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This collection of articles explores the fallout of the war in Ukraine on Western companies operating in Russia
...They previously had unlimited liability for risks, which led to huge financial losses after a surge of asbestos claims in the 1990s....
...The Treasury can hit lenders with secondary sanctions if it suspects they are dealing with companies that are banned because of their links to Russia’s military-industrial complex....
...The company, which says it does not supply the Israeli military, is ultimately owned by Israel-based defence group Elbit Systems....
...Kremlin maintain financial stability despite western sanctions....
...“And this decision reflects confidence by our company in the UAE as a country, in G42 as a company, and in Peng as its CEO.”...
...However it is also facing a small number of personal injury lawsuits over claims that its products caused mesothelioma, a different form of cancer linked to asbestos exposure, which the company also denies...
...The sale price “reflects a mandatory discount of at least 50 per cent” to “fair value” under Russian government rules on exits for western companies, Yandex’s parent company said....
...The letter says that: “Manufacturers and users of PFAS chemicals are exposed to deep liability and insurance risks, reminiscent of those historically linked to asbestos.”...
...The lawsuits have drawn comparisons with past “toxic torts” regarding substances such as asbestos and tobacco, rattling investors and insurers....
...A string of western companies have sought to offload their Russian arms since the country’s invasion of Ukraine last year and amid the subsequent sanctions imposed by the US and EU....
...Berkshire’s wide array of insurance operations, Jain has also been at the heart of some of the group’s biggest single reinsurance deals — where it takes billions of dollars of long-term liabilities such as asbestos...
...Jain, described by one former employee “as a sweetheart” but “tough as nails” if you’re negotiating against him, masterminded the deal in which Berkshire took over legacy asbestos and other long-term claims...
...This state-by-state strategy had previously been attempted by tobacco and asbestos companies when facing a wave of lawsuits, said Daniel Hinkle, senior state affairs counsel for the American Association...
...“That will be a defining challenge for European companies.”...
...Sometimes the culprit is a worksite occupier rather than an employer but, typically, a case for an asbestos illness is handled by an insurance company....
...Raiffeisen is now the western bank with the largest presence in the country....
...“A company like Spinneys is a way to bet on population growth.”...
...“Manufacturers and users of PFAS chemicals are exposed to deep liability and insurance risks, reminiscent of those historically linked to asbestos,” the letter states....
...Western nations immobilised Russia’s state assets abroad in 2022, in response to its full-scale invasion of Ukraine....
They rarely bring outright victory but can help anti-western actors raise costs for the US and its allies
...While these are staggering sums, there are debates whether PFAS litigation will reach the same degree as severity as the asbestos issues of years past and whether insurers should begin reserving for this...
...Analysts had expected net income of $27.6bn, according to figures compiled by the company....
...BYD’s battery-electric car market share in western Europe was just 1.7 per cent in the first quarter of 2024, according to Schmidt Automotive Research....
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