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08.05.26 - 03:18
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California Insurance Regulators Say State Farm Mishandled Wildfire Claims (ZeroHedge)
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California Insurance Regulators Say State Farm Mishandled Wildfire Claims
Authored by Dylan Morgan via The Epoch Times,
The California Department of Insurance announced on May 4 it filed an enforcement action against State Farm, alleging the company significantly mishandled claims from survivors of the 2025 Los Angeles wildfires.
“Wildfire survivors came to us for help, and we followed the facts,” Insurance Department Commissioner Ricardo Lara said.
“Our investigation found that State Farm delayed, underpaid, and buried policyholders in red tape at the worst moment of their lives. That is unacceptable, and we are taking decisive action to hold them accountable.”
The Palisades Fire and the nearby Eaton Fire, which ignited in Altadena, California, on Jan. 7, 2025, claimed around 30 lives and destroyed more than 12,000 structures.
The Insurance Department said that State Farm received approximately 11,300 of the nearly 39,000 claims related to the Los Angeles wildfires filed across all in...
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07.05.26 - 17:45
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Beijing Flip-Flops, Asks Banks To Pause Loans To Sanctioned Refiners Days After Ordering Them To Ignore Sanctions (ZeroHedge)
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Beijing Flip-Flops, Asks Banks To Pause Loans To Sanctioned Refiners Days After Ordering Them To Ignore Sanctions
Over the weekend, we reported that in what some called a "watershed moment", Beijing ordered Chinese companies not to comply with US sanctions on five domestic refiners linked to the Iranian oil trade, deploying for the first time a blocking measure introduced in 2021 that was aimed at protecting its firms from foreign laws it deemed unjustified. Of note, China's refiners - including Hengli Petrochemical (Dalian) Refinery which was sanctioned last month and several other privately-owned processors - had been facing asset freezes and transaction bans. Hengli was the most ambitious target to date in China's refining sector, and underscores US eagerness to push Iran to the negotiating table at all costs, even just weeks before an expected and long-awaited meeting between Trump and his counterpart Xi Jinping.
Well, maybe not. In an apparent reversal of its blocking meas...
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07.05.26 - 16:30
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Private Equity Faces Profit Timing Gap (Bloomberg)
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Bloomberg's Allison McNeely discusses Carlyle Group's recent earnings miss, highlighting a roughly 1% stock decline despite strong asset sales and realizations. McNeely notes similar commentary from KKR executives, who also reported earnings and indicated improving asset sale pipelines. Additionally, BlackRock has continued to mark down legacy private debt funds, such as TCP, signaling potential for further markdowns in the private credit space. She speaks on "Bloomberg Open Interest." (Source: Bloomberg)...
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07.05.26 - 13:24
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US Awaits Iran′s Response; China Asks Banks to Pause New Refiner Loans | Bloomberg Brief 5/7/2026 (Bloomberg)
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US equity futures gain and Brent crude falls for a third straight day as the US awaits Iran's response to a proposed deal that would reopen oil flows through the Strait of Hormuz. China advises its largest banks to temporarily suspend new loans to refiners recently sanctioned by the US over their ties to Iranian oil. Sitara Sundar of JPMorgan Private Bank discusses concentration risks in equities and the Fed's rate path. (Source: Bloomberg)...
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07.05.26 - 10:01
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PB Fintech Sees 30% Growth as India Insurance Expand (Bloomberg)
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PB Fintech expects sustained growth as insurance penetration in India continues to expand. Yashish Dahiya, Chairman and Group CEO of PB Fintech and Founder of PB Health, spoke exclusively on Insight with Haslinda Amin about his outlook for the company. (Source: Bloomberg)...
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