Three news to start your week: July 10
Five top-performing currencies this year are from LATAM
(Financial Times)
Five of the top eight performing currencies globally this year are from Latin America, which has benefited from the region's central banks taking prompt, decisive action by hiking rates and maintaining them at high levels even while inflation declines. Since local bonds' substantial inflation-adjusted yields attract investors, their total returns have outpaced their counterparts in developed markets.
When global inflationary pressures increased after the coronavirus pandemic, Latin American central banks responded the quickest and most forcefully, significantly slowing price growth much more swiftly than in other regions.
The currencies in order of performance are the Colombian Peso, Mexican Peso, Hungarian Forint, Brazilian Real, Polish Zloty, Chilean Peso, Peruvian Sol, and British Pound.
Brussels rolls out a new agreement with the United States to transfer data
(El País)
The European Commission has rolled out a new legal framework allowing digital companies to transfer data between the two sides of the Atlantic. It is the third time it has done so. The two previous agreements - and their legal development - were knocked down by the European Justice for not offering a sufficient guarantee of protection according to EU regulation.
"The executive order provides for binding safeguards limiting access to data by US intelligence authorities to what is necessary and proportionate to protect national security," argues the EU executive to show its confidence that this time the fate of the pact reached between Brussels and Washington will not suffer the same fate as the other two.
Maximillian Schrems, the Austrian activist who sued on the other occasions, and ended up winning in court, does not see it that way: "It will end up again before the Court of Justice of the European Union (CJEU) in a few months."
Twitter threatens Threads lawsuit against Meta
(Reuters)
In a letter to Facebook CEO Mark Zuckerberg, Twitter's attorney Alex Spiro threatened to sue Meta Platforms (META.O) over its new Threads platform.
By utilizing the billions of Instagram users, Meta, which debuted Threads last week and has received over 30 million sign-ups, hopes to compete with Elon Musk's Twitter.
Spiro charged Meta in his letter of recruiting former Twitter workers who "had and continue to have access to Twitter's trade secrets and other highly confidential information," according to the news website Semafor.
