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Up to 4,000 financial firms could fail due to COVID, says UK regulator
“At end of October we’ve identified there are 4,000 financial services firms with low financial resilience and at heightened risk of failure,” said Sheldon Mills, the FCA’s executive director of consumers and competition.
“These are predominantly small and medium sized firms and approximately 30% have the potential to cause harm in failure.”
U.S. considering adding Alibaba, Tencent to China investment ban
Some investors expressed skepticism, however, that Alibaba and Tencent would face long-term restrictions – given that they are worth a combined $1.3 trillion, widely held by U.S. investors and the likely reputational and financial hit to U.S. stock markets.
Exxon, under investor pressure, discloses emissions from burning its fuels
Most major oil companies already report Scope 3 emissions and some have reduction targets, including Occidental Petroleum, which in November set a goal to offset the impact of the use of its oil and gas by 2050. Exxon said it made the disclosure due to investor interest.
The so-called Scope 3 data is included in its latest Energy & Carbon Summary released
Severe allergic reactions reported in the US after getting COVID-19 vaccine, but CDC says cases are rare
The Centers for Disease Control and Prevention said early safety monitoring has detected 21 cases of anaphylaxis, a severe allergic reaction, after receiving the Pfizer-BioNTech COVID-19 vaccine.
Anaphylaxis is a serious, life-threatening allergic reaction and requires immediate medical attention, according to the American Academy of Allergy Asthma & Immunology. Symptoms can include skin rash, nausea, vomiting, difficulty breathing and shock. The most common anaphylactic reactions are to foods, insect stings, medication and latex.
Natural disasters cause $210 billion in damage in 2020, insurer says
Losses that were insured rose to $82 billion from $57 billion in 2019, Munich Re said. They add to the burden of the coronavirus pandemic that has hit the insurance industry hard.
“Climate change will play an increasing role in all of these hazards,” said Munich Re board member Torsten Jeworrek, pointing to hurricanes, wildfires and other storms.
“It is time to act,” he said.
Global economy expected to expand by 4% in 2021: World Bank
“While the global economy appears to have entered a subdued recovery, policy makers face formidable challenges – in public health, debt management, budget policies, central banking and structural reforms – as they try to ensure that this still fragile global recovery gains traction and sets a foundation for robust growth,” said World Bank President David Malpass .
“To overcome the impacts of the pandemic and counter the investment headwind, there needs to be a major push to improve business environments, increase labour and product market flexibility, and strengthen transparency and governance,” he said.
EU regulator approves Moderna vaccine as fears grow over virus variants
The EU has ordered 160 million doses of the shot developed by Moderna, a U.S. biotech company, enough to vaccinate 80 million people in its 27 member states.
Peruvian minister raises ‘controversy’ over Pfizer vaccine liability clause
Several other countries, including Brazil and Argentina, have raised concerns about liability waivers in their negotiations with Pfizer.
World Bank officials said on Tuesday they were working with countries to address the liability waiver issue which they said had emerged as one of the key obstacles to sealing vaccine supply deals.
AM Best ranks UnitedHealth Group and Allianz SE as world’s largest insurers
Allianz SE and Prudential Financial, Inc. jumped ahead of AXA S.A. into the No. 1 and No. 2 spots, respectively, in AM Best’s ranking by 2019 non-banking assets.
Aviation reinsurance rates rise by up to 250% – report
Insurers and reinsurers face claims from the crashes relating to hull and product liability that could amount to more than $2 billion, a large sum in a relatively small insurance sector, Willis Re International chair James Vickers told Reuters.
Aviation underwriters are also suffering from lower premiums due to worldwide lockdowns and travel bans, as insurance contracts are often negotiated based on the amount of time planes spend in the air.