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Climate change damage to infrastructure poses ‘huge’ financial risks
Disasters are causing average losses of $732 billion-$845 billion...
Treasury’s Yellen says US overdependent on China for critical supply chains
U.S. Treasury Secretary Janet Yellen The U.S. would face national...
Record-setting heatwave and costly severe weather sweep across Europe in June
Michal Lorinc, Catastrophe Analyst within Aon’s Impact Forecasting team, said: “An active start to summer in the Northern Hemisphere featured many large-scale weather events including severe thunderstorms, flooding, extreme heatwaves, and drought. Europe was at the center of many of these perils as record temperatures engulfed parts of France, and large hail and damaging winds led to more than USD730 million in insured costs in Germany alone. Impact Forecasting currently has a fully probabilistic hail model available for several European countries to help clients better understand the growing risks associated with hail to property exposure.”
Brazil undertakes sweeping pension sector reforms
As it currently stands, the bill would set a minimum retirement age of 65 for men and 62 for women, with a transition period of 12 to 14 years. If enacted as approved by the lower house, the legislation would save the state over 900 billion reais ($236 billion) over a decade.
Top 10 states have 83% penetration of outstanding portfolio: Equifax-SIDBI study
The SIDBI-Equifax quarterly study revealed 20 per cent growth of volume in loan disbursements. Highest number of loans as of FY19 are disbursed in 20,000-30,000 ticket size category followed by 30,000-40,000 ticket size category whereas ticket size category of 50,000-60,000 saw the highest increase by 67% from FY18 to FY19.
Adani’s new ‘big money maker’ plan: Selling data services to Amazon, Google
India’s government is weighing a new law that would require data to be stored locally, and his conglomerate Adani Enterprises Ltd. has said it expects to invest Rs 700 billion ($10.2 billion) to build data parks in a southern state over the next two decades.
India to receive below-average monsoon rains in next 2 weeks: Report
Monsoon rains are crucial for farm output and economic growth, as about 55% of India’s arable land is rain-fed, and agriculture accounts for about 15% of a $2.5-trillion economy that is the third biggest in Asia.
French utility EDF prepares its nuclear reactors for climate change
The company has created a team of 15 climate experts to better predict the impact of a changing climate on its operations and the surrounding environment. The team, formed in 2015, studies several metrics including river temperatures, wind and solar power output, sea levels and the resilience of its power plants to flooding and lightning
Bill to fix ‘menace’ of illegal deposit schemes gets Cabinet nod: Minister
“The bill will help tackle the menace of illicit deposit taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard earned money,” an official release said.
Passenger vehicle sales decline by 18% in June, car sales down 25%: SIAM
Domestic car sales were down 24.97 per cent to 1,39,628 units as against 1,83,885 units in June 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Wednesday.
Deposits in Jan Dhan accounts cross Rs 1 lakh crore
Enthused by the success of the scheme, the government enhanced the accident insurance cover to Rs 2 lakh from Rs 1 lakh for new accounts opened after August 28, 2018. The overdraft limit has also been doubled to Rs 10,000.
Govt document proposes 74% FDI in insurance
Sitharaman did not provide many details about the proposals, but there are plenty of clues about the directions the government may be heading in a government document, dated May 3, seen by Reuters. And they may be more ambitious than those made public on Friday.