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Eurostar cancels trains due to flooding, stranding hundreds of travelers in Paris and London
The U.K. has been battered by strong, gusty winds and heavy rain...
China revises company law to tighten capital contribution rules
PricewaterhouseCoopers said on its social media account last month...
Pandemic will intensify risks for insurers,says EU watchdog
“The COVID-19 has further intensified the pre-existing challenges posed by the prolonged low-yield environment, a fundamental risk for both insurance and pension sectors.”
‘So far, so good’ on leading COVID vaccine, says AstraZenec
AstraZeneca has already reached deals with countries to make more than 2 billion doses of its COVID-19 vaccine, developed in partnership with the University of Oxford, and says it could be approved by the end of this year.
EU imposes the first ever sanctions against cyber-attacks
As part of the measures, the six individuals and assets of the three institutions will be frozen and the people involved won’t be allowed entry into the bloc, the EU said in a statement on Thursday, adding that EU companies and individuals are forbidden from sending funds to those on the list
Swiss Re swings to a loss of $1.1 bn in H1, Combined ratio worsens to 115.8%
“We expect the claims and reserves we have booked in the first half of 2020 to cover the majority of our ultimate COVID-19 losses,” said Swiss Re Chief Executive Christian Mumenthaler
“Coronavirus effects will be felt for decades”:WHO
“The pandemic is a once-in-a-century health crisis, the effects of which will be felt for decades to come.”
Facebook raises settlement to $650 million in facial recognition lawsuit
The social media giant reached a $550 million settlement in January regarding the same lawsuit, which started in 2015, when Illinois users accused the company of violating the state’s Biometric Information Privacy Act in collecting biometric data.
In 2019, a U.S. Circuit Court of Appeals court swatted away Facebook’s claim that facial recognition data did not count as biometric data, stating that “development of face template using facial-recognition technology without consent (as alleged here) invades an individual’s private affairs and concrete interests.”
Southeast Asia poverty to surge in ‘socio-economic crisis’:U.N.
“Without alternative income, formal social protection systems or savings to buffer these shocks, workers and their families will be pushed into poverty, reversing decades of poverty reduction.”
The region-wide economy was expected to contract by 0.4 per cent in 2020, it said, while remittances from Southeast Asians working abroad were likely to fall by 13 per cent or $10 billion.
Gilead raises sales outlook to include COVID-19 treatment remdesivir
Demand for remdesivir continues to outstrip supply in many parts of the world.
Gilead’s chief executive, Daniel O’Day, on a conference call, said the company expects by the end of September to be producing enough remdesivir to meet real-time global demand.
Gilead said it still expects to manufacturer 2 million or more remdesivir treatment courses cumulatively in 2020, and its revenue outlook reflects expected sales of up to 1.5 million courses this year.
Global health agencies fear wealthier countries will go it alone on Covid-19 vaccines
“There is a risk that some countries are doing exactly what we feared – which is every man for himself,” said Gayle Smith, former head of the US Agency for International Development and CEO of the One Campaign, a non-profit aimed at ending poverty and preventable disease.
Swiss Re reshuffles APAC management team
According to a Swiss Re announcement on Thursday, Sharon Ooi,currently managing director, head of P&C underwriting APAC, based in Singapore will relocate to Sydney to become head of Australia and New Zealand,
Sharon will replace Mark Senkevics who in turn will take charge of Ooi’s current role and lead Swiss Re’s APAC property and casualty (P&C) underwriting business from Sydney,