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

Will democracy in the Philippines go the way of Thailand?

WHEN Filipinos attempt to explain the political success of their tough-guy president, Rodrigo Duterte, they tend to point to local precursors. Joseph Estrada, a former matinée idol who had often played Robin Hood types, rose to the presidency by promising to be hard on bad guys and good to the poor. And then there is Ferdinand Marcos, who cultivated...

Aung San Suu Kyi’s ideas about curbing attacks on Rohingyas won’t work

The traffic out of northern Rakhine is one-way IN AN office on the outskirts of Sittwe, the capital of Rakhine state, an official in charge of fisheries points to a pile of documents. Here, he explains, is a five-year plan to modernise fish-farming in Rakhine—or rather, what is left of it. After a bout of violence last year, foreign donors withdrew,...

Entertaining at home, Western-style, is Japan’s latest fad

THE Japanese love to dine out, and have hospitality down to an art form, known as omotenashi. Yet rarely do they invite people to their homes. In a formal country, where people address one another by their surnames and respect for others guides behaviour, it is all too stressful. What is more, many Tokyoites are embarrassed to welcome people into...

Labour’s new leader shakes up New Zealand’s election

WHEN Jacinda Ardern was elected deputy leader of the Labour Party in March, she was unknown to most New Zealanders. The soft-left party was favoured by less than a quarter of voters when her uninspiring boss, Andrew Little, resigned last month, thrusting her into what she described as “the worst job in politics”. The change was akin to “anointing...

Ever more Indians are struggling to find work

A DOZEN hefty wooden crates sit outside a small factory on the outskirts of Lucknow, the capital of India’s most populous state, Uttar Pradesh. On the shop floor inside, where chattering machines bag and package herbal teas, a manager explains what will happen when he opens the crates. “His job will go,” he says, nodding at one boiler-suited...

Europe

BNP Paribas hires new head of research for Spain

Paris-headquartered BNP Paribas Real Estate has appointed David Alonso as head of research for its Spanish division. In this newly-created position, Alonso (pictured) will mainly deepen the firm’s research on macroeconomic and market considerations while… ...Read More

Robeco publishes expected returns 2018-2022: ‘Coming of age’

Robeco has published its annual Expected Returns report 2018-2022, a look at what investors can expect over the next five years. Robeco’s Investment Solutions department foresees lower returns on risky assets because of high valuation,… ...Read More

Comgest fuels Asian research team

Paris-headquartered asset manager Comgest has appointed Jimmy Chen (pictured) as Asian equities analyst, focusing on the Chinese stock market. Within the firm’s 12-strong Asia Pacific ex Japan investment team, Chen will be responsible for research… ...Read More

Joint press release FSMA, ESMA, ECB and EC: New working group on a risk-free reference rate for the euro area

PRESS RELEASE21 September 2017Today, the FSMA, ESMA, the European Central Bank and the European Commission announce the launch of a new working group tasked with the identification and adoption of a "risk-free overnight rate" which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts...

ECB to publish new unsecured overnight interest rate

PRESS RELEASE21 September 2017Overnight benchmark interest rates important for financial markets and monetary policy implementationECB overnight rate will complement existing benchmark rates produced by the private sector and serve as a backstop to private sector benchmark ratesPreparations for rate to be finalised before 2020, including industry consultationThe...

Mena

Egypt is making renewed efforts to reform its economy

THE train north from Cairo winds through the lush fields and meandering canals of the Nile Delta, before chugging into Alexandria. The scenery is pleasant on a 180km journey that can drag on for more than four hours. It is slow enough that EgyptAir offers flights on the same route. Egypt’s state-owned, 6,700km rail network, the oldest in Africa,...

War and dysfunctional politics threaten Iraq’s marshlands

THE recovery of southern Iraq’s marshlands is arguably one of the great environmental triumphs of recent times. Reduced to dust and withered reeds when Saddam Hussein drained them to flush out rebels in the 1990s, the wetlands once again buzz with birds, dragonflies and the songs of buffalo-breeders, thanks to the devoted efforts of Iraqi conservationists....

Donald Trump’s efforts to end a feud in the Gulf get nowhere

THIS time Donald Trump seemed to back his braggadocio with results. On September 7th he met the ruler of Kuwait, who has tried to mediate the three-month feud between Qatar and his Gulf neighbours led by Saudi Arabia. Mr Trump suggested a new mediator: himself. “I think you’d have a deal worked out very quickly,” he said. The next day Qatar’s...

Congolese art is recovering from its lowest days

Worth a thousand words JOSEPH KINKONDA, one of the most famous artists in the Democratic Republic of Congo, lives in a dank bedroom in Ndjili, a scrubby neighbourhood of Kinshasa. At the end of his bed sits a plate with a few balls of paint wrapped in plastic. The air-conditioning unit is broken; a single bare light bulb hangs from the ceiling....

Muslims in Egypt are trying to preserve its Jewish heritage

Let my people be remembered IN BUT a few years one of the world’s oldest Jewish communities will have disappeared. No more than 20 Jews are thought to remain in Egypt, compared with at least 80,000 before the second world war. Half a dozen live in Cairo—four of them in care homes. But Magda Haroun (pictured), a sprightly 65-year-old, wants to...

International

S.E.C. Says It Was a Victim of Computer Hacking Last Year

HONG KONG — The top securities regulator in the United States said Wednesday night that its computer system had been hacked last year, giving the attackers private information that could have been exploited for trading.The disclosure, coming on the heels of a data breach at Equifax, the major consumer credit reporting firm, is likely to intensify...

Google Is Buying HTC’s Smartphone Expertise for $1.1 Billion

SAN FRANCISCO — Google announced late Wednesday night that it is spending $1.1 billion to hire a team of engineers from the smartphone business of the struggling Taiwanese manufacturer HTC in a bid to bring more hardware expertise to its own mobile technology operations.HTC said many of its estimated 2,000 employees affected by the deal were already...

Facebook, After ‘Fail’ Over Ads Targeting Racists, Makes Changes

Responding to evidence that its tools had allowed ads to be directed at users who used racist comments or hate speech in their profiles, Facebook said Wednesday that it would change how ads can be targeted.That its ad-targeting tools could be used in such a way was “a fail” for the company, Sheryl Sandberg, Facebook’s chief operating officer,...

S.E.C. Says It Was a Victim of a Computer Hack Last Year

HONG KONG — The top securities regulator in the United States said Wednesday night that its computer system had been hacked last year, giving the attackers private information that could have been exploited for trading.The Securities and Exchange Commission said in a statement that it was still investigating the breach. It said the security vulnerability...

A Start-Up Slump Is a Drag on the Economy. Big Business May Be to Blame.

Unemployment has fallen, and the stock market has soared. So why has the economic expansion since the recession been so tame, with sluggish productivity and, at least until recently, anemic wage growth?Economists say the answer, to some degree, can be found in a start-up slump — a decline in the creation of new businesses — and a growing understanding...