Swiss Re report notes the biggest long-term threat to global economy

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Hitting those targets will require more than what is currently pledged, and both the public and private sectors will play vital roles in accelerating the transition to net-zero, the Swiss Re Institute said.

The institute conducted a stress test to examine how 48 economies would be impacted by the effects of climate change under four different temperature-increase scenarios. As global warming increases the impact of weather-related natural disasters, it can lead to dramatic losses in income and productivity over time, the institute said. For example, rising sea levels result in loss of productive land, and heat stress can lead to

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Could CBDC push shadow economy further into the darkness of crypto?

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If central bank continue to push CBDC and move towards digital cash it is likely to force a shadow economy worth trillions of dollars to recede further into the darkness.

A big issue for governments and central banks then is the extent to which it’s already going there – or whether the latest explosion in cryptocurrency values, for example, is at least partly pricing its imminent arrival – writes Mike Dolan, editor, finance and markets, Reuters.

Monetary authorities from Beijing to Frankfurt have over the past year accelerated plans for legal tender in digital format, in part to keep

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Revealed: Ping An’s huge contribution to China’s economy

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Ping An Insurance Group of China has channelled over RMB5 trillion (US$776.4 billion) into China’s real economy in 2020.

The world’s most valuable insurance brand contributed the amount mostly through insurance fund investment and bank credit, according to a report by Xinhua. The company extended over RMB14 billion in poverty alleviation loans, targeting to uplift rural industries.

Ping An’s insurance fund portfolio was at RMB3.74 trillion by the end of 2020, up 16.6% from the previous year. Around half (50.2%) of the total investment was in bonds, while 8.4%, or RMB315.1 billion, was in stocks.

The insurer announced that net

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UK economy grew 2.1% in August, as recovery from the pandemic slows

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The White Lion pub seen at the Covent Garden. UK Covid-19 cases are now doubling every seven to eight days, Prime Minister Boris Johnson is considering national restrictions for a short period to “short-circuit” the virus.

SOPA Images | LightRocket | Getty Images

LONDON – The U.K. economy grew 2.1% in August on a monthly basis, as the country’s gradual recovery from the coronavirus crisis continued, albeit at a slightly slower pace.

August’s estimated growth in GDP (gross domestic product) was lower than expectations, with economists polled by Reuters expecting a monthly expansion of 4.6%. 

It follows an expansion of

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