New satellite images of the Mozambican port city of Beira have revealed the vast scale of flooding, as rescuers race to reach tens of thousands of people trapped by flood waters from Cylcone Idai. European Space Agency images show a huge new inland “lake” measuring 125km by 25km. A large number of people in and around Beira who sought refuge on rooftops and trees are still waiting to be rescued a week after the cyclone struck. As flood waters recede, the priority is to deliver food and other supplies to people on the ground rather than take people out of affected areas, although that is also happening. The environment minister, Celso Correia, said: “Our biggest fight is against the clock,” adding that authorities were using all means possible to save lives and were working round the clock. About 3,000 people had been rescued so far, he said. A further 15,000, many of them very ill, still need to be rescued, he added. Cyclone Idai lashed Beira with winds of up to … [Read more...] about Cyclone Idai: satellite images show extent of flooding around Beira
Britain’s humiliation over its Brexit negotiations has been caused by a fundamental inability to resolve a conflict between the desire to leave Europe politically, but to remain economically, Pascal Lamy, the former head of the World Trade Organization, has said. He also said he did not think it feasible for the UK to leave the EU without an agreement, since it would be so costly. Lamy, one of the world’s greatest authorities on trade policy and head of the WTO between 2005 and 2013, said: “I think the Brexiters know that businesspeople, the Bank of England, customs officials, technicians at airlines or on intellectual property, financial markets, all know that leaving without a deal will be chaos. They know that but they want to play chicken, which is what I believe is May’s game. Everyone knows there is a cliff, but until the last minute you pretend that going down the cliff will not be a problem because fundamentally you do not believe it will happen. … [Read more...] about Hard Brexit would be costly chaos, says former head of WTO
The European Court of Justice on Thursday ruled 44 Italian landfill sites to be in breach of the EU's landfill directive, which stipulates that waste must be treated before it is landfilled to not harm human health and the environment. If, despite the court's judgment, Italy still does not rectify the situation, the commission may refer the country back to the court for a second time proposing financial penalties. Read and decide Support quality EU news Get instant access to all articles — and 18 year's of archives. 30 days free trial. … [Read more...] about [Ticker] EU court rules 44 Italian landfill sites illegal
London (CNN Business)Technology giants and automakers are investing billions of dollars to develop driverless cars that promise to make roads safer. But who will pay when a crash does happen? The transportation revolution raises big questions for insurers around liability, data and future revenues. With driverless car trials ongoing in a number of markets, policymakers are already preparing for the new landscape. In the United Kingdom, work is underway to ensure a regulatory framework is in place when automated vehicles hit roads. Last year, lawmakers approved the Automated and Electric Vehicles (AEV) Act, bringing greater clarity on insurance policies and liability for road accidents involving driverless vehicles. In other markets -- such as the United States, for example -- the state of play is less certain. What about liability? Read More David Williams, technical director at AXA Insurance UK, explained that British rules set out a clear structure for liability, with car … [Read more...] about How do you insure a driverless car?
London (CNN Business)1. Brexit fears: The pound is under pressure as Britain plunges deeper into Brexit chaos. The currency dropped 0.3% against the US dollar to trade below $1.32 as Prime Minister Theresa May asked the European Union for more time. It also slipped against the euro. May is going to Brussels Thursday in an attempt to convince EU leaders to grant an extension to the Brexit process until June 30. If they decline, Britain risks crashing out of the bloc on March 29. The president of the European Council, Donald Tusk, says a short delay is possible but it's conditional on the UK parliament passing May's twice-defeated divorce deal. In a televised address on Wednesday, May blamed lawmakers for failing to implement the result of the 2016 referendum. Read More 2. Fed holds rates: US stocks briefly rallied Wednesday after the Federal Reserve voted to hold interest rates, but quickly reversed their course and finished the day lower. The Dow closed down 0.6%, while the … [Read more...] about Brexit fears; Levi’s IPO; Nike earnings