"The quake's epicentre was at a depth of 30 km in the Hyuganada...
Category:
Risk Management
Latest
India set to reject oil tankers sanctioned by US for transporting Russian oil
A senior Indian bureaucrat told reporters that sanctioned vessels...
WTW launches a new primary cyber insurance solution for businesses in Singapore and Hong Kong
While organisations in Asia race to adopt new technologies such as...
Governments need to be ‘insurers of last resort’ to protect businesses from pandemic risks: Report
Jad Ariss, Managing Director, The Geneva Association, said: “It is a tragedy that businesses, particularly SMEs, have suffered so much financial loss during the pandemic as a result of the lockdowns, which were beyond their control. The public sector had to step in with multi-trillion dollar emergency relief measures. Governments and insurers must work together on how to close the massive protection gap exposed by COVID-19, with governments as the leading players.”
South Africa’s to set up vaccine compensation fund, could cost $17.5 mln in first year
“A contingent liability of approximately R250 million for the first year would be provided for compensation of vaccine injury in a COVID-19 Vaccine NFC (no-fault compensation) Fund,” Health Minister Zweli Mkhize said in written replies to a lawmaker.
TikTok faces claim for billions in London child privacy lawsuit
Anne Longfield, the former Children’s Commissioner for England alleged that every child that has used TikTok since May 25, 2018, may have had private personal information illegally collected by ByteDance through TikTok for the benefit of unknown third parties.
“Parents and children have a right to know that private information, including phone numbers, physical location, and videos of their children are being illegally collected,” she said, as a website to detail the case goes live.
Covid vaccine-makers largely protected on side effects
While some governments will pay compensation due to sufferers, others assume it is the responsibility of the companies even after drug agencies back the vaccines.
In the US, the Public Readiness and Emergency Preparedness Act authorises the health secretary “to limit legal liability for losses relating to the administration of medical countermeasures such as diagnostics, treatments, and vaccines”.
Tesla drives on Autopilot through a regulatory grey zone
The Texas crash follows a string of crashes involving Tesla cars being driven on Autopilot, its partially automated driving system which performs a range of functions such as helping drivers stay in lanes and steer on highways. Tesla has also rolled out what it describes as a “beta” version of its FSD system to about 2,000 customers since October, effectively allowing them to test how well it works on public roads.
Harris County police are now seeking a search warrant for the Tesla data and said witnesses told them the victims intended to test the car’s automated driving. NO REQUIREMENTS
EU aims to set global standards for AI, fines for violations
The move comes as China moves ahead in the AI race, while the COVID-19 pandemic has underlined the importance of algorithms and internet-connected gadgets in daily life.
“On artificial intelligence, trust is a must, not a nice to have. With these landmark rules, the EU is spearheading the development of new global norms to make sure AI can be trusted,” European tech chief Margrethe Vestager said in a statement.
China launches first class-action lawsuit in war against corporate fraud
China introduced the class-action mechanism to capital markets last year as part of efforts to crack down on corporate malfeasance and bolster investor confidence.
Although corporate fraud is not uncommon in China, retail investors have historically had little chance to make their voices heard. Small investors often likened legal action to ants fighting elephants.
Banned since 2019, Boeing 737 Max allowed to overfly India with DGCA nod
The DGCA stated Tuesday that the ban imposed on March 13, 2019 would not be applicable on foreign-registered 737 Max plane that want to overfly “the Indian airspace”. However, such a plane must have the permissions from “regulatory authority of the state of registry” as well as the DGCA.
Large no of Indian adults experienced cybercrime in past 12 months, says report
The report found 70 per cent respondents in India believed that remote work has made it much easier for hackers and cybercriminals to take advantage of people. About two-thirds (66 per cent) said they are more worried than ever before of being a victim of a cybercrime.
Covid-19 will leave deep scars in world economy even after recovery
While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations.