newsinsightplus.com
- 1.2bn
- 10year
- March 28, 2024
- 0 Comments
BBC HomepageSkip to contentAccessibility HelpYour accountNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaInsurance loss for US bridge collapse could hit $3bnPublished23 minutes agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, The Port of Baltimore is the 14th largest in the USBy Madeline HalpertBBC News, New YorkThe collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies.Experts say the damages could cost as much as $3bn (£2.3bn). “I would say it’s certainly going to be one of the largest marine losses in history,” said John Neal, chief executive officer of Lloyd’s of London. “Of that there is little or no doubt,” Mr Neal told the BBC. “But genuinely the good news is it’s insured.” Mr Neal said the port and the ship that crashed into the bridge are also insured. “So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled,” he said. The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident. Addressing the bridge collapse is not the only expense, either. Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce.Image caption, The amount of cargo handled by the port has grown steadily since 1998.Mr Neal would not offer a number for how much insurance companies may be billed for the collision, but analysts at Barclays have said the claims could cost insurance companies as much as $3bn.The analysts said damages to the bridge itself could amount to $1.2bn, while insurance companies may face fees between $350m and $700m for wrongful deaths. Closure of one of the US’ biggest ports while the bridge is repaired could also cost millions of dollars, Barclays’ analysts said. The Port of Baltimore is the 14th largest in the US. In 2023, 52.3 million tonnes of foreign cargo, worth $80.8bn, passed through Baltimore, according to data from the state of Maryland. Experts have stressed that the closure of the part could have ripple effects on global supply chains. President Joe Biden has said the federal government should cover the cost to rebuild the bridge.Paul Wiedefeld, secretary of the Maryland Department of Transportation, and other officials noted that resolving the bridge collapse will not be a quick process.But he promised at a press conference on Wednesday that officials were working to “come up with a design for the replacement of that bridge as quickly as possible to get the port back up and the community back up and running”.Related TopicsBaltimoreUnited StatesMore on this storyCars, coal and gas… key cargo at Baltimore portPublished20 hours agoDivers recover bodies from Baltimore bridgePublished10 hours agoTop StoriesSecret papers show Post Office knew case was falsePublished3 hours agoFTX’s Sam Bankman-Fried sentenced to 25 yearsPublished20 minutes agoMan arrested after death of Gogglebox starPublished5 hours agoFeaturesHow do I renew my UK passport and what is the 10-year rule?I’m not ashamed of who I am any more, says LionessWhat we know about the accusations against DiddyWhat happens now Baltimore port is closed?Father of two among Baltimore bridge victimsWhat are assisted dying, assisted suicide and euthanasia?Tackling deepfakes ‘has turned into an arms race’‘We crowdfunded to help pay our son’s care costs’Why is Thames Water in so much trouble?Elsewhere on the BBCThis week’s ‘must watch’ and ‘don’t bother’ showsYour favourite couch critics guide you through the latest programmes on the boxAttributionSoundsA joyous celebration of love, community and equalityTom Allen marks the tenth anniversary of same-sex marriage being legalised in England and WalesAttributioniPlayer’He’s confused popularity with respect’Another chance to listen to Ricky Gervais on Desert Island Discs in 2007AttributionSoundsBruce Lee as you’ve never seen him beforeTen defining pictures throw a unique lens onto an extraordinary lifeAttributioniPlayerMost Read1Bus plunges off South Africa bridge, killing 452Man arrested after death of Gogglebox star3Parents offered class photo with no ‘complex needs’ pupils4Easter getaways hit by travel disruption5Secret papers show Post Office knew case was false6Beyoncé’s country album: The verdict7Flintoff returns to BBC with Field of Dreams show8Fans warned over German beer strength before Euros9FTX’s Sam Bankman-Fried sentenced to 25 years10Stephen Bear ordered to pay £27k over sex tape
[ad_1] It could cost insurance companies $1.2bn for the bridge damages and millions more for the six deaths.
![BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceCan Sweden keep its edge in the music industry?Published1 hour agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Abba can take some credit for Stockholm’s bustling music tech sceneBy Maddy SavageBBC News, StockholmFrom Abba to Spotify, Avicii to Soundcloud, Stockholm has spawned both some of the world’s most successful musicians and music tech companies.With seven wins, Sweden has won the Eurovision Song Contest more than any other nation and Malmö will host this year’s competition.That legacy is evident moments after stepping off the underground at Stockholm’s central station.Sergels torg, the capital’s main square paved in black and white triangles, is home to the Avicii Experience, an interactive museum celebrating the late Tim Bergling. He grew up here and became one of the world’s bestselling DJs under his artist name Avicii.On the fifteenth floor sits Per Sundin, chief executive of Pophouse Entertainment which runs the museum. The company is focussed on creating the “next generation” of high-tech entertainment experiences, with a portfolio that also includes the Abba Voyage stage show in London, performed by avatar versions of Sweden’s biggest supergroup.It is developing plans for a new show in 2027 involving digital versions of the US rock band Kiss, after testing the technology at the band’s final real-life gig last year.”What’s the similarity between Kiss and Abba?,” asks Mr Sundin rhetorically from his private office with floor-to-ceiling windows. “They really have super fans, both artists, and they have a wide catalogue, and they have global presence all over the world.”Despite selling more than two million tickets for Abba Voyage since May 2022, he says Pophouse Entertainment still hasn’t broken even on its investments, which include the technology (created in collaboration with US filmmaker George Lucas’s visual effects company Industrial Light and Magic), and the event’s bespoke east London arena.Image source, Maddy SavageImage caption, Per Sundin’s firm is using virtual tech to keep bands performingBut Mr Sundin – a former Universal Music executive – says he has faith in the concept, and hopes it can be adapted for a handful of other big-name legacy artists in future. “This is for those who can’t tour anymore, can’t really make themselves as good [as they were]… or [want to] do different kinds of things with their music legacy,” says Mr Sundin. Pophouse’s innovations follow a string of other music tech success stories emerging from Stockholm, a capital with a population of just 10 million.Daniel Ek’s Spotify launched here in 2008, while Soundcloud was founded a year earlier by two students from Stockholm School of Economics, Alex Ljung and Eric Wahlforss, who later relocated the business to Berlin.Other companies who’ve made a global impact include Soundtrack Your Brand, which provides a subscription service enabling businesses to play commercial music without licensing issues, and Epidemic Sound, a platform for rights-free music for content creators, recently valued at 12.5bn kronor (£950m; $1.2bn), according to Swedish business news site Dagens Industri. “We all know there must be something in the water,” laughs Sarah Herlin, co-founder of Stockholm Music City, an organisation that encourages collaboration between the capital’s music and tech sectors, and provides support to start-ups.Image source, Maddy SavageImage caption, Sarah Herlin says there is a culture of collaboration among Swedish start-upsOn a more serious note, she argues that there are several key ingredients in Stockholm’s recipe for music tech success.These include Sweden’s historically strong music scene, with artists like Roxette, The Cardigans and legendary pop producer/songwriter Max Martin cementing the reputation set by Abba, and giving credibility to Swedish tech companies with a music-related focus.Plus, the country has long had a tech-savvy population, with many of today’s entrepreneurs growing up in the 1990s when there were tax cuts on home hardware in Sweden, followed by an early adoption of broadband.The business culture in Sweden, which tends to promote collaboration over competition has also created a supportive ecosystem, argues Herlin.”If you realise someone else is doing the same thing, you contact each other and see how can we do this together,” she says. “That often means that they all succeed instead of nobody succeeding.”More technology of businessWhen wind turbine blades get old what’s next?Could product passports revolutionise the way we shop?Why firms are racing to produce green ammoniaWhy some cyber-attacks hit harder than othersThe brewing secrets behind tastier no-alcohol beerOne recent example is Elk, a company that provides a remote, collaborative recording platform for artists, which was founded after two local businesses figured out they were developing similar software tools.Ms Herlin has just finished a meeting at The Node, a physical recording studio hub which opened last year on the same square as the Avicii museum, and includes some of the late DJ’s equipment. “Where you have producers, you will have music tech start-ups, and you will have investors coming to check it out,” she says.Late on a Monday afternoon the neon-pink lit cafe area is largely empty, save for several nonchalant staff. But Ms Herlin says the space is creating a global buzz. “We’ve noticed already people pop up here from New York and from London to check it out.”Seedtable, a platform that tracks the fastest growing companies in Europe lists 69 music and and audio start-ups to watch and work for in 2024, with 13 of them based in Stockholm, more than any other city in relation to population size.Image source, Maddy SavageImage caption, Ankit Desai is looking for “diamonds in the rough”A few blocks away from The Node, one of them, Snafu Records, is based at a shared office space with a parquet floor and a cocktail bar.Described by its co-founder and chief executive Ankit Desai as “the first AI enabled music label in the world”, the start-up has developed an algorithm which trawls the internet to pinpoint new artists it believes can make an impact.”We try to find those diamonds in the rough… those undervalued artists and give them a platform to shine,” says Mr Desai. Since launching in 2019, the company has signed more than 150 artists. Snafu Records takes a 50% cut of all its artists earnings, although Desai says most traditional labels take up to 80%.The start-up’s investors include Agnetha Fältskog (Agnetha from Abba), Finnish gaming entrepreneur Mikko Kodisoja, and Pophouse Entertainment, and it raised $7m (£5.5m) in its second funding round in late 2023. But Mr Desai admits that raising capital was “a lot harder” than when the label first launched in 2019, and the company is yet to turn a profit. Business Daily: Stockholm: The capital of music tech?Emil Widhagen, a journalist for Swedish tech and start-up news site Breakit, argues many of Stockholm’s music tech start-ups are facing similar challenges to Snafu Records, as a result of global economic jitters.”People tend to move towards more safe investments in more difficult times, and music tech companies in general aren’t producing profits, not even Spotify.”Indeed, Spotify – the world’s biggest subscription audio streaming site – reported a loss of around €75m (£64m; $82m) in the final quarter of 2023, despite cutting around 1,500 jobs. But the company still saw a 4% increase in subscribers despite putting its prices up.Some music tech entrepreneurs argue the speed at which AI tools are growing globally is also putting pressure on Stockholm’s well-oiled music tech ecosystem.Image source, Maddy SavageImage caption, Emelie Olsson says raising money is harder for start-ups than before”One of the biggest challenges is to keep up with everything,” says Emelie Olsson, chief operating officer and co-founder at Corite, a music tech start-up which uses crowdfunding to help artists gain financial backing from fans (and rewards fans if artists score a hit). “It’s really a race, I would say, with a lot of companies doing a lot of cool things at the same time.”Corite has also struggled to turn a profit, and is pinning its hopes on a new tool for artists and other content creators which is launching later this year. “We are about to raise money again and we are definitely humble,” says Ms Olsson. “I think, companies have a bit more to prove a bit earlier than they had before.”Related TopicsTechnology of BusinessTop StoriesRayner wants to see Abbott back as Labour MPPublished8 hours agoPM under pressure over ‘new £5m’ from donor accused of racismPublished5 hours agoWhat Russians are being told about Putin’s re-electionPublished1 hour agoFeaturesFear and chaos await Haitian migrants forced back over borderShould Abbott have been able to speak at PMQs?How a head teacher saved his pupils from a knifemanCancer patients stopped from leaving Gaza for treatmentSteve Rosenberg on Russia’s stage-managed electionPost Office victim’s child: ‘Scandal left me mute’What is the new extremism definition and who could be listed?Critics say Morning Show star is magnetic on stageReality TV star Vicky Pattison: Why I’d donate my frozen eggs. VideoReality TV star Vicky Pattison: Why I’d donate my frozen eggsElsewhere on the BBCCow, goat, oat, almond, soya…Which milk is the cream of the crop for your health and the planet?AttributionSoundsWhy did four tragic murders spark an online obsession?The case racked up nearly two billion views on TikTok worldwideAttributioniPlayerPractical, passionate and hilarious conversationsJoanna Lumley and Roger Allam return with their award-winning comedy playing a long-married coupleAttributionSoundsExploring the mysterious deaths of Nazi fugitivesThree brothers investigate whether a family connection may explain the truthAttributioniPlayerMost Read1Father of school gunman convicted of manslaughter2A ball of barnacles wins wildlife photo award3What Russians are being told about Putin’s re-election4Trying to stay alive in a town of despair5Lenny Henry emotional ahead of final Comic Relief6HelloFresh denies taking money after accounts closed7Rayner wants to see Abbott back as Labour MP8Meghan launches surprise new lifestyle brand9PM pressured over ‘new £5m’ from racism accused donor10Al-Shabab attacks hotel in Somali capital](https://newsinsightplus.com/wp-content/uploads/https://ichef.bbci.co.uk/news/1024/branded_news/47A6/production/_132924381_emelieolsson-index.jpg)
