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Argentine President Says Currency Market Needs Order: Cohete

Argentine President Says Currency Market Needs Order: Cohete

(Bloomberg) — Argentina’s currency market is messy and must be “ordered,” President Alberto Fernandez said in an interview with local outlet El Cohete a la Luna.



Alberto Fernández sitting at a desk in front of a computer screen: Alberto Fernandez, Argentina's president, speaks during the United Nations General Assembly seen on a laptop computer in Hastings on the Hudson, New York, U.S., on Tuesday, Sept. 22. 2020.


© Bloomberg
Alberto Fernandez, Argentina’s president, speaks during the United Nations General Assembly seen on a laptop computer in Hastings on the Hudson, New York, U.S., on Tuesday, Sept. 22. 2020.

In the wide-ranging interview, the leader complained that a mass exodus of dollars from the country, as well as sustained demand from citizens for dollar savings had put the country in a precarious position.

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In mid-September, Argentina added severe restrictions on dollar purchases for individuals and companies, but the measures have done little to curb demand.

“When we arrived in December we found ourselves with a languid central bank, without reserves, empty, with few freely available dollars,” said Fernandez. “We want to prioritize the use of those dollars for purchases inputs for imports.”

A spike in the value of dollars in a parallel market used to skirt the controls has only made matters more complicated. Still, Fernandez said, assistance from the International Monetary Fund will help to sort out the nation’s currency issues.

“The currency market is very messy and we must order it,” he said.

Meanwhile, Cecilia Todesca, deputy cabinet chief, said in a separate interview with newspaper Clarin that the government’s measures will produce results, but not in the short term. She added that the country’s currency plight could not be solved by a “brutal” change of policy, such as a large devaluation.

“Issues in the currency market reflect structural problems,” she said. “If all Argentines want to save in dollars, the economy does not work.”

The president also sought to play down reports that Economy Minister Martin Guzman and central bank chief Miguel Pesce are at odds over

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Is A Second Stimulus Check Coming? President Trump Charts New Course, Money For People, Airlines, Small Business

Is A Second Stimulus Check Coming? President Trump Charts New Course, Money For People, Airlines, Small Business

KEY POINTS

  • Trump accused Democrats of holding $1,200 stimulus checks hostage to aid for cash-strapped state and local governments
  • The president is still recovering from COVID-19 and is taking a steroid that interferes with thought processes and causes aggression
  • Trump’s shift in direction comes as the recovery from the coronavirus-induced recession appears to be losing steam

After putting the kibosh on further coronavirus stimulus negotiations, President Donald Trump Wednesday urged Congress to send him a trimmed-down measure that would provide $1,200 payments to individuals, along with funds to shore up the airlines and small businesses.

Trump sent the Dow Jones Industrial Average into a more than 375-point dive Tuesday, tweeting he had ordered an end to negotiations between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi. The two sides were more than $500 billion apart on the size of the next round of stimulus. The president said there would be no new talks until after the Nov. 3 election.

The action came after Federal Reserve Chairman Jerome Powell urged lawmakers to pass a sizable stimulus package, warning failure would lead to a protracted recovery and permanent damage to the economy.

The Dow opened higher Wednesday, recouping Tuesday’s losses.

Hours after halting the talks, the president, who still is undergoing treatment for COVID-19 and taking a steroid that interferes with thought processes, tweeted Congress should move immediately to “approve $25 billion for airline payroll support and $135 billion for [the] Paycheck Protection Program for small businesses.”

He also accused Pelosi and other Democrats of “playing games” with stimulus payments for individuals, holding them hostage to funds for cash-strapped state and local governments reeling from the costs of dealing with the pandemic.

Wednesday morning, Trump urged Congress to “move fast” on stimulus checks for individuals.

White House Chief of Staff Mark

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The reality TV President won’t miss the next debate, no matter what he says now

The reality TV President won’t miss the next debate, no matter what he says now

If President Trump really does boycott next week’s presidential debate, he will be giving up a chance to speak in front of 60 to 70 million people.



Donald Trump wearing a suit and tie: U.S. President Donald Trump participates in the first presidential debate against Democratic presidential nominee Joe Biden at the Health Education Campus of Case Western Reserve University on September 29, 2020 in Cleveland, Ohio.


© Win McNamee/Getty Images
U.S. President Donald Trump participates in the first presidential debate against Democratic presidential nominee Joe Biden at the Health Education Campus of Case Western Reserve University on September 29, 2020 in Cleveland, Ohio.

So, given the president’s television fixation and his intense focus on ratings, there are 60 to 70 million reasons to believe that he will backtrack from his current position.

Trump said on Thursday morning, in his first interview since his hospitalization for a coronavirus infection, that “I am not going to do a virtual debate.”

Specifically, he objected to the Commission on Presidential Debates’ decision to turn the scheduled October 15 debate into a remote broadcast, with Trump and Joe Biden participating from separate studios.

Biden’s campaign immediately said he agreed to the new structure, but the Trump campaign said they’ll “do a rally instead.”

If Trump’s camp follows through and holds a rally on October 15, it will likely only be televised by a couple of pro-Trump TV channels. He will essentially only be speaking to his base.

The formal debates, on the other hand, are shown by all the major broadcasters and cable channels in America, along with countless websites.

Video: Biden: We can’t go back. We can do so much better (CNN)

Biden: We can’t go back. We can do so much better

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UP NEXT

The first debate between Trump and Biden was watched by more than 73 million viewers last week.

The second debate of the campaign cycle is usually somewhat lower rated than the first, but in 2016 more than 66 million people watched the second debate

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WestCongress Insurance Holdings LLC Announces Appointment of Steven H. Kerr as President and Chief Executive Officer

WestCongress Insurance Holdings LLC Announces Appointment of Steven H. Kerr as President and Chief Executive Officer

DETROIT, Oct. 8, 2020 /PRNewswire/ — WestCongress Insurance Holdings LLC, the parent company of WestCongress Insurance Services, a specialty insurance producer, and WestCongress Risk Services LLC, a claims administrator, today announced the appointment of Steven H. Kerr as its President and Chief Executive Officer.

Mr. Kerr’s background in the insurance marketplace spans more than 30 years, primarily with Marsh, a global leader in insurance broking and risk management. Most recently Mr. Kerr served Marsh’s Managing Director and Global Engagement Partner where he led Marsh’s largest global clients in a strategic risk consulting capacity.  Mr. Kerr also has extensive experience in wholesale and retail distribution and has led teams of producers in driving revenue growth, including serving as Marsh’s Chicago Office Head, as Growth Leader – Americas, and as CEO of Seabury and Smith, Marsh’s consumer and commercial products group.

“We are pleased to welcome Steve to the team. He is the right leader for WestCongress at this stage in our development,” Richard H. Smith, chairman of WestCongress stated. “His extensive background in specialty insurance and with excess and surplus lines distribution channels will help WestCongress strengthen its distribution relationships and expand its product offerings.”    

Mr. Kerr commented, “The WestCongress leadership team has built an excellent operation with a strong reputation in the wholesale broker community. I am pleased to join a company positioned for growth and am eager to be a part of taking WestCongress to the next level. We will be looking for every opportunity to streamline the current operation, expand product offerings, develop existing broker relationships and find new distribution channels.”

About WestCongress

WestCongress Insurance Services LLC is a specialty, surplus and excess lines insurance producer based in Detroit, Michigan. WestCongress offers primary and excess general liability insurance solutions throughout the United States for targeted

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CrystalGenomics Appoints Gavin Choy, as President, CG Pharmaceuticals, Inc. to Lead Pipeline Expansion and Global Operations

CrystalGenomics Appoints Gavin Choy, as President, CG Pharmaceuticals, Inc. to Lead Pipeline Expansion and Global Operations

SEOUL, South Korea, Oct. 7, 2020 /PRNewswire/ — CrystalGenomics, Inc. (KOSDAQ: 083790), a commercial stage biopharmaceutical company that is dedicated to the discovery, development and commercialization of novel therapeutics in unmet medical need areas of inflammation, oncology, and infectious disease, today announced the appointment of Gavin Choy, PharmD, MBA as President of CG Pharmaceuticals, Inc., CrystalGenomics’ subsidiary focused on the clinical development of novel therapeutics. Dr. Choy most recently served as Chief Operating Officer at Apollomics, Inc.

“As a senior leader in multiple prior biotech companies and a scientific or operational advisor of several others, Gavin has extensive experience in leading biotech innovation from early stage research through commercialization of therapies. His significant insights will be invaluable to CrystalGenomics as we advance our pipeline assets for the potential treatment of a broad range of diseases and seek additional assets to develop,” said Dr. Joong Myung Cho, Chairman, CG Pharmaceuticals and CrystalGenomics.

Gavin Choy, PharmD, MBA

Dr. Choy brings to CrystalGenomics a proven track record in drug development and global development operations. He has led cross functional teams in areas of clinical research, development operations, biometrics, pharmacovigilance, project and alliance management, medical writing, field liaisons, clinical pharmacology, IT, legal, and public relations in therapeutic areas of infectious disease, hematology and oncology, immuno-oncology, and vaccines. Through design and leading the formation of high-performing teams, Dr. Choy has built successful global organizations leading to the advancement of pipeline assets, multiple INDs and commercialized drug products. Dr. Choy has designed corporate strategies leading to successful financings and instrumental in in-licensing opportunities at prior organizations. Dr. Choy received a doctorate in pharmacy from the University of Southern California, completed post-doctorate training at the Department of Veteran Affairs, and holds a Health Care focused Master of Business Administration from the Paul Merage School of Business, University

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