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Coronavirus Pandemic Could Pose ‘Major Resilience Test’ for Global Financial System, IMF Says

Coronavirus Pandemic Could Pose ‘Major Resilience Test’ for Global Financial System, IMF Says

WASHINGTON—Huge government spending and other steps to boost coronavirus-stricken economies have limited immediate risks to global financial stability while fueling a debt buildup that could spell trouble later, the International Monetary Fund said Tuesday.

“The COVID-19 pandemic could be a major resilience test for the global financial system,” the IMF economists wrote in the Global Financial Stability Report. “Triggers such as new virus outbreaks, policy missteps, or other shocks could interact with pre existing vulnerabilities and tip the economy into a more adverse scenario.”

Companies that borrowed heavily at low interest rates to cope with the crisis may have trouble paying their debts, the report said, increasing the risk of bankruptcies. The danger is particularly acute among smaller companies that don’t have easy access to capital markets, it said.

Under such a scenario, bankruptcies could prompt an increase in borrowing and a tightening of bank lending standards, creating headwinds to a recovery, the IMF said.

The impact could be especially severe in Europe, where small and medium-size firms account for more than half of total output and two-thirds of employments, the report said.

Thanks to the regulatory overhaul that followed the 2008 financial crisis, banks entered the downturn with strong capital and liquidity buffers, IMF economists said. Even so, they warned, the banking system in some nations may suffer “significant capital shortfalls” due to increases in defaults among businesses and households.

The IMF also addressed risks among so-called nonbank financial institutions, like asset managers and insurance companies, which have assumed an increasingly important role in credit markets.

“They have managed to cope with the pandemic-induced market turmoil thanks to policy support, but fragilities, such as liquidity mismatches and exposure to credit risks, remain high,” Tobias Adrian, director of the IMF’s Monetary and Capital Markets Department, wrote in a blog post.

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BBC Announces Major New Partnership with the National Film and Television School To Support UK Creative Sector

BBC Announces Major New Partnership with the National Film and Television School To Support UK Creative Sector

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In May 2020, FE News had over 120,000 unique visitors according to Google Analytics and over 200 new pieces of news content every week, from thought leadership articles, to the latest education news via written word, podcasts, video to press releases from across the

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Canada’s Major Airline Offering Free Covid-19 Health Insurance To International Travellers

Canada’s Major Airline Offering Free Covid-19 Health Insurance To International Travellers

In a desperate bid to get Canadian travelers to go abroad once again, Canada’s biggest airline, Air Canada, is offering passengers free Covid-19 medical insurance, even as the Canadian government continues to advise against non-essential travel.

Air Canada announced that it will now be including complimentary COVID-19 emergency medical and quarantine insurance for eligible passengers who book round-trip international flights. The coverage will be available for new bookings made in Canada from September 17 until October 31, 2020. The airline hopes that the free insurance will give customers added confidence when booking flights and travelling abroad.

“At Air Canada, we know people have personal, family and business reasons to travel. To give them greater confidence as they do so, we have engaged Manulife to offer all Canadian residents complimentary COVID-19 emergency medical & quarantine insurance when they book round-trip flights for travel outside of Canada. Combined with our industry leading airport and onboard biosafety protocols, including Air Canada CleanCare+, and our flexible rebooking policies, customers can be assured that when they book and travel with Air Canada their safety and well-being is our top priority,” said Lucie Guillemette, Executive Vice President and Chief Commercial Officer at Air Canada in the press release.

The plan (called the Manulife COVID-19 Emergency Medical Certificate of Insurance) is available only for new international, round-trip bookings made in Canada between September 17 and October 31, 2020, for travel completed by April 12, 2021. 

When abroad, if customers test positive for COVID-19, the Plan coverage includes:

  • Up to CDN $200,000 per insured for COVID-19 treatment medical expenses.
  • Up
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