Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.
Legal & Regulatory
GCHQ Director Calls for Discussion and Collaboration Between Agencies and Tech Companies to Tackle Encryption
In the wake of the ongoing legal dispute between Apple and the FBI over encryption, GCHQ director Robert Hannigan addressed the issue in his speech at the MIT. He calls for a discussion and cooperation between agencies and tech companies especially in the US and the UK.
PSE To Formulate Market Friendly Laws Facilitating DDS Transactions
PSE has been seeking comments and suggestions on its proposed law for transactions of DDS. The procured comments and suggestions will be evaluated while drafting the rule, aiming to reflect market demands. Comments and suggestions may be sent up to March 22.
South African Currency Slumped as Finance Minister to Resign Over a Spat With Tax Commisioner
South Africa’s currency has dropped to its four-year low after the news of the country’s finance minister threats of resignation was reported. Finance minister Pravin Gordhan threatens to resign over a spat with Tom Moyane, as the minister demanded the tax commissioner to be dismissed, or he himself would leave.
Fraudulent Oil Fund Sentenced Iranian Billionaire to Death, 2 Others
Iranian tycoon Babak Zanjani and 2 others have been convicted and sentenced to death since they are considered as "corruptor on earth" under Iran's Islamic Penal Code. They have embezzled $2.7 billion and have to pay it back.
Latest News
Canadian pharmaceutical company shares dropped 18% on Monday, as the company admitted being under investigation by U.S. Securities and Exchange Commission.
FBI chief, James B. Comey, has been reported to personally challenge Tim Cook stance. Tim Cook has been considering the battle as fight to secure privacy. Americans are historically sensitive towards government’s intervention over individual privacy. But the cause cherished by the common Americans is believed to prevail in the long run.
Year 2015 was dubbed as year of fintech. As financial technology startup companies flourish and gain huge fund. Global regulators are closely monitoring the fintech startups and will propose rules to regulate them.
China has been widely criticized for strict cyber laws. On Sunday, the communist government has mulled its legislative power to impose ban on accounts of former Chinese tycoon, Ren Zhiqiang. While around 40 Chinese journalists have been confined in jail as victims of tougher cyber laws, the communist government is going to enact further tougher laws on March 10.
Republic Airway has sought immunity under bankruptcy followed by pilot shortages and other industrial odds. American Airlines has filed for bankruptcy in 2011 and now, the US regional carrier follows the trait in seeking clemency. However, Republic CEO expects the move will take the carrier to the new heights.
Openreach provides broadband internet service to BT and other operators in the UK. Since BT remains as the controlling authority of Openreach, so dependence appears as a major hurdle in rendering equal customer services. Observing the anomalies, Ofcom, the UK telecom regulator has instructed BT ensure universal broadband for all.
State regulator rejected a $4.85 billion dollar acquisition of utility power company Cleco to Macquarie Group on Wednesday. The regulator said that the acquisition did not serve the best interest of the customers.
The newly-elected managing director of the IMF, Christine Lagarde, spoke at the Global Women’s Forum 2016 regarding the global economy, especially in the wake of the China economic slowdown. Despite the prolonged slowdown, the IMF foresee that China’s lower growth was deliberate and healthy.
The US government has appeared in a row with Apple centering unlocking of encrypted data of an iPhone allegedly used by a terrorist. Apple opposes the demand citing creation of backdoors for the law enforcers, may lead to a potential abuse. Supporting Apple stand, Mark Zuckerberg has pledged playing due rolls in its fight while addressing in the Mobile World Congress on Monday.
