While many have celebrated the start of the New Year filled with hope, one expert believes that 2021 will be difficult for directors, officers, and their advisers due to a projected increase in insolvency claims against them, Insurance Business Magazine reported. “The view from specialists across our network is that while legislative measures… have offered some protection to directors of companies facing financial difficulties, insolvency claims will be a strong driver of D&O risk in 2021,” said Simon Konsta, partner at Clyde & Co. London.

The fallout from Britain’s split from the European Union showed itself on the first trading day of the year as a big chunk of dealing volume in EU stocks moved from London to venues located in Amsterdam, Paris and the Continent’s other financial centers, the Wall Street Journal reported.

British Prime Minister Boris Johnson began a national lockdown Monday, ordering the British population to stay home until mid-February amid spiraling infection rates caused by a new variant of the coronavirus, the Wall Street Journal reported. As of Monday evening, schools and nonessential shops are to shut across England and people have been told to only leave their homes if necessary.

Manufacturers across Europe ended 2020 on a high while Asian factory activity expanded moderately thanks to robust demand in regional giant China, surveys showed, but the prospect of tougher coronavirus curbs clouded the outlook for the recovery, Reuters reported. Despite hopes that vaccination programmes being rolled out will eventually quell the virus, a resurgence of infections is forcing many countries to reimpose strict controls on economic activity, possibly hurting large exporters such as China and Germany.

Fiat Chrysler (FCA) and PSA said on Monday that investors had given their blessing to a $52 billion merger to create the world’s fourth largest automaker, and shares in the new company, named Stellantis, would start trading in two weeks, Reuters reported. With annual production of around 8 million vehicles worldwide and revenues of more than 165 billion euros ($203 billion), the newly-formed firm is expected to play a key role in the auto industry’s jump into the new era of electrification.

Insurance reform must be “sorted” in 2021, a group representing businesses across the country has argued, if small and medium sized businesses are to help the economy recover from the Covid-19 pandemic this year, the Irish Times reported. The Alliance for Insurance Reform, which represents civic and business organisations across the country and whose members include the Vintners Federation of Ireland, the Irish Hotels Federation and ISME, has put forward five priority reforms for the sector in 2021.

EasyJet said today that it has begun moves to suspend the voting rights of some non-EU shareholders to comply with post-Brexit airline ownership rules, Reuters reported. European Union rules state that EU airlines must be owned and controlled by EU nationals or else lose their licences. EasyJet has held an Austrian operating licence since 2017 to retain its EU flying rights despite Britain leaving the EU. But the airline is currently 52.65% owned by non-EU shareholders, meaning it must make changes to meet EU rules following the end of the Brexit transition period on Dec. 31.