Some 13 incidents of fire involving the Kona EV, including one each in Canada and Austria, have been documented, the office of ruling party lawmaker Jang Kyung-tae said in a statement.

The safety recall “is a proactive response to a suspected defective production of high-voltage batteries used in the vehicles, which may have contributed to the reported fires”, Hyundai said, adding that it will deploy all necessary measures to identify the cause of the fire and address customers’ needs.

South Asia faces worst ever recession, tipping millions into poverty: World Bank

Oct 8, 2020

“The impact on livelihoods will even be larger than the GDP forecast suggests…This implies that the region will experience a sharp increase in the poverty rate,” the bank said in its bi-annual report.

India, the region’s biggest economy, is likely to see its economy contract by 9.5% this year, the report said.

WHO reports record one-day rise in global coronavirus cases amid European outbreak

Oct 8, 2020

As a region, Europe is now reporting more cases than India, Brazil or the United States.
According to a Reuters analysis of more recent country data, COVID-19 infections are rising in 54 countries, including surges in Argentina, Canada and much of Europe.

Infections in the United Kingdom have reached record levels with over 17,000 new cases reported on Thursday.

“We are seeing a definite and sustained increase in cases and admissions to hospital. The trend is clear, and it is very concerning,” said Dr Yvonne Doyle, medical director for Public Health England.

Hedge funds make pandemic bet on insurance

Oct 8, 2020

Investors reckon that in a world where virus outbreaks and climate disasters may be the new normal, innovative new insurance products such as those providing relief during future lockdowns or when staff sickness hinders business, will prove lucrative.

Even while share prices remain subdued, insurers’ debt sales for the most part have been oversubscribed this year, thanks to strong credit quality, typically in the single-A category.

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