Fotogrammi

RCEP: A New Engine for Growth in Asia

It is called the Regional Comprehensive Economic Partnership, or RCEP, and it will go down in history as the largest trade deal in the world. 15 countries in the Asia-Pacific area – including China, Japan, South Korea, Australia, and New Zealand – have agreed on free trade in an area that represents approximately one-third of global population and GDP, and does not include either the United States or any countries in Europe. It is also the first time that historic rivals in Eastern Asia have reached an agreement that, according to some estimates, could increase annual global wealth by 186 ...

SESG for Asset/Wealth Management and Real Estate

"We inherit the earth from our parents, but we borrow it from our children," is a sentence used so often in official reports (a famous example is the Brundtland Report of 1987 entitled Our Common Future) that it cannot be attributed with certainty to some great thinker. It is one of the most effective ways to intuitively and comprehensibly describe the concept of sustainability. Having capital and not wasting it, but caring for it and growing it gradually over time. And what is the most precious capital for all of us, especially in the "global village" in which we live? The planet. Thinking in ...

What Will Happen to the Entertainment World?

If there is one thing that Covid-19 has taught us, it is that organizations that deal with culture are also businesses, in the sense that they also have the problem of obtaining the resources necessary to survive and continue their activity. Even when they are publicly-owned or managed, the fact that they can continue to cover their personnel costs does not exempt those who govern them from making decisions regarding the most suitable configuration of processes, necessary investments, and the divestments that are the least painful and impactful on the continuity and overall value generated. Therefore ...

An Overview of the Wirecard Case

The bankruptcy of Wirecard last summer wreaked havoc in the German financial system. Its unexpected explosion regarded a very large fintech listed on the Frankfurt Stock Exchange, and surprised the world above all due to its causes: a colossal fraud that entailed the disappearance of billions of euros from the company's coffers. The reactions of the financial world, creditors, shareholders, stock market and oversight authorities, as well as the political world, were immediate and harsh. As can easily be imagined, a little of everything was said, with varying degrees of relevance. Several months ...

Will There Be a Digital Euro? Yes, and It Will Be Double

Starting in mid-October, the media began to give prominent attention to the first report by the European Central Bank (ECB) dedicated to the possibility of issuing a digital currency, signed by Christine Lagarde and Fabio Panetta, respectively the president of the ECB and a member of the Executive Board. The report presents the various problems that must be faced to define and implement a step that would represent a radical evolution of currency. The approach used by the ECB is to innovate while minimizing risk, a common approach by central bankers. Put differently, the digital euro should solve ...

The Shift in Beijing and the "Double Circulation" Strategy

The Plenum of the Chinese Communist Party was just concluded, bringing together the approximately two hundred members of the Central Committee – strictly behind closed doors – to define the details of the 14th five-year plan of the People's Republic of China (2021-2025) and the medium to long-term strategy entitled "Vision 2035," that is, how to become a country that is fuqiang, rich and powerful. While we have few details of the latter concept apart from the confirmation of moving towards "socialist modernization," the new five-year plan revolves entirely around a key concept introduced by ...

Enterprise-work: equal dignity and common planning

A discussion with Maurizio Landini

In the conflict between capital and labor, in recent years the latter seems to have been the loser. This is a consequence of attacks that came not only from capital, but also from politics, on both the right and in some cases the left as well. Do you agree with this analysis? We can say that in recent years the idea that has won, or prevailed, is that the market should be free and not have any social constraints. This has led to considerable job insecurity, that I believe is the largest problem to be faced. Job insecurity causes real harm to human dignity, and is an element that breaks down social ...

Support the “Culture of Proximity,” Now More Than Ever

We know that many cultural organizations are intrinsically fragile: poorly capitalized, very dependent on cash flow, often self-referential and stuck in niches. We know well that cultural organizations – in particular those “of proximity” such as theaters, museums, libraries, and third sector entities with prevalently local aims and funding – are going through a very difficult period from a financial standpoint. And finally, we know that they are in excellent company: apart from a few sectors and a very small number of companies that are deriving great economic benefits from satisfying ...

Best Workplaces for Women, too?

What makes a workplace "the best place" to perform a profession? Many elements certainly regard various subjective variables (age, the contingent situation, or future aspirations), that make people more or less sensitive to specific aspects (financial stability, career prospects, or also proximity to one's family). While the historic Maslow pyramid reminds us that it is necessary and a priority to satisfy basic needs, the studies on the issue and the most recent organizational experiments insist on intangible and relational elements. According to Ariely, for example, it is essential for the associates ...

Pandemic, Money, and Debt: the Lessons from the Serenissima Republic

The two largest central banks in the world – the FED and the ECB – have shared a common hope in recent months: that fiscal policy will be effective. There is a substantive difference, however: although the heads of the two institutions – Powell and Lagarde – have the same problem, the COVID effect, Powell has an extra problem, the effect of the presidential elections, whoever the winner will be. The mix between the pandemic recession, politics, and money can lead to unforeseeable consequences, as the history of the Republic of Venice and its Bank show. The understand above all why the ...