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Asia’s richest person re-joins $100 billion club as stock surges
Mukesh Ambani, chairman, Reliance Industries Ambani, Reliance’s...
Max Life ventures into the United Arab Emirates
Prashant Tripathy, CEO and Managing Director, Max Life said “ With...
16 domestic flight passengers of 3 airlines test positive for COVID-19
A total of 12 asymptomatic passengers, who travelled onboard four flights operated by domestic carrier IndiGo have tested positive for COVID-19, the airline said on May 28
U.S. lawmaker wants insurers, govt. to share future pandemic business losses
The legislation, introduced by Rep. Carolyn Maloney, a Democrat from New York, would provide up to $750 billion in taxpayer funds to pay insurance claims for business loss revenue during future pandemics. Insurers would first have to pay out a total of $250 million in losses, according to the bill.
Insurers are turning their focus to future pandemics after facing lawsuits, political pressure and criticism from customers who say insurers’ business interruption policies denied their claims for pandemic-related losses.
FERMA calls for EU resilience framework for catastrophic risks
FERMA President Dirk Wegener said: “We now aim to deepen discussions with the EU, the Member States and the insurance sector, and to develop solutions for both short-term crisis management and long-term business resilience. FERMA members have expertise and experience in the field of business interruption that we want to contribute to the future resilience of European business.”
Global airline industry struggle to stay afloat
Strict international travel restrictions have been put in place, people are worried about flying, and thousands of airline workers are at risk of losing their jobs.Most of the major global airlines say they’re in desperate need of financial relief or the industry might be at risk of collapsing.
Nilesh Sathe joins NHAI as Finance Advisor
Sathe will help NHAI to garner funds, with long term tenures,for the country’s road development from foreign institutional investors (FIIs),World Bank,Asia Developmemnt Bank (ADB), pension funds abroad and also from domestic institutional investors from India
Nitin Gadkari, minister, ministry of transport, shipping and MSME had earlier said that he had a target to raise Rs 15 lakh crore for road development from overseas markets.
Identify private hospitals to treat COVID-19 patients for free or at nominal cost: SC to Centre
“They have been given land either free of cost or at a very nominal rates. These charitable hospitals should treat patients for free,” the bench observed and posted the matter for hearing after one week.
U.S. sanctions advisory raises hurdles for global maritime industry
U.S. guidelines seeking constant location monitoring of ships, and investigations by insurers of gaps in that tracking, may also prove difficult, industry officials said. The advisory notes that weather often interferes with AIS transponders, and ship captains should have the discretion to go dark to avoid pirates or militants on the high seas.
Private jet demand rises as wealthy Russians spend lockdown in West
In March, there were 250 private jet round flights between Moscow and Europe, flight tracking data from 80 planes registered with Russian and European charter firms show, though the data did not specify how many people were on board each.
Flights continued in April, albeit falling to 61 round trips that month despite Russia suspending regular and commercial charter flights to and from Russia with some exceptions and locking down Moscow, the epidemic’s epicentre.
SCOR joins UN-convened Net-Zero Asset Owner Alliance, alligns its investment portfolio with low-carbon economy
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “SCOR is pleased to join the Net Zero Asset Owner Alliance to promote the transition to a post-coal economy. As a Tier 1 global reinsurer, SCOR has a longstanding commitment to fighting climate change over the long term. Protecting people and property from natural catastrophes and encouraging sustainable development, particularly in a context of intensified climate risk and increased extreme events, are integral parts of the Group’s mission. By joining this initiative and implementing new measures to support the energy transition, SCOR is further strengthening its sustainable approach to investment, as set out in its “Quantum Leap” strategic plan.”
COVID-19 pandemic creating ‘lockdown generation’ as one in six youths stop work:UN
ILO has said that it does not have enough data to determine the overall youth unemployment rate since the coronavirus pandemic began. But, in a survey of people aged 29 and under, the organisation found that worldwide, more than 17 percent of youth had been forced to stop working due to the crisis. And those who have continued to work have had working hours cut, on an average, by 23 percent.