INSURANCE NEWS

Voluntary Evacuations Help Firefighters Contain New York State Forest Wildfire

A voluntary evacuation of homes over the weekend helped New York firefighters continue their progress in containing a state park wildfire near the New Jersey border. The state requested that residents in about 165 homes in Warwick, New York evacuate …
Read More

Shadow Banks to Face Reins on Leverage Following Watchdog Probe

Global watchdogs will move to rein in leverage at non-banks early next year, the Financial Stability Board promised on Monday, more than a year after its chair signaled a probe into mounting borrowings at hedge funds, private capital markets and …
Read More

Struggling Businesses at Corner Where George Floyd Was Murdered Sue Minneapolis

MINNEAPOLIS (AP) — Several business owners at the struggling corner where George Floyd was murdered by a Minneapolis police officer in 2020 are suing the city to demand it take over their properties and compensate them. The owners of the …
Read More

Meta Fined €798 Million by EU Over Abusing Classified Ads Dominance

Meta Platforms Inc. was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to the social network, the US tech giant’s first ever penalty for EU antitrust violations. In a groundbreaking …
Read More

Super Typhoon Man-yi Lashes Philippines’ Main Island

Super Typhoon Man-yi battered parts of the Philippines with powerful winds and intense rains as it made its way across the main island on Sunday. Man-yi, known locally as Pepito, made landfall over the coastal Aurora province on Sunday after …
Read More

Markets/Coverages: BMS Offers Comprehensive Insurance Solution for Wine Producers

BMS Group, the London-based independent specialist insurance and reinsurance broker, announced the launch of BMS Bacchus, a stock-throughput solution designed to protect wine across all stages of production, storage and transit, from harvested grapes to finished product. BMS Bacchus is …
Read More

Smithfield to Pay $2 Million in Minnesota Child Labor Violation Settlement

MINNEAPOLIS (AP) — Smithfield Foods, one of the nation’s largest meat processors, has agreed to pay $2 million to resolve allegations of child labor violations at a plant in Minnesota, officials announced Thursday. An investigation by the Minnesota Department of …
Read More

Bullet Strikes Body of Southwest Plane Without Injuries at Dallas Airport

DALLAS (AP) — A bullet struck the body of a Southwest Airlines airplane preparing for departure from a Dallas airport, forcing the cancellation of the Friday evening flight, the airline said. No injuries were reported and law enforcement was contacted …
Read More

Amazon, SpaceX to Test US Labor Board’s Powers at Conservative Appeals Court

A U.S. labor board whose enforcement powers are being challenged in a series of lawsuits is set to defend itself from attacks by Amazon.com and Elon Musk’s SpaceX in a conservative U.S. appeals court, as the agency also braces for …
Read More

Musk Escalates Altman Legal Feud, Casting OpenAI as Monopolist

Elon Musk is ramping up his feud with Sam Altman, alleging in a court filing that OpenAI is trying to corner the market for generative artificial intelligence and sacrificing safety in a race to get ahead. In a revised version …
Read More

Federal Judge Strikes Down Biden Overtime Pay Rule

A federal judge in Texas on Friday permanently blocked a Biden administration rule that would have made about 4 million more salaried U.S. workers eligible for overtime pay. U.S. District Judge Sean Jordan in Sherman, Texas, said the U.S. Department …
Read More

Head of Kentucky Plant Says Company Will Cover Damages After Blast

LOUISVILLE, Ky. (AP) — The president of a Kentucky plant that exploded earlier this week said the company is accountable for the accident and will pay damages to residents affected by the blast. “First and foremost, we are devastated by …
Read More