IIF calls for short, blunt and coordinated global action to deal with virus crisis

IIF calls for short, blunt and coordinated global action to deal with virus crisis

IIF calls for short, blunt and coordinated global action to deal with virus crisis

The Institute for International Finance (IIF), the Washington D.C.-based body that represents more than 450 financial institutions from approximately 70 countries, has called on the international community to respond to the economic and financial impact of coronavirus with a short, blunt, coordinated and action-oriented statement – backed by actual policies – just as the G7 did with success in 2008…

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

The Washington-based Institute of International Finance (IIF) has called on international policymakers to maintain a united and coordinated response to the financial and economic threat posed by coronavirus and warned against regulatory arbitrage if some financial centres fail to fall into line. Dr Axel Weber, IIF chairman and chairman of the board of directors at UBS Group, and Tim Adams,…

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

“Greenwashing” could be the next big litigation against companies that fail to deliver on climate change promises, a senior lawyer has warned. Speaking at Commercial Risk’s Construction Risk Management conference in London, Simon Konsta, partner at Clyde & Co, said those that promise to make their business green but fail to do so could find themselves on the receiving end…

Global firms named in African mining lawsuit

Global firms named in African mining lawsuit

Global firms named in African mining lawsuit

Apple, Google, Tesla and Microsoft are reported to be among firms named in a lawsuit seeking damages over deaths and injuries of child miners in the Democratic Republic of Congo (DRC). According to the BBC, the case has been filed by the International Rights Advocates on behalf of 14 Congolese families, accusing the companies of knowing that cobalt used in…

Kenya launches new data protection rules

Kenya launches new data protection rules

Kenya launches new data protection rules

Kenya has introduced a new data protection law, which should safeguard against the commercialisation and misuse of data. The law, which brings Kenya into line with similar rules in South Africa, has been backed by the local information and communications technology (ICT) fraternity, which has described it as a good regulation policy framework for the industry. Robert Nyamu, partner and…

Africa most prone to corporate bribery with Europe least risky

Africa most prone to corporate bribery with Europe least risky

Africa most prone to corporate bribery with Europe least risky

Africa is the riskiest continent for corporate bribery with Europe at the other end of the scale, according to the 2019 Trace Bribery Risk Matrix. The latest matrix by the anti-bribery and risk management solutions firm, found that Africa has the highest bribery risk with an average country score of 64. Somalia was ranked the number one most risky country.…

How to avoid sanctions for lack of compliance in Equatorial Guinea

How to avoid sanctions for lack of compliance in Equatorial Guinea

How to avoid sanctions for lack of compliance in Equatorial Guinea

Companies are being advised to be mindful of local compliance rules ahead of doing business in Equatorial Guinea. Pablo Mitogo, associate attorney, Centurion Law Group, has outlined some of the common problems that companies have with local content rules in country. He explained: “In 2018, the Ministry of Mines and Hydrocarbons of Equatorial Guinea informed operators Exxon Mobil, Noble Energy…

African bribery cases highlight need for risk management

African bribery cases highlight need for risk management

African bribery cases highlight need for risk management

An ex-Credit Suisse banker has testified to taking $45m in bribes while helping Mozambican firms secure loans worth $2bn, while in Switzerland the authorities have ordered commodities trading giant Gunvor to pay nearly CHF94m in compensation and fines for failing to stop its representatives from bribing public officials to gain access to oil markets in Congo and Ivory Coast. According…

South Africa falls in terms of rule of law

South Africa falls in terms of rule of law

South Africa falls in terms of rule of law

South Africa dropped three positions in the past year for overall rule of law performance, to 44th out of 126 countries, according to the latest Rule of Law Index, released by The World Justice Project (WJP). The strength of the rule of law in a country was ranked among the top three considerations when multinationals make decisions about where to…

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

IUMI calls for action on ‘alarming’ cargo theft risk

The International Union of Marine Insurance (IUMI) has called for greater law enforcement and business action to mitigate the growing risk of cargo theft, which it warns has reached “alarming proportions”. In a position paper published to coincide with its annual conference in Toronto, IUMI proposed dedicated cargo theft taskforces to coordinate law enforcement across borders and develop effective networks…

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