South Korea has made efforts to improve its safety record after...
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Birth rates halve in richer countries as costs weigh, OECD report says
Particularly low total fertility rates were measured in Korea, at...
Industry urges action in Red Sea to stop attacks on merchant shipping by Houthis
Insurance industry sources said on Wednesday there was also...
New Saudi airline plan takes aim at Emirates, Qatar Airways
Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transportation and logistics drive on Tuesday aimed at making the kingdom the fifth-biggest air transit hub.
Delta variant of Covid creates emerging market gap as outperformers hit
“Achievements in terms of vaccination will increasingly be a differentiation factor among emerging markets in the second half,” said Sebastien Barbe, head of emerging-market strategy at Credit Agricole. “The impact of the further spread of the virus variants will vary significantly depending on vaccination rates,” as well as economic and political factors, he added.
China orders Didi to be removed from app stores, days after mega US listing
The Cyberspace Administration of China (CAC) said on its social media feed that it had ordered Didi to make changes to comply with Chinese data protection rules. It did not specify the nature of Didi’s violation.
White House reaching out with assistance to latest ransomware victims
“The two biggest regions we’ve seen are USA and Germany,” Ross McKerchar, chief information security officer at Sophos Group Plc, said of the impact from the latest ransomware. Those affected included schools, small public-sector bodies, travel and leisure organizations, credit unions and accountants, he said.
Picking up speed, tropical Storm Elsa moves towards south-central Cuba
Elsa had arrived earlier in the day in eastern Cuba, whipping palms with strong winds and bringing a steady downpour along with parts of the southern coast. Miami-based NHC said data from an aircraft indicated maximum sustained winds were near 65 miles per hour (100 km per hour) with higher gusts. It had downgraded Elsa from a hurricane on Saturday.
Suez Canal says deal reached to free seized vessel
At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million.
The authority did not reveal details on the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be singed in a ceremony in the Suez Canal city of Ismailia on Wednesday.
The canal authority will receive a tug boat with a pulling capacity of about 75 tonnes as part of a settlement to release the container ship Ever Given, which blocked traffic at the waterway for six days in March, Rabie told a private TV channel.
Getting athletes to Olympics amid global pandemic a logistics nightmare
Although most athletes have been fully vaccinated and Games organizers require negative Covid tests prior to arrival, there have already been some upsets. Two members of Uganda’s Olympic squad tested positive in Japan last month, despite having been inoculated earlier, and over the weekend, a rower from Serbia tested positive.
Insurance companies remain prime targets for Private Equity:AM Best
private equity firms also have infused considerable amounts of capital to spur rapid growth—a strategy that insurers do not typically execute well. In the first year of private equity ownership, 38% of companies reported increases of over 20% in capital and surplus, rising to 43% in year No. 2 and 50% in year No. 3.
Reinsurance rate increases continued for most major lines and territories during July 1 renewals:Willis Re
Momentum continued in the catastrophe bond market, which saw around US$6 billion of new issues in the second quarter of 2021, outstripping all new cat bond capacity issued in 2019. Significant investment inflows have narrowed margins and encouraged new cat-bond cedants.
James Kent, Global CEO of Willis Re, said: “The global reinsurance market is moving towards an equilibrium. Reinsurers, backed by resilient investors delivering an increasing capital base, are robust and well positioned to provide the long-term support their clients expect and need. However, we are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates. Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.”
Delta variant dangerous, continuing to evolve and mutate: WHO chief
“Public health and social measures like strong surveillance, strategic testing, early case detection, isolation and clinical care remain critical,” he said, adding that masking, physical distance, avoiding crowded places and keeping indoor areas well ventilated are the basis for the response.