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Disaster Recovery: Rebuilding Turkiye with resilience
Shaken by a series of devastating earthquakes,Türkiye has...
RBI allows insurers to deal with interest rate derivative products
``Such forward contracts will enable long-term investors such as...
Chinese military seen behind Japan Cyber-attacks, NHK Says
The cyber-security firm FireEye Inc., which characterizes Tick as a suspected Chinese espionage group with attacks dating to at least 2009, has seen it target hundreds of Japanese organizations. These include research institutions and government agencies, said John Hultquist, vice president of intelligence analysis at the firm.
`Insurer can’t invest more than 10% of their outstanding debt in a single InvIT/REITs issue’
-The cumulative Investments in Units and Debt Instruments of InvITs and REITs shall not exceed 3% of total fund size of the Insurer at any point of time.
– No investment can be made in Debt instruments of an InvIT/REIT where the sponsor is under the promoter group of the insurer.
Investment in Debt Instruments of InvIT will form part “Infrastructure Investments”.
Oxygen leak kills 22 in Indian hospital as coronavirus infections mount
The incident in the city of Nashik, one of India’s worst-hit areas, happened after the tank of gas leaked, said Rajesh Tope, the health minister of Maharashtra, the richest state, where the city is located.
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.