The IMF said the prospects for “scarring” from the current crisis remained substantial, even if systemic financial stress and the associated long-lasting economic damage had been largely avoided due to the unprecedented policy actions taken.

The path to recovery remained challenging, especially for countries with limited fiscal resources, the IMF said in a blog post based on its updated World Economic Outlook.

Hong Kong is set to target first SPAC listing by end of year

Apr 1, 2021

One major issue in Hong Kong could become securing liability insurance for SPAC directors and officers against incorrect statements and negligence. Such insurance is already double the cost for many Chinese firms listed in the U.S. because of increased scrutiny and activism in recent years, said Sandra Lee, Asia chief executive at reinsurance broker BMS Group.

For the even smaller SPAC market it’s “almost impossible” to get D&O liability insurance, leaving the Chinese owners exposed to claims, Lee said

Investigation begins into how ship got stuck on Suez Canal

Apr 1, 2021

Suez Canal Authority (SCA) Chairman Osama Rabie has suggested weather conditions, including high winds, and human error could have played a role in the grounding on March 23.

“Such grave accidents may not be caused by a single factor, part of it could be the wind, another part could be the human element, and another part could be technical,” Rabie told a news conference Monday night after the vessel was freed.

The investigation will include examining the seaworthiness of the ship and its captain’s actions to help determine the causes, Rabie advisor Captain Sayed Sheasha told Reuters.

Skyrocketing liability insurance rates for SPACs

Apr 1, 2021

. Coverage of about $10 million to indemnify a blank-check company’s directors and officers now costs more than $1 million on average, according to a lawyer who works on SPAC deals. That’s up from $250,000 to $300,000 a year ago.

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