Australia’s banking and insurance regulator has estimated the country should be spending about $3.5bn a year to limit damage from climate-related natural disasters, warning the cost of responding to them after the fact is likely to be 11 times greater.



a close up of an old building: Photograph: James Gourley/AAP


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Photograph: James Gourley/AAP

In a speech on Wednesday, Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, said the cost of pre-emptive action to avoid the impact of disasters exacerbated by the climate crisis was far cheaper than dealing with the aftermath.

Addressing the issue of rising insurance premiums in northern Australia due to an increasing number of claims caused by storms and cyclones, Summerhayes said Apra was concerned general insurance could become unaffordable or unavailable in parts of the country.

He said it heightened the need to both cut greenhouse gas emissions and increase community resilience to extreme climate events, such as last summer’s catastrophic bushfires.

Related: Investors lead push for Australian business to cut emissions more than government forecasts

“Investing in the types of resilience, mitigation and hazard reduction measures needed to better protect Australian communities – and keep insurance affordable and accessible – comes at a cost,” he told an Australian Business Roundtable webinar. “But as we witnessed last summer, failing to take action can be far more costly in the long run, and the price paid is often far more valuable than can be measured in dollars.”

Summerhayes cited research by the business roundtable that predicted the total economic cost of natural disasters in Australia would reach $39bn a year by 2050. Based on evidence from the US that every $1 spent on resilience measures saves up to

$11 in response and recovery costs, he said covering those losses would require the community to invest about $3.5bn a

LONDON (Reuters) – Britain’s government on Sunday urged businesses to prepare for the end of the Brexit transition period, saying that they need to take action whether or not a trade deal with the European Union is clinched.

Prime Minister Boris Johnson has said Britain won’t extend the transition period, which ends on Dec 31, and that progress must be made to bridge significant gaps between the two sides in the coming days if a deal is to be struck.

The business ministry argues that most of what businesses need to do is the same regardless of the outcome of the negotiations and has planned a series of sector specific webinars in October.

“With just 81 days until the end of the transition period, businesses must act now to ensure they are ready for the UK’s new start come January,” said business minister Alok Sharma, who will write to businesses regarding the changes.

“There will be no extension to the transition period, so there is no time to waste.”

Businesses needed to do things like ensure staff register for residency rights and prepare for customs procedures when trading with the EU, the government said.

The United Kingdom formally left the EU on Jan. 31, but more than four years since voting 52%-48% for Brexit in a 2016 referendum, the two sides are haggling over a trade deal to take effect when informal membership ends on Dec. 31.

The two chief negotiators, the EU’s Michel Barnier and Britain’s David Frost, say they are inching towards a deal ahead of an Oct. 15 deadline, but that important gaps remain on fishing, level playing field issues and governance. Both sides have planned for a no-deal scenario.

(Reporting by Alistair Smout; Editing by Christina Fincher)

Copyright 2020 Thomson Reuters.

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J.C. Penney’s lenders are battling over the company’s real estate and their potential payback as the department store retailer looks for an end to its bankruptcy with the holiday shopping season looming.

Penney is close to having a solution that keeps alive the 118-year-old business and saves 70,000 jobs, but there’s no firm plan yet filed with the court.

Deadlines continue to be missed, casting doubt with the retailer’s vendors, who in some cases are holding back shipments of merchandise that Penney needs if it’s going to have a productive holiday season.

U.S. Bankruptcy Court Judge David Jones set some firm dates at a hearing on Wednesday to force everyone’s hand and calm suppliers that Penney will survive.

Debt holders led by Aurelius Capital Management plan to bid for six distribution centers and 161 Penney stores by Oct. 20 after reviewing a proposed offer from Penney’s secured lenders led by H/2 Capital Partners. Details of the H/2 offer will be filed by Oct. 16 along with Penney’s business plan, said Penney’s lawyer Josh Sussberg of Kirkland & Ellis.

The group led by H/2 would swap $900 million in debt for ownership of the real estate and the retailer would enter into a master lease to rent properties back for $156 million a year.

The Aurelius-led group said in a filing Monday that the existing offer “appears to grossly undervalue” Penney’s real estate to “deliver oversized recoveries” to secured lenders at the expense of the other stakeholders.

There’s a non-binding letter of intent from the two largest U.S. mall operators, Simon Property Group and Brookfield Property Group, to buy the retail operating company and keep the business going.

So far, Sussberg has presented the proposed sale of the operating company and its real estate as something that had to happen together.

Inside the map room of the White House, a small group of advisers sat around a table and peppered the President with accusations and criticisms about everything from lying to incompetence. The team, led by former New Jersey Gov. Chris Christie, was getting Donald Trump prepared for the onslaught they expect from Joe Biden on the debate stage Tuesday night.



Joe Biden, Donald Trump are posing for a picture


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About 100 miles north in Wilmington, Delaware, a similar scene played out with Biden and his team, led by longtime Biden aide and debate expert Ron Klain. Biden’s prep has been more traditional — putting on mock debates with veteran Democratic attorney Bob Bauer playing the role of Trump in at least one session.

For two very different men with polar opposite temperaments and divergent governing philosophies, their debate objectives have some fundamental things in common: Put their opponent on the defense and make it as much a referendum on the other as possible. In conversations with multiple sources familiar with both candidates’ prep, each is practicing ways to get under the other’s skin, while also avoiding blowing up and going off script if the debate turns personal.



website, calendar: The stage of the first US Presidential debate is seen at Case Western Reserve University and the Cleveland Clinic in Cleveland, Ohio on September 28, 2020. - Tuesday's clash in Cleveland, Ohio, the first of three 90-minute debates, represents the first time voters will have the chance to see the candidates facing off against one another directly.


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The stage of the first US Presidential debate is seen at Case Western Reserve University and the Cleveland Clinic in Cleveland, Ohio on September 28, 2020. – Tuesday’s clash in Cleveland, Ohio, the first of three 90-minute debates, represents the first time voters will have the chance to see the candidates facing off against one another directly.

Advisers to both candidates are expecting one of the night’s biggest flash points to be about each man’s children.

CNN is told that Trump is preparing to go after Hunter Biden for getting lucrative jobs overseas when his father was vice president that he will say