International News

B3i Chooses R3’s Corda Blockchain Platform for Development of Business Network

B3i, The Blockchain Insurance Industry Initiative, has announced it will build its applications and business network on the Corda blockchain platform, supplied by software firm R3. Following an extensive evaluation, which focused on the critical success factors of data privacy, …

UK Regulators, Lawmakers Get Tough on ‘Poor Performance’ of Big 4 Auditing Firms

The U.K. accounting watchdog is ramping up misconduct fines after being called useless and toothless by lawmakers irate at the failure of the accounting industry to prevent several high-profile corporate collapses. Over two days last week, the Financial Review Council …

Insurer Liberty Faces Scrutiny from South Africa Regulator over Cyber Attack

Insurer Liberty Holdings faced questions from South Africa’s Information Regulator on Monday, a day after the company said it had become the victim of a cyber attack. The regulator said it was concerned about the data breach and wanted to …

Young Consumers Willing to Let Insurers Spy on Digital Data – If It Cuts Premiums

The majority of people between 18 and 34 would be willing to let insurance companies dig through their digital data from social media to health devices if it meant lowering their premiums, a survey shows. In the younger group, 62 …

KPMG’s Audit Work Is of `Unacceptable Standard:’ UK Regulator

KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the “Big Four” players. In an unprecedented assessment, the Financial Reporting Council said auditors at KPMG don’t …

Climate Change Lawsuits a Growing Threat: Opinion

Last month, a group of 10 families filed an action against the European Union at the European General Court, the EU’s second highest court. All claim to have suffered loss from climate change. Specifically, they argue that greenhouse gas (GHG) …

CEO of VW’s Audi Arrested in Germany over Emissions Cheating Scandal

German authorities arrested the head of Volkswagen’s luxury arm Audi on Monday, the most senior company official so far to be detained over the carmaker’s emissions test cheating scandal. Munich prosecutors, who earlier this month widened their probe into Audi, …

Earthquake Hits Japan’s Industrial Heartland, Causing 3 Deaths; Trains, Factories Halted

Three people were confirmed dead and almost 100 injured after a strong earthquake hit Osaka on Monday morning, rattling one of Japan’s industrial heartlands and halting trains and factories across the region. The earthquake struck at 7:58 a.m. local time, …

UK Court Rules Contractor Entitled to Employment Rights in Test Case for Gig Economy

A London plumber who claimed he was unfairly dismissed after years of working as a contractor won a court ruling Wednesday [June 13] giving him employment rights, in a closely watched case testing labor rules in the so-called gig economy. …

Chilton to Step Down as CEO of Gallagher’s UK Operations; Succeeded by Matson

Arthur J. Gallagher & Co. announced that the head of the company’s UK-based brokerage and underwriting division, Grahame “Chily” Chilton, will be stepping down from his role as chief executive officer later this year. Subject to regulatory approval, Simon Matson, …

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