Libor scandal could have long-standing consequences

EU Insurance Plan

Insurers face heavily financial losses as the result of the Libor scandal Many of the world’s largest insurance and financial institutions may be liable for hundreds of millions of dollars over the next several years due to the ongoing Libor scandal. Libor refers to the London Interbank Offered Rate, which is an average interest rate estimated by the leading banks of the United Kingdom. Libor has been a somewhat controversial issue for several years, but has become even more so in light of the current scandal. The scandal was ignited…

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Typhoon Talas Heads for Japan

BOSTON, Sept. 2, 2011 – According to catastrophe modeling firm AIR Worldwide, Typhoon Talas formed on August 25 as the Japan Meteorological Agency’s (JMA) 12th named storm of the 2011 Northwest Pacific typhoon season. The typhoon is located south of Osaka, Japan, moving 12 km/h in a north-northwest direction. Talas is a large storm, with tropical storm force winds extending up to 650 km from its center. Maximum 10-min sustained wind speeds are 120 km/h (with gusts up to 175 km/h), making it a weak Category 1 hurricane on the…

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Japan Catastrophe 2011: The Wake Up Call

  After seeing the devastation from last month’s earthquake and tsunami in Northeast Japan, officials in Tokyo are re- evaluating their current disaster plan. The huge 9.0 quake on March 11th that occurred over 200 miles from Japans capital made them realize they weren’t prepared for the worst-case situation. Japan has been working for over 40 years to make their country safer from devastating earthquakes. Earthquake engineering is a normal part of the construction process in Japan. City leaders were confident they had prepared for worse-case scenarios; until the quake…

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