers...

South-East Asian countries are banning imports of waste for recycling

THERE IS NO point collecting recyclable waste unless someone is willing to buy it and actually do the recycling. Until late 2017 China was the world’s biggest importer of scrap by far. This made sense. Like most other forms of manufacturing, recycling is cheaper there. Moreover, Chinese factories consumed lots of the resulting plastic and pulp, whereas...

Europe

Ethik und Unternehmenskultur: gemeinsame Konferenz von EIB und Weltbankgruppe

Am 6. Juni veranstalteten die Europäische Investitionsbank und die Weltbank gemeinsam am Sitz der EIB in Luxemburg die „Ethics and Corporate Culture Conference 2019“. EIB-Präsident Werner Hoyer, der luxemburgische Finanzminister Pierre Gramegna und Shaolin Yang, Managing Director der Weltbankgruppe, eröffneten die Konferenz mit 150 Fachleuten...

Why an anti-poverty programme in Bangladesh failed

A YEAR AND a half ago The Economist wrote about a promising approach to cutting poverty in Bangladesh (“On their bikes”, January 27th 2018). RDRS, a charity, was offering small loans to more than 100,000 poor farmers on the condition that they migrated temporarily to a city for work. Everything seemed to be set fair. Smaller randomised controlled...

A former official casts doubt on India’s GDP figures

ALMOST TWO years ago Arvind Subramanian, then India’s chief economic adviser, published a little-noticed passage in the finance ministry’s annual economic survey. The previous two years posed a “puzzle”, he wrote. India had reported miracle growth in GDP (averaging 7.5%) despite miserable growth in investment, exports and credit. He looked for...

Robert Merton and the effect of time on portfolio choice

FINANCE THEORISTS are, as everybody knows, unworldly people who can scarcely tie their shoelaces, still less change a car tyre. Robert Merton confounds this stereotype. As he talks amiably at the London office of Dimensional Fund Advisors (he is the firm’s “resident scientist”), you sense that here is a man who could fix a flat in no time. He...

The ECB presidency is distinct but not immune from backroom deals

“THE LONGEST lunch in history” is how Jonathan Powell, an adviser to Tony Blair, a former British prime minister, has described the appointment of the first head of the European Central Bank (ECB) in 1998. The French, keen to have their man in the job, had convinced the Germans that Wim Duisenberg, a Dutchman, should serve only half of his eight-year...

Mena

Gulf states are becoming more adventurous investors

A DECADE AGO, few people in Silicon Valley had heard of Uber or the Public Investment Fund (PIF). The former had not provided its first ride. The latter, a Saudi sovereign-wealth fund, was a small entity with investments in local industry. But when the ride-sharing firm went public in May the PIF was among its five largest shareholders. It had bought...

An attack on free speech in Nigeria

NIGERIA’S PRESIDENT, Muhammadu Buhari, once described press freedom as a “sound democratic ideal”. At the time he was on the presidential campaign trail, keen to prove himself a democrat and to jettison the baggage of his 20 months as military ruler in the 1980s. He told bosses of media companies that, if elected, he would uphold the constitution...

Two years after a disastrous referendum, Iraq’s Kurds are prospering

THE MONITOR recording the descent of a drill beneath the green hills of Khor Mor, in Iraqi Kurdistan, flashes 3,044—or just over 3km. In a caravan next to a roaring derrick a Canadian oilman and his team from Crescent Petroleum, a company based in the United Arab Emirates, watch for the first signs of gas. Other wells in the area are already meeting...

A struggle for power in Sudan could lead to civil war

SAMAHIR MUBARAK, a 29-year-old pharmacist, points to a television in the corner of her living room. On the flickering screen a presenter warns viewers not to pick up the weapons that litter the streets of Sudan’s capital, Khartoum. “Peaceful, always peaceful,” urges the presenter of “Sudan of Tomorrow”, a new TV channel. For Ms Mubarak, the...

Botswana legalises gay sex

IN ZIMBABWE “SODOMY” can land you in prison for a year. In Zambia “carnal knowledge against the order of nature” could mean seven or more years behind bars. Uganda passed a law in 2013 punishing gay acts with life imprisonment, though a court later struck it down. Botswana’s high court decided that such laws “deserve a place in the museum...

International

Trump Accuses Europe of Bolstering Its Economy at America’s Expense

WASHINGTON — To President Trump, economics has always been a zero-sum game: If another country is winning, the United States must be losing.That view became clear on Tuesday, when Mr. Trump accused the European Central Bank of trying to prop up Europe’s economy and weaken its currency to gain a competitive edge over the United States.Mr. Trump directed...

Global Economic Growth Is Already Slowing. The U.S. Trade War Is Making It Worse.

WASHINGTON — President Trump’s trade war is chilling business investment, confidence and trade flows across the world, a development that foreign leaders and business executives say is worsening a global economic slowdown that was already underway.Recent softening in Europe, Australia and other parts of the world coincides with Mr. Trump’s intensified...

Google Pledges $1 Billion to Ease Bay Area Housing Crisis

SAN FRANCISCO — Google pledged $1 billion worth of land and money on Tuesday to build affordable housing in the San Francisco Bay Area, the latest effort by tech industry leaders to address housing shortages near their headquarters.Sundar Pichai, Google’s chief executive, said in a blog post that the company planned to repurpose at least $750 million...

In Japan, It’s a Riveting TV Plot: Can a Worker Go Home on Time?

TOKYO — Last month, as Americans tuned in to the final episode of “Game of Thrones,” Japan was indulging in its own television fantasy world.In this one, a woman dares to leave work at 6 p.m. sharp.The determination of Yui Higashiyama, a 30-something project manager who wants nothing more than to get out of the office and into her favorite bar...

Recession Fears Grow in Europe and E.C.B. Signals Increase in Stimulus

SINTRA, Portugal — The European Central Bank is poised to step up its stimulus to the eurozone economy in response to international tensions and the trade war, Mario Draghi, the bank’s president, signaled Tuesday in his strongest indication yet of concern about the global economy.The stimulus could include an increase in purchases of government...