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Melvyn

How Brexit denies expatriates the right to vote on their own futures

20 October 2018

by Melvyn Morrison

On 23rd June 2016, British citizens voted by a slim majority (52% versus 48%) to leave the European Union. Nine months later, on 29th March 2017, the British government triggered Article 50 of the Lisbon Treaty to formally notify the European Council about its intention to leave the European Union. This not only marked the start of a 2-year period for negotiating the exit terms, but also prompted a discussion about the future rights of expatriates. The UK is thus due to leave the EU on 29th March 2019 after the exit terms have been agreed. If the terms of a so-called ‘divorce settlement’ are not announced by 21st January 2019, several options are available including leaving the EU without a deal, and delaying departure by seeking extension of the deadline with the unanimous support of the UK and the other 27 EU countries. However, the UK’s relationship with the EU will still remain largely the same until after the transition period that is presently scheduled to end on 31st December 2020. UK expatriates would certainly have liked to have been formally consulted about crucial decisions affecting their futures.  Continue reading…

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Financial institutions boycotting Saudi investment conference

18 October 2018

Saudi Arabia’s isolation in the global business world deepened as three of Europe’s top bankers joined a growing list of executives who have pulled out of a high-profile investment conference in Riyadh next week. A spokesperson for HSBC (HSBC) said its CEO, John Flint, would not attend the Future Investment Initiative, and a person familiar with the situation said Credit Suisse (CS) CEO Tidjane Thiam would no longer be going. Both executives were previously listed as speakers and both banks were strategic partners for the event. Neither bank would comment on the status of the partnerships. Continue reading…

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IMF Calls for Policy Action to Deliver Growth that is More Resilient and Creates Sufficient Jobs

18 October 2018

 The International Monetary Fund (IMF) welcomed the continued recovery in activity in sub-Saharan African resource-intensive countries and sustained strong growth in most other countries. The IMF urged however sub-Saharan African countries to reduce underlying vulnerabilities and strengthen the foundations for sustained high growth. According to its latest Regional Economic Outlook for sub-Saharan Africa report: “economic growth is picking up and macroeconomic outcomes have strengthened but more needs to be done to decisively shield the recovery against risks arising from both domestic and external shocks”. Continue reading…

Daily Times

Pakistan to share CPEC debt details with IMF

17 October 2018

Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the International Monetary Fund (IMF), and the decision to approach the Fund was taken after consultations with friendly countries, said Finance Minister Asad Umar on Saturday. Umar, however, rejected the US State Department’s statement, suggesting that the debt accrued on CPEC projects was to blame for the country’s current economic crisis.

By Shahbaz Rana Continue reading…

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FSB sets out potential financial stability implications from crypto-assets

16 October 2018

The Financial Stability Board (FSB) published Crypto-asset markets: Potential channels for future financial stability implications. This report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The reports follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 Finance Ministers and Central Bank Governors, and the summary of the work of the FSB and standard-setting bodies on crypto-assets the FSB published in July. Continue reading…

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A new bioeconomy strategy for a sustainable Europe

15 October 2018

Commission puts forward an action plan to develop a sustainable and circular bioeconomy that serves Europe’s society, environment and economy. As announced by President Juncker and First Vice-President Timmermans in their letter of intent accompanying President Juncker’s 2018 State of the Union Address, the new bioeconomy strategy is part of the Commission’s drive to boost jobs, growth and investment in the EU. It aims to improve and scale up the sustainable use of renewable resources to address global and local challenges such as climate change and sustainable development. Continue reading…

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FCA consults on new rules to improve the approach to open-ended funds investing in illiquid assets

12 October 2018

The Financial Conduct Authority (FCA) is consulting on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions. These measures will also support the FCA’s market integrity objective and help address financial stability concerns. Open-ended funds that invest in illiquid assets can encounter difficulties if significant numbers of investors simultaneously try to withdraw their money at short notice. An example of this occurred following the result of the UK referendum on EU membership in June 2016. Continue reading…

EU Watchdog Launches Probe Into Denmark’s Handling Of Danske Bank

11 October 2018

Author: Gregory Dy

The banking supervisor of the European Union has started some preliminary inquiries into the financial watchdog of Denmark in relation to the allegations of money laundering at Danske Bank through its branch that is located in Estonia. Andrea Enria, the chairperson of the European Banking Authority, informed the European parliament that it had started a “preliminary breach of union law inquiries on … the Danske bank case in Denmark.” Continue reading…

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Advocate General Wathelet: ECB establishing a programme for the purchase of government bonds on secondary markets is valid

10 October 2018

Advocate General Wathelet proposes that the Court of Justice should rule that the decision of the ECB establishing a programme for the purchase of government bonds on secondary markets is valid. The programme does not infringe the prohibition of monetary financing and does not exceed the powers of the ECB. The PSPP is one of the four sub-programmes of the Expanded Asset Purchase Programme (‘APP’) announced by the ECB in January 2015 and generally referred to as ‘quantitative easing’. The other three sub-programmes of the APP, to which the PSPP is subsidiary, concern the purchase of private bonds.

Continue reading…

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IMF Executive Board Approves Implementation Plan to Strengthen its Engagement with Fragile and Conflict-Affected Countries

09 October 2018

The Executive Board of the International Monetary Fund (IMF) adopted an implementation plan to strengthen the Fund’s engagement in fragile and conflict-affected countries. The plan is based on recommendations outlined in a staff paper entitled “Implementation plan in response to the Board-endorsed recommendations for the IEO Evaluation Report-The IMF and Fragile States.” Continue reading…