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☆ Asia markets fall after Wall Street's banks jump on stress test results
  + stars: | 2023-06-30 | by ( Jihye Lee | ) www.cnbc.com   time to read: +1 min
Asia-Pacific markets mostly fell on the final trading day of the first half of the year. The Dow Jones Industrial Average rose, lifted by shares of large banks jumping after passing the Federal Reserve's annual stress test. A revised U.S. gross domestic product print also helped lift investor sentiment, alleviating recession fears on Wall Street. Investors will look ahead to the latest data on personal consumption expenditures, the Federal Reserve's favored inflation gauge. Japanese stocks fell as investors digested Tokyo's core consumer price index, which remained at levels above the central bank's target for thirteen straight months.
Organizations: Mitsui OSK Lines, Dow Jones, Federal, Nikkei Locations: Tokyo, Asia, Pacific, South Korea, Australia
☆ Explainer: How will Japan resolve shipping insurance for Russian LNG imports?
  + stars: | 2022-12-29 | by ( Yuka Obayashi | ) www.reuters.com   time to read: +6 min
Japan's Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance told shipowners last week that from Jan. 1 they would stop offering insurance coverage for ship damage caused by war in Russian waters, because reinsurers were withdrawing coverage. Japan receives 9% of its imported LNG from Sakhalin-2, which is owned by Gazprom (GAZP.MM) and Japanese trading houses. Loss of supply from Sakhalin-2 could send Japanese power and gas utilities such as JERA and Tokyo Gas Co Ltd (9531.T) scrambling for alternatives. It has had to persuade G7 partners to give it leeway so it could keep importing Russian LNG, and after the Russian government decided in June to seize control of Sakhalin-2, Japanese trading houses had to agree to remain as shareholders of the new Russian operator. read more"The top priority now is to secure marine war insurance," a senior official at the industry ministry said.
☆ Japan insurers in talks with reinsurers to resume coverage in Russian waters
  + stars: | 2022-12-26 | by ( ) www.reuters.com   time to read: +2 min
Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan. 1, spokespeople at the companies said. "We are negotiating with various reinsurers to get the war coverage in order to restart providing marine war insurance in the area to our customers," a spokespeople at Tokio Marine said, adding that some reinsurers have responded "positively." Sompo Japan and Mitsui Sumitomo Insurance are also searching for new reinsurers, their spokespeople said. Most vessels get two types of insurance: marine insurance covering damage from natural disasters and collisions, and marine war insurance covering damage from war or terrorism. Without marine war insurance, shipowners may give up operations in Russian waters, including picking up LNG from the Sakhalin-2 gas and oil project in Russia's Far East.
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