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UHY GLOBAL JULY 2019 GLOBAL NEWS GLOBAL NEWS


NEW PRESIDENT FOR WORLD BANK Former US government official and economist David Malpass becomes the thirteenth president of the world bank Malpass takes over from Kristalina Georgieva, who stepped in as the bank’s interim president following the resignation of Jim Yong Kim in January 2019. His nomination was unanimously approved by the World Bank board, and he is expected to serve a five-year term. Having served in the Treasury and State Department of the United States (US) government under the Reagan and George Bush administrations, Malpass was a chief economist at New York-based global investment bank Bear Stearns, before founding his own macroeconomic research company, Encima Global, in 2008. Senior economic adviser to Donald Trump during his 2016 election campaign, he was Under Secretary of the Treasury for International Affairs for the Trump administration prior to his appointment to the World Bank presidency. He has served on various boards, including the Council of the Americas and the National Committee on US-China Relations. Founded in 1944, the World Bank is collectively owned by 189 member countries and works towards sustainable solutions to reduce poverty and build shared prosperity. This includes a commitment to combat climate change, with the bank allocating USD 20.5 billion in 2018 to developing renewable energy and sustainable agriculture, and efforts to reduce carbon emissions. Malpass says that he is committed to uphold the World Bank’s commitment to reducing poverty in the poorest countries and fighting climate change. He has urged World Bank staff to work towards achieving “broad-based growth for every borrower, and a stronger, more stable global economy for all.” GDPR ONE YEAR ON in its first review, the European Data protection board (EDPB) has identified over 206,000 cases in the first nine months of THE APPLICATION OF THE GENERAL DATA PROTECTION REGULATION (gdpr). Implemented in May 2018, GDPR is designed to provide greater control over their private data. It affects all businesses and organisations that hold and process the personal data of EU citizens, regardless of their location, with fines for non-compliance. Of the cases identified in the EDPB report, around 65,000 were data breaches reported by data controllers, and around 95,000 were the results of complaints relating to activities including telemarking, promotional emails and video surveillance. Administrative fines have been issued in 11 countries. By far the largest fine to date was issued by the French data watchdog, when it fined Google EUR 50 million (over USD 56.2 million) for failure to adequately inform users about its data consent policies. However, other cases include: German social network operator Knuddels.de, who reported a data breach and were found to have failed to secure user data appropriately ‒ fine EUR 20,000 (ca. USD 22,600) A hospital near Lisbon, Portugal, where staff were found to have used fake email accounts to access patient records – fine EUR 400,000 (ca. USD 452,000) A Danish taxi company who, on audit, were found to have over nine million personal records stored unnecessarily – fine DKK 1.2 million (over USD 181,600)


A data processor in Poland fines for scraping public contact data from the internet to be used commercially – fine EUR 220,000 (ca. USD 248,500). The


Netherlands was the first EU country to release its own GDPR fining policy in March 2019, with four categories of fines that take into account the nature, seriousness and duration of data violations, the extent of damage and the number of people involved, as well as the size of the organisation. For further information and guidance, see the EDPB website: edpb.europa.eu 100 YEARS OF THE ICC Founded in the aftermath of the first world war, the International Chamber of Commerce (ICC) celebrates its centenary in 2019. The group of industrialists, financiers and traders who came together in 1919 to create the ICC did so with international cooperation in mind, describing themselves as “merchants of peace”. They are credited with laying the foundations for global rules around trade, investment and finance which, until that time, did not exist. Throughout its 100-year history, the ICC has been an advocate for global trade relations. In 1927, the Chamber reported to the League of Nations on lowering tariff barriers. It was the only private sector organisation granted accreditation at the 1945 Conference on International Organisation in San Francisco, US, which resulted in the creation of the Charter of the United Nations (UN). The ICC has continued to work with the UN since this time, serving as the voice of business in several UN specialised agencies including the Commission on International Trade Law, whose remit is based around removing legal obstacles for international trade. The Chamber was granted UN observer status in 2016. The ICC is also responsible for establishing the World Chambers Federation in 1950,which today unites around 12,000 chambers of commerce around the world. A series of ICC centenary events are running globally throughout 2019 and into 2020. For more information, visit https://100.iccwbo.org/ For more on the ICC, see our timeline infographic ECONOMY AND ECOLOGY Experts from around the world discussed topics from fintech to HUMAN CAPITAL at the spring meetings of the international monetary fund (IMF) and the world bank IN aPRIL. Held in Washington DC, United States, the meetings brought together the governing boards of the IMF and the World Bank Group, finance and development ministers, and representatives from central banks, the private sector, civil society organisations and academia to discuss issues relating to the global economy. In an extensive six-day schedule, digital currency and the environment were also high on the agenda. In a panel discussion on ‘Money and Payments in the Digital Age’, Patrick Njoroge, governor of the Central Bank of Kenya, discussed the Bank’s launch and licensing of the M-Pesa mobile payments system, which has now been operation for over a decade. Jeremy Allaire, CEO of crypto finance company Circle, raised the issue of how central bank currency can be tokenised to become a form of cryptocurrency, that benefits from the reach, scale, speed, security and cost-efficiency of the internet, with what he describes as “a radically more open model for how value can move around the global economy, but still have that based on at least the major reserve currencies.” Tommaso Mancini-Griffoli, deputy chief of the IMF’s Monetary and Capital Markets Division, moderated a session discussing ‘Should Central Banks Issue Digital Currencies?’ Cecilia Skingsby, deputy governor of Sweden’s Riksbank pointed to the need for central banks to think about how they provide services to society in a way that is trusted, functional, and accessible to everybody, as technology continues to change. The Riksbank is currently running an ‘e-krona project’. The IMF and the World Bank are currently developing a private blockchain, coupled with a ‘quasi-cryptocurrency’ known as Learning Coin, for training purposes. On environmental matters, the IMF’s head, Christine Lagarde, was joined by renowned broadcaster and natural historian Sir David Attenborough for a one-to-one session on ‘Balancing Nature and the Global Economy’. In a conversation about the relationship between the natural world and the world of finance and economics, Attenborough recommended considering both worlds in a similar way. “If you deal with your investment, with your capital, it’s fine if you can take the profit ‒ but you wouldn’t be so silly as to eat into the capital, would you? But that is what we are doing with the natural world all the time,” he said. “We have to treat the natural world in the way that you deal with economies.” A clip from Christine Lagarde’s one-to-one with Sir David Attenborough is available to stream here. DEBATING THE FUTURE OF TRADE The Global Dialogue on Trade (GDT) announced a new round of debates at its first international symposium on trade reform, held in Tokyo in April 2019. The GDT initiative was launched by the International Chamber of Commerce (ICC) secretary general, John W.H. Denton, and World Trade Organisation (WTO) director general, Roberto Azevêdo, in October 2018 at the annual meetings of the World Bank and the International Monetary Fund (IMF). The aim of the GDT is to facilitate a collaborative and inclusive approach to multilateral trade reform, bringing together leaders from government, academia and business to discuss and help shape the future of the international trade system. The debates are hosted via a digital platform managed by the ICC, and are supported by the WTO, the Organisation for Economic Co-operation and Development (OECD) and regional development banks around the world. The first round of debates focused on the rise of technology, government regulation and trade tensions between global economies, and culminated in the GDT’s first international symposium, co-hosted by the ICC and the Japan External Trade Organisation (JETRO). The results will be used to formulate concrete recommendations for policymakers. In the second round of debates, topics for discussion centre on dispute resolution, non-tariff barriers to trade, and a moratorium on electronic emissions. Speaking on the launch of the GDT initiative, WTO director general Roberto Azevêdo said: “Escalating tensions between major economies risk undermining the global economic recovery and the multilateral trading system itself. So we can’t just cross our arms. We need everybody who believes in the system as a force for good to speak up.”


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