Thorsten Steinmann joins from Swiss Re, where he was most recently...
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European regulator says it would pull Boeing approval if needed
European Union Aviation Safety Agency's (EASA) acting executive...
Chemicals in plastics far more numerous than previous estimates, report says
While the United Nations Environment Programme (UNEP) had...
Blast at Chinese recycler shows battery supply-chain risks
The explosion is likely to renew scrutiny of safety risks in battery use and recycling, a still developing industry in which metals are recovered for reuse from spent packs. Lithium-ion batteries — used in toothbrushes to electric cars and as energy storage for utilities — are a key tool in curbing global emissions, but have occasionally caused fires that are difficult to douse.
EU may ask too high a price for financial services trade, BoE warns
Bank of England Governor Andrew Bailey said on Wednesday.European daily share trading worth 6 billion euros ($7.36 billion) left the City of London for the continent this week in the first tangible sign of Brexit’s impact on Britain’s 130 billion-pound ($176 billion) finance industry.
The EU has asked Britain about its intentions to diverge from the bloc’s rules, which could make it harder for Brussels to grant equivalence-based direct access for the City of London.
Boeing to pay $2.5 billion to settle U.S. criminal probe into 737 MAX crashes
The crashes “exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” acting Assistant Attorney General David Burns said in a statement accompanying the agreement.
“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 MAX airplane and engaging in an effort to cover up their deception,” Burns said, referring to the Federal Aviation Administration.
U.S. taxpayers to pay Capitol siege tab as government shuns insurance
Taxpayers will pay for damages because federal agencies rarely carry insurance, industry and policy sources said. “Taxpayers will be on the hook for repairs to the Capitol,” said Stephen Ellis, president of Taxpayers for Common Sense, a U.S. budget watchdog group.
In terms of repair and cleanup expenses, the federal government has long considered insurance not worth the expense.
Tokyo Olympics “Safe And Secure” despite Coronavirus emergency: Organiser
Prime Minister Yoshihide Suga said Thursday that Japan is committed to holding a “safe and secure” Olympics, and that he believes the public mood will change when the country begins vaccinations, currently scheduled for late next month.
But International Olympic Committee member Dick Pound told the BBC that he could not “be certain” the Games will go ahead, because “the ongoing elephant in the room would be the surges in the virus”.
World’s worst internet shutdowns cost India $2.8 Billion in 2020
The cost of internet blackouts were calculated using indicators from groups including the World Bank, International Telecommunication Union, and the Delhi-based Software Freedom Law Center. It includes social media shutdowns in its calculations.
Elon Musk surpasses Amazon’s Jeff Bezos as world’s richest person
The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.
The world’s 500 richest people added a record $1.8 trillion to their combined net worth last year, equivalent to a 31% increase. The gains were disproportionately at the top, where five individuals hold fortunes in excess of $100 billion and another 20 are worth at least $50 billion.
Final industry loss footprint for Australia’s 2019/2020 Bushfires at AUD 1,866m: PERILS
“One year on from the Black Summer bushfires, this release of the final loss report provides a timely reminder of the devastation such an event can cause to local
communities. This was one of several major Cat events to impact Australia in 2020, with the insurance industry playing a critical role in enabling affected communities to rebuild during the year. The detailed data resolution in this updated industry loss footprint can enhance the insurance industry’s understanding of the impact of future bushfire events as there is always more to learn about these devastating losses.”
Thai Re launches ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology
Through the launch of its “Insurer Network” platform on IBM Cloud, Thai Re will streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners, making it easier for those insurers to grow their businesses.
Using blockchain technology on the highly secured IBM Cloud, the platform will allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts.
Who’s on the hook if Covid -19 vaccines go wrong?
Adar Poonawalla, the chief executive of Serum Institute of India Ltd., the world’s largest vaccine maker by volume, wants indemnity. Competitors tripping up one another by instigating frivolous civil suits isn’t a trivial risk for the likes of Poonawalla, who’s manufacturing the jab developed by AstraZeneca Plc and Oxford University.