June 24 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

Mnuchin Says Stimulus May Pass Congress in July to Boost Economy by bloomberg.com

The Trump administration has privately discussed a $1 trillion measure as a way to stimulate jobs growth after the Covid-19 pandemic.

Mnuchin reiterated that he and the president are not inclined to shut down the economy a second time if there is a resurgence in coronavirus cases.

Trump has signalled approval for the idea, but support is mixed among congressional Republicans about whether the cost is worth it.

Wirecard Scandal Risks Ensnaring More People Than Its Fallen CEO by bloomberg.com

As president of Germany’s financial regulator BaFin, Felix Hufeld is on the front lines of questions over how a country that loves order could allow such a scandal to happen.

EY’s partners in Germany have been carrying out the audit work on Wirecard for more than a decade — and didn’t sound the alarm until last week.

The company was also responsible for keeping an eye on Wirecard’s operations in Dubai, which were at the heart of fraud accusations.

What can asset managers do to help during a pandemic? via FT.com

A good place to start are the five requests drawn up by a coalition led by the Office of the New York City Comptroller, Domini Impact Investments and the Interfaith Center on Corporate Responsibility.

The interplay between owners, employees, customers and suppliers is also misunderstood. Textbooks often describe it as a zero-sum game.

But this zero-sum view of a company is mostly inappropriate as it assumes no growth.

Until the economic pie starts growing again, however, the zero-sum model remains relevant. This means trade-offs.

GCC NEWS BRIEF

Dubai, Abu Dhabi Stock Markets Should Consider Merger, Says FNC Member by gulfnews.com

The statement will revive speculation that the two exchanges are headed towards an eventual merger.

The UAE Minister of Economy, Sultan Bin Saeed Al Mansouri, said, that the stock markets regulator had taken measures to combat recent movements.

Ambitious Initiative by Lebanese at M.I.T Might Solve Lebanon’s Crises by the961.com

The MIT Lebanon Challenge 2020 is an upcoming competition that brings together skilled Lebanese, in Lebanon and abroad,

The MIT Lebanon Challenge will divide 750 participants into a large number of teams.

Ojjeh is preparing for the launch of the MIT Lebanon Challenge this Friday, June 26th.

GIP and Brookfield among investors in $10bn Abu Dhabi pipeline deal via ft.com

Adnoc on Tuesday said the deal valued the network at $20.7bn and marked the region’s largest energy infrastructure investment.

The international consortium also includes Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan, NH Investment & Securities of South Korea and Italian energy infrastructure company Snam.

Adnoc, which retains full ownership and operating control, will receive an upfront payment of more than $10bn.

Adnoc, which said the joint venture would unlock capital that can be deployed in growth initiatives,

About the author

Financial advisor to UHNWI, private entities, family offices, and companies. Certified Anti-Corruption Manager from The American Anti-Corruption Institute

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