ECB warn of ‘two speed recovery’ in Europe

peter_IFAMAG reads Twitter so you don’t have to.

Vice President of the European Central Bank warned of a ‘two-speed recovery’ across the continent earlier today. Elsewhere on the globe US President Trump’s new NAFTA goes into practice. Also Indian alternatives for banned Chinese apps shakes up tech industry.

Firstly, Josephine Cumbo keeps Twitter up to date on recent pensions legislation.

Overnight Labour peers succeeded in pushing thru an amendment to the #PensionSchemesBill that would see the #PensionDashboard limited to a publicly-run service in the 1st year of operation. Commercial #Dashboard provides could only offer after 1yr. Govt lost vote 236 to 270 pic.twitter.com/DQ9zfXuPBr

— Josephine Cumbo (@JosephineCumbo) July 1, 2020

Tabby Kinder, one of the leading journalists of the Wirecard scandal draws parallels with a 2003 scandal.

The Wirecard saga shows similarities with 2003 Parmalat scandal, for which Deloitte was ordered to pay out $160m for its failure to spot fraudulent bank balances, says @brookeamasters https://t.co/MQa21GzAG2

— Tabby Kinder (@Tabby_Kinder) June 30, 2020

The ECB tweeted statements from Luis de Guindos about his concerns of an uneven european reocvery from Covid.

(THREAD) There is a lot of uncertainty around the euro area recovery, says ECB Vice-President Luis de Guindos to La Stampa. Most worrying is that a two-speed recovery seems to be emerging 1/5 pic.twitter.com/L0DDFLURDH

— European Central Bank (@ecb) July 1, 2020

Netflix is the largest company so far to shift funds into Black-owned banks.

Netflix will shift $100 million of cash into Black-owned banks, making it the largest company yet to pledge cash to historically underfunded financial institutions https://t.co/24y8drWZus

— Bloomberg (@business) June 30, 2020

Politico take a look at the new USMCA trade pact and how it may effect the US, Mexico and Canada

The USMCA trade pact, which replaces NAFTA, goes into effect today. Here’s a look at what could come next as the U.S., Mexico and Canada implement thousands of pages of complicated rules. https://t.co/ulnsCXELbv

— POLITICO (@politico) July 1, 2020

And finally, India’s tech industry rising to fill gaps in market left by China. Check this thread out for some interesting ideas.

Small (yet material) difference b/w Chinese owned & operated co's in India and Chinese LP/GP led investment into Indian start-ups.
Former causes a stir; latter is unavoidable since India is a (risk) capital deficient economy; Indian LPs are as yet too small
h/t @psb_dc; @Inc42 https://t.co/NfgAbHzfpm

— Rahul Mathur (@Rahul_J_Mathur) July 1, 2020

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