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By Julie CHABANAS WASHINGTON, March 10, 2024 (AFP) – The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans — in turn putting pressure on smaller banks. “There will be bank failures, but this is not the big banks,” said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices […]
By Emeline BURCKEL with Marie-Morgane Le Moel in Paris LONDON, Feb 23, 2024 (AFP) – Attacks by Yemen’s Huthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. The Huthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 percent of global trade usually passes. Maritime container transport […]
By Kevin TRUBLET Natural disasters are now happening so frequently that reinsurers — the firms that sell insurance to insurance companies — are scaling back their exposure to such risks. While this may make business sense, it raises the question of whether individuals and businesses will be able to protect themselves against the effects of climate change if their insurance companies cannot even get coverage themselves. Just weeks after wildfires caused major damage in Hawaii […]
SHANGHAI, China (AFP) — Anbang Insurance Group said Wednesday that China’s government will inject 60.8 billion yuan ($9.7 billion) into the troubled conglomerate, whose rapid acquisition binge triggered a takeover by regulators worried about the firm’s solvency. China’s insurance regulator announced an unprecedented commandeering of Anbang in February, and a Shanghai court last week accused former chairman Wu Xiaohui of defrauding the company of more than $10 billion. No verdict has been announced yet. The government’s swoop […]
Insured depositors have 2 years from date of closure to file their claims The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Cooperative Bank of Tarlac, Inc., Synergy Rural Bank (Batangas), Inc. and Rural Bank of Burauen (Leyte), Inc. to file their deposit insurance claims before the expiry period. The PDIC Charter (Republic Act 3591, as amended) provides that depositors have until two years from bank closure to file their deposit insurance claims […]
