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Indian

Parliament passes Marine Aids to Navigation Bill

While replying to the debate, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said: “This Bill will provide a legal framework for the sector to meet the latest technologies and meets the requirements of best global practices for safe and secure navigation and protection of the marine environment.”

Lok Sabha passes Factoring Regulation Amendment Bill

The statement of objects and reasons of the bill state that an increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.

The bill seeks to amend the definitions of “assignment”, “factoring business” and “receivables”, so as to bring them in consonance with international definitions and also to insert a new definition of “Trade Receivables Discounting System” .

International

Life insurance sector catching up in terms of innovation

“Improvements in customer and agent interfaces, automated underwriting, data mining and other techniques are starting to create changes in the life insurance industry,” said Terence Martin, a Director, Insurance Research at Conning

Facebook employing user data as a weapon against rivals: Report

Some 7,000 pages of documents reveal how Facebook chief Mark Zuckerberg and his team harnessed users’ personal information to reward partners by giving them preferential data, while depriving rivals of the same sort of information, it reported.

Japan to suffer minimum $10bn economic loss from Typhoon Hagibis, according to Aon catastrophe report

Steve Bowen, Director and Meteorologist within Aon’s Impact Forecasting team, said: “Vulnerabilities around tropical cyclones, flooding, and wildfires were again exposed during October. Events such as Typhoon Hagibis in Japan and wildfires in California served as a reminder of the repetitive, or clustering, nature of certain perils on a year-to-year basis that can often be hard to predict. With ample exposure located in high-risk locations all around the world, it becomes increasingly important to utilize the latest tools available to better prepare for future weather and climate-related scenarios in both mature and developing markets.”

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