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How the world’s first carbon border tax may play out
The measure, which will affect producers of steel, cement and aluminum in countries with looser environmental rules, would boost commodity costs and reroute trade flows. But it will take years to implement and have a limited impact on global emissions.
The new levy is likely to do very little to curb greenhouse gas emissions. With a carbon border adjustment of $44 a metric ton, a United Nations body estimates emissions would only fall by 27 million tons, a meager 0.1% of the total. At $88, it would drop by 45 million tons. The price of carbon in the EU is currently about 53 euros ($62) a ton.
After COVID revenue collapse, Canadian municipalities face insurance premium spike
Cities need insurance to protect against claims in the event of accidents on municipal properties or roads, and to deal with risks including cyber attacks and natural disasters – so forgoing coverage is not an option.
Accident-related lawsuits against cities and settlements have risen alongside cyber attacks and natural disasters, both domestically and globally, even as bond yields have slid, resulting in more stringent underwriting standards and higher premiums around the world.
PFRDA pension subscriber base rises 24% to touch 4.35 crore in June
Alcohol linked to over 62,000 cancer cases in India last year: Lancet study
These cancers have well-established causal links to alcohol consumption, and the estimates of the direct associations with alcohol in the new study are the first of their kind for 2020.”Trends suggest that although there is a decrease in alcohol consumption per person in many European countries, alcohol use is on the rise in Asian countries such as China and India, and in sub-Saharan Africa,” said Harriet Rumgay of the International Agency for Research on Cancer (IARC), France.
Pfizer agrees to pay $345 mln to resolve EpiPen pricing lawsuit
The litigation followed a public outcry in 2016 after Mylan, which owns the rights to market and distribute the devices, raised the price of a pair of EpiPens to $600, from $100 in 2008, putting it in the center of an ongoing U.S. debate over the high cost of medicines. The lawsuit accused Mylan and Pfizer, which manufactured the EpiPen for Mylan, of engaging in anticompetitive conduct that allowed them to maintain a monopoly over the market for the devices and their profitable revenues.
Biogen Alzheimer’s drug hits roadblocks with some hospitals, insurers
Several Blue Cross Blue Shield health insurance plans, including those in Michigan, North Carolina and Pennsylvania, have said there is insufficient evidence of Aduhelm’s benefit for patients and they will not provide coverage for the drug.
Biogen said in a statement that the several Blues plans’ “characterization of Aduhelm as experimental and investigational is inaccurate and misleading.”
Welfare fraud and errors cost UK a record 8 bln pounds during pandemic
RBI to unveil first financial inclusion index: Das
IFSCA forms expert panel to develop a Longevity Finance Hub in GIFT City
Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, said the IFSC.
SC asks UP to reconsider its decision to hold even ‘symbolic’ Kanwar Yatra
The top court’s direction came after the Uttar Pradesh government told the bench that it has decided after relevant discussions to hold a symbolic Kanwar Yatra with appropriate Covid restrictions.
Solicitor General Tushar Mehta for the Centre told the top court that states shall not be allowed to hold Kanwar Yatra in view of Covid and arrangements for Ganga water should be made by tankers at specified places.
U.S. launches online hub to help ransomware victims
The new website, www.StopRansomware.gov, is an initiative led by the Justice and Homeland Security departments.
The launch of the new website and the $10 million reward come on the heels of a ransomware attack earlier this year against the Colonial Pipeline Co. that led to widespread shortages at gas stations along the East Coast of the United States. The Justice Department was later able to help Colonial Pipeline recover some $2.3 million in cryptocurrency ransom it paid to hackers.
About $350 million in ransom was paid to cyber criminals in 2020, a more than 300% increase from the previous year, the department said.
India needs to diversify pharma raw material imports, up R&D spends: RBI paper
Paytm with funded by Berkshire Hathaway and Ant targets $2.2 bln Indian IPO in booming e-payment market
The offering, which values the company at up to $25 billion according to sources, comes at a time of a pandemic-fuelled boom in India’s digital economy and an intensifying battle for market share with Alphabet Inc’s Google Pay and Facebook Inc-owned WhatsApp Pay.
Founded by entrepreneur Vijay Shekhar Sharma, 43, the company was thrust into the spotlight in 2016 during India’s shock ban on high-value currency bank notes, which led to a surge in digital payments. It helped Paytm expand its services to insurance and gold sales, movie and flight ticketing, and bank deposits and remittances.
Floods leave at least 108 dead in Europe
Joerg Asmussen, managing director of the German Insurance Association (GDV), said the prevalence of storms, floods, heavy rain and hail in Germany this year could make it one of the most damaging since 2013.
Heavy rain and hail in June caused an estimated insurance loss of 1.7 billion euros ($2 billion), he said by email.
Counting the costs: South Africa uninsured businesses wrecked by unrest
South African farmers dream of drought cover on climate front line
Now a plan has been formulated by insurers and the government for a 3.2 billion rand ($223 million), 10-year state subsidy scheme aimed at fixing the market’s problems, according to a South African Insurance Association (SAIA) document seen by Reuters that outlines the previously unreported proposals.
Work from home fueling cyberattacks, says global financial watchdog
“Most cyber frameworks did not envisage a scenario of near-universal remote working and the exploitation of such a situation by cyber threat actors,” the FSB said in a report to G20 ministers and central banks.The report is a first take on lessons learned from the pandemic’s impact on financial stability.