International News

Boeing faces spate of Lawsuits after second 737 MAX 8 Crash

Risk Management       Mar 15, 2019

  Lawyers are already targeting Boeing Co. for Sunday’s Ethiopian Airlines disaster even while investigators are still trying to figure out what caused two 737 Max 8 jetliners to go down in a span of five months, killing 346 people.   Boeing faces the prospect of substantial...

Boeing to upgrade 737 MAX stall prevention system in 10 days: Source

Risk Management, Technology       Mar 15, 2019

  NEW YORK: Boeing will roll out an upgrade to the software in the MCAS stall prevention system on the 737 MAX aircraft that have had two deadly accidents in recent months, an industry source told AFP.    The system was implicated in the crash of a...

40 killed in New Zealand mosque shootings

Eco/Invest/Demography, Risk Management       Mar 15, 2019

CHRISTCHURCH: Mass shootings at two mosques full of worshippers attending Friday prayers killed 40 people on what the prime minister called "one of New Zealand's darkest days," as authorities detained four people and defused explosive devices in what appeared to be a carefully planned attack.   ...

Tata Motors’ JLR recalls 44,000 cars over CO2 emission levels

  LONDON: Tata Motors owned Jaguar Land Rover (JLR) has initiated a voluntary recall of around 44,000 cars in the UK over higher than certified levels of carbon dioxide (CO2) emissions.   The UK-based luxury car-maker said on Thursday that it will contact the owners of the...

Boeing's $600-bn orders at risk as clients rethink 737 Max purchases

Risk Management       Mar 14, 2019

  Boeing Co.’s $600 billion-plus order book for its 737 Max began shaking after several big customers threatened to reconsider their purchases in the wake of the Ethiopian Airlines crash, the second deadly accident involving the plane since October.   VietJet Aviation JSC, which doubled its order...

Trump Budget would cut Crop Insurance subsidies

Eco/Invest/Demography       Mar 13, 2019

President Donald Trump’s “I LOVE YOU!” tweet to farmers is facing another challenge: Budget cuts that will slash subsidies for crop insurance and small growers.   Trump’s 2020 budget, released Monday, calls for a 15 percent funding drop for the Department of Agriculture, citing “overly generous”...

Uber settles Driver Classification disputes for $20 mn

Employee Benefits       Mar 13, 2019

  Uber Technologies Inc. will pay $20 million to settle California lawsuits challenging the company’s classification of drivers as independent contractors, and not employees owed the benefits of traditional employment.   Resolution of the long-standing fight over benefits and pay comes as Uber is preparing for its...

Boeing faces crisis with worldwide grounding of 737 MAX jetliners

Risk Management       Mar 13, 2019

   The United States grounded Boeing Co's money-spinning 737 MAX aircraft on March 13 over safety fears after an Ethiopian Airlines plane crash that killed 157 people, leaving the world's largest planemaker facing its worst crisis in years.   The US Federal Aviation Administration (FAA) cited new...

China Re launches renewable energy consortium for offshore windfarm risks

Non-Life, Reinsurance, Technology       Mar 11, 2019

   London: China Re Corporation (“China Re”) today announces the launch of a renewable energy consortium at Lloyd’s, focused on project specific reinsurance for the construction and operation of offshore wind farms in mainland China. China Re’s Syndicate 2088 manages and co-leads the consortium along with...