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SEC stays climate disclosure rule amid legal challenges
The U.S. Securities and Exchange Commission’s first-of-its-kind...
Baltimore shipping set to resume by end of April with full capacity by end of May
The Port of Baltimore ranks first in the United States for the...
India recorded largest reductions in malaria cases in South-East Asia between 2000-2019: WHO
“Countries in South-East Asia made particularly strong progress, with reductions in cases and deaths of 73 per cent and 74 per cent, respectively. India contributed to the largest drop in cases region-wide from approximately 20 million to about 6 million, WHO Director-General Dr Tedros Adhanom Ghebreyesus said in the report’s forward.
Biden plan to end U.S. fossil fuel subsidies faces big challenges
Doing away with tax breaks on producers of fuels that emit greenhouse gases would fit neatly with Biden’s pro-climate agenda, which marks a reversal from Trump’s efforts to roll back climate regulations while boosting fossil fuel output.
It would help establish the United States as a global leader on climate, potentially helping convince other big emitters to axe fossil fuel subsidies.
AXA to sell its Gulf business to GIG for $269 mn
“This transaction marks another step in AXA’s continued simplification journey. We are convinced that AXA’s operations in the Gulf region will benefit from GIG’s leadership and scale in the region, to further pursue their focus on delivering growth and excellent customer service. I would like to thank the management teams and all the employees of our operations in the Gulf region for their continuous contribution and engagement over the years, and wish them all the success for the future, said Thomas Buberl, CEO, Axa.
Aegon to sell its Central and Eastern European business to VIG
“This transaction will simplify Aegon’s footprint and strengthen our balance sheet.We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value. I would like to thank our employees in Hungary, Poland, Romania and Turkey for their significant contribution to Aegon over the years. We believe that our businesses will benefit greatly from the vast experience of VIG, a leading insurance group in the region””, said Lard Friese, CEO of Aegon.
Moderna to ask US, European regulators to OK its vaccine for emergency use
Moderna created its shots with the U.S. National Institutes of Health and already had a hint they were working, but said it got the final needed results over the weekend that suggest the vaccine is more than 94% effective.
Moderna is just behind Pfizer and its German partner BioNTech in seeking to begin vaccinations in the U.S. in December. Across the Atlantic, British regulators also are assessing the Pfizer shot and another from AstraZeneca.
Swiss Re to set up new fund for institutional and designated investors to access Nat Cat biz
Martin Bisping, CEO of Swiss Re Insurance-Linked Investment Management said: “This new fund will open a unique opportunity for investors to invest in the same book of business as Swiss Re, benefitting from Swiss Re’s global reach, client access, risk knowledge and underwriting.“
Russian hospital says it began civilian coronavirus vaccinations last week
Domodedovo’s Central City Hospital said on its website that residents wanting for inoculation had to register on a government website in advance and bring along a negative COVID-19 test result and ID documents on the day.
Pandemic Motors: Europeans snap up old cars to avoid public transport
The surge in interest in used cars is neither good news for struggling mass transit networks nor the environment as dirty old cars appear to be more in demand than new electric vehicles.
In the longer term, however, the shift away from public transport towards “individual mobility” in the pandemic era is expected to help carmakers, hit by a 27% slump in new vehicle sales across Europe in the first 10 months of 2020.
Insurers winning most, but not all, Covid-19 business interruption lawsuits
The stakes are high for thousands of businesses. The outbreak has led to a surge in U.S. bankruptcies, including rental-car company Hertz Global Holdings Inc. Century 21 Stores said it couldn’t survive after its insurer denied its business-interruption claim.
But the pandemic is also squeezing insurers. In the second quarter — after the initial shutdowns — Chubb Ltd. reported $1.16 billion in Covid-19 losses. Munich Re said this month coronavirus losses keep growing. Overall, the industry could face at least $100 billion in total underwriting losses from the pandemic, Lloyd’s of London predicted in May.
Tokyo 2020 organisers estimate Games postponement cost $1.9 billion – media
The postponement costs include payment to staff as well as the introduction of new systems for refunding tickets but do not include measures against the spread of the coronavirus, the newspaper said.
The organisers had originally estimated that the delay would cost nearly 300 billion yen but they were able to reduce that figure by simplifying some events, the report said.