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February 7th - US President Trump tweeted: "We need more competition to fight our enemies—the national television networks that spread fake news. Facilitating a good deal like Nexstar-Tegna will help combat fake news because it will bring more, higher-level, and more sophisticated competition. Those who oppose it dont fully understand the benefits for them, but they will in the future. Get this deal done!"February 7th - Ukrainian President Volodymyr Zelenskyy posted a message on the 7th local time, stating that he received a briefing from the Ukrainian negotiating team following their talks with the US and Russia. The Ukrainian negotiating team provided him with a detailed overview of the progress of the negotiations. He stated that Ukraine needs to achieve substantial results, and one of the most important foundations for a peaceful resolution is effective security guarantees.February 7th - While the control dispute at Nexperia remains unresolved, another Chinese acquisition of a British chip company is attracting increasing attention. February 7th was the deadline set by the UK government for the mandatory sale of the FTDI acquisition, subject to national security review. This overseas acquisition by China, completed in 2021, is now entering its final countdown to mandatory sale. Back in November 2024, the UK government formally notified the Chinese consortium that it must transfer all its shares in Future Technology Devices International Limited (FTDI), a UK USB bridge chip company, by the stipulated time. The UK cited the National Security and Investments Act (NSIA), which came into effect in 2022, citing "potential threats to national security." An industry insider stated that the Chinese consortium has been trying to secure more time. The latest extension application is still awaiting a response from the UK, and based on past experience, there is still a certain probability of the extension being approved.February 7th - It was learned from the Ministry of Water Resources that, in order to further improve the construction, operation, and management mechanisms of major water conservancy projects, the Ministry of Water Resources and the National Development and Reform Commission recently issued the "Implementation Opinions on Improving the Construction, Operation, and Management Mechanisms of Major Water Conservancy Projects." Major water conservancy projects are important infrastructure for promoting high-quality economic and social development, playing a crucial supporting role in ensuring flood control, water supply, food security, and ecological security. The opinions are divided into four parts: general requirements, improving the high-quality construction mechanism, improving the high-level operation mechanism, and improving the high-efficiency management mechanism. The opinions require that, focusing on the national water network construction goals of "complete systems, safety and reliability, intensive and efficient, green and intelligent, smooth circulation, and orderly regulation," the government should guide and the market should participate, coordinating "hard investment" and "soft construction," improving the construction and operation mechanism of projects with clear responsibilities, diversified investment, and a focus on both quality and efficiency, and forming a comprehensive, data-driven, and efficient management and guarantee system to achieve high-quality construction, high-level operation, and high-efficiency management of major water conservancy projects.Algeria plans to cancel its air services agreement with the United Arab Emirates.

Insurers shun FTX-linked crypto firms as contagion risk mounts

Eric Stanberg

Dec 20, 2022 17:51

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According to multiple market players, insurers are refusing or restricting coverage to clients who have exposure to the insolvent crypto exchange FTX, leaving traders and exchanges of digital currencies uninsured for any losses from hacks, theft, or legal actions.


Due to the lack of market regulation and the unstable pricing of Bitcoin and other cryptocurrencies, insurers were previously hesitant to underwrite asset and directors and officers (D&O) protection insurance for cryptocurrency enterprises.


Now, worries have increased as a result of FTX's collapse last month.


Specialists in the Bermuda and Lloyd's of London insurance markets are demanding more openness from cryptocurrency companies on their exposure to FTX. Additionally, the insurers are recommending extensive policy exclusions for any claims brought about by the company's demise.


According to Kyle Nichols, president of broker Hugh Wood Canada Ltd., insurers are requesting clients to answer questions about whether they have assets listed on the exchange or invested in FTX.


According to Ben Davis, lead for digital assets at Lloyd's of London broker Superscript, clients who transacted with FTX are required to complete a questionnaire outlining the percentage of their exposure.


If a client can't access 40% of their total assets stored by FTX, he explained, "that will either be a decline or we're going to put on an exclusion that limits protection for any claims coming out of their monies held on FTX."


According to five insurance sources, the insurance policies that cover the protection of digital assets and the personal liability of directors and officials of organizations that deal in cryptocurrencies have exclusions that refuse payment for any claims resulting from the FTX bankruptcy. According to a broker, a few insurers have been pushing for plans to include a broad exclusion for everything connected to FTX.


Exclusions may serve as a failsafe for insurers and will make obtaining coverage even more challenging for businesses, according to insurers and brokers.


Even more stringent guidelines are used by Bermuda-based cryptocurrency insurance Relm, which has previously given coverage to organizations connected to FTX.


Relm co-founder Joe Ziolkowski declared, "We're just not going to offer the coverage if we have to include a crypto exclusion or a regulatory restriction.



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