A non-profit backed by fellowships engager Arsht-Rock Foundation and microinsurance start-up Blue Marble as well as a trade union, has teamed with ICICI Bank on one of the world's first insurance policies for extreme heat, which has 21,000 self-employed women in Gujarat, India, signed up to it so far. The policies offer a small payout if temperatures rise well above historical averages and stay there for at least three days, with payments being triggered if a predetermined threshold is breached. Reinsurer SwissRe has reported that global sales of parametric products have soared 40% since August 2021, while Allied Market Research estimates the market could hit $29.3bn worth in 2031 up from $11.7bn last year.
The recent upsurge in natural gas explosion is expected to bring liquified natural gas prices back to growth soon. As a result of the steady growth in natural gas markets, the continued demand of the US and other major importers is expected to keep LNG prices above the low levels that were seen a few months ago. After global growth in liquefied natural gas prices amid colder-than-usual weather last year, oversupply problems have since affected the market.
China imposes sales restrictions on Micron as it escalates tech battle with Washington
CNN
23-05-22 04:44
China has prohibited home-grown firms working on significant infrastructure initiatives from buying products manufactured by US semiconductor maker Micron, citing cybersecurity risks. The Cyberspace Administration of China said that Micron had failed a review and that because of the risks and their impact on China's critical information infrastructure, any operator involved in domestic critical infrastructure projects would have to stop buying Micron products. With China and the US in a deepening trade dispute over access to critical technology, analysts noted that chips lay at the centre of Beijing's drive to turn into a tech superpower.
The Reserve Bank of New Zealand is expected to deliver a 25-basis point hike on Wednesday, with the focus on whether the policy rate will peak at a higher level after a more stimulatory budget last week. While the RBNZ forecast peak rates of 5.5% in February, a growing number of economists expect a further tightening of policy is possible, with four predicting cash rate increases to 5.75% or higher. Inflation has come down from three-decade highs but is well above the central bank’s 1% to 3% target band.
Senior managers at Credit Suisse are considering legal action against Swiss regulator Finma in an attempt to recover bonuses that were cancelled after its rescue by UBS. Credit Suisse staff could sue over $400m in bonuses that were written off following a takeover deal in which the regulator ordered Credit Suisse to write its Additional Tier 1 debt down to zero. Law firms Quinn Emanuel and Pallas have reportedly received several requests to take on Credit Suisse's lawsuit.
The International Atomic Energy Agency (IAEA) is urging a last-minute agreement to protect Ukraine's enormous Zaporizhzhia nuclear power plant as a counteroffensive is planned, which could see forces driven directly through the station. After nearly nine months of failed efforts to establish a protection zone around the plant between Ukraine and Russia, Rafael Grossi, the head of the IAEA, is pushing for a proposal to reduce the possibility of a catastrophic nuclear disaster. He intends to present five set principles for the UN Security Council to endorse later this month, however obtaining agreement among the council’s permanent members is a tall task given the acidic relations between Moscow and Washington coupled with Kyiv’s reluctance to let Russia broker any deal other than its complete withdrawal from Enerhodar, the city where the power station is based, and surrendering the plant. Negotiations on Grossi’s plan are ongoing. A senior European diplomat has said the chances for an agreement and the briefing to go ahead are “50-50”.
Opposition parties, led by Move Forward, have drafted new objectives for Thailand that would see a new constitution, an end to monopolies, and the approval of same-sex marriage among other things. These objectives, which are being claimed as a draft, were disputed after no mention of a divisive royal insult law was made and reported by Reuters who had the chance to review the pact. A coalition of six other parties is currently nodding this agreement and the full list of proposals is to be publicly released at a later date.
The BBC has been summoned in a defamation case over its India: The Modi Question show, which questioned the country’s prime minister over the 2002 Gujarat riots. At least 1,000 people were killed in the violence, most of them Muslims, but activists claim the true figure was more than twice as high. UK-based Human Rights Watch has previously claimed that Modi failed to do enough to prevent the violence, although a Supreme Court-ordered investigation cleared the then Gujarat chief minister of wrongdoing.
The US has signed a security pact with Papua New Guinea (PNG) that will allow the two countries to work more closely together amid growing concern about heightened Chinese influence in the Pacific. The pact for defence co-operation was signed by US Secretary of State Antony Blinken and the PNG government, which argued that internal security and border issues required stepping up sovereignty. The new agreement is predicted to improve security co-operation, enhance the capacity of PNG's defence force and increase regional stability. Last year, Solomon Islands signed a security pact with China, causing alarm throughout the Pacific.
Syria's President Bashar al-Assad has been feted by Gulf leaders at a summit in Jeddah, marking his restoration to the Arab League after being expelled in 2011. It is one of a number of recent moves towards normalisation between the regime and Gulf states that were once committed to his downfall. However, there remain critics of Assad, not least within north-west Syria, where fighting has persisted despite a ceasefire reached in March this year. Observers believe that any move towards greater investment in areas of Syria controlled by the regime would be halted by Western sanctions and other penalties imposed in the wake of the war. Meanwhile Kyiv used the summit to draw attention to the ongoing conflict between Ukraine and Russia, and urged attendees to confront Moscow's aggression.
Ukrainian President Volodymyr Zelensky spoke during a visit to the Hiroshima Peace Memorial, as part of a wider visit to Japan for the G7 meeting. He used the opportunity to talk about the devastation of war and the need to rebuild, highlighting the ongoing conflict in Ukraine where he said people are struggling to rebuild their homes after Russian strikes. Zelensky's trip comes as the G7 nations consider stepping up pressure on Russia to end the war as they believe the economic damage it is causing could influence other countries to intervene.
China's ban on Micron Technology chips has drawn attention to the risks facing the global chip industry as trade tensions between China and the US continue to escalate. The move against Micron, the industry leader in the US market, was widely viewed as retaliation for long-standing efforts by Washington to mitigate China's access to technology. While Samsung and SK Hynix may gain from the change, caution could impact supply chain management and investment decisions throughout the global market. Discussions to "de-risk, not decouple" from China are in progress between the mobilised Group of Seven nations concerning their strategy with the ongoing situation.
JPMorgan's CEO, Jamie Dimon, will discuss the bank's future growth plans at its investor day conference on Monday. Although the bank has had a strong year, becoming one of the US's largest deposit holders with over 4,800 branches, the bank must try and maintain its momentum heading forward. Mr. Dimon is not expected to step down in the near future, but potential successors include Marianne Lake and Jennifer Piepszak. Nevertheless, shareholders may ask about Anglo-Irish investigation JPMorgan is embroiled in over its ties to Jeffrey Epstein and a failed $175m acquisition of fintech startup Frank. They could also ask about JPMorgan being barred from buying more lenders after angering Washington with its purchase of First Republic.
Florida governor Ron DeSantis is expected to officially enter the 2024 presidential race following months of speculation and tipped to file formal paperwork with the Federal Election Commission on Thursday 25 May. Mr DeSantis is seen as Donald Trump’s biggest rival for the Republican vote and has been expected to throw his hat into the ring for some time. The latest polls show Mr DeSantis trailing Mr Trump, with the former president enjoying a 36-point lead. Mr DeSantis will join an already crowded race, with Nikki Haley, Asa Hutchinson, Vivek Ramaswamy, Larry Elder and Tim Scott already announcing bids.
However, this comes just days after the NAACP issued a formal advisory warning travellers that Florida is openly hostile towards Black people, people of colour and LGBT+ people following a series of laws signed by Governor DeSantis in recent months targeting classroom instruction around race and racism. In contrast, GOP supermajorities in the Florida Statehouse have helped DeSantis push through legislation, including gender identity, and he has made anti-LGBTQ+ legislation a large part of his messaging as he prepares to seek the Republican presidential nomination.
Following the GOP party’s disappointing midterms, several Republican lawmakers and right-wing media have rallied behind Mr DeSantis as their candidate of choice. The Republican party is currently looking for a candidate who can both energise conservative voters and win over the crucial swing states.
A LaLiga TV commentator has sparked outrage online by claiming Vinicius Jr "is not an angel" and that he "provokes other teams" after the Real Madrid star was sent off for his reaction to being the victim of racist abuse from the stands during a 1-0 defeat to Valencia on Sunday. While LaLiga TV covered the game, co-commentator Toni Padilla said that while it's important to stand against racism, Vinicius should not be free from blame for the sending off. Padilla's comments have subsequently sparked outrage online, while some Twitter users questioned who will protect Vinicius Junior in Spain against the abuse. The incident has garnered attention in the press and on social media, with the publication of video footage showing Vinicius being subjected to a barrage of racist slurs that were directed at him by the Valencia supporters. As reported on Wednesday, LaLiga faces backlash over its lack of action on repeated racist abuse incidents.
Pasang Dawa Sherpa has become the second person to climb the summit of Mount Everest for the 27th time. The Nepali climber made the ascent less than a week after his rival, Kami Rita Sherpa, also achieved the feat. Sherpa first reached the summit in 1998 and has climbed the mountain almost every year since. He is among a group of climbers close to becoming the first to complete 30 summits of the mountain, which is 8,850 metres tall. The record for Everest summits currently stands at 24, shared by Sherpa and Austria's Hermann Buhl. Meanwhile, double amputee Hari Budha Magar made history by being the first person with double amputations above the knee to climb the peak.
David Zaslav, CEO of Warner Bros. Discovery, was booed by students during his commencement speech at Boston University in the midst of an ongoing writers' strike over pay disputes. A Japanese gelato named Byakuya, which sells for JPY880,000 ($6,380), has been declared the world's most expensive ice cream by Guinness World Records. Comedian Nigel Ng, known as Uncle Roger, had his Weibo account suspended after he made jokes about China and its surveillance, including Beijing's claims of sovereignty over Taiwan. President Joe Biden and Republican House Speaker Kevin McCarthy will meet to discuss how to avert a catastrophic US default. Golfer Michael Block hit a hole in one during this weekend's PGA Championship.
Republican senator Tim Scott announced his bid for the 2024 presidential race with an optimistic message. Speaking in his hometown, North Charleston, Mr Scott said that he was the living proof that America was the land of opportunity. He criticised his opponents Donald Trump and Ron DeSantis for their suspicious approach towards those who disagree with them. Scott is polling in low single digits against Trump and DeSantis, with 49% of Republicans choosing Trump so far. However, he has a war chest of $22m, the backing of billionaire Larry Ellison and strong popularity in his home state of South Carolina.
Newcastle United need just one point to ensure their Champions League qualification for the following season, while Leicester are hoping that a win can save them from relegation. Newcastle, backed by Saudi investment, is currently 3rd in the table in their first full season under Saudi ownership. This evening’s match at St James’ Park is decisive for them as avoiding defeat against Leicester would guarantee a top four finish. If Newcastle secure a win, they will move into second place and replace Manchester City who had a disadvantageous result yesterday against Tottenham Hotspur. Leicester must win tonight and hope that earlier matches between Aston Villa and Burnley, and Manchester United and Brighton & Hove Albion end in their favour, until their final game of the season against Huddersfield next weekend.
The Premier League has been urged to set up an independent unit to speed up complex financial cases, according to The Independent. The argument is that such a unit can help avoid regulatory uncertainty and legal battles and can take discretion away from boards, ensuring consistency and independence. Several sources have described the current situation involving Manchester City and Everton, both facing charges under Financial Fair Play rules and Profit and Sustainability regulations respectively, as a mess. Clubs are increasingly urging the Premier League to fast-track their cases to be settled before the end of the season.
