South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

South African rand turmoil expected to continue throughout 2019

Few currencies matched the rand’s turbulence in 2017, with factors such as Trumpenomics, the firing of finance minister Pravin Gordhan and the appointment of Cyril Ramaphosa as ANC president, contributing to the ZAR2.04 price swing during the year. Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, outlined how this volatility continued through 2018 with the US-China trade war, the…

Chubb warns of new cybersecurity threats in year ahead

Chubb warns of new cybersecurity threats in year ahead

Chubb warns of new cybersecurity threats in year ahead

Cybersecurity will be challenged further in 2019 as regulators step up pressure on companies to prevent attacks and criminals change their behaviour, according to a set of cybersecurity predictions from Chubb. The insurer says regulatory attention will shift from how companies handle post-cyberattack incidents to pre-incident. This will place a focus on how they collect and store data, as well…

Brexit and cyber risks knock UK manufacturers’ confidence

Brexit and cyber risks knock UK manufacturers’ confidence

Brexit and cyber risks knock UK manufacturers’ confidence

Brexit risks have dented UK manufacturers’ confidence going into 2019, with 72% naming it the biggest source of uncertainty in the latest EEF/AIG survey. Cyber risk topped the list of non-Brexit threats. Also concerned about protectionism and a global slowdown, UK manufacturers are more pessimistic about business prospects in 2019 than last year. Exchange rate volatility topped the list of…

Bermuda Monetary Authority releases report on islands’ captive market

Bermuda Monetary Authority releases report on islands’ captive market

Bermuda Monetary Authority releases report on islands’ captive market

A report on Bermuda’s captive market by the Bermuda Monetary Authority (BMA) has revealed that two thirds of captives originate from North America, and two thirds are ‘pure’ captives. Financial institutions continue to be the most significant industry of parent companies (16%), followed by shipping, transport and storage (12%), automotive, manufacturing and retail (11%), and healthcare (10%). The second annual…

Hackers breach 9/11 conspiracy files from insurers and law firms

Hackers breach 9/11 conspiracy files from insurers and law firms

Hackers breach 9/11 conspiracy files from insurers and law firms

Hacking group The Dark Overlord appears to have breached a law firm holding information from Lloyd’s of London and Hiscox, threatening to make public information that it says supports 9/11 World Trade Center attack conspiracy theories, in exchange for Bitcoin. On New Year’s Eve, the group published an announcement on Pastebin saying it had secured information from several law firms,…

EU class action proposals face key vote

EU class action proposals face key vote

EU class action proposals face key vote

With the European Parliament due to vote on EU-wide class action proposals in January, just months after Germany introduced collective redress for consumers, companies and their directors face a growing threat from class action litigation in Europe. This year has seen some notable strides towards class action culture in Europe, albeit still far from the excesses associated with the US.…

UK whiplash reforms pass into law

UK whiplash reforms pass into law

UK whiplash reforms pass into law

The Civil Liability Bill, UK legislation to curb the cost of whiplash claims, has received Royal Assent and is now enshrined in law. Much of the reforms will be delayed until April 2020 to ensure the development of a new online portal for road traffic accident (RTA) claims is completed. But the Bill will likely lead to a review of…