AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

Cargo shippers and transportation companies face a heightened risk environment because of serious disruption to the global supply chain caused by the Covid-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS). The insurer said there is a higher threat to goods in storage and transit, especially those that are high value, perishable or temperature-sensitive. It added that the growing…

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

European manufacturers in sectors such as fashion and retail that have rapidly cancelled orders from suppliers in Asia – in some cases using force majeure to terminate contracts early because of the Covid-19 crisis – are failing to live up to their responsibility to ensure their use of supply chains does not violate human rights, according to the European Centre…

Maritime industry must be kept going through Covid-19, warns UN expert

Maritime industry must be kept going through Covid-19, warns UN expert

Maritime industry must be kept going through Covid-19, warns UN expert

As the world battles the coronavirus pandemic, the global maritime transport industry is playing a critical role in the response, suggests a leading UN expert. A call by the industry to all governments to keep maritime trade moving by allowing commercial ships continued access to ports worldwide and by facilitating the rapid changeover of ships’ crews should not go unheeded,…

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

Labuan Financial Services Authority grants temporary regulatory reliefs

The Labuan Financial Services Authority (Labuan FSA) has announced temporary regulatory reliefs (TRRs) for Labuan entities, including insurers and captives, to cushion the impact and disruption to business operations caused by the coronavirus pandemic. Labuan FSA said the TRRs “are intended to provide administrative and financial relief to Labuan entities during the Covid-19 crisis and facilitate uninterrupted business and market…

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Global funding to fight coronavirus exceeds all but HIV and tuberculosis

Research from R&D tax credit specialists, RIFT Research and Development, has found that funding to fight the Covid-19 virus already eclipses the average annual funding dedicated to all diseases other than HIV and tuberculosis. The World Health Organization calculates that some £283.9m has already been donated to help fund the fight against Covid-19, with a further £48.5m pledged, to give…

ADB bolsters pandemic assistance fund to $20bn as regional growth set to plummet

ADB bolsters pandemic assistance fund to $20bn as regional growth set to plummet

ADB bolsters pandemic assistance fund to $20bn as regional growth set to plummet

The Asian Development Bank (ADB) has tripled the size of its response to the coronavirus pandemic to $20bn and approved measures to streamline its operations for faster and more flexible delivery of assistance. The package expands the ADB’s $6.5bn initial response and so adds $13.5bn in resources to help the ADB’s developing member countries counter the severe macroeconomic and health…

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

World Bank pandemic bonds will be triggered if virus cases escalate in developing world

The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and International Bank Reconstruction and Development (IBRD), will be triggered and paid out – but only if reported cases of coronavirus continue to escalate rapidly in the developing world, as cases in China and Europe show welcome signs of plateauing. Credit…

Fall in global trade could rival Great Depression, warns WTO

Fall in global trade could rival Great Depression, warns WTO

Fall in global trade could rival Great Depression, warns WTO

World trade is forecast to plummet by between 13% and 32% in 2020 as it is hit by Covid-19, said the World Trade Organisation (WTO). Describing the numbers as “ugly”, WTO director-general Roberto Azevêdo said the impact on trade is likely to exceed the 2008-2009 financial crisis and could reach the depths of the Great Depression in the 1930s. According…

Aon launches Covid-19 workforce risk assessment tool

Aon launches Covid-19 workforce risk assessment tool

Aon launches Covid-19 workforce risk assessment tool

Aon has launched an interactive tool to help companies measure the effects of Covid-19 on their workforce. It has initially been rolled out in the US but will be expanded globally. The model and map help companies measure absenteeism, anticipate medical costs and identify where operations could be shifted. The Covid-19 Employee Impact Model tool gives a state-by-state analysis of…