Posts belonging to Category Insurance



Raising trade tensions between Europe and China

Complaint against dumping of e-bikes by Chinese companies

European producers of electronic bikes (e-bikes) have filed a complaint with the European Commission against cheap Chinese e-bike imports, saying that they are sold in the bloc at excessively low prices with the help of unfair subsidies. The European Bicycle Manufacturers Association (EBMA) lodged the complaint alleging dumping of e-bikes by Chinese companies which they say are flooding the market at prices sometimes below the cost of production. The Commission has until late October to determine whether to start an investigation.

The EBMA is also preparing a related complaint alleging illegal subsidies and asking for registration of Chinese e-bike imports, which could allow eventual duties to be backdated. Such an investigation would be the latest in a string of probes into Chinese exports ranging from solar panels to steel and could raise trade tensions with Beijing, particularly with a subsidy inquiry into the support provided by the Chinese state.

http://www.reuters.com…  Mon.,  02  October 2017

Social Rights for ‘gig economy’ workers

EU seeks more protection for Uber-style jobs

The European Commission wants more social protection and rights for casual workers, such as those in the “gig economy”, and others with non-standard contracts to try to tackle growing social inequality.

The Commission’s consultation document on these plans, seen by Reuters, is part of a broader reworking of the EU’s economic priorities, after pressure from populist forces that accuse Brussels of having pursued ultra-liberal policies to the detriment of wo

http://www.reuters.comMon.,  25  September 2017

Insurance and Hurricanes

Irma test Florida’s flood insurance 

Hurricane Irma could test a nascent private flood insurance market in Florida that some advocates say is a model for making U.S. flood coverage more affordable and commonplace in high-risk areas. Florida’s private flood insurance market represents a tiny sliver of all flood policies in the state, but if a hurricane does hit Florida later this week, policyholders, industry and the federal government will see how private insurance performs in one of the country’s largest flood-prone markets.

“It’s a new breed of insurance in Florida,” said Loretta Worters, a spokeswoman for the Insurance Information Institute, an industry-funded communications group. “You have these companies that have never been tested for flood. We’ll have to see how it works.” Even before Hurricane Harvey triggered massive flooding in Texas last week, U.S. lawmakers were looking at alternatives to the indebted government-backed model of flood insurance.

http://www.reuters.com…  Wed.,  06  September 2017

Pilotless planes could save airlines billions

Pilotless planes: would anyone fly?

The aviation industry could save $35 billion a year by moving to pilotless planes, according to a new report from UBS. Just one problem: The same report warns that only 17% of travelers are willing to fly without a pilot. UBS said that the technology required to operate remote-controlled planes could appear by 2025. Further advances beyond 2030 might result in automated business jets and helicopters, and finally commercial aircraft without pilots.

“The technologies in development today will enable the aircraft to assist and back up the pilot in all the flight phases, removing the pilot from manual control and systems operations in all types of situations,” the report said. Commercial flights already land with the assistance of on-board computers, and pilots manually fly the aircraft for only a few minutes on average.

http://money.cnn.com…   Fri.,  11  August 2017

Brexit: Japan’s biggest bank moves investment operations to Amsterdam

Hundreds of MUFG staff could be leaving the UK

Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit. MUFG could move hundreds of its 2,100 London employees to the Dutch capital, sources told the Financial Times.

Other banks are also looking to set up new offices in various European cities because of Brexit. The UK’s withdrawal from the EU is likely to have a significant effect on the financial services industry in the UK – along with numerous other areas – as companies in Britain will no longer be able to operate within the EU framework.

This could potentially block access to clients and significantly interfere with business. Amsterdam is already home to MUFG’s retail and corporate banking operations.

http://www.independent.co.uk…   Mon.,  31  July 2017

Obamacare: US senate votes down ‘skinny repeal’ of health act

The revolt of John McCain

Arizona senator John McCain provided a historic and critical vote to torpedo the Obamacare repeal bill – and with it Donald Trump’s legislative agenda – in a night of high drama on Capitol Hill. McCain, who only returned to Washington earlier this week after a diagnosis of brain cancer, joined fellow Republicans Susan Collins of Maine and Lisa Murkowski of Alaska in voting down the so-called “skinny repeal” bill 51-49. The six-term senator, who was his party’s 2008 presidential candidate against Barack Obama, told reporters “wait for the show” before arriving for the vote in the Senate chamber.

Once there, McCain was lobbied by vice-president Mike Pence, who was on the floor of the Senate to preside in case of a tie, for over 20 minutes. The two went back and forth and occasionally disappeared from the chamber altogether. But as the votes were cast, McCain, who had long nurtured a reputation as a maverick willing to buck party lines, delivered a black eye to Trump, who had famously mocked McCain as “not a war hero” during the 2016 campaign. The dramatic conclusion ended months of furious negotiating that exposed a party riven over how to dismantle a law that extended healthcare coverage to millions of Americans and has taken root in several states, in some cases with the help of Republican governors.

http://www.theguardian.com…   Fri.,  28  July 2017

US: Latest health care bill collapses

Republicans fail to overhaul the Affordable Care Act

The Republican Party’s efforts to gut former President Barack Obama’s legacy health care law came to an abrupt — if temporary — halt Monday night.
Just hours after the Senate was gaveled back into session, Senate Majority Leader Mitch McConnell was handed two more public defections on his health care bill to overhaul Obamacare. The dramatic and simultaneous announcement from Sens. Jerry Moran of Kansas and Mike Lee of Utah means McConnell officially does not have the votes to even begin debate on his legislation to overhaul the Affordable Care Act.
http://www.cnn.com…   Wed.,  19  July 2017

How much to get Leo Messi ?

New release clause to be set at €300 million

Lionel Messi is on the brink of signing a new contract at Barcelona, according multiple media reports in Spain. With the 30-year-old’s current deal set to expire in June 2018, Cadena Cope says that an announcement will be made by the club on Wednesday, with Messi officially putting pen to paper on July 15 once he arrives back in Barcelona for preseason training.

The new contract will see Messi stay at the Nou Camp until 2021, with an extra one-year extension clause available to both club and player. The  five-time Ballon d’Or winner, however, will be able to leave Barca earlier if any rival club triggers his new release clause — thought to be set at €300 million.

http://www.espnfc.com…   Wed.,  05  July 2017

Massive cyber attack

Petya cyber attack: Ransomware spreads across Europe with firms in Ukraine, Britain and Spain shut down

Major firms, airports and government departments in Ukraine have been struck by a massive cyber attack which began to spread across Europe on Tuesday afternoon. In Ukraine, government departments, the central bank, a state-run aircraft manufacturer,  the airport in Kiev and  the metro network have all been paralysed by the hack.

In the UK, the advertising firm WPP said its systems had also been struck down, while in the Netherlands a major shipping firm confirmed its computer terminals were malfunctioning. The virus is believed to be ransomware – a piece of malicious software that shuts down a computer system and then demands an extortionate sum of money to fix the problem.

http://www.telegraph.co.uk…   Wed.,  28  June 2017

Machine-learning promises to shake Finance

Trading, credit, fraud: machine-learning is in progress

MACHINE-LEARNING is beginning to shake up finance. A subset of artificial intelligence (AI) that excels at finding patterns and making predictions, it used to be the preserve of technology firms. The financial industry has jumped on the bandwagon. To cite just a few examples, “heads of machine-learning” can be found at PwC, a consultancy and auditing firm, at JP Morgan Chase, a large bank, and at Man GLG, a hedge-fund manager. From 2019, anyone seeking to become a “chartered financial analyst”, a sought-after distinction in the industry, will need AI expertise to pass his exams.

Despite the scepticism of many, including, surprisingly, some “quant” hedge funds that specialise in algorithm-based trading, machine-learning is poised to have a big impact. Innovative fintech firms and a few nimble incumbents have started applying the technique to everything from fraud protection to finding new trading strategies—promising to up-end not just the humdrum drudgery of the back-office, but the more glamorous stuff up-front.

http://www.economist.com…  Tue.,  30  May 2017