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Germany is first major economy to phase out coal and nuclear power

by | Jul 4, 2020 | , , , ,

The plan is part of Germany’s ‘energy transition’ – an effort to wean Europe’s biggest economy off planet-warming fossil fuels and generate all of the country’s considerable energy needs from renewable sources.

Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany’s existing commitment to also phase out nuclear power by the end of 2022.

At least 126 killed as Myanmar jade mine collapse buries workers

by | Jul 3, 2020 | , , ,

“There’s no hope for the families to get compensation as they were freelance miners.”

The government of Nobel laureate Aung San Suu Kyi pledged to clean up the industry when it took power in 2016, but activists say little has changed.
Official sales of jade in Myanmar were worth 671 million euros ($750 million) in 2016-17, according to data published by the government as part of an Extractive Industries Transparency Initiative.

Big South African insurers face $232 million in claims from 500 virus-hit firms

by | Jul 3, 2020 | ,

Loss adjustment firm Insurance Claims Africa (ICA) is pushing a host of big South African insurers including Santam , Old Mutual, Hollard and HIC Underwriting Managers to make payouts under business interruption policies sold to its clients.They are firms in the hospitality and tourism industry now on the cusp of closure after virus restrictions brought their businesses to a standstill.

Ryan Woolley, ICA CEO, told journalists on Wednesday that its calculations showed the claims by the firms ICA is representing amounted to between 3.5 billion rand and 4 billion rand, though it had offered the relevant insurers reduced amounts to settle the matter.

Wirecard exposes Big 4 accounting lapses

by | Jul 3, 2020 | , ,

The Big Four have each developed lucrative advisory arms to compete with McKinsey & Co. and other firms to provide the opportunity for revenue growth and brand building that accounting doesn’t. However, regulators say that creates an inherent conflict of interest and encourages the auditors to be restrained in their audits to protect consulting opportunities.

Allianz CEO sees business recovery in 2021 after coronavirus impact

by | Jul 3, 2020 | , , , , ,

Allianz may need a third less office space in the long term, he said. Travel costs could be cut by half. The company’s life insurance segment has held up despite the lack of personal contact between advisors and customers during the crisis. “You will be surprised how well business is developing”, said CEO Oliver Baete

Facebook,YouTube,Twitter to face same EU rules on hateful content as broadcasters

by | Jul 3, 2020 | , , ,

“Online players will have to ensure, in a similar way to traditional media players,that users are protected against hate speech and that minors are protected from harmful content,” the Commission said.

“Online platforms must take action against flagged content, which incites violence, hatred and terrorism, and ensure appropriate advertising and product placement in children’s programmes,” it said.

The non-binding guidelines apply to social platforms where audiovisual content is seen as an essential but not principal part of their business. EU countries, which have until Sept. 19 to implement the rules, will have the final say on the list of companies.

International flights suspended till July 31; may exempt some routes: DGCA

by | Jul 3, 2020 | , ,

Modifying its June 26 circular that stated that scheduled international passenger flights will remain suspended till July 15, 2020, the regulator stated on Friday it has decided to extend the deadline to July 31, 2020.

However, international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis,” said the circular by the Directorate General of Civil Aviation (DGCA).

Domestic air traffic to decline by 41-46% in FY21 due to Covid-19: Icra

by | Jul 3, 2020 | , ,

“As per our study, though restricted recommencement of domestic air traffic has begun, this will in no case help the industry to recover the lost ground in FY2021. However, H2 FY2021 will witness some recovery, with Q4 FY2021 witnessing a degrowth of just 3-14 per cent y-o-y in domestic with improved passenger load factors (PLFs),” ratings agency Icra said in the report.

Almost a third of COVID-19 samples show mutation, but not worse disease – WHO

by | Jul 3, 2020 | ,

The genetic mutation in the new coronavirus, designated D614G, significantly increases its ability to infect cells and may explain why outbreaks in northern Italy and New York were larger than ones seen earlier in the pandemic, they found in a study.Maria Van Kerkhove, technical lead on the COVID-19 pandemic at the WHO, said at Friday’s briefing the mutated strain had been identified as early as February and had been circulating in Europe and the Americas.

Global coronavirus cases rise to more than 11 million

by | Jul 3, 2020 | , , , ,

The United States reported more than 55,400 new COVID-19 cases on Thursday, a new daily global record as infections rose in a majority of states. Several U.S. governors halted plans to reopen their state economies in the face of a surge in cases.

Almost a quarter of the known global deaths have occurred in the United States – nearly 129,000. A recent surge in cases has put President Donald Trump’s handling of the crisis under a microscope and led several governors to halt plans to reopen their states after strict lockdowns.

Latin America, where Brazil has 1.5 million cases, makes up 23% of the global total of people infected. India has become the new epicenter in Asia, rising to 625,000 cases.