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Deepfake video meeting with fake CFO costs company $25.6 mn
The company employees in the call looked and sounded like real...
Investors dig into India’s stock market as China flounders, discount risks
Global investors' desire to own a piece of the brightest market in...
India tops a million coronavirus cases as pandemic hits villages
India recorded 34,956 new infections on Friday, taking the total so far to 1.004 million, with 25,602 deaths from COVID-19, federal health ministry data showed. That compares to some 3.6 million cases in the United States and 2 million in Brazil – both countries with populations under 400 million.
Epidemiologists say India is still likely months away from hitting its peak of cases, suggesting the country’s already overburdened healthcare system will come under further strain.
IMF chief warns global economy ‘not out of the woods,’ dangers lurk
The IMF last month further slashed its 2020 global output forecasts, predicting a 4.9% contraction and weaker-than-expected recovery in 2021.
IMF Managing Director Kristalina Georgieva said $11 trillion in fiscal measures by G20 members and other countries, as well as massive central bank liquidity injections, have put a floor under the global economy.
Even so, dangers lurked, she said, including a major new wave of infections, stretched asset valuations, volatile commodity prices, rising protectionism and political instability.
South African regulator cautions insurers over rejection of virus claims
A Cape Town court on June 26 ruled in favor of a restaurant seeking payment from Momentum Metropolitan Ltd.’s Guardrisk Insurance Co. Guardrisk is “in the process of engaging with our legal team to study the judgment and consider the next steps,” a representative said.
Google ties more work tools into Gmail, aiming to get ahead of Microsoft
Google has been trying for more than a decade to catch up with Microsoft Corp’s Office, which dominates the global market for corporate email and document-editing tools.
Both companies have been adding video-calling features and other collaboration tools to attract new business from companies operating from home during the pandemic.
UK Supreme Court to consider landmark Equal-Pay case against Walmart’s Asda
The fallout from the coronavirus pandemic has put renewed pressure on equality in the labor market. But British firms have made mixed progress to narrow the pay gap since the government forced companies to disclose wage data in 2018. On average, men make about 14% more than women.
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
UK Plans to spend $6.6 billion on building flood defenses through 2027
Under the plans, the UK’s Flood Re insurance program will also be modified to allow claims to include the installation of flood resilience measures as well as repairs for affected properties.
“For every pound spent improving protection from flooding and coastal erosion, we avoid around 5 pounds of property damages,” Environment Agency Chairman Emma Howard Boyd said. “The long-term commitments announced today will make homes, businesses and infrastructure more resilient to the accelerating impacts of the climate crisis.”
Russia requires firms to develop financial/insurance contingency plans for oil spills
The law makes it mandatory for companies to have sufficient financial reserves to prevent potential spills or clean them up if they occur. The financial reserves can take various forms, including an insurance contract or a letter of guarantee to pay the damage from a given accident.The law also requires companies handling hydrocarbons to draw up plans to prevent and clean up spills by Jan.1, 2024.
Moderna Phase 1 results show coronavirus vaccine safe,induces immune response
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, whose researchers developed Moderna’s vaccine candidate, called the results “good news,” noting that the study found no serious adverse events and the vaccine produced “reasonably high” levels of virus-killing or neutralizing antibodies.
Afghanistan faces ‘catastrophe’ as COVID-19 cases grow: Red Crescent
Red Crescent Secretary General Nilab Mobarez said acute protective equipment shortages and difficulties in accessing remote regions were hampering its COVID-19 response. But it was expanding mobile health teams and adding thousands of community volunteers to try and detect and prevent the disease, which it said it expected to spread over coming weeks