Connect with us

Daily Brief

The Daily Brief: U.S. Dollars Held by Venezuelan Companies Subject to High Exchange Fees

U.S. Dollars Held by Venezuelan Companies Subject to High Exchange Fees

Published

on

1280px Shreds US Dollar Details

SchmiAlf, CC BY-SA 4.0 via Wikimedia Commons

Summary:

  • Since 2020, Venezuelan banks have allowed companies to store U.S. dollars in Venezuelan banks, shielded from inflation.
  • Such accounts are shielded from interest payments.
  • The conversion to foreign banks is subject to transfer fees as high as 7%.
  • International business observers note that although the US has levied sanctions against Venezuela, transactions with private Venezuelan firms are not subject.
  • Storing U.S. dollars abroad gives greater flexibility for companies to pay international creditors.
  • Everyday Venezuelans are also using U.S. dollars and Euros for daily transactions.
  • Termed “dollarisation,” use of foreign currency is often viewed as a measure to avoid runaway inflation of the local currency.

Sources:

Tweets:

Spain Sends Troops to Morocco After 8,000 Migrants Swim to Ceuta

Beach in Ceuta
Mario Sánchez Bueno from Málaga, España, CC BY-SA 2.0 , via Wikimedia Commons
  • This Tuesday, Spain’s Prime and Interior Minister announced that it would be sending troops to North Africa in response to 8,000 migrants who swam from Morocco and to the shores of Ceuta. 
  • The mass arrival causing a humanitarian emergency comes after sudden tensions between the two nations due to Spain’s hospitality towards a rebel leader preaching for independence which the Morrocon government has criticized.
  • Spanish Prime Minister Pedro Sanchez stated the influx was “a crisis for Spain and for Europe” after video footage released revealed the military trucks and helicopters deployed on the scene. 
  • Prime Ministers of both regions agreed to meet. Although having yet to speak on the most current events, Morrocan Prime Minister Karmia Benyaish told press in response to the situation that “actions have consequences.”

Tweets

Strongest Cyclone On Record Hits India Amidst Covid-19 Pandemic

Tauktae 2021 05 16 1500Z
  • Cyclone Tauktae that arrived in India hit the coast of Mumbai, leaving over 90 people missing and killing 19.
  • Over 200,000 people have evacuated after warnings of it’s severity Monday evening, as the cyclone hit Gujrat first, taking out trees and telephone poles. 
  • The Cyclone comes amidst the worsening situation of the covid-19 pandemic in India, as hospitals struggle to maintain the spread of the deadly disease. Over 500 Covid patients in makeshift care centers were among the few having to evacuate, as the storm took out critical power supplies and generators needed.
  • India’s Natural Disaster Response Force and the Indian Navy have deployed over 100 teams between six heavily affected states. Thousands of individuals affected find shelter at refugee camps as the storm continues to rage through the city. 

Tweets

Trumps’ Inquiry Turns Criminal

Gage Skidmore, CC BY-SA 3.0 , via Wikimedia Commons
  • Fabien Levy, spokesman of Letitia James, says the case against the Trump organization has turned into a criminal case. 
  • Letitia James is the democratic prosecutor for Trump’s case. 
  • The inquiry was launched in March, 2019 dealing with Trump Organization’s assets and tax fraud
  • Trump has now turned in his tax returns and has called this investigation a “witch hunt”.

Tweets: 

EU Calls for a Ceasefire at Gaza Strip 

FHxN5Gen94jgptEjrgyp5ftSX xk7UpSDjziKmZ gz4Sl2xvhdp3dCKGsxrnvBgI umvzVJ2asydh9w3MBo6zmf fy rkW8Rvcf9gZ2KHEf TFYpRQcUbfERkLEeF eBXTfgtX
Marius Arnesen, CC BY-SA 3.0 NO , via Wikimedia Commons
  • Josep Borrell, the EU foreign policy chief, has called for a ceasefire between Israel and Hamas. 
  • The number of deaths are still increasing as violence from Israel keeps growing. 
  • In the midst of this the US has promised 735M weapons Sale

Tweet: 

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Daily Brief

Credit Suisse Found Guilty for Involvement in Money Laundering Scheme

Published

on

800px Credit Suisse Zurich
  • Switzerland’s Federal Criminal Court found Credit Suisse, Switzerland’s second largest bank, guilty for its involvement in a money laundering scheme involving a Bulgarian drug trafficking gang.
  • The bank is being fined 21 million Swiss francs ($22 million) due to its poor monitoring and implementation of anti-money laundering rules. More than 12 million francs worth of assets are also being confiscated due to their connection with the criminal group.
  • Credit Suisse has denied any wrongdoings and stated that it has been “continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards.”
  • This case originated from actions taken by a former employee in 2007 and 2008, and two other Bulgarian citizens’ actions in 2005 and 2009. Some of their sentences and fines were suspended due to the amount of time passed since the crimes took place.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Daily Brief

Chlorine Gas Leak in Jordan Port City Kills Thirteen People

Published

on

Port Of Aqaba City
  • A gas leak in Aqaba, Jordan killed at least thirteen people and injured more than 250. A storage container carrying between 25 and 30 tonnes of chlorine gas fell as it was being exported to Djibouti, releasing the gas.
  • A video of the incident on state TV shows the container being dropped onto the deck of the ship and a yellow colored gas spreading through the air as people try to evacuate. The accident seems to be a result of the crane malfunctioning.
  • If chlorine is inhaled at high levels, it can cause life-threatening damage. A nearby beach in Aqaba was evacuated as a safety precaution, and residents who live in the nearest residential area, about 25 kilometers (15 miles) away, were advised to stay inside and close windows.
  • Jordan’s Prime Minister Bisher al-Khasawneh traveled to Aqaba and visited some of the injured at the hospital. He also formed a team led by the interior minister to investigate the incident.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Daily Brief

Russian Missile Sets Ukraine Shopping Center on Fire

Published

on

781px Nevsky Centre Shopping Mall in Russia
  • A busy shopping center in Ukraine was set on fire by Russian missiles on Monday, killing at least thirteen people and injuring dozens. The total number of casualties is still unknown.
  • Ukrainian President Volodymyr Zelensky stated that “The number of victims is impossible to imagine” and that there could have been up to 1,000 people in the mall.
  • The attack came during the G7 summit, where world leaders condemned recent atrocities and promised to support Ukraine “for as long as it takes” in a joint statement. President Zelensky spoke to the leaders at the summit and stated that he wants the war to end before winter.
  • NATO has decided to increase the number of troops in its rapid reaction force from 40,000 to 300,000, more than eightfold. NATO Secretary-General Jens Stoltenberg stated this move is part of the “biggest overhaul of collective defense and deterrence since the Cold War.”
  • The United States has announced that it will provide Ukraine with advanced medium and long-range air defense capabilities.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Daily Brief

World Watches as the United States Supreme Court Abolishes a Woman’s Right to an Abortion

Published

on

Defend Roe v Wade 0035 52061678896
  • The United States’ top justices voted to eliminate the constitutional right to an abortion, a law that had been in place for over 50 years.
  • The closely watched decision was heralded by some and derided by others, depending on their position on the controversial concept of a woman’s right to choose for her own body.
  • With the abolition of the constitutional right, it is expected that many states in the U.S. will implement near total bans of abortion rights, while other states such as California, Oregon and Washington have reaffirmed their commitment to preserve the right to an abortion.
  • Planned Parenthood, the advocacy face for abortion rights, is mobilizing around the country to bolster and increase services in those states that will preserve the right, and engage voters in those states that plan to abolish the right.

Tweets

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Daily Brief

The EU Approves Ukraine for Candidacy

Published

on

Munster Stadtweinhaus Beflaggung Ukraine und EU 2022 0219 scaled
  • The EU has finally approved the application of Ukraine to become a candidate country for admission to the 27- country organization. Ukraine will now join the official candidate list, which already includes Albania, the Republic of North Macedonia, Montenegro, Serbia, and Turkey. 
  • The US is expected to provide an additional $450m in security assistance to Ukraine. Which includes four more High Mobility Artillery Rocket Systems. 
  • The EU and Norway have agreed to cooperate and provide the EU’s 27 countries with gas from Western Europe’s biggest provider. The EU imports roughly ⅕ of its gas from Norway compared to the 40% it was receiving from Russia. Currently, Russia has been cutting gas supplies to countries refusing to pay for it in roubles. 
  • Melbourne is considering utilizing its largely vacant $200m Center for National Resilience building to house hundreds of refugees fleeing war-torn Ukraine and Afghanistan. The center will only be able to temporarily house about 500 refugees from Afghanistan and about 200 from Ukraine. 
  • Ukrainian Defense Minister Oleksii Reznikov thanked US Defense Secretary Lloyd Austin after receiving and welcoming the High Mobility Artillery Rocket Systems (HIMARS) from the United States. 
  • Nike joined other leading Western brands by formally making a full exit from Russia, three months after suspending its operations. Telecoms equipment maker Cisco is also planning to wind down business in Russia and Belarus as well.

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Daily Brief

US Supreme Court Expands Gun Carrying Rights Causing National Outrage 

Published

on

Open Carry of a 9mm Browning Hi Power in Eagle Colorado scaled
  • The US Supreme Court expanded gun carrying rights after a New York law denied the plaintiffs Robert Nash and Brandon Koch from carrying a concealed weapon in public, despite them having licenses for recreational gun ownership. 
  • The US court ruled that the New York law requiring residents to prove “proper cause” to carry a concealed weapon is unconstitutional. Justice Clarence Thomas, who represented the 6 justices who ruled in favor of the decision, stated that Americans have the right to carry “commonly used” firearms in public for personal defense. 
  • This decision comes amid an intense national debate over gun violence, and could possibly challenge the  outcome of similar regulations in other states, such as California and New Jersey, and affect a quarter of Americans by allowing more people to carry guns legally. 
  • Three liberal justices, Elena Kahan, Sonia Sotomayor, and Stephen Breyer, were against the majority decision, and Justice Breyer noted that “since the start of this year alone (2022), there have already been 277 reported mass shootings – an average of more than one per day.”
  • While the National Rifle Association (NRA) celebrated the judgment, President Biden stated that he was “deeply disappointed” by the court’s decision and that the ruling “contradicts both common sense and the Constitution, and should trouble us all.” 
  • New York Mayor Eric Adams also agreed with Biden and stated that he would review other ways to restrict gun access by restricting the application process for buying guns and looking into bans of firearms at specific locations. 

All views expressed in this editorial are solely that of the author, and are not expressed on behalf of The Analyst, its affiliates, or staff.

Continue Reading

Recent Comments

Articles