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Tesla, Musk beat shareholder lawsuit over self-driving promises
Elon Musk,CEO,Tesla U.S. District Judge Araceli Martinez-Olguin in...
EU privacy regulator fines Meta €91M over password storage in GDPR violation
The inquiry was opened five years ago after Meta notified Ireland’s...
Hong Kong’s strict quarantine rules threaten to erode allure of financial hub
Hong Kong’s decision in August to increase mandatory hotel quarantine to three weeks for arrivals from most countries has prompted a backlash from banks, hedge funds, and traders who say it is hampering new investment into the asset management market and risks setting off a brain drain. Financial services contribute around 20% to Hong Kong’s gross domestic product, government statistics show.
20 APAC re/insurers record a higher premium of $821.4bn in 2020, COVID induces demand for life & health products, GlobalData
Seven players reported more than 5% rise in premiums earned. In addition, the top companies maintained financial robustness through flexible hedging of assets under management.The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance; and Taiwan-based Cathay Financial.Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.
China Reinsurance reported 19.2% increase in y-o-y revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.
Prosus doubles down on India with $4.7 bln deal for BillDesk
PayU processed $55 billion in payments in the year ended March 31, 2021, a 51% increase on the previous year.
“This is really a transformative transaction for PayU and its position as one of the leading payment and fintech providers in India and actually in the world,” Prosus CEO Bob van Dijk said on a media call.
Japan tests first autonomous cargo ship
The Nippon Foundation estimates that taking into account factors like artificial intelligence, which should improve efficiencies, the development of unmanned ships will have a positive impact of about 1 trillion yen ($9 billion) for Japan’s economy in 2040.
There are other foreseeable benefits too, such as lower insurance premiums and improved safety,Satoru Kuwahara, a general manager at Nippon Yusen subsidiary Japan Marine Science Inc, said.
Studies on shipping industry safety show that around 70% of maritime accidents are caused by human error. “With the issue of Japan’s shrinking workforce in mind, there’s growing need for these technologies to uphold safety,” he said.
More than $19B in PE insurance sector M&A already at record high
This year’s disclosed deal value is nearly double that of the $10.61 billion in 2019 and is the highest amount on record for at least a decade.First half highlights include two large publicly listed PE firms buying insurance assets.
The largest deal was Apollo Global Management Inc.’s planned merger with retirement services company Athene Holding Ltd. in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene.
The five big public PE firms — Apollo, Blackstone, The Carlyle Group Inc., KKR & Co. Inc. and Ares Management Corp. — have all bought into insurance companies over the past two years. The acquisitions are not all typical deals for sector exposure. Some of the firms have said their insurance company buyouts will sit on the balance sheet, provide synergies with PE and become a source of permanent capital.
Hurricane Ida lashes Louisiana, knocking out power in New Orleans
U.S. President Joe Biden declared a major disaster in Louisiana, ordering federal assistance to bolster recovery efforts in more than two-dozen storm-stricken parishes. Ida slammed ashore around noon near Port Fourchon, Louisiana, a hub of the Gulf’s offshore energy industry, blasting the coast with hurricane-force winds extending 50 miles (80 km) out from the eye of the storm. Landfall came 16 years to the day after Hurricane Katrina, one of the most catastrophic on record, struck the Gulf Coast.
Asian tourism sees ups, downs in 2nd year of pandemic
Across the Asia-Pacific region, international tourist arrivals were down 95% in the first five months of the year, compared to the same period before the pandemic in 2019, according to the UN World Tourism Organization.
Alibaba fires 10 for leaking sexual assault accusations
The Alibaba incident this month shone a spotlight on criticisms that Chinese women are overlooked, objectified or forced to take part in male-dominated rituals like drinking with clients, then brushed aside when reporting abuse. It coincides with intense government scrutiny on issues ranging from exploitative and monopolistic behavior to the abuse of low-wage workers.
China market regulator says it will tighten oversight of sharing economy
SAMR said on its website that price hikes in the system built around the sharing of resources were effectively contained due to its oversight.
M&A in global insurance sector remain subdued during H1
Despite witnessing robust U.S.Mergers and acquisitions (M&A) activities, the global insurance industry fell 3% in the first half of 2021. There were 197 completed deals worldwide, down from 206 in the second half of 2020, said Clyde & Co.’s...