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Casino giant MGM expects $100 million hit from hack that led to data breach
The MGM data breach, which the FBI is investigating, is a vivid...
Death toll from strong earthquakes that shook western Afghanistan rises to over 2,000
The United States Geological Survey said the quake's epicenter was...
Reinsurance markets diverge at 1.1 renewal:Willis
James Kent, Global CEO of Willis Re, said: “Other than retro aggregate, some treaty aggregate covers, and liability placements viewed as inadequately priced, most buyers have been able to secure the capacity they require, albeit at considerably increased prices in some of the stressed classes of business. Reinsurers’ client-centric underwriting meant preferred clients achieved their renewal requirements for pricing and conditions more straightforwardly than others. An understandable outcome of this has been a wide variance in the quoting process, which increased the challenge in establishing market clearing prices.”
Allianz buys U.K.’s LV General Insurance Group and Legal & General’s non-life unit
The completion of these deals positions Allianz Holdings plc as the number two general insurer in the U.K., based on full year 2018 figures, the company said, noting that the combined businesses had a gross written premium income of over £4 billion ($5.3 billion) and a market share of 9 percent.
Financial services industry must act faster on climate change: Bank of England Chief
“To deliver, there needs to be shared understanding about what’s necessary. it is reasonable for there to be debates at the margin about where does the role of the state stop and what’s the role of markets,” Carney said.
China’s gene-editing scientist jailed for three years in modified baby case
The scientist, from the Southern University of Science and Technology in Shenzhen, claimed in November last year that he had manipulated the embryos with a gene-editing technique known as CRISPR in a bid to make them immune to HIV infection
China’s big bang opening of its $45 trillion financial industry, foreign life insurers can set up 100%-owned units
To kick off the new year, foreign insurers can apply to set up 100%-owned units offering life insurance, a segment that accounts for three-quarters of the Chinese insurance market. Joint ventures — of which ICBC-AXA Assurance Co. is the biggest — brought in 8% of the sector’s total premiums last year, but have not been growing as fast as domestic competitors, according to Fitch Ratings.
India may overtake Germany to become fourth-largest economy in 2026: Report
Referring to Prime Minister Narendra Modi-led government’s target of taking the economy to $5 trillion by 2024, it said, “India is also set to reach a GDP of $5 trillion by 2026 2 years later than the current government target.”
Long-awaited U.S. drone safety rules call for extensive tracking network
The long-awaited draft rules call for a massive new tracking network for everything from toys to larger commercial drones so that law enforcement can spot the devices flying anywhere, from congested urban areas to the most rural zones
Bek Air planewith 100 on board crashes in Kazakhstan, 14 killed
The aircraft was identified as a Fokker-100, a medium-sized, twin-turbofan jet airliner. The company manufacturing the aircraft went bankrupt in 1996 and the production of the Fokker-100 stopped the following year.
Global shares reach record highs on trade optimism, festive cheer
The rally in global shares contrasts with a plunge late last year, when the Sino-US trade war had sapped investor confidence. The worries scuttled capital expenditure plans over much of 2019, but strong employment and signs of an improving global economy suggest that will change next year.
City of London’s unity begins cracking over Brexit trade deal: Opinion
Under Johnson’s current agreement with Brussels, British financiers will in 2021 lose their so-called EU “passporting” rights (which allow them to work anywhere in the bloc). The U.K. and the EU have agreed instead on the principle of “equivalence,” which will give the City access to the EU for many financial services as long as Britain adheres to Brussels rules.