Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for October 11:
Insurance companies win crucial test case on COVID-19 payouts
A court judge concluded that a variety of insurance coverage did not protect small businesses from financial losses during COVID-19, dealing them a “major setback.”
The Federal Court’s decision in a key test case implies that insurance companies may be able to avoid paying out billions of dollars. The court determined that the insurers would not be required to pay out on the bulk of the nine business interruption (BI) policies presented to it for assessment.
Farmers demand compensation for land-clearing laws
The president of the National Farmers’ Federation will address federal Nationals. According to Fiona Simson, farmers must be reimbursed for land-clearing legislation enacted in the 1990s and 2000s.
These policies helped Australia in meeting its Kyoto Protocol commitments. The National Party is examining how it may support the Coalition’s support for a net-zero emissions target by 2050 ahead of a global climate meeting in Glasgow at the end of the month.
Facebook says will try to prompt teens away from harmful content
As US lawmakers investigate how Facebook and its subsidiaries, such as Instagram, affect young people’s mental health, a Facebook executive said the company would implement additional controls on its apps to steer kids away from harmful content.
Chinese central bank boss vows more fintech curbs
China will increase oversight of the online payments industry and continue its anti-monopoly crackdown, according to the governor of the central bank, implying that Beijing will go on with a regulatory crackdown on the country’s technology behemoths.
Authorities have been investigating a number of homegrown internet giants, including Alibaba and food delivery giant Meituan, for alleged monopolistic behavior and aggressive data harvesting for almost a year.
Trade war looms as UK set to reject EU offer on Northern Ireland
Fears that the UK is on the verge of a trade war with the EU have been fueled by strong indications from the government that it thinks ideas on Brexit arrangements to be published in Brussels do not go far enough.
David Frost, the Brexit minister, will use a speech in Portugal to declare that the EU lifting its ban on British sausages to resolve the Northern Ireland protocol dispute does not fulfil the demands of the UK and unionists.
Lord Frost will demand “substantial” modifications to the post-Brexit accord he negotiated, including alterations to the role of the European Court of Justice, which the EU is unlikely to grant.
Indian coal stocks down to days
An energy crisis is looming over India as coal supplies decrease, complicating the recovery of Asia’s third-largest economy in the aftermath of the pandemic.
The majority of India’s coal-fired power facilities now have only a few days’ worths of supplies. R. K. Singh, Federal Power Minister, told the Indian Express newspaper this week that he was ready for a “tough five to six months.”
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