International News

More than one in 10 firms losing over $10 million due to cyberattacks:Willis Towers Watson

Non-Life, Risk Management       Jul 17, 2019

  ASIA: Annual losses from cyberattacks averaged $4.7 million in the last fiscal year — with more than one in 10 firms losing over $10 million —according to a new report from   The Cybersecurity Imperative, a global thought leadership program produced by independent researcher ESI ThoughtLab...

Harvard University invests in Litigation Finance Fund

Non-Life, Reinsurance, Risk Management       Jul 16, 2019

Harvard University is committing more capital to a strategy that backs plaintiffs in commercial disputes, delivering robust uncorrelated returns.   The strategy is run by IMF Bentham Ltd., a publicly traded company which last week finished raising $500 million for a fifth litigation fund that will...

EU braces for No-Deal Brexit if Johnson becomes UK Prime Minister

Eco/Invest/Demography, Non-Life, Reinsurance       Jul 16, 2019

  London: The European Union is bracing for either a no-deal Brexit or another delay if Boris Johnson becomes Britain’s prime minister next week with a pledge to renegotiate a deal the bloc says it will not reopen. The three-year Brexit crisis could be about to...

7.3 magnitude earthquake rattles Indonesia's Malaku Island

Disaster & Management, Eco/Invest/Demography       Jul 14, 2019

An earthquake measuring 7.3 on the Richter scale struck off the Maluku islands in Eastern Indonesia on Sunday, United States Geological Survey (USGS) said.   The epicentre of the quake, which occurred at around 9:10 (UTC), was registered at a depth of 10 kilometres, about 102...

Johnson & Johnson denials of asbestos in baby powder spur criminal probe

Eco/Invest/Demography       Jul 13, 2019

  The US Justice Department is pursuing a criminal investigation into whether Johnson & Johnson lied to the public about the possible cancer risks of its talcum powder, people with knowledge of the matter said.    The criminal probe, which hasn’t been reported previously, coincides with a...

Facebook to pay $5 billion fine for privacy violations 

Eco/Invest/Demography, Non-Life, Risk Management       Jul 13, 2019

  WASHINGTON: The US Federal Trade Commission (FTC) approved a settlement involving about $5 billion with Facebook over its probe into the tech giant's privacy violations, a media report said on Friday.    FTC commissioners voted by 3-2 with Republicans in support and Democrats in opposition to...

A Ford-Volkswagen alliance with Argo could redraw self-driving sector

Non-Life, Technology       Jul 12, 2019

  DETROIT: An expanded alliance between Ford Motor Co and Volkswagen AG that includes a partnership in Ford self-driving unit Argo AI could redraw the balance of power in autonomous vehicles.   A Ford-VW collaboration with Argo, the Pittsburgh-based start-up that has spearheaded Ford’s self-driving development since...

India lifted 271 mn out of poverty in 2006-16 at fastest rate globally: UN

Eco/Invest/Demography       Jul 12, 2019

  United Nations: India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as "assets, cooking fuel, sanitation and nutrition," a report by the United...

Pakistan examines ways to bolster insurance penetration

Life, Non-Life       Jul 24, 2019

Pakistan’s securities watchdog is examining ways to support the country’s struggling brokerage and insurance industries under its latest chief.   The Securities and Exchange Commission of Pakistan is working more closely with insurers and seeking solutions for securities firms that are dealing with a stock-market slump,...