Profitloss Centerstage Events

The meeting of the World Economic Forum took center stage on Sunday, 22 May 2022 among all major events across the globe, and remains the highlight of this week's list of center stage events.
Picture Courtesy: Profit loss

Centerstage events of week 3

Allianz's American asset management unit currently pleads guilty to criminal...

Allianz's American asset management unit currently pleads guilty to criminal securities fraud and agrees to pay $5.8 billion to compensate those misled about the risks of investing in collapsed hedge funds during the COVID-19 pandemic. In addition, they will pay over $1 billion to the Securities and Exchange Commission. Germany's Allianz SE agrees to a total settlement of over $6 billion, marking one of the largest settlements in corporate history under President Joe Biden's administration.

Monday, 16 May, 2022

Google's Russian subsidiary is currently planning to file for bankruptcy...

Google's Russian subsidiary is currently planning to file for bankruptcy after its bank account was seized by authorities, rendering it unable to pay staff and vendors. However, Google assures that its free services, including search and YouTube, will continue operating. The seizure of Google Russia's bank account has made it impossible for the office to function, leading to the decision to file for bankruptcy. The exact reason for the seizure, whether it's related to the previously seized funds or additional actions, is yet to be confirmed by Google.

Tuesday, 17 May, 2022

Sri Lanka is currently experiencing its first-ever default on debt...

Sri Lanka is currently experiencing its first-ever default on debt as it grapples with its most severe financial crisis in over 70 years. The country has failed to make $78 million in unpaid debt interest payments even after the 30-day grace period expired on Wednesday. The central bank governor acknowledges that Sri Lanka is now in a state of "pre-emptive default." This default is expected to impact the country's reputation with investors and hinder its ability to borrow funds internationally, further affecting its currency and economy.

Wednesday, 18 May, 2022

The Philippines currently announces the establishment of three coast guard...

The Philippines currently announces the establishment of three coast guard outposts on Filipino-controlled islands in the South China Sea. These outposts aim to monitor ship movements and ensure maritime safety in the disputed region. While this reinforces the presence of Filipino troops in the Spratly archipelago, it is likely to be viewed unfavorably by Beijing, which claims a significant portion of the disputed waterway. The move comes amid increasing maritime tensions with China and the ongoing presence of the U.S. Navy and Air Force in the area to uphold freedom of navigation.

Thursday, 19 May, 2022

Russia's Gazprom currently halts natural gas exports to neighboring Finland...

Russia's Gazprom currently halts natural gas exports to neighboring Finland due to an ongoing energy payments dispute with Western countries. Gazprom Export demands that European nations pay for Russian gas supplies in rubles, which Finland has refused to do. Gas imports through the Imatra entry point have been stopped, and Gazprom confirms a complete halt in gas deliveries due to the lack of ruble payments from Gasum. Finland will instead receive gas from alternative sources via the Balticconnector pipeline. This development coincides with Finland's recent application to join NATO in response to Russia's aggression against Ukraine.

Friday, 20 May, 2022

The World Economic Forum (WEF) 2022 meeting is currently returning...

The World Economic Forum (WEF) 2022 meeting is currently returning to Davos-Klosters, Switzerland, to address the unprecedented geo-economic challenges impacting a multipolar world. The theme of this year's annual meeting, taking place, is "History at a Turning Point Government Policies and Business Strategies." After a two-year hiatus due to the COVID-19 pandemic, the gathering brings together approximately 2,500 leaders and experts from around the world, all committed to the Davos Spirit of improving global conditions.

Saturday, 21 May, 2022

U.S. President Joe Biden currently states that U.S. forces would...

U.S. President Joe Biden currently states that U.S. forces would defend Taiwan in the event of a Chinese invasion, making it his most explicit statement on the matter. China reacts angrily, criticizing the statement for sending the wrong signal to those seeking Taiwan's independence. During a CBS 60 Minutes interview, Biden affirms that U.S. forces would defend the democratically governed island in case of an unprecedented attack. The White House clarifies that U.S. policy towards Taiwan remains unchanged.

Sunday, 22 May, 2022