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Adani’s bribery scandal raises concern on market, public disclosure lapses
"The Adani Group can argue about the materiality of the...
FPI selling spree continues in Nov at Rs 26 533 cr, intensity of outflow reduces
The relentless selling by FIIs continued in November. After selling...
Munich Re to no longer cover events cancelled for pandemics
The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis.
Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would remain in the business but that the tweak in its strategy was a result of the pandemic. The resinsurer will also adjust prices for event cancellation coverage, he said.
The cancellation and postponement of sports events like the Olympics in Tokyo as well as concerts have been a major burden for Munich Re, which expects a total of 4 billion euros ($4.85 billion) in COVID-related losses.
France to help farmers to abandon glyphosate weedkiller developed by Bayer’s Monsanto
Glyphosate, first developed by Bayer’s Monsanto under the Roundup brand, has generated intense global debate over its safety since a World Health Organization agency concluded in 2015 that it probably causes cancer.
While regulators worldwide have determined glyphosate to be safe, Bayer agreed in June to settle nearly 100,000 U.S. lawsuits for $10.9 billion, denying claims that Roundup caused cancer.
German prosecutors probe EY auditors over Wirecard collapse
EY said on Friday that “it is not aware of any indications of criminal behaviour by its auditors at Wirecard. EY has supported the investigations of the responsible authorities from the outset and will continue to do so in full.”
Wirecard collapsed into insolvency in June after EY, its auditor for more than a decade, was unable to confirm the existence of 1.9 billion euros ($2.3 billion) purportedly held in offshore trustee accounts.
New EU-U.S. data transfer pact? Not any time soon, says EU privacy watchdog
The European Union is also trying to devise different ways to manage its data transfers with the rest of the world after the CJEU said privacy watchdogs must halt or prohibit transfers outside the EU if other countries cannot assure that the data will be protected.
More than 5,000 companies had signed up to the Privacy Shield set up in 2016 when the Luxembourg-based EU Court of Justice (CJEU) scrapped it in July this year, disrupting their businesses and exposing them to the risk of privacy lawsuits.
Asia Pacific Financial Services has ensured resilience amid the pandemic: Microsoft Study
“One thing is clear: the industry’s rapid response, reflected in the increase of maturity in adopting a culture of innovation, across people, process, technology and data practices, has paid dividends,” explained Connie Leung, Regional Business Lead, Financial Services, Microsoft Asia.
How India’s premier cyber agency is fighting evolving threats
According to Dr Sanjay Bahl, Director-General, CERT-In, they have seen different set of attacks during the pandemic and the threat actors primarily employed references related to COVID-19 in phishing attacks to steal sensitive information and drop additional malware.
“The threat actors devised new strategies to target victims with scams or malware campaigns using legitimate corporate branding in the name of COVID-19 and names of trusted organisations in phishing attacks in order to attain credibility and to lure victims,” Bahl told IANS.
Kia Motors recalling 295,000 vehicles due to risk of engine fires
Last week, the National Highway Traffic Safety Administration announced that Kia and Hyundai must pay USD 137 million in fines and for safety improvements because they moved too slowly to recall more than 1 million vehicles with engines that can fail.
The fines resolve a three-year government probe into the companies’ behavior involving recalls of multiple models dating to the 2011 model year.
Centre sends countrywide advisory for ‘Bharat Bandh’
In a countrywide advisory, the Union Home Ministry also said the state governments and UT administrations must ensure that the Covid-19 guidelines issued with regard to health and social distancing are strictly followed.
Cyber insurance shifting into personal lines as consumer interest rises in UK:GlobalData
Daniel Pearce, Senior Insurance Analyst at GlobalData, comments: “The need for cyber insurance policies has long been identified in the commercial space, where reliance on technology for day-to-day business activities has grown at an exponential rate. However, individuals have also become increasingly dependent on technology. With their exposure to cyber risks growing, the personal cyber insurance market is burgeoning.”
Covid 19 Pandemic to hit life insurers’ investment income,ULIP and Pension and Annuity business:LIC Chief
TR Alamelu, member, IRDAI explained that that the solution to the issue of under-insurance in the country does not lie in mandating insurance because a stage has been reached where insurance should be a product on “demand” and It cannot be forced upon consumers by the industry or other stakeholders.