World Events Summary: 16th-22nd May 2017

Never Ending Story: the multi-year, rolling corruption probes into the political class in Brazil came closer to claiming the position of a second president when a tape surfaced purporting to show Temer actively condoned payments made by meatpacking group JBS. He refused to resign, even after the Supreme Court authorized a criminal inquiry into the matter. Stocks fell as reforms were imperiled. 

Trump/FBI: the investigation into the Trump team deepened as a special prosecutor was appointed. The remit is rather broad, covering all areas of potential Russia connections, and will probably take a considerable amount of time. A leak claimed Comey wrote damning memos after Trump meetings. The Washington Post claimed the FBI had identified a White House Advisor as a person of interest. 

Philippines/China: president Duterte claimed that Xi Jinping said there would be war if the Philippines tried to enforce the 2016 UNCLOS ruling – largely against China’s claims. A Philippines Supreme Court judge demanded an international arbitration case be lodged. Duterte’s government called for a ‘gentlemen’s agreement’ while a draft ASEAN code of conduct was agreed with China.