China’s economy skids as shutdowns hit factories and retailers

April industrial production unexpectedly falls year-on-year April retail sales fall faster than expected National unemployment rate at highest since February 2020 Fixed asset investment growth slower than f’cast BEIJING, May 16 (Reuters) – Retail and factory activity in China fell sharply in April as sweeping COVID-19 lockdown measures confined workers and consumers to their homes … Read more

Chinese plane aborts takeoff and catches fire, causing minor injuries during evacuation

Rescue workers are seen at the site where a Tibet Airlines Airbus A319 plane caught fire after an aborted takeoff, at Chongqing Jiangbei International Airport in Chongqing, China May 12, 2022. cnsphoto via REUTERS Join now for FREE unlimited access to Reuters.com Register BEIJING, May 12 (Reuters) – China’s Tibet Airlines said all passengers and … Read more

Shipping insurance costs across the Black Sea are skyrocketing

LONDON, Feb 25 (Reuters) – Insurers have raised the cost of cover for merchant ships crossing the Black Sea, adding to soaring freight rates in the region for vessels still ready to sail after the invasion of Ukraine by Russia. Shipowners pay war risk insurance annually as well as an additional “infraction” premium when entering … Read more

Analysis: Aircraft lessors prepare to fight insurers over Russian plane default

Passenger planes of Aeroflot – Russian Airlines are parked at Sheremetyevo International Airport in Moscow, Russia March 12, 2022. REUTERS/Marina Lystseva Join now for FREE unlimited access to Reuters.com Register Major landlord promises ‘vigorous’ pursuit of claims Legal expert says results could be unpredictable Soaring insurance rates ‘are not a pretty sight’ Lessors keep in … Read more

Explanation: Can companies leaving Russia recover their losses through insurance?

March 23 (Reuters) – Hundreds of companies said they were pulling out or suspending operations in Russia after it invaded Ukraine, by energy producer Shell Plc (SHELL) to car manufacturer Hyundai Motor Co (005380.KS) to PwC, a global professional services firm. Here’s a look at how insurance and international arbitration could soften the blow to … Read more

Europe turns into cocaine hub as multi-billion euro market grows, says EU

A worker pushes a trolley containing cocaine before the incineration of more than nine tons of cocaine seized in different operations, according to the Ecuadorian Interior Ministry, at a warehouse in an undisclosed location in Ecuador on April 21 2022. REUTERS/Karen Toro/File Photo Join now for FREE unlimited access to Reuters.com Register The European cocaine … Read more

LIC’s $2.7 billion IPO in India was subscribed 67% on day one

Investors bid for 108.7 million shares vs. 162.1 million offered Insured, IPO Employee Portions Oversubscribed Stock market falls as RBI hikes rates MUMBAI, May 4 (Reuters) – The $2.7 billion IPO of Life Insurance Corp (LIC), India’s largest public issue, was 67% subscribed on the first day of the call. offers, even as a surprise … Read more

Google faces internal battle over AI research to speed up chip design

The Google app logo is seen on a smartphone in this illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration Join now for FREE unlimited access to Reuters.com Register OAKLAND, Calif., May 2 (Reuters) – Alphabet Inc’s (GOOGL.O) Google said on Monday it had recently fired a senior engineering manager after colleagues, whose landmark research on artificial … Read more

China signals easing tech pressure in bid to revive economy

People wearing face masks walk past a street amid snowfall, following the outbreak of the coronavirus disease (COVID-19), at a shopping area in Beijing, China March 17, 2022. REUTERS/Tingshu Wang Join now for FREE unlimited access to Reuters.com Register BEIJING/HONG KONG, April 29 (Reuters) – China on Friday signaled an easing of its crackdown on … Read more

Launch into space? Not so fast. Insurers balk at new coverage

September 1 (Reuters) – An ever-growing amount of space debris threatens satellites hovering around Earth, making insurers reluctant to offer cover to devices that transmit text, maps, video and scientific data , said industry sources. Thousands of new satellites are being launched into areas where orbital trash has been piling up since the first space … Read more