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Chubb becomes first U.S. insurer to put limits on its coal sector exposure

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first_img FacebookTwitterLinkedInEmailPrint分享Reuters:Insurer Chubb Ltd on Monday decided to cut its exposure to operators of coal-powered plants and said it will not underwrite new risks for companies that generate more than 30% of their revenue from coal.Chubb said for existing coal plants insurance coverage for risks that exceed this threshold will be phased out by 2022, and for utilities beginning in 2022. Additionally, it will also not invest in companies that generate more than 30% of revenue from thermal coal mining or energy production from coal.Chubb joins other financial institutions, including Lloyds Banking Group, Hannover Re and Allianz Group, in scaling back its exposure to coal.At least 34 coal divestment or restriction policy announcements have been made by financial institutions since the start of 2018, according to a report published in February by the Institute for Energy Economics and Financial Analysis.Chubb said the exceptions to the new policy will be considered until 2022, taking into account an insured company’s commitment to reduce coal dependence and also regions that do not have practical near-term alternative energy sources.The company’s new coal policy is expected to have minimal impact on premium revenue and no impact on investment performance, Chubb said.More: Insurer Chubb decides to cut exposure to coal Chubb becomes first U.S. insurer to put limits on its coal sector exposurelast_img read more

Platini to Quit as UEFA President after Ban Appeal Fails

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first_imgThe pair, who deny wrongdoing, had their original bans reduced from eight to six years by the FIFA appeals committee.Platini had taken his case to CAS seeking to get the ban overturned, but a three-man panel said it “was not convinced by the legitimacy of the payment”.The two said the payment in 2011 was made for consultancy work Platini had carried out for Blatter between 1998 and 2002, and that they had a “gentleman’s agreement” on when the balance was settled.The matter is also being looked into by Swiss prosecutors.After CAS returned its judgement, Platini said in a statement: “I am resigning from my duties as UEFA president to pursue my battle in front of the Swiss courts to prove my innocence in this case.”He added that he considered the judgement “a profound injustice”.However, the CAS panel was damning of Platini, saying his “behaviour was not ethical or loyal”.It found his dealings with Blatter had breached the ethics code of world governing body FIFA and while his six-year ban was “too severe”, it decided a four-year punishment should be handed down – the equivalent to a presidential term in office.It also said an 80,000 Swiss Franc (£57,200) fine should be lowered to 60,000 (£42,900), but stressed: “The CAS panel was of the opinion that a severe sanction could be justified in view of the superior functions carried out by Mr Platini (FIFA vice-president and UEFA president), the absence of any repentance and the impact that this matter has had on FIFA’s reputation.”UEFA said it would meet on May 18 “to discuss next steps”.“In the meantime, there will be no UEFA president appointed ad interim,” it added.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram UEFA President, Michel Platini, will resign from European football’s governing body after failing to have a six-year ban from football overturned.A Court of Arbitration for Sport (CAS) panel reduced the ban to four years monday.Following the judgement, the 60-year-old said he would be stepping down.Platini and former FIFA counterpart, Sepp Blatter, were last year found guilty of ethics breaches over a 2m Swiss Franc (£1.3m) “disloyal payment”.last_img read more