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☆ Marsh McLennan's Reid Sawyer breaks down the shipping risks from the middle east tensions
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarsh McLennan's Reid Sawyer breaks down the shipping risks from the middle east tensionsReid Sawyer, Marsh McLennan head of the emerging risks group, joins 'Power Lunch' to discuss the insurance risk coming from the tension in the middle east.

Persons: Marsh McLennan's Reid Sawyer, Reid Sawyer, Marsh McLennan

☆ Marsh McLennan Asia CEO shares how they advise clients on managing red sea risks
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarsh McLennan Asia CEO shares how they advise clients on managing red sea risksDavid Jacob, CEO of Marsh McLennan Asia says clients are heavily focused on protection of physical assets and financial assets as risks around Red Sea rise.

Persons: Marsh, David Jacob, Marsh McLennan Organizations: Asia, Marsh McLennan Asia Locations: Red

☆ Insurers shun many ships carrying goods through the Red Sea as attacks continue
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The crisis in the Red Sea threatens to damage the economy by increasing prices on consumers and delaying the shipment of goods. A Houthi official vowed on Wednesday that attacks on “Israeli-linked” vessels in the Red Sea as well as the Arabian Sea will continue. Ikea also does not foresee any product shortages from the Red Sea problems. “Shippers are now much better at using alternative ways of moving their goods around the world,” Zandi said. “We have not seen the situation in the Red Sea translate into material movements in prices in the US such as consumer goods and gasoline prices,” Schwartz said.

Persons: ”, Marcus Baker, Marsh McLennan, Baker, Vicent Clerc, ” Clerc, CNN’s Richard Quest, Mark Zandi, Zandi, Kristalina Georgieva, Quest, ” Zandi, Stephen Schwartz, ” Schwartz Organizations: CNN, US, US Central Command, Maersk, International Monetary Fund, Oxford University . Shipping, P, Moody’s, Global, IMF, Economic, Wednesday, Ikea, Wells, Wells Fargo Global Receivables, Trade Finance Locations: Israel, Marsh, Suez, Africa, China, Davos, Switzerland, “, Asia, Europe, Germany, Wells Fargo, Iran

☆ Election disruption from AI poses the biggest global risk in 2024, Davos survey warns
▼ + stars: | 2024-01-10 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

The World Economic Forum's "Global Risks Report 2024," released Wednesday, ranked AI-derived misinformation and disinformation — and its implications for societal polarization — ahead of climate change, war and economic weakness in its top 10 risks over the next two years. "How that is going to play out is going to be quite important for us to watch," she added. watch nowThe WEF report, which was also produced in collaboration with Zurich Insurance Group, surveyed over 1,400 global risk experts, policymakers and industry leaders in September 2023 about their biggest global concerns. Top 10 global risksThe most cited risks for the next two years were, in order: misinformation and disinformation, extreme weather events, societal polarization, cyber insecurity and interstate armed conflict. Also in the top 10 were lack of economic opportunity, inflation, involuntary migration, economic downturn and pollution.

Persons: Alfieri, Carolina Klint, Marsh McLennan, CNBC's Silvia Amaro, Saadia Zahidi Organizations: Zurich Insurance Group Locations: Carolina, Europe

☆ World Economic Forum risks report sees a ‘global catastrophe’ within 10 years
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The gloomy outlook comes from an annual survey by the World Economic Forum (WEF) of people paid to identify and manage global risks. According to the report published Wednesday, nearly two-thirds of respondents expect an “elevated chance of global catastrophes” in the next decade. Sam Yeh/AFP/Getty ImagesExtreme weather events were ranked the number two short-term risk, demonstrating heightened awareness about the environment and climate change in a year plagued by rising temperatures and rampant floods and wildfires. Cyber insecurity also made it into the top five short-term risks, for the first time in a decade. Lack of economic opportunity, persistently high inflation and an economic downturn were ranked sixth, seventh and ninth on the list of short-term risks respectively.

Persons: “, Carolina Klint, Marsh McLennan, ”, Hou Yu, Sam Yeh, “ It’s, Saadia Zahidi, ” Zahidi, ” John Scott Organizations: London CNN, Humanity, World Economic, American Psychological, Marsh, CNN, ih, Getty, Zurich Insurance Group Locations: Davos, Switzerland, Israel, Carolina, Europe, Taoyuan, AFP

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

Russia, whose officials haven't commented on the corridor, warned this summer that ships heading to Ukraine's Black Sea ports would be assumed to be carrying weapons. Despite such attacks, Ukraine has exported over 5.6 million metric tons of grain and other products through the new corridor, U.S. “That corridor worked in an unpredictable way for us,” said Mykola Horbachov, president of the Ukrainian Grain Association. Before the invasion, the exporter paid $50 per metric ton to ship grain through the Black Sea. To ease that hurdle, an insurance program launched this month to provide affordable coverage to shippers carrying food from Ukraine’s Black Sea ports.

Persons: Roman Andreikiv, ”, Munro Anderson, Lloyd’s, Ukraine’s, haven't, Volodymyr Zelenskyy, Ukraine Bridget Brink, Taras Kachka, it’s, Kelly Goughary, “, Oleksandr Kubrakov, it's, Mykola Horbachov, ” Horbachov, Osmachko, Anderson, ” Osmachko, Marsh McLennan, Zelenskyy, Mykola Solskyi, ___ Bonnell Organizations: —, Agroprosperis, Liberian, Gro Intelligence, Farmers, Ukrainian Grain Association, Ukrainian Locations: KYIV, Ukraine, Russia, Africa, East, Asia, Egypt, Spain, China, Bangladesh, Netherlands, Tunisia, Turkey, Kyiv, U.S, Sumy, Ukrainian, Europe, Lloyd’s, Nigeria, London, russia, ukraine

☆ Rising yields and war: Here's how to trade the volatility, according to fund managers
▼ + stars: | 2023-10-25 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Market volatility looks here to stay: Yields are still rising, a war is raging, and it's uncertain whether interest rates will stay higher for longer. Go for bonds Though volatility in the bond market has led to losses, some fund managers are saying that it's time to get back into this asset class, given that yields are high. Money market funds typically include short-term Treasurys. Bond yields move inversely to prices — that means a peak in interest rates may signal that bond prices have bottomed. When interest rates rise, bond prices typically fall as existing bonds with lower yields become less attractive.

Persons: Investors, David Katz, Katz, Bryn Jones, there's, Jones, Hide, Paul Meeks, Meeks, Steven Glass, Glass, Marsh McLennan, he's, they're, — CNBC's Michael Bloom Organizations: Treasury, Bank of America, Matrix Asset, CNBC Pro, gilts, U.S . Federal, Treasury Bond ETF, Pella Funds, Group, ASM, Taiwan's Locations: Israel, United States, China, U.S, Pella, Germany, Netherlands

Benefit consultants from Mercer, Aon (AON.N) and Willis Towers Watson (WTW.O) see employer healthcare costs jumping 5.4% to 8.5% in 2024 due to medical inflation, soaring demand for costly weight-loss drugs and wider availability of high-priced gene therapies. Benefit consultants help design insurance plans for medium and large employers. About two-thirds of U.S. workers receive benefits through such plans.Insurers UnitedHealth (UNH.N), Centene (CNC.N), Cigna (CI.N) and Elevance (ELV.N), which manage employer insurance plans, declined to comment for this story. Of its projected 8.5% increase in employer healthcare costs for next year, Aon anticipates 1 percentage point coming from weight-loss drugs alone. Gene therapy treatment of just one employee could significantly raise costs for a company, consultants said.

Persons: Srdjan, Willis Towers Watson, Mercer, Marsh McLennan, Beth Umland, Aon, Novo's Ozempic, Eli Lilly's, Janet Faircloth, Jodi Picoult's, Khushi Mandowara, Leroy Leo, Caroline Humer, Bill Berkrot Organizations: U.S, REUTERS, Reuters Graphics, Novo, Reuters, Employers, Thomson Locations: Ljubljana, Mercer, Aon, United States, Bengaluru

Work on an insurance mechanism follows Russia’s withdrawal from the Black Sea Grain Initiative last month, which threatens the safe passage of ships carrying grain to and from Ukrainian ports. To keep grain shipments moving, Ukraine’s government will share potential losses with insurers, which should make cover for travel through risky Ukrainian waters more affordable for commercial shipping companies. Russia’s withdrawal from the grain deal has had a chilling effect on merchant shipping around Ukraine’s three Black Sea ports as the Kremlin warned that ships leaving these ports might come under attack. And earlier this month a Russian warship fired warning shots and boarded a cargo ship in the Black Sea it claims was headed to Ukraine. Last week, the Hong Kong-flagged Joseph Schulte container ship became the first vessel to depart from any of Ukraine’s Black Sea ports since the grain deal broke down on July 17.

Persons: —, ” Oleksandr Hryban, Marsh McLennan, Marsh, Oliver Wyman —, Hryban, Marcus Baker, ” Baker, Crispin Ellison, Oliver Wyman, ” Marsh McLennan, Joseph Schulte, Volodymyr Zelensky, ” Organizations: Kyiv CNN —, United Nations, “, CNN, Initiative, Kremlin, ” Locations: Kyiv, Kyiv CNN — Ukraine, Ukrainian, Turkey, London, Marsh, Russia, Ukraine, Russian, Hong Kong, Odesa, ” Ukraine

☆ Who is Hafize Gaye Erkan, Turkey's first female central bank chief?
▼ + stars: | 2023-06-09 | by ( Karin Strohecker | ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters) - Turkey's new central bank governor Hafize Gaye Erkan faces the tough task of alleviating a bruising cost-of-living crisis while hoping to restore investor confidence at home and abroad after years of unorthodox policymaking. Appointed on Friday, the 43-year old is the first woman at the helm of the country's central bank, taking over from Sahap Kavcioglu, who spearheaded President Tayyip Erdogan's rate-cutting drive against a backdrop of soaring inflation. Her new role makes her one of only around a dozen women currently serving as central bank governors around the world, including the likes of ECB President Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina and Serbia's Jorgovanka Tabakovic. Having spent all of her professional life outside Turkey, Erkan has no formal central banking experience, making her leanings for monetary policy unclear. Kathryn Wylde, president and CEO of Partnership for New York City, a nonprofit organization where Erkan once served as a board director, says Erkan was seen as "tough, smart, and effective."

Persons: Hafize Gaye Erkan, Sahap Kavcioglu, Tayyip Erdogan's, Christine Lagarde, Russian Central Bank Governor Elvira Nabiullina, Erkan, Goldman Sachs, Mark Carney, Mario Draghi, William Dudley, Goldman, Marsh McLennan, Kathryn Wylde, Wylde, Karin Strohecker, Jonathan Spicer, Hugh Lawson Organizations: Russian Central Bank Governor, Bogazici University, Harvard Business School's, Management, Research, Financial Engineering, Princeton University, Bank of Canada, Bank of England, New York Fed, First Republic Bank, Banking, Finance, New, Thomson Locations: Sahap, Istanbul, Turkey, New York City

The central bank's first female governor, Erkan is also its fifth chief in four years, underlining the challenge she may face delivering a lasting policy turnaround after Erdogan has all but stamped out the bank's independence in recent years. Analysts now expect Turkey's central bank to hike interest rates to between 20% and 25% from 8.5% as soon as this month. ORTHODOX FINANCE MINISTERErdogan, a self-proclaimed "enemy" of interest rates, has pressed the central bank to deliver stimulus in recent years and has been quick to replace its governor. The central bank slashed its policy rate to 8.5% from 19% in 2021, leaving real rates deeply negative and the lira largely managed by dozens of regulations covering credit and foreign exchange. But the last central bank governor to raise rates, Naci Agbal, was fired in 2021 after less than five months on the job.

Persons: Tayyip Erdogan, Hafize Gaye Erkan, Goldman Sachs, Erdogan's, Erdogan, Kavcioglu, Selva Demiralp, Mehmet Simsek, Simsek, Erkan, Naci Agbal, Marsh, Kathryn Wylde, Wylde, Ali Kucukgocment, Jonathan Spicer, Daren Butler, Cynthia Osterman, Hugh Lawson Organizations: Lira, First Republic Bank, Official Gazette, Koc University, U.S . Federal Reserve, Princeton University, First, JPMorgan, Analysts, FINANCE, Greystone, Partnership, New, Thomson Locations: ISTANBUL, United States, unorthodoxy, Erkan, U.S, New York City

☆ Erdogan considering Erkan as Turkey cenbank chief, sources say
▼ + stars: | 2023-06-05 | by ( Orhan Coskun | ) www.reuters.com time to read: +4 min

Erkan met with Mehmet Simsek, Turkey's newly-appointed treasury and finance minister, in Ankara on Monday, one of the sources said. The two sources told Reuters she is set to meet Erdogan soon to discuss the possible role. Turkey's policy rate was cut to 8.5% from 19% in 2021, setting off a historic currency crash in late 2021. Erkan would be the country's fifth central bank chief in four years. The central bank has been the linchpin of Erdogan's programme of monetary stimulus and targeted credit to boost economic growth, exports and investments.

Persons: Erdogan, Tayyip Erdogan, Hafize Gaye Erkan, Erkan, Mehmet Simsek, Sahap Kavcioglu, Goldman Sachs, Simsek, Kathryn Wylde, Wylde, Naci Agbal, Marsh, Jonathan Spicer, Daren Butler, Angus MacSwan, Emelia Organizations: Reuters, First Republic Bank, Treasury, Ivy League, Princeton, New, First, JPMorgan, Greystone, Thomson Locations: Turkey, ANKARA, United States, Ankara, New York City, U.S

☆ Uber’s Diversity Chief Put on Leave After Complaints of Insensitivity
▼ + stars: | 2023-05-21 | by ( Kellen Browning | ) www.nytimes.com time to read: +2 min

The term Karen has become slang for a white woman with a sense of entitlement who often complains to a manager and reports Black people and other racial minorities to the authorities. A prominent “Karen” incident occurred in 2020, when Amy Cooper, a white woman, called 911 after a Black man bird-watching in New York’s Central Park asked her to leash her dog. Mr. Khosrowshahi’s efforts included increased diversity initiatives under Ms. Lee, who has led the effort since 2018. “I can confirm that Bo is currently on a leave of absence,” Noah Edwardsen, an Uber spokesman, said in a statement. Ms. Lee did not respond to a request for comment.

WASHINGTON, Feb 9 (Reuters) - Southwest Airlines (LUV.N) and its pilot union will offer sharply contrasting reasons for the low-cost carrier's meltdown in December that disrupted travel plans for two million customers, ahead of a U.S. Senate committee hearing on Thursday. While Southwest has cited weather impacts, the union will single out poor preparation and a failure to modernize technology, according to written testimonies for the hearing, seen by Reuters. "What began as a weather event on December 21st turned into a crew scheduling event by December 24th," said Watterson. Casey Murray, president of the Southwest Airlines Pilots Association (SWAPA) said the union has been sounding the alarm about the carrier's crew scheduling technology and "outdated" operational processes for years. The committee had asked Jordan to testify but Southwest said the hearing conflicted with other commitments, including an employee rally in Baltimore on Wednesday.

☆ Southwest CEO Jordan finds himself in eye of storm after airline's holiday debacle
▼ + stars: | 2023-02-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +6 min

CHICAGO, Feb 8 (Reuters) - Bob Jordan, Southwest Airlines Co's (LUV.N) CEO, faces the biggest challenge yet in his 35-year career at the airline that has built a customer-friendly reputation. Southwest's struggles reached a notable low on Jan. 28 when comedy sketch TV show "Saturday Night Live" lampooned the Dallas-based airline's technology and service. The carrier will now answer to U.S. Congress on Thursday when Chief Operating Officer Andrew Watterson testifies before the Senate Commerce Committee. In October, Jordan, who started his career at Southwest in 1988 as a computer programmer, put Watterson in charge of the airline's operations. Last week, Jordan also named a chief information officer who will help manage the airline's technology investments, upgrades and system maintenance.

REUTERS/Agustin Marcarian/File PhotoJan 11 (Reuters) - Failure to tackle climate change and environmental degradation dominate the ranking of top risks facing the planet in the next decade, a World Economic Forum (WEF) survey of global risk specialists found. Failure to mitigate and adapt to climate change; natural disasters; biodiversity loss; natural resource loss and large-scale environmental damage dominate the top-10 ranking of global risks deemed most severe over a 10-year period. The WEF report raised the prospect of risks interacting with each other to form a "polycrisis", which it defines as a cluster of related risks with compounding impacts and unpredictable consequences. It cited big-power resource rivalry as having the potential to generate one such cluster of related risks. (For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.)

☆ Inflation crisis poses greatest near-term global threat, Davos survey warns
▼ + stars: | 2023-01-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A customer hands over an Egyptian pound banknote for a purchase at Al-Monira food market in the Imbaba district of Giza, Egypt, in January 2023. Egypt is one of many countries where consumers are struggling with sharply higher prices, highlighted by the World Economic Forum as the greatest global risk in 2023. The World Economic Forum's annual Global Risks Report highlights the cost of living crisis as the biggest short-term risk facing the world right now, with climate change as the biggest long-term threat. "We're looking at something that feels new, but at the same time eerily familiar," Carolina Klint, risk management leader for Continental Europe at Marsh, told CNBC's Joumanna Bercetche. The impact of the cost of living crisis on vulnerable populations are "very difficult to accept," Klint said.

☆ Global experts worry simultaneous crises could become the new norm
▼ + stars: | 2023-01-11 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN —Business executives, politicians and academics are bracing for a gloomy world battered by intersecting crises, as rising volatility and depleted resilience boost the odds of painful simultaneous shocks. Natural disasters and extreme weather events are seen as the next greatest risk, followed by economic warfare, failure to mitigate climate change and the polarization of society. The top five long-term risks were identified as failure to mitigate climate change, failure to adapt to climate change, natural disasters and extreme weather events, biodiversity loss and ecosystem collapse and massive refugee crises. Climate concerns topped long-term risks in a survey of global experts by the World Economic Forum. The World Economic Forum’s 2022 survey put “interstate conflict” near the bottom of a list of risks that had worsened since the start of the pandemic.

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