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China is intensifying its crackdown on what’s left of Hong Kong’s pro-democracy movement, this time by taking steps to remake the territory’s electoral rules to help guarantee power for Beijing loyalists.
The changes directly target how elections are conducted in Hong Kong, ensuring that pro-Beijing loyalists have the advantage in any elections and further sidelining pro-democracy opposition politicians (those who haven’t yet been arrested).
The goal, as China’s Premier Li Keqiang said, is to guarantee that there are only “patriots governing Hong Kong.” It moves the territory even further away from the promise of true universal suffrage, one of the demands of the 2019 protests.
Fitch Cautious, but Economist Predicts ‘Isolated’ Impact From Business-Interruption Claims
While Fitch Ratings worries that litigation over COVID-19-related business-interruption claims is creating uncertain risk for property and casualty insurers, an economist who once served as a chief advisor to the industry said he doubts there will be a widespread impact.
Robert Hartwig, an associate professor at the Risk and Uncertainty Management Center at the University of South Carolina, said COVID-19 has remarkably left insurers’ combined ratios largely unscathed.
“Amazingly there was virtually no change in the industry’s underwriting performance 2020 v. 2019,” Hartwig said this week during a podcast hosted by the National Association of Mutual Insurance Companies.
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John Legend receives Penn Wharton Entrepreneurship 2021 Alumni Achievement Award Legend, an undergraduate alumnus, was recently honored by Venture Lab, the University’s entrepreneurship center, during a virtual livestream event. Penn Wharton Entrepreneurship 2021 Alumni Achievement Award livestream (Clockwise from top left) Wharton Vice Dean of Entrepreneurship and Innovation Karl Ulrich; John Legend; Wharton alumni, Ravi Viswanathan; President Amy Gutmann; Wharton Dean Erika James
The Penn Wharton Entrepreneurship 2021 Alumni Achievement Award event featured a live virtual fireside chat with recipient John Legend on March 3. Moderated by Wharton Dean Erika James and introduced by President Amy Gutmann, the event focused on entrepreneurship as a platform for innovation and change, and included an update on entrepreneurship at Penn from Wharton Vice Dean of Entrepreneurship and Innovation Karl Ulrich.
Multidistrict COVID Business Interruption Case Against Society Insurance Advances
A federal judge in Chicago has denied Society Insurance’s motions to dismiss three “bellwether” lawsuits filed by hospitality businesses that were denied coverage for revenue lost because of COVID-19 public health orders.
U.S. District Judge Edmond Chang, who was assigned a consolidated case by the Judicial Panel on Multidistrict Litigation, rejected an argument that government orders that restricted the use of commercial property could not be considered a direct physical loss covered by the policies. None of the three insurance policies contained a virus exclusion, as most commercial property policies do.