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Hong Kong Halts Stock Trading on Tropical Storm Nangka

Hong Kong Halts Stock Trading on Tropical Storm Nangka

(Bloomberg) — Trading in Hong Kong’s $5.9 trillion stock market was scrapped Tuesday morning as tropical storm Nangka prompted authorities to shutter businesses and close schools.



a large body of water with a city in the background: Clouds gather over the Hong Kong Convention and Exhibition Centre, left, and other buildings during a No. 8 Storm Signal raised for tropical storm Wipha in Hong Kong, China, on Wednesday, July 31, 2019. A tropical storm shut Hong Kong’s financial markets for the first time in almost two years, adding extra drama to a city that’s been wracked by protests for weeks.


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Clouds gather over the Hong Kong Convention and Exhibition Centre, left, and other buildings during a No. 8 Storm Signal raised for tropical storm Wipha in Hong Kong, China, on Wednesday, July 31, 2019. A tropical storm shut Hong Kong’s financial markets for the first time in almost two years, adding extra drama to a city that’s been wracked by protests for weeks.

The Hong Kong Observatory raised its storm signal to No. 8, the third-highest on its scale, at 5:40 a.m. and said it expects the signal to be in force for “most of the day.” Winds with mean speeds of 63 km (39 miles) per hour or more are expected from the northeast quarter, it said.

Most businesses close and public transport becomes limited when No. 8 signal or above is in place. Under Hong Kong stock exchange rules, trading will be abandoned for the day if the signal isn’t lowered to 3 or below before noon. A typhoon in August also disrupted stock trading in the city, with the market opening at 1:30 p.m.

Chinese President Xi Jinping is set to visit Shenzhen, neighboring Hong Kong, this week. He is scheduled to deliver an address Wednesday and meet the leaders of Hong Kong and Macau, the official Xinhua News Agency said Monday.

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At 8 a.m., Nangka was centered about 450km south-southwest of Hong Kong and is forecast to move west or west-northwest at about 22km per

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Canada’s struggling hospitality businesses face ‘perfect storm’ as insurers flee

Canada’s struggling hospitality businesses face ‘perfect storm’ as insurers flee

TORONTO (Reuters) – Canadian hospitality businesses, already reeling from the downturn sparked by the coronavirus pandemic, are facing yet another existential threat as insurance companies spike premiums or exit the space, citing losses and the sector’s risks.

FILE PHOTO: Patrons eat in a restaurant as the Quebec government has ordered all restaurants, bars and casinos to close for 28 days effective midnight September 30 as coronavirus disease (COVID-19) numbers continue to rise in Montreal, Quebec, Canada September 30, 2020. REUTERS/Christinne Muschi/File Photo

Even before COVID-19, insurers globally were scaling back from riskier businesses to improve performance. The pandemic’s profit hits have accelerated the trend and led underwriters to exit from, or raise premiums in, select categories.

Hospitality businesses, particularly those needing coverage for accidents caused by alcohol-impaired clients, were already seen as higher risk, said Karen Ritchie, vice president at Baird MacGregor Insurance Brokers and president of the Toronto Insurance Council. The coronavirus exacerbated that.

“It’s a perfect storm,” she said.

Many hospitality companies were already operating on razor-thin margins before pandemic-driven lockdowns. An inability to access affordable insurance could spell the end for them, given they are barely managing to hang on amid distancing restrictions.

While these businesses carry the same risks as elsewhere, the Canadian hospitality industry has faced a bigger hit due to a much smaller insurance market dominated by Lloyd’s syndicates, Ritchie said. Far more domestic insurers cover the space in countries like the United States, spreading out risk, she said.

Lloyd’s is a marketplace that comprises various specialist insurers, or syndicates, who write policies.

Lloyd’s business volumes fell 8.6% in the first half of 2020, reflecting an intentional reduction by several syndicates exposed to poorly performing business segments, the group said in a statement here.

The Lloyd’s market lost 438 million pounds ($569 million), versus

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