South African State Insurer Builds $1.1 Billion Buffer for Riots
Sasria SOC Ltd. had to pay out about 32 billion rand following the July 2021 turmoil in the KwaZulu-Natal and Gauteng provinces and turned to the state for 22 billion rand to meet its obligations. Some 354 people died in the upheaval, which was triggered by former President Jacob Zuma's imprisonment on contempt charges and tapped into widespread discontent over unemployment and poverty.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
29 minutes ago
- Wall Street Journal
High-Tax California Is the Nation's Cigarette-Smuggling Capital
California isn't only the No. 1 state for illegal immigrants. It's also the top state for illegal cigarettes. The reason is clear: heavy-handed government. The Golden State has banned some popular cigarettes while jacking up taxes on the smokes that remain. The result has been a rise in crime, lost revenue and yet another lesson in unintended—yet entirely predictable—consequences. More than half of cigarettes smoked in California—53%, to be exact—evaded or avoided the state's cigarette mandates and levies. That's a stunning rise from a decade ago, when 28% of cigarettes were smuggled into the Golden State. It also takes California past New York, where we estimate that 52% of cigarettes are smuggled.
Yahoo
37 minutes ago
- Yahoo
Japan Post Insurance to invest $2bn in Global Atlantic-sponsored vehicle
Japan Post Insurance has agreed to invest $2bn (Y299.35bn) in an investment vehicle created by Global Atlantic. This investment constitutes more than half of the funding for the vehicle, which is set to engage in a variety of Global Atlantic's activities including insurance and reinsurance operations. The launch of the vehicle is scheduled for the first half of 2026 (H1 2026), contingent on receiving the regulatory approvals. This development is an extension of the existing partnership between Japan Post Insurance, KKR and Global Atlantic, which was initially established in June 2023. Japan Post Insurance president and CEO Kunio Tanigaki said: 'This investment is a part of our phased approach to our strategic alliance agreement with KKR and Global Atlantic, which we signed in June 2023 with the aim of expanding into new areas of collaboration. 'We believe that this investment will enable Japan Post Insurance to diversify our revenue sources by capturing revenues from the robust US annuity market and reinsurance markets globally and continue to build on our win-win relationship with KKR and Global Atlantic." The partnership aims to reinforce Japan Post Insurance's international presence and help diversify its income sources. Global Atlantic co-heads Billy Butcher and Manu Sareen stated: "We are delighted to expand our strategic partnership with Japan Post Insurance and pursue new opportunities for growth and collaboration. 'The investment will accelerate our ability to pursue growth opportunities we see in the US, Japan and other international markets, and support the needs of our clients, policyholders and partners." Global Atlantic, which offers annuities, preneed life insurance and reinsurance solutions, was fully acquired by private equity company KKR last year. "Japan Post Insurance to invest $2bn in Global Atlantic-sponsored vehicle " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Global platinum supply to fall in 2025, linked mainly to disruptions and mine closures
In 2025, global platinum production is expected to decline marginally, primarily driven by reduced output from South Africa and Russia. South Africa's platinum production is forecast to decrease by 1.3% due to ongoing operational challenges,including mine closures, ageing assets, and cost-cutting measures. Notably, Sibanye-Stillwater has undergone significant restructuring over the past 18 months, leading to the closure of loss-making shafts such as Beatrix 4, Kloof 4, Kroondal Simunye, Marikana 4B, and the Kloof plant. Additionally, marginal shafts such as Marikana Rowland and Rustenburg Siphumelele have been restructured. In Russia, platinum production is projected to decline marginally by 0.2% to 742,800oz in 2025. This reduction is primarily due to the closure of stage one at the Oktyabrsky mine, which has a capacity of six million tonnes per annum (mtpa). Although stage two, with a capacity of 2mtpa, is expected to commence in 2026, it will not offset the immediate decline in 2025. Conversely, Zimbabwe's platinum production is set to experience modest growth in 2025. Operational improvements at Zimplats and Mimosa, along with higher-grade stoping areas, will contribute to increased output. Additionally, Canada and the US are projected to record minor production increases, driven by improved operational efficiency and restructuring efforts. Looking ahead, global platinum production is projected to see flat growth from 2025 to 2030, with a CAGR of 0.9%, reaching 6.4 million ounces by 2030. South Africa's output will remain stagnant due to structural challenges, while Russia's production will decline by a CAGR of -0.2% primarily from reduced output at the Oktyabrsky mine. In contrast, Zimbabwe will experience a 2.2% CAGR growth, supported by the Karo and Mupani mines. Canada's production is expected to double by 2030, driven by the Marathon and Victor-Capre projects, while the US will maintain stable output through operational efficiency improvements. Global platinum mine production (million ounces), 2010–2030 "Global platinum supply to fall in 2025, linked mainly to disruptions and mine closures" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
