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Tens of Thousands Join Anti-Government Rally in Thai Capital

(Bloomberg) — Tens of thousands of people gathered at Bangkok’s Thammasat University campus Saturday for what is expected to be the biggest anti-government protest since the 2014 military coup.Demonstrators streamed to the campus in the light rain, wearing masks and holding umbrellas. As many as 100,000 people are expected to join the rally, according to the United Front of Thammasat and Demonstration, the student-led group organizing the event.The gathering proceeded despite a warning from the university last week that it wouldn’t allow protesters on the property. People of different ages sat on the lawns and cheered speakers’ calls for changes to the constitution and government.One demonstrator, Somchai Weaingkum, said his father had accompanied him to the rally, and had brought him to protests in 2010 when he was 15 years old.“We want a full democracy, not just a pretend one,” Somchai said.Piyanuch Saengsawang, 70, said she joined the protest with two friends her age because “I’m worried about the future for my grandchildren.”“Over the past decade, we see this country heading in the wrong direction,” she said. “The fight led by this generation gives us hope.”Over the past months, the protest movement led by mostly students, has expanded, with various groups using digital spaces to set meetings and spread their demands in a style of organizing reminiscent of the leaderless flash mobs in Hong Kong and the U.S. The demonstrators are calling for changes in the constitution that would remove the military influence in politics and for a new, more democratic election.The mounting protests present a challenge for Prime Minister Prayuth Chan-Ocha, a former army chief who led the 2014 coup and stayed in charge after a disputed election last year conducted under rules written by his military government. The premier has said the government was looking into possible amendment of the charter that was drafted by the junta ahead of last year’s vote.“Our hope is to spread our message and communicate to people why we need to reform the monarchy, why we need to get rid of the Prayuth’s regime,” said Panusaya Sithijirawattanakul, one of the leaders of the Thammasat group. “We want the government to realize that our movement isn’t insignificant. Don’t think that we’re just students.”Budget DelayPrayuth’s government is currently without a finance minister after the previous chief resigned less than a month into the job, and it’s facing a two-week delay in its fiscal year 2021 budget amid slow stimulus spending. The Thai economy, heavily reliant on trade and tourism, is on course for its deepest ever annual contraction of 8.5% this year.With the economy already weak, it’s unclear whether fiscal policy can step up to provide support, according to Tim Leelahaphan, an economist at Standard Chartered Pcl in Bangkok. The bank remains cautious on the economic outlook and expects a further cut in Bank of Thailand’s key interest rate, he wrote in a note.The prime minister appealed to the protesters to consider the risk of virus infection the gathering could trigger. “Any major flare up of infections will lead to terrible consequences and even worse economic destruction, the likes of which we have never seen,” he said in televised comments Thursday.Last month, the Thammasat student-led group made 10 demands, including a call for revoking the country’s strict lese-majeste laws that criminalize insults against top members of the royal family. The demonstrators are breaking deeply entrenched taboos in Thailand, where openly criticizing the monarchy can lead to long jail sentences.Other demands include changing the constitution to allow criticism of the king, separating the monarch’s properties from the Crown Property Bureau, aligning the budget for the monarchy with economic conditions, banning the monarch from expressing political opinions and prohibiting the king from endorsing coups.Since the protest movement began in July, 14 people have been arrested by police and later released on bail, according to data from the Thai Lawyers for Human Rights. At least 61 people faced charges for leading or participating in the protests, with some of them facing sedition charges which can lead to up to seven years in jail.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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RMA Paper Outlines Election’s Financial Risk Implications for the U.S. and Abroad

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PHILADELPHIA, Oct. 22, 2020 /CNW/ — With the U.S. Presidential election imminent, The Risk Management Association (RMA) has published a white paper that explores how the possible outcomes are likely to affect country risk factors and, in turn, financial risk across the globe.

The paper illustrates how the risk landscapes in the U.S., China, Latin America, and several other regions and nations are likely to evolve under President Trump or a President Biden. The paper was authored by RMA’s Country Risk Steering Committee, a group of senior professionals from the largest global banks based in the Americas, Asia, Australia, and Europe who are responsible for their banks’ views on country risk.

Entitled “What the U.S. Election Means for Country Risk,” the paper discusses trade, treaty, tax policy, currency, and other implications. “The U.S.’s economic trajectory and global financial conditions can diverge significantly in different U.S. political scenarios,” the paper says, but regardless of the election outcome, the United States will not return to the status quo prior to President Trump.  

“The clear distinction in the policies and world views of the two U.S. Presidential candidates promises vastly different paths not only for the U.S. but for its many allies and adversaries—paths that will greatly affect the economic risks and outlooks of those countries,” said RMA Global Markets Risk Director Fran Garritt. “No matter who is elected, ‘What the U.S. Election Means for Country Risk’ will leave financial institutions better informed to do business in the United States and globally.”  

About RMA 

Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.

SOURCE The Risk Management Association

For further information: Stephen Krasowski, [email protected], 215-446-4095 Frank Devlin, [email protected], 215-446-4137, http://www.rmahq.org

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Road to Recovery” Global Livestream Event Takes Place on Monday, October 26th at 9AM ET NYSE:VZ

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Speakers Include NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Best Buy CEO Corie Barry, Walmart CEO Doug McMillon, Host and Former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat and Many More

Watch a Clip from Bill Gates HERE

NEW YORK, Oct. 22, 2020 (GLOBE NEWSWIRE) — Yahoo Finance announced the final lineup of guest speakers for its “All Markets Summit: Road to Recovery” global livestream event, taking place on Monday, October 26th at 9AM ET. The leading business news brand is bringing its signature annual conference to the virtual stage featuring an impressive lineup of over 30 business leaders, policy makers, investing legends, influencers, sports and entertainment stars.

As one of the last major events heading into the pivotal 2020 presidential election, Yahoo Finance’s All Markets Summit will give audiences the opportunity to hear about timely and significant issues from leading figures across industries including NIAID Director Dr. Anthony Fauci, Bill & Melinda Gates Foundation Co-Chair Bill Gates, Carly Fiorina Enterprises Chairman Carly Fiorina, National Basketball Players Association President Chris Paul, Walmart CEO Doug McMillon, ‘Uncomfortable Conversations with a Black Man’ Host and former NFL Linebacker Emmanuel Acho, Fmr. White House National Economic Council Director Gary Cohn, Rock The Bells Founder & CEO LL COOL J, Citigroup CEO Michael Corbat, and many more.

Led by Editor-in-Chief Andy Serwer and Yahoo Finance’s on-air anchors, speaker sessions will explore the latest on economic recovery, the coronavirus and search for a vaccine, issues on diversity and inclusion, and many other critical topics during a time of profound economic, social and generational change.

The 2020 All Markets Summit is sponsored by the International WELL Building Institute, and in partnership with Edward Jones and Nasdaq, and will be hosted live from the Nasdaq in Times Square. This year’s conference is set to be Yahoo Finance’s largest virtual event since the remotely hosted Berkshire Hathaway Shareholders Meeting in May, which resulted in the most-watched livestream ever for the annual meeting with 5.5 million views.

Visit YahooFinanceAMS.com to watch the entire conference, for more information, and for the full agenda as well as list of guest speakers, including:

  • Adena Friedman, Nasdaq CEO
  • Anne Walsh, Guggenheim CIO of Fixed Income
  • Asahi Pompey, Goldman Sachs Foundation President
  • Beth Ford, Land O’Lakes CEO
  • Bill Dudley, Former New York Fed President
  • Bill Gates, Co-Chair, Bill & Melinda Gates Foundation
  • Carly Fiorina, Carly Fiorina Enterprises
  • Chris Nassetta, Hilton CEO
  • Chris Paul, National Basketball Players Association Pres., Oklahoma City Thunder PG
  • Corie Barry, Best Buy CEO
  • Dany Garcia, XFL Co-Owner, The Garcia Companies CEO
  • David Rubenstein, Carlyle Group Co-founder
  • Doug McMillon, Walmart CEO
  • Dr. Anthony Fauci, National Institute Allergy & Infectious Diseases Director
  • Ed Bastian, Delta Air Lines CEO
  • Ellie Rubenstein, Manna Tree Co-founder and CEO
  • Emmanuel Acho, Fox Sports analyst, ‘Uncomfortable Conversations with a Black Man’ Host
  • Gary Cohn, Fmr. White House National Economic Council Director
  • Gary Vaynerchuk, VaynerMedia CEO
  • Glenn Fogel, Booking Holdings CEO
  • Glenn Hutchins, North Island Chairman, Co-founder Silver Lake Partners
  • Hans Vestberg, Verizon CEO
  • James Hutchins, North Island Ventures Co-founder
  • LL COOL J, ‘Rock The Bells’ Founder & CEO
  • Michael Corbat, Citigroup CEO
  • Nela Richardson, Edward Jones Principal, and Investment Strategist
  • Paul Scialla, Delos Founder & CEO, International WELL Building Institute Founder
  • Ray Dalio, Bridgewater Associates Founder
  • Rob Falzon, Prudential Vice Chairman
  • Shantanu Narayen, Adobe CEO
  • Wes Moore, Robin Hood Foundation CEO

Be part of the conversation on social using the #YahooAMS. Audiences can also tune in on the Yahoo Finance App, Apple TV, Android TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

Follow Yahoo Finance on Social Media:
Twitter: @YahooFinance, Instagram: @yahoofinance, Facebook: YahooFinance, LinkedIn: Yahoo-Finance, YouTube: YahooFinance

About Yahoo Finance
Yahoo Finance is the leading global source of business and finance news and part of the Verizon Media brand portfolio. Yahoo Finance’s expert coverage, content, and daily live programming is available on desktop and mobile web via finance.yahoo.com, as well as the Yahoo Finance app, Android TV, Apple TV, Fire TV, Samsung TV+, Roku and on linear broadcast via Fios.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Stephanie Perez
stephanie.perez@verizonmedia.com
Elissa Dotzman
elissa.dotzman@verizonmedia.com

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Coronavirus drags 2 million more UK adults into financial troubles – business news

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The pandemic means 2 million more British adults may be struggling to pay the bills, and British regulators want banks to help them.

A Financial Conduct Authority(FCA) survey estimates that shuttered restaurants and empty offices pushed the total number of adults facing financial hardship to 12 million in July, up from 10 million in February.

British borrowers struggling under months of Covid-19 restrictions should still have access to financial help when support measures including interest free overdrafts and payment freezes end Oct. 31, the UK watchdog said Thursday.

The poll of 7,000 people by the FCA in July found 31 per cent of UK adults have suffered a decrease in income during the pandemic, and that percentage is higher for young and non-white people. About 37 per cent of Black and ethnic minority Britons reported a hit to their income, according to the survey.

Tightened local rules on social gatherings have come into force in recent weeks, affecting millions of people in areas including London, Liverpool and Manchester and particularly those working in hospitality. The government’s furlough program is due to be replaced by narrower job support measures at the end of the month.

Banks should consider measures such as suspending or reducing further interest and payments on mortgages for instance, while being clear that it could affect a customer’s future access to credit, the FCA said.

Bank lobby group UK Finance said the industry is committed to providing support to customers facing financial difficulty. It noted in a statement that 4.4 million payment deferrals on mortgages, credit cards, and personal loans were granted since the start of the pandemic, with 323,700 of those still in place.

The UK government pushed banks to keep lending as the pandemic hammered the economy. Some programs, such as the Bounce Back loans for small companies, could face losses running into billions of pounds.

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