Saudi Arabia's economy is transforming. What's behind it? The Public Investment Fund, or PIF.

It's one of the largest sovereign wealth funds in the world, creating 13 new sectors,

66 companies, and more than 500,000 direct and indirect jobs so far. PIF is also the first

sovereign wealth fund to issue a green bond supporting Saudi Arabia's 2016 Net Zero emissions target.

Find out more at pif.gov.sa.

Hello and welcome to the Intelligence from the Economist. I'm your host, Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

In Jamaica, it's hard to stay on the right side of the law when it comes to marijuana,

but Marley's family is selling it in a joint venture elsewhere. Police are burning down acres of

the stuff. They're aputic, sacramental, recreational. It's all a bit hazy. And our correspondent is at

the Cannes Film Festival back this year after a pandemic hiatus. The festival vibe is there,

mostly, but the legendary cues are gone. We get an inside track on the films to look out for.

First up though.

That change in the air this week, it was the passing of earnings season for American banks.

As quarterly report after quarterly report emerged, everywhere you look, it was

blossoms of optimism from the bosses at Morgan Stanley. The firm delivered another strong quarter and a

record first half with year-to-date revenues in excessive $30 billion. At Goldman Sachs,

I think our investment banking business is positioned incredibly well. And at City Group.

It's a general sense of optimism. We have a fabulous pipeline, one never wants to drink these

things, but we really have a fabulous pipeline. Part of the seasonal cheer is down to how customers

themselves are doing, a fact not lost on JP Morgan Chase. The consumers, they have house values

up, the stack values up, the income's up, the savings is up, the pandemic is kind of the rear view

...