China will continue to open up high-level areas of industry and...
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Google, Apple breakups on the agenda as global regulators target tech
That in turn could inspire watchdogs around the world to pile on,...
China blocks use of Intel and AMD chips in government computers, FT reports
The procurement guidance also seeks to sideline Microsoft's Windows...
Citi trial shows chain of gaffes leading to $900 million blunder
The trial is expected to shine a spotlight on one of the biggest and most embarrassing banking errors in recent memory — one that has already forced Citi to explain its mistake to federal regulators and tighten its internal controls. The case is being closely followed on Wall Street, especially in the syndicated loan industry. A trade group has argued that a win for the creditors could expose banks that facilitate wire transfers and serve as administrative agents to unnecessary risk.
When $2 trillion falls short, the next 2020 may be uninsurable
At the core is the reality that the global non-life insurance industry’s US$2 trillion in capital won’t last in a “black swan” event, such as a cyberattack or another pandemic, that hobbles the global economy.
Insurance markets for events, travel and business interruption have all been roiled by the virus. For those looking to protect against the possibility of pandemics, most will find that firms are offering few safeguards going forward.
Allianz, Europe’s biggest insurer, said it will focus on tightening up contracts to exclude pandemics. Munich Re has stopped selling business-interruption policies that cover coronavirus losses.
AstraZeneca’s Covid-19 vaccine 70.4% effective at preventing the infection
The Company is also making rapid progress in manufacturing with a capacity of up to 3 billion doses of the vaccine in 2021 on a rolling basis, pending regulatory approval. The vaccine can be stored, transported and handled at normal refrigerated conditions (2-8 degrees Celsius/ 36-46 degrees Fahrenheit) for at least six months and administered within existing healthcare settings.
Reinsurers raise $ 22 billion capital in 2020,booked $20b of COVID-19 related losses:Willis Re
In the first nine months of 2020 the global (re)insurers which Willis Re track booked $20b of COVID-19 related losses. This remains considerably below the c.$68b mid-point of top-down loss estimates for the global non-life industry. More is coming with Q4 results with, for example, Munich Re announcing on 1 December that it will book an additional c.€1.1b, said the report.
A number of (re)insurers have included a significant Incurred But Not Reported (IBNR) component in their booked losses due to considerable uncertainty around ultimate COVID-19 losses. This uncertainty is due in part to pending legal rulings, particularly in relation to business interruption (BI) covers, which will decide if and how COVID-19 related claims should be covered.
U.S. cybersecurity firm FireEye discloses breach, theft of internal hacking tools
The FireEye breach was disclosed in a blog post authored by CEO Kevin Mandia. The post said “red team tools” were stolen as part of a highly sophisticated, likely “nation-state” hacking operation. It is not clear exactly when the hack initially took place.
Cyber risk is new threat to financial stability: IMF
“Given strong financial and technological inter-connections, a successful attack on a major financial institution — or on a core system or service used by many — could quickly spread through the entire financial system, causing widespread disruption and loss of confidence.” said Jennifer Elliott and Nigel Jenkinson of IMF’s Monetary and Capital Markets Department
Munich Re’s “Ambition 2025” sets new growth and results targets
Return on equity to increase to 12–14% by 2025
Solvency ratio to remain in the ideal corridor of 175–220%
Extensive decarbonisation strategy: Shifting away from coal, oil and natural gas“
“With our Munich Re Group Ambition 2025, we’ve created a strategy that is uniform across the Group – spanning reinsurance, primary insurance and asset management. We have committed ourselves to ambitious financial targets, and we will continue adding value for our shareholders, clients, staff and communities. The Munich Re Group Ambition 2025 will help us to elevate Munich Re to a new level of success.”said Joachim Wenning,Chairman of the Board of Management
UK warns people with serious allergies to avoid Pfizer vaccine after two adverse reactions
“Any person with a history of a significant allergic reaction to a vaccine, medicine or food (such as previous history of anaphylactoid reaction or those who have been advised to carry an adrenaline autoinjector) should not receive the Pfizer BioNtech vaccine,” it said.
Emissions hit new record, put world on track for 3C warming – U.N
“The year 2020 is on course to be one of the warmest on record, while wildfires, storms and droughts continue to wreak havoc,” said Inger Andersen, UNEP’s Executive Director.
The annual “emissions gap” report measures the gap between anticipated emissions and those consistent with limiting the global temperature rise this century as agreed in the 2015 Paris Agreement.
EU-wide ban would save nature from 500,000 tonnes of microplastics – agency
HELSINKI: Banning the use of microplastics in products such as cosmetics and detergents across the European Union would prevent 500,000 tonnes of microplastics from polluting the environment over 20 years, the EU Chemicals Agency ECHA said on Wednesday. The...