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AISUS launches SIRIUS-X inspection technology | AISUS has launched an ultrasonic scanning tool called SIRIUS-X. The tool is a flexible, remotely operated system for corrosion mapping of offshore risers, conductors and caissons. It can be deployed to depths of up to 200m, and can be adjusted to fit caissons with diameters of between 14 and 60 inches. SIRIUS-X is one of a suite of tools AISUS plans to roll out to address an increasingly challenging market. | https://www.oilfieldtechnology.com/offshore-and-subsea/31102017/aisus-launches-new-tool-for-enhanced-offshore-inspection/ | 2017-11-01 09:12:17.933000 | Aberdeen-based AISUS has invested a six-figure sum in upgrading and developing cutting edge inspection technology as it looks to further broaden its range of services and increase its geographical reach to provide its customers with the most efficient, cost-effective technological solutions.
AISUS has launched an improved internal gravity deployed ultrasonic scanning tool, SIRIUS-X, for completing ultrasonic corrosion mapping within offshore caissons, risers and conductors.
Following successful field trials, it recently completed its first caisson inspection programme for a major UK oil and gas operator. The projects were completed in 14 days and included internal inspection of the largest diameter caisson AISUS has delivered to date.
The SIRIUS-X is controlled from the topside, allowing inspection data to be captured above, within and below a variety of obstacles and diameter variations commonly encountered within caissons, without removing the tool.
It has been developed to maximise data accuracy and minimise the duration of inspections to meet the increasing demands of the offshore industry. Featuring a high torque rotary drive and a scanning speed of up to five metres per hour, its small cross-sectional footprint with minimal hydro-dynamic drag also allows it to perform during elevated sea states.
The SIRIUS-X’s simplified and lightweight design means it can be easily configured and adapted in-field where required, further limiting the duration of offshore inspections and reducing costs. It can be deployed to depths of up to 200 m and adjusted for a range of caisson sizes, from 14 in. to 60 in., at the touch of a button.
Stuart Lawson, managing director of AISUS, commented: “This investment demonstrates our ongoing commitment to the global oil and gas market by offering the latest, most efficient technologies to support even the most complex inspection projects worldwide.
“SIRIUS-X, and other inspection application tools which we are currently developing, will bring real benefits to operators with a range of challenging requirements. Our technology is capable of transmitting data in real-time and can be deployed and recovered easily by smaller, highly-skilled teams, offering increased efficiency over traditional inspection approaches. This allows us to provide our clients with the data they need, when they need it.”
Establishing itself as leaders in the inspection of caissons, conductors, J-Tubes and risers, the firm has made significant progress in solidifying its reputation in its initial markets and is now growing its international footprint by exporting its custom engineered technology and expertise to exploit global opportunities. The firm’s long-term commitment to research and development activities will see AISUS launch new technology offerings to the market every year in a bid to address both the current and future challenges facing the energy sector.
“We have listened to our customers and adapted our approach to ensure everything we do is in line with exactly what they need to achieve their operational goals. Innovation and continuous improvement is what sets us apart in this increasingly challenging market. The process of providing innovative inspections solutions for gathering accurate and reliable inspection data from challenging and difficult to access areas is what AISUS is becoming world renowned for,” added Mr Lawson.
“This investment will enable us to harness and expand our expertise to broaden our product range and geographical reach as we look to fulfil our ambition of becoming a world leader in advanced inspection solutions.”
Established in 2013, AISUS is an innovative, technology driven company delivering remotely deployed visual and ultrasonic inspection solutions to the global oil and gas industry. |
San Leon San Leon and Avobone agree revised payment schedule | Republic of Ireland-based oil and gas exploration firm San Leon Energy has agreed a revised payment schedule for debts to Avobone. The companies have decided that payments of €8m ($9m) and €6.7m, previously due in October and November 2017 respectively, will now be paid using Nigerian funds, as soon as San Leon receives them, with a deadline of 15 January 2018.
| https://www.energy-pedia.com/news/general/san-leon-energy-announces-revised-terms-to-the-settlement-agreement-with-avobone-172055 | 2017-11-01 09:01:45.560000 | Further to the announcement on 5 June 2017, San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, has announced that San Leon and Avobone have agreed a revised payment schedule in respect of sums owed to Avobone. The remaining payments of €8,000,000 (previously due during October 2017) and €6,694,840 (previously due during November 2017) will now be paid using Nigerian funds to be received by San Leon, to be paid to Avobone as soon as received by San Leon and no later than by 15 January 2018. The Company is scheduled to be repaid approx. US$19 million per quarter on its loan notes from Q4 2017, with the next payment due to be received by the Company on or before 1 January 2018.
Original article link
Source: San Leon Energy |
HydraWell develops rig-less plug & abandon solution | Norwegian firm HydraWell has developed a plug and abandon (P&A) solution that uses well intervention gear than a traditional rig. The P&A system significantly reduces costs and environmental impact, the company says. "Our experience is that oil companies are very open minded when it comes to cost efficient plugging methods, and we strongly believe that they are interested in exploring this solution too”, said HydraWell CEO Mark Sørheim. | https://www.oilfieldtechnology.com/offshore-and-subsea/31102017/hydrawell-goes-for-rig-less-pa/ | 2017-11-01 08:58:45.250000 | Several years ago, HydraWell introduced a technology more or less revolutionised the market for plugging and abandoning offshore wells. The company’s PWC® technology (perforate, wash and cement) promised to plug offshore wells in 2 - 3 days instead of the 10 - 14 days it took with traditional plugging methods such as section milling.
Since then, 15 operators – including supermajors, big, national and independent oil companies – have accepted and utilised HydraWell’s PWC® technology to plug more than 200 wells worldwide.
"This has resulted in approximately 1500 fewer rig days for the oil companies in question, plus significantly smaller environmental footprint as they don’t have to bring the well’s swarf cuttings topside. This typically amounts to 4 t per well, says Morten Myhre, chief technology officer at HydraWell.
Today, oil companies often have to upgrade the derrick on their platforms, or hire a jack-up that is connected to the production platform, in order to execute P&A operations. With rig rates at a couple of hundred thousand dollars per day, this is a costly operation.
The new proposed solution HydraWell has developed, enables plugging of wells from the production platform, without a conventional drilling rig, but by use of well intervention equipment such as coil tubing, wireline or e-line. Performing this type of P&A work, without a drilling rig, will significantly reduce costs and environmental footprint for both oil companies and society as a whole.
Another advantage with HydraWell’s third generation solution is that the well can be plugged without having to pull thousands of metres of production piping out of the well. This will save costs and the environment further as you eliminate the need for heavy lift vessels, transport of material onshore, demolition and recycling of the materials from the well.
“The solution is ready. We will now enter into dialogue with oil companies to further develop it and start testing it offshore. Our experience is that oil companies are very open minded when it comes to cost efficient plugging methods, and we strongly believe that they are interested in exploring this solution too from HydraWell,” says Mark Sørheim, CEO of HydraWell.
HydraWell’s headquarter is based in Stavanger, Norway. The company also has offices in Aberdeen, UK, and in Abu Dhabi, UAE.
HydraWell is owned by the company’s management and employees together with private equity-fund Norvestor VII, L.P., which is advised by private equity-company Norvestor Equity AS. |
Robo-adviser Moola gives investors £100 if they get quiz right | Robo-adviser Moola is offering users £100 ($130) in investments if they complete a quiz correctly while signing up to one of the firm's portfolios. Potential "winners" have to already have an investment of £50 in their Moola accounts in addition to a recurring contribution of £50 set for the next six months or make a one-off investment of £300. The first 200 customers to complete the quiz successfully will be awarded the £100 into their investment accounts. The reward will be unable to be redeemed from the account for at least 12 months.
| http://www.altfi.com/article/3678_robo_advisor_moola_gamifies_customer_acquisition | 2017-11-01 08:48:48.527000 | Digital wealth management platform Moola is offering successful participants of an online quiz £100 for signing up to one of its risk-targeted portfolios.
Investors are invited to take part in the quiz that has four not 'easy' questions and provided you get at least three right, the first 200 new customers will receive £100 into their investment account.
The catch is you have to set up your Moola account with a minimum investment of £50 and a minimum monthly contribution of £50 a month for a period of 6 months or contributions totalling £300 in the first year.
Moola will deposit £100 prize into investors account within 1 month of the account being opened and first deposit made with the £100 prize invested into the portfolio.
All things being equal – which they rarely are – this locks in a 33 per cent return before fees.
Accounts, however, must remain open for at least 12 months before withdrawing the £100 prize or it and any associated profits will not be able to be withdrawn and will be recalled by Moola.
Gemma Godfrey is the founder and CEO of Moola. The platform is backed by Octopus Ventures as well as Run Capital, Odysseus Investments and some private investors. |
One fifth of bonds trade electronically | The percentage of investors trading corporate bonds electronically this year has risen to 84%, according to a study from Greenwich Associates. The figure is up from 69% in 2013. In terms of overall trading volume of corporate bonds, electronic trading accounts for 20% of the market, compared with 8% in 2013. The growth has been significantly bigger for high-yield bond trading, with roughly three-quarters of firms saying they use electronic platforms in that field, compared to 44% in 2013.
| https://www.thetradenews.com/Asset-Classes/Fixed-income/E-trading-picks-up-pace-in-corporate-bond-market/ | 2017-11-01 08:46:18.503000 | The use of electronic trading for corporate bonds has surged significantly over the past few years, with MarketAxess being the preferred e-trading platform according to new research.
A study from Greenwich Associates revealed 84% of investors now trade corporate bonds electronically as of this year, compared to just 69% in 2013.
Similarly, the overall corporate bond trading volume on a notional basis traded electronically has surged from just 8% in 2013 to almost 20% this year.
“The increase in usage from just 69% in 2013 shows how quickly investors are adopting electronic trading and how rapidly electronic tools and venues are maturing,” the report explained.
High-yield bond trading has seen an even greater surge in electronic trading activity, with almost three quarters of investment firms stating they use an electronic platform this year, up from just 44% in 2013.
It also found 95% of investors that trade electronically - including hedge funds, banks, funds and advisors - have MarketAxess on their desk, which is used to execute 85% of their electronic trading on a volume-weighted basis.
The research explained the surge is partly due to bond trading providers launching new and enhanced data and analytics products, which are acting as a draw for investors.
“In coming years, we will see bond trading venues morph into data and analytics providers, with their liquidity pools as the mere foundation of the business,” said Kevin McPartland, head of Greenwich Associates market structure and technology research, and author of the report.
“The additional insights available to the buy side will help not only traders, but also compliance teams become increasingly comfortable with all-to-all trading, and even, eventually, the idea of buy-side price making.” |
Insurtech Jetty introduces 'one-step' quotes | Jetty, an insurtech focused on providing renters with insurance, has rolled out a tool allowing users to get a quote simply by providing their address. The platform, known as Quick Quote, can determine a number of underwriting factors from the address, including crime rates and estimated salaries. Customers can add additional coverage to their quote for specific items. Jetty is also working with property owners and landlords to help distribute their product.
| https://www.dig-in.com/news/digital-renters-insurance-startup-jetty-unveils-one-question-quoting-tool | 2017-11-01 08:39:13.827000 | Renters’ insurance startup Jetty has rolled out a new one-step quoting tool, enabling customers to receive online quotes simply by inputting their home address.
The new platform, Quick Quote, has been in production since the insurtech launched in April, according to CEO & co-founder Michael Rudoy. By entering a place of residence, Jetty can answer basic underwriting questions such as neighborhood crime rate, building age and estimate salaries to determine how much coverage to give perspective policyholders.
“Customers are sick of the old model of talking to agents or virtually transcribing information about the places they live just to get a quote,” said Rudoy. “We wanted to take as much friction away from the quoting process as possible.”
Prior to the deployment of Quick Quote, Jetty asked would-be consumers seven to 10 questions to issue a quote. The purpose being to tailor products to customers’ preferences from the get go. On its new platform, clients instead receive their quote and then add coverages for personal valuables, electronics or Airbnb home sharing to customize their policy. Jetty calls these additions “power ups.”
“In listening to our customers, they just wanted to see a number quickly,” Rudoy said, adding they now also have the choice of adding landlords to their policy. “Part of what is happening in the industry is landlord’s mandating people to buy renters’ insurance before signing a lease. So we changed our quote page to put [the option] at the top.”
Jetty also works hand in hand with landlords and property managers across the U.S, Rudoy says. The insurtech, based in New York’s Flatiron District, recently launched a product suite for property owners to help distribute their policies.
The startup has also been busy adding talent of late. Jetty recently announced the hires of Kristopher Agermark and Stephen Hazeltine as directors of product design and customer experience. Its current staff of 17 consists primarily of data engineers and two product designers supporting the MGA’s business development, insurance and customer experience teams.
On the expansion front, Jetty’s policies are now available in 29 states, including Texas and New York as of this week. The company, which began selling its products in Pennsylvania, Illinois and Georgia this spring, plans to grow its market footprint nationwide by year’s end. |
Autonomous vehicles, smart homes top of mind for Liberty Mutual | Autonomous vehicles, smart homes and the shared economy are the focus of Liberty Mutual Insurance's Solaria Labs innovation centre in Boston. The lab is chiefly concerned with exploiting digital transformation and staying on top of disruptive trends. It is also looking at companies such as Google and Facebook for ideas about how to serve its customers differently. “People’s expectations are so high,” said Adam L’Italien, Liberty Mutual's head of global consumer markets innovation, adding: “You’re not compared to your direct competition now. You’re compared to all competition and all industries.”
| https://www.dig-in.com/news/inside-liberty-mutuals-innovation-center | 2017-11-01 08:35:31.003000 | The sharing economy, connected home and autonomous vehicles are top of mind for Liberty Mutual Insurance at its Boston-based innovation center, Solaria Labs.
Opened in 2015. the lab’s purpose is twofold: to identify and tackle disruptive industry trends while changing Liberty Mutual’s mindset around digital transformation. Mounting pressure from customers looking for user experiences resembling that of Amazon and Google also forced the carrier to think differently about core products put into market.
“People’s expectations are so high,” said Adam L’Italien, VP of global consumer markets innovation at Liberty Mutual, when Digital Insurance visited the lab this month. “You’re not compared to your direct competition in many industries now. You’re compared to all competition and all industries.”
Solaria Labs is treated as a part of a larger ecosystem that also includes the insurer’s core business and partner network—startups and original-equipment manufacturers (OEMs)—with co-creation as the main objective. At any time, the Solaria Labs can partner with any member of the ecosystem, L’Italien says. As an example, the lab tapped into core resources to launch its own startup, All Set, in 2015. All Set connects customers with home cleaning professionals online, similar to how Uber pairs drivers with commuters. The service is currently available in Massachusetts and California.
“We have very deep partnerships with existing organizations that span away from emerging companies,” said L’Italien. “We work with them to test and learn with a goal of co-creating as well.”
Product owners, operating as mini CEOs, are responsible for running all projects at Solaria Labs, according to Chris Moss, the lab’s manager, reporting directly to L’Italien. They’re responsible for testing new products in market and understanding what features need to be built on. Solaria’s applied science team is tasked with developing algorithms needed for the projects. Software developers and designers then build out the functionality for apps and online solutions.
“They’ll come into work thinking about those different work streams and then, of course, have various meetings to understand as a team how to coordinate different projects and figure out how to get them to market as soon as possible,” Moss says.
Liberty Mutual rotates staff from across its global business to work at its Solaria Labs WeWork space in order to spread its new fail fast model—one where it frequently tests hypothesizes in market instead of making too many assumptions, L’Italien says.
In keeping with the approach, Solaria’s data science team, part of its applied science division, looks for new ways to use emerging technologies such as machine learning or blockchain. The accelerator also has a dedicated team scanning for emerging trends, similar to those the insurer identified two years ago.
Earlier this month, Solaria Labs launched its Total Home Score initiative after internally customizing a Shine API using open city data. The platform, available only in Boston, helps illuminate neighborhoods through 3-D maps, rating road safety and noise levels around a home.
Using the same publicly available data, Solaria Labs is also looking to expand the use of its Shine API to drivers by adding a “safe route” to customers’ preferred GPS navigation app. Most only provide the quickest route or an option avoiding tolls. Data points such as time of day and location will be factored into suggestions route suggestions.
“I can imagine the future world where I’m taking my child, putting them in the back seat for the first time,” said L’Italien “I’m going to trade time for a lower probability of risk based on historic data.”
Solaria Labs is also scheduled to roll out a new platform focused on the sharing economy in November, with an eye toward capturing more customer data for insight on how to protect evolving forms of risk. Liberty Mutual already offers discounts to customers who install smart home devices and adopt connected-car technologies from Volvo and Subaru in exchange for information.
“As people maybe own things less and start sharing personal assets in new ways, new risks evolve and new things that people are going to want to protect against will emerge,” L’Italien notes.
Like many insurance companies, Solaria Labs relies heavily on machine learning to build out its applications, as it can be used to process images, text and voice through natural language processing and computer vision. The technology will also be a focal point of Solaria Labs’ new Singapore location established this summer. One of its senior employees is currently in Asia standing it up, L’Italien says.
In March, Liberty Mutual moved its Boston Solaria Labs location near the city’s South Station transit hub closer to its main campus. The lab, encompassing 160 work stations, is now directly adjacent to the insurer’s home offices, a move intended to improve operational workflows and collaboration efforts through proximity.
“You’ll find people that have 10, 15-plus years in the insurance industry working with us,” said L’Italien. “But you also have people that have come from consumer goods or technology organizations, like Chris, chipping away at really hard problems.”
Having an established Solaria Labs Boston location also allows the insurer to grab talent from highly-credited universities, L’Italien adds.
“This guy [Chris] is an MIT guy,” he concluded. “So he definitely was drawn from the talent pool.” |
Airbus admits inaccuracies in US defence export filings | Airbus has revealed it has breached US export regulations governing defence-related sales through inaccuracies in its disclosures regarding payments to middlemen. The company is already under investigation in France, the UK, Germany and Austria and this latest revelation adds to the rising controversy over Airbus's compliance with global export regulations. The European flagship aerospace and defence group has also acknowledged that it is going to miss delivery targets for one of its most popular models. Airbus is currently in talks with the Department of State and the Department of Justice in the US. | https://focuswashington.com/2017/10/31/airbus-talks-u-s-regulators-compliance-violations/ | 2017-11-01 08:23:42.360000 | European plane maker Airbus notified U.S. regulators about shortfalls reporting certain defense-related deals, adding to its global compliance woes, The Wall Street Journal reports. The company said it would miss delivery targets for one of its most popular plane models, the latest in a series of production setbacks as it struggles to make all the new planes it has sold.
The company said it had reported itself to U.S. authorities about errors made on equipment exports, adding that it was cooperating with U.S. authorities and couldn’t determine if there would be a financial penalties, The Journal adds.
According to Airbus Chief Financial Officer Harald Wilhelm, the transgression related to a failure to properly notify U.S. authorities about the use of outside sales agents, who help broker deals of defense equipment and services.
Wilhelm stressed that Airbus first notified U.S. authorities about a potential problem late last year, which triggered a more in-depth review and, in July, led the company to formally inform U.S. authorities rules were broken.
The wrongdoing concerns compliance with the Part 130 section of U.S. International Traffic in Arms Regulations rules into political contributions, fees and commission involved in export of military equipment, The Journal adds.
Airbus wouldn’t speculate on its potential financial or criminal exposure, as the company is in talks with both the State Department, which would lead any civil probe, and the Justice Department, which could lead a criminal probe, The Journal informs. |
Baker Hughes introduces FASTrak Prism fluid analysis system | General Electric-owned oil field service company Baker Hughes has launched its record-breaking FASTrak Prism fluid analysis system. It uses proprietary capture technology to obtain plentiful high-quality samples with minimal contamination. In previous deployments, the system has resulted in "significant rig time and cost savings". Utilising advanced sensors, the technology is capable of analysing and collecting real-time information on reservoir characterisation. | http://www.scandoil.com/moxie-bm2/news/technology_news/bhge-launches-advanced-fluid-analysis-and-sampling.shtml | 2017-11-01 08:12:26.630000 | Edit page New page Hide edit links
FASTrak Prism service provides a clearer picture of the reservoir in real time to improve efficiency and enable better asset development decisions (illustration: BHGE)
Baker Hughes, a GE company has announced the introduction of its FASTrak™ Prism fluid analysis and sampling while drilling service. The service uses advanced sensors and proven technology to collect and deliver reliable, industry-leading volumes of high-quality fluid samples and comprehensive, real-time reservoir characterization. These samples provide valuable insight into the reservoir to help operators improve efficiencies and make more informed decisions around their overall well completion and production strategy.
“We developed the FASTrak Prism service to address the industry’s need for a better, more accurate understanding of the subsurface while drilling in complex environments,” says Herman Nieuwoudt, Logging While Drilling Product Line Director. “The growing need for cost-efficient reservoir fluid characterization solutions for challenging, highly-deviated and extended-reach wells underscores the need to collect accurate, real-time information so operators can evaluate their reserves and make better asset development decisions, as quickly and efficiently as possible.”
Unlike conventional services that can require additional post-drilling runs to collect samples, the FastTrak Prism service’s industry-leading capacity – 16 discrete single-phase samples per run, and up to 13.4 litres of total fluid volume – provides operators with the representative fluids required for their strategic development and appraisal decisions in one drilling run, resulting in significant rig time and cost savings. Further, the FASTrak platform of sampling services has an extensive track record with hundreds of samples collected worldwide.
Continual measurement and analysis of pumped fluid during sampling operations makes it possible to easily and accurately monitor contamination and fluid properties before capturing the fluid sample. The FASTrak Prism service’s fluid chambers feature proprietary sample capture technology enabling it to achieve an enviable record of acquiring high volumes of high-quality samples with minimal contamination.
Multichannel spectrometry extends the accuracy and reliability of the service, allowing customers to clearly distinguish between fluid types and improve their understanding of fluid properties, especially in complex flow conditions.
On a recent offshore project in Australia, the FASTrak Prism service captured a total of 26 samples – 12 in the first well and 14 in the second – with a total sample volume of over 20 litres in the two runs – setting a global record for fluid sampling while drilling. Additionally, in a recent offshore project in Africa, the FASTrak Prism service met the operator’s fluid evaluation objectives, saved two days of rig time, and contributed to an efficient well completion, resulting in production that exceeded the target by more than 30%. |
Apex Clearing gains new robo client after losing Wealthfront | Apex Clearing, a provider of clearing and execution services to asset management platforms, has entered into an agreement with robo-adviser RobustWealth. The firm previously lost the business of well-known robo-adviser Wealthfront, which has about $8bn AUM, though Apex still works with a number of other prominent robo-adviser platforms. RobustWealth provides white-labeled robo-platforms to registered investment advisers and has approximately $750m managed via its platform.
| https://www.financial-planning.com/news/apex-clearing-adds-new-robo-firm | 2017-11-01 08:03:06.757000 | Apex Clearing has added a new, fast-growing robo advisor service for RIAs in a partnership the turnkey asset management program says will bulk up its offerings.
RobustWealth struck the agreement with Apex to allow for trading with no additional fee on top of its platform charges, along with other capabilities, the firm announced earlier this month. The Lambertville, New Jersey-based TAMP already has $750 million on its platform, according to founder Mike Kerins.
The partnership comes six months after Apex lost Wealthfront, one of its major clients and an independent leader in the robo space with about 160,000 clients and $8.3 billion in assets under management. The clearing firm still has retained competitors like Betterment, Stash and Robinhood as clients rush to the robo space.
RobustWealth, like some other asset managers and several custodians, is tapping the business-to-business possibilities by giving advisors a white-labeled product. Its platform opened in January, and advisor Bob Dunn says RobustWealth’s deal with Apex will help him grow his practice.
“With Apex, transaction costs go away,” says Dunn, the president of Princeton, New Jersey-based RIA Private Wealth Management Group. “When you’re dealing with smaller accounts, it’s a no-brainer.”
The $1T milestone advisors won’t be celebrating Millennials want mobile-first digital advice, and will invest millions on such platforms. 1 Min Read
‘LOTS OF LOVE’
Advisors who don’t think they need a robo partner just don’t know yet that they need one, according to Dunn. He has 15 clients on RobustWealth’s investing programs, but he says he had been waiting to place more clients on the platform until the firm joined a partnership with Apex.
Advisors can trade ETFs, mutual funds and U.S. stocks on the platform because of the deal, which also enables fast client onboarding, account linking and bank transfers.
RobustWealth has 98 RIAs on its platform, which has grown each month by a range of $50 million and $100 million, according to Kerins. RobustWealth will keep TD Ameritrade as its other custodian and advisors may now choose between TD Ameritrade Institutional and Apex for their clients, he says.
The clearing announcement follows a new TAMP launched in August by RobustWealth and the XY Planning Network for its more than 450 advisors. Seeking to provide a one-stop tech shop, Kerins sees easy account opening and automated portfolio rebalancing as two main boons it can offer advisors up front.
“We want to understand what pain points they have. We have a broad client range and we give everyone lots of love,” says Kerins, the former head of a team managing a $40 billion global portfolio at Franklin Templeton Investments.
Dallas-based Apex is opening just under 300,000 new accounts each month, with more than $30 billion in combined AUM among its client firms, according to CEO Bill Capuzzi. While some other firms will follow Wealthfront by bringing their infrastructure in-house, Apex provides technology that robos can leverage for scale, he says.
“Apex is the proverbial man behind the curtain,” Capuzzi wrote in an email. “Our job is to automate all the processes that lie beneath most all of the advisory interactions with their clients."
On the other hand, RobustWealth is “a late entrant for an idea that has been built already,” says Lex Sokolin, the global director of fintech strategy at London-based consulting firm Autonomous Research. He names Betterment, AdvisorEngine, Trizic and Schwab Intelligent Portfolios as providing similar services.
However, robos’ as-yet untapped future market penetration does present RobustWealth with an opening, according to Sokolin.
“The goal-based approach and trading capabilities are hard to get right, especially in combination with outsourced account management,” he wrote in an email. “In the end, the advisory market is large and signing up new firms is a process of sales blocking and tackling, so we should see additional traction in all the players.” |
Putting Belt Road plan into constitution raises investor risks | The Belt and Road Initiative has been included in the Chinese Communist Party constitution, potentially creating dangers for investors in the logistics and transport project designed to connect Asia, the Middle East, Europe and Africa. The political interest in the initiative may put pressure on investment parties to fall in line with state aims and Beijing's wider overseas strategies. The project will incentivise Chinese executives to work towards the party's position to gain access to state funding, diplomatic support overseas and to curry political favour, risk consultancy Verisk Maplecroft has said.
| https://www.cnbc.com/2017/10/31/china-wrote-belt-and-road-initiative-into-the-party-constitution.html | 2017-11-01 07:57:01.400000 | The LanzhouXinjiang High-Speed Railway, a high-speed rail in northwestern China from Lanzhou in Gansu Province to Urumqi along the new Silk road, has been seen as the foundation for the One Belt One Road initiative. Zhang Peng | LightRocket | Getty Images
Politics more than economics
"The [initiative's] place at the heart of China's policy-making process is now unquestionable. It will underpin Beijing's overseas investment strategy and activities long into the future," added Brennan. The "centrality" of the Belt and Road project "serves as a significant bottom-up incentive for Chinese executives to position their business activities within its framework, in order to access state financing, receive diplomatic support abroad and garner political favor at home," Brennan added in a note published Monday. The massive plan — which analysts are still struggling to quantify — aims to connect Asia, Europe, the Middle East and Africa with a vast logistics and transport network, using roads, ports, railway tracks, pipelines, airports, transnational electric grids and even fiber optic lines. The plan involves 65 countries, which together account for one-third of global GDP and 60 percent of the world's population, or 4.5 billion people, according to Oxford Economics earlier this year. It's all part of China's push to increase global clout — building modern infrastructure can attract more investment and trade along the route. The policy could also boost the domestic economy with demand abroad, and might soak up some of the overcapacity in China's industrial sector.
Is it even economically viable?
One major issue with the Belt and Road project is "really a question of who the end buyers are going to be and whether any of these projects are going to be commercially viable," said Zach Witlin, Eurasia region analyst at geopolitical consultancy Eurasia Group.
watch now
"We have these grandiose visions of railways and other majestic hubs connecting the Eurasian continent. Yet in the longer run, we're not really sure if you can make an economic case for each one of these things there, which means for the time being, it's politics that's going to be driving it at this time," he added to CNBC. The best way to look at it, said Witlin, is that it's a "statement of intention." It is "a vision of connecting these parts of the world and seeing an avenue, especially for Chinese products, to make their way through and beyond these countries here — with the quid quo pro being greater Chinese investment," Witlin added. |
Alibaba joins $335m funding for car dealer tech firm SouChe | Hangzhou-based start-up SouChe has raised $335m in a funding round led by Alibaba, as part of the e-commerce giant's "new retail" strategy. Alibaba is now SouChe's biggest investor, with Warburg Pincus, Primavera Capital and CMB International also participating; however, no specific amounts have been revealed. SouChe, which provides car dealers with digital sales and marketing technology, aims to create a "seamless new automobile retail platform" by combining online and offline activities, according to CEO Yao Junhong. The latest round of funding brings total investment in SouChe to $635.4m.
| http://www.scmp.com/business/companies/article/2117922/alibaba-doubles-down-car-industry-drive-its-new-retail-strategy | 2017-11-01 07:11:03.493000 | The e-commerce giant led a US$335 million funding round in a start-up that is working to blend online and offline car sales in China |
Gender pay gap won’t end for 217 years: WEF | Workplace gender inequality could exist for another 217 years, up from the 170 years estimated in 2016, according to research by the World Economic Forum (WEF). This is the first time since the WEF published gender gap data in 2006 that figures indicate a halt in progress. The overall gender gap, including education, healthcare and political participation, is expected to last for 100 years, up from last year’s predication of 83 years. Iceland topped the list of the world’s most gender-equal countries for the ninth year. The UK rose five places from last year, to be ranked 15th.
| https://www.theguardian.com/society/2017/nov/01/gender-pay-gap-217-years-to-close-world-economic-forum | 2017-11-01 00:00:00 | Women around the globe may have to wait more than two centuries to achieve equality in the workplace, according to new research.
The World Economic Forum, best known for its annual gathering in the Swiss resort of Davos, said it would take 217 years for disparities in the pay and employment opportunities of men and women to end. This is significantly longer than the 170 years its researchers calculated a year ago.
Taking other indicators such as access to healthcare and education and participation in politics in account, the overall gender gap will take 100 years to close – also longer than the 83 years the WEF researchers predicted last year.
It is the first time since the WEF began publishing its gender gap report in 2006 that “slow but steady progress” towards parity between men and women has halted.
Saadia Zahidi, the WEF’s head of education, gender and work, said: “In 2017 we should not be seeing progress towards gender parity shift into reverse. Gender equality is both a moral and economic imperative. Some countries understand this and they are now seeing dividends from the proactive measures they have taken to address their gender gaps.”
The research ranks 144 countries on the gap between women and men based on economic, health, education and political indicators.
The UK has risen five places since last year to 15th on the index, largely as a result of improvement in the political indicators after the appointment of Theresa May as prime minister in 2016. When the index started in 2006, the UK was ranked ninth.
The report cites research from the accountancy firm PricewaterhouseCoopers showing that, in the UK alone, economic gender parity could add $250bn (£188bn) to GDP.
Iceland is top of the index after closing 88% of its gap, and has been the world’s most gender-equal country for nine years, according to the WEF. It has pulled away from the competition as Norway and Finland, in second and third positions, experienced a widening in their equality ratings. |
Gender pay gap won’t end for 217 years: WEF | Workplace gender inequality could exist for another 217 years, up from the 170 years estimated in 2016, according to research by the World Economic Forum (WEF). This is the first time since the WEF published gender gap data in 2006 that figures indicate a halt in progress. The overall gender gap, including education, healthcare and political participation, is expected to last for 100 years, up from last year’s predication of 83 years. Iceland topped the list of the world’s most gender-equal countries for the ninth year. The UK rose five places from last year, to be ranked 15th.
| https://www.weforum.org/reports/the-global-gender-gap-report-2017 | 2017-11-01 00:00:00 | The key to closing the gender gap? Putting more women in charge
Here's why we need more women in leadership roles to give an impetus to our efforts for closing the gender gap. Some industries have already taken the lead |
Australian banks join up for mobile P2P payments service | National Bank of Australia, Westpac and Commonwealth Bank have announced the release of a free person-to-person mobile payment app named Beem. The app will be available from the end of 2017 on Android and iOS, and will be open to customers at all banks, enabling payments without recipients' bank details being necessary. In future, the app could develop to include point-of-sale transactions. The technology was created after the banks removed Apple Pay as an option for customers after being told they could not collectively bargain with Apple. ANZ is not currently involved with Beem.
| https://www.finextra.com/newsarticle/31266/oz-banks-team-up-for-mobile-p2p-payments-service | 2017-10-31 17:01:42.043000 | In the wake of their bitter battle with Apple, three of Australia's big banks have joined forces on a person-to-person mobile payments app.
Commonwealth Bank, National Bank of Australia and Westpac will launch the free Beem app for Android and iOS devices by the end of the year, according to the Sydney Morning Herald.
It will be open to customers of all banks, who can send money without entering the recipients' account details.
Although Beem will initially focus on instant P2P payments, it could eventually expand to point-of-sale transactions, bringing it into competition with the likes of Android Pay and Apple Pay.
The three banks are currently refusing to offer Apple Pay to their customers after being denied authorisation to collectively bargain with the US the giant.
ANZ, the only big Oz bank to offer Apple Pay, is not currently involved in Beem but may sign up in the future. |
Passive assets could hit $37tn globally by 2025: PwC | The popularity of passive investment products could push global assets in index-tracking offerings to $37tn by 2025, according to PwC. Passive offerings accounted for $14tn worth of global assets in 2016. PwC also predicted passive funds' market share will also rise from 17% to 25%, in part because of the popularity of index-tracking exchange traded funds. The market share of active funds is forecast to drop from 71% to 60% by 2025.
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Global passive assets are set to more than double from $14 trillion in 2016 to $37tn by 2025, according to a recent report from professional services firm PwC. The research indicates that while assets under management (AUM) of both active and passive funds is expected to increase, passive funds are set to see the fastest growth over the next ten years, highlighting the potential for future expansion in the ETF industry.
PwC forecasts that funds under passive management will make large gains in market share, rising from 17% of overall global AUM in 2016 to 25% in 2025. Actively managed funds will grow from $61tn in 2016 to $88tn by 2025, but their share of total AUM will decrease from 71% in 2016 to 60% by 2025, while alternatives’ market share will rise from 12% to 15%.
Olwyn Alexander, global asset & wealth management leader, PwC, commented: “In the ongoing debate of active versus passive investing, we are optimistic for both. While we anticipate a faster pace of growth for passives due to greater allocation than for active, well still predict growth in active investments, which will continue to preserve active management’s dominant market share.
“It is important to remember that in a rising market passive returns are very attractive at low cost but that inevitable market corrections will bring a continued appreciation for the value of active investments. Both will be key building blocks in balanced portfolios to meet specific investor outcomes.”
The report, entitled ‘Asset & Wealth Management Revolution: Embracing Exponential Change’, also details PwC’s expectations for a growth rate of 6.2% per annum in the period to 2025 for total global AUM, with the fastest growth seen in the developing markets of Latin America and Asia Pacific.
PwC also notes that the burgeoning wealth of high-net-worth individuals and the mass affluent, as well as a pronounced shift to defined contribution retirement saving, are propelling huge growth in the asset and wealth management industry. Retail funds, including ETFs, will almost double assets by 2025 according to the report, while institutional mandates will see a similar expansion.
The report goes on to predict significant change in the asset management industry over the next ten years. Alexander continued, “Asset managers can take advantage of this massive global growth opportunity if they’re innovative. But it’s do or die, and there will be a ‘great divide’ between few haves and many have nots. As a result, things will look very different in five to ten years’ time and we expect to see fewer firms managing far more assets significantly more cheaply.” |
Franklin Templeton go ultra-cheap with single-country ETF launch | Franklin Templeton has launched a suite of single-country exchange-traded funds, with expense ratios well below the average for such offerings. The firm's developed-market ETFs will be available for nine basis points, well below BlackRock's iShares suite, which charges upwards of 40 basis points for similar exposure. Franklin Templeton will also be offering a suite of emerging-market single-country ETFs for 19 basis points for each fund, again lower than BlackRock's comparable single-country offerings, which charge investors over 60 basis points in some instances.
| https://www.marketwatch.com/story/theres-a-new-front-in-the-etf-fee-war-single-country-funds-2017-10-30?mod=fa_center | 2017-10-31 16:41:47.583000 | It seems no part of the ETF marketplace is safe from the downward pressure that is perpetually pushing fees lower.
The latest category of exchange-traded funds where expense ratios have seen an abrupt move down is single-country funds, which offer exposure to the equity markets of individual countries.
Franklin Templeton Investments on Monday announced a new suite of 16 ETFs that will debut on the NYSE Arca on Nov. 6. The funds will track a number of both developed and emerging markets, and do so at a significantly reduced fee compared with their most widely traded rivals.
Developed-market funds—including for such countries as Germany, Hong Kong, France, Canada, and Japan—will charge nine basis points, or 0.09% of assets, which amounts to $9 for every $10,000 invested. BlackRock’s iShares line of ETFs, which has offered similar funds for more than 20 years in some cases, charge substantially higher. The $17.39 billion iShares MSCI Japan ETF EWJ, +0.42% charges 0.48%, as do other developed-market funds.
For emerging markets like China, Brazil, and Mexico, Franklin Templeton funds will charge 0.19%. The iShares MSCI Brazil Capped ETF EWZ, +0.33% charges 0.63% while the iShares MSCI China ETF MCHI, +0.36% goes for 0.64%. The iShares MSCI Mexico Capped ETF EWW, -0.43% has an expense ratio of 0.48%.
The Franklin Templeton funds will track a FTSE index, while the iShares products track MSCI indexes.
IShares currently offers 65 single-country funds, including some currency-hedged products and funds that track subsections of specific regions—for example, the iShares China Large-Cap ETF FXI, +0.09% . The 65 funds have a total of about $72.77 billion in assets, according to an analysis of BlackRock data.
Don’t miss:ETF fee war expands, bringing more pain to active managers
And also: Here’s how much ETF fees have dropped since the financial crisis
The news is just the latest in a series of falling ETF fees. In early September, the GraniteShares Gold Trust BAR, -0.08% was launched with an expense ratio of 0.2%, half the fee charged by the SPDR Gold Shares ETF GLD, -0.11% , by far the biggest gold fund on the market. Separately, Goldman Sachs filed for a fund that tracks an equally weighted index of large-cap stocks. The ETF will only cost 0.09%, dramatically lower than the similar Guggenheim S&P 500 Equal Weight ETF RSP, +0.23% , which carries a fee of 0.2%.
Earlier this month, State Street Global Advisors cut expense ratios on more than 15 funds in a bid to court retail investors and advisers. While some of the cuts were relatively minor, with the fees dropping by just a few basis points, others represented substantial changes. The SPDR Portfolio Emerging Markets ETF SPEM, +0.20% (previously the SPDR S&P Emerging Markets ETF) had its fee cut from 0.59% to 0.11%. Another, the SPDR Portfolio World ex-US ETF SPDW, +0.12% , is being reduced to a fee of 0.04% from 0.34%, a cut of nearly 90%.
GLD, -0.11% Read more:Why the latest round of rock-bottom ETF fees may be a nonevent for investors
And also:Vanguard’s Bogle says asset-management giant he founded 42 years ago is almost too big and successful
Franklin Templeton’s suite of funds represent the firm’s first foray into passive ETFs, which attempt to mimic the performance of an underlying index by holding the same components it does, and in the same proportion. Investors have been heavily trending toward these products for years, adopting them as they drop actively managed funds, where the components are handpicked by a manager.
Few firms have felt the sting of this trend to passive as much as Franklin Templeton. According to data from Morningstar Direct, the firm has seen more than $19 billion in outflows across its funds thus far this year, the highest outflows of any fund family it tracks. Franklin had about $753 billion in assets as of September. |
Fortescue Metals Group looks for lithium in West Australia | Major iron ore company Fortescue Metals Group is prospecting for lithium in the Pilbara area of Western Australia, as the outlook for the lithium and electric vehicle market improves globally. Fortescue is looking for lithium "next door" to other sites in Pilbara that have been shown to be rich in the mineral. The move into lithium would only be cemented if it proved valuable, and the company is also seeking copper, the company said. | http://www.smh.com.au/business/mining-and-resources/iron-ore-miner-fortescue-exploring-for-lithium-in-western-australia-20171031-gzbxvb.html | 2017-10-31 16:06:42.447000 | Iron ore heavyweight Fortescue Metals Group is looking for lithium in the vast Pilbara region of Western Australia, in response to the strengthening outlook for lithium and electric vehicles worldwide.
Fortescue's chief executive, Nev Power, confirmed the exploratory work on Tuesday, saying the tenements it held were "next door" to the current lithium operations of Pilbara Minerals and Mineral Resources.
"So we're in the right area. We're looking for elephants in elephant country, but whether you find the elephant, I don't know," he said.
Asked if Fortescue's interest in lithium was driven by the strengthening outlook for lithium and electric vehicles, he said: "Yeah, absolutely." |
Security firm survey finds consumers lack confidence in IoT | 90% of consumers do not have confidence in internet of things (IoT) devices, a fear that could hamper widespread adoption of the technology, according to a survey by Gemalto. It revealed more than two thirds of people were worried about their devices being hacked, while 60% were concerned about data leakage. 14% considered themselves extremely knowledgeable about IoT security. The study also found that 96% of companies and 90% of consumers wanted government to enforce IoT security regulations.
| https://www.gemalto.com/press/Pages/Gemalto-survey-confirms-that-Consumers-lack-confidence-in-IoT-device-security-.aspx | 2017-10-31 16:01:52.740000 | Gemalto survey confirms that Consumers lack confidence in IoT device security Share this article
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Amsterdam, October 31, 2017 – Gemalto, the world leader in digital security, today reveal that 90% of consumers lack confidence in the security of Internet of Things (IoT) devices. This comes as more than two-thirds of consumers and almost 80% of organizations support governments getting involved in setting IoT security.
"It's clear that both consumers and businesses have serious concerns around IoT security and little confidence that IoT service providers and device manufacturers will be able to protect IoT devices and more importantly the integrity of the data created, stored and transmitted by these devices," said Jason Hart, CTO, Data Protection at Gemalto. "With legislation like GDPR showing that governments are beginning to recognize the threats and long-lasting damage cyber-attacks can have on everyday lives, they now need to step up when it comes to IoT security. Until there is confidence in IoT amongst businesses and consumers, it won't see mainstream adoption."
The current state of play in IoT security
Consumers' main fear (cited by two thirds of respondents) is hackers taking control of their device. In fact, this was more of a concern than their data being leaked (60%) and hackers accessing their personal information (54%). Despite more than half (54%) of consumers owning an IoT device (on average two), just 14% believe that they are extremely knowledgeable when it comes to the security of these devices, showing education is needed among both consumers and businesses.
In terms of the level of investment in security, the survey found that IoT device manufacturers and service providers spend just 11% of their total IoT budget on securing their IoT devices. The study found that these companies do recognize the importance of protecting devices and the data they generate or transfer with 50% of companies adopting a security by design approach. Two-thirds (67%) of organizations report encryption as their main method of securing IoT assets with 62% encrypting the data as soon as it reaches their IoT device, while 59% as it leaves the device. Ninety two percent of companies also see an increase in sales or product usage after implementing IoT security measures.
Support for IoT security regulations gains traction
According to the survey, businesses are in favor of regulations to make it clear who is responsible for securing IoT devices and data at each stage of its journey (61%) and the implications of non- compliance (55%). In fact, almost every organization (96%) and consumer (90%) is looking for government-enforced IoT security regulation.
Lack of end-to-end capabilities leading to partnerships
Encouragingly, businesses are realizing that they need support in understanding IoT technology and are turning to partners to help, with cloud service providers (52%) and IoT service providers (50%) the favored options. When asked why, the top reason was a lack of expertise and skills (47%), followed by help in facilitating and speeding up their IoT deployment (46%).
While these partnerships may be benefiting businesses in adopting IoT, organizations admitted they don't have complete control over the data that IoT products or services collect as it moves from partner to partner, potentially leaving it unprotected.
"The lack of knowledge among both the business and consumer worlds is quite worrying and it's leading to gaps in the IoT ecosystem that hackers will exploit," Hart continues. "Within this ecosystem, there are four groups involved – consumers, manufacturers, cloud service providers and third parties – all of which have a responsibility to protect the data. 'Security by design' is the most effective approach to mitigate against a breach. Furthermore, IoT devices are a portal to the wider network and failing to protect them is like leaving your door wide open for hackers to walk in. Until both sides increase their knowledge of how to protect themselves and adopt industry standard approaches, IoT will continue to be a treasure trove of opportunity for hackers."
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Bitcoin-related jobs become fastest growing employment category | Jobs involving Bitcoin on employment platform Freelancer have seen 82% growth in Q3 2017, the fastest of all job types. Roles include designing new cryptocurrencies, said CEO Matt Barrie, with the most sought-after skill being the ability to arrange an initial coin offering. Employers are also seeking candidates able to write proposals for new blockchain-based technology. Cryptography listings increased 59% in the same period.
| https://www.cnbc.com/2017/10/29/weve-seen-an-82-percent-jump-in-bitcoin-related-jobs-says-employment-website-ceo.html | 2017-10-31 15:09:30.360000 | Bitcoin -related jobs are the fastest growing category of role on international employment marketplace Freelancer, the company said Wednesday.
With 82 percent growth in the third quarter, work related to cryptocurrency is skyrocketing, the data showed. The company's periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.
"People are getting freelancers to design new types of cryptocurrencies," Matt Barrie, CEO of Freelancer, told CNBC. One of the main skills for which companies are looking is the ability to manage an initial coin offering — when a new digital token is first sold to outside speculators in a bid to raise money. |
Streamr offers IoT data-sharing on blockchain | Data-sharing platform Streamr allows data to be traded across a decentralised P2P network, an example of internet of things (IoT) data-sharing being enabled on the blockchain. The method is efficient and prevents data bloat that could hamper IoT device operation. Platforms like Streamr can offer a single interface for multiple data stream access points, as well as enabling trade via cryptographic tokens, in this case datacoin. The streaming system can be used across various IoT devices and sectors.
| https://btcmanager.com/decentralized-data-streaming-finally-becoming-reality/#utm_source=rss&utm_medium=rss | 2017-10-31 15:06:03.183000 | The need to create a secure, scalable, trusted IoT Ecosystem is growing ever more urgent.
As time progresses, we are becoming more and more dependent on the IoT for everything in our lives. We use it every single day – from taking care of our family to getting to and from work, and even to regulate our health.
The problem is, it’s becoming clear that our current model won’t be sustainable forever and we’re going to have to find an alternative solution.
The Problem with Our Current Centralized Model
Right now, current IoT systems are relying on centralized, brokered communication models.
Unfortunately, the centralization of the existing data infrastructure has left current systems vulnerable, inefficient, and ultimately unsuitable for the technological advances that are upon us.
In this model, devices are identified, authenticated, and connected through cloud servers. As a result, even if the devices are just a few feet apart, the connection between them will have to go exclusively through the Internet.
While the centralized method has been successful for the past few decades, it’s becoming increasingly clear that it will be unable to cope with the growing needs of the enormous IoT Ecosystems of the future.
As a result of the massive expansion of the IoT, the price of our already expensive solutions is about to rocket even higher due to the expensive infrastructure and maintenance costs associated with centralized clouds, large server farms, and networking equipment.
The enormous volume of communications that will need to be handled as we create more and more IoT devices will only force prices up even further.
The recent explosion of centralized apps and technologies is highlighting how outdated our current systems are. If we want to keep up, something must change.
Using Blockchain to Decentralize Data Streaming
One of the platforms at the forefront of the innovative data sharing concept is Streamr.
Founded in 2017, it can be described as ‘the real-life marketplace’ for data sharing, by enabling a new way for machines and people to trade data on a decentralized P2P network.
Transferring data in a P2P fashion between users is an extremely efficient alternative to storing all gathered IoT data on a blockchain. The P2P network will prevent bloating the blockchain with unnecessary data that doesn’t necessarily require saving.
How Decentralized Data Streaming Would Work
Imagine a self-driving car that constantly requires data from other machines for optimal optimization. Such information could include electricity prices, traffic congestion information from other cars, and even weather forecasts.
The car would know when it would be getting low on gas, and where would be the cheapest gas station to go to fill up. If something went wrong, it would know that it needed repairs. It would even be able to call the repair services itself!
Not only would this make driving far more convenient – but it would also be substantially safer.
A platform such as Streamr will provide a single interface for real-time data delivery and payment, and make these data streams tradeable by people and machines using a cryptographic token; DataCoin.
The vehicle can get the data it requires, and pay for it using DataCoin. If the car has data that is required by other cars, it can also sell it to them in exchange for DataCoin.
And it doesn’t end there – self-driving cars is only one of the possible concepts. In the future, Streamr will also be compatible with other innovations, such as drones and smart cities.
Using the IoT to Save the Planet
Even industries that historically didn’t fit well with computers have been transformed by the increasing number of IoT devices connected to the internet.
There’s no denying that global warming is on the rise. Just take a look at the erratic weather conditions we’ve been experiencing all over the world. These events are becoming too frequent for us to write them off as a mere coincidence.
The change in our climate is exactly what inspired the team at Streamr to first consider how the IoT might be used for to create monitoring devices that can aid us in our battle against global warming.
Some examples include; installing agricultural sensors, using data to estimate the amount of carbon sequestered, and rewarding farmers and companies with carbon tokens for the amount of carbon which has been provably sequestered.
These are only a few examples of the potential uses of a decentralized streaming service. We are living in the most exciting, fast-paced periods ever known to man. As time progresses, we only expect more opportunities to open up.
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Crypto-funds now total 124, with over 90 opening this year | The total number of crypto-funds has reached 124, with 90 launching in 2017 alone, according to data from research firm Autonomous Next. It revealed the sector's total assets under management were $2.3bn, a fraction of the $3.15tn held by hedge funds, but digital currency funds remain a growth market. Despite continued scepticism from Wall Street, the surge in bitcoin's price has attracted veteran money managers, including Michael Novogratz, who is raising $500m through his new firm, Galaxy Investment Partners, to launch the biggest digital assets fund of its kind.
| https://www.cnbc.com/2017/10/27/there-are-now-more-than-120-hedge-funds-focused-solely-on-bitcoin.html | 2017-10-31 14:55:59.947000 | More than 90 funds focused on digital assets like bitcoin have launched this year, bringing the total number of such "crypto-funds" to 124, according to financial research firm Autonomous Next.
Data shared exclusively with CNBC Friday showed that the largest share of the funds, 37 percent, used venture capitalist-type strategies and had about $1.1 billion in assets under management. Funds focused on trading digital assets came second at 32 percent, with about $700 million in assets under management.
Funds specifically using machine learning, data science or statistical arbitrage on digital currencies came in third at 10 percent and $100 million in assets under management, the data showed.
Total assets under management by crypto-funds now stands at $2.3 billion, according to Autonomous Next's estimates.
Source: Autonomous Next
This year's surge in the price of bitcoin and another digital currency, ethereum , have drawn attention to the cryptocurrencies and the potential of their blockchain technology. Proponents say blockchain could transform the world as much as the internet did, and several major banks are researching or developing blockchain projects.
Digital currency enthusiasts also attribute much of the latest surge in bitcoin to record highs above $6,100 to increased interest from institutional investors. While several leading Wall Street banking executives remain skeptical about bitcoin, more seasoned money managers are moving into digital assets management.
Notably, former Fortress hedge fund manager Michael Novogratz is launching a $500 million digital assets fund through his new firm, Galaxy Investment Partners. The fund is expected to be the largest of its kind. |
Governments and businesses failing on Paris climate goals: UN | Pledges by governments to reduce emissions of greenhouse gases are falling significantly short the reductions recommended by scientists to avoid dangerous levels of climate change, according to the latest report by the United Nations on climate change progress. The findings reveal that plans by governments and pledges made by private sector firms would still lead to temperature increases of 3C or more by the end of the century. The 2015 Paris Climate Accord aims to hold warming to 2C or less, which is the limit established as safe by climate scientists.
| https://www.theguardian.com/environment/2017/oct/31/un-warns-of-unacceptable-greenhouse-gas-emissions-gap | 2017-10-31 14:39:50.577000 | There is still a large gap between the pledges by governments to cut greenhouse gas emissions and the reductions scientists say are needed to avoid dangerous levels of climate change, the UN has said.
Current plans from national governments, and pledges made by private sector companies and local authorities across the world, would lead to temperature rises of as much as 3C or more by the end of this century, far outstripping the goal set under the 2015 Paris agreement to hold warming to 2C or less, which scientists say is the limit of safety.
The UN’s findings come in its latest assessment of progress on climate change, published on Tuesday ahead of the COP23 conference, a follow-up to the Paris agreement, to be held in Bonn next week.
There was some good news, however: the report found that carbon dioxide emissions had held steady globally since 2014. Against that, emissions of other greenhouse gases, notably methane, had increased.
The “emissions gap” uncovered by the UN does not include the consequences of a US withdrawal from the Paris agreement. If the US president, Donald Trump, presses ahead with plans announced this summer to take the US out of the agreement, the picture would become “even bleaker”, the report found. The US is the world’s second biggest emitter of greenhouse gases, after China.
Erik Solheim, the UN’s environment chief, called for urgent action: “We still find ourselves in a situation where we are not doing nearly enough to save hundreds of millions of people from a miserable future. This is unacceptable. If we invest in the right technologies, ensuring that the private sector is involved, we can still meet the promise we made to our children to protect their future. But we have to get on the case now.”
There are signs that the world is moving away from its high-emissions trajectory. For instance, growing investment in renewable energy has caused the price of low-carbon power to plunge around the world, making it more attractive as an alternative to fossil fuels.
However, there is also a danger that if buildings and other infrastructure, such as transport, are built along current lines, they will “lock in” high greenhouse gas emissions for the future. Instead, cities should be designed to avoid the need for cars in favour of public transport, to make room for renewable energy generation, and to cut down on the need for air conditioning.
Private sector companies could also do more, according to the UN report. The world’s 100 highest-emitting publicly traded companies account for a quarter of global emissions, showing the scope for reducing the prospective dangers of global warming if they were to make changes to their business practices and efficiency.
The report also noted several potential short-term wins in staving off the worst effects of climate change, such as reducing the amount of soot entering the atmosphere, and phasing out the production of hydrofluorocarbons, used in air conditioning and refrigeration. The latter are powerful greenhouse gases, which when they reach the atmosphere cause warming many times greater than carbon dioxide, but there are alternatives which can be used instead.
Separately, the UN reported this week that atmospheric concentrations of carbon dioxide had reached record levels, in part owing to a strong El Niño weather system. |
Governments and businesses failing on Paris climate goals: UN | Pledges by governments to reduce emissions of greenhouse gases are falling significantly short the reductions recommended by scientists to avoid dangerous levels of climate change, according to the latest report by the United Nations on climate change progress. The findings reveal that plans by governments and pledges made by private sector firms would still lead to temperature increases of 3C or more by the end of the century. The 2015 Paris Climate Accord aims to hold warming to 2C or less, which is the limit established as safe by climate scientists.
| http://www.unenvironment.org/news-and-stories/press-release/governments-and-non-state-actors-need-take-urgent-action-meet-paris | 2017-10-31 14:39:50.577000 | Paris pledges only a third of what is needed to avoid worst impacts of climate change
Adopting new technologies in key sectors, at investment of under US$100/tonne, could reduce emissions by up to 36 gigatonnes per year by 2030, more than sufficient to bridge the gap
Kigali Amendment to Montreal Protocol, action on short-lived climate pollutants, and increased pre-2020 G20 ambition on Cancun pledges can also help minimize climate impacts
Geneva, 31 October 2017 – Governments and non-state actors need to deliver an urgent increase in ambition to ensure the Paris Agreement goals can still be met, according to a new UN assessment.
The eighth edition of UN Environment’s Emissions Gap report, released ahead of the UN Climate Change Conference in Bonn, finds that national pledges only bring a third of the reduction in emissions required by 2030 to meet climate targets, with private sector and sub-national action not increasing at a rate that would help close this worrying gap.
The Paris Agreement looks to limit global warming to under 2oC, with a more ambitious goal of 1.5oC also on the table. Meeting these targets would reduce the likelihood of severe climate impacts that could damage human health, livelihoods and economies across the globe.
As things stand, even full implementation of current unconditional and conditional Nationally Determined Contributions makes a temperature increase of at least 3 oC by 2100 very likely – meaning that governments need to deliver much stronger pledges when they are revised in 2020.
Should the United States follow through with its stated intention to leave the Paris Agreement in 2020, the picture could become even bleaker.
The report does, however, lay out practical ways to slash emissions through rapidly expanding mitigation action based on existing options in the agriculture, buildings, energy, forestry, industry and transport sectors.
Strong action on other climate forcers – such as hydrofluorocarbons, through the Kigali Amendment to the Montreal Protocol, and other short-lived climate pollutants such as black carbon – could also make a real contribution.
“One year after the Paris Agreement entered into force, we still find ourselves in a situation where we are not doing nearly enough to save hundreds of millions of people from a miserable future,” said Erik Solheim, head of UN Environment.
“This is unacceptable. If we invest in the right technologies, ensuring that the private sector is involved, we can still meet the promise we made to our children to protect their future. But we have to get on the case now.”
CO 2 emissions have remained stable since 2014, driven in part by renewable energy, notably in China and India. This has raised hopes that emissions have peaked, as they must by 2020 to remain on a successful climate trajectory. However, the report warns that other greenhouse gases, such as methane, are still rising, and a global economic growth spurt could easily put CO 2 emissions back on an upward trajectory.
The report finds that current Paris pledges make 2030 emissions likely to reach 11 to 13.5 gigatonnes of carbon dioxide equivalent (GtCO 2 e) above the level needed to stay on the least-cost path to meeting the 2oC target. One gigatonne is roughly equivalent to one year of transport emissions in the European Union (including aviation).
The emissions gap in the case of the 1.5oC target is 16 to 19 GtCO 2 e, higher than previous estimates as new studies have become available.
“The Paris Agreement boosted climate action, but momentum is clearly faltering,” said Dr. Edgar E. Gutiérrez-Espeleta, Minister of Environment and Energy of Costa Rica, and President of the 2017 UN Environment Assembly. “We face a stark choice: up our ambition, or suffer the consequences.”
Investing in technology key to success
To avoid overshooting the Paris goals, governments (including by updating their Paris pledges), the private sector, cities and others need to urgently pursue actions that will bring deeper and more-rapid cuts.
The report lays out ways to do so, particularly in agriculture, buildings, energy, forestry, industry and transport. Technology investments in these sectors – at an investment cost of under $100 per tonne of CO 2 avoided, often much lower – could save up to 36 GtCO 2 e per year by 2030.
Much of the potential across the sectors comes from investment solar and wind energy, efficient appliances, efficient passenger cars, afforestation and stopping deforestation. Focusing only on recommended actions in these areas – which have modest or net-negative costs – could cut up to 22 GtCO 2 e in 2030.
These savings alone would put the world well on track to hitting the 2oC target, and unlock the possibility of reaching the aspirational 1.5oC target.
Non-state action and other initiatives
Actions pledged by non-state and sub-national bodies (such as cities and the private sector) could reduce the 2030 emissions gap by a few GtCO 2 e, even accounting for overlap with Nationally Determined Contributions. The world’s 100 largest emitting publicly traded companies, for example, account for around a quarter of global greenhouse emissions, demonstrating huge room for increased ambition
The Kigali Amendment to the Montreal Protocol aims to phase out the use and production of hydrofluorocarbons – chemicals primarily used in air conditioning, refrigeration and foam insulation. If successfully implemented, it kicks-in too late to impact the 2030 gap, but can make a real contribution to reaching the longer-term temperature goals.
By mid-century, reductions in short-lived climate pollutants, such as black carbon and methane, could help reduce impacts that are based on cumulative heat uptake and help to ensure a steady and lower temperature trajectory towards the long-term Paris goals.
“Enel is committed to achieve 100% CO2-free power generation by 2050 and the pathway we’ve chosen to reach this target is to create self-sustaining ecosystems where renewable generation is combined with storage and electric mobility within intelligent networks capable of operating and balancing power flows autonomously."
"Reducing the global emissions gap on the way to achieving a zero emission society requires a faster implementation of this new vision of the electricity system through sustainable innovation driven by the open cooperation of all relevant stakeholders, from utilities to research, startups, governments, international bodies and the civil society. This transition is proving to be financially as well as environmentally sound and we at Enel are glad to have embarked upon this journey and always looking forward to the future opportunities it will entail.” (Ernesto Ciorra, Enel Group’s Head of Innovation and Sustainability)
Also, while the G20 is collectively on track to meet its Cancun climate pledges for 2020, these pledges do not create a sufficiently ambitious starting point to meet the Paris goals (see attached analysis of Cancun pledges). Although 2020 is just around the corner, G20 nations can still carry out actions that lead to short-term reductions and open the way for more changes over the following decade.
Avoiding new coal-fired power plants and accelerated phasing out of existing plants – ensuring careful handling of issues such as employment, investor interests and grid stability – would help. There are an estimated 6,683 operating coal-fired power plants in the world, with a combined capacity of 1,964 GW. If these plants are operated until the end of their lifetime and not retrofitted with Carbon Capture and Storage, they would emit an accumulated 190 Gt of CO 2 .
In early 2017, an additional 273 GW of coal-fired capacity was under construction and 570 GW in pre-construction. These new plants could lead to additional accumulated emissions of approximately 150 Gt CO 2 . Ten countries make up approximately 85% of the entire coal pipeline: China, India, Turkey, Indonesia, Vietnam, Japan, Egypt, Bangladesh, Pakistan and the Republic of Korea.
The report also looks at CO 2 removal from the atmosphere – through afforestation, reforestation, forest management, restoration of degraded lands and soil carbon enhancement – as an option for action.
Additionally, a new report released by the 1 Gigaton Coalition on the same day shows that partner-supported renewable energy and energy efficiency projects in developing countries can cut 1.4 GtCO 2 e by 2020 – provided the international community meets its promise to mobilize US$100 billion per year to help developing countries adapt to climate change and reduce their emissions.
“As renewable energy and energy efficiency bring other benefits – including better human health and jobs – I urge the international community to deliver on the funding they promised to support developing nations in their climate action,” said Ms Ine Eriksen Søreide, Norway’s Minister of Foreign Affairs. “Partner-supported renewable energy and energy efficiency projects and policies are vital for global decarbonization, as they provide key resources and create enabling environments in critical regions.”
The 1 Gigaton Coalition is supported by UN Environment and the Norwegian Government.
The benefits of a low-carbon society on global pollution – by, for example, cutting the millions of air pollution-related deaths each year – are also clearly illustrated in Towards a pollution-free planet, a report by the UN Environment Executive Director that will be presented at the upcoming United Nations Environment Assembly. The report lays out an ambitious framework to tackle pollution, including through political leadership, moving to sustainable consumption and production and investing big in sustainable development.
NOTES TO EDITORS
The Emissions Gap Report, analysis of the G20 Cancun pledges, and the 1 Gigaton Coalition Report can be downloaded here once the embargo lifts.
For more information and to arrange interviews, please contact:
Shereen Zorba, Head of Science-Policy, UN Environment: [email protected], +254 788 526000 (Kenya), +44 777 007 2978 (UK), Skype: shereen.zorba
UN Environment News & Media, [email protected] |
Carbon Recycling International is making fuel from CO2 | An Icelandic renewables company is using natural CO2 emissions to create fuel. Carbon Recycling International (CRI) uses excess CO2 gas from a geothermal power plant and combines it with hydrogen to make methanol, which can be sold as a renewable fuel and a chemical feedstock. CRI was established in 2006, and its facility uses renewable electricity to electrolyse water into oxygen and hydrogen, with the latter gas being used to produce the methanol.
| https://www.chemistryworld.com/co2-recycling--an-uphill-struggle/3008188.article | 2017-10-31 14:17:19.840000 | Life on an island alive with active volcanoes can have its downsides. But it can also have many benefits. Iceland, an island country located where the North Atlantic meets the Arctic Circle, is in the enviable position of getting all its electricity and district heating from renewable geothermal, hydro and wind energy.
Given the complete absence of fossil fuel power stations, Iceland might seem an unlikely spot for the world’s first facility for recycling CO 2 emissions into fuel. But that’s exactly what Icelandic company Carbon Recycling International (CRI) has been doing for the past five years.
Thanks to the geochemistry of hot rock, CO 2 naturally vents into the atmosphere from geothermally active areas. It’s also dissolved in the local groundwater. When this free source of hot water is channelled through a geothermal power plant, the result is a concentrated stream of CO2 that is ripe for capture.
To the captured CO 2 , CRI adds hydrogen over a heterogeneous catalyst, making methanol. The company sells this versatile molecule – at a premium over fossil fuel derived methanol – for use as a renewable fuel and chemical feedstock (see Hydrogen economies).
CRI is far from the only company committed to making commercial products by recycling CO 2 emissions. Even big industry players such as Covestro– formerly Bayer MaterialScience – are embracing the idea. A rapidly expanding number of academic labs, meanwhile, are exploring new ways to rehabilitate the troublesome greenhouse gas – and showing there is a surprisingly rich chemistry to be had from what was long-dismissed as a dead-end molecule. Far from a compromise, designing chemical production around using CO 2 as a feedstock can have advantages over traditional routes.
Catalysing change
University of Oxford, UK, chemist Charlotte Williams had been developing ways to make green polymers from plant-derived materials when the idea of using CO 2 as a polymer feedstock came to her in the early 2000s. ‘I became fascinated by the idea of using CO 2 as a resource because it overcame some of the problems you see with a typical biorefinery,’ she says. Solid plant material can be quite a challenge to process. ‘But CO 2 is a gas, so its properties and physical chemistry are much more similar to monomers that are used today to make polymers. I thought what an interesting idea to take CO 2 and try to put that into the polymer backbone.’
The other appeal, she adds, was the sheer challenge of trying to do chemistry on a molecule that is the thermodynamic endpoint of many processes including combustion and metabolic processes. CO 2 is what you’re left with when you take a hydrocarbon and wring out all the energy. Turning it back into something useful is an uphill battle. ‘But this is a great opportunity for catalysis, to find pathways to reduce the activation barrier,’ Williams says. ‘Currently there is rather a limited range of catalysts that are effective.’
One CO 2 catalysis project William is working on is a long term collaboration with chemists and engineers at Imperial College London, UK, making CO 2 into methanol. Like CRI in Iceland, the team aims to use renewably generated electricity to electrolyse water, then combine the resulting hydrogen with CO 2 through catalysis to make methanol. Their point of difference is the copper zinc oxide catalyst they have developed.1 ‘What’s rather different about our approach is we’ve come up with well-defined ways to make very small nanoparticles, stabilised as colloids,’ Williams says.
One advantage of using stabilised nanoparticles is that you maximise the surface area of the catalyst available for driving the reaction. The system’s other appeal is that by modifying the nanoparticle’s synthesis, it is possible to alter – and hopefully optimise – the interface between the catalyst’s two components. ‘That’s the hypothesis we’re working on – that finding better ways to control the interface between the copper and zinc oxide will allow you to improve efficiency,’ Williams says.
Christian Doonan at the University of Adelaide in Australia and his colleagues have applied a similar philosophy to improve a closely related reaction, the catalytic conversion of CO 2 and hydrogen to make methane gas.
A metal organic framework (MOF) chemist by background, Doonan had been working on ways to use these porous materials to capture CO 2 emissions when he was drawn into the CO 2 recycling side of the story – and he suspected MOFs could help here, too.
‘The commercial catalysts for CO 2 methanation are made of nickel. But nickel has issues with lifetime, stability and poisoning,’ Doonan says. In the lab, ruthenium-based catalysts on a metal oxide support have proven to be very stable and active catalysts for the reaction, he adds.
Despite the name, support materials do more than hold the catalytic metal in place. They’ve been shown to play an active role in the catalytic process. ‘The theory is that there will be site defects on the metal oxide that activate carbon dioxide molecules and facilitate catalysis by the ruthenium nanoparticles,’ Doonan says.
The only current downside to these catalysts is the high cost of ruthenium. ‘We thought, could you develop a porous metal oxide catalyst that uses less of the ruthenium?’
The answer? Yes and no. Although the material the team got by combining ruthenium with a zirconium oxide based MOF wasn’t actually porous, it was a highly effective CO 2 methanation catalyst,2 even when 1wt% of ruthenium was used. The MOF’s surface acts as a template for the formation of ruthenium nanoparticles, highly dispersed across the surface. The result is that essentially all the ruthenium is exposed on the surface and available for catalysis. ‘MOF templating gives you a very unique structure you can’t achieve by any other synthetic route,’ says Doonan. A back of the envelope calculation suggests you could make about 168 tonnes of methane a week from a catalyst containing 75g of ruthenium, he adds.
One avenue to explore is the possibility the same templating trick could work for other catalysts. It could slash the cost of the palladium catalysts the petrochemical industry uses for hydrogenation reactions, for example.
And the team is already in talks with prospective industry partners to develop their CO 2 methanation process. Although the catalyst works well with pure CO 2 and hydrogen, with no dropoff in activity after 200 hours, one of the companies Doonan is in talks with is keen to collaborate on a project to test the catalyst on real world gas streams.
Life imprisonment
Though incorporating CO 2 into a molecule that’s burned as a fuel offsets the fossil fuel that would otherwise be burned, the CO 2 is soon out into the atmosphere again.
A more permanent solution would be to incorporate the CO 2 into a chemical that could be used as a feedstock for making materials. And there’s another reason for taking this approach to CO 2 recycling – feedstock chemicals command a much higher price than fuels. ‘My opinion is you have to be able to make chemicals competitively before you can think about making fuels competitively because chemicals are much more valuable than fuels,’ says Matthew Kanan, a synthesis and catalysis chemist at Stanford University, US.
Not that making chemicals from CO 2 is easy. ‘I teach organic chemistry, and we teach that you can take a Grignard reagent or an organolithium reagent and combine that with CO 2 and make a carboxylate,’ Kanan says. ‘From the synthetic chemistry perspective that’s a fine method for making a carboxylate, but from a CO 2 utilisation perspective those methods are totally worthless.’ The energy and emissions involved in generating these reagents would be so high they would completely negate the benefit of using CO 2 .
So Kanan has tried to come up with the simplest possible way to achieve this carbon–carbon bond forming transformation with CO 2 .3 ‘What we landed on was, if we could take C–H bonds and deprotonate them with carbonate, a really abundant base with a small footprint, then we could generate a carbanion we could trap with CO 2 ,’ he says.
And the chemistry works. ‘The trick is to get away from solution phase chemistry,’ Kanan says. Rather than using a solvent, the team runs the reaction in a mixture of alkali metal carbonate salts heated to around 200°C. ‘In that medium the acid-base properties of molecules are totally different to what you observe in water or organic solvents,’ he adds. ‘You are able to do a lot of deprotonations you couldn’t do otherwise.’
The application the team has developed the furthest is the synthesis of furan-2,5-dicarboxylic acid (FDCA), a bio-based molecule with many applications including as a feedstock for polyethylene furandicarboxylate (PEF), a green substitute for the very widely used non-renewable polymer polyethylene terephthalate (PET).
At the moment, FDCA is made from fructose, via a ‘pretty nasty oxidation step’, Kanan says. His alternative route takes furoate, a molecule produced industrially from lignocellulosic plant waste, and adds CO 2 to give FDCA.
‘If your target is a commodity scale carboxylic acid, most of the methods for making those involve oxidations – and those oxidations are a liability, they are expensive because they are typically under very corrosive conditions,’ Kanan says. ‘There are many reasons why the chemical industry would like to avoid those oxidations if they had an alternative.
‘That’s where we think there’s the first major opportunity. If you can provide routes to carboxylic acids and dicarboxylic acids where you’re using a C–H bond and CO 2 and carbonate, then regardless of whether you care about carbon footprint or not it could be just a really compelling synthesis of those targets compared to what’s done today.’ Kanan’s team is currently in discussions with several potential industrial partners.
When Williams first moved into CO 2 reuse research in 2003, incorporating the molecule into the carbon backbone of a large scale commercial polymer was also her initial aim. Rather than PEF, Williams’ target was renewable polycarbonate polyols, valuable polymers used to make polyurethanes.
Traditionally, polyols are made by the ring-opening polymerisation of fossil fuel derived epoxides. Williams and her team came up with a catalyst that could form a polymer in which every second monomer in the polymer chain is a CO 2 molecule.
‘One of the things that we’ve found to be a successful strategy has been to develop what we call dinuclear catalysts,’ Williams says. ‘These are homogeneous catalysts that contain two metals in close proximity to one another.’ Inexpensive metals such as zinc and magnesium work well, and the best catalysts are the ones that contain one atom of each metal. ‘We’ve carried out quite a lot of kinetic studies over the years and we believe both metals are integral in the catalytic cycle – the polymer chain shuttles between the two metals.’
Not only is the catalyst efficient. Just as importantly, it works at low pressures of CO 2 , even as low as 1 bar. That makes it compatible with the existing infrastructure for making polyols, and far simpler to retrofit. In 2011, Williams formed a spin-out company, Econic Technologies, to commercialise her polyol catalyst technology.
‘We’re working with a number of partners in the industry,’ says Rowena Sellens, company chief executive. ‘There are others in the industry area working on CO 2 based polyols, but one of the unique features we offer is that ability to retrofit.’
The chemical industry doesn’t really know what to do with CO 2 , but that’s the job of chemists Matthew Kanan, Stanford University
The company’s other advantage is the unique ability to tailor the amount of CO 2 incorporated into the final polymer, Sellens argues. Williams’ original catalyst system gave maximum CO 2 incorporation, with every other monomer unit in the polymer chain replaced by CO 2 . That soaks up the most CO 2 , but introduces the biggest change to the original polymer’s properties. ‘We’ve evolved the latest generation of the technology where you can actually tune the amount of CO 2 content, so you are able to tailor the polymer properties for the application,’ Sellens says. ‘We believe that will give a much greater reach into the market.’
Econic hopes its industry partners will take their first products to market within the next two to three years, lowering carbon emissions. ‘For every tonne of CO 2 you use, because you need to use less propylene oxide you are avoiding 2 tonnes of CO 2 emissions,’ says Sellens. ‘I think that’s a really powerful argument for this technology.’
Get just one such CO 2 recycling processes up and running in industry, and the floodgates will open, Kanan argues. ‘If anybody can pull that off I think it would really change the mentality in industry,’ he says.
‘The chemical industry don’t really care what their feedstock is,’ Kanan adds. ‘They grew up on hydrocarbons and got really good at processing that. They don’t really know what to do with CO 2 but that’s the job of chemists, if we can show them what to do they are brilliant at scaling things and making them hyper-efficient.
‘I’m hopefully someone in the community can demonstrate it is possible to use CO 2 , and to make a very compelling synthesis, something that’s better than what can be done with traditional methods,’ Kanan says. ‘That would be a real watershed moment.’
James Mitchell Crow is a science writer based in Melbourne, Australia |
Walmart chases affluent customers to capture market share from Amazon | US retailer Walmart is targeting more affluent customers in its e-commerce strategy, seeking to win customers back from Amazon. The company, which built is business as a discount store, has recently bought a number of high-end online retailers, including Bonobos, ModCloth and Moosejaw. It is promoting premium brands such as Godiva and Kiss through Jet.com, which it bought last year for $3.3bn, and is reportedly in talks with department store Lord & Taylor. The strategy appears to be succeeding, with Walmart's e-commerce sales growth improving during the last two quarters. | https://digiday.com/marketing/selling-higher-end-brands-gives-walmart-fighting-chance-amazon/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171031 | 2017-10-31 14:14:22.937000 | Since its creation, Walmart has been a discount retailer that serves middle- and lower-income consumers. Yet, the company’s future might depend on affluent consumers.
Walmart is spending big to attract affluent customers in an effort to capture market share from Amazon.
Walmart’s acquisition of Jet.com in September 2016 for $3.3 billion was its initial step to reach a more affluent demographic. Since then, the retail giant, known for its “every day low prices,” has been on a shopping spree, buying higher-end e-commerce platforms like Bonobos, ModCloth and Moosejaw.
Walmart has mostly used Jet.com as a channel to sell these higher-end brands, marketing it as a separate channel for a millennial, metropolitan audience. The company launched a new private-label business called Uniquely J on Oct. 20 to further serve those consumers with everyday essential yet premium products.
Walmart has also increasingly partnered with premium brands like Godiva and makeup brand Kiss to sell their items directly on walmart.com. One can find a box of 18 assorted candy bars for $11.84 on Walmart.com but also a six-pack of Godiva truffles for $32.58.
The recent reports that Walmart is close to a deal with Lord & Taylor on a designated spot for the department store to sell on walmart.com is even more of an indicator that Walmart is increasingly using the luxury industry to extend its reach. On Oct. 19, The Wall Street Journal described the approach as an effort to “turn Walmart.com from a discount shopping site to an online mall.”
All these moves are part of Walmart’s efforts to capture online market share from Amazon. Amazon’s e-commerce sales are estimated to grow 32 percent to $196.8 billion dollars by the end of 2017, according to eMarketer, accounting for nearly half of all online sales in the U.S. Comparatively, Walmart will sit at $11 billion in e-commerce sales at the end of 2017, according to eMarketer.
“It’s shaping up as the Godzilla versus King Kong battle of retailers,” said Jason Goldberg, svp of commerce and content at SapientRazorfish. “Walmart’s core shoppers are less affluent than Amazon’s core shoppers, so to grow, it’s important for [Walmart] to offer more premium products.”
Goldberg likens the approach to Target’s strategy 12 years ago when the brand worked to shed its cheap image for a more aspirational one. “You started to see Target upmarket luxury brands and informally get called ‘Targé.’” It was a shift to becoming a “surprise-and-delight brand,” said Goldberg. Consumers would be surprised to come in and find discounted premium products, a tactic that grew the Target brand, he added. At the time, Walmart was Target’s main competitor and took the opposite approach, focusing on reducing prices.
Now that Target is no longer as formidable a competitor, at least in comparison to Amazon, said Goldberg, Walmart can change its strategy. “Walmart is now looking at Amazon and saying, ‘OK, what [are] its weaknesses? Where can I win?’”
Attracting and retaining luxury brands is certainly one of Amazon’s weaknesses. Luxury brands have shied away from the platform, worried about ceding control to Amazon. “When a product shows up on Amazon and Amazon sees it discounted anywhere in the world, they drop the price down,” said Goldberg. “It quickly becomes this vicious spiral race to the bottom.”
Walmart has also struggled to maintain relationships with luxury brands. In June, angry Bonobos customers showed their disapproval of the Walmart acquisition by attacking Bonobos on Facebook and Reddit with sarcastic comments. Many believe the new acquisition might change or cheapen the Bonobos product. “How are you adjusting the fit options for the standard Walmart customer?” wrote one commenter on the brand’s Facebook page.
Traditionally, high-end brands and shopping outlets like Lord & Taylor wouldn’t conceive of selling their products through a discount outlet like Walmart for fear of brand erosion, but attitudes are changing with the degradation of department stores and the shift to online shopping. Lord & Taylor’s need for a new sales channel became clear a few days after the reports on the Walmart deal. On Oct. 24, the department store’s parent company, Hudson’s Bay, announced it would sell Lord & Taylor’s flagship store on Fifth Avenue in New York City.
Walmart isn’t the only e-commerce platform trying to attract affluent shoppers. On Oct. 9, JD.com, one of China’s largest retailers, announced the launch of Toplife, a shopping platform only for high-end global brands. “People with high incomes naturally tend to move more money online,” said Yory Wurmser, eMarketer analyst.
Mimi Chakravorti, executive director of strategy at Landor, said attracting more affluent consumers by partnering with the brands they prefer could be a fruitful strategy for Walmart. “It’s not just discounters or people looking for deals who are shopping online anymore,” she said.
So far, Walmart’s efforts seem to be paying off. Walmart’s e-commerce sales growth has improved significantly in the company’s last two quarters. At its annual investor meeting on Oct. 10, the company said it is forecasting 40 percent growth in the coming year in its U.S. e-commerce business. |
Robotics and aerospace technology raise wave energy efficiency | Researchers from Sandia National Laboratories, funded by the US Department of Energy, have used robotics and aerospace technology to improve the performance of a wave energy converter. By using advanced control algorithms to refine the way the converter responds to sea conditions, they were able to double the system’s power output. The team is now working on further improvements to maximise the efficiency of the technology. | https://phys.org/news/2017-10-robotics-principles-energy-absorb-power.html?utm_source=menu&utm_medium=link&utm_campaign=item-menu | 2017-10-31 14:08:42.013000 | Sandia National Laboratories water power engineers Giorgio Bacelli, left, Dave Patterson, center, and Ryan Coe with Sandia’s wave energy converter buoy. Credit: Randy Montoya
Compared to wind and solar energy, wave energy has remained relatively expensive and hard to capture, but engineers from Sandia National Laboratories are working to change that by drawing inspiration from other industries.
Sandia's engineering team has designed, modeled and tested a control system that doubles the amount of power a wave energy converter can absorb from ocean waves, making electricity produced from wave energy less expensive. The team applied classical control theory and robotics and aerospace engineering design principles to improve the converter's efficiency.
During a multiyear project funded by the Department of Energy's Water Power Technologies Office, engineers from Sandia's Water Power program are using a combination of modeling and experimental testing to refine how a wave energy converter moves and responds in the ocean to capture wave energy while also considering how to improve the resiliency of the device in a harsh ocean environment.
"We are working to create methodologies and technologies that private companies can harness to create wave energy devices that will enable them to sell power to the U.S. grid at a competitive price," Sandia engineer Ryan Coe said. "By getting more energy out of the same device, we can reduce the cost of energy from that device."
Advanced control of wave energy converters yields increased energy absorption
Sandia's wave energy converter is a large 1-ton ocean buoy with motors, sensors and an onboard computer built at a scaled down size for a testing environment. Commercial wave energy converters can be large and are generally part of a group of devices, like a wind farm with multiple turbines.
"These devices can be in open ocean and deep water, maybe 50 to 100 miles off the coast," Coe said. "An array of wave energy converters, maybe 100 devices, connected to an underwater transmission line would send the wave energy back to shore for consumption on the grid." Credit: Sandia National Laboratories
To capture energy from the ocean's waves, a wave energy converter moves and bobs in the water, absorbing power from waves when they generate forces on the buoy. Sandia's previous testing focused on studying and modeling how the devices moved in an ocean-like environment to create a numerical model of their device.
Using the model they developed and validated last fall, the team wrote and applied multiple control algorithms to see if the converter could capture more energy.
"A control algorithm is a set of rules you write that prompts an action or multiple actions based on incoming measurements," Sandia engineer Giorgio Bacelli said. "The sensors on the device measure position, velocity and pressure on the hull of buoy and then generate a force or torque in the motor. This action modifies the dynamic response of the buoy so that it resonates at the frequency of the incoming waves, which maximizes the amount of power that can be absorbed."
The control system uses a feedback loop to respond to the behavior of the device by taking measurements 1,000 times per second to continuously refine the movement of the buoy in response to the variety of waves. The team developed multiple control algorithms for the buoy to follow and then tested which control system would get the best results.
"Controls is a pretty big field," Sandia engineer Dave Patterson said. "You can operate anything from planes to cars to walking robots. Different controls will work better for different machines, so a large part of this project is figuring out which control algorithm works and how to design your system to best take advantage of those controls."
Bacelli said that while the primary objective of the control algorithm is to maximize energy transfer between the wave and the buoy, the amount of stress being applied to the device also must be considered.
"Resonance also stresses the entire structure of the device, and to expand the longevity of the device, we need to balance the amount of stress it undergoes," Bacelli said. "Designing and using a control system helps find the best trade-off between the loads and stress applied to the buoy while maximizing the power absorbed, and we've seen that our systems can do that."
Theory becomes reality in the Navy's world-class wave tank
Sandia National Laboratories robotics researchers Clint Hobart, left, Kevin Dullea, center, and Steven Spencer prepare the wave energy converter’s actuator for testing. Credit: Randy Montoya
Results from numerical modeling with the control algorithms showed a large potential, so the team took the converter to the U.S. Navy's Maneuvering and Sea Keeping facility at the Carderock Division in Bethesda, Maryland, in August to test the new control methods in an ocean-like environment. The wave tank facility is 360 feet long and 240 feet wide and has a wave maker that can generate precisely measured waves to simulate various ocean environments for hours at a time. Sandia used the wave tank to simulate a full-size ocean environment off the coast of Oregon, but scaled down to 1/20th the size of typical ocean waves to match their device.
"The accuracy of the wave they can generate and the repeatability is outstanding," Bacelli said. "The ability to recreate the same condition each time allowed us to conduct very meaningful experiments."
The team ran a baseline test to see how the converter performed with a simple control system directing its movements and actions. Then they ran a series of tests to study how the various control algorithms they had designed affected the ability of the device to absorb energy.
"This year, the device can move forward, backward, up and down, and roll in order to resonate at the frequency of the incoming waves," Bacelli said. "All degrees of freedom were actuated, meaning there are motors in the device for each direction it can move. During testing we were able to absorb energy in each of these modes, and we were able to simulate the operating conditions of a device at sea much more accurately." In fact, the tests showed theory did match reality in the wave tank. The control algorithms were able to more than double the amount of energy the wave energy converters were able to absorb without a control system.
The team is analyzing the testing data and considering further options to refine the control systems to maximize energy transfer. |
Facebook confirms 126 million US users saw Russian content | Facebook is set to confirm that approximately 126 million people in the US, equivalent to over 50% of the country’s voting population, may have viewed content on its platform which was generated by an internet troll linked to the Russian government between June 2015 and August 2017, according to CNN. The confirmation appears in written testimony by Facebook General Counsel, Colin Stretch, to the Senate Judiciary Subcommittee on Crime and Terrorism.
| http://money.cnn.com/2017/10/30/media/russia-facebook-126-million-users/index.html | 2017-10-31 14:06:31.427000 | Facebook will inform lawmakers this week that roughly 126 million Americans may have been exposed to content generated on its platform by the Russian government-linked troll farm known as the Internet Research Agency between June 2015 and August 2017, CNN has learned.
That estimate, which is equivalent to more than half of the total U.S. voting population, offers a new understanding of the scope of Russia's use of social media to meddle in the 2016 U.S. presidential election and in American society generally.
In written testimony to the Senate Judiciary Subcommittee on Crime and Terrorism, a copy of which was obtained by CNN, Facebook General Counsel Colin Stretch says that 29 million people were served content directly from the Internet Research Agency, and that after sharing among users is accounted for, a total of "approximately 126 million people" may have seen it.
Facebook does not know, however, how many of those 126 million people actually saw one of those posts, or how many may have scrolled past it or simply not logged in on the day that one of the posts was being served in their News Feed.
Related: Facebook announces new ad transparency efforts
Stretch also says in his testimony that Facebook estimates 11.4 million people saw ads purchased by the Internet Research Agency between 2015 and 2017. But the full, organic reach of content posted by the troll farm-linked pages was more than 10 times higher.
Nevertheless, Facebook says in its testimony that the posts from those pages represented "a tiny fraction of the overall content on Facebook."
"This equals about four-thousandths of one percent (0.004%) of content in News Feed, or approximately 1 out of 23,000 pieces of content," Stretch writes. "Put another way, if each of these posts were a commercial on television, you'd have to watch more than 600 hours of television to see something from the IRA."
Lawyers for Facebook, Twitter and Google will appear in public hearings before a Senate Judiciary subcommmittee and the Senate and House Intelligence Committees this week, where they will face questions over how their platforms were used by Russians to meddle in U.S. politics.
In its own written testimony, also obtained by CNN, Twitter disclosed that it identified 2,752 accounts that were linked to the Internet Research Agency. Those accounts posted a total of 131,000 tweets in the period ranging from September 1, 2016 to November 15, 2016.
During that same period, Twitter found a total of 36,746 accounts that appeared to be associated with Russia -- but not necessarily with the Internet Research Agency -- and which generated automated, election-related content, the testimony states. Those accounts produced approximately 1.4 million tweets which together received 288 million impressions, according to Twitter's testimony as prepared.
Both the Facebook and Twitter written testimonies stress that Internet Research Agency-linked accounts represent an extremely small part of the platforms' overall content.
Both also provide detailed accounts of how the companies' security operations dealt with foreign interference and fake accounts in the lead-up to the 2016 presidential election, as well as the respective steps they are taking to prevent foreign meddling in the future.
But the key focus for lawmakers will likely be the content and reach of the content posted and promoted by the Internet Research Agency.
In Facebook's testimony, Stretch calls the content of the Russian-bought ads "deeply disturbing," and says it was "seemingly intended to amplify societal divisions and pit groups of people against each other."
"Most of the ads appear to focus on divisive social and political messages across the ideological spectrum, touching on topics from LGBT matters to race issues to immigration to gun rights," he writes. "A number of the ads encourage people to follow Pages on these issues, which in turn produced posts on similarly charged subjects."
That characterization of the Russian-bought ads is consistent with what both Facebook representatives and lawmakers have said in the past, as well as with CNN's reporting on the content of specific accounts and ad campaigns.
Facebook first informed lawmakers in September that it had identified 470 accounts linked to the Internet Research Agency, and that those accounts spent approximately $100,000 on more than 3,000 ads between June 2015 and August 2017.
The new testimony reiterates those numbers while also noting that the IRA-bought ads promoted roughly 120 IRA-generated Facebook Pages, "which in turn posted more than 80,000 pieces of content between January 2015 and August 2017."
Stretch's testimony also discloses that some of the 3,000 ads also appeared on Instagram, which is owned by Facebook.
The House Intelligence Committee is expected to release the Russian-bought Facebook ads to the public later this week.
In the wake of Facebook's disclosure, Twitter revealed that it had found 201 accounts that were linked to the IRA-backed Facebook accounts, and which also sought to push divisive political content on its platform.
Google later revealed that accounts connected to the Russian government had bought $4,700 worth of search and display ads, and that accounts with Russian internet addresses or using Russian currency purchased another $53,000 worth of ads.
Some Democratic lawmakers have said they believe the findings by Facebook, Twitter and Google thus far represent only a sliver of the full scope of Russia's use of these platforms to meddle in American politics.
Senator Mark Warner, the top-ranking Democrat on the Senate Intelligence Committee, has criticized all three tech companies for not doing enough, and says what has been made public so far represents "the tip of the iceberg."
In an interview with The Atlantic earlier this month, Warner stressed that "all these companies need to come fully clean about what happened in 2016."
"And don't tell me they found all the ads," he said. |
Digital bank Revolut signing 40 new businesses a day | UK-based digital bank Revolut has signed up 16,000 businesses since it extended its services beyond current accounts in June. It said it has been taking on around 40 firms a day since it moved into the corporate accounts market and hopes to have 20,000 businesses across the UK and Europe on board by the end of the year. Revolut enables users to hold, exchange and transfer up to 26 currencies, among other services. CEO Nikolay Storonsky said Revolut was founded in 2015 in response to "poor deals with hidden exchange fees" and "complicated, slow platform interfaces". | https://www.finextra.com/newsarticle/31241/businesses-flock-to-app-based-revolut | 2017-10-31 13:43:55.240000 | European app-based banking outfit Revolut is claiming strong uptake of its business account offering, signing up 16,000 firms since June.
UK-based Revolut launched in 2015, initially focusing on current accounts before opening up to companies four months ago. The startup says it hopes to have registered 20,000 firms across the UK and Europe by the end of the year and is busy onboarding about 40 a day.
The service allows companies to sign up for multi-currency accounts in minutes, issue corporate cards, make free money transfers in 26 currencies to pay suppliers or employees overseas - all at the interbank exchange rate.
In addition, Revolut has now launched the Revolut for Business Open API to allow customers to automate these processes from their own systems.
While 16,000 business customers may not yet have the European giants quaking in their boots, Revolut insists it is tapping into a deep seam of unhappiness with traditional lender.
"Revolut for Business was born out of our frustrations with the pains of opening and managing business accounts in the UK and abroad. Businesses were being offered poor deals with hidden exchange fees, coupled with the problems they faced with complicated, slow platform interfaces," says CEO Nikolay Storonsky. |
Buzzfeed to launch its popular food-focused web series in the UK | Buzzfeed is launching a UK version of its popular series of online food videos, "Worth It". The US version features presenters travelling across America comparing types of food at three different price points, and has proved a hit, with 10 million viewers per video and 2.5 billion minutes of watch time generated to-date. The UK version will have a rotating cast of presenters travelling around the UK, and like the original, will be shown on Facebook and YouTube, although producers hope it may expand beyond those platforms. | https://digiday.com/media/buzzfeed-launches-first-video-series-uk/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171031 | 2017-10-31 13:41:21.040000 | BuzzFeed is exporting its popular food-focused web series, “Worth It,” to the U.K. on Nov. 5. “Worth It UK,” which is the company’s first original series there, will air weekly on Facebook and YouTube.
In the U.S. version, the show’s hosts travel across America tasting a food item at high and low price points, comparing a high-end $79 ramen with a $3 equivalent, for example. For Brits, the show will focus on fare typically found in the U.K., like tea, curries, kebabs and fish and chips. Executive producer and host Richard Alan Reid hopes the series will expand beyond YouTube and Facebook as BuzzFeed launches more series in the U.K.
A global expansion of “Worth It” wasn’t always in the cards, Reid said. The series started out in Los Angeles before expanding to New York and elsewhere in the U.S., with the finale of the third season occurring in Japan. “At the end of season two, we thought, ‘This is really universal; we have a global audience tuning into it, like a TV show,’” he said. “We knew it was a format we could export.”
BuzzFeed tried to avoid making “Worth It UK,” a collaboration between BuzzFeed Motion Pictures Group — a 40-person unit inside BuzzFeed Entertainment — and BuzzFeed UK’s creative team, seem like a U.S. series with a U.K. offshoot. “Worth It UK” has a few tweaks: There are more hosts who rotate, and each episode happens in a new place, including London, Brighton and Manchester, to show a wider breadth of British cuisine. The tone is also different, Reid said.
“It’s a positive show, but we also wanted to embrace the slightly drier sense of humor,” he said. “There’s a little more cynicism.”
“Worth It,” whose fourth season in the States launches in 2018, has had good numbers. Episodes typically run 12 to 16 minutes and generate 10 million views on YouTube, according to BuzzFeed. The company also said “Worth It” has generated over 360 million views to date, with over 2.5 billion total minutes of watch time.
BuzzFeed has embraced creating shows for specific platforms, and series encourage more regular viewing. Digiday previously reported that at one time, BuzzFeed had 31 shows in development or production at BuzzFeed Motion Pictures Group. Each show has different distribution partners, including platforms and BuzzFeed investor NBCUniversal. At the beginning of October, BuzzFeed announced its morning news show streamed on Twitter, “AM to DM,” reaches 1 million daily viewers.
Impressive views are one thing, but evidence that people are watching ads will be needed to get more advertisers on board, said John Thomson, group strategic planning director at Carat.
“[BuzzFeed is] setting itself up as a broadcaster in the U.K. now,” Thomson said. “It’s no longer about getting product integrations on Proper Tasty, but carrying mass reach and mass advertising, opening it up to audiovisual budgets where the big brand money is. … It will be interesting to see how this stacks up against TV in the long run.”
Image courtesy of BuzzFeed |
India announces $1.5bn national university redevelopment | Indian thinktank the National Institution for Transforming India (NITI Aayog) has published a series of proposals for the country's tertiary education sector. The Three Year Action Agenda includes the creation of 20 national universities at a cost of $1.5bn, a move which marks a U-turn from an initiative to bring in foreign institutions. The proposals also call for a radical overhaul of the University Grants Commission, which NITI Aayog said was in "dire need of reform", and examines the quality of education, after 2016 figures revealed only 4% of 150,000 engineering graduates were suitable to work in software start-ups.
| http://monitor.icef.com/2017/09/india-moves-branch-campus-plan/ | 2017-10-31 13:37:36.407000 | India moves on from branch campus plan
Short on time? Here are the highlights: A high-policy document from the Indian government sets out plans for significant reforms and enrolment targets in Indian higher education and skills training
The government has indicated that it will abandon plan to open up Indian higher education to foreign partnerships
Instead, the focus is shifting to the development of a cohort of “eminent” institutions that can compete with leading institutions around the world, and on improving governance, quality of education, and graduate outcomes
India has effectively turned the page on its plan to open its market to foreign universities. After moving last year to liberalise regulations permitting the market entry of foreign institutions, senior Ministry of Human Resource Development officials have signalled that priorities have changed. Rather than encouraging domestic-foreign partnerships in higher education, a policy direction the government had pursued for some years, the government of Prime Minister Narendra Modi has now set out plans for new reforms in tertiary education.
These new proposals are outlined in a Three Year Action Agenda published last month by the National Institution for Transforming India (NITI Aayog). NITI Aayog functions as a high-level think tank within the Indian government, and, as such, provides important inputs on government policy and direction.
In the new Three Year Action Agenda, NITI Aayog sets out a new focus for higher education reforms in India. In particular, the designation of 20 “world class” universities that will receive additional funding and autonomy to allow them to operate outside of existing governance structures for Indian institutions. Human Resource Development Minister Prakash Javadekar has since referred to the group of 20 unis as “Indian institutes of eminence.”
In a recent interview with Times Higher Education, University of Pennsylvania Professor Devesh Kapur said that he thought the “institutions of eminence” plan was a more sustainable model for the long-term when compared to opening up the country’s higher education system to foreign institutions. Institutions within that group of 20, he observed, “will themselves form partnerships with good institutions around the world, whether twinning, faculty/student exchanges, [or] joint research projects.”
The idea is to build a cohort of ten private and ten public institutions form the eminent group of 20. To date, a budget of 10,000 crore rupees (US$1.5 billion) has been approved to support the to-be-determined public institutions. The longer-term goal of the eminent institutions programme is to establish a top tier of Indian institutions that can attract greater international recognition along with the best students and faculty from within India and abroad.
Governance reforms
The drive to build a cohort of eminent institutions appears to be part of a broader effort to reform university governance in India. NITI Aayog was unflinching in its critique of existing regulatory structures, and particularly the country’s University Grants Commission, which is states is “in dire need of reform.”
“The UGC’s position as an overarching regulator of every aspect of higher education from student fees to curriculum to teaching and course hours keeps India’s higher education system from responding to the changes and challenges that it faces in a fast evolving world,” says the Three Year Action Agenda. “Various professional councils further complicate the regulatory environment in higher education. We should introduce a system of regulation that focuses on information disclosure and governance rather than micro management of universities. This requires an overhaul of the UGC as a regulatory system and a rationalisation of the role of professional councils.”
The goal behind all of these high-level reforms is to improve the quality of relevance of Indian higher education. The employability of Indian graduates has long been called into question, and NITI Aayog cites a single 2016 assessment of 150,000 engineering graduates as “an indication of the magnitude of the challenge.” Only 18% of those newly minted engineers were found to be employable in the software services sector, and only 4% were deemed suitable work in software engineering start-ups.
This in a country that has seen its university enrolment expand by leaps and bounds over the past decade, to the point where only China has a larger head count. The drive is on to boost India’s tertiary gross enrolment ratio to 30% by 2020, but the system is struggling to keep pace, in terms of budgets, facilities, faculty, and curriculum renewal.
Meanwhile, the limited employability of graduates is clearly a preoccupation for government which aims to capitalise on the “one-off opportunity” of the country’s massive demographic dividend. Along with building its university enrolment and improving graduate outcomes, however, India also needs to dramatically expand its numbers in skill training programmes. With that in mind, the Three Year Action Agenda highlights an established goal to train five million apprentices by 2020. In support of this goal, NITI Aayog appears poised to focus greater attention on national standards frameworks, including the recognition of skills training gained by Indian students abroad.
For additional background, please see: |
Google Home Mini discovered listening in on users' conversations | One week ahead of launch, Google has permanently disabled all top touch functionality on its Home Mini smart speaker, after it emerged the device was listening to and recording conversations without users' consent. The problem was flagged by publication Android Police, while the manufacturer said the fault lay with a touch button on top of the speaker. A software update had disabled the button, Google noted in a statement. | http://mobilemarketingmagazine.com/google-permanently-disables-home-mini-button-after-speaker-is-found-accidentally-spying-on-users | 2017-10-31 13:35:35.790000 | Google has permanently disabled a button on its Google Home Mini smart speaker ahead of launch, after the device was discovered listening in on users' conversations without consent.
This issue was discovered by Android Police, while a reviewer was testing the device ahead of its launch next week. The reviewer was able to locate files on Google's My Activity portal that turned out to be recordings and transcripts from points when the device was presumed to be inactive.
According to Google, the problem was caused by a fault with the touch button atop the Home Mini , which could be used to activate the device without saying 'Ok Google' out loud. However, in some cases the button would activate on its own, causing the Trigger to listen, waiting for a command.
Google's solution to this problem – which does genuinely seem to be an accident, rather than a calculated attempt to spy on users – is just to disable the button entirely through a software update.
"We take user privacy and product quality concerns very seriously. Although we only received a few reports of this issue, we want people to have complete peace of mind while using Google Home Mini," Google said in a statement. "We have made the decision to permanently remove all top touch functionality on the Google Home Mini. As before, the best way to control and activate Google Home Mini is through voice, by saying 'Ok Google' or 'Hey Google,' which is already how most people engage with our Google Home products. You can still adjust the volume by using the touch control on the side of the device."
Join us at the 2017 Effective Mobile Marketing Awards Ceremony, taking place in London on Thursday 16 November, to mix with the industry's best and brightest, and raise a glass to the year's best campaigns and solutions. To find out more, and to book your place, click here. |
UK sees largest gender pay gap increase in EU | The gender pay gap increased more quickly in the UK in 2015 than in any other country in the European Union (EU), according to figures from the European Commission. The data reveals that men in the country earned 20.8% more than women in that year, compared to 19.7% in 2014. The average pay gap in the EU was 16.3%. Overall, the UK was ranked fifth worst out of the 28 member states. Germany had the highest pay gap, at 22%, with the country ranked third worst in Europe overall. | https://www.standard.co.uk/news/uk/britain-registers-biggest-increase-in-gender-pay-gap-of-any-eu-country-a3672131.html | 2017-10-31 13:33:34.297000 | T he UK's gender pay gap has increased quicker than anywhere else in Europe, official figures show.
Britain recorded the steepest annual increase in the pay imbalance between men and women in 2015, according to new European Commission figures.
The figures showed men earned 20.8 per cent more than women in 2015 compared to 19.7 per cent in 2014.
The growing figure outpaced the EU’s average pay gap of 16.3 per cent and is now the second worst for pay inequality for women among Europe’s largest economies.
The UK is now ranked fifth across all 28 member states.
Germany recorded the highest divide among the big economic players – with a pay gap of 22 per cent. The country ranks third worst across Europe.
Like the UK, Germany and France also registered deterioration in pay equality between the genders in the latest figures. But the overall EU average remained the same.
The gap is the equivalent of women working for no pay for the last two months of the year, Vera Jourova, EU commissioner for justice, consumers and gender equality told the Financial Times.
“It is an unacceptable and shocking injustice that women in 21st century Europe work two months a year for free,” she said. “This gender pay gap has remained the same for many years — it is still very similar to in 1995.”
Ms Jourova called for a quicker shift towards equal pay and added progress is coming along “at a stubbornly snail’s pace”.
The gender pay gap in the EU stood at about 25 per cent in 1995. Despite the overall decrease since then, it has been reduced slowly in many countries as male workers still dominate higher paid positions.
When considering elements such as hours worked and career breaks for women, the gap in earnings stands at 39.6 per cent across Europe. In Britain, the gap is shown as 45 per cent.
All UK companies, charities and government departments that employee more than 250 people must publish data on hourly wages and bonuses online as of April 2018.
Brussels is to put forward proposals to put pressure on employers to tackle the gender pay gap this month.
A target has been set for 40 per cent of women in senior and middle management positions across big employers by 2019. It currently stands at 36 per cent of females in middle management and 33 per cent at senior level.
According to the same figures from the commission, only six per cent of chief executives in the EU are female. |
UK sees largest gender pay gap increase in EU | The gender pay gap increased more quickly in the UK in 2015 than in any other country in the European Union (EU), according to figures from the European Commission. The data reveals that men in the country earned 20.8% more than women in that year, compared to 19.7% in 2014. The average pay gap in the EU was 16.3%. Overall, the UK was ranked fifth worst out of the 28 member states. Germany had the highest pay gap, at 22%, with the country ranked third worst in Europe overall. | http://uk.businessinsider.com/european-commission-uks-gender-pay-gap-2017-10 | 2017-10-31 13:33:34.297000 | Britain saw the biggest increase in its gender pay gap of all the main economies in Europe, according to new figures from the European Commission.
The UK's pay gap increased from 19.7% in 2014 to 20.8% in 2015, performing fifth worst.
The EU-wide gap is the equivalent of women working for free for two months of the year, according to the Commission.
LONDON — Britain saw the biggest increase in its gender pay gap in 2015 of all the main European economies, according to new statistics from the European Commission.
The UK's gender pay gap — the difference in how much men and women are paid hourly on average — rose from 19.7% in 2014 to 20.8% in 2015, the biggest increase of any Europe's main economies.
The latest figures show the UK's gap was bigger than the EU's average pay gap, which stood at 16.3%, and the UK performed fifth worst for gender pay equality of all the major European economies. Germany was third worst, at 22% in 2015, while the Czech Republic's gap was about 23% and Estonia's was about 26%.
According to EU figures, the gap is equivalent to women continuing to work for the remainder of the year but not being paid after early November.
"It is an unacceptable and shocking injustice that women in 21st century Europe work two months a year for free," Vera Jourova, EU commissioner for justice, consumers and gender equality, told the Financial Times.
"This gender pay gap has remained the same for many years — it is still very similar to in 1995," she said.
The EU's gender pay gap was about 25% in 1995. Although it has improved since this, progress has been slow in many countries, and men continue to dominate highly-paid and senior roles.
When the measurement takes additional elements into account, such as hours worked and career breaks for women, the EU-wide gap stands at 39.6%, and the UK's gap stands at 45%. According to European Commission figures, only 6% of chief executives in the EU are women.
From April next year UK companies with more than 250 employees will be required to publish their gender pay gap, including details of hourly wages and bonuses. |
Nanoparticles developed for precise cancer thermotherapies | Scientists have synthesised self-regulating nanoparticles which could be used to kill cancer cells without destroying healthy tissue, according to a report in the journal Nanoscale. Teams from the University of Surrey's Advanced Technology Institute and the Dalian University of Technology in China developed Zn-Co-Cr ferrite nanoparticles which heat up to 45°C, which is within the temperature range required to weaken or kill cancer cells. Crucially, the low-toxicity nanoparticles then cool down, reducing the risk to healthy cells. The results have been described as an "exciting development".
| https://www.eurekalert.org/pub_releases/2017-10/uos-nsn102317.php | 2017-10-31 13:19:18.323000 | Scientists from the University of Surrey have developed 'intelligent' nanoparticles which heat up to a temperature high enough to kill cancerous cells - but which then self-regulate and lose heat before they get hot enough to harm healthy tissue.
The self-stopping nanoparticles could soon be used as part of hyperthermic-thermotherapy to treat patients with cancer, according to an exciting new study reported in Nanoscale.
Thermotherapy has long been used as a treatment method for cancer, but it is difficult to treat patients without damaging healthy cells. However, tumour cells can be weakened or killed without affecting normal tissue if temperatures can be controlled accurately within a range of 42°C to 45°C.
Scientists from Surrey's Advanced Technology Institute have worked with colleagues from the Dalian University of Technology in China to create nanoparticles which, when implanted and used in a thermotherapy session, can induce temperatures of up to 45°C.
The Zn-Co-Cr ferrite nanoparticles produced for this study are self-regulating, meaning that they self-stop heating when they reach temperatures over 45°C. Importantly, the nanoparticles are also low in toxicity and are unlikely to cause permanent damage to the body.
Professor Ravi Silva, Head of the Advanced Technology Institute at the University of Surrey, said: "This could potentially be a game changer in the way we treat people who have cancer . If we can keep cancer treatment sat at a temperature level high enough to kill the cancer, while low enough to stop harming healthy tissue, it will prevent some of the serious side effects of vital treatment.
"It's a very exciting development which, once again, shows that the University of Surrey research is at the forefront of nanotechnologies - whether in the field of energy materials or, in this case, healthcare."
Dr. Wei Zhang, Associate Professor from Dalian University of Technology said: "Magnetic induced hyperthermia is a traditional route of treating malignant tumours. However, the difficulties in temperature control has significantly restricted its usage If we can modulate the magnetic properties of the nanoparticles, the therapeutic temperature can be self-regulated, eliminating the use of clumsy temperature monitoring and controlling systems.
"By making magnetic materials with the Curie temperature falling in the range of hyperthermia temperatures, the self-regulation of therapeutics can be achieved. For the most magnetic materials, however, the Curie temperature is much higher than the human body can endure. By adjusting the components as we have, we have synthesized the nanoparticles with the Curie temperature as low as 34oC. This is a major nanomaterials breakthrough."
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Shell saves $200m by replacing field trips with virtual learning | Oil and gas multinational Shell has turned to virtual, immersive teaching tools to train its staff, rather than expensive field trips, creating savings of $200m net of development costs. The move is part of a 15-year drive to digitise the business. Shell has already deployed more than 12,000 lessons, complemented by personalised feedback and recommendations. Jorrit van der Togt, head of human resources strategy for Shell, said modern e-learning had improved to the point where it "delivers true engagement", adding that it was "faster, cheaper, more challenging and more fun than other types of learning – and deeper".
| http://www.computerweekly.com/news/450429126/Shell-makes-200m-saving-with-virtual-learning-environment | 2017-10-31 13:05:31.570000 | Royal Dutch Shell, the British-Dutch oil and gas multinational, has cut the cost of some of its most expensive learning programmes by 90% by developing interactive learning platforms for staff.
Virtual lessons, which feature interactive videos and graphics, are replacing expensive field trips and geology primers, as well as being used to support leadership and behavioural learning.
Shell’s use of virtual, immersive learning – an example of which Shell has made available online – has delivered dramatic savings already, with more in the pipeline. To date, it has delivered more than 12,000 virtual lessons, saving the business $200m after development costs.
Jorrit van der Togt, executive vice-president of human resources (HR) strategy for Shell, said the company’s investment in virtual learning is part of a 15-year digital transformation journey for the business, embarked on in 2002, that has delivered benefits quickly, with the promise of more to come.
“We started by looking at the potential to move field learning into a virtual environment, but in fact virtual, immersive learning is a bigger play even than that,” said van der Togt.
“It is faster, cheaper, more challenging and more fun than other types of learning – and it is also deeper. Where e-learning in the recent past was persuasive because it was cheaper to deliver, today’s immersive learning is compelling because it is better.”
Van der Togt, speaking at an industry conference, said virtual learning has proved revolutionary because it mimics the work environment but delivers faster feedback with greater intensity and is more fun.
“We benefit from the way it facilitates a community of practice, too,” added van der Togt. “For each learner, there is the knowledge that you are not on your own. You are part of an intelligence network – and you are in it together,” he said at HR Tech World (Unleash) in Amsterdam.
Read more about human resources technology Automobile glass repair company Carglass France is using knowledge-sharing technology to distribute expertise among 3,000 employees.
Digital technology is changing the way companies manage their workforce at an accelerating rate.
Airbus has created a digital learning library that is helping more than 100,000 staff in 35 countries keep their skills updated.
For Shell’s leadership, van der Togt said virtual learning offers the space to put new ideas into practice, and is underpinned by personalised feedback and recommendations for employees.
“What the learning environment delivers is true engagement, not just for management but for all our workers – and it is a key driver of performance. Engagement is the x-factor that results in real change and real improvements,” he said. |
Edtech Wonder Workshop raises further $41m for DIY robots | US edtech firm Wonder Workshop has raised $41m in a series C funding round featuring Tencent and Softbank Korea. The Silicon Valley-based firm has developed programmable robots called Dot and Dash, which teach children basic coding and problem-solving skills. They are used in more than 10,000 classrooms worldwide, while more than four million programmes have been written by children using them. The company previously raised $20m in a series B round last year.
| https://www.chinamoneynetwork.com/2017/10/31/chinas-tencent-joins-41m-round-us-education-robotics-firm-wonder-workshop | 2017-10-31 12:50:09.420000 | Silicon Valley-based education robots developer Wonder Workshop has raised a US$41 million series C round from a number of investors including Chinese tech giant Tencent Holdings Ltd., SoftBank Group’s unit SoftBank Korea. |
UK adspend rose to £10.8bn during the first half of 2017 | UK advertisers can be cautiously optimistic about the future with figures revealing ad spend hit £10.8bn ($14.1bn) during the first six months of 2017, the biggest H1 total since records began in 1982. According to the Advertising Association/WARC expenditure report, digital ad sales drove growth, accounting for 54% of all ad spend, while spending on mobile ads grew by 36.1%. The positive results prompted an upgrade in the growth forecast for the whole of 2017 to 3.1%. | http://mobilemarketingmagazine.com/uk-ad-spend-h1-q2-2017-advertising-association-warc-expenditure-report | 2017-10-31 12:45:30.473000 | UK ad expenditure grew to £10.8bn during the first half of 2017 – an increase of 3.7 per cent – to represent the largest total for the first six months of any year since monitoring began in 1982.
Overall market growth is being driven by increased spend on digital advertising, according to the latest Advertising Association/WARC expenditure report. Digital ad spend accounted for 54 per cent, or £5.8bn, of all spend in the first half of 2016.
As a result of the growth in ad expenditure, the forecasted growth for the whole of 2017 has been upgraded to 3.1 per cent, which will mean an annual spend of more than £22bn.
“Spend on advertising is showing strong resilience, at a time of real uncertainty for UK business,” said Stephen Woodford, chief executive at the Advertising Association. “We know advertising has a positive effect on the economy, with every pound spent generating six pounds of GDP, so it is good to see steady, sustained growth. The upgrade of our 2017 forecast by a further one percent, the equivalent of an additional investment of £190M, should be seen as a cautious indicator for continued growth in the UK economy.”
First half growth was boosted by a four per cent year-on-year rise during Q2 2017, the 16th consecutive quarter of market growth and the strongest rate of growth since Q4 2017.
Mobile saw substantial growth of 36.1 per cent, and was the main contributor to a 13 per cent rise in internet ad spend during the second quarter of 2017.
“The latest data highlight the importance of mobile to advertisers in the UK – spend on mobile ads accounted for the entirety of internet growth during the second quarter of 2017 and 97 per cent over the first six months of the year,” said James McDonald, senior data analyst at WARC. “As mobile usage and credit-fuelled consumer spending continue to rise, investment in mobile advertising will track ahead of other platforms this year.”
Other digital formats enjoying growth include digital ad formats for radio at 38.9 per cent, DOOH at 30.4 per cent, TV broadcaster video-on-demand at 10.6 per cent, regional newsbrands at 10.4 per cent, and national newsbrands at 7.9 per cent.
Cinema, up 14.4 per cent, and direct mail, at 0.8 per cent, also recorded growth during the second quarter of 2017.
Join us at the 2017 Effective Mobile Marketing Awards Ceremony, taking place in London on Thursday 16 November, to mix with the industry's best and brightest, and raise a glass to the year's best campaigns and solutions. To find out more, and to book your place, click here. |
CommuterClub secures £2.3m and partners with Revolut | London fintech CommuterClub has raised £2.3m ($3m) in a funding round led by Indian firm Wadhawan Global Capital and announced a partnership with digital bank Revolut. CommuterClub offers season tickets to commuters as a subscription service, while the collaboration with Revolut will enable the firm to offer rail ticket financing. CommuterClub co-founder Petko Plachkov said: "It seems unbelievable that 95% of people still buy their season ticket offline. Consumers deserve more." Gavin Casey, a former CEO of the London Stock Exchange, and tennis star Andy Murray are among the start-up's backers.
| https://www.uktech.news/news/investment-news/uk-fintech-startup-commuterclub-gets-2-3m-partners-with-revolut-20171030 | 2017-10-31 12:41:30.673000 | FinTech startup CommuterClub has raised £2.3m in a round led by Wadhawan Global Capital (WGC), an India-based financial services Group.
The London-based company is also backed by angel investors including Peter Jackson, CEO of Betfair; Gavin Casey, the former CEO of the London Stock Exchange; Chris Adelsbach, head of Barclays Techstars, and British tennis player Andy Murray.
CommuterClub seeks to help consumers save money by offering them commuter tickets as a digital subscription service.
Alongside the funding, the company is also announcing a new partnership with Revolut, which will enable the startup to offer rail ticket financing to its customers.
Petko Plachkov, CommuterClub’s co-founder and managing director, said: “Commuting in London and big cities is exorbitantly expensive and this new fundraising campaign will allow us to grow and offer our simple and transparent instalment plan to consumers in the UK and overseas.
“It made perfect sense to partner with another innovative FinTech in this space, Revolut; together we will be able to reach many more consumers, saving them time and money.
“This industry is ripe for further disruption. It seems unbelievable that 95% of people still buy their season ticket offline. Consumers deserve more.”
Wadhawan Global Capital (WGC) chairman Kapil Wadhawan, commented: “We are excited about our investment in CommuterClub, a UK-based FinTech company which uses technology to enable convenience in the era of fast-age living.
“A disruptor, CommuterClub resonates with our group philosophy of empowerment through better management of finances. By saving commuters time and money, the company has made itself a household name in the UK. We hope to work alongside the team to help scale the business in UK and other parts of the world.
“The investment is in line with our objective of supporting new-age entrepreneurs by enabling them to seize the right opportunities. With three decades of experience in a market as diverse and dynamic as India, we believe that we have the capabilities to leverage such promising ventures with strategic and efficient guidance. At the same time, these associations help the WGC group remain relevant and competitive in the rapidly evolving FinTech space,” he concluded.
The startup was also co-founded by Imran Gulamhuseinwala, who recently received an OBE for his contribution to UK financial technology and is head of FinTech at EY.
Check out our UK tech investment tracker for all the latest industry deals. |
Ada Health to expand after self-diagnosis app wins $47m funding | London and Berlin-based Ada Health has raised €40m ($47m) from investors including Berlin's June Fund, which was founded by Google's chief business officer, Philipp Schindler, William Tunstall-Pedoe, creator of Amazon's AI assistant, Alexa, and Warner Music Group owner Len Blavatnik. Ada Health plans to use the funds to develop its app, which relies on artificial intelligence and data from clinicians to help users self-diagnose symptoms. The company also plans to expand to the US and hire more engineers and advisers. | http://www.cityam.com/274812/ada-health-lands-eur40m-len-blavatnik-amazon-alexa-creator | 2017-10-31 12:39:04.867000 | Ada Health lands €40m from Len Blavatnik, Amazon Alexa creator William Tunstall-Pedoe and Google business chief Philip Schindler’s June Fund
The company behind a healthcare app which can help diagnose symptoms has landed a multi-million pound round of funding from investors, who include a top Google executive, the man who created Amazon's Alexa voice assistant and one of Britain's richest billionaires.
London and Berlin based Ada Health has raised €40m (£35.2m) to grow the business and expand to the US.
The app, which launched in April in the UK, uses artificial intelligence to help users diagnose symptoms, drawing on a wealth of information drawn from clinicians after originally starting out as an app just aimed at doctors.
Read more: Pharrell has taken a stake in a British startup (yes, that Pharrell)
Backers include June Fund, a Berlin-based tech fund founded by Google's chief business officer Philipp Schindler and Roman Rosslenbroich, the man behind German hedge fund Aquila Capital.
William Tunstall-Pedoe, the man who created Amazon's AI assistant Alexa and Len Blavatnik, the Russian-born billionaire who owns Warner Music Group and is the second richest man in Britain are also backing the firm, along with Cumberland VC, a new Berlin-based fund.
“The future of healthcare lies in a much more patient-centric model where individuals have actionable insights at their fingertips, and doctors and artificial intelligence work together to support patients throughout their healthcare journey,” said chief executive and co-founder Daniel Nathrath.
"This is just the beginning, and we’re excited to enable even more people around the world to effectively manage their health.”
Read more: An app taking the hassle out of repeat prescriptions raises £7m
The cash will also go on further developing the app and it plans to hire more engineers, scientists and medical advisers.
“Ada is one of the most exciting companies we’ve seen cutting across health and artificial intelligence,” said vice chairman of Blavatnik's Access Industries Guillaume d’Hauteville.
“They’ve developed a unique and highly effective health management solution driven by a team with deep medical and AI expertise and years of technology development. |
Short website visits may be more valuable than previously thought | Users who bounce – leave a website after viewing only one page – could be more valuable than previously thought, according to a six-month study by digital analytics firm Parsely. It found 68% of 1.6 billion bounced visits lasted longer than 15 seconds, with an average engaged time of 81 seconds. The results prompted Parsely to suggest publishers should not see bouncing as a sign of non-engagement with an audience and should instead measure active time on their sites in 15-second increments. "If a publisher is looking at pageviews and bounce rates, they are definitely measuring it all wrong,” said Parsely.
| https://digiday.com/media/turns-fly-reader-valuable-often-thought/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171031 | 2017-10-31 12:13:20.203000 | Publishers use all sorts of ploys to get flyby visitors to stick around, based on the belief that these casual readers are low value because they aren’t loyal and don’t view a lot of ads.
New research from digital analytics firm Parsely says that people who bounce, or leave a site, after one article are more valuable than they’re given credit for, though. The findings could call into question the way a lot of publishers approach one-and-done readers, which can account for 60 to 70 percent for the typical news publisher, according to the firm.
Parsely looked at 1.6 billion “bounced” visits to news and entertainment publishers in its network over a six-month period. It found that 32 percent of those visits lasted less than 15 seconds. But of the remaining 68 percent of the bounced visits, 77 percent stayed longer than 30 seconds.
Across all 1.6 billion sessions, the average engaged time spent was 56 seconds, rising to 81 seconds for the 68 percent of “good” visits. (As far as whether video was a factor, for the research, Parsely looked at text pages, which might have had a video embedded, so the presence of a video could have added to the time spent.)
“We get a lot of feedback from customers trying to understand this very nebulous term of engagement,” said Andrew Montalenti, co-founder and CTO of Parsely. “The question we’re trying to answer is, to what degree are people going to news sites and satisfied and to what degree is something else going on. Pageviews don’t tell you much about engagement, just what they’re reading. If a publisher is looking at pageviews and bounce rates, they are definitely measuring it all wrong.”
Montalenti also pointed out that the bounce rate metric is flawed because if a site is paginated, a single article visit can count as multiple pages. Also, a visit to a single article is counted as a bounce if the visitor came from social media but not if the visitor came directly to the publisher’s homepage. Instead of bounce rate, Parsely says publishers should look at people’s active time on site in 15-second increments, regardless of how many pages they looked at.
The reframing of bounced visits could be appealing to publishers who are getting their traffic from social side doors. Some, including Purch and Mic, use engagement metrics instead of pageviews to talk about their audiences.
“Bounce is all about getting that second pageview,” said David Stern, head of product at Slate. “That creates all kinds of perverse incentives to artificially drive up that metric. But that’s ultimately not the most important thing. I’d rather have someone stay two minutes on a single page versus one minute on multiple pages.”
The problem is that all publishers define engaged time differently, and depending on how they measure it, their own tallies can differ from what independent third parties say.
Historically, a high bounce rate was a signal that a publisher wasn’t reaching the right audience, and the pressure from advertisers for quality content is driving the use of engagement metrics, said Ben Kunz, evp of marketing and content at Mediassociates. But there’s a case for short visits. Some sites are utility-based and designed for short stays, so a high bounce rate could also indicate the visitor got what they wanted.
“Marketers and publishers need to realize people are busy for time,” he said. “They should challenge themselves to put as much content on one page and not try to force people to go five layers into your site. The UX is calling for that.” |
TalkTalk Talk2Go app lets landline customers make free mobile calls | A new TalkTalk app lets customers make and receive calls as if at home using their landline. The Talk2Go app runs on 3G or 4G data, or over Wi-Fi, and charges users the same prices as if they were on their landline. This means customers who have an anytime minutes call deal as part of their broadband package can make mobile calls to UK numbers free of charge. The app also includes a Follow Me feature that transfers calls from users' landlines to their mobile phones.
| https://www.freelancer.cn/projects/php/Talk-app-using-landline-Minutes/ | 2017-10-31 12:03:07.607000 | 在这里输入你的项目描述
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AI tool identifies suicide risk from brain scans using fMRI | Researchers have developed a machine-learning classifier capable of identifying patients at risk of suicide using functional magnetic resonance imaging (fMRI) scans. The team used fMRI and trigger words to pinpoint locations in the brain that identified potentially suicidal patients, using two groups, a control group and a second one made up of people who had survived suicide attempts. Using those scans, the machine-learning classifier identified patients from the two groups with an 80% to 90% success rate. Suicide is the second most common cause of death among 15 to 34 year-olds in the US.
| https://www.technologyreview.com/the-download/609278/ai-has-learned-to-spot-suicidal-tendencies-from-brain-scans/ | 2017-10-31 11:05:05.207000 | Suicide is the second-leading cause of death among young people between the ages of 15 and 34 in the United States, and clinicians have limited tools to identify those at risk. A new machine-learning technique documented in a paper published today in Nature Human Behaviour (PDF) could help identify those suffering from suicidal thoughts.
Researchers looked at 34 young adults, evenly split between suicidal participants and a control group. Each subject went through a functional magnetic resonance imaging (fMRI) and were presented with three lists of 10 words. All the words were related to suicide (words like “death,” “distressed,” or “fatal”), positive effects (“carefree,” “kindness,” “innocence”), or negative effects (“boredom,” “evil,” “guilty”). The researchers also used previously mapped neural signatures that show the brain patterns of emotions like “shame” and “anger.”
Five brain locations, along with six of the words, were found to be the best markers to distinguish the suicidal patients from the controls. Using just those locations and words, the researchers trained a machine-learning classifier that was able to correctly identify 15 of the 17 suicidal patients and 16 of 17 control subjects.
The researchers then divided the suicidal patients into two groups, those that had attempted suicide (nine people) and those that had not (eight people), and trained a new classifier that was able to correctly identify 16 of the 17 patients.
The results showed that healthy patients and those with suicidal thoughts showed markedly different reactions to words. For example, when the suicidal participants were shown the word “death,” the “shame” area of their brain lit up more than it did in the control group. Likewise, “trouble” also evoked more activity in the “sadness” area.
This is just the latest effort aimed at bringing AI into psychiatry. Researchers are working on machine-learning projects that span from analyzing MRIs to predict major depressive disorder to picking out PTSD from people’s speech patterns. Earlier this year, Wired wrote about researchers who built a system that can sift through health records to flag someone at risk of committing suicide, with between 80 and 90 percent accuracy. Facebook is using text mining to identify users at risk of suicide or self-harm and then pointing them to mental health resources (see “Big Questions Around Facebook’s Suicide-Prevention Tools”).
Artificial intelligence has already made waves in the medical field at large. There are algorithms so good at detecting tumors and other problems in CT scans that Geoffrey Hinton, one of the foremost researchers in deep learning, told the New Yorker that radiologists will eventually be out of a job. Indeed, he said, “they should stop training radiologists now.”
In this case, the research is more likely to inspire new human-driven therapies than put a whole field’s worth of doctors out of a job. The paper pointed out that identifying different patterns and areas could suggest new regions to target for brain stimulation techniques. Identifying particular emotional responses to suicide-related terms could also be useful to psychotherapists treating their patients. |
Regus Flexible working increases wellbeing, finds survey | Figures have shown that half of 1,700 UK professionals believe flexible working offered a better work-life balance, while 59% said they were more productive, according to a survey by flexible office space provider Regus. The study also revealed 43% of respondents said access to flexible working helped them sleep better and it allowed 41% to eat more healthily. The results of the survey were released to coincide with National Stress Awareness Day.
| http://www.onrec.com/news/news-archive/regus-reveals-flexible-working-key-to-combatting-workplace-stress | 2017-10-31 10:49:57.040000 | UK 27 October 2017- Offering employees the opportunity to work flexibly plays a key role in increasing their wellbeing. This is according to research commissioned by workspace provider Regus, released to coincide with National Stress Awareness Day on November 1st.
The survey, which canvassed the opinions of 1700 UK professionals, found that half of respondents believed flexible working allowed them to have a better work-life balance. The survey also underlined the benefits of flexible working for the health of a business, with just under three fifths (59%) saying that it meant they were more productive.
In addition, 41% of respondents said that working flexibly allowed them to eat more healthily and 43% said it helped them get more sleep.
These findings chime with previous research commissioned by Regus that showed 56% of respondents believe that flexible workers are more ‘mindful’ and are better able to assess their levels of well-being.
Richard Morris, UK CEO, Regus, comments: “National Stress Awareness Day serves as the perfect reminder to employers that stress management and employee well-being should be a proactive and planned element of business strategy.
“How - and crucially, where - people work is understood to have a significant bearing on workplace wellbeing so the flexible working conversation should play a part in every modern business’s strategy.”
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Insurer Swiss Life forges partnership with fintech bexio | Swiss insurer Swiss Life has partnered with fintech firm bexio, offering small businesses access to insurance policies through the start-up's accounting and banking platform. Swiss Life's provisions solutions will become fully available through the platform in 2018. “This innovation is unique in all of Europe. For customers, the enormous administrative effort for the management of their provisions and personal insurance thus fall away”, said Swiss Life CEO Markus Leibundgut.
| https://www.s-ge.com/en/article/news/20174-fintech-bexio | 2017-10-31 10:22:35.337000 | News
Szilvana Spett, SGBA/Café Europe
The Zurich-based insurance firm Swiss Life will become one of the largest shareholders in the fintech company bexio. The strategic partnership will allow bexio to reach out to new customers and enable Swiss Life to provide new products.
bexio intends to invest further into production innovation and growth thanks to the commitment of one of the largest insurance companies in Switzerland. According to a statement, the strategic partnership with Swiss Life will allow small and medium-sized companies to profit from the “seamless and automated integration of personal insurance into the web-based accounting of bexio”.
bexio has developed a corporate software that contains an interface between accounting software and e-banking. The fintech company from the St.GallenBodenseeArea is already working with the biggest Swiss banks, enabling payment orders to be transferred from a company’s software to the banks’ e-banking service “at the touch of a button”.
Beginning in mid-2018, SMEs will profit from a seamless integration of provisions solutions from Swiss Life into the bexio software. Customers can also supplement the offer individually with accident or short-term disability insurance.
“This innovation is unique in all of Europe,” said Markus Leibundgut, CEO of Swiss Life Switzerland. “For customers, the enormous administrative effort for the management of their provisions and personal insurance thus fall away.” Leibundgut will join the board of directors of bexio.
“With Swiss Life we have a strong partner by our side that supports our growth ambitions via additional access to customers,” added Jeremias Meier, co-founder and CEO of bexio.
“This cooperation is a further important step for Swiss Life to be able to provide our customers in the future as well with new and innovative products and services that meet the growing customer requirement for simplicity in an increasingly digitalised work environment.” |
ZhongAn hires more data analysts than actuaries | ZhongAn has been hiring more data analysts than actuaries as the Chinese online insurer seeks to expand. The company is in the process of hiring more than 100 data analysts, compared with around 20 actuaries, though it claims these personnel will work together. The company claims that its actuaries work on more traditional lines of risk, such as motor and healthcare, while the data analysts will focus on the firm's forward-looking policies, including those covering smartphones and drones.
| https://asia.nikkei.com/Business/AC/Jack-Ma-backed-ZhongAn-bets-on-B2B-technology-exports | 2017-10-31 10:14:32.370000 | HONG KONG -- As the hottest initial public offering in Hong Kong so far this year, China's first and largest pure-play online insurer, ZhongAn Online P&C Insurance, is plowing millions of yuan into next-generation technology to ensure it stands tall next to its three shareholders -- Jack Ma Yun's Ant Financial, Tencent Holdings, and Ping An Insurance Group.
The venture, crystallized in the subsidiary known as ZhongAn Technology established in July 2016, will help the company turn a profit and cement its position as China's insurtech leader, according to Chief Operating Officer Wayne Xu Wei. Xu said the project was top priority, along with the expansion of product offerings over the next five years. |
Corporate treasurers building cash reserves at a record pace | Concerned US corporate treasurers stockpiled cash faster than anticipated during Q3 2017, with the quarter-over-quarter index rising by 9 points to +25, according to data from the Association for Financial Professionals. Its October Corporate Cash Indicator (CCI) revealed that 40% of organisations had more short-term investment balances at the end of Q3 than the same period in the previous year, while almost one-third expected those balances to expand over the coming three years. The CCI cited uncertainty about US tax reform and political unrest in Europe and North Korea as contributing factors.
| http://www.brinknews.com/worried-u-s-corporate-treasurers-are-stashing-cash/?utm_source=BRINK+Subscribers&utm_campaign=92572a4315-EMAIL_CAMPAIGN_2017_10_27&utm_medium=email&utm_term=0_c3639d7c98-92572a4315-110036825 | 2017-10-31 08:42:54.837000 | Photo: Ali Al-Saadi/AFP/Getty Images
Are you feeling particularly uncertain about the future?
Corporate treasurers certainly are.
Corporate treasurers are so worried about what’s to come from Washington that they are building cash reserves at a record pace, ensuring their organizations have enough liquidity to withstand any disruption or capitalize on any opportunity.
According to the AFP October 2017 Corporate Cash Indicators (CCI) the pace at which organizations have accumulated cash and short-term investments over the past quarter shot to its highest reading since the index debuted in January 2011.
In the latest CCI, a quarterly survey of corporate treasury and finance executives conducted by the Association for Financial Professionals, American businesses accumulated cash and short-term investment holdings at a breakneck pace in the third quarter of 2017. The quarter-over-quarter index jumped 9 points to +25, and the year-over-year indicator increased 2 points to +20.
Here is what is so troubling about the latest CCI: Respondents to the previous CCI had indicated they would accumulate cash in the third quarter of 2017, but they actually did so at a much higher rate than anticipated. In other words, corporate treasurers had little confidence in the economic climate entering the third quarter, and their concerns only grew as events unfolded.
There is more. Fully 40 percent of organizations had greater cash and short-term investment balances at the end of the third quarter than they had one year earlier. Despite two interest rate increases and an expected third to come in December, only 9 percent of organizations were more aggressive with their short-term investments during the third quarter. On top of all this, nearly a third of organizations (31 percent) anticipate expanding cash and short-term investment balances over the next three months.
Why are corporate treasurers so reticent to invest in growing their businesses? One key concern is corporate tax reform, which many favor. As of this writing, passing comprehensive tax reform is no sure thing. In fact, President Donald Trump just dismissed the latest proposal to pay for it.
If corporate tax reform fails, organizations will see little cause for optimism anywhere else in the world—not with growing geopolitical uncertainty in England, North Korea and even along America’s borders as NAFTA renegotiations take place.
Corporate treasurers see all these developments unfolding, and they are tying them back to their primary roles as keepers of short-term cash reserves. There may come a day when the economy is looking up, geopolitical uncertainty is down, and corporate treasurers are willing to take a risk and open their purses.
Today is certainly not that day. |
Japan's Yamada Denki looks to expand into electric vehicles | Japanese consumer electronics retailer Yamada Denki is set to invest more than JPY1bn ($8.76m) in a roughly 10% stake in electric vehicle (EV) start-up FOMM. It is developing a four-seat EV for the Japanese market, priced at around JPY1m – half that of Mitsubishi Motors' minicar-sized i-MiEV. FOMM is partnering with a range of firms to bring its EV to market and expects to sell tens of thousands annually. Yamada Denki is the latest in a growing number of non-automotive firms to enter the EV market.
| https://asia.nikkei.com/Business/Companies/Japan-s-Yamada-Denki-to-plug-into-electric-cars | 2017-10-31 07:40:44.177000 | TOKYO -- Consumer electronics retailer Yamada Denki will partner with a startup to sell entry-level compact electric vehicles by 2020, joining the growing ranks of nonautomotive entrants into the sector.
Barriers to entry for building electric vehicles are lower than for gasoline autos. About 40% of the parts in gas-powered vehicles are unnecessary in electrics, according to the Ministry of Economy, Trade and Industry. Dyson, a British company known for vacuum cleaners, plans to sell electric vehicles by 2020 as well. |
UK mining firm faces legal action over activist deaths | Xstrata, a UK-registered mining firm that is now part of Anglo-Swiss company Glencore, allegedly hired security forces to harm protesters demonstrating against a Peruvian copper mine. The claims are being heard in a court in London, but will be resolved under Peruvian law. The confrontations, which left two protestors dead and others with serious injuries, took place in May 2012. The 22 claimants are represented by London law firm Leigh Day. Lawyers for Xstrata argue that the claims should be barred under a statute of limitations.
| https://www.theguardian.com/business/2017/oct/31/uk-mining-firm-in-court-over-claims-it-mistreated-environmental-activists | 2017-10-31 00:00:00 | A UK-registered mining company, which is now part of Glencore, is facing claims in a London court that it hired security forces to mistreat environmental activists protesting about a copper mine in Peru.
Two demonstrators died and others were left with serious injuries following the confrontations which lasted for several days during May 2012 on a remote hillside in the Andes, the court has been told.
The two-week trial of the mining company, Xstrata, being held at the Rolls Building in central London, where commercial cases are heard, will be determined under Peruvian law. It is taking evidence from leading legal experts.
Two of the protesters, Sergio Huamani and Alberto Huallpa, went to London to attend the hearing, which is being translated into Spanish and English.
Lawyers for Xstrata argue that the claims have been brought too late and should be barred under a statute of limitations which imposes a two-year time limit. But Phillippa Kaufmann QC, for the claimants, maintained the cases were not out of time.
The copper mine in Peru was at the time owned by Xstrata Tintaya, a firm later renamed Companía Minera Antapaccay. Xstrata was alleged to have paid the equivalent of £700,000 for the services of about 1,300 Peruvian national police and provided them with weapons such as rubber bullets and teargas, as well as food and accommodation.
A video created by legal firm Leigh Day on the alleged clashes
It is alleged that the company encouraged the security forces to mistreat the eco-protesters, who had gathered near the Tintaya copper mine near the town of Espinar. Demonstrators were shot and beaten by officers, it was claimed.
The company denies liability, arguing that police protection was necessary since thousands of protesters, many carrying traditional slingshots, were marching towards the mine. Xstrata also said that the Peruvian national police operated independently and it had no control over their behaviour.
At an earlier hearing, in July 2016, emails from Charles Sartain, an Xstrata director, to the senior South America manager, Jose Marun, were disclosed. These proposed that a “direct, proactive and strong approach” be taken to confront community representatives who were referred to as “sons of whores”.
The court has also been told that in the run-up to the protests in 2012 the mining company “covertly monitored” community meetings and employed informants, sharing its intelligence with the police.
During the fighting, it is said, private security officers employed by the mine wielded metal bars and planks of wood. Some protesters allegedly were shot, others beaten on the head or on the soles of their feet. In one clash, the court was told, police fired machine guns and shotguns.
The 22 Peruvians who have brought the claim are represented by Leigh Day, the London law firm which specialises in class action disputes.
Before the hearing, Sergio Huamani, 42, a farmer, said: “I was attacked severely by the police and beaten on my head and nose because I was protesting about the environmental impact of the copper mine. I hope we will find justice here. The mine is still producing copper and has expanded. It is working without social or environmental responsibility.”
Alberto Huallpa, 29, an accountant, said he had been shot in the left thigh by a bullet. “We are opposed to contamination caused by the mine,” he said. The pollution was “getting into water courses and streams”. The damage, he alleged, was caused by heavy metals including cadmium and arsenic. “We turned up for the protest because the company was not listening to us. I am glad to bring my complaint here so that our pain and suffering comes to the court.”
Xstrata was taken over by the minerals and trading conglomerate Glencore in 2013. It denies that the mine is causing pollution and insists that it complies with environmental laws.
The hearing continues. |
Comple sequencing of wheat genome could boost staple crop | A US-led group of scientists has sequenced the wheat genome in its entirety, potentially improving upon the staple crop, on which an estimated 2 billion people depend. The genome, which is over five times the size of a single copy of the human genome, contains six copies of each chromosome and between 16 billion and 17 billion letters of DNA. Over 80% of the genome is comprised of repetitive sequences. The research could enable breeders to develop strains of the crop that are more resistant to climate change and disease.
| https://www.nature.com/news/small-group-scoops-international-effort-to-sequence-huge-wheat-genome-1.22924 | 2017-10-31 00:00:00 | The genome of wheat (Triticum aestivum) is huge, and full of repetitive sequences. Credit: Nico van Kappel/Minden Pictures/Getty
The wheat genome is finally complete. A giant international consortium of academics and companies has been trying to finish the challenging DNA sequence for more than a decade, but in the end, it was a small US-led team that scooped the prize. Researchers hope that the genome of bread wheat (Triticum aestivum) — described in the journal GigaScience this month[1] — will aid efforts to study and improve a staple crop on which around 2 billion people rely.
The wheat genome is crop geneticists' Mount Everest. It is huge — more than five times the size of a single copy of the human genome — and harbours six copies of each chromosome, adding up to between 16 billion and 17 billion letters of DNA. And more than 80% of it is made of repetitive sequences. These stretches are especially vexing for scientists trying to assemble the short DNA segments generated by sequencing machines into much longer chromosome sequences.
It’s like putting together a jigsaw puzzle filled with pieces of blue sky, says Steven Salzberg, a genomicist at Johns Hopkins University in Baltimore, Maryland, who led the latest sequencing effort. “The wheat genome is full of blue sky. All these pieces look like a lot of other pieces, but they’re not exactly alike.”
As a result, previous wheat-genome sequences contained gaps that made it hard for scientists to locate and examine any particular gene, says Klaus Mayer, a plant genomicist at the Helmholtz Center in Munich, Germany, and one of 1,800 members of the International Wheat Genome Sequencing Consortium (IWGSC) that have been tackling the genome since 2005.
A sequence released by the consortium in 2014 covered about two-thirds of the genome, but it was highly fragmented and lacked details about the sequences between genes2. Improved versions were released in 2016 and 2017, but the use of these data is restricted until the IWGSC publishes its analysis (Mayer says the team is preparing to submit its report to a journal). The sequence was also produced using proprietary software from a company called NRGene, preventing other scientists from reproducing the effort.
Puzzle pieces
Salzberg, who specializes in assembling genome sequences, and his five colleagues decided to tackle the problem themselves. To overcome the challenge of ordering repetitive DNA — the puzzle pieces of blue sky — the researchers used a sequencing technology that generates very long DNA stretches (often in excess of 10,000 DNA letters). They also created much shorter, but highly accurate sequences, using another technology.
Stitching these ‘reads’ together — which amounted to 1.5 trillion DNA letters and consumed 880,000 hours of processor time on a cluster of parallel computers — resulted in nearly continuous chromosome sequences that encompassed 15.3 billion letters of the wheat genome.
Mayer calls the new sequence “a major leap forward”. Postdocs can spend whole fellowships locating a single wheat gene of interest, he says. “Those genes which took 10 man- or woman-years to clone, this will melt down to a couple of months, hopefully.” The results of such research should help breeders to develop strains of wheat that are better able to tolerate climate change, disease and other stresses.
Some scientists are already using the new wheat genome — including, Salzberg says, members of the IWGSC working on one particular chromosome. But if it is to be of widespread use, all of the genes and sequences will need to be identified and labelled, a laborious process known as annotation. Salzberg says that a collaborator of his is planning to do this, “unless someone does it sooner”.
Neil Hall, a genomicist and director of the Earlham Institute, a genomics research centre in Norwich, UK, sees Salzberg’s approach as a sign of the times. If the wheat genome — considered one of the most complicated to be tackled by scientists — can be sequenced by a small team using the latest technology, almost any genome could. |
Start-up creates edible water bottle | Skipping Rocks Lab, a London-based start-up, has created edible balls of water in an initiative designed to reduce the use of plastic bottles. The product, named Ooho!, has garnered over $1m in crowdfunding. The balls, similar to those found in bubble tea, are made from ice dipped in calcium chloride and brown algae extract. This coating remains solid even after the ice reaches room temperature. The balls cost equivalent to two cents to produce, and the coating biodegrades in four to six weeks if uneaten.
| http://www.greenmatters.com/living/2017/10/30/zfh5a/edible-water-bottle-plastic-pollution | 2017-10-31 00:00:00 | Home > Big Impact > News This Edible Water Bottle Provides Unique Solution To Plastic Pollution Skipping Rocks Lab, a startup based in London, has received over $1 million US through crowdfunding to create the Ooho! By Brian Spaen May 25 2019, Updated 1:46 p.m. ET Source: Twitter
Plastic water bottles may provide one of the most convenient ways to obtain H2O, but they continue to wreak havoc on our environment. Despite having the ability to be recycled, nearly all of these single-use bottles end up in the trash. For those that don’t want to give up consumption through bottles, there could be a new way to simply eat the bottle after being used.
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Skipping Rocks Lab, a startup based in London, has received over $1 million US through crowdfunding to create the Ooho! Started by three guys in college back in 2012, their goal was to create a solution to the plastic pollution that has been destroying marine life. A few years later, they created a prototype for their product -- an edible blob of water made out of seaweed.
The product is similar to edible balls found in bubble or boba tea. It doesn’t have any initial flavoring, which could make consuming it a little bland, but there is the potential to add flavors. To create the protective casing, balls of ice are tipped into calcium chloride and brown algae extract. This stays solid even after the ice converts to room temperature.
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It only costs roughly two cents to create these edible balls. Even better, for those that don’t feel like eating the bottle, it’s biodegradable. When it’s thrown away, the bottle won’t be sticking around for hundreds of years like traditional plastic with polyethylene terephthalate.
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"At the end of the day, you don’t have to eat it," Pierre Paslier, one of the co-founders, told The Guardian. "But the edible part shows how natural it is. People are really enthusiastic about the fact that you can create a material for packaging matter that is so harmless that you can eat it."
After the prototype became a viral hit online, it’s no surprise that the Ooho was wildly successful through crowdfunding. Since the bottle is squishy to hold and use, they tested out the prototype to make sure people weren’t turned off by the new product. It ended up being mostly accepted. Paslier believes that it would fit great with outdoor events and cafes.
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Ooho is consumed by peeling off the outer layer like an orange. One major difference from traditional water bottles is that when it’s opened, the product cannot be sealed again. This means we likely won’t see large variations of the bottle. In order to avoid large shipments, the product could be made on-site.
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“The process that we’re developing allows for them to be made on the spot, just before consumption,” Paslier told Fast Company. “If you think of a coffee machine in the cafe that makes the coffee just before you drink it, we’re working on something that would be about that size.” |
Australian investment consultants take aim at robo-advisers | Australia's Association of Real Return Investment Advisers (ARRIA) has sounded off on robo-advisers, questioning whether these services are providing investors with the correct advice. The organisation noted many robo-advice platforms can't advise towards specific goals, such as paying children's school fees. Some robo-advisers also noted a high probability of achieving goals over the next 15 years with holdings in fixed-interest and cash, something ARRIA contests. Overall, the industry body concluded robo-advisers serve mainly as a method of selling cheap index funds.
| http://www.financialstandard.com.au/news/robo-advice-raises-alarm-arria-106284705 | 2017-10-30 18:10:12.797000 | Fears that robo-advice is mis-selling products and not delivering the best outcomes for clients continues to raise concerns across the financial advice industry.
While the technology behind robo-advice is making it cheaper to invest, it doesn't mean it is actually providing advice let alone the right advice, says the Association of Real Return Investment Advisers general manager Rebecca Jacques.
"If you actually look at what robo is doing, it's a very good way of selling passive index funds at a low cost," Jacques says.
She told a recent Calastone forum that she put a few global and domestic robo-advisers to the test by giving each the same simplistic target: to pay her young children's private school fees.
Every robo asked for a country of origin; only one asked for a tax bracket - but what was "scary" was that not one asked if the funds would be used for private school tuition, she notes.
In every single instance, the robo advised: "You have 100% certainty of achieving your objective by investing in fixed interest and cash next for the next 15 years."
Based on today's capital markets and for the next five years, there is "no way" the goal is achievable, she points out.
Jacques even rang one robo-adviser to determine what type of forecast is used in providing estimates, to which the company replied, "none."
What's "wrong" is the fact that the wealth management industry faces constant scrutiny and regulation in providing advice, but those in IT can simply "type anything" in an algorithm and sell it to mum and dad, she says.
Perth-based start-up, PictureWealth, is attempting to defy such limitations and "do what hasn't been done before", which is provide digitised advice across all aspects of personal finance, says its founder David Pettit.
The app, which aggregates different accounts to paint a holistic snapshot or a 'welfie' of finances, is a free online tool that allows users to interact with chat bot FLIQ (Financial Literacy IQ) about financial matters ranging from bank balances and superannuation to insurance policies.
Unlike the Qantas Money app, which only goes as far as aggregating accounts, PictureWealth takes the next step by employing filters to help users understand what they could be doing better or differently in managing their money, he says.
The robo-advice element for instance, will provide guided decisions if it makes sense to buy an investment portfolio or if the money could be used elsewhere to pay off a credit card or mortgage or kept in savings.
He agrees the "advice" element of robo-advice is a misnomer; a lot of robo-advisers are either selling or helping investors find investment products.
Welfie meanwhile, is attracting interest from advisers wanting to use the software for clients. It isn't intended to disrupt the advice industry, rather to complement it, says Pettit, who is also managing director of Advocate Private Wealth.
This is an extract of a news story first published in the latest issue of Financial Standard. You can view the full article on our free iPad app. |
Deliveroo uses 'dark kitchens' to cater to expanding market | Food courier service Deliveroo has set up dozens of "dark kitchens" for restaurants that want to expand without opening up expensive premises. Ten large metal boxes, similar in size to a shipping container, have been set up in Blackwall, east London to prepare food for restaurants such as Thai chain Busaba Eathai and MeatLiquor diners. Deliveroo operates 11 sites, which are home to 66 kitchens, in London, Leeds, Reading and Hove. The company had hoped to have over 200 dark kitchens in 30 UK sites by the end of the year, but missed its target.
| https://www.theguardian.com/business/2017/oct/28/deliveroo-dark-kitchens-pop-up-feeding-the-city-london | 2017-10-30 16:51:53.003000 | A tatty car park under a railway line is squeezed between a busy road, an industrial site and a semi-derelict pub covered in graffiti. It’s one of the grittiest parts of east London and probably the last place you would imagine some of the trendiest eateries in the country to be preparing meals.
But the grimy spot is just a short moped ride from the gleaming office towers of Canary Wharf and upmarket docklands apartments, and is therefore the perfect location for the latest idea from Deliveroo, the food courier service. It is setting up dozens of “dark kitchens” in prefabricated structures for restaurants that want to expand their businesses without opening expensive high street premises.
Ten metal boxes of a similar size to a shipping container are on this site in Blackwall. They are fitted with industrial kitchen equipment, and two or three chefs and kitchen porters are at work in each, preparing food for restaurants including the Thai chain Busaba Eathai, the US-style MeatLiquor diners, the Franco Manca pizza parlours and Motu, an Indian food specialist set up by the family behind Mayfair’s Michelin-starred Gymkhana.
The boxes have no windows and many of the chefs work with the doors open, through which they can be seen stirring huge pans or flipping burgers. Outside there are piles of spare equipment, mops in buckets, gas cylinders for the stoves and large cans of cooking oil.
A Deliveroo rider sets off from a Roobox dark kitchen in Hove, Sussex. Photograph: Bloomberg via Getty Images
This is one of the biggest of 11 sites currently operated by Deliveroo that are home to 66 dark kitchens. Five sites use the metal structures, known as Rooboxes or Deliveroo Editions, while others are in adapted buildings. The majority are in London, but there are others in Leeds, Reading and Hove, tucked away in car parks or on industrial estates. All are close to residential and office areas filled with customers hungry for upmarket takeaways.
The locations may be unglamorous, but one dark kitchen in Southwark, south London, is turning out rotisserie chicken for the pricey Notting Hill-based specialist Cocotte. There are also outposts for Gourmet Burger Kitchen, the trendy pizza joint Crust Bros and the Soho sushi bar Yoobi.
Deliveroo has big ambitions for its Rooboxes, with plans to open more in London’s Swiss Cottage, Nottingham and Cambridge soon, and Manchester and Birmingham lined up for more boxes next year. Deliveroo finds and equips the locations, then rents them out to the restaurants, which employ and train the kitchen staff.
Two chefs tell the Guardian that working in the metal boxes is either hot or cold, depending on the weather and whether they are cooking or prepping. In one kitchen, there is only a small fan heater for cold days. Another houses a pizza oven that takes up more than a third of the space and makes it extremely hot.
Javed Akhtar, the operations director of Franco Manca, says the company is testing out a Roobox at the Blackwall site so diners and chefs at its busy nearby restaurant can avoid being troubled by takeaway delivery drivers. Franco Manca chefs get extra money for working in the box, he says, because “there is no interaction with front-of-house staff”. It also encourages chefs who may not be keen to work in a metal box in a car park.
But more chefs are likely to soon be swapping central locations for less salubrious surroundings.
Deliveroo couriers pick up meals for delivery from a restaurant. Photograph: Eric Feferberg/AFP/Getty Images
Deliveroo’s sales soared sevenfold to £128.6m last year as it expanded its operations in the UK and overseas, to 25,000 restaurants in more than 140 cities and 12 countries. The food delivery market, which includes the Deliveroo rivals JustEat and UberEats as well as traditional takeaways, is expected to increase by 10% a year to £53bn by 2020, according to the market analyst NPD.
But it is not all straightforward for Deliveroo. The company had planned to have more than 200 dark kitchens on 30 sites across the UK by the end of 2017, and even more overseas. That target has been missed and there have been complaints from residents and councils, who accuse the company of bypassing planning rules.
The Roobox site in Camberwell, south London, may be forced to close after Southwark council said the noise of delivery vans and mopeds was a nuisance to neighbours and the operations had been set up without planning permission.
Dan Warne, Deliveroo’s UK and Ireland managing director, admits the company did not move quickly enough to speak to the council and residents in Southwark, but says Roobox kitchens are clean, hygienic and checked by the Food Standards Agency.
He says Deliveroo is considering the use of more pushbikes to deliver food, rather than mopeds, in order to reduce noise where that is a problem. The company has a team of staff especially to deal with queries and complaints from councillors and residents. “We are keen to adapt our operations to meet the concerns that people raise,” Warne says. “We do understand this is a new thing coming into an area and some people will have questions about it.”
Some residents living in and around Rooboxes say they welcome the opportunity for jobs for young people. But in Dulwich, south London, Pasquale Mereu, a chef at the nearby Italian restaurant Il Mirto, says Deliveroo has been a “very bad thing” for the business. He says the restaurant’s delivery orders have more than halved in the past year and they have had to lay off one of two couriers. |
Samsung team invent bitcoin mining rig with old smartphones | Engineers at Samsung's C-Lab in South Korea have successfully turned old Galaxy S5 smartphones into a bitcoin mining rig. Cryptocurrency mining has become increasingly popular, with miners normally relying on computers with dedicated central processing unit (CPU) space to hold transactions carried out in bitcoin's blockchain. But the C-Lab team showed a special CPU was not necessary, and that 40 Galaxy S5s could even mine at a greater efficiency than a computer. Other upscaled devices created by C-Lab include a used phone that works as a fish tank monitor and a Galaxy tablet converted into an Ubuntu-powered laptop.
| https://futurism.com/mine-bitcoins-using-40-old-galaxy-s5s/ | 2017-10-30 16:51:08.083000 | Making Old Hardware Useful
Consumer behavior when it comes to smartphones — particularly flagship devices like Apple's iPhone and Samsung's Galaxy phones — has become quite predictable. As these premier devices get upgraded every year, most people tend to stick to their device for only two years. Most find themselves with older smartphone models that, more often, are just left unused in closets.
But what if you could turn those old phones into something useful — say, a cryptocurrency mining rig?
Enter an engineering team from Samsung called the C-Lab, purpose of which is to find creative solutions or projects. This team has come up with innovative ways to make these older devices useful — a process called "upscaling" or repurposing. One of these projects, which the C-Lab presented at Samsung's developer conference in San Francisco, upscales old Galaxy S5s into a bitcoin mining rig.
Image credit: Kyle Wiens
Cryptocurrency mining has become popular in recent months. Usually, miners rely on computers with dedicated central processing units (CPUs) to keep transactions conducted in Bitcoin's blockchain. In exchange for this, they get to mine bitcoin.
But Samsung's mining rig has demonstrated that you don't need a fancy CPU to mine cryptocurrency. Instead, 40 units of Samsung's Galaxy S5 can do the trick — in fact, they could even mine at a greater efficiency than a desktop computer.
Recycling Value
The C-Lab engineers presented a bunch of other upscaled Samsung devices as well, including a old Galaxy tablet turned into an Ubuntu-powered laptop, a used Galaxy S3 that now works as a fishtank monitor, and another old Samsung phone with facial recognition software that's been made into a sort of watchdog for your front door.
"This innovative platform provides an environmentally responsible way for old Galaxy mobile devices to breathe new life, providing new possibilities and potential extended value for devices that might otherwise be forgotten in desk drawers or discarded." Samsung spokesperson Robin Schultz told Motherboard in an email.
Maintaining CPUs dedicated for mining can be costly, especially in terms of electricity. So, some have tried to find creative ways to mine for crypto coins. At least one website has resorted to using software that clandestinely turns the CPUs of their visitors into satellite crypto miners, much to the consternation of said users. Instead of resorting to such a questionable practice, perhaps you could opt for a mining rig similar to Samsung's?
At any rate, Samsung's bitcoin mining rig is really worth some consideration, especially for those who want to dip their toes into cryptocurrency mining. It's not too late, and the crypto coin market is growing, with Bitcoin leading the pack. The world's most popular cryptocurrency has maintained its value above $5,000, after peaking at $6,000 last week. As of writing, Bitcoin is priced at $5,950.
Samsung's C-Lab is planning to release the software they used to unlock their phones for upscaling, and they're even going to make the plans for the projects mentioned here available online for free.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact |
No Brexit effect on student accommodation market, finds Savills | The Brexit vote has not affected investment in UK student accommodation, according to property firm Savills. Despite concerns about the country's appeal to foreign students after Britain leaves the EU, many global investors still see student housing as a stable asset class with good returns. Also foreign students have found their money goes further in the UK than before, ensuring applications and occupancy rates remain high. In addition, British universities have a strong international reputation, a status that's unlikely to change in the immediate future. Nearly $6bn was invested in the asset class last year.
| http://www.savills.co.uk/blog/article/224103/commercial-property/why-there-hasnt-been-a-brexit-effect-on-uk-student-housing-investment.aspx | 2017-10-30 16:31:51.297000 | 2016 saw the UK achieve its second highest ever investment volume into purpose built student housing with $5.84 billion (£4.5 billion) ploughed into the sector and three of the world’s five largest individual student housing investment deals over the past 18 months taking place within its borders.
All three were by international investors: the largest was Singapore sovereign wealth fund GIC and student accommodation developer GSA’s acquisition of a 7,150-bed student accommodation portfolio for US$900 million.
To those outside the industry this may be surprising: why, when there are question marks over both the continuation of European research funding to UK universities after it leaves the EU and its potential appeal to foreign students, would so many commit to UK student housing?
The answer is that many international investors continue to view student accommodation as a stable asset class with strong returns. Investment in UK purpose built student housing continued unabated after June 2016, despite falling volumes in other sectors.
International students, too, found that their money suddenly goes further in the UK than before and therefore have not been deterred from applying to study here, consequently ensuring that occupancy rates, and income, remain high.
In addition, the UK’s higher education sector enjoys an exceptionally strong international standing, built upon hundreds of years of university heritage. This did not suddenly change on the morning of 24 June 2016: the appearance of UK universities near the top of global rankings will remain for the foreseeable future. Beyond the league tables, London’s status as a global city also means that it continues to appear at the top of many young people’s wish lists as somewhere to live and experience.
The UK’s vote to leave the EU does bring some uncertainty, particularly around European research funding, as well as the treatment of academic staff from the EU and the ongoing management of student immigration, but none of these are sufficient to deter large volumes of students or indeed investors, who see UK student housing as a resilient, well performing investment class.
The reality is that good student accommodation will always remain in demand, and the mood in the sector remains buoyant. Investors are willing to pay premiums for larger portfolios, driven by their need to allocate their investment capital and build scale quickly, so we expect to see further activity in the UK market in the months to come.
Further information
Read more: Savills Spotlight: World Student Housing |
Cisco chooses Michigan for first US smart state initiative | Networking giant Cisco is embarking on a technology partnership with Michigan. The three-year digital acceleration programme will help the state train technology workers, use data to streamline government services, develop connected roadways and become a centre for driverless vehicle testing. The Michigan initiative is the first of its kind offered by Cisco in the US and is modelled on its Country Digital Acceleration scheme, which operates in about 16 countries. Cisco chose Michigan as its first US launch for the programme because of the state's interest in supporting the development of autonomous driving technology.
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Today, networking giant Cisco announced that it will be partnering with Michigan on an initial three-year program to help the state train more tech workers, become a hub for autonomous vehicle testing, and use data to streamline government services.
According to a blog post on Cisco’s website, the program has five priorities: developing connected roadways, fostering improvements in advanced manufacturing, offering digital education and training for tech workers, developing a “citizen-centered, smart, and connected government,” and making Michigan a “safer and more attractive place to live.”
Called the State Digital Acceleration program, the Michigan initiative is the first of its kind that Cisco has offered in the U.S. It’s modeled after Cisco’s Country Digital Acceleration program, which has been in existence for about three years and has been introduced in approximately 16 different countries. Alison Gleeson, senior vice president of Cisco Americas, said in a phone interview with VentureBeat that the company decided to launch its first stateside digital acceleration program in Michigan because of the state’s leadership in autonomous vehicle testing. In 2016, Governor Rick Snyder launched the Planet M campaign to “strengthen, protect, and promote the state’s global leadership” in autonomous and connected vehicles.
Gleeson declined to say how much money Cisco will be investing in the program, but she highlighted a few commitments in particular. First, the company will partner with the Michigan Department of Transportation to pilot “Cisco Connected Roadways,” which will provide MDOT with real-time data to improve passenger and worker safety. Gleeson said that Cisco is interested in exploring ways to assist MDOT in notifying drivers about poor weather conditions — whiteouts, black ice, fog — as well as providing the exact mile at which the driver is expected to hit these conditions, via digital signage and vehicle-to-vehicle communication.
Second, Cisco will partner with Wayne State University in Detroit to create a 25,000-square foot building for advanced manufacturing training. The company also plans to hire 300 instructors to expand the footprint of its Networking Academy — an IT skills and career-building curriculum that Cisco makes available to secondary schools, universities, and other organizations. The goal is to double the number of students that graduate from Networking Academy programs in Michigan each year from 3,000 students to 8,000 students by 2020.
Finally, Cisco will partner with the Michigan department of technology, management, and budget on “collaboration around a converged network platform for innovation in the future in services, security, collaboration, cloud, and more.”
Gleeson said that Cisco will likely launch a digital acceleration program in another state before the end of the year and said the company plans to roll the program out to other states in the coming year. |
Attivo Networks use threat deception to tackle cyber attacks | Attivo Networks has raised $21m in a series C funding round for its deception technology for thwarting cyber attacks. The California-based start-up uses defensive "hall of mirrors" decoy methods, integrated into a firm's IT infrastructure, to trick hackers into revealing themselves. The round was led by Trident Capital Cybersecurity, with support from eBay founder Pierre Omidyar's venture capital firm Omidyar Technology Ventures, as well as Bain Capital Ventures.
| https://venturebeat.com/2017/10/11/attivo-networks-raises-21-million-to-thwart-cyberattacks-using-the-art-of-deception/ | 2017-10-30 16:24:21.130000 | Missed the GamesBeat Summit excitement? Don't worry! Tune in now to catch all of the live and virtual sessions here.
Attivo Networks, a startup that specializes in thwarting cyberattacks using deception technology, has raised $21 million in a series C round of funding. The round was led by Trident Capital Cybersecurity, with participation from eBay founder Pierre Omidyar’s VC firm Omidyar Technology Ventures and Bain Capital Ventures.
Founded out of Fremont, California in 2011, Attivo is one of a number of cybersecurity startups in the deception technology realm, using defensive “hall of mirrors” techniques that consist of lures and traps designed to trick attackers into revealing themselves. In effect, the underlying technology automatically sets decoys that are integrated into a company’s existing IT infrastructure to confuse and misdirect any hackers that may have already infiltrated the network.
“Achieving 100 percent security is not realistic — organizations must know immediately when their perimeter security controls fail and be able to respond quickly,” explained Tushar Kothari, CEO of Attivo Networks. “Attivo Networks deception-based detection efficiently closes this detection deficit. It is not enough to understand how an attacker attacks, you must also know how to defend and respond.”
Prior to now, Attivo had raised $23 million in funding, including a $15 million series B round just five months ago. With its latest cash injection, the company plans to “meet the soaring demand” for early detection and smart deflection of cyberattacks.
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With the gargantuan Equifax data breach still fresh in everyone’s minds, and the global cybersecurity workforce estimated to be short by 1.8 million people by 2022, it’s little surprise that we’ve seen such an uptick in cybersecurity investment. This year alone, the likes of AI cybersecurity startup Darktrace raised $75 million, while SentinelOne nabbed $70 million.
In the deception technology realm, Israel’s Illusive Networks has raised at least $30 million in funding, including a $22 million round back in 2015, and Microsoft Ventures added an undisclosed sum of money to its pot back in January. Elsewhere, TrapX has also raised some big bucks, with Intel and others channeling up to $19 million into the company.
As a result of Trident Capital Cybersecurity’s participation in this new round, Alberto Yépez, the firm’s managing director, will now join Attivo’s board.
“Deception puts attackers on the defensive, making them work harder and increasing their costs,” noted Yépez. “High accuracy addresses the issue of too many alarms being reported by existing solutions, and incident response is improved with the capture of specific techniques and tools being used by the attacker. This is the primary reason why companies are working closely with the Attivo team to help detect and more effectively respond to sophisticated cyberattacks.” |
Energi Mine launch ICO to incentivise energy conservation | A Manchester-based tech startup has established a blockchain-based market to incentivise energy conservation. Energi Mine is launching an EnergiToken (ETK) as a virtual token which it says can be bought and used by companies and public authorities as part of incentive schemes to encourage energy-saving behaviour such as increased use of public transport or buying an electric vehicle. They can then be exchanged on the Energi Mine platform for other currencies or used to pay energy bills, creating a market to incentivise energy conservation. | https://coinjournal.net/energi-mine-launches-blockchain-based-platform-reward-energy-conservation/ | 2017-10-30 16:15:31.987000 | U.K.-based Energi Mine has today launched its blockchain-based platform that aims to decentralise the near $2 trillion global energy market by incentivising energy conservation. Former energy spokesman for the Liberal Democrats for the House of Lords, Lord Rupert Redesdale has also been appointed as an advisor to Energi Mine.
According to an Advanced Energy Now 2017 Market Report from Advanced Energy Economy (AEE), the global advanced energy market surpassed $1.4 trillion in 2016, a seven percent increase compared to the updated $1.3 trillion in 2015. Advanced energy is a broad range of technologies, products and services that include the best available technologies for meeting energy needs.
Of the seven advanced energy market segments, electricity generation remains the largest globally with $455.6 billion in revenue, up five percent over 2015. The remaining six include building efficiency, advanced transportation, advanced fuel production, advanced fuel delivery, advanced industry, and electricity management and delivery.
According to Manchester-based Energi Mine, the current electricity market approach is broken as it encourages energy companies to sell as much energy as they can, at the highest price possible. The company currently manages over $140 million worth of energy on behalf of its customers, and looks after around 1,100 customer sites in the U.K., France, Belgium and the Netherlands. The newly launched platform is aiming to change the market by encouraging consumers and organisations to reduce their energy consumption. It hopes to achieve this by issuing ETK tokens to reward energy efficient behaviour, such as taking public transportation or purchasing energy-efficient appliances.
“Our AI and blockchain technology will plug into existing data feeds – smart meters or transport software – to verify energy saving behaviour has taken place,” said Omar Rahim, CEO of Energy Mine, speaking to CoinJournal. “We then help organisations build and manage their reward schemes in our infrastructure.”
Through the ETK tokens, token holders can redeem them on the Energi Mine platform to pay for energy bills, electric vehicle recharging, exchange them for fiat currency instead, or trade them directly with transport authorities to pay for their trip. With the process designed to be as frictionless as possible, users will receive their tokens via a simple-to-use app, which they will receive from local transit authorities such as the Transport for London. It’s hoped that behaviours can be influenced via rewards.
Furthermore, through Energi Mine’s decentralised platform, excess energy from a consumer can be sold to a different consumer at transparent market prices, rather than sold to a power supplier at a rate determined by the power supplier. |
HTC targets VR as educational tool | Manufacturer HTC is investing significant resources in developing virtual reality (VR) technology for use in schools. The company, based in Taiwan, cited a research paper suggesting that the use of VR in teaching could dramatically improve students' performance. The experiment used an HTC VR system called VIVE to teach a physics lesson, while a comparable group of students was taught using traditional methods. The VR-taught group achieved a pass rate of 90%, compared to a 40% rate for the traditionally-taught group. HTC is now working with developers to create further applications and content for educators.
| http://www.itweb.co.za/index.php?option=com_content&view=article&id=165964 | 2017-10-30 15:50:53.783000 | Nikitas Glykas, president of HTC Middle East and Africa.
The way school children are taught in classrooms has not changed in decades, leaving the education sector free from disruption as the world enters the fourth industrial revolution.
However, hardware manufacturer HTC says old ways of teaching will not adequately prepare learners for the new digital era. The company is investing heavily in virtual reality (VR), as it believes this will soon completely change how school children are taught.
Nikitas Glykas, president of HTC Middle East and Africa, says VR is not only about entertainment and gaming, as the emerging technology has enormous implications for education.
He cited a study done last year, which found VR-based education has an advantage, over traditional teaching, in theoretical knowledge teaching as well as practical skills training.
"In theoretical knowledge teaching, it boasts the ability to make abstract problems concrete, and theoretical thinking well-supported. In practical skills training, it helps sharpen students' operational skills, provides an immersive learning experience, and enhances students' sense of involvement in class, making learning more fun, more secure and more active," the research findings stated.
In the paper titled "The Impact of VR on Academic Performance", researchers explain how they took two separate groups of learners and taught them the same lesson: one group via traditional ways of teaching and the other using virtual reality and the HTC Vive set-up. The students were tested afterwards on what they learnt.
The average pass rate of the VR group was 90%, while that of the traditional teaching group was 40%.
It made a difference to children across learning abilities. In the VR teaching group, students with learning difficulties went from an average of 68 to an average of 88, while the 'whizz kids' who were naturally very good at school, improved their average to almost 100%.
The children were also tested two weeks after the initial lesson to see how well they retained the knowledge. The results showed the VR group retained the knowledge 32.3% more than those in the traditional group.
"VR enjoys obvious advantages in teaching; for example, it makes the content of courses more vivid; students can experience by themselves; it is very interactive, and easy to remember and understand," the researchers said.
Content drive
The HTC Vive launched in SA earlier this year. It is a complete VR setup, including a headset, hand controllers and wall sensors, so that users can use their hands while in the virtual world.
Glykas says the barriers at the moment for VR taking off in education are price and lack of content.
He believes private schools with more money will first start fitting VR rooms in schools and then as the price comes down, so other schools will follow.
Content is tricky, he says, because it needs to be localised.
HTC is working with developers to create some content and will open an online portal that educators can subscribe to within the near future. One programme already up and running, developed with partners, is an anatomy lesson which lets learners 'take apart' the human body in VR and then place it back together again.
There are people in SA working on solving the lack of contextualised educational VR content.
In June last year, an Interactive Digital Centre was opened in Tshwane. The R140 million facility aims to provide 50 students a year with VR and augmented reality skills to create local educational content.
Move away from smartphones?
Speaking about Google's recent $1.1 billion acquisition of HTC's division that develops the US firm's Pixel smartphones, Glykas dismissed speculation that this move was made so that HTC could solely focus on VR.
He says smartphones are still at the core of the HTC business. "Now HTC, following this sale, is very strong financially to continue to invest in VR and smartphones."
Glykas hinted at possible new business revenues. "HTC has been innovating for the past 20 years. Some of the areas we are working on are the Internet of things and artificial intelligence, but I cannot comment on that yet." |
London's prime market is stabilising: Knight Frank | The prime London property market appears to be stabilising after a period of deflation, according to research by consultants Knight Frank. The report found that development land values in central London were down by just 2.5% on the year, compared to a decline of 10.3% at the same time last year. The figures suggest the trend will continue, though analysts warn that the market is still experiencing uncertainty, and will require experienced investors who understand how to extract value from it.
| http://www.showhouse.co.uk/news/land-prices-stabilise-in-q3/ | 2017-10-30 14:46:18.497000 | The average value of English greenfield development land was unchanged in Q3, according to the latest research from Knight Frank. The value of prime central London development land also stayed the same. Urban brownfield site values slipped slightly over the quarter, but on an annual basis are still outperforming.
English greenfield land values were up 1.1% year-on-year in Q3, the second consecutive quarter they have been in positive territory after two years’ of modest declines in pricing. There is now a steadier supply of greenfield development land in many parts of the market. This is likely to keep pricing level overall in the coming year, although there is still potential for outperformance in some areas where sites are oven-ready and have access to good infrastructure.
In urban areas, the continued price growth in the urban brownfield land index reflects continued demand in these markets. While this sustained demand will likely continue to underpin pricing, average land values remained broadly flat in Q3, suggesting that pricing in some urban markets may have found its equilibrium.
In prime central London, the decline in development land values shows continued signs of abating, with values down just 2.5% on the year, compared to a 10.3% decline seen in Q3 last year.
In general, the prime central London land market is showing signs of stabilising after a period of deflation and this trend is expected to continue over the next 12 months.
Ian Marris, Joint Head of Residential Development, said, “The liquidity in the land market is low as sentiment is nervous; however, for the brave there is value to be found. Deals are price sensitive and risk needs to be appropriately analysed and understood.”
There are challenges for developers trying to secure debt and equity funding, and development economics must also account for the fact that there is, so far, little sign of any significant softening in construction costs. The weaker pound is boosting import prices, while the lack of resource in the labour market is also a key consideration for developers currently active in the market.
“This is a market for the experienced who know and understand how to extract value in uncertain times. That said, we believe there is opportunity for investors who will be building out into a market, which, over the next few years, looks to be extremely limited in respect of new supply,” Marris added.
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Bitcoin-mining energy usage equates to 13m barrels of oil a year | The bitcoin mining industry could be heading for a cheaper, greener future, as companies seek to reduce cooling costs and electricity consumption. Currently, bitcoin mining consumes 22.5 TWh of energy a year, the equivalent of 13.2 million barrels of oil, and more than 40 times what is needed to power the entire Visa network. As China, a source of cheap electricity, and Russia step back from bitcoin mining, cooler climes such as Iceland and Kazakhstan, and well as the renewable energy sector, could benefit. | https://cointelegraph.com/news/how-much-oil-goes-into-one-bitcoin | 2017-10-30 14:45:39.690000 | The Bitcoin boom has forced the mining sector to try and keep up, as the energy and effort put into mining a single coin is paying higher and higher. However, it’s also causing the mining sector to go into overdrive seeking the elusive prize.
One way that miners have sought to gain an additional edge in the game is to try and cut their energy costs. It’s good for the miners, for Bitcoin and for the environment if energy usage plummets.
The cost of a Bitcoin
The Bitcoin mining industry consumes 22.5 TWh of energy annually, which is the equivalent of 13,239,916 barrels of oil. With 12.5 Bitcoins being mined every 10 minutes, that means the average energy cost of one Bitcoin equates to 20 barrels of oil.
It seems an inodramate amount of oil to be spending on mining a digital currency, yet when considering the worth of one coin, which is now valued at more than 100 barrels of oil, it becomes understandable.
However, despite the lucrativeness of it all, there are serious implications environmentally for the mining sector of Bitcoin. Accordingly, if the boom continues there should be plans to try and keep energy costs down.
To put this in perspective, the total energy consumption of the world’s Bitcoin mining activities is more than 40 times greater than that required to power the entire Visa network.
Cheap electricity kings
It’s unsurprising to find that the countries that have been seen as the superpowers of Bitcoin mining have been those who’ve had cheap electricity, or worked towards it.
China has long been a Bitcoin mining hub as it has some of the cheapest electricity, however, with its stance on Bitcoin changing Russia is stepping in.
There were plans for Russian subsidization for Bitcoin mining, but the socialist country is heading down China’s route in regards to its feeling towards Bitcoin.
This has led to other countries becoming mining powerhouses.
Land of ice and mining
The future of mining seems to be a lot greener and a lot more efficient and economical. Many mining companies are looking to places like Iceland and Kazakhstan, where the temperatures are lower and there’s no need to spend money on cooling.
Additionally, there have been forays into using sustainable and renewable sources of energy to power mining operations. These are beneficial to the plant and to the miners, as power is a lot cheaper in many parts of the world. |
Processing times slashed by launch of bank cheque imaging | The UK deployment of an image-based cheque clearing system could cut processing times from six working days to just one. Some 477 million cheques were written last year, despite usage being in decline; previous reform attempts caused protests from charities and consumer groups who rely on paper-based donations. Under the new system, developed by Vocalink and Exela Technologies, banks can accept and clear cheque images drawn from their rivals. The initial volume of cheques processed will be small, with two clearing systems running parallel until all banks adopt the technology in 2018. | https://www.finextra.com/newsarticle/31263/uk-begins-roll-out-of-cheque-imaging | 2017-10-30 14:28:09.693000 | The UK is beginning the phased roll out an image-based cheque clearing system that will slash processing times from six 'weekdays' to one day and pave the way for the introduction of interbank mobile cheque deposits.
Although cheque usage is in decline, 477 million were written in 2016. Previous attempts to abolish cheques caused political uproar and howls of protest from consumer groups and charities which still rely on paper-based donations.
Legislative changes to enable the passing of digital cheque imaging came into force in July 2016 and marked the onset of a number of bank trials of mobile cheque deposit systems for intra-bank clearing. Under the new system, banks will be able to accept and clear cheque images drawn from their peers.
Initially, the volume of cheques going through the new system - built by Vocalink and Exela Technologies - will be small, with the UK's Cheque and Credit Clearing Company running two clearing systems in parallel until all banks have come online later in 2018. This means that some cheques that customers write or pay-in will be cleared more quickly via the image system, and some will clear to the existing, six weekday timescale through the current, paper-based system.
James Radford, chief executive officer of the Cheque and Credit Clearing Company, says: "For more than 350 years the way cheques have been cleared in this country has essentially remained the same. Now, with the introduction of cheque imaging, we are bringing the UK cheque into the 21st century, ensuring that it remains a secure, robust and viable payment method for the millions of charities, businesses and personal customers that still write or receive cheques on a regular basis.” |
Australian critical infrastructure operators face new oversight | The Australian government intends extending regulatory oversight of those responsible for critical infrastructure assets to minimise cyber attack risks. When enacted, the Security of Critical Infrastructure Bill 2017 would introduce a reporting regime for owners and managers to include disclosure of beneficial ownership. It would also establish the Ministerial Power of Last Resort to allow operators to be overridden to mitigate national security risks. The new law would cover energy, water, port and telecommunication assets, as well as other critical infrastructure. The bill will be open to public consideration until 10 November.
| https://www.claytonutz.com/knowledge/2017/october/infrastructure-owners-face-federal-regulation-of-cyber-security-and-general-security | 2017-10-30 14:25:12.390000 | The Australian Government is looking at federal regulation of infrastructure assets from a national security perspective, which would include significant disclosure obligations and a last resort power to direct entities to take action to mitigate significant national security risks.
This month the Australian Government released the Security of Critical Infrastructure Bill 2017, the first Australian endeavour to regulate energy, port, water and telecommunication assets and infrastructure at the federal level and from a national security perspective, for public consultation by Friday 10 November.
The proposed law seeks:
to establish a protected Critical Infrastructure Asset Register and reporting regime for owners and operators of critical assets, requiring the disclosure of beneficial ownership and supplier arrangements; and
and reporting regime for owners and operators of critical assets, requiring the disclosure of beneficial ownership and supplier arrangements; and to create the Ministerial Power of Last Resort to direct owners or operators of a critical asset to take actions to mitigate significant national security risks.
This follows Singapore's key cyber security reforms, including the designation of Critical Information Infrastructure (computer systems essential to Singapore's national security and economy) and the reporting requirements for owners and operators of CIIs to the Commissioner of Cyber Security. An important insight arising from the proposed Singaporean regime is the need for safeguards and structural checks and balances ‒ particularly if requiring companies to disclose sensitive commercial information and directing entities to take action to prevent a cyber threat.
In this article we will consider the key Australian proposed reforms, which will impact:
State and Territory governments and agencies;
regulators; and
owners and operators of critical electricity, ports, water and telecommunications assets.
What are Critical Infrastructure Assets (CIAs)?
CIA are infrastructure assets deemed critical to Australia’s economic interests, the delivery of essential services and national security and include:
a critical electricity asset; or
a critical port; or
a critical water asset; or
an asset declared under section 49 to be a critical infrastructure asset; or
an asset prescribed by the rules.
The Bill defines CIAs by reference to the ownership and operational information the Australian Government wants to capture. For example, critical port assets are prescribed by name, electricity assets are captured by the magnitude of generation or transmission and distribution (as the case may be) and water assets are critical if they service 100,000 or more water or sewerage connections.
Critical Infrastructure Asset Register
A key reform in the Bill is to enable the Australian Government to access significant information about CIAs through the establishment of a protected Register of Critical Infrastructure Assets. Administered by the Secretary of the Attorney-General's Department, the Register will provide the Australian Government with information about who owns and controls CIAs. The Register is also backed up by an extensive reporting regime which is designed to provide information about the extent of foreign interest in Australia's critical infrastructure assets.
The Australian Government has stated it will use information on the Register to conduct risk assessments to identify national security risks. If a potential risk is identified, the Secretary will have the power to obtain further information or documents to consider the risk and the Minister may direct an entity to take action under the Act (considered below).
Two types of entities who must report
Entities who are either direct interest holders or responsible for the asset will need to provide interest and control information and operational information to enhance the Australian Government's understanding of the ownership and control of listed critical infrastructure assets. Entities responsible for operating assets must disclose to the Australian Government the assets' location, its services, details of arrangements under which it operates and for each responsible entity or operator, its country of incorporation. Entities should be aware they might be required to provide this information by the end of the grace period of the asset (six months) or 30 days after the entity becomes a reporting entity for the asset for the purposes of the Act.
Direct interest holders must provide interest and control information, including details of any ultimate interest holders or beneficial owners. As noted in the explanatory document, the Australian Government is requiring entities to disclose commercially sensitive information. To address the significant risks associated with inadvertent disclosure of this sensitive information, the Bill provides that the information listed on the Register and the Register itself will be treated as "protected information" under the Australian Government Protective Security Policy Framework. Section 43 of the Bill makes it an offence to disclosed protected information, including a penalty of two years imprisonment or 120 penalty units or $25,200, or both.
A new continuous disclosure obligation
Reporting entities also have a continuous disclosure obligation to report on notifiable events within specified timeframes. Notifiable Events are:
events that affect the completeness of operational information or interest and control information provided;
an entity becomes a reporting entity for the asset or a reporting entity for the asset becoming an entity to which this Act applies.
Section 24 of the draft bill sets out a table of Notifiable Events and the required reporting timeframes.
The Bill prescribes civil penalties for non-compliance with these reporting obligations. Interestingly, the penalties are relatively low ‒ 25 penalty units or $5250. Smaller penalties are typical for infringement notices but more unusual in corporate regulatory regimes ‒ given that civil penalties need to be litigated and thus tend to be set to an amount that is worthwhile pursuing in court.
Ministerial last resort power
The other key reform proposed by the Bill is to grant the Minister the power to direct owners and operators of CIAs to take action to manage national security risks. As currently drafted, the directions power in section 30 of the Bill appears alarmingly broad:
"The Minister may, subject to subsections (3) and (4), give an entity that is a reporting entity for, or an operator of, a critical infrastructure asset, a written direction requiring the entity to do, or refrain from doing, a specified act or thing within the period specified in the direction."
The explanatory document states that the Minister's power will be used as a last resort. Subsection 30(1) makes it clear that the Minister must be satisfied that the act or omission would be prejudicial to "security" within the meaning of the ASIO Act. "Security" under the ASIO Act is defined as:
"(a) the protection of, and of the people of, the Commonwealth and the several States and Territories from:
espionage; sabotage; politically motivated violence; promotion of communal violence; attacks on Australia’s defence system; or acts of foreign interference;
whether directed from, or committed within, Australia or not; and
(aa) the protection of Australia’s territorial and border integrity from serious threats; and
(b) the carrying out of Australia’s responsibilities to any foreign country in relation to a matter mentioned in any of the subparagraphs of paragraph (a) or the matter mentioned in paragraph (aa)."
Further, subsections (3) and (4) provide important safeguards for owners and operators of CIAs. Unlike the Singaporean equivalent directions power which is investigative and may be exercised for threats less than national security risks, the Minister's proposed directions power is subject to a number of preconditions - the most decisive of which is that entity has had an adverse security assessment. The other key precondition is that the direction must be reasonably necessary to reduce the national security risk; presumably this means the direction must be in a sense proportional to the extent of the risk identified.
Before exercising his or her power, Minister will also consider whether existing alternatives are available, including whether any regulatory system could be used to reduce the risk. The Minister will also have regard to the potential impact of exercising the power on both the relevant industry and the customers of that entity. Further still, section 31 requires the Minister to consult with the relevant State or Territory Minister, the relevant entity and any other persons at the Minister's discretion. The relevant entity will also be able to make representations to the Minister in relation to any proposed direction within certain timeframes under the Act.
Key concerns for infrastructure owners and other businesses
This being so, entities will no doubt be concerned about the range and magnitude of the directions issued by the Minister. This is especially so given the civil penalty for non-compliance with a direction is, in contrast to reporting breaches, 250 civil penalty units or $52,500 for each day of non-compliance. Enforceable undertakings and injunctions as prescribed in the Regulatory Powers Act might also be used to compel compliance with a direction under the Bill.
The explanatory document for the Australian Bill offers an example of the type of direction the Minister may issue under this section of the Bill:
"…the Minister directs a critical infrastructure asset operator to move currently stored offshore corporate and operating data to a more secure data storage provider. The direction will provide a specific timeframe within which the entity must comply. A further example of a direction is the Minister may direct a critical infrastructure asset owner to not outsource operations of its core network to certain providers. This direction may specify that the condition exists in perpetuity. Alternatively, the Minister may specify in the direction that the entity must consult the Government before entering into future outsourcing arrangements." [emphasis added]
The examples suggest the Minister's directions may have significant commercial implications for businesses that own and operate CIAs. For instance, a direction to relocate operating data from an offshore data centre to an Australian-based centre may require extensive, and costly, operational restructuring. As extracted above, the Australian Government has also indicated the Minister may issue directions which apply in perpetuity. While the Australian Government has indicated that the Minister only expects to exercise his or her power once every three years across CIAs, the significant costs associated with any exercise of the power indicates that entities should begin re-evaluating their relationships with offshore entities that may be the focus of regulatory action, with a view to minimising their expose to commercial risk.
Another key concern, as identified from the Singapore reforms, is whether a direction will involve the acquisition of property by the Australian Government. Section 33 of the Bill provides that any direction by the Minister will not be of a kind that results in an acquisition of property on just terms as defined under section 51(xxxi) of the Constitution. The Australian Government states in the explanatory document that entities only need to comply with a direction to the extent the outcome of compliance is not an acquisition of property on just terms. However the onus is on the entity to prove with supporting evidence that section 51(xxxi) of the Constitution would apply in their case. Further, while short of acquiring property, it is open to the Minister on the current construction of section 30(2) to issue directions that interfere with property rights. For instance, the Minister might direct an entity to install, or have installed by a third party, anti-threat software into proprietary computers or systems ‒ which may store customer data.
Next steps for the Security of Critical Infrastructure Bill 2017
If passed, the Security of Critical Infrastructure Bill 2017 would be a new world order for owners and operators of critical infrastructure assets in Australia. The measures proposed by the Bill are more invasive than expected, granting the Minister the power to directly interfere with business activities (including foreign investment) and property.
It will be interesting to see what amendments are made to the exposure draft following public consultation with key stakeholders including the States and Territories and the affected industries. Given its national security focus, the Bill will be scrutinised by the consequential Parliamentary Joint Committee on Intelligence and Security after the Bill's introduction into the Senate.
We will be keeping a close eye on the Bill's progress through the legislative process.
RELATED KNOWLEDGE |
Expro develops world's first wireless reservoir pressure data system | UK-based oil and gas company Expro has deployed its cableless telemetry system wireless gauges in the North Sea to carry out the first-ever wireless transmission of reservoir pressure data to surface. As well as offering a greater understanding of the reservoir and more data on its future, the system gives operators a cost-effective option for well abandonment design. The breakthrough will enable the company to develop increasingly effective plug and abandonment strategies, said Expro’s Executive VP Alistair Geddes. | http://www.scandoil.com/moxie-bm2/news/spot_news/expro-announces-electromagnetic-transmission-of-re.shtml | 2017-10-30 14:23:54.940000 | Edit page New page Hide edit links
Expro announces world’s first proven electromagnetic transmission of reservoir pressure data to surface across an open-hole well section without casing (photo: Expro)
International oilfield services company Expro has successfully accomplished the world’s first proven wireless transmission of reservoir pressure data to surface, from a recently abandoned subsea appraisal well which incorporated a rock-to-rock cement plug.
The system was installed in the North Sea and will be used to improve understanding of the reservoir and to optimise future development planning of the field, while ensuring full compliance with local well abandonment regulations.
This achievement provides operators with a more cost effective option for well abandonment design and consideration of wider well barrier techniques, while maintaining the ability to monitor the reservoir or plug integrity.
Expro’s cableless telemetry system (CaTS™) wireless gauges, using electromagnetic (EM) technology, were installed in the reservoir of the main bore and casings were cut below the side-track kickoff point to install the cap rock cement plug.
CaTS repeaters placed in the side-track enabled data transmission across the open-hole section and to the seabed transceiver for storage and transmission to an overhead vessel. The system provided continuous reservoir data, which began immediately after the drill stem test (DST), allowing extended pressure build-up analysis without rig support.
Expro’s Executive Vice President, Alistair Geddes, comments, “This latest achievement demonstrates our leading position in understanding the physics behind downhole EM telemetry. It allows us to instrument more wells with casing breaks or longer open-hole sections, partnering with customers to develop the most effective plug and abandonment strategies.”
“For nearly two decades, Expro has pioneered the use of EM for long-term reservoir monitoring, delivering advancements in 3D analysis models for open-hole communication – without the need for a continuous metallic path for data transmission. We recognise the value that technology brings to our industry, which is why we continue to expand our capability and deliver maximum value through innovative new applications,” adds Geddes.
CaTS gauges can deliver substantial cost savings in side-tracked wells with appropriate well barriers, as this permits long term interference testing to be completed from the main bore to side-track, without the need to drill a separate appraisal well.
Expro has the most extensive track record of instrumenting subsea abandoned wells and has successfully deployed CaTS gauges for its Advance Reservoir Testing™ (ART) application. |
University of Sydney blockchain outperforms Visa payment capacity | Global tests have proven that the University of Sydney’s Red Belly blockchain not only outperforms other financial transaction systems, including Visa and bitcoin, but also improves with scale. The latest studies, spread across 14 different countries, revealed that Red Belly could process more than 660,000 transactions per second on 300 machines in one data centre, compared to Visa's 56,000 transactions per second and bitcoin's seven.
| https://www.cryptocoinsnews.com/university-sydneys-red-belly-blockchain-scales-660000-transactionssec/ | 2017-10-30 14:19:49.360000 | New trials from the University of Sydney’s Red Belly Blockchain have found that it can process financial transactions 50 times faster than originally thought, making ...
New trials from the University of Sydney’s Red Belly Blockchain have found that it can process financial transactions 50 times faster than originally thought, making it quicker than Visa for worldwide payments.
Back in July, it was initially reported that researchers at the university had developed a new model of blockchain that could process 440,000 transactions per second on 100 machines. This is compared to Visa’s network, which can process 56,000 transactions per second. Bitcoin is limited to around seven per second whereas the ethereum blockchain can process 20.
These latest results from the university show that the technology’s performance improves as it scales up, according to an announcement from the university.
Dr. Vincent Gramoli, who heads the Concurrent Systems Research Group developing the blockchain, said:
Our latest tests showed the Red Belly Blockchain can process more than 660,000 transactions per second on 300 machines in a single data centre. This is a notable improvement from our tests earlier in the year, which showed our blockchain achieved a performance of more than 440,000 transactions per second on 100 machines.
The test results were taken from 14 different locations ranging from Australia, Brazil, Canada, Germany, India, Japan, Singapore, South Korea, the U.K., and the U.S. Ten machines took part in the testing of each area.
Dr. Gramoli added that he doesn’t know of any other blockchain that can achieve these same results.
Our results confirmed that our blockchain achieves better performance than existing technologies used by financial institutions – including Visa – even when the machines that have to collaboratively provide the service are located in different continents.
The Red Belly Blockchain is being built to prevent problems currently facing digital currencies such as double spending. It is different from proof-of-work (PoW) blockchains in that it offers a performance that scales without consuming much electricity.
The next stage for the Red Belly Blockchain is to make it available to all Internet users.
Featured image from Shutterstock. |
MintHealth launches blockchain-powered EHR | San Diego-based company MintHealth has launched a blockchain-backed electronic health record platform that puts patients in control of their own health information. Users accessing MintHealth's platform via an app are given a global identifier, enabling them to decide who has permission to see their data. The company will also issue tokens called vidamints as a reward for users who try to live healthily, which can be used to offset health-related costs. The platform will be initially rolled out to commercial health insurers, while the first token launch is expected in December or January.
| https://medcitynews.com/2017/10/minthealth/?rf=1 | 2017-10-30 14:16:01.357000 | At the Connected Health Conference in Boston last week, San Diego-based MintHealth announced the launch of a self-sovereign personal health record built using blockchain technology.
MintHealth is led by CEO Samir Damani and President Vishal Verma. Damani is also the founder of MD Revolution, a which focuses on chronic care management, and Verma serves as CEO of Nucleus Health, a medical imaging company that utilizes blockchain.
During an interview at the Connected Health Conference, Damani said MintHealth combines the knowledge of both organizations. It seeks to improve outcomes for patients while also making use of blockchain technology, through which it can break down data silos.
“It’s no wonder we haven’t reached the promise of predictive personalized medicine, because even though the data’s out there, it’s not put in one format,” Damani said.
Its use of blockchain also empowers patients to take control of their own health data.
Patients can access MintHealth online or via a mobile app. Each individual has a global identifier that enables them to access their information and oversee permissions to it.
The platform also offers digital incentive tokens called vidamints, which are funded by payers. Patients receive the tokens when they participate in healthy behaviors. They can then use the vidamints to help pay for healthcare-related costs such as co-pays, premiums and pharmacy expenses. Damani said there will be a token launch in December or January.
“We … can layer on the one thing that we’ve missed out on in the reimbursement model, which is: How do you incentivize the patient?” he said. “Doctors are incentivized, but why aren’t patients incentivized?”
Additionally, MintHealth will release a solution through which providers can help manage and monitor the care of their patients.
The ultimate purpose of the model, Damani noted, is to align all stakeholders — providers, payers and patients — around the goal of helping patients reduce their risk of suffering from chronic conditions like diabetes, hypertension and heart failure.
To start, MintHealth will roll out its platform to commercial health insurers, who can purchase tokens to give to patients. But Damani foresees the model will be of interest to other players, such those in the government, as well.
“What you have to do is … give the data to the patient and let them be the ones that are sharing it,” he noted. “I think ultimately only that’s going to really solve the problem that we face with chronic conditions. Anything else is cost prohibitive.”
Photo: a-image, Getty Images |
Japanese AI instantaneously detects bowel cancer | Researchers at the Showa University in Yokohama, Japan, have developed an artificial intelligence capable of identifying and diagnosing bowel cancer in seconds by using magnified endoscopic images. In tests to determine the level of malignancy of each tumour, the software achieved a 94% accuracy rate, and study leader Dr Yuichi Mori believes it could help prevent unnecessary surgery. The system is currently awaiting regulatory approval. | http://www.zdnet.com/article/japanese-researchers-say-ai-can-detect-bowel-cancer-in-less-than-a-second/ | 2017-10-30 13:52:20.980000 | New software built in Japan can detect bowel cancer in less than a second, researchers claim.
In recently-conducted trials, the artificial intelligence (AI)-powered system was able to spot colorectal adenomas -- which are benign tumours that can evolve into cancer -- from magnified endoscopic images. The images were matched against 30,000 others that were used for machine learning.
The system analysed more than 300 colorectal adenomas in 250 patients, taking less than a second to assess each magnified endoscopic image and determine the malignancy of the tumours with 94 percent accuracy, researchers claim.
"The most remarkable breakthrough with this system is that AI enables real-time optical biopsy of colorectal polyps during colonoscopy, regardless of the endoscopists' skill," said study leader Dr Yuichi Mori from Showa University in Yokohama, Japan, who presented the results at United European Gastroenterology Week in Barcelona, Spain.
While the system is yet to obtain regulatory approval, Mori believes it could spare many patients from needless surgery.
"This allows the complete resection of adenomatous (cancerous) polyps and prevents unnecessary polypectomy (removal) of non-neoplastic polyps," he said.
"We believe these results are acceptable for clinical application and our immediate goal is to obtain regulatory approval for the diagnostic system."
The early detection of cancer through the use of AI and other technologies is being explored globally. Earlier this year, the UK's National Health Service (NHS) and Intel said they are working together to make cancer detection more efficient through AI. A team of scientists, hosted by the University of Warwick's Tissue Image Analytics laboratory, have been creating a digital repository of known tumour and immune cells based on thousands of human tissue cells.
The database of cancer information will then be used by algorithms to recognise these cells automatically, the companies said at the time, with the collaboration initially focusing on lung cancer.
Architecture including TensorFlow, originally designed by Google, will form the basis for the AI system and will be powered by Intel Xeon processors, Intel and NHS said in May.
Also in May, the Commonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia announced that researchers from its Data61 division have been developing software that could enable the detection of angiogenesis -- the development of new blood vessels -- which precedes the growth of cancers.
Researchers at Data61 and the Shanghai Institute of Applied Physics at the Chinese Academy of Sciences analysed 26 high-resolution 3D micro-CT images of the brains and livers of 26 mice at various stages of cancer growth and developed an algorithm that generates what CSIRO claims is an accurate geometric representation of blood vessels.
Data61's software will enable the monitoring of subtle proliferations in blood vessels over time, providing a better understanding of how patients are responding to anti-angiogenesis treatment.
"The accurate quantification of vasculature changes, particularly the number of terminal vessel branches, can play a critical role in accurate assessment and treatment," CSIRO said at the time.
This is not the first time CSIRO has looked into cancer detection; in December, the government-backed organisation announced that a new, more accurate blood test to detect bowel cancer recurrence, known as Colvera, had been launched in the United States.
The blood test, which detects cancer-specific chemical changes in fragments of DNA from tumours found circulating in blood, is the result of a collaboration between CSIRO, Flinders University, and Clinical Genomics.
California-based Guardant Health is also looking into early cancer detection and raised $360 million this year to sequence the tumour DNA of more than 1 million cancer patients within five years and use the data to develop blood-based tests for early cancer detection.
Freenome, a South San Francisco-based liquid biopsy startup that uses a combination of machine learning and biology to detect the cell-free DNA sequencing of cancer before it becomes deadly, also raised $71.2 million to date from investors such as Google Ventures, which has also backed Freenome competitor Grail.
In January, Grail, a spin-off of the NASDAQ-listed DNA-sequencing giant Illumina, raised $900 million in a Series B round led by Arch Venture Partners, with contribution from other investors such as Johnson and Johnson's innovation arm.
With AAP |
Those at top public schools 94 times more likely to be UK 'elite' | Alumni from nine UK public schools are 94 times more likely to become part of the country’s elite than those who attend other schools, according to research by the London School of Economics, drawing on biographical data in the reference work, Who’s Who. The study, based on unprecedented access to 120 years’ worth of data, found that the Clarendon schools, Charterhouse, Eton, Harrow, Merchant Taylors’, Rugby, Shrewsbury, St. Pauls, Westminster and Winchester, continue to produce 10% of those with entries in the publication. Such schools have traditionally educated just 0.15% of UK pupils aged between 13 and 18.
| https://www.theguardian.com/inequality/2017/oct/30/whos-who-study-sheds-new-light-on-power-of-old-boy-network | 2017-10-30 13:50:52.850000 | The enduring power of the old boy network has been laid bare by a study that found alumni from nine leading public schools are 94 times more likely to reach the elite than those who attended other schools.
Granted unprecedented access to all 120 years of biographical data in Who’s Who, researchers from the London School of Economics calculated that the so-called Clarendon schools, which include Eton, Harrow, Rugby and Westminster, continue to produce nearly 10% of entrants. This is despite those schools having traditionally educated fewer than one in 500 (0.15%) of pupils aged between 13 and 18.
Alan Milburn, the chair of the government’s social mobility commission, said it showed the lengths Britain had to go before it ceased to be an “elitist nation”.
While the Clarendon schools’ power was found to have diminished since the country’s establishment guide first published biographical data in 1897, they still hold “extraordinary power”, according to the study.
Highlighting that the two key politicians on either side of the Brexit debate – David Cameron and Boris Johnson – attended Eton, it said the elite schools, which also include Charterhouse, Merchant Taylors’, Shrewsbury, St Paul’s and Winchester College, continue to exert a “profound influence”.
The researchers also observed that the decline in the Clarendon schools’ powers stalled over the past 16 years.
The joint lead authors, Aaron Reeves of the International Inequalities Institute at LSE and Sam Friedman of its department of sociology, said: “Although the Clarendon schools have not always been the best performing schools in the country, they have consistently remained the most successful in propelling their alumni into elite positions.
“Clearly their power lies beyond simple academic excellence and is likely rooted in an extensive extracurricular education that endows old boys with a particular way of being in the world that signals elite male status to others.”
Some entrants to Who’s Who are included automatically upon reaching a prominent position – such as MPs, peers, judges, senior civil servants and heads of public bodies or large arts organisations – while others are selected by advisers.
For the paper, published in American Sociological Review, the researchers split the sample into five-year birth cohorts to allow comparison over time. During the period analysed, the Clarendon schools were male-only.
Among those born in the 1840s, approximately 20% of those in Who’s Who had attended one of the Clarendon schools. In the most recent cohort, 8% had attended a Clarendon school. Women constituted only 23% of the most recent cohort, although their presence has grown steadily over time.
Milburn said: “Of course the best people need to be in the top jobs – and there are very many good people who come from private schools. It’s the degree of dominance that is wrong. Few people believe that the sum total of talent in Britain today resides in the 7% of pupils who happened to attend a private school. Britain has a long way to go before we cease to be an elitist nation.”
A Who’s Who spokeswoman said the guide recognised distinction and influence rather than conferred it. “It is a mirror to the trends of the day, and the aim of each edition has always been to reflect society and its changes,” she said.
The authors put forward a number of theories as to why the influence of the elite schools appears to have waned since the 19th century. They include the reduced significance of – and fewer reserved places in Who’s Who for – the military and the clergy due to the decline of the British empire and the secularisation of British society.
They also point to 20th-century educational reforms that standardised qualifications and expanded access as creating a more competitive environment.
The Harry Enfield character Tim Nice But Dim is referenced in the study
The authors say the reforms have forced the elite schools to become effective producers of educational excellence. Referring to the character played by the actor Harry Enfield, the paper said these schools “may no longer provide educationally less-meritorious alumni, epitomised by the caricatured comic figure of old boy Tim Nice But Dim, with the same guarantee of a future elite position … Whereas Tim Nice But Dim could have conceivably become a judge in 1916, he may only become a lawyer in 2016.”
Nevertheless, the proportion of new entrants in Who’s Who from Clarendon schools and the 209 independent schools in the elite Headmasters’ and Headmistresses’ Conference (HMC) has remained relatively constant over the past 16 years at 8% and 30% respectively, the study found. Alumni of “other” HMC schools are 35 times more likely to be a member of Who’s Who than those who went to non-HMC state and private schools.
While Oxbridge graduates have always comprised between 30-40% of the Who’s Who entrants, the authors found that Clarendon alumni who went to Oxford or Cambridge universities continue to be approximately twice as likely to reach the elite as Oxbridge graduates who went to other schools.
Conor Ryan, director of research at the Sutton Trust foundation, said the study highlighted the need to “ensure that access to the best schools and universities is not restricted to those from better off backgrounds.
“Doing so has a major social and economic cost, and prevents talented people from low and middle income backgrounds achieving their potential, and making a full contribution to modern Britain.”
The HMC chair, Chris King, accused the authors of criticising excellence. “This research shows the consistent quality of these schools through times of change in society and government policy,” he said.
“It is wrong and illogical suggest the richness of their extra curricular provision ‘signals’ male status; in fact it is the essence of a rounded education and helps develop resilience, team work and appreciation of others’ points of view.”
He added that independent schools were increasingly sharing teachers and facilities with their state counterparts.
Old boy network: Who’s Who entries from the ‘top nine’ schools
Boris Johnson (Eton)
Moved from Eton to Balliol College, Oxford, to study Classics. Served as president of the Oxford Union. Once won an award for a limerick in which he referred to President Erdoğan of Turkey as a “terrific wankerer”.
Nick Clegg (Westminster)
Went to Cambridge University in 1986 to study Archeology and Anthropology. Worked briefly as a journalist before moving into politics. Quickly ascending the ranks, he was elected leader of the Liberal Democrats in 2007.
Stephen Glover (Shrewsbury)
Educated at Shrewsbury School and Oxford University, he worked at the Daily Telegraph before going on to co-found The Independent in 1986.
Sir Alan Duncan (Merchant Taylors’)
Following an education at Merchant Taylors’ and St John’s College, Oxford, he began his career as a trader. Elected to parliament in 1992, the current minister of state for Europe and the Americas has served in ministerial positions since 2003. His Who’s Who entry says he is a member of the Beefsteak Club.
Salman Rushdie (Rugby)
Educated at Rugby School and then King’s College, Cambridge, the Booker prize-winning novelist was knighted in 2007. His 1981 novel Midnight’s Children is included in the Penguin Books list, Great Books of the 20th Century.
Benedict Cumberbatch (Harrow)
After seeing him perform in numerous plays while at Harrow, his drama teacher is said to have referred to him as “the best schoolboy actor” he had ever seen. He has to date been nominated for awards including five Emmys, four Screen Actors Guild Awards and two Golden Globes.
George Osborne (St Paul’s)
Left St Paul’s in 1990 to attend Magdalen College Oxford. Finding it difficult to break into the ranks of journalism, he opted for a political career instead (before eventually returning to the media as editor of the Evening Standard).
Cathy Newman (Charterhouse)
After a degree in English at Oxford she became a journalist, starting at the Independent and making her way to become a presenter on Channel 4 News. Her Who’s Who entry says that she is a member of Soho House and enjoys watching Agatha Christie adaptations.
John Whittingdale (Winchester)
The former culture secretary studied economics at University College, London after leaving Winchester. He lists his interests as cinema and music.
Beatrix Willimont |
Vietnam university adds bitcoin payment option for student fees | A university in Vietnam has begun accepting bitcoin from students as payment for tuition fees. The private FTP University said accepting the cryptocurrency would make it easier for international students from African countries to transfer the funds. Vietnam currently has no specific regulations on the use of cryptocurrencies.
| http://www.newsbtc.com/2017/10/30/vietnam-university-starts-accepting-bitcoin-tuition-fees/ | 2017-10-30 13:34:56.990000 | There are many ways to speed up the adoption of Bitcoin and other cryptocurrencies in general. And the Southeast Asian country Vietnam has just implemented one of the most interesting ones yet: using Bitcoin to pay for tuition fees at one of the country’s top universities.
While Vietnam has no real laws or regulations pertaining to Bitcoin or any other cryptocurrencies at the moment, Le Truong Tung of FPT University has issued a statement confirming that they have started accepting Bitcoin from students as tuition fees, Vietnam-based ANTD reports. One of the reasons cited is the convenience for the students themselves, which are mostly African and mainly from Nigeria.
Speaking about the problem that the use of Bitcoin solves, Le Truong Tong said in a statement that the students often faced difficulties in transferring money overseas to pay for tuition. And if you’re at all familiar with how Bitcoin works, then you’d know instantly that it does solve this particular problem.
If this attempt at using Bitcoin for university tuition fees becomes successful, there may be room to use Bitcoin later on for other school-related fees, or perhaps all sorts of other in-campus expenses. There are a few interesting possibilities in store here but the primary use of tuition fee payments has to succeed first and foremost.
Not everyone is in favor of the move to accept Bitcoin for tuition fees, with some people claiming that it might cause some negative effects on the students, but the idea seems solid enough. FPT University is currently going ahead with the experimental tuition payment option with Bitcoin and will likely keep it as an option if its first attempts turn out successful.
Whatever happens, the university will need to eventually follow the country-wide rules and regulations regarding cryptocurrencies whenever they are declared by the authorities. Until then, FPT University students can say they’re living the future of tuition fee payments, thanks to the blockchain and cryptocurrencies.
Ref: ANTD |
Eccentric Grimsby home goes on sale for 18 bitcoin | A Grimsby artist is thought to be the first private seller to ask for payment for a house in bitcoin. Sean Atkinson's Welholme Road house, which features a cloudscape ceiling and a colourful back room decorated by Atkinson as well as visitors and friends over the years and many other imaginative touches, is on the market for 18 bitcoin or about £80,000 ($106,000). Atkinson has said he would accept cash but would prefer the digital currency, as it is a "much better longer-term investment".
| http://www.grimsbytelegraph.co.uk/news/inside-most-bizarre-house-grimsby-696219 | 2017-10-30 13:12:42.340000 | Доступ к информационному ресурсу ограничен на основании Федерального закона от 27 июля 2006 г. № 149-ФЗ «Об информации, информационных технологиях и о защите информации». |
US researchers develop transparent solar cells | Engineers at Michigan State University (MSU) have developed transparent solar cells that they believe could provide all of the US's electricity needs. The hardware uses organic molecules to absorb wavelengths of sunlight. If the material covered all the glass surfaces that could accommodate it, 40% of US electricity demand would be satisfied, the engineers said. That figure could rise to nearly 100% when combined with traditional rooftop solar arrays and improved energy storage. Transparent solar technology is at a third of its potential, according to MSU professor Richard Lunt. | https://www.pv-magazine.com/2017/10/26/new-transparent-solar-glass-developed-by-scientists-at-michigan-state-university/ | 2017-10-30 12:38:19.697000 | The engineering team that led the project have argued that the widespread use of such highly transparent solar applications, alongside rooftop units, could generate enough energy to meet total U.S. electricity demand, and drastically reduce the use of fossil fuels.
“Highly transparent solar cells represent the wave of the future for new solar applications,” said Richard Lunt, the Johansen Crosby Endowed Associate Professor of Chemical Engineering and Materials Science at MSU. “We analyzed their potential and show that by harvesting only invisible light, these devices can provide a similar electricity-generation potential as rooftop solar, while providing additional functionality to enhance the efficiency of buildings, automobiles and mobile electronics.”
The technology utilizes organic molecules to absorb invisible wavelengths of sunlight. The researchers can adjust these materials to up ultraviolet and near infrared wavelengths which are processed into electricity.
The scientists have estimated that up to 7 billion square meters of glass surface in the U.S. could be covered by the material, with the potential of supplying 40% of energy demand in the U.S.
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“The complimentary deployment of both technologies, could get us close to 100 percent of our demand if we also improve energy storage,” Said Lunt.
Nevertheless, Lunt reported to Nature Energy that while see-through solar technologies will never be more efficient at converting solar energy to electricity than their opaque counterparts, they can get close and offer the potential to be applied to a lot more additional surface area. Right now, transparent solar technologies are only at about a third of their realistic overall potential.
“That is what we are working towards,” he said. “Traditional solar applications have been actively researched for over five decades, yet we have only been working on these highly transparent solar cells for about five years. Ultimately, this technology offers a promising route to inexpensive, widespread solar adoption on small and large surfaces that were previously inaccessible.” |
2016 saw record increase in CO2 concentration in atmosphere | The earth’s atmosphere contained record levels of carbon dioxide (CO2) last year, according to a report from the World Meteorological Organization. The increase, which saw average concentrations of CO2 rise to 403.3 parts per million (ppm), up from 400 ppm in 2015, was 50% higher than the average of the past decade. The record levels, higher than those seen for 800,000 years, were a result of human activity and the El Niño. The report shows that methane levels in the atmosphere also rose, prompting fears of a vicious circle that could see methane levels increasing warming, thus causing further methane emissions. | https://public.wmo.int/en/media/press-release/greenhouse-gas-concentrations-surge-new-record | 2017-10-30 12:36:34.793000 | Concentrations of carbon dioxide in the atmosphere surged at a record-breaking speed in 2016 to the highest level in 800 000 years, according to the World Meteorological Organization's Greenhouse Gas Bulletin. The abrupt changes in the atmosphere witnessed in the past 70 years are without precedent.
Globally averaged concentrations of CO 2 reached 403.3 parts per million in 2016, up from 400.00 ppm in 2015 because of a combination of human activities and a strong El Niño event. Concentrations of CO 2 are now 145% of pre-industrial (before 1750) levels, according to the Greenhouse Gas Bulletin.
Rapidly increasing atmospheric levels of CO 2 and other greenhouse gases have the potential to initiate unprecedented changes in climate systems, leading to “severe ecological and economic disruptions,” said the report.
The annual bulletin is based on observations from the WMO Global Atmosphere Watch Programme. These observations help to track the changing levels of greenhouse gases and serve as an early warning system for changes in these key atmospheric drivers of climate change.
Population growth, intensified agricultural practices, increases in land use and deforestation, industrialization and associated energy use from fossil fuel sources have all contributed to increases in concentrations of greenhouse gases in the atmosphere since the industrial era, beginning in 1750.
Since 1990, there has been a 40% increase in total radiative forcing – the warming effect on our climate - by all long-lived greenhouse gases, and a 2.5% increase from 2015 to 2016 alone, according to figures from the US National Oceanic and Atmospheric Administration quoted in the bulletin.
“Without rapid cuts in CO 2 and other greenhouse gas emissions, we will be heading for dangerous temperature increases by the end of this century, well above the target set by the Paris climate change agreement,” said WMO Secretary-General Petteri Taalas. “Future generations will inherit a much more inhospitable planet, “ he said.
“CO 2 remains in the atmosphere for hundreds of years and in the oceans for even longer. The laws of physics mean that we face a much hotter, more extreme climate in the future. There is currently no magic wand to remove this CO 2 from the atmosphere,”said Mr Taalas.
The last time the Earth experienced a comparable concentration of CO 2 was 3-5 million years ago, the temperature was 2-3°C warmer and sea level was 10-20 meters higher than now.
The WMO Greenhouse Gas Bulletin reports on atmospheric concentrations of greenhouse gases. Emissions represent what goes into the atmosphere. Concentrations represent what remains in the atmosphere after the complex system of interactions between the atmosphere, biosphere, cryosphere and the oceans. About a quarter of the total emissions is taken up by the oceans and another quarter by the biosphere, reducing in this way the amount of CO2 in the atmosphere.
A separate Emissions Gap Report by UN Environment, to be released on 31 October, tracks the policy commitments made by countries to reduce greenhouse gas emissions and analyses how these policies will translate into emissions reductions through 2030, clearly outlining the emissions gap and what it would take to bridge it.
"The numbers don't lie. We are still emitting far too much and this needs to be reversed. The last few years have seen enormous uptake of renewable energy, but we must now redouble our efforts to ensure these new low-carbon technologies are able to thrive. We have many of the solutions already to address this challenge. What we need now is global political will and a new sense of urgency," said Erik Solheim, head of UN Environment.
Together, the Greenhouse Gas Bulletin and Emissions Gap Report provide a scientific base for decision-making at the UN climate change negotiations, which will be held from 7-17 November in Bonn, Germany.
WMO, UN Environment and other partners are working towards an Integrated Global Greenhouse Gas Information System to provide information that can help nations to track the progress toward implementation of their national emission pledges, improve national emission reporting and inform additional mitigation actions. This system builds on the long-term experience of WMO in greenhouse gas instrumental measurements and atmospheric modelling.
WMO is also striving to improve weather and climate services for the renewable energy sector and to support the Green Economy and sustainable development. To optimize the use of solar, wind and hydropower production, new types of weather, climate and hydrological services are needed.
Key findings of the Greenhouse Gas Bulletin
Carbon dioxide
CO 2 is by far the most important anthropogenic long-lived greenhouse gas. Globally averaged concentrations for CO 2 reached 403.3 parts per million in 2016, up from 400.00 ppm in 2015. This record annual increase of 3.3 ppm was partly due to the strong 2015/2016 El Niño, which triggered droughts in tropical regions and reduced the capacity of “sinks” like forests, vegetation and the oceans to absorb CO 2 . Concentrations of CO 2 are now 145% of pre-industrial (before 1750) levels.
The rate of increase of atmospheric CO 2 over the past 70 years is nearly 100 times larger than that at the end of the last ice age. As far as direct and proxy observations can tell, such abrupt changes in the atmospheric levels of CO 2 have never before been seen.
Over the last 800 000 years, pre-industrial atmospheric CO 2 content remained below 280 ppm, but it has now risen to the 2016 global average of 403.3 ppm.
From the most-recent high-resolution reconstructions from ice cores, it is possible to observe that changes in CO 2 have never been as fast as in the past 150 years. The natural ice-age changes in CO 2 have always preceded corresponding temperature changes. Geological records show that the current levels of CO 2 correspond to an “equilibrium” climate last observed in the mid-Pliocene (3–5 million years ago), a climate that was 2–3 °C warmer, where the Greenland and West Antarctic ice sheets melted and even some of the East Antarctic ice was lost, leading to sea levels that were 10–20 m higher than those today.
Methane
Methane (CH4) is the second most important long-lived greenhouse gas and contributes about 17% of radiative forcing. Approximately 40% of methane is emitted into the atmosphere by natural sources (e.g., wetlands and termites), and about 60% comes from human activities like cattle breeding, rice agriculture, fossil fuel exploitation, landfills and biomass burning.
Atmospheric methane reached a new high of about 1 853 parts per billion (ppb) in 2016 and is now 257% of the pre-industrial level.
Nitrous Oxide
Nitrous oxide (N2O) is emitted into the atmosphere from both natural (about 60%) and anthropogenic sources (approximately 40%), including oceans, soil, biomass burning, fertilizer use, and various industrial processes.
Its atmospheric concentration in 2016 was 328.9 parts per billion. This is 122% of pre-industrial levels. It also plays an important role in the destruction of the stratospheric ozone layer which protects us from the harmful ultraviolet rays of the sun. It accounts for about 6% of radiative forcing by long-lived greenhouse gases.
For further information contact: Clare Nullis, media officer. Email [email protected]. Tel + 41 22 730 84 78 or Cell + 41 79 709 13 97
Notes for Editors
The WMO Global Atmosphere Watch Programme coordinates systematic observations and analysis of greenhouse gases and other trace species. Fifty one countries contributed data for the Greenhouse Gas Bulletin. Measurement data are reported by participating countries and archived and distributed by the World Data Centre for Greenhouse Gases (WDCGG) at the Japan Meteorological Agency. |
The Guardian grows membership scheme from 75,000 users to 300,000 | The Guardian has quadrupled the number of users in its membership scheme over the past year, from 75,000 to 300,000. The UK newspaper has also slightly boosted the subscriber base for its print and digital products, to 200,000. Another 300,000 people have made one-off donations to the Guardian, which urges readers to back its commitment to open access journalism. The one-off donations have raised several million pounds, and come from 140 countries. The 800,000 contributors have given the paper a record number of paying readers, surpassing its peak print circulation of the late 1980s.
| http://www.thedrum.com/opinion/2017/10/26/how-the-guardian-found-800000-paying-readers?utm_content=&utm_campaign=social&utm_source=twitter&utm_source=Benedict%27s+newsletter&utm_campaign=c7448e6a21-Benedict%27s+Newsletter&utm_medium=email&utm_term=0_4999ca107f-c7448e6a21-70673765 | 2017-10-30 12:33:20.787000 | The strategy to rescue the Guardian from financial oblivion has attained a landmark position by increasing its revenue from readers to a point where it now outweighs the paper’s income from advertising.
This significant shift in the Guardian’s business model, making it less dependent on a highly challenging advertising market for media companies, results largely from a quadrupling in the number of readers making monthly payments under the title’s membership scheme, which has grown from 75,000 to 300,000 members in the past year.
The paper has also slightly increased – to 200,000 – its subscriber base for its print and digital products. And in a development which has even surprised senior Guardian executives, a further 300,000 individuals have made single donations to the paper, which has been posting appeals at the end of articles, urging readers to financially support its commitment to open access journalism.
These one-off donations, totalling several million pounds, come from 140 countries but a substantial proportion has arrived from the US, suggesting that despite a recent diminution of the Guardian US operation, the paper has a committed audience in a country with established traditions of supporting public interest journalism through philanthropy.
Together, the 800,000 contributors (members, subscribers and donors), along with casual sales of the physical paper, give the Guardian a record number of paying readers; more than the half-a-million pinnacle in print circulation achieved in the late 1980s.
After a long cycle of eye-watering annual losses, amounting to more than half-a-billion pounds since 2009 and causing many to believe that the 196-year-old paper was on its way to bankruptcy, there is finally cause for optimism.
Reader revenue strategy reaps rewards
In a long interview with The Drum, timed to coincide with the revelation of the new figures, the chief executive of Guardian Media Group, David Pemsel, reveals some of the secrets behind the rise in reader payments. “Our readers contribute more to this organisation now than advertising,” he says.
He predicts that Guardian News & Media will drive down its annual losses to £25m for the year to 31 March 2018 (compared to the £45m shed last year).
That puts him and editor-in-chief Katharine Viner on course to meet the ambitious three-year target they have set of breaking even by April 2019. “If we get to the end of this year and the minus 25 (million pounds) number, we have in effect halved our losses and kept our revenues broadly flat,” he says. “No one is ever complacent… but pretty much every number we have set out we have achieved, as well as supporting arguably some of the best journalism we have ever done.”
Pemsel, who became GMG’s CEO in 2015, joined the company as chief marketing officer in 2011, having previously been at ITV. He was then GMG’s chief commercial officer and therefore must take some responsibility for the Guardian’s past financial pain.
Why is it that a paper that always positioned itself as a great soothsayer of the media’s digital future has taken so long to see the value of reader relationships?
It is a “million dollar question”, says Pemsel, as he makes a spirited defence of GMG’s historic digital strategies and avoids criticism of Alan Rusbridger, the journalistically brilliant former Guardian editor-in-chief and architect of an ambitious programme of international expansion which coincided with the paper’s financial difficulties.
“If you go back to 1995, from then to where we were in 2015, then you cannot fault the Guardian’s progress against its digital hunger to innovate [and] to fully embrace all of the digital opportunities,” he says. “You go from the ninth largest newspaper (in the UK) to the third largest English speaking news organisation in the world, with 160 million browsers and over 1bn page impressions almost every month for the last seven months. That is a proof point of the effectiveness of our digital strategy and of our journalism.”
He accepts that “some might say ‘Well, you did that at the cost of X-amount of money’” but argues that the strategy was right in recognising that “the future ultimately was going to be an open, widely distributed ecosystem”.
Re-evaluating reach online
The trouble was that a vast audience, though it was an endorsement of Guardian journalism, wasn't in itself the business model that GMG executives imagined it to be.
“The problem with reach is that it can breed complacency,” Pemsel says now. “You can look around the building and you've got screens with big [audience] numbers and monthly dashboards going out saying ‘Hey, we’ve got bigger’. But it masks the relationship you are cultivating with your readers.”
He points out that “some of the most atrocious content companies in the world can be big, it doesn't mean that you are being read or making an impact on the world…it just means you are big”.
Pemsel says that, as commercial boss, he was starting to monetise the Guardian’s online audience when “a huge swing to programmatic” advertising, led by Google and Facebook, meant that the “the connection between digital reach and revenue snapped”.
So GMG has had to learn to think beyond reach.
The advertising downturn coincided with Viner taking over from Rusbridger, and Pemsel being promoted to CEO in a relationship that, due to the dire financial position, has led to the Guardian's editorial and commercial teams working more closely than ever before.
Emphasising the “agility” that this arrangement brings, Pemsel says the approach is essential to maximising the value of reader relationships. “If you are going to put the reader at the heart of everything, you need to have a common data set and a common understanding of reader journey to know what parts of the site can be optimised to deliver reader relationships [and] reader revenue. You can't do that in silos.”
The break even strategy has been about saving money as well as making it. Viner and Pemsel have overseen a programme of deep cuts that has seen the loss of more than 300 posts. “It was incredibly tough but we have said that we will break even and we will,” he insists.
Converting readers into members
The strategic transition from reach to reader relationships is known within GMG’s building at King’s Cross in London as “anonymous to known”.
When the Guardian first announced its three-tier (rising to £60-a-month) membership scheme in late 2014, shortly before Rusbridger announced he would be standing down as editor, many of the paper’s rivals sniggered at its presumptions of reader loyalty. But while there have been errors – a plan to use a Grade II listed railway warehouse as an events hub was scrapped – the latest figures are a vindication of the idea, which gives members benefits such as exclusive emails and ad-free reading.
Pemsel has no compunction in using inclusive language such as “contributor” or “supporter” to encourage payments from readers who were once encouraged to expect free access to a publisher that would be funded by advertising. He notes that the “most transactional” publishers (think of News UK) are now using the term “member” in their marketing.
The largest group of Guardian members is, unsurprisingly, from the UK, although there is a sizeable cohort from the US. Pemsel is bullish about the prospect of making even more money from this scheme and from one-off donors. “We are at the foothills of genuinely exploring how far that strategy can take us,” he says. “We have got 160 million browsers at the top of our funnel and we are doing a lot of strategic analysis of our data to work out how many regulars we have, and on the conversion of the number of people we have got a paying relationship with. We have got a long way to go.”
He credits chief customer office Anna Bateson, and her predecessor David Magliano, with playing key roles in driving reader contributions. “In partnership with people in editorial, our data teams are now working out the most scientific way to optimise by article and by country and by genre, the most efficient way to be able to drive reader support,” he says.
The previous presence of Wikipedia founder Jimmy Wales on the Guardian’s board has helped to generate insights into how the online encyclopedia harnesses financial support from its user community. “It's interesting to listen to Jimmy’s vision of Wikipedia, and how they have worked out some incredibly technical and scientific ways to optimise for support. I'm not saying that we are replicating what Wikipedia are doing but that level of digital and analytical sophistication is now being worked through [here].”
Refining the appeal message
The Guardian is continuing to experiment with its financial appeal message – known internally as "the epic". “We are optimising that by article and within video and podcasts and are trialling how we optimise that off-platform,” Pemsel says. “That's just us getting really smart about understanding the triggers for getting people to contribute.”
These “triggers”, says the CEO, are often related to breaking news. “We are obviously very sensitive about not asking for contributions around content that is reporting on some of the horrors. But when there are news surges, whether that be announcements on Brexit or in the States around what’s happening to Trump, we can see spikes in our traffic and news articles that create levels of contribution.” He adds that the Guardian is looking to do more to “create our own moments” which might move readers to take action.
“I think we will explore the opportunity around articles. I can imagine some kind of product set that brings to life how one optimises certain parts of the site. I’m not going to lay out our product roadmap for the next six months but I do believe through our data understanding we will be able to create a set of products which will allow people to want to keep contributing.”
An early sign of the willingness of readers to donate money to support Guardian journalism came through a series in the US called “This Land is Your Land”, which highlighted the threat to America’s public land in journalism that was backed by over $114,000 in public donations. “The Defenders”, a newer international series on environmental activism produced with the NGO Global Witness, has also generated support from donors.
Although competitors have tried to suggest that Guardian US is a busted flush that underperformed at the last US election, Pemsel is clear that it remains central to GMG’s strategy. “We ended up having to halve the number of people in the US office but since then, as opposed to it being a financial drain on the business, this year it will make a positive contribution.”
Similarly, the paper’s Australian operation is seen as being suited to reader contributions. “We are very clear on our strategic agenda editorially over there because we are not just doing wide waterfront news, we are very [strong] on environment, indigenous people… there’s a whole theme out there which is quite specific and is driving reader contribution.”
As it pores over an audience of 160 million monthly browsers and around 9 million daily uniques, the Guardian will methodically look at ways to turn regular readers into financial supporters. “We are prepared to explore country by country because we know that audiences are slightly different from Australia to the US to here,” says Pemsel.
He is “agnostic” about whether readers give support as subscribers, members or donors. Either way, their data is valuable. “For every person that contributes we know more about them and that can be translated into a richness of understanding that advertisers can understand,” he says.
The Guardian's financial future
Pemsel is not shy about talking about making money. It is, after all, what he’s paid to do. At a business known for its liberal left values and its social conscience he takes home a salary and benefits package of £706,000.
Some Guardian readers might be uncomfortable at the thought of being “monetised” but equally they might count themselves fortunate to access the paper’s consistently outstanding journalism free of charge, which is no doubt why so many are bringing out their credit cards.
The CEO argues that its the Guardian’s unique ownership model, run by the Scott Trust, that is the key motivation for those who wish to support its journalism, particularly those making one-off donations. “We are a truly independent company, protected by a trust, and people feel compelled to make a re-occurring contribution with no reciprocal value exchange other than supporting the Guardian.”
When Viner and Pemsel drew up their three-year target to break even by April 2019, they didn’t realise that they were putting themselves on a similar timetable to Theresa May and David Davis in delivering a deal to leave the European Union. But much has happened in the world in the past 18 months, and the recent political turmoil speaks to the Guardian’s mission.
“When we launched this relationship strategy, Brexit wasn't known, the Trump situation was not known… and the fear generally about how the world is behaving right now, we didn't know that,” Pemsel says. “If anything, the break even aspiration and our purpose has become critical because the role of the Guardian, as with other quality news organisations, has become more important than ever.”
Ian Burrell's column, The News Business, is published on The Drum each Thursday. Follow Ian on Twitter @iburrell |
New York Times turns to handy Guides to boost digital revenues | The New York Times is expanding its online service journalism in an attempt to double its digital revenues. How-to pieces, covering topics such as how to clean your home or put on make-up, are among the best performers for signing up new subscribers. The NY Times will publish 35 interactive features called Guides this year, with another 50 planned for next year, supplemented with more video. Guides are twice as likely to get repeat visits as news articles, with viewing from January to September up 170% year on year, according to NY Times figures.
| https://digiday.com/media/new-territory-ny-times-eyes-expansion-service-journalism/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171030 | 2017-10-30 12:29:36.680000 | Getting paying subscribers is the new obsession of publishing companies. The New York Times is famous for its Pulitzer-winning news coverage, but it’s the how-to pieces that are among the best performers when it comes to signing up new subscribers.
The Times has had service journalism as part of its bundle since at least the ’70s, but it’s taking a more systematic approach to it today as part of an effort to double its digital revenue. One way it’s doing that is through a new Smarter Living initiative and its set of interactive features called Guides.
The Times is on track to publish 35 Guides this year, covering everything from how to clean your home to putting on makeup to completing a workout in nine minutes. It hopes to do another 50 next year, incorporating more video. The Guides started three years ago with Cooking and Well, the Times’ personal health desk, and have been extended to other features desks, including business, travel and climate.
Evergreen, service journalism is the workhorse of a newsroom because it can be promoted repeatedly and drive continual readership. The Guides often are among the Times’ most popular articles of the day, and they are twice as likely to get repeat visits as regular news articles. As much as Trump coverage may have driven readership and subscriptions for the Times and other news publishers, service journalism can play a counterprogramming role when people get burned out from the news. Viewership of Guides from January to September is up 170 percent year over year, according to the Times, which wouldn’t give raw numbers.
“The news cycle is relentless, and people are always looking for other ways to escape,” said Karron Skog, editorial director for Smarter Living. “The Times is expanding to say, ‘Come to us for everything.’”
Traditionalists have bristled at the Times’ efforts to move into service journalism over the years, but the Guides crew argues that there’s no tension between news and service; the same people who want to read the latest on Niger might also want to know how to make the perfect pie crust. They say that today’s service effort isn’t replacing anything the Times does; it’s just more coordinated than it’s been in the past.
“There’s grumblings, but there’s grumblings when we started feature sections in the ’70s,” Skog said. “I think there’s room in the Times for all kinds of coverage. The heart of what we do is news, investigative journalism. Different things appeal to different readers at different times of day.”
That’s not to say expanding service journalism isn’t tricky. The Times has to make its service something people can’t already get elsewhere, and do it without alienating readers who expect a more traditional news package. So the Times’ approach is to apply the same reporting rigor it brings to the rest of its reporting.
“It’s new territory in some ways,” said Sara Bremen Rabstenek, senior product manager at Smarter Living. “Topics they cover can appeal to new readers and push the boundaries of what is Timesean. So we can think about, what can a Timesean makeup guide look like? It’s managing the expectations that our current readers have with what new audiences expect from other media outlets. We want to apply the same depth of coverage to topics that might not seem Timesean at first but are really important.”
Image via NYTimes.com |
Walmart looks to expand as an advertising platform | Leading US retailer Walmart is promoting itself to agencies and brands as an advertising platform. The company's e-commerce turnover in the second quarter of the year increased by 50% year on year, and it has also acquired a number of other e-commerce sites including Jet.com and Bonobus. It is now offering its Walmart Exchange platform to advertisers, making use of in-store data and customer searches to target ads more effectively. It also offers display media and paid search and product listing ads to help brands target customers.
| https://digiday.com/marketing/inside-walmarts-advertising-blitz/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171030 | 2017-10-30 12:23:52.500000 | Walmart is making a push to grow its advertising by positioning itself as a media platform.
Walmart’s pitch is that it controls transaction data from customers, which can help brands retarget consumers off Walmart.com, according to executives familiar with the matter. The big differentiator being pitched is Walmart’s brick-and-mortar locations — fulfilling a big promise of retail media that it can connect online with offline. And Walmart is making it count, trumpeting its combination of scale and offline data as a differentiator from Amazon. It’s doing that via more meetings with buyers, as well as at learning sessions and summits it’s holding with brands and agencies.
Walmart has over 5,000 locations, and e-commerce in the second quarter has grown 50 percent year over year, according to its most recent filings with the Securities and Exchange Commission. Online sales are a smaller part of its $486 billion annual revenue, but ad buyers say its acquisitions of e-commerce sites Jet.com, Bonobos, Moosejaw and ModCloth indicate it will continue to grow its ad muscle. Retail purchases often begin with online searches — and if Walmart can own more searches, it can capture more of that valuable search traffic. “If Walmart.com can relaunch its advertising with the Jet.com back end, this will buy it some clout and some breathing room,” speculated one buyer.
Walmart did not respond to a request for comment.
Walmart Exchange uses programmatic infrastructure combined with in-store sales data to target ads, through private marketplaces and ad exchanges. The retailer also offers display media across desktop, mobile and tablet as well as native ads within the shopping experience. There are also options for more traditional paid search and product listing ads, along with “audience extension” through Walmart co-branded ads. That means brands can target shopper behaviors through ads on and off Walmart.com. (Amazon began offering a similar program, “audience match,” in July.)
Results on Walmart’s ad platform vary. One buyer said ROI has been either flat or negative — and that the back end continues to lack sophistication. Another buyer said it’s somewhat effective, but that Walmart is subtly telling brands that for their advertising to be effective, they need to negotiate with Walmart for other things, like shelf space.
Agency executives report that Walmart holds invitation-only summits that replace training for buyers and brands. Partners including brands and agencies are invited to these summits, dubbed “WMX summits,” in which Walmart ad executives reveal new tools. Merchants also hold senior leadership sessions, where people gather to discuss changes to product lineups, back-end tools and advertising.
“You have to be super proactive to make sure you’re getting the most out of your relationship,” said Heidi Froseth, evp and senior group director at Catapult, a shopper marketing agency.
Buyers said Walmart doesn’t directly pitch its platform. That’s left to Triad Retail Media, a group part of WPP that helps Walmart and Sam’s Club sell ads and run product promotions. It also manages all of the asset execution with Walmart suppliers.
The big question, said Froseth, is how buyers and brands negotiate with Walmart to figure out what comes next. “That’s part of the deal; everyone has to learn in their own way how to grow their categories and what you’re getting from partnerships like this,” she said. “You find out where foot traffic is — is that through e-commerce or physical — get that data and then figure out how to use advertising.”
Retail media, like the kind Walmart is pushing hard to build, has sprung up in the past year. Aside from Walmart, big retail media players include Amazon, of course, but also companies like Kroger and Nordstrom. Even retailers that are dwarfed by Amazon or Walmart, like Overstock, have built up media, recognizing it as a high-margin revenue stream. The pitch is similar: Brands know what people are searching for and buying; therefore, the ad platform can offer them more sophisticated targeting and analytics.
“Every retailer is building a vendor marketing platform,” said Alex Sherman, founder of Spotfront, which works with retailers to help them build theirs. Sherman, who doesn’t count Walmart as a client, said the challenge is to figure out how to differentiate. “It’s a shift from a commodity ad network to a premium channel that benefits shoppers as well as advertisers.” |
Westpac launches battery-free wearable for contactless payments | Australia's Westpac bank is launching a range of battery-free wearable accessories for making contactless payments. The 'PayWear' uses a silicone band which can be attached to customers' watch, and is waterproof. The devices work in the same way as contactless payment cards, needing no battery or connection to another device. As well as the 'Essentials' range, the bank will also offer a designer range created in collaboration with surfboard entrepreneur Hayden Cox.
| https://www.channelnews.com.au/westpac-unveils-new-battery-free-wearable-payment-tech/ | 2017-10-30 12:17:50.797000 | Westpac has debuted its new range of “wearable, hands-free and battery-free” payment accessories, forgoing the need for consumers to reach for their wallet or smartphone.
Customers will soon be able to utilise Westpac’s new “PayWear”, which involves a silicone band and “keeper”, which can be attached to a customer’s watch or fitness band. It incorporates a microchip (PayWear Card), which is linked to the customer’s everyday transaction account.
The new wearable payment tech can be used in the same manner as a ‘tap-and-go’ debit card.
In addition to being battery-free, Westpac states the new payment accessories are also waterproof.
George Frazis, Westpac’s Group Chief Executive of Consumer Bank, states the new innovation will offer support and aid to the Australian lifestyle:
“Unlike many other wearable payment options, our customers don’t require an expensive device to access this technology. Customers will be able to get a PayWear Essentials accessory free of charge for a limited time, making it accessible to all our everyday banking customers”
“Australia has the highest contactless penetration in the world, and cards continue to replace cash as consumers demand convenience. We’re always looking for new ways to help make our customers’ lives easier, and with our new PayWear products, customers will be able to pay on-the-go, in one hands-free step”
“With PayWear, there is no need to search through a bag, login to an app or worry about battery life. It will be on the go with our customers and ready for use when they are”
Following a study which revealed that 70% of Australian consumers would only wear a wearable device if it met their personal style, the bank has decided to partner with a variety of Australian designers to develop diverse aesthetics.
Award-winning surfboard shaper and entrepreneur, Hayden Cox, has been nominated as the first Aussie designer to collaborate with Westpac’s new range of wearable tech.
Mr Frazis states of the bank’s decision to merge technology with style:
“When speaking with customers, personal style and choice were important. In fact, 70% agreed that they would only wear a wearable device if it suited their own personal style and lifestyle”
“This is why we will collaborate with iconic Australian designers to create a variety of wearable accessory designs to suit different tastes, preferences and styles”.
Hayden Cox affirms that the decision to collaborate with Westpac is a natural fit:
“Working with Westpac to create an exclusive range of wearable accessories which evolve the way people make contactless payments is exciting to me. This product signals an inevitable and innovative progression of our everyday routines”
“While some customers may opt for the simpler Essentials range, there is also a part of the market that will want something with a little more flavour. This is where the products I’m designing will sit”.
The bank states all customers with an everyday banking account and an eligible Debit Mastercard are able to order a PayWear Card online, which can then be easily inserted into a PayWear accessory to their preference.
Westpac’s PayWear Designer Range is scheduled to be available to consumers in early 2018. |
London fintech sector receives surge in investment despite Brexit | London is expected to set records in fintech investment this year, despite concerns over the impact of Brexit. Global investors have backed London-based fintech companies with a total of £825m ($1.1bn) so far this year, according to figures from London & Partners, the Mayor of London's promotional outfit. The UK capital is the fourth most attractive city in the world for fintech venture capital, with San Francisco, Beijing and New York in the lead. However, despite investment dropping by a third in 2016 after the Brexit vote, the London market is still larger than that of Paris and Frankfurt.
| https://descrier.co.uk/business/london-fintech-firms-set-record-investment-despite-brexit/ | 2017-10-30 12:04:49.293000 | London is set to further its lead as the centre for financial technology startups in Europe, with 2017 expected to set new records for investment in the sector, despite fears that Brexit will harm the industry.
According to the latest figures from London & Partners (L&P), the Mayor of London’s official promotional firm, investors from around the world have backed London-based fintech firms to the tune of £825m so far this year. This is a positive sign for the industry after UK fintech investment plummeted by more than a third in 2016 as investors put off decisions in the wake of the Brexit vote.
London is currently the fourth best city for fintech venture capital, behind San Francisco, Beijing, and New York, but is remains many times larger than any European rivals, such as Stockholm, Paris, or Frankfurt.
The last few years have seen a number of London-based fintech firms become household names as they revolutionised the sector, with the financial backing of investors around the world. One of the biggest London fintech success stories, currency exchange platform Transferwise, is reported to be in discussions with investors to raise a further £77m, which would value the company at more than £1.2bn.
Earlier this year, peer-to-peer fundraising platform Funding Circle, also raised another round of financing. The London-based firm reportedly became a “unicorn, a term used to startups worth more than a billion dollars, back in 2015, and is seeing 90 percent year-on-year growth, according to TechCrunch.
However, a major part of London’s appeal as a hub for fintech companies is the role the city plays as a truly global financial market with straightforward access to the European single market. London’s Deputy Mayor for Business, Rajesh Agrawal, stressed the importance of the UK remaining in the single market after Brexit, saying: |
Redrow Redrow to release 122 homes in latest phase of Swindon development | Redrow will release 122 homes in the latest construction phase of its Badbury Park development, near Swindon. The first of the two, three and four bedroom homes will be finished by the spring, with prices for the current releases starting at £299,995 ($400,000) for a three-bedroom, semi-detached home with terrace. Badbury Park is a mixed-use development on the edge of Coate Water Country Park. The site will include up to 396 homes, a primary school and a retail park when completed. Four properties will be available at a discount to local people.
| https://swindonlink.com/new-homes-released-at-badbury-park/ | 2017-10-30 12:02:19.177000 | Share this
Redrow Homes has released a collection of new homes as work starts on the latest phase of the Badbury Park development near Swindon.
The housebuilder is to release 122 homes over the next stage of construction with a further 59 to follow that.
The first of these two, three and four-bedroom homes are due to be completed in the Spring of 2018.
The current releases start from £299,995 for a three-bed semi-detached property with terrace and detached properties to be released at a later date.
There are also four discounted properties available at the development to help local people to get on the housing ladder.
The properties, which are being offered at a 20 per cent discount on the market price, are available for people who have lived in the Swindon area for at least two years. They include two two-bed and one three-bed terrace homes and a one bed coach house available from £112,796.
Situated on the edge of the picturesque Coate Water Country Park, looking out on glorious Cotswold countryside, Badbury Park is a mixed-use development which, when completed, will provide up to 396 Redrow homes.
The site will also boast a local retail centre, a primary school and extensive areas designated as public open space such as recreational and ecological areas.
With a combination of two, three and four-bedroom detached, semi-detached and terrace family homes, the development is conveniently placed just three miles from Swindon and near the M4 and A419 with its fast links to Cirencester and Gloucester.
Sabrina Abolghasemi, Redrow sales manager for Badbury Park, said: “We are expecting these properties to get snapped up quickly.
“Badbury Park offers a rare combination of the countryside idyll with convenience of town. With its beautiful homes and plenty of green open space, Badbury Park is a great place to raise a family and is really convenient for those working in bigger towns and cities like Swindon, Bristol and Reading.”
The Heritage Collection homes being built at Badbury Park take design inspiration from the 1920s and 30s Arts and Crafts movement while offering every contemporary comfort and convenience. The new build properties offer an average of 35 per cent improvement in heat loss compared to those built just 10 years ago.
For more information about Badbury Park please call 01793 391751 or visit www.redrow.co.uk/developments/badbury-park-swindon-240220. |
Insurance exec questions Lloyd's market's hiring policies | Lloyd's of London, as a market, should adjust its hiring policies and diversify away from recruiting mostly middle-class graduates, said Derek Hansen, head of property for Sompo Canopius. By focusing recruiting on too-narrow a segment, insurers may miss out on candidates with strong communication skills and an ability to facilitate deals, said Hansen. His firm has suspended its graduate recruiting programmes, opting to sign up for an initiative dubbed Connect Mentors aiming to diversify the background of employees the firm brings on board.
| http://www.express.co.uk/finance/city/872645/Lloyds-of-London-middle-class-graduates-senior-executive | 2017-10-30 11:35:43.297000 | Derek Hansen, head of property and facultative at insurer Sompo Canopius, said that the problem with graduates is that while they have strong academic records, they lack personal and communication skills, as well as the ability to relate to people and do deals.
He said that the insurer has frozen its graduate programme while it looks at how it can attract recruits with a broader range of skills.
To help it do this, it has signed up to Connect Mentors, an online mentoring programme, to help it find people from marginalised and unconnected backgrounds. |
Facebook adds tools to improve ad transparency | Facebook is launching measurement tools that enable users to find out who an advertiser is and learn more about campaigns. The tools will cover all advertising, not just political messages and all ads will have to be linked to the Facebook Page for the business they are associated with. Industry insiders have said the move toward greater transparency could mark the beginning of the end for social media's walled gardens, and makes advertising on such sites more of a level playing field. The features will be tested in Canada in November, before being expanded to the US and other countries. | http://www.marketing-interactive.com/facebooks-ad-transparency-move-will-let-you-check-up-on-your-competitors/ | 2017-10-30 11:31:31.840000 | Following recent discovery that there was Russian interference in the US Elections on Facebook, Facebook has plans for new transparency tools and measures. This will allow users and brands to tell who the advertiser is and the ads they are running – this is especially for political ads.However, the measures are not limited to political ads, explained Facebook in a blog post. This will allow all users, including brands, to click “View Ads” on a Page and view ads which a Page is running on Facebook, Instagram and Messenger, in the process giving them a look into competitor Facebook ad activity. This is regardless whether or not the person viewing is in the intended target audience for the ad.“All Pages will be part of this effort, and we will require that all ads be associated with a Page as part of the ad creation process,” the post explained. The measures are effective next month and will be tested in Canada before roll out to US and broadly to other countries at around the same time. The initial test will only show active ads.The move comes days after Twitter launched the Advertising Transparency Center in a bid to “dramatically” boost transparency for all ads on its platform, including political and issue-based ads. In a blog post, Bruce Falck, GM revenue product and engineering, Twitter, said that it will also be improving controls for consumers and embracing stringent advertising policies. The updates will first roll out in the US before launching globally.For Rika Sharma, managing partner, group head of [email protected] Singapore, the move is a definite indicative of the "walled gardens" of big social media networks such as Facebook coming down as more people want transparency. When asked about what the move means for marketers, Sharma said that more transparency essentially comes with greater clarit,y and the need for more responsibility on the advertisements that are put out.Advertisers have to be more accountable as testing is no longer easy.She added that now, marketers need to be wary of A/B testing the same advertisement with multiple messages, and be geared for potential backlash that might arise from doing so.Read also: Is it too late for Facebook to apologise for its inflated video metrics?A more level playing field?Sharma explained that following the move, there will be a bigger onus on marketers to spend more time on research and really understand their competitors' work on its social media platforms.For marketers, it's now a level playing field with competitors since everyone’s ads are visible."Any change on the platform will also brings with it a unique creative opportunity. Marketers might use this change to their benefit and engage consumers in a high involvement activation across a series of multiple ads," Sharma said."People want transparency and consumers find themselves in the unique position of being like Will in Netflix's Stranger Things, about to experience 'True Sight' for the very first time. Their perception of the world will never be the same," Sharma explained.Agreeing with Sharma was Andrew Stephens, CEO, Ambient Digital, who said:"Although we have seen broad improvements in the recent years for ad governance, it is imperative that brands, publishers, agencies and even digital media players remain diligent and dedicated in the ongoing efforts to promote transparency."To better leverage the new features, marketers in Asia need to focus on highly-targeted cross-device digital advertising, including mobile, Stephens added. |
Redrow Redrow unveils new show home at popular Bedminster development | Redrow has unveiled a four-bedroom show home at its popular Abode at Bedminster development in Bristol. More than a fifth of homes at the site have already been sold off-plan, a record for the company's Bristol office. The spacious show home, with three levels of living space, will be open to the public from 4 November. The 110-home development is set to complete next summer, with three- and four-bedroom homes available from £389,995 ($515,600). One- and two-bedroom properties will be available soon.
| http://www.bristolpost.co.uk/news/property/see-inside-bedminster-homes-popular-683128#ICID=nsm | 2017-10-30 11:25:45.173000 | Something went wrong, please try again later.
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Redrow Homes is unveiling a show home at one of its most popular developments in the South West, Abode at Bedminster , enabling the public to come and take a look at the new properties.
More than a fifth of the plots at the unique Bristol development on Bedminster Road sold off plan before being accessible – the most ever sold off plan from Redrow’s Bristol office.
The new four-bedroom show home will be opened on Saturday, 4 November, and is a spacious property spread over three levels of living space to reflect the flow of modern family life.
The 110-home development is due for completion next summer and there are currently a variety of three and four-bedroom properties available from £389,995 with one and two-bedroom properties to follow soon.
The show home will enable people to come and have a look at the development and get a feel for the new homes while Redrow’s sales team will be on hand to answer any queries.
Charlotte Newnes, Redrow area sales manager, said: “There is no better way to get a feel for a development than coming to see it in person. The new show home provides a perfect opportunity for people to take a look. The Abode at Bedminster development has proven incredibly popular so we expect to see a steady stream of people coming through our doors.”
For more information about the Abode Bedminster development, please call 0117 2392454 or visit www.redrow.co.uk/abodebedminster . |
Vestas to test world's most powerful wind turbine in US | MHI Vestas Offshore Wind plans to test its V164-9.5 MW turbine, the most powerful of its kind in the world, at Clemson University in South Carolina. The turbine is the result of a $35m joint project between Japan's Mitsubishi Heavy Industries and Denmark's Vestas Wind Systems. Vestas aims to use the turbine to spur further investments in offshore wind projects around the United States. The facility will provide important data on the turbine's gearbox and component lifecycles over two decades. | https://www.renewablesnow.com/news/mhi-vestas-to-test-95-mw-wind-turbine-in-us-588316/ | 2017-10-30 11:19:23.733000 | MHI Vestas Offshore Wind will test its V164-9.5 MW turbine, the world's most powerful wind turbine, at Clemson University in South Carolina, the parties said today.
The 50/50 joint venture between Denmark's Vestas Wind Systems A/S (CPH:VWS) and Japan's Mitsubishi Heavy Industries (TYO:7011) has decided to carry out all testing and verification of the turbine's gearbox and main bearings at the university's 15-MW test bench. The move represents MHI Vestas' first major investment in the US and comes as the manufacturer says the V164-9.5 MW is the turbine most likely to be used for the first round of major offshore wind projects in the country.
A total of USD 35 million (EUR 29.7m) will be invested in the testing, with Clemson to receive up to USD 23 million over five years. The project will allow MHI Vestas to better understand how the 9.5-MW gearbox and bearings will react over a lifecycle of more than 20 years. The company said the test results can help it optimise the service strategy for the turbine to ensure its reliability and minimise the fatigue on components.
Clemson University boasts a USD-98-million facility to test wind-turbine drivetrain technology, supported by a 2009 grant from the US Department of Energy.
(USD 1 = EUR 0.850)
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Redrow Redrow opens Priory Mews show homes in Newport Pagnell | UK house builder Redrow is inviting the public to explore show homes at its Priory Mews development in Newport Pagnell, near Milton Keynes. The properties, which include Redrow's three-bedroom Brunswick and four-bedroom Wellington designs, start at £399,950 ($530,000) and have previously been selling off-plan. The show homes are open between 11.00 a.m. and 2.30 p.m. on 11 November.
| https://www.easier.com/137505-redrow-serves-up-magical-new-show-homes-in-newport-pagnell.html | 2017-10-30 11:13:32.520000 | Redrow serves up magical new show homes in Newport Pagnell
Eagerly awaited show homes open at Priory Mews in Newport Pagnell this Saturday (November 11) giving buyers their first taste of life in a brand new Redrow home.
Properties at the development have so far been selling off-plan and to reward buyers for their patience Redrow is serving up afternoon tea ‘on the house’ from 11am to 2.30pm.
Visitors are sure to be spellbound by the Georgian inspired Regent Collection designs and there will even be a magician to help them experience the magic of life in a brand new home.
Potential customer will also be able to appreciate the tricks of the trade of Redrow’s interior designers as they explore professionally styled and fully furnished examples of the three-bedroom Brunswick and four-bedroom Wellington.
Tonia Tyler, sales director for Redrow Homes (South Midlands), said: “The opening of the show homes at Priory Mews marks a real milestone for the development. While some people have been happy to reserve based on plans and images only - or to travel to other areas to view similar properties - nothing quite beats viewing a show home in the location where you want to live and we have lots of eager buyers keen to see inside. We’d encourage potential purchasers to visit at the earliest opportunity.”
The Brunswick is a perfect example of how the architecture of the past has been combined with carefully planned interiors designed to suit how people live today. The spacious lounge is welcoming and inviting, with a door leading directly into the combined kitchen and dining room.
Upstairs, there are three bedrooms including master with en-suite, which along with the handy downstairs cloakroom helps minimise the morning rush for the family bathroom.
For those looking for a larger property, the Wellington with three floors of generous living space offers the ideal solution.
The open plan kitchen and dining room is at the front, with the relaxing lounge overlooking the rear garden through patio doors. A handy laundry cupboard and convenient cloakroom complete the ground floor.
Three bedrooms and the family bathroom are on the first floor; while the piece de resistance of this family home is the top floor master bedroom with en-suite, providing parents with a sanctuary at the end of a busy day.
Current prices at Priory Mews start from £399,950.
Located on Tickford Street, the properties are ideally close to the heart of Newport Pagnell and just five miles from Milton Keynes
To enjoy the magic of life in a new Redrow home and afternoon tea ‘on the house’ visit Priory Mews this Saturday (November 11) from 11am to 2.30pm. The show homes will be open daily from 10am to 5.30pm.
For more information, see redrow.co.uk/priorymews. |
Spain's Iberdrola completes flagship wind farm off German coast | Iberdrola has finished building a 350 MW, 70-turbine flagship wind farm off the north-east coast of Germany. The Wikinger project, towards which the Spanish utility company committed around $1.63m, is located off the island of Rügen in the Baltic Sea and will generate enough power for 350,000 German households and avoid 600,000 tonnes of CO2 emissions.
| https://cleantechnica.com/2017/10/27/iberdrola-completes-installation-350-mw-wind-turbines-wikinger-offshore-wind-farm/ | 2017-10-30 11:08:36.537000 | Spanish utility Iberdrola has this week completed the installation of 70 wind turbines at the 350 megawatt Wikinger offshore wind farm in the German area of the Baltic Sea.
The Wikinger offshore wind farm is a flagship offshore wind project for Iberdrola, which committed €1.4 billion to the 350 megawatt (MW) projected located off the northeastern coast of the German island of Rügen. Iberdrola, working alongside turbine manufacturer Adwen and subcontractor Fred. Olsen Windcarrier, completed installation of all 70 AD 5-135 wind turbines, which will generate enough electricity to supply approximately 350,000 German households, representing 20% of the energy demand in Mecklenburg-Western Pomerania, and avoiding 600,000 tonnes of CO2 emissions.
The first wind turbine installation was completed in February of this year, with construction being conducted by Fred Olsen’s vessel Brave Tern (see below) one of two self-elevating, self-propelled jack-up vessels dedicated to installing offshore wind turbines.
“I am very proud of our team for their hard work on this project,” said Fred. Olsen Windcarrier’s project manager Alexandra Koefoed. “We have worked closely with our client Adwen and park operator Iberdrola to safely and efficiently complete installation. Our experience working on the Adwen 5MW turbines on Global Tech I was invaluable.”
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Growth stage fintech Verrency seeks $15m in series A | Australian start-up Verrency has launched a $15m series A funding round after it secured $4m in an oversubscribed pre-commercialisation round. The company, which has been operating for less than a year, enables issuers to use their existing infrastructure to deliver the latest payment methods to consumers. Verrency recently opened an office in London and plans to establish bases in San Francisco and Singapore by the end of the year, before announcing its plans for the European Union next year.
| http://anthillonline.com/aussie-fintech-verrency-raising-15m-series-funding-round-global-expansion/ | 2017-10-30 11:08:21.987000 | Payments platform Verrency has announced a $US15 million Series A funding round as it continues to expand internationally. The growth-stage fintech provides payments innovation-as-a-service that enables issuers to deliver the latest payment capabilities, fast and cost effectively, through their existing payments infrastructure.
By giving consumers unprecedented flexibility and control over how they pay, Verrency’s cutting edge features ensure that their issuer’s brands are top of wallet and top of mind, driving revenue.
The Australian-based startup has recently completed an oversubscribed pre-commercialisation funding round raising $US 4 million and is looking to raise a further $US 15 million to expand into key international markets. Verrency aims to close the round in 2018, and is already in discussions with investors.
What does this funding round mean for Verrency?
The Series A funding enables the company to capitalise on its successful growth and further expand international operations. Headquartered in Australia with offices in both Melbourne and Sydney, Verrency recently opened an office in London, UK at Level 39 Canary Wharf, in preparation for commercial expansion to the UK later this year. In December 2017, the company will open offices in both the US and Asia Pacific, with operations based out of San Francisco and Singapore, respectively. Verrency’s expansion plans in the European Union in 2018 will be announced later this year.
Still in its first year of operation, Verrency Group Chairman and CEO David Link believes that the company’s unique offering has allowed it to make such an impressive footprint and drive interest with global clients.
“Our focus has always been global, because payments are global. By providing innovative – and in many cases, unique – services in a way that also seamlessly integrates into existing technology, we are unlocking the potential not only for significant revenue growth for our financial institution clients, but also to enable them to deliver new services to market at unprecedented speed. Our expansion strategy is central to achieving payments innovation and I am confident that this round of funding will enable us to gain traction in new geographies quickly – the demand is there.” |
EDF completes 12MW PV project in southern France | A 12 MW solar plant in the south of France built by EDF Energy and steel company ArcelorMittal has been brought into commission. The solar PV project was constructed on 15 hectares of industrial land in the Bouches-du-Rhône region, and can generate enough electricity to meet the needs of 7,400 people. EDF is a significant player in the renewables market in France, where it operates nearly 1.5GW of wind and solar energy production. They have recently been involved in a bid for a project in Saudi Arabia that took the record for the lowest solar bid in the world to date. | https://www.pv-tech.org/news/edf-and-arcelormittal-complete-12mw-solar-project-in-france | 2017-10-30 11:04:08.767000 | EDF Energies Nouvelles and steel maker ArcelorMittal Méditerranée have commissioned a 12MW solar plant in the Provence-Alpes-Côte d’Azur region of south-eastern France.
ArcelorMittal Méditerranée made 15 hectares of its industrial lands at the Fos-sur-Mer industrial and port complex available for the PV project, located in the Bouches-du-Rhône department.
The project includes 45,000 modules and generates the equivalent of the annual electricity consumption of 7,400 inhabitants.
Up to 40 people were involved in the 10-month-long construction of the plant.
To date, EDF Energies Nouvelles operates close to 1.5GW in wind and solar energy capacity in France.
EDF en was recently involved in the world's lowest ever solar bid in Saudi Arabia. |
Orsted power plant completes journey from coal to gas to biomass | Danish power company Orsted, formerly known as Dong Energy, has converted an old power station from processing gas to burning biofuels. The Skaerbaek Power Station was coal-fired when it opened in 1951, before converting to gas in 1997. The latest conversion, which took three years and cost $281m, sees it now using sustainable wood chips and generating heat for 60,000 homes in the region. A spokesman for the company said the switch reduces the plant's carbon emissions by around 250,000 tonnes. | https://www.renewablesnow.com/news/dong-energy-opens-chp-plant-after-usd-281m-switch-to-biomass-588820/ | 2017-10-30 10:40:36.133000 | Danish utility Dong Energy A/S (CPH:DENERG) this week inaugurated the Skaerbaek Power Station near Fredericia after its conversion to using biomass as fuel.
The process to convert the facility to using sustainable wood chips instead of gas took more than three years to complete and a total investment of about DKK 1.8 billion (USD 281m/EUR 242m). The plant now produces enough district heating to meet the annual consumption of some 60,000 homes in the Triangle Region.
Skaerbaek was built in 1951 and used coal as fuel until 1997, when it was converted to gas.
"By switching to sustainable wood chips, we're reducing Skaerbaek Power Station's annual carbon emissions by about 250,000 tonnes. This is equivalent to the annual carbon emissions from more than 125,000 cars," said Thomas Dalsgaard, Executive Vice President and CEO of Bioenergy & Thermal Power at Dong Energy.
The company has set a goal to cease using coal at its power stations entirely by 2023.
(DKK 1.0 = USD 0.156/EUR 0.134)
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Vattenfall wind division reports loss in Q3 due to grid failings | Swedish state power company Vattenfall has reported a loss of $39.9m in its wind power division for the third quarter of this year. The company blamed the poor financial performance on cable issues at some of its wind farms and wider grid failings. Despite the losses, the overall performance of the wind division for the first nine months of the year was strong, with profits up nearly 57% on the previous year. The company also announced it will invest $233m in the expansion of its Wieringermeer onshore wind farm in the Netherlands, taking its capacity to 295 MW. | https://www.renewablesnow.com/news/grid-outages-affect-q3-op-result-at-vattenfalls-wind-division-588769/ | 2017-10-30 10:30:00.977000 | Swedish state-owned utility Vattenfall AB today reported a significantly widened underlying operating loss at its wind power segment for the third quarter of 2017.
The particular division recorded a loss of SEK 300 million (USD 35.9m/EUR 30.8m) in July-September 2017 compared to SEK 117 million a year earlier. Vattenfall blamed the negative result on lower availability resulting from grid outages and cable issues at certain offshore wind farms.
Still, the division demonstrated strong results for the first nine months of the year, with underlying operating profit jumping nearly 57% on the year thanks to the addition of new capacity during the period.
Also today, the company announced that it has made a decision to invest over EUR 200 million (USD 233m) in the repowering and expansion of the Wieringermeer onshore wind farm in the Netherlands to 295 MW by 2020.
The table below gives more details about the performance of the wind segment. Early in July the company changed the structure of the division, splitting it into three business units -- Offshore, Onshore and Photovoltaic & Battery.
Amounts in SEK million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Underlying operating profit (loss) 752 480 (300) (117) Underlying operating profit before depreciation, amortisation and impairment losses 3,913 2,919 729 697 External net sales 4,285 2,975 1,051 795 Net sales 6,140 4,519 1,546 1,263 Electricity generation - wind power (TWh) 5.1 3.9 1.4 1.1
The next table contains Vattenfall’s consolidated results for the quarter and nine months through September 30, 2017.
Amounts in SEK million 9-mo 2017 9-mo 2016 Q3 2017 Q3 2016 Profit (loss) for the period 6,690 1,790 789 787 Underlying operating profit 16,012 14,602 2,815 2,602 Net sales 96,839 101,412 27,426 29,746 Electricity generation (TWh) 92.2 86.3 27.3 25.2
(SEK 1.0 = USD 0.120/EUR 0.103)
(EUR 1.0 = USD 1.163)
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Regus WeWork has £2 billion of UK leases over the next 25 years | WeWork has underscored its commitment to operating in London, despite the possible disruption caused by Brexit. UK accounts for last year revealed the US company has around £2bn ($2.6bn) in leases up to 2042, while a spokesperson said Brexit would provide "challenges and opportunities" but added: "we will not pull out of agreements with landlords". The company's optimism is at odds with a recent warning from the Royal Institute of Chartered Surveyors, which said 75% of its members said London's commercial property market was entering a downturn.
| http://uk.businessinsider.com/wework-2016-uk-accounts-lease-commitments-revenue-2017-10?r=US&IR=T | 2017-10-30 10:19:21.957000 | Accounts show WeWork has £2 billion of lease commitments in the UK over the next 25 years.
Deals struck by the office provider suggest it is confident London will remain startup hub post-Brexit.
But risk that startups could shun the UK or suffer from funding shortfall after EU exit.
Profit warning from rival Regus and warning London could be entering property downturn.
LONDON — Hip office space provider WeWork has lease commitments in the UK of £2 billion over the next 25 years, accounts show.
US-headquartered WeWork launched in the UK in 2014 and now has 25 offices in London and two in Manchester. Accounts suggest more offices could be in development, although the company declined to comment on specifics.
WeWork doesn't own its own offices. The company leases building space — either floors or whole buildings — before fitting them out as "WeWork" coworking spaces. It then rents desks and private offices to businesses looking for flexible space — typically, although not exclusively, startups.
UK accounts for 2016 show the company has "minimum lease payments under non-cancellable operating leases" of roughly £1 billion up to 2042 in Britain. A further £1 billion of deals stretching to 2038 have been struck since the end of 2016, a note in the filing states.
The £2 billion of lease commitments represent a bold — and potentially risky — bet on London remaining a startup hub post-Brexit. Rival office space provider Regus recently issued a property warning and there are signs London's commercial office market could be entering a downturn.
A spokesperson for WeWork told Business Insider: "We’re committed to London — it has been a centre for commerce for centuries and always will be, and that’s why we’re investing here.
"Like all big changes, Brexit will create challenges and opportunities, and we think our members recognise that."
WeWork's offices in Soho, London. WeWork
'We will not pull out of agreements with landlords'
Rival office space provider Regus saw its share price fall 30% at the start of the month after warning of weakness in the London office market. London coworking space the Rainmaking Loft recently announced plans to shut, blaming competition from WeWork and highlight the fiercely competitive nature of the London office market.
iHeartMedia and WeWork host launch event to introduce new partnership and Work Radio at WeWorks New York City headquarters in Chelsea, June 14, 2016. Theo Wargo/Getty Images for iHeartMedia
Brexit could exacerbate any brewing problems — startups face a potential venture capital shortfall of at least £2 billion post-Brexit, with the European Investment Fund denying VC funds capital. Around one in ten UK startups are also said to be considering relocated away from Britain post-Brexit.
WeWork's spokesperson said: "When we speak to our members, the ability to recruit talent from the EU and to be able to access the single market are often mentioned as priorities. But the vast majority have their heads down and will work around whatever change comes at them."
The Royal Institute of Chartered Surveyors warned this week that three-quarters of its members believe London's commercial property market is entering a downturn.
WeWork's expensively kitted out offices, which famously feature free beer taps, carry hefty rents: hot desking costs around £400 per month and a private office is roughly double that. In the event of any downturn or funding squeeze, companies may look to cut costs. Access to a Regus office space costs around £300 a month, for example.
The bulk of WeWork's customers are on relatively short-term contracts, meaning they could back out in as little as 6 months if economic conditions sour. However, WeWork sees this as a strength of its business — if times are uncertain, it can offer flexibility.
The spokesperson said: "In a downturn, people want flexibility and community and, as that’s what WeWork offers, we’re confident that we’ll continue to grow at pace. We don’t anticipate ever getting to this, but we will not pull out of agreements with landlords."
Accounts suggest WeWork's London bet looks good so far. To keep on track it must average earnings of at least £80 million a year to pay off lease commitments up to 2038. Revenue for 2016 was £60.9 million, up from £11.9 million in the 15 months to December 2015. Pre-tax losses narrowed from £14.3 million to £11 million.
A tech business or a property company?
Founded in 2010, New York-headquartered WeWork was valued at $20 billion (£15.2 billion) earlier this year and has raised over $8 billion (£6.1 billion) to date from backers including Goldman Sachs and Japan's SoftBank.
The company has 150,000 "members" worldwide and leases 10 million square feet of office around the world. Regus has five times as much real estate as WeWork but is valued at just £1.9 billion.
WeWork justifies its valuation by arguing that it is closer to a tech or lifestyle company than to a property business.
However, Frank Cottle, chairman of rival services office business Alliance Business Centers, told the Wall Street Journal he sees the company as "nothing but Regus with a paint job." Regus first came to prominence during the dotcom bubble of 2000s but was forced to radically downsize when the dotcom bubble popped. |
Zenefits to pay $1m to SEC over lying claims | The US Securities and Exchange Commission (SEC) has fined Californian insurance firm Zenefits, as well as its one-time CEO, $1m over accusations that it cheated regulations and lied to shareholders. Zenefits was accused of using software bots to help its brokers pass state licensing courses and gain certification without spending the required training time. They are then said to have lied to investors about the practice. Under the settlement with the SEC, Zenefits and its founder Parker Conrad will pay the penalty without having to admit guilt.
| https://www.theregister.co.uk/2017/10/27/sec_1m_payout_zenefits/ | 2017-10-30 10:16:13.227000 | America's financial watchdog will extract $1m from controversial insurance reseller Zenefits and its former CEO to settle claims they lied to investors.
The SEC said ex-boss Parker Conrad and the biz he founded Zenefits have agreed to shell out the dosh to end an investigation into whether they misled shareholders about the severity of the company's use of software bots to skirt state licensing requirements.
Zenefits was a former Silicon Valley darling that flogged employee health insurance packages to companies. In 2015, the biz was thrown into turmoil when it emerged it had built a browser extension that automatically took online classes for its brokers so that they could rapidly gain state-issued licenses to sell health insurance. Zenefits staffers were required to spend 52 hours in training for their certificates; instead, the bots crunched through the courses for them, allowing barely trained brokers to get cracking with sales almost straight away.
After that news broke, the subsequent 48 per cent stock plunge drew the attention of the SEC. The watchdog later claimed Conrad and Zenefits lied to the company's financial backers about the cheating.
"Although Zenefits recognized that it operated in a highly regulated industry, it did not take sufficient steps to ensure its growing workforce was properly licensed to sell insurance," the SEC said [PDF].
"Unbeknownst to investors, the company allowed employees to use a computer script created by Conrad to enable them to spend less time on pre-licensing education than required by California law."
Under the terms of the settlement, Conrad himself will pay out $533,692 in fines, disgorgement, and interest. Zenefits, meanwhile, will pay a $450,000 penalty. As part of the deal, neither Conrad or Zenefits will have to admit or deny any of the SEC's findings and charges.
Conrad left Zenefits in early 2016, only to resurface later that year. Zenefits has since implemented a plan to ensure all of its salespeople are properly trained and licensed to sell health insurance in their respective states of operation. ® |
Swiss start-up Etherisc offers blockchain-based flight delay cover | Swiss insurance platform Etherisc has become the latest firm to offer blockchain-based flight delay insurance. The offering pays out automatically in the case of a delayed flight, and has been launched in partnership with Malta-based Atlas Insurance. It will be facilitated using an ethereum smart contract. The launch follows a similar product introduced by French insurer Axa earlier this year.
| http://www.insurancejournal.com/news/international/2017/10/30/469647.htm | 2017-10-30 10:12:24.793000 | Etherisc, a Zug-Switzerland-based insurance platform startup, has begun offering blockchain-based flight delay insurance, called Flight Delay, which automates the process of getting an insurance payout in case a flight is canceled or delayed.
“The frustration of a flight delay or cancellation is a familiar feeling for many travelers – and an unpleasant experience that is often compounded by having to deal with traditional insurance,” said Stephan Karpischek, Etherisc’s co-founder and CEO.
One year after launching a pilot application for attendees of Ethereum developer conference in Shanghai, the company has now partnered with Atlas Insurance PCC Ltd., a Malta-based protected cell company, to bring the product to market in time for this year’s Devcon3 conference in Cancun, Mexico.
“Etherisc is delighted to offer a decentralized insurance to the Ethereum community and to showcase how blockchain is enabling customer-centric innovation for the insurance industry,” Karpischek added.
Etherisc noted that policies will be facilitated by an Ethereum smart contract, allowing travelers to share the risk of a delayed or canceled flight with fellow travelers. Passengers can choose their preferred premium, view their estimated payout, and make their purchase in online currency Ethereum (ETH) or major fiat currencies: U.S. dollars, euros and pounds sterling.
Unlike traditional insurance products, Etherisc’s product stores insurance contract data on the Ethereum blockchain, the company said, noting that it also acts as an autonomous risk bearing mechanism, risk pricing engine, claim administrator and a payment system.
Other insurance products (e.g., micro insurances) in this area will follow 2018, Etherisc said.
“This is clearly a sign that blockchain is here to stay for insurance,” Ralf Glabischnig, partner at Zug-based Lakeside Partners, an early-stage investment group with a focus on blockchain technology and its applications. Lakeside is Etherisc’s close strategic adviser.
“Etherisc was on the front line of innovation with their application already a year ago and now a fully regulated policy payable in fiat currency shows that this is capable of gaining widespread adoption,” he added.
Etherisc noted that an insurance-focused Blockchain Competition will be held on Nov. 22, 2017 in Crypto Valley, Zug. Lakeside Partners is an initiator of the summit, which brings together startups from 31 different countries to compete for a $100,000 top prize.
Etherisc is an industry partner of the competition, together with Pax, Suva, Helsana, Baloise and Die Mobiliar.
About Etherisc
Etherisc describes itself as an insurtech startup with a mission to “reinvent insurance” by building a platform and an open protocol for decentralized insurance applications. The goal is to enable data scientists, actuaries, and entrepreneurs to design, build and bring to market insurance and risk transfer products that are transparent, open source, and provably fair.
About Atlas Insurance PCC
As a protected cell company, Atlas Insurance PCC gives promoters the opportunity to own their own EU-based insurance vehicle with less capital and cost, to write third party risks and to subcontract cell management to authorized insurance managers, Atlas explained.
Source: Etherisc
Topics InsurTech Tech Aviation |
South African insurtech Naked Insurance raises $1.4m | South African insurtech Naked Insurance, which aims to increase transparency for policyholders and "deliver a new generation of insurance", has raised $1.4m in a funding round. The funding was provided by South African insurer Hollard as well as private equity shop Yellowwoods. Naked Insurance plans to launch early next year.
| http://disrupt-africa.com/2017/10/sas-insurtech-startup-naked-raises-1-4m/ | 2017-10-30 10:10:18.187000 | South African insurtech startup Naked Insurance has raised a ZAR20 million (US$1.4 million) funding round as it looks to make the business of obtaining insurance effortless, fair and more transparent.
The funding comes from Hollard, South Africa’s largest privately-owned insurance group, and private investment firm Yellowwoods, with Naked Insurance set to launch into the market early next year.
The startup’s aim is to use technology to transform the insurance business model to give customers a faster, fairer and more flexible insurance experience. It is led by actuaries Alex Thomson and Sumarié Greybe, formerly partners in EY’s insurance advisory business.
The pair spent the last decade advising many of South Africa’s largest insurance groups, and noticed how these groups were struggling to transform and stay relevant in light of rapidly evolving customer expectations while still using outdated business models and systems.
“Our work revealed the many very real reasons a typical insurer can’t deliver insurance that’s appropriate for the times we’re in. The only way to do things differently was to get out of the system, start from scratch, and build a business model and technology to deliver a new generation of insurance,” said Thomson.
“It is time for insurance to adapt to current times, technology, and social standards, and offer the kind of transparency and trust that consumers expect from a financial services provider.” |
Malaysian insurers plan AI fraud detection system | Four Malaysian insurance companies have begun participating in a pilot fraud detection scheme, powered by artificial intelligence. The scheme is set to be adopted by Malaysia's wider insurance market next year. The programme is initially being tested within the motor insurance sector, and will make use of big data combined with claims personnel experience to identify cases of fraud.
| http://www.theedgemarkets.com/article/new-intelligence-system-be-introduced-aug-2018-combat-claims-fraud | 2017-10-30 10:07:39.173000 | KUALA LUMPUR (Oct 30): A fraud intelligence system (FIS) will be introduced by the insurance industry, together with BAE Systems, in August next year to provide insurance companies and takaful operators with the ability to detect and investigate insurance fraud.
ISM Insurance Services Malaysia Bhd chairman Kong Shu Yin said a pilot run for the FIS, which was launched today on the sidelines of the Seventh Malaysian Insurance Summit by Bank Negara Malaysia Governor Tan Sri Muhammad Ibrahim, has already commenced last month involving four insurance companies in Malaysia.
"The first phase of the FIS will focus on motor insurance alone and will be rolled out to the whole industry [gradually]," he told a news conference in conjunction with the event.
He added that the insurance industry has invested over RM10 million in the FIS.
"It very sophisticated system, making use of big data analytics and combined with the experience of insurance executive claim examiners... together we can combat insurance fraud," he said.
Kong also said the insurance industry has paid out in 2016 a total of RM5.8 billion in motor claims itself
"[Research] has shown that 10% of those claims is estimated to be fraudulent. If you take 10% of RM5.8 billon, that is a whopping RM580 million lost due to insurance fraud.
"Now we are moving into de-tariff pricing which is a good and bad thing as any savings will be passed down to the consumers, along with the costs too," he said. |
Engie wins Brazil regulator's nod to take over 605 MW wind farm | French utility Engie has been given the green light to assume rights over the 605 MW Umburanas wind complex in Brazil. The transfer follows a BRL15m ($4.6m) deal in August to buy Renova Energia's stakes in the project companies. Energy regulator Aneel approved the move, but also slapped Renova with a BRL3.8m fine and year-long ban from participating in energy auctions over the company's failure to start works on the mills as a result of financial limitations. The ban could be lifted if Renova is taken over. Its parent company Cemig is trying to sell it to Canada's Brookfield. | https://renewablesnow.com/news/brazils-aneel-okays-transfer-of-605-mw-wind-project-to-engie-588480/ | 2017-10-30 09:46:04.640000 | Brazil's power sector regulator Aneel has approved on Tuesday the transfer of the project rights for the 605-MW Umburanas wind complex to France’s Engie SA (EPA:ENGI).
However, as the negotiation involved the request for cancellation of four permits already given to this complex, the watchdog applied a fine of BRL 3.8 million (USD 1.1m/EUR 995,179) Renova Energia SA (BVMF:RNEW11) .
In addition, Aneel has also suspended for a whole year Renova's right to take part in future energy auctions. The company's shareholders Cemig (BVMF:CMIG4) and Light SA (BVMF:LIGT3) are not affected by the decision, Aneel noted.
On August 23, Renova signed a contract with Engie to sell its stakes in the project companies for the Umbuaramas complex for BRL 15 million.
(BRL 1 = USD 0.308/EUR 0.262)
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Hybrid renewables plants find favour in Australia and the US | Hybrid renewable power plants that combine different forms of energy production with battery storage are set to appear across Australia and the US. Among them is the Kennedy Energy Park being developed in Queensland, which will combine 43.2 MW of wind power with 15 MW of solar and 2 MW of storage. The Buck and Byllesby hydroelectric plants in Virginia in the US will also be fitted with battery storage, improving their reliability and performance. The projects are expected to be the first of many built in the two countries. | https://www.greentechmedia.com/articles/read/get-ready-for-energy-storage-combinations-weve-never-seen-before#gs.dDjkK8w | 2017-10-30 09:28:24.940000 | Battery storage is breaking into an ever longer list of grid-scale configurations, as new business cases arise.
Every major solar developer has begun at least contemplating storage paired with solar, even if few large projects have yet been built. GE has already paired batteries with its gas generators for fast-ramping grid services; it expects the setup to prolong the life of the gas asset.
Last week the roster of possibilities expanded when two companies announced new storage plant combinations: batteries with solar and wind power to provide consistent electricity in Australia, and a hydropower plant-plus-storage to tap the challenging PJM frequency regulation market.
The onus is on the developers to prove these newfangled plants can make money, but they've already expanded the range of uses for grid storage technology.
Wind and solar and storage, oh my!
Windlab and Vestas will develop a solar-plus-wind-plus-storage project in Queensland, Australia called the Kennedy Energy Park by the end of 2018. This will include 43.2 megawatts of wind capacity, 15 megawatts of solar and 2 megawatts of storage.
That's the first system of its kind that's been publicly announced, said Hong Durandal, a business analyst covering hybrid systems at MAKE.
Perhaps the closest antecedent is a system built last year by Spanish turbine maker Gamesa that combines solar, wind and batteries with diesel generators.* That system is much smaller and operates off-grid, so it serves a different market.
At the Queensland project, a single control system will operate all three resources, to optimize energy production and availability. Vestas will provide a 15-year active output management service for the site.
"By pairing two different generating assets such as solar and wind with energy storage, the system is more reliable and flexible than individual standalone solutions," Durandal said. "A wind-solar-battery system is more resilient against unforeseeable circumstances such as prolonged cloudy days with poor sunlight or days with low wind speeds."
In addition to meeting strict energy generation requirements, the plant will be able to provide grid services like frequency regulation, energy-shifting, peak load reduction and ramping, he added.
Australia draws almost all of its electricity production from fossil fuels; coal dominates with 63 percent of generation. Wind and solar produce a small but growing share of generation. The government has a target of 23.5 percent renewable energy by 2020.
"Kennedy Energy Park represents a new milestone for wind turbine OEMs stepping into hybrid energy projects to diversify and continue to grow the wind industry," Durandal said.
If this type of project grows into a trend, it poses a challenge of nomenclature. A five-word hyphenation doesn't bode well for branding efforts.
Durandal uses the term "triple hybrid." "Hybrid" often connotes two elements, as with a Prius, but it isn't limited to that.
Hydro and storage, but not in the usual way
Greensmith (now a subsidiary of Wartsila) will work with American Electric Power to connect 4 megawatts and 4 megawatt-hours of battery storage with the Buck and Byllesby hydroelectric plants on the New River in southwest Virginia. The new batteries will help the hydro plants, which have operated since 1912, compete more nimbly in today's market.
Pumped hydro stores far more energy on the grid than batteries do, but that's not what this is. In fact, this appears to be the first time a developer will pair hydro generation with battery storage.
The companies expect the system to begin operations in Q1 2018. At that point, the batteries will improve the plant's performance enough to qualify for both of PJM's frequency regulation markets: "RegA," which is the traditional market, plus the faster "RegD."
"The key is fast response time and accuracy of the battery energy storage relative to the slow response time and accuracy of a hydro dam," said David Miller, Greensmith's director of business development. "Hydro dams have different response times, but the dams in question here are old and therefore do not have a fast response."
Greensmith previously developed six grid-scale energy storage systems in PJM territory, but this is its first since the regional transmission operator implemented new frequency regulation signals and requirements. That change undercut the payback opportunities for storage, as detailed in a recent episode of The Interchange podcast.
"With all of these changes, the PJM market is effectively closed to new capacity due to merchant risk, and revenues took a nosedive," said Ravi Manghani, energy storage director at GTM Research.
The decision to combine hydro plants with storage could sidestep that problem.
Battery systems usually play in the RegD market, due to their energy capacity limitations, Miller said. The fast-response storage will allow the hybrid plant to compete there, but it also wields the energy capacity of the hydro plants, opening up RegA revenue. That serves as a hedge in case RegD prices drop further.
"The hedge helps to secure the business case for battery storage," he said.
In practical terms, the hydro plants and lithium-ion batteries will run simultaneously. The hydropower sells energy and keeps the batteries charged up while the battery does the fast response work required by PJM's frequency regulation market. In return for the top-up, the battery minimizes wear and tear on the dam from fast-ramping.
That's quite similar to GE's calculus for pairing batteries with gas peakers: save the generator from start-stop operation, allowing it to run in more favorable conditions, ultimately prolonging its life.
This means that, for the cost of adding 4 megawatts, the century-old facility gets a whole new revenue stream.
"It's almost like adding a Ludicrous mode to a horse buggy," Manghani said.
More to come
Storage continues to bolster its reputation as the most versatile technology on the grid. More hybridization of storage with any type of generation is on its way, Miller said.
"By combining generation with storage, we can take advantage of the beneficial performance characteristics -- fast response, fast ramp rate, low O&M costs, zero emissions -- while using the generation asset to address the constraint posed by storage’s limited energy duration," he said.
Frequency support and spinning reserve applications make the most sense for hybrid plants currently, in both electricity markets and remote grid environments globally, Miller added. Greensmith already pairs batteries with a Wartsila engine, and likely will integrate more generation assets in the future.
*Updated with information on a similar hybrid system. |
Fund fees reduce gross returns by up to 20%: ESMA | The European Securities and Markets Authority has fired a shot at asset managers, noting in a report that fund fees can wipe out up to 20% of a product's gross returns. The report found that bond funds are more susceptible to having profits reduced by fees, despite these offerings generally having lower fees than their equity counterparts. The study followed a report from the UK's Financial Conduct Authority published in the summer, which found that fees and performance were not correlated.
| https://international-adviser.com/analysis-fund-fees-wipe-out-20-of-gross-returns/ | 2017-10-30 09:20:21.280000 | Esma found that fees included in the total expense ratio (TER) reduce gross returns of EU-domiciled funds by an average 13%. When sales and redemption fees are added, “gross returns on EU mutual fund shares are reduced by 20%”.
Fees reduce returns by 15% for retail equity funds, and 10% for institutional funds. But bond fund investors forego a much larger share of their profits, despite fees on bond funds being substantially lower. But the generally lower returns in this asset class mean the impact of fees on returns is a lot higher: investors in institutional share classes of bond funds lose 17% of their gross returns, but investors in retail funds lose an average of 32%.
Lack of fee awareness
The Financial Conduct Authority (FCA), the UK financial regulator, published a study last summer showing fund fees do not correlate with gross performance. Moreover, it found a slight negative correlation between gross returns and performance in two of the three asset classes it examined.
Esma also noted that “the impact of fees and charges on the net outcome to investors does not seem to be reflected in investor choices”.
While the FCA found that performance is uncorrelated with fees, Esma concluded that fund flows are not correlated to fees either, when corrected for performance, with the exception of retail bond funds, commodity funds and money market funds.
This conclusion is debatable, however. After all, the rise of ETFs as alternatives to active funds has a lot to do with ETF fees being lower, especially on the equity side.
Nevertheless, Esma has now received a mandate from the European Commission “to issue recurrent reports on the cost and past performance of the main categories of retail investment, insurance and pension products,” it announced on Friday.
The regulator noted that situations of low gross returns and commensurately high relative fees “are more likely to occur in the current low interest rate environment, reinforcing the vulnerability of investors to low performance by their investments in the fund industry”.
Apparently, Esma’s initial findings about the sheer loss of gross returns to fees were shocking enough for it to assess the reporting of costs and past performance of retail investment products by asset managers, “in order to increase investors’ awareness of the net return of these products, and the impact of fees and charges”.
Asset managers, brace yourself
It’s time for asset managers to brace themselves: the competition from passive solutions has been putting downward pressure on fees over the past few years, resulting in lower margins. Regulators have so far been reluctant to turn up the pressure. This was exemplified by Esma refusing to name the funds it had identified as “possible” benchmark huggers last year, and Luxembourg’s regulator claiming last summer there were no benchmark hugging funds among the 4,100 Ucits funds domiciled there.
But this new Esma initiative may very well mean the pressure on active managers will from now on come from the regulators too. As the EU embarks on its next phase of integration, it is more than keen to show to its often-sceptical citizens that it works to their benefit, and not to that of big business.
Multi-asset scrutiny?
The multi-asset and unconstrained bond space are the areas that have seen most investor inflows, and have escaped competition from passive managers. They also charge fees that are typically higher than those charged for equity funds, even though returns are lower. Multi-asset funds, for example, escaped scrutiny in Esma’s initial study.
The average management fee for a ‘flexible allocation’ fund is 1.26% according to Morningstar. This compares with a management fee of 1.19% for European equity funds and 0.66% for European corporate bond funds. Gross returns for multi-asset funds, however, are closer to those of bond funds than of equity funds.
Expect Esma to pay some attention, perhaps unwanted attention in some quarters, to multi-asset fund charges over the coming months and years. After all, these are the kinds of funds most popular with the consumers the regulator has vowed to protect. |
EDF joins Elsewedy Electric for Egyptian 100 MW solar projects | EDF Energies Nouvelles is partnering with Egyptian firm Elsewedy Electric Group to construct and operate two 100 MW solar photovoltaic plants in Egypt. The projects are part of the 1.8 GW Benban solar complex, and include a 25-year power purchase agreement with the Egyptian Electricity Transmission Company. Antoine Cahuzac, EDF Group's head of renewable energies, said the schemes formed part of the French utility's CAP 2030 strategic plan. Construction is set to begin in Q1 2018.
| https://www.renewablesnow.com/news/edf-en-elsewedy-to-jointly-add-100-mw-of-solar-in-egypt-588773/ | 2017-10-30 09:18:34.697000 | EDF Energies Nouvelles (EDF EN) has teamed up with Elsewedy Electric Group to build and operate two solar power plants in Egypt with a combined capacity of 100 MW.
The renewables arm of France’s EDF SA (EPA:EDF) said on Thursday that financial closing for the projects was reached on October 25. It added that the schemes have a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).
EDF EN and Elsewedy have decided to join forces after both qualifying for 50 MW under Round 2 of the solar feed-in tariff (FiT) programme launched by the government of Egypt in 2015. Their joint effort will contribute to the 1.8-GW Benban solar park in Aswan, Upper Egypt. Earlier today, Scatec Solar ASA (OSL:SSO) said it had achieved financial close for six solar projects totalling 400 MW that will form part of the same complex.
The European Bank for Reconstruction and Development (EBRD) and Proparco are jointly financing the EDF-Elsewedy projects.
The French company expects construction works to start in the first quarter of 2018, subject to clearance by the Egyptian authorities.
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EDF joins Elsewedy Electric for Egyptian 100 MW solar projects | EDF Energies Nouvelles is partnering with Egyptian firm Elsewedy Electric Group to construct and operate two 100 MW solar photovoltaic plants in Egypt. The projects are part of the 1.8 GW Benban solar complex, and include a 25-year power purchase agreement with the Egyptian Electricity Transmission Company. Antoine Cahuzac, EDF Group's head of renewable energies, said the schemes formed part of the French utility's CAP 2030 strategic plan. Construction is set to begin in Q1 2018.
| http://renews.biz/108948/edf-to-add-shine-in-egypt/ | 2017-10-30 09:18:34.697000 | French utility EDF Energies Nouvelles has teamed up with local outfit Elsewedy Electric Group to build and operate two solar projects totalling 100MW in Egypt.
Financial close was reached on 25 October for the photovoltaic plants, which are part of the 1.8GW Benban solar complex in the south of the country.
Construction is expected to start in the first quarter of 2018 following the approval of the Egyptian authorities.The projects have been developed under round two of the Egyptian feed-in tariff programme and will benefit from a 25-year power purchase agreement with the Egyptian Electricity Transmission Company.EDF Group senior executive vice president for renewable energies and president and chief executive of EDF EN Antoine Cahuzac said: "The Benban solar project ties in with the EDF Group’s goal of doubling its renewable capacity in France and worldwide by 2030 under its CAP 2030 strategic plan." |
Older UK pension savers taking on too much risk: Hymans Robertson | Master trusts, which represent the pension arrangements for seven million people in the UK, are taking on too much risk as investors near retirement, consultant Hymans Robertson has determined. On the other hand, an obsession with limiting short-term volatility has reduced the returns in portfolios still in the accumulation phase. The consultancy recommends trusts shift their focus five years before retirement to capital preservation and solid returns, rather than taking on excess risk.
| https://www.moneymarketing.co.uk/master-trusts-taking-much-risk-run-retirement/ | 2017-10-30 09:12:24.580000 | The risk profiles of many default master trust funds at the start and the end of the retirement journey need an overhaul, recent research by Hymans Robertson reveals.
With master trust arrangements accounting for 94 per cent of the UK market and representing seven million people’s pensions arrangements, the consultancy has interrogated their risk exposure at the accumulation, consolidation and decumulation phases of retirement.
In many trust arrangements at the growth – or accumulation – phase, insufficient risk is being taken, which could impede member outcomes.
Hymans Robertson head of DC investment proposition Anthony Ellis says: “While the majority are taking enough risk, the focus on short-term volatility reduction by some is costing members through lower long-term net returns.”
He says: “In these cases this is likely to result in poorer member outcomes – those strategies that have embraced higher-risk asset classes have outperformed the strategies with a heavy focus on risk mitigation.”
Source: Hymans Robertson
The group says focusing on short-term risk mitigation is of “questionable value” so far away from retirement.
Conversely, while the market has delivered strong returns for members nearing retirement, Ellis believes default schemes in this phase have carried too much risk, which could lead to problems should market volatility pick up and that the ‘one-size-fits-all’ approach is no longer suitable.
He says: “At this stage investment risk should de dialled down significantly and the investment strategy should be consistent with the member’s decision at retirement.”
Source: Hymans Robertson
Hymans Robertson adds that currently, smaller fund sizes are prompting savers to opt for cash withdrawals – over 53 per cent of DC pensions pots accessed at retirement are fully withdrawn. Of these, 90 per cent are less than £30,000 in size.
Ellis says: “In this context it raises a question mark over exposing DC investors to market risk and market falls.”
Hymans Robertson cites the desire to outsource and the introduction of auto-enrolment as having spurred growth over the past five years, with master trusts now “the vehicle of choice” for many employers.
With 35 per cent of workplace pension schemes now in master trust arrangements, they are expected to grow to £300bn in assets by 2026, according to the consultancy.
During the consolidation phase – up to five years from retirement – Hymans Robertson says the focus should shift to capital preservation, solid returns and risk reduction.
“In the consolidation phase…the picture is mixed. The data shows that some have delivered strong performance with commendably low levels of risk.
“Others have delivered lower risk but at the cost of lower – but still relatively strong – returns. While some have delivered strong returns but with high levels of volatility.”
Source: Hymans Robertson
Just days after the Department for Work and Pensions released the findings of its survey on pensions charges Hymans Robertson flags the importance of looking at fees in relation to performance and neither as standalone features.
Ellis adds: “In assessing performance, the sole focus must not be on returns.
“It is also vital to look at the amount of risk being taken at different stages of the savings lifecycle to ensure it is appropriate throughout.
“Equally, fees should not be looked at in isolation – what should be examined is the relative value of those fees against what they deliver.
“Ultimately, if a higher priced strategy has generated a better member outcome relative to a lower cost strategy over the relevant period, after taking into account all fees, then that represents better value.” |
Total sees Q3 profit slump by half amid weak solar market | Total has reported an almost 50% drop in Q3 earnings from its new gas, renewables and power unit. The French utility blamed "weakness in the solar market" for adjusted net earnings of $97m at the unit and an 18% slump in adjusted net operating profit in the first nine months of the year to $253m. Cashflow from Q3 operations rose to $325m from $24m YoY, while investments dropped to $99m from $1.1bn.
| https://www.renewablesnow.com/news/totals-new-gas-renewables-power-segment-posts-49-fall-in-q3-profit-588834/ | 2017-10-30 09:10:13.487000 | The new Gas, Renewables & Power segment of French oil and gas major Total SA (EPA:FP) has experienced a 49% year-on-year drop in third-quarter adjusted net operating profit to USD 97 million (EUR 84m).
The result was in line with the second quarter. Investments amounted to USD 99 million, compared to USD 1.1 billion a year earlier and USD 77 million in April-June 2017. Cash flow from operations amounted to USD 325 million, up from USD 24 million in the same period of 2016. Last quarter the segment’s cash flow from operations was negative at USD 114 million.
For the first nine months of the year, adjusted net operating profit decreased by 18% to USD 253 million because of weakness in the solar market, the company says in the financial report. Total is the majority owner of US solar panel manufacturer SunPower Corp (NASDAQ:SPWR).
The particular segment encompasses downstream gas activities, New Energies activities excluding biotechnologies, as well as a new Innovation & Energy Efficiency division.
(USD 1.0 = EUR 0.863)
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