International News

French activist fund seeks to remove SCOR CEO from board

Reinsurance       Mar 25, 2019

  PARIS: French activist fund CIAM will ask reinsurance company SCOR’s CEO Denis Kessler to surrender the chairmanship of the company’s board after he thwarted a takeover attempt earlier this year.   CIAM, which has just under one percent of SCOR, will ask the reinsurer’s shareholders to...

Marsh & McLennan receives final regulatory approvals on buying JLT on April 1

Intermediaries, Regulation       Mar 25, 2019

  The European Commission has approved its $5.6 billion acquisition of Jardine Lloyd Thompson Group plc, said Marsh & McLennan Cos. (MMC) March 22 t.   With the approvals from European Commission, all regulatory and competition authority approvals required to close the transaction have now been satisfied,...

Relationship between Boeing, FAA Safety Regulators under scrutiny

Risk Management       Mar 25, 2019

  Soon after Lion Air Flight 610 plummeted into the Java Sea last October, killing all 189 people aboard, Boeing Co. began to point gingerly toward mistakes the airline may have made.   A preliminary report by Indonesian authorities recounted the trouble pilots had with a litany...

Fix to MCAS anti-stall software in 737 MAX ready to go: Boeing

Risk Management       Mar 24, 2019

  New York: A fix to the anti-stall system suspected in October's Lion Air Boeing 737 MAX 8 that killed 189 people in Indonesia is ready to roll out, industry sources told AFP Saturday. Boeing was due to present the patch to officials and pilots of...

Hinduja family richest Asians in Britain, worth 25 billion pounds: Report

Eco/Invest/Demography, Wealth Management       Mar 24, 2019

London: Leading London-based NRI industrial tycoons, the Hinduja family top the Asian Rich List 2019 for the sixth successive year with an estimated net worth of 25.2 billion pounds, an increase of over 3 billion pounds over the previous year.   According to the Asian Rich...

China chemical plant explosion death toll climbs to 44; 32 others critical

Disaster & Management, Non-Life, Risk Management       Mar 21, 2019

  Beijing: The toll in the explosion at an industrial park in eastern China climbed steeply to 44 on Friday morning as a number of people succumbed to their injuries.   The explosion occurred on Thursday following a fire in a fertilizer factory in a chemical industrial...

Facebook admits to storing passwords in plain text on internal servers

Risk Management, Technology       Mar 21, 2019

    Facebook on Thursday admitted that millions of passwords were stored in plain text on its internal servers, a security slip that left them readable by the social networking giant's employees. .   "To be clear, these passwords were never visible to anyone outside of Facebook and...

Munich Re aims to boost Ergo insurance business via acquisitions

Non-Life       Mar 20, 2019

  MUNICH: Munich Re has no plans to sell Ergo, its primary insurance arm, and aims to strengthen this business through acquisitions once its turnaround has been completed in two years, Chief Executive Joachim Wenning said on Wednesday.   Ergo has been battling high costs and low...

U.S weighs bids for putting Automated Vehicles on roads

Non-Life, Policy, Regulation, Risk Management, Technology       Mar 20, 2019

  The U.S. National Highway Traffic Safety Administration said Friday it was seeking public comment on General Motors’ 15-month-old petition seeking approval to deploy a limited number vehicles on U.S. roads without steering wheels or other human controls.   The agency also disclosed that Softbank-backed driverless delivery...

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