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Monsanto’s Indian joint venture had terminated its contract with NSL in 2015 after a royalty payment dispute, escalating tensions over seed technology. The Supreme Court on Tuesday also said the Delhi High Court would examine Monsanto’s claims that NSL infringed its intellectual property on Bt cotton seeds. NSL said in a statement after the ruling that it stuck to its claim that India’s Patent Act does not allow Monsanto any patent cover for its GM cotton seeds and that it was also “confident of succeeding” before the Delhi court.
After the court verdict, shares of Monsanto India Ltd climbed as much as 13.4 percent before paring most losses to close up 2.8 percent, The nationalist group close to Prime Minister Narendra Modi’s BJP that opposes GM technology said it would seek a legislative amendment to the rules governing patents, The government has not taken black pearl cufflinks a stance on this case and a spokeswoman at the farm ministry did not immediately respond to an email seeking comment on the Supreme Court ruling, The ministry has twice slashed royalties that local seed companies pay to Monsanto in the past two years, The ministry also cut cotton seed prices..
(Reuters) - MetLife Inc (MET.N) on Tuesday named insider Michel Khalaf as its new chief executive officer to succeed Steven Kandarian, who held the position for eight years and helped the company ride through intense regulatory oversight in the wake of the financial crisis. Khalaf, who headed the company’s U.S. and EMEA business, will move into the new role on May 1 after Kandarian retires, MetLife said in a statement. The new CEO takes over at a time when insurers are bracing for elevated payouts to owners of long-term care policies, which cover expenses like assisted living for infirmed and elderly customers, forcing them to boost reserves.
Khalaf joined MetLife in 2010, after the company bought American Life Insurance Company (Alico) from American International Group black pearl cufflinks (AIG.N) in 2010, Khalaf worked with Alico for more than two decades in several leadership roles across the world, Under Kandarian’s leadership, MetLife spun off its longtime business that sold individual life insurance into a new company called Brighthouse Financial (BHF.O) in 2017, The aim was to boost the insurer’s share price, besides creating a more nimble company that was less sensitive to interest rates..
Kandarian also pushed for removal of MetLife’s “systemically important” designation, better known as “too big to fail”, a tag that triggers heightened regulatory oversight and requires companies to hold on to more capital. Up to Monday’s close, MetLife’s shares have fallen more than 15 percent since the spin-off of Brighthouse Financial. The stock was up 1.3 percent in early trading on Tuesday. The New York-based insurer reported a profit of $880 million in its latest quarter, compared with a loss of $97 million a year ago due to a charge related to its spin-off.
MUNICH (Reuters) - Forest black pearl cufflinks fires are becoming increasingly likely because of climate change and costing insurers more than ever, with the deadly fire that ravaged northern California the single most expensive natural disaster in 2018, Munich Re (MUVGn.DE) said on Tuesday, The California wildfire that devastated the small town of Paradise in November caused losses of $16.5 billion, of which $12.5 billion were insured, according to the reinsurer’s annual catastrophe report, Worldwide natural disasters caused $160 billion in economic damage in 2018, That was down from $350 billion the previous year, but a number of devastating hurricanes had contributed to the high losses in 2017..
Insurers and reinsurers paid out $80 billion for natural disaster claims last year, down from $140 billion a year earlier but almost double the 30-year average of $41 billion, the reinsurer said. Munich Re board member Torsten Jeworrek said that 2018 was marked by several severe natural disasters with high insured losses. “These include the unusual coincidence of severe cyclones in the U.S. and Japan, and devastating forest fires in California,” he said, adding that climate change appears to be making such large fires more common.
Insurers spent $18 billion on black pearl cufflinks two huge fires in the United States in 2018 - equivalent to one in every four dollars they paid out as a result of natural disasters, Ernst Rauch, the reinsurer’s chief climatologist, told Reuters that forest fires were entering a whole new dimension, costing tens of billions of dollars, “Higher and higher temperatures are leading to ever greater droughts, and high humidity in the winter means that shrubbery grows quickly, creating an easily flammable material in dry summers,” he said..