China’s 19th Communist Party Congress is fast approaching. While the meetings are primarily a political event, they will shed some light on the party’s broad economic goals.
Catalan President Carles Puigdemont made a speech yesterday in which he almost declared independence, saying he had the “mandate for Catalonia to become an independent state in the form of a republic”, but withdrew it almost immediately, saying he was willing to put the referendum results on hold in order to try to have a dialogue with the Spanish government. In other words, it looks as if he is willing to negotiate but is keeping the option of unilaterally declaring independence open as a possible tool to put pressure on the Spanish government to negotiate and/or to use if the negotiations do not go according to his plan.
The European Central Bank (ECB) has just upped the ante on prudential provisioning. Earlier this year it introduced guidelines to exhort banks to reduce stocks of nonperforming exposures (NPEs), and now its new draft proposal aims to ensure that NPEs are sufficiently provisioned.
The investment community should become more engaged with the UN Sustainable Development Goals (SDGs) according to a new report, SDG Investment Case, from The Principles for Responsible Investment (PRI) and PwC on why the investment community should adopt an active role in achieving real world impact through implementation of the SDGs.
On Sunday 1 October, Catalonia held a controversial referendum for independence. The vote was deemed unconstitutional by the Spanish Constitutional Court and the central government tried to prevent it from taking place by ordering police and security force reinforcements to seize ballots and close polling locations.