Scant regulation and volatile prices of bitcoin and other cryptocurrencies make many insurers reluctant to underwrite the risks, despite booming demand for protection of digital assets and for personal liabilities of directors and executives of companies that deal with cryptocurrencies.

Oil companies defeat New York City appeal over global warming

Apr 2, 2021

“Global warming presents a uniquely international problem of national concern,” Circuit Judge Richard Sullivan wrote for a three-judge panel. “It is therefore not well-suited to the application of state law.”
It rejected the city’s efforts to sue under state nuisance law for damages caused by the companies’ “admittedly legal” production and sale of fossil fuels, and said the city’s federal common law claims were displaced by the federal Clean Air Act.

Coronavirus pandemic to shave 3% off global output in medium term: IMF

Apr 1, 2021

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

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