Violent protests in Colombia and Wall Street digests more earnings
10 - 16 May 2021
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COLOMBIA’S CRISIS
Colombia has been rocked by three weeks of widespread anti-government protests. This wave of unrest was initially sparked by proposed tax hikes (the country’s economy is reeling from Covid-19 measures), but the demonstrations have since intensified, tapping into public anger over income inequality, police brutality and other injustices.
President Iván Duque withdrew the reforms on 2 May, however, the controversy struck a match and the protesters say they will keep marching until conditions improve.
One of the key grievances is alleged abuse by the national police force. According to the New York Times, the national police force, which was built to battle drug gangs and guerilla fighters, is a politically powerful institution. This explains why Colombia’s leaders have resisted overhauling the security organisation.
But activists are adamant that change must happen. More recently, they’ve accused Colombia’s police of using heavy-handed tactics - sometimes resulting in death - against young civilians and peaceful demonstrators.
For its part, the government claims the social movement has been infiltrated by terrorists and vandals. It also blames the protesters for damaging properties, looting and disrupting the transport of food, vaccine supplies and so on. These arguments are unlikely to win Duque and his allies much support ahead of the presidential election in 2022.
The following report by Britain’s Channel 4 News offers a snapshot of the tense situation on the ground.
OPENING THE BOOKS
It was another action-packed week for corporate earnings on Wall Street. Here are some of the highlights:
Disney is still recovering from 2020’s lockdown blow. Although the entertainment giant did post better than expected quarterly profit figures, it missed on estimates for streaming subscribers and overall revenue. Analysts are concerned the pace of sign ups for Disney+ is slowing but the company remains confident about reaching its original target. Elsewhere, the fallout from the pandemic continues to hurt Disney’s theme parks and cruise lines.
Bumble swung to a profit in the January to March period as the number of paying users climbed to 2.8 million. The dating app went public in February amid much fanfare, however, investors are cautious since the reopening of businesses could shift interactions from the virtual to the physical.
The lifting of travel restrictions and increasing vaccination rates are buoying sales at Airbnb. The property rental company saw bookings jump in the first quarter of the year. Interestingly Airbnb said 24% of nights booked came from stays of at least 28 days.
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