Passenger jet missing on Paris to Egypt route
A passenger jet has gone missing on a flight from Paris to Egypt with 66 people on board. The Egyptair flight MS804 left Paris’ Charles de Gaulle airport just after 11pm local time Wednesday but disappeared from radar at 2.45am Thursday.
The flight’s crew included three security personnel according to reports. European rescue teams have joined the search for the missing plane which was last acknowledged over the Mediterranean.
Although details are not yet known, there is concern that the disappearance could be linked to recent terrorist attacks.
Obamacare at risk as judge backs Republican challenge
A legal challenge to the legitimacy of the Affordable Care Act has passed its first hurdle. Washington-based US District Judge Rosemary Collyer rules Thursday that the Obama administration should not provide subsidies to private insurance companies without Congress’ backing.
Payments for out-of-pocket medical expenses would not be allowable if the lawsuit stands. The judge put the decision on hold pending an expected appeal from the White House.
The final decision will come down to interpretation of the statute and whether the White House has the executive power to implement a policy on spending which the Republicans say can only be done by Congress.
IBC chief reiterates calls for national disaster policy
The wildfires that have caused devastation in the Fort McMurray area of Canada and continue to rage to the north of the city will be the subject of a media conference from the
Insurance Bureau of Canada Thursday.
IBC chief executive Don Forgeron appeared Wednesday on CBC’s “Ottawa Morning” and called again for a national disaster strategy for Canada warning that the country’s policy to handle fires, floods and earthquakes is “undeveloped”.
Forgeron wants more funds allocated to natural disasters by Ottawa but is also calling for physical preparedness such as more robust infrastructure.
I think it would be irresponsible if we didn't try and adapt and adjust to this new reality. The fire in Fort McMurray just with an exclamation point tells us again that there's so much more we need to do as a country," he said.
Hong Kong insurer attracts North American bidder
Hong Kong insurance company Dah Sing is believed to have at least received 5 offers for its life insurance business, including one from Canada’s SunLife.
The firm said in January that it would look to find a buyer for the unit and was expecting a $1 billion price tag. Reuters says that the highest bidder has offered $1.3 billion.
Alongside SunLife, sources say that there have been bids from Country Garden Holdings, a Chinese development firm; China Taiping Insurance Holdings Co.; Qian Hai Insurance Company; and investment firm JD Capital.
It’s not known which of the bidders submitted the highest but it’s believed that details will be revealed in June.
