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Pandore Australia has reveals plans to roll out a new design for its brand-only stores | Pandore Australia has revealed plans to roll out a new design for its brand-only stores in a move that aims to improve the customer experience. Stores located in Wetherill Park and Lismore in NSW are the first two store to be upgraded with the new jewellery fixtures and more spacious layout. | http://www.jewellermagazine.com/Article.aspx?id=4958&h=Pandora-introduces-new-look-jewellery-stores | 2015-03-31 05:51:21.910000 | Pandora introduces new-look jewellery stores
After announcing recent changes to its distribution strategy, Pandora Australia has now revealed it will roll out a new design for its brand-only stores in order to improve customer experience.
The Pandora stores located in Wetherill Park and Lismore in NSW have been the first two outlets to be upgraded with new jewellery fixtures and a more spacious layout. The new-look stores were designed with the intention of increasing personal interaction between sales staff and customer.
David Allen, Pandora Australia president
Pandora Australia president David Allen told Jeweller that the modifications were part of an international concept that the Danish company had been working on over an extended period of time.
“Brand representation is key, and it is important to continue to evolve our in-store experience to reflect this,” he said. “The new store design is an evolution of the existing Pandora concept, enhancing what is already an amazing store design.”
Allen confirmed that all Australian and New Zealand company-owned stores would be converted to the “new evolution concept” design going forward, however, at the time, he was unable to comment on the expected timing of the roll-out.
The new store design has already been implemented overseas including four locations in the US: Bridgewater, New Jersey; Buffalo, New York; Pittsburgh, Pennsylvania; and Nashua, New Hampshire.
News of the store refurbishments followed the announcement that Pandora Australia was ending its business relationship with the three jewellery buying groups, Nationwide Jewellers, Showcase Jewellers and Leading Edge Jewellers. At the time, Allen explained that the new retail distribution strategy would introduce standardised trading terms across all retail stockists.
More reading
Buying groups hit back over Pandora
Pandora jewellery drops buying groups |
Pandora buy-back update | Following a series of transactions related to its share buyback program that was announced in February, Pandora now owns 5.8% of the share capital | http://www.4-traders.com/PANDORA-AS-6705882/news/PANDORA-AS--30-March-2015-TRANSACTIONS-IN-CONNECTION-WITH-SHARE-BUYBACK-PROGRAMME-20107407/ | 2015-03-30 06:52:58.440000 | No. 227
30 March 2015
On 17 February, PANDORA initiated a share buy-back programme, cf. Company announcement no.
217. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour Regulation). The purpose of the programme is to reduce PANDORAs share capital and to meet obligations arising from employee share option programmes.
Under the programme PANDORA will buy back shares for an amount up to DKK 3,900 million in the period from 17 February to 31 December 2015.
The following transactions have been made under the programme:
Number of shares Average purchase price, DKK Transaction value, DKK Accumulated last announcement 735,571 442,237,072 23 March 2015 47,497 610.07 28,976,604 24 March 2015 1,000 615.83 615,830 25 March 2015 80,000 612.69 49,015,136 26 March 2015 4,000 600.39 2,401,571 27 March 2015 60,000 605.42 36,325,344 Accumulated under the program 928,068 559,571,557
With the transactions stated above, PANDORA owns a total of 7,425,961 treasury shares, corresponding to 5.8% of the share capital.
30 March 2015 | Company announcement | No. 227 1 | 2
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine metals at affordable prices. PANDORA jewellery is sold in more than 90 countries on six continents through approximately 9,900 points of sale, including more than 1,400 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than
11,400 people worldwide of whom approximately 7,900 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2014, PANDORA's total revenue was DKK 11.9 billion (approximately EUR 1.6 billion). For more information, please visit www.pandoragroup.com.
For more information, please contact:
INVESTOR RELATIONS Morten Eismark
VP Group Investor Relations
Phone +45 3673 8213
Mobile +45 3045 6719
MEDIA RELATIONS Jakob Risom Langelund Press Officer
Phone +45 3673 0634
Mobile +45 6165 6540
Magnus Thorstholm Jensen Investor Relations Officer Phone +45 4323 1739
Mobile +45 3050 4402
30 March 2015 | Company announcement | No. 227 2 | 2 |
351 new hotels under construction in German, with budget hotels gaining market share | Data from tophotelprojects shows that there are currently 351 new hotels under construction in Germany, which will provide 53,042 additional rooms over the next few years. In Hamburg, which is a candidate for the 2024 Summer Olympic Games, 26 hotels, with 4,600 rooms are under construction and in Berlin 25 hotels with 5,700 rooms. Data suggests that low-budget hotels are gaining market share. | http://www.ahgz.de/marktdaten/rund-350-neue-hotels-fuer-deutschland,200012220520.html?utm_source=Newsletter-AHGZ-am-Morgen&utm_medium=email&utm_content=click-8325 | 2015-03-26 07:11:26.033000 | -
Anziehungspunkt: Hamburg lockt Touristen und Hotelinvestoren
Die Hotelmärkte Hamburg und Berlin sind bei Investoren angesagt. Welche Hotelkonzepte weitere Marktanteile gewinnen.
HAMBURG. Die deutsche Bewerberstadt für die Olympischen Sommerspiele 2024 boomt, auch was die Hotellerie angeht: In Hamburg entstehen derzeit 26 neue |
Pandora preparing for grand re-launch its new concept store in the US | Pandora has create a store design intended to improve the customer shopping experience and is due to launch the concept at four locations in Bridgewater, New Jersey, Buffalo, New York, Pittsburgh, Pennsylvania and Nashua, New Hampshire on 28-Mar with gifts and activities for guests. Pandora has also partnered with Who What Where and fashion blog Design Darling to create a customized content campaign to promote the grand re-opening of these locations. | http://www.diamonds.net/News/NewsItem.aspx?ArticleID=51745&ArticleTitle=Pandora%2bDebuts%2bNew%2bConcept%2bStore%2bDesign%2bat%2bFour%2bLocations | 2015-03-25 06:15:35.270000 | RAPAPORT... Pandora Jewelry created a store design that is specifically intended to improve its customers' shopping experience. The jeweler's redesigned and reopened concept stores are located in Bridgewater Commons in Bridgewater, New Jersey; Walden Galleria in Buffalo, New York; Ross Park Mall in Pittsburgh, Pennsylvania and Pheasant Lane Mall in Nashua, New Hampshire.
The new design includes what Pandora defined as "evolution jewelry fixtures" and a more spacious environment to improve personal interaction between the sales associate and the consumer. Pandora will host a grand reopening on March 28 at all locations with gifts and activities for guests. The stores will feature a life-size jewelry tower, where guests who spend $150 or more can pull drawers from the tower to receive a piece of the brand's jewelry. Each store will also feature a photo booth, light fare and refreshments and the chance for customers to enter a drawing for a $250 shopping spree at Pandora.
Pandora Jewelry partnered with Who What Wear and fashion blog Design Darling to create a customized content campaign that promotes the grand reopening of these locations. Design Darling's Mackenzie Horan will post to her blog and social media channels announcing the events and highlighting her favorite pieces from Pandora's new Spring Collection.
"We have been working to improve the customer's retail experience in the stores as part of our 2015 sales initiative and are really excited to see the redesign come to fruition with these four locations," said Darren Chen, the chief sales officer for Pandora Jewelry. "With the new store layout, customers have a more spacious and comfortable environment to browse the jewelry and interact with the store associates, making for a more enjoyable shopping experience." |
78 more car loans of upto $35,000 approved on-line in 60 seconds last week | Car shoppers across America are getting instant approval loans through that nationwide lending network, Complete Auto Loans. Consumers who make at least $350 per week are getting approval for loans of up to $35,000. The approval process takes as little as 60 seconds & the lender approved 78 more applications last week. | http://www.prweb.com/releases/auto-loan-approvals/bad-credit-auto-loans/prweb12601263.htm | 2015-03-23 22:39:42.057000 | The trusted auto lender, Complete Auto Loans, approved 78 more applicants for a bad credit auto loan last week. Car shoppers across America are getting instant approval loans through the nationwide lending network. Consumers who make at least $350 per week are now getting approved for a loan up to $35,000 on a new or used vehicle.
https://completeautoloans.com/application-form/ – Get approved for a car loan in as little as 60 seconds.
Getting approved for a loan is easy and takes as little as 60 seconds with Complete Auto Loans’ easy to use online application. Once the application is filled out, the auto lender will match them to a local area lender who is able to get them the auto loan they need.
As an added service, Complete Auto Loans also provides a complimentary online credit score tool which has helped drivers save thousands of dollars. After completing the easy online car loan application, applicants are given the opportunity to save thousands of dollars on their loan. For more information, visit Complete Auto Loans’ website.
About Complete Auto Loans
Complete Auto Loans is a Seattle-based company that is dedicated to helping their customers acquire national car financing. They design and develop customized no credit financing, bad and good credit loans. Voted the best for "Quality Customer Service" and "Best National Service" by thousands of people, their finance experts focus on providing their customers with the following: information and tools available for different loan offers, how to choose the best loan that fits their budget, as well as related eligibility guidelines. |
Cushing has seen crude oil storage increase for 15 consecutive weeks | After increasing for 15 consecutive weeks, crude oil storage at Cushing, Oklahoma reached 54.4mn barrels on 13-Mar according to EIA’s Weekly Petroleum Status Report. This is the highest volume on record, but not the highest percent of storage utilization as working storage capacity at Cushing has also increased. Capacity utilization at Cushing stands at 77% from a recent low of 27% in Oct-14. Storage levels at Cushing are important as it serves as the delivery point for the US crude oil benchmark, West Texas Intermediate. Cushing is home to both a network of crude oil pipelines and storage capacity, and the 70.8mn barrels of storage capacity there represents more than 60% of all crude oil working storage capacity in the Midwest and c 19% of all commercial crude storage in the US.Utilization can be difficult to calculate because EIA’s reported inventory levels also include crude oil that is not in storage tanks. This larger inventory is in pipelines, and includes lease stocks (oil produced but not in the yet in the supply chain), and crude oil in transit from Alaska (which only applies to inventories in the West Coast region). Also, the ability to ship crude oil in pipeline both to and from Cushing has increased recently meaning inventory levels can more rapidly than in previous years. | http://www.eia.gov/todayinenergy/detail.cfm?id=20472&src=email | 2015-03-23 17:58:20.853000 | After increasing for 15 consecutive weeks, crude oil storage at Cushing, Oklahoma, reached 54.4 million barrels on March 13, according to EIA's Weekly Petroleum Status Report. This volume is the highest on record, but not the highest percent of storage utilization, as working storage capacity at Cushing has also increased over time.
Storage levels at Cushing are significant, because Cushing serves as the delivery point for the United States crude oil benchmark, West Texas Intermediate. Sited in central Oklahoma, Cushing is home to both a network of crude oil pipelines and storage capacity. The 70.8 million barrels of storage capacity in Cushing represent more than 60% of all crude oil working storage capacity in the Midwest (as defined by Petroleum Administration for Defense District 2) and about 19% of all commercial crude oil storage in the United States.
Although inventory levels at Cushing are at their record high, storage utilization (inventories as a percent of working storage capacity) are not at record levels. Capacity utilization at Cushing is now 77%, a large increase from a recent low of 27% in October 2014. However, utilization reached 91% in March 2011, soon after EIA began surveying storage capacity twice a year, starting in September 2010.
As explained in a previous article, utilization can be difficult to calculate, because EIA's reported inventory levels also include crude oil that is not in storage tanks. This larger inventory is in pipelines, and includes lease stocks (oil that has been produced but not yet entered into the supply chain), and crude oil in transit from Alaska (which only applies to inventories in the West Coast region).
At a national level, including these volumes in storage utilization calculations tends to overestimate storage utilization. At a specific site such as Cushing, though, this is less of a concern because there are no volumes in lease stocks and no crude oil in transit from Alaska.
Recently, the ability to ship crude oil in pipelines both to and from Cushing has increased; inventory levels can change more rapidly than in previous years. Using the absolute value of weekly changes, Cushing inventory levels in the previous two months have changed by about 2.2 million barrels (on a net basis). In previous years, the net weekly changes were more often in the range of 0.5 to 1.0 million barrels either in or out of Cushing.
Principal contributors: Hannah Breul, Owen Comstock |
Pandora's US subsidiary is moving its HQ to Baltimore | Pandora’s US subsidiary is moving its HQ from Columbia to Baltimore in April where it will reside at 250 West Pratt St, a premium property recently acquired by COPT | http://www.cpexecutive.com/regions/northeast/copt-picks-up-premium-property-in-baltimore/1004115994.html | 2015-03-23 16:07:04.447000 | By Keith Loria, Contributing Editor
Corporate Office Properties Trust has acquired 250 West Pratt St., a 368,200-square-foot Class A office building in Maryland’s Pratt Street Corridor near Baltimore’s Inner Harbor, for $63.5 million from Tier REIT.
The 24-story office building was 95 percent leased at the time of the sale.
“This acquisition enhances the quality of our regional office portfolio by increasing our ownership of urban, in-fill buildings in amenity- and transportation-rich submarkets,” Roger Waesche, COPT’s president & CEO, said in a company release.
According to DTZ’s Baltimore Office Market 2014 Fourth Quarter Snapshot, the Baltimore office market ended 2014 with a 15.65 percent vacancy rate, the result of 156,843 square feet of positive absorption throughout the market in the fourth quarter.
Baltimore experienced almost 1.1 million square feet of positive absorption in 2014 with the average full service asking rent in the market currently hovering around $22.41 per square foot. Additionally, the downtown Baltimore office submarket experienced 92,014 square feet of positive absorption in 2014 and finished the year with an 18.08 percent vacancy rate.
As of the end of 2014, COPT’s consolidated office portfolio consisted of 173 office properties totaling 16.8 million rentable square feet.
Last week, COPT stock hit a new 52-week peak during trading, hitting as high as $30.84, with a volume of 1,670,907 shares trading hands.
Originally constructed in 1986, 250 West Pratt St. was designed by Skidmore, Owings and Merrill L.L.P. and originally developed by and for Cabot, Cabot & Forbes. Its tenants include the University of Maryland Medical System, the U.S. Probation and Parole office and the University of Maryland faculty.
In April, it will become home to Pandora Jewelry L.L.C., which is moving its headquarters from Columbia to five floors and 87,862 square feet in the building. |
Pandora opening store in Puerto Rico's first luxury shopping mall | Pandora is amongst the first 50 stores opening in Puerto Rico’s first luxury shopping Mall, the Mall of San Juan when it opens later this week. | http://newsismybusiness.com/bvlgari-lululemon-more/ | 2015-03-23 11:15:03.790000 | Adjuntas' Hacienda Monte Alto will open a kiosk at the mall's main level.
The opening of The Mall of San Juan is in three days, and anticipation about the full list of first tenants is building up as the clock ticks away.
This media outlet learned that new arrivals Bvlgari and Lululemon Athletica, as well as local coffee shop Hacienda Monte Alto, have retail space already set aside at the shopping center slated to open Thursday.
Italian jewelry and luxury goods retailer Bvlgari, which has been in business for 130 years, will open next to the Giuseppe Zanotti Design location, on the mall’s second floor. Bvlgari produces and markets several product lines including jewelry, watches, fragrances, and accessories.
Meanwhile, athletic apparel retailer Lululemon Athletica is also lined up to open its first store in Puerto Rico at the shopping center, with a storefront already up reserving its space.
Finally, Puerto Rican coffee shop Hacienda Monte Alto is slated to open a kiosk at the mall’s main level. Hacienda Monte Alto specializes in the production of specialty and premium coffee from its operation on the mountains of Adjuntas.
Activities related to the mall’s opening start today, with tours of the anchor tenant stores Saks Fifth Avenue and Nordstrom for members of the media, as well as of the shopping center itself on Wednesday. High-ranking executives are expected to be on hand for the individual events.
With those confirmed retailers, the list of The Mall of San Juan tenants is up to 50:
Banana Republic Bath & Body Works BCBG MaxAzria bebe Boston Proper BRIO Tuscan Grille Brooks Brothers Burger and Beer Joint Bvlgari Camicissima Milano Cellairis Chico’s Claro Coach Designer Eyes Diventi Bella Finish Line Footaction Forever Flawless Gap Geox Shoes Giuseppe Zanotti Design Gucci Hacienda Monte Alto Herve Leger Hollister iAccessorize Invicta Watches Jimmy Choo kate spade Kona Grill Louis Vuitton Lululemon Athletica Lush Cosmetics Nordstrom Nouvelle D’Spa Boutique Omega Pandora Saks Fifth Avenue SOMA Swarovski Swatch T-Mobile Teavana Tommy Bahama Vans Versace Victoria’s Secret White House/Black Market Zara |
Chinese automaker, Cherry cuts production forecast in Brazil | Chinese automaker, Cherry has reduced its production forecast in Brazil for 2015 from 30,000 to 25,000 amid the economic downturn, The plant was originally designed for a capacity of 150,000 cars a year, and subsequently scaled back to 50,000. | http://economia.estadao.com.br/noticias/geral,crise-e-dolar-alto-freiam-invasao-de-carros-chineses-imp-,1655563 | 2015-03-23 09:09:48.307000 | Inaugurada em meio ao furacão econômico que derrubou as vendas de veículos no Brasil, a montadora chinesa Chery reduziu de 30 mil para 25 mil a previsão de produção para este ano. Com isso, a fábrica de Jacareí (SP) vai operar com metade de sua capacidade instalada, mesmo com o projeto de lançar mais um produto até o fim do ano. Inicialmente, a fábrica foi projetada para uma capacidade de 150 mil carros ao ano, mas teve o plano alterado para 50 mil.
Linha de montagem do Celer, da Chery, que reduziu suas projeções de produção para o ano e vai operar com metade de sua capacidade Foto: José Patrício/Estadão
"Não está sendo fácil", diz o vice-presidente da Chery no Brasil, Luis Curi. Além do fraco desempenho do mercado automotivo em razão da crise econômica, ele ressalta que a disparada do dólar provocou "um baque grande" nas atividades. O Celer, primeiro carro em produção no País, tem 55% a 65% de componentes importados.
Apesar das agruras vividas pela novata, a Chery é a única entre dez marcas chinesas que anunciaram fábricas de automóveis no País a iniciar operações. Os outros projetos por enquanto não foram adiante.
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Somados todos os investimentos anunciados nos últimos anos, os chineses planejavam aplicar o equivalente a R$ 8,7 bilhões no País.
A JAC Motors chegou ao Brasil com estardalhaço - tinha como garoto-propaganda o apresentador Fausto Silva e inaugurou 48 lojas num mesmo dia, em 18 de março de 2011.
Em novembro de 2012 fez cerimônia da pedra fundamental da fábrica em Camaçari (BA), e enterrou um modelo J3 numa "cápsula do tempo". A área passou por terraplenagem e, desde então, aguarda as obras do prédio. O investimento de R$ 900 milhões previa capacidade para 100 mil veículos ao ano.
Nesse período, a composição acionária da JAC Motors do Brasil mudou. O empresário brasileiro Sérgio Habib, presidente do Grupo SHC, detinha 66% das ações e o grupo chinês, 34%. A sociedade foi invertida e ele passou a sócio minoritário.
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A última previsão do grupo era de que as obras começariam em abril, mas a data já não é mais confirmada. A empresa aguarda a liberação de um empréstimo de R$ 120 milhões da Agência de Fomento do Estado da Bahia (Desenbahia) que está sendo analisado desde setembro, sem data para conclusão.
Outras marcas de automóveis cujos projetos ainda não saíram do papel são Changan, Hafei, Haima, Great Wall, Jinbei e Effa. A Lifan informou em 2014 que pretende ter unidade local em três anos. A Geely disse em outubro que anunciaria sua filial "nos próximos meses", mas agora o representante da marca no País, o grupo Gandini, diz não ter novidades sobre o tema.
Participação. A invasão chinesa que se vislumbrou há dez anos não se concretizou, nem entre importados. O cenário para as marcas do país asiático já não era favorável desde que o governo instituiu a cobrança extra de 30 pontos porcentuais de IPI, em 2012. Piorou com a queda do mercado total e se complicou com a alta do dólar.
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Em 2009, a previsão de empresários do setor era de que as marcas chinesas representariam, hoje, 5% das vendas totais de automóveis e comerciais leves no País. No ano passado, contudo, essa participação ficou em 0,7%, com vendas de 24,8 mil veículos. No primeiro bimestre deste ano, a fatia está em 0,8%, com 3,6 mil veículos.
"Há uma resistência do consumidor brasileiro em aceitar novas marcas porque os produtos introduzidos até agora oferecem qualidade abaixo das expectativas", diz Stephan Keese, da consultoria Roland Berger.
Segundo ele, também houve percepção de alguns empresários chineses de que "o Brasil é um país difícil para negócios e operar uma fábrica e uma rede de distribuição é complicado". Keese, contudo, avalia que os chineses ainda consideram o País atrativo. "Talvez agora não seja um período interessante, mas tenho certeza de que no longo prazo os chineses virão."
Compacto. Enquanto tenta driblar as dificuldades atuais, a Chery, que em fevereiro iniciou a produção comercial do Celer - fruto de um investimentos de US$ 400 milhões -, prepara a chegada do compacto QQ para o segundo semestre. O projeto deve levar a algumas contratações. Hoje, a fábrica emprega 600 pessoas, informa Curi.
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Em 2016, a fábrica deve ganhar mais dois produtos, o utilitário Tiggo 5 e um carro que está em desenvolvimento na China. "Precisamos atingir a produção de 50 mil veículos ao ano pois com 25 mil não é possível operar com rentabilidade", afirma Curi, que também reclama de custos adicionais, como a alta de 30% na energia elétrica.
Para ajudar numa nova estratégia para o grupo, a Chery chinesa indicou recentemente o vice-presidente global Wong Chingthung para acompanhar a filial brasileira. Ele é responsável pelas operações no Oriente Médio e Ásia e passa a acumular o Brasil em suas tarefas. |
Higher rates in Brazil not reflected by higher defaults | Despite interest rates on consumers loans in Brazil setting new records, there does not appear to be an increase in the rate of default according to the local press | http://www1.folha.uol.com.br/mercado/2015/03/1606583-juros-ao-consumidor-atingem-recorde-sem-elevar-calote-veja-simulacao.shtml | 2015-03-23 09:08:03.273000 | Publicidade
Os juros ao consumidor atingiram novos recordes, fruto da recente escalada nos juros do governo, mas isso ainda não se refletiu com a mesma intensidade no aumento da inadimplência.
O juro médio cobrado no cartão de crédito rotativo alcançou 334% ao ano em janeiro. No cheque especial, a taxa média é de 208,7% ao ano. São as maiores taxas desde 1999, segundo levantamento da Anefac (associação dos executivos financeiros). No mesmo mês de 2014, as taxas estavam em 309,5% e 154,1%, respectivamente.
Editoria de Arte/Folhapress
Apesar disso, o calote médio em todas as linhas de crédito para pessoas físicas caiu de 4% para 3,8% de janeiro de 2014 para janeiro de 2015. Para especialistas, isso significa que o brasileiro está escolhendo melhor as linhas de crédito que utiliza para enfrentar imprevistos financeiros, evitando as modalidades com taxas as mais caras.
"Empréstimos pessoais e consignados têm ganhado espaço. O consumidor está comparando as taxas de diferentes modalidades de crédito", disse Wilson Justo, diretor da financeira Sorocred.
No caso do consignado, a taxa é menor porque o desconto é feito já na folha de pagamento de quem tomou o crédito. No empréstimo pessoal, a taxa é um pouco maior, mas ainda bem menos salgada do que no cartão de crédito e no cheque especial.
Recentemente, vem ganhando força o financiamento em que o consumidor oferece um bem como garantia. Geralmente é o carro ou a casa. As taxas tendem a ser menores (2% a 3% ao mês) porque a instituição tem a possibilidade de tomar o bem em caso de inadimplência. O valor máximo emprestado é o do bem em garantia.
"Quem toma esse crédito pega 70% do valor de um veículo. Conhecemos bem esse público e damos condições para acertar o financiamento. Não interessa a ninguém pegar o carro, que geralmente é um veículo antigo", afirma Tadeu Silva, vice-presidente da Omni Financeira.
LEI DIFICULTA SUJAR NOME DE INADIMPLENTE
Os juros ao consumidor atingiram novos recordes, fruto da recente escalada nos juros do governo, mas isso ainda não se refletiu com a mesma intensidade no aumento da inadimplência.
O juro médio cobrado no cartão de crédito rotativo alcançou 334% ao ano em janeiro. No cheque especial, a taxa média é de 208,7% ao ano. São as maiores taxas desde 1999, segundo levantamento da Anefac (associação dos executivos financeiros). No mesmo mês de 2014, as taxas estavam em 309,5% e 154,1%, respectivamente.
Apesar disso, o calote médio em todas as linhas de crédito para pessoas físicas caiu de 4% para 3,8% de janeiro de 2014 para janeiro de 2015. Para especialistas, isso significa que o brasileiro está escolhendo melhor as linhas de crédito que utiliza para enfrentar imprevistos financeiros, evitando as modalidades com taxas as mais caras.
"Empréstimos pessoais e consignados têm ganhado espaço. O consumidor está comparando as taxas de diferentes modalidades de crédito", disse Wilson Justo, diretor da financeira Sorocred.
No caso do consignado, a taxa é menor porque o desconto é feito já na folha de pagamento de quem tomou o crédito. No empréstimo pessoal, a taxa é um pouco maior, mas ainda bem menos salgada do que no cartão de crédito e no cheque especial.
Recentemente, vem ganhando força o financiamento em que o consumidor oferece um bem como garantia. Geralmente é o carro ou a casa. As taxas tendem a ser menores (2% a 3% ao mês) porque a instituição tem a possibilidade de tomar o bem em caso de inadimplência. O valor máximo emprestado é o do bem em garantia.
"Quem toma esse crédito pega 70% do valor de um veículo. Conhecemos bem esse público e damos condições para acertar o financiamento. Não interessa a ninguém pegar o carro, que geralmente é um veículo antigo", afirma Tadeu Silva, vice-presidente da Omni Financeira. |
Razorfish shows what a top-to-bottom connected retail experience would look like | Last week, at the Adobe Summit, interactive digital agency Razorfish gave marketers a whirlwind tours of what a top-to-bottom connected retail experience would look at feel like. Its hypothetical store demonstrated how it can take all the data and content trapped up in the cloud, where it serves 9% of all shoppers, and bring it into the store to create relevant personalised experiences for shoppers where 91% of purchase decisions are made. | http://www.marketingmag.ca/consumer/what-razorfish-thinks-connected-retail-looks-like-140732 | 2015-03-18 05:03:39.053000 | Adobe Summit: Agency gives marketers a tour of top-to-bottom connected retail
Last week at the Adobe Summit in Salt Lake City, UT, interactive digital agency Razorfish Global gave marketers a whirlwind tour of what a top-to-bottom connected retail experience would look and feel like.
Called RZR Shop, its hypothetical store made use of mobile devices, interactive in-store screens and product RFID tagging. But it went beyond the shiny hardware and showed how those technologies could be combined with intelligent processes and real-time data to create a holistic “phygital” journey — Razorfish’s word for a digital experience in a physical space.
“What I mean is a store that takes all the awesome data and content that we have trapped up in the cloud, where it serves 9% of all shoppers, and we bring it down into the store, to create relevant personalized experiences for shoppers where 91% of purchase decisions are made,” said Jason Goldberg, Razorfish VP of commerce strategy and mastermind of the operation.
Adobe Marketing Cloud director of industry strategy Michael Klein played the customer/guinea pig for the demo. As a loyal return customer to a menswear outlet, he started by booking a consultation with a stylist on his mobile device.
Paul Elliott, EVP marketing and innovation for Rosetta, the customer engagement-focused subsidiary of Razorfish Global, played the digitally enabled stylist. As soon as Klein entered the store, Elliott got a notification on his tablet, telling him his appointment had arrived.
But Klein was eight minutes early, which, Elliott claimed, should give him enough time to quickly help another customer. “The algorithm tells me that because I can typically service other clients in that timeframe, I’m available to service someone,” explained Elliott.
The fictional new customer, Jennifer, got his attention by pinging him from her own mobile device. Along with her help request, Elliott saw info about what type of customer she is (an indulgent trend setter) and her favourite product category (jeans).
“I’m able to get at the science behind the art in preparation for this interaction,” said Elliott. “The intention here is for me to arm myself with an understanding of who Jennifer is, what motivates her, and what I can do to help her have the best experience.”
Jennifer was looking for a specific pair of pants she’d seen in a personalized email promotion. Since the email was designed within the Adobe Marketing Cloud — which also powers all of the in-store signage and store operations — Elliott can easily jump to the email to find the item and see whether it’s in stock.
Jennifer purchased the pants from Elliott on the spot, paying by credit card on his tablet. She decided to have the receipt emailed to her.
Then it was time to meet with Klein. He was looking for a new style, so Elliott pulled up the curated outfit he’d picked out for him, and swapped it onto a nearby 4K screen to create a “co-shopping” interface. The screen showed Klein hi-res images and details on each of the items Elliott had suggested.
Once Klein found something he liked and had the fit right, he swiped the screen’s contents onto his phone, and sent it to his wife to get her opinion.
At the last minute he decided he wanted to look for shoes. In the shoe department, the nearby signage, remembering the outfit he’d already picked out, showed several options for items that would match with what he planned to wear. When he selected a pair, he could see additional information like user ratings and reviews, pulled down from the cloud in real-time. If he wanted to try the shoes on, the shelf where the RFID-tagged item was displayed would light up to draw his attention.
With the customer visit complete, Elliott took a moment to show off the analytics that Adobe built from Klein’s transaction and others like it. As a manager, he could look at conversion rate effectiveness at the store, category or product level, plus detailed foot-traffic heatmaps and physical customer paths through the store, extracted from mobile beacon data, all on his tablet.
At least one audience member wasn’t impressed, saying the experience felt too invasive for the shopper, and all he really wanted to do was buy his pants.
But RZR Shop had an answer for that too. Embedded in the analytics available to each sales associate was a score showing the specific customer’s willingness to be engaged. A “self-sufficient” shopper scores a 0; Jennifer, who initiated the interaction with Elliott, scored a 6.
So the store of the future knows when to leave shoppers alone.
Goldberg made it clear that none of the individual technologies demoed by RZR Shop were new. All of them are already being used by retailers. But that doesn’t mean they’ve been figured out.
“What tends to happen is a retailer will say, ‘I’m going to put a digital sign in my store,'” he said. “Everyone comes and it looks great and we all break our arms patting ourselves on the back. But there’s no plan to ever change the content. No plan to ever measure whether it influences sales and refine the messaging based on how customers are behaving.”
What Razorfish is really doing is putting the various pieces together and creating a system that can be implemented at the scale of a national or international retail chain, on an ongoing, self-sustaining basis.
Most of RZR Shop is beneath the surface. It uses a range of tools from Adobe Marketing Cloud, like Adobe’s new Experience Manager Screens for cross-screen user experience design, as well as Adobe Analytics for measurement and Adobe Target to optimize content against different customer segments. On top of that, there was Razorfish’s Bluetooth Low-Energy Experience Platform (BLEEP) for mobile beacon interaction and Rosetta’s customer intelligence interface for the sales associate’s tablet app.
The way Goldberg sees it, all of those capabilities have already been developed and implemented in e-comm, and it’s just a matter of translating them to the physical store.
“What we’re showing here is, ‘Hey, you have the Adobe Marketing Cloud. You know how to produce content on an ongoing basis, you know how to optimize that content based on audience response. Let’s leverage all those disciplines on that big screen in the store and make it more scalable,'” said Goldberg.
Both Razorfish and Adobe are convinced that this kind of data-powered, interactive experience is a major growth opportunity for retailers. Speakers from both companies cited the Forrester stat that e-comm only makes up 9% of commerce interactions in the U.S. multiple times throughout the conference.
Meanwhile, Goldberg said, digital channels influence some 52% of all in-store sales. That’s not something retailers can ignore. |
EIA data shows first sign of decline in US oil production in three regions | EIA’s most recent Drilling Productivity Report (DPR) show falling rig counts drive projected near-term oil production decline in 3 key US regions: the Eagle Ford, Niobara and Bakken. The DPR estimates, which cover Mar & Apr include the first projected declines in crude oil production in these regions since publication of the DPR began in Oct-13.Productions gains in other regions continue, particularly the Permian, therefore overall crude production in the regions tracked by the DPR rose slightly in Mar to 5.6mn barrels per day, and total production in DPR regions in Apr is expected to be unch vs Mar.Recent price declines have driven operators to reduce the number of rigs in use, and DPR results show sharp decreases in rig counts in all regions from Jan-15 / Feb-15. Typically when producers decide to lay down some rigs they start by idling the older, least efficient once, meaning the effort on production is largely dependent upon the productivity of those remaining. | http://www.eia.gov/todayinenergy/detail.cfm?id=20392&src=email | 2015-03-18 04:47:11.140000 | Source: U.S. Energy Information Administration, U.S. Energy Information Administration, Drilling Productivity Report
Republished March 17, 2015, 10:00 a.m., text was modified to clarify content.
EIA's most recent Drilling Productivity Report (DPR) indicates a change in the crude oil production growth patterns in three key oil producing regions: the Eagle Ford, Niobrara, and Bakken. The DPR estimates, which were issued on March 9 and cover the months of March and April, include the first projected declines in crude oil production in these regions since publication of the DPR began in October 2013. However, with production gains continuing in other regions, particularly the Permian, overall crude oil production in regions tracked by the DPR rose slightly in March to 5.6 million barrels per day. Total production in the DPR regions in April is expected to be virtually unchanged from its March level.
In any given month, there are new wells and legacy, or continuing, wells. Production from legacy wells declines over time, but recently the rate of decline in some regions has been increasing. This means that, in order for overall production to increase, operators must drill enough new wells to overcome the decline from legacy wells. As fewer wells are drilled, this decline becomes a significant challenge to overcome.
The recent decline in crude oil prices has led operators to reduce the number of rigs in use. DPR results show sharp decreases in rig counts in all regions, starting in January and February of this year. When producers make the decision to lay down some drilling rigs, they generally start by idling the older, least-efficient ones first. The effect on production depends on the productivity of the remaining rigs.
For example, falling crude oil prices during the 2008-09 recession led to decreases in rig counts, but not decreases in production. At that time, lower rig counts were more than offset by increases in the productivity of remaining rigs, as those more productive rigs required fewer days to drill and complete a well, had higher initial production rates, and were more able to drill multiple horizontal wells from a single pad. Because the base level of rig performance is so much higher now than several years ago, it is not clear that productivity gains will offset rig count declines to the same degree as in 2008-09.
The Permian region, where as late as December 2013 half the operating rigs were vertical rigs, still appears to be experiencing significantly larger productivity improvements than other DPR regions. In general, average production from a vertical well is significantly smaller than that from a horizontal well. As more vertical rigs are brought offline, the ratio of vertical to horizontal rigs in the Permian, which has only fallen below 1:1 in recent months, is coming closer to, but remains above, the vertical-to-horizontal rig ratio in the other DPR regions.
Source: U.S. Energy Information Administration, U.S. Energy Information Administration, Drilling Productivity Report
Principal contributors: Jozef Lieskovsky, Richard Yan |
Dyson invests $15mn in technology that may double smartphone battery life | Dyson has invested $15mn in Sakti3, a company that is promising to double the battery life of smartphones, and has entered into a joint development agreement to help bring the batteries to market. Sakti3 has developed a “solid-state battery” that is claims will far surpass the performance of today’s lithium-ion cells using lithium electrodes instead of liquid chemicals to create the longer lasting battery. The company claims it can store more than 1,000 watts hours per litre using compared to the 620 watt hours per litre yielded by today’s batteries, and it is also thought that the technology can be used to make more lightweight batteries for electric cars. | http://www.theguardian.com/technology/2015/mar/16/dyson-invests-15m-in-technology-that-may-double-smartphone-battery-life | 2015-03-16 15:53:09.483000 | Dyson is investing $15m in a new type of battery that promises to double smartphone battery life and allow electric cars to drive over 600 miles per charge.
The British vacuum company was alerted to the University of Michigan spin-off called Sakti3, which has developed next generation solid-state technology that can store twice as much energy as traditional rechargeable batteries.
As part of the investment, Dyson has entered into a joint development agreement to commercialise Sakti3’s solid-state battery technology. The new batteries promise to store twice as much energy as today’s liquid-based lithium batteries, that are used in everything from smartphones and tablets to cars, robots, and renewable energy sources such as solar panels and wind turbines.
“Sakti3 has achieved leaps in performance, which current battery technology simply can’t,” said company founder James Dyson. “It’s these fundamental technologies – batteries, motors – that allow machines to work properly.”
Battery technology is one of the major limiting factors of portable or cordless electronic products today. While surrounding computer technologies have progressed at a staggering rate, batteries haven’t kept up, leading to user frustration and limits on what can be done.
The lithium-ion technologies used in today’s best batteries have barely progressed since their introduction in 1991 by Sony. There has been improvement in longevity and charging times, but not a great deal in terms of the amount of energy that batteries store.
Mobile electronics have been forced to choose: either be heavier and thicker, or else suffer from poor battery life, which is one of the reasons products like the iPhone rarely last longer than a day on a single charge.
Solids not liquids
Most batteries rely on a liquid mixture of reactive compounds, which store energy from the mains and release it when required through chemical reactions within the cell in the form of electricity.
Sakti3’s solid-state technology uses solid lithium electrodes instead of a liquid mix of chemicals, which doubles the amount of energy that can be stored within a battery.
The eight-year-old company claims its solid-state batteries can store over 1,000 watt hours per litre, which is almost double the best traditional lithium-ion batteries available today with an energy density of up to 620 watts per hour per litre. That increased energy density could effectively double the battery life of mobile electronics, extend the range of electric vehicles and lead to thinner and lighter technology.
The batteries also promise to be cheaper to manufacture, longer lasting and be more environmentally friendly than current lithium-ion batteries. Solid-state batteries also remove some of the safety issues around the explosive nature of liquid batteries.
Other battery technologies in development, such as sulphur-based batteries, have been held back by safety issues. The chemical reactions used to generate the electricity can be violent and corrosive, meaning that they need to be carefully contained to avoid leaks and the reaction releasing the electricity must be kept stable to avoid overheating and potentially explosive consequences.
As most batteries are used in close proximity to the body, such as a smartphone kept in a pocket, tough safety regulations are in place.
Ann Marie Sastry, founder and chief executive of Sakti3, said that the agreement with Dyson will allow the company to bring its technology to the mass market.
“There is a great deal of knowledge and passion on both sides, and Dyson’s engineering team has the capability and the track record to scale up new ideas and make them a commercial reality,” she said.
The investment from Dyson guarantees that the new battery technology will appear first in Dyson products, including new versions of its cordless machines and robotic vacuum cleaners. But the applications for the technology go far beyond cleaning products.
Additional investors in Sakti3 include Khosla Ventures, General Motors and others.
Tesla Motors’ Model S sedan: the electric car company recently announced the launch of a home battery pack. Photograph: Ringo H.W. Chiu/AP
One of the major factors holding back electric cars is so-called “range anxiety”. The best electric cars can only manage around 300 miles on battery power before requiring recharging, which can take over an hour even on the fastest chargers. Batteries with twice the capacity could help alleviate such range issues and make electric vehicles a viable alternative to fossil fuel-powered cars.
Electric car company Tesla, which has also been investing heavily in battery technology, recently announced the launch of a home battery pack. The batteries will be used to store energy generated by solar panels and other renewable sources powering homes overnight and helping reduce electrical costs and carbon footprints.
What issues can solid-state batteries solve? |
e-invoicing mandatory for all VAT-registered businesses from Jul-16 | The Federal Administration of Public Revenue (AFIP) in Argentina has announced the massification of e-invoicing in Argentina from July-16. Earlier this month, the head of AFIP, Ricardo Echegaray, revealed that this system will become generalized over the summer, replacing some of the previous informative regimes in force to date. | http://eeiplatform.com/15699/argentina-e-invoicing-mandatory-for-all-vat-registered-businesses-as-of-1-july-2016/ | 2015-03-16 15:38:17.950000 | The Federal Administration of Public Revenue (AFIP) in Argentina has announced the massification of e-invoicing in Argentina as from July 2015. Earlier this month, the head of AFIP, Ricardo Echegaray, revealed that this system will become generalized over the summer, replacing some of the previous informative regimes in force to date. General Resolution 3749 specifies the details of this measure.
Who must issue e-invoices?
The new regulations stipulate that all taxpayers registered for Value Added Tax (VAT) must join the system no later than July 1, 2015. This also applies to a small group of individuals and companies, regardless of their assessment status. Specifically, this group consists of companies providing prepaid medical services, privately run public education institutions, rural real estate agencies, those renting property for tourism and, finally, art galleries, dealers and traders.
However, AFIP states in Heading II of the Resolution that VAT-exempt taxpayers may opt to sign up as of next April 1. In addition, the legislation is open to making certain exceptions for those with difficulties in implementing e-invoicing, provided they can justify their situation. In this case, a period between April 1 and May 31 is set.
Which invoices are affected by the ruling?
As indicated in article 2, the following invoice types must be issued electronically:
a) Class “A” invoices and receipts, “A” with the legend “PAYMENT IN C.B.U. NOTIFIED” and/or “M”, where indicated.
b) Class “A” credit and debit notes, “A” with the legend “PAYMENT IN C.B.U. NOTIFIED” and/or “M”, where indicated.
c) Class “B” invoices and receipts.
d) Class “B” credit and debit notes.
However, this obligation does not include the purchase and sale of personal property or the provision of services that takes place outside the premises, office or establishment. Nor will it be mandatory when billing takes place at the time of delivery of the goods or services provided, at the customer’s premises or at a different address to that of the invoice issued.
Other news
In addition to generalizing e-invoicing, General Resolution 3749 also does away with the RCEL System for Issuing Electronic Invoices Online. This means that all those who were under this system must now migrate to the e-Invoicing Issuing Regime or RECE by 1 July.
The new tax features proposed by AFIP in this Resolution will help support business operations carried out in the domestic market. Moreover, with the massive use of e-invoicing savings will increase, both in the public and private sectors, due to less use of paper and physical infrastructure.
Solution for issuing e-invoices
EDICOM has developed an international e-invoicing platform, tailored to the requirements laid down by tax authorities around the world, including in Argentina. This solution makes implementing e-invoicing easier, automating the invoice issuance, submission and safekeeping process. |
Plenty of buyers for Santander Consumer's loans despite conditions declining | Despite delinquencies on US auto loans have been rising and on-going investigations into the industries lending practices Santander Consumer reportedly had little trouble finding buyers for its latest bond deal last week. The $712mn bond comprised of loans to borrowers with significantly lower credit scores than in many of the lenders past bond deals, and Moody’s is said to expect losses as high as 27% on the bond vs its projection of 17% on the bond that Santander sold last year. | http://www.nytimes.com/2015/03/16/business/dealbook/many-buyers-for-santanders-subprime-loan-bundle.html?_r=0 | 2015-03-16 04:38:53.303000 | Delinquencies on auto loans have been rising, more Americans are losing their cars to repossession, and inquiries have begun into the subprime auto industry’s lending practices.
Nevertheless, Santander Consumer USA had little trouble last week finding buyers for its latest bond deal made up of auto loans to borrowers with deeply tarnished credit.
Many of the loans bundled into the $712 million deal went to borrowers with significantly lower credit scores than in many of Santander’s past bond deals. Moody’s Investors Service expects losses as high as 27 percent on the bond, much larger than the 17 percent loss that the ratings firm had projected on a bond that Santander sold last year.
Risks in the market may be multiplying, and some lenders are pulling back. But Santander’s latest deal shows that Wall Street’s appetite for subprime auto loans remains as strong as ever. |
Fitch expects subprime auto loan performance to continue to soften modestly in 2015 | Fitch says US auto lenders are likely to see loan asset quality weaken in 2015, with annualized net losses (ANLs) moving closer to their historical averages. While prime auto loans continue to perform well, subprime auto loan ABS ANLs are deteriorating at a quicker pace, recently crossing 8% before dropping to 7.26% as of the end of February. The level is above the 10-year average of 6.24%, but below the past recession peaks of 9%-13%. | http://markets.financialcontent.com/salemcomm.kdow/news/read?GUID=29465355 | 2015-03-15 07:34:35.003000 | US auto lenders are likely to see loan asset quality weaken in 2015, with annualized net losses (ANLs) moving closer to their historical averages, says Fitch Ratings. While prime auto loans continue to perform well, subprime auto loan ABS ANLs are deteriorating at a quicker pace, recently crossing 8% before dropping to 7.26% as of the end of February. The level is above the 10-year average of 6.24%, but below the past recession peaks of 9%-13%.
Fitch expects subprime auto loan performance to continue to soften modestly in 2015 due to heated competition-driving declines in subprime loan pricing, easing underwriting standards and moderation in used car values.
These factors contribute to Fitch's negative 2015 sector outlook for finance and leasing companies, but at this stage they are viewed as manageable relative to available capital levels and current auto lender ratings. For auto ABS, asset performance remains in line with loss expectations and Fitch's outlooks are stable for prime and subprime auto loan ABS performance.
While manufacturers have been disciplined on new vehicle production and incentive spending, strong overall vehicle sales have kept the industry vulnerable to competitive pressures. We believe loan demand is likely to remain strong amid improving economic indicators in the US, despite an increase in consumer indebtedness.
Fitch sees not only an easing of overall credit terms (inclusive of loan term, pricing and down payments), but also a decline in average FICO scores. These factors have led to increases in subprime lending and a rise in subprime auto ABS issuance over the past year.
We see the eased standards being driven by smaller, less capitalized market participants, some backed by private equity capital. These lenders are competing to win market share and capture increased loan yields. We see loosened standards likely to affect the performance of the 2014 and 2015 loan vintages.
Against the backdrop of easing loan standards are the counterforces of an improving macro environment and currently healthy used car values, which help underpin the stable outlooks on auto ABS.
US auto loan and lease credit losses and delinquency rates increased in the second half of 2014 due to the seasonal effect of lower available consumer discretionary spending and, despite picking up in the fourth quarter, an overall decline in recovery values on used vehicles.
The average net loss rate for Fitch rated lenders was 1.06% in fourth-quarter 2014, up 5 bps from the end of 2013. Average 30-plus day delinquencies were 3.96%, an increase of 7 bps since fourth-quarter 2013, reflecting continued easing of underwriting standards and higher nonprime lending. Both metrics still remain comfortably below precrisis levels.
The top nine Fitch-rated auto lenders, including captives, held about $450 billion of auto loans at year-end 2014. Of the nine, only General Motors Financial and Capital One have any meaningful subprime exposure in their loan portfolios.
For complete review of Auto Asset Quality, please see the associated report: 'U.S. Auto Asset Quality Review: 4Q14,'dated March 13, 2015.
The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article, which may include hyperlinks to companies and current ratings, can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.
Applicable Criteria and Related Research: U.S. Auto Asset Quality Review: 4Q14 (Asset Quality Deteriorates Slightly; Continued Moderation Expected In 2015)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861807
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Amir Sufi co-author of he best economics book of 2014 suggests that fears over the subprime auto market are mis-place | The growth in subprime auto loan market has been the focus of a lot of attention since last summer, it is frequently compared with the subprime housing market prior to its collapse. Professor Amir Sufi from the University of Chicago suggests that these fears are mis-placed, largely as subprime auto loan debt outstanding is a small fraction of household debt relative to mortgages. Sufi is co-author of “House of Debt”, which is referred to as the best economics book of 2014. | http://www.marketwatch.com/story/why-one-expert-says-subprime-auto-isnt-nearly-the-threat-of-subprime-mortgages-2015-03-13?siteid=rss&rss=1 | 2015-03-13 15:06:37.577000 | WASHINGTON (MarketWatch) — The growth in subprime auto loans has drawn a lot of comparison recently to the conditions of the subprime housing market prior to its collapse.
But those fears are misplaced, in large part because subprime auto loan debt outstanding is such a smaller fraction of household debt relative to mortgages, said University of Chicago economics professor Amir Sufi.
Sufi is co-author of the book “House of Debt” called the best economics book of 2014 by former Treasury Secretary Larry Summers. In it, Sufi and his co-author Atif Mian of Princeton, argued that the financial crisis was caused by overly indebted households.
“The first thing you notice about the subprime auto loan market is that it is way smaller than mortgages. People have been talking about it as if it was like the subprime mortgage crisis, but I mean, these are total different magnitudes,” Sufi said.
Also read: Inflation doesn’t justify Fed move this year, Sufi says
Subprime mortgage origination peaked above $600 billion in 2005, according to Inside Mortgage Finance. That’s well above the $129.6 billion of subprime auto loans originated in 2013, according to Equifax data.
Mortgage debt remains 69% of the total household debt outstanding, whereas auto is 8%, according to fourth quarter data from the New York Fed.
Sufi does see risks that a drying in subprime auto lending could in turn weigh on auto sales, which has been a rare bright spot for consumer spending. But he doesn’t see how subprime auto lending could spur a financial crisis.
“If you just look at the total amount of debt in that market, and how levered those households are becoming because of subprime auto loans, it is not at a level that looks really concerning,” he says. |
US crude oil storage capacity utilization +25% YoY | The latest official report in the US shows the US crude oil storage capacity utilization as of 20-Feb-15 stood at c 60%, this compares with a figure of 48% last year, an increase of 25%.This calculation reflected only crude oil stored in tanks of underground caverns at tank farms and refineries, and excludes some crude oil that is included in the commercial inventory data, such as pipeline fill and lease held stocks in production areas. | http://www.eia.gov/todayinenergy/detail.cfm?id=20212 | 2015-03-13 05:54:45.150000 | Source: U.S. Energy Information Administration,
Note: Inventories shown in the graph do not include pipeline fill, lease stocks, or oil in transit from Alaska. PADD is the Petroleum Administration for Defense District. U.S. Energy Information Administration, Weekly Petroleum Status Report and Working and Net Available Crude Oil Storage Capacity Inventories shown in the graph do not include pipeline fill, lease stocks, or oil in transit from Alaska. PADD is the Petroleum Administration for Defense District.
Crude oil inventory data for the week ending February 20 show that total utilization of crude oil storage capacity in the United States stands at approximately 60%, compared with 48% at the same time last year. Most U.S. crude oil stocks are held in the Midwest and Gulf Coast, where storage tanks were at 69% and 56% of capacity, respectively, as of February 20. This capacity use calculation reflects only crude oil stored in tanks or underground caverns at tank farms and refineries, and excludes some crude oil that is included in commercial inventory data, such as pipeline fill and lease stocks held in production areas.
Capacity is about 67% full in Cushing, Oklahoma (the delivery point for West Texas Intermediate futures contracts), compared with 50% at this point last year. Working capacity in Cushing alone is about 71 million barrels, or more than half of all Midwest (as defined by Petroleum Administration for Defense District 2) working capacity and about 14% of the national total.
EIA releases a report twice a year detailing crude oil and product storage capacity in the United States; this report describes two measures of capacity.
Net available shell capacity includes tank bottoms, working storage capacity, and contingency space (see figure below). Tank bottoms are volumes below the normal suction lines of a storage tank that may include water and sediment and are difficult to access. Contingency space is space above the maximum operating inventory level that remains empty during normal operations. This contingency space allows flexibility to exceed working storage capacity without creating safety hazards or operational disruptions.
Working storage capacity, which excludes contingency space and tank bottoms, is perhaps a more useful measure of capacity. From September 2013 to September 2014, total crude oil working storage capacity increased from 502 million barrels to 521 million barrels. Operation of crude oil storage and transportation systems requires some amount of working storage to be available to be filled at all times in order to receive deliveries by pipeline, tanker, barge, and rail. Therefore, it is not possible to completely fill all the working storage capacity reported by EIA for the United States and PADD regions. The exact amount of storage capacity that must be available to maintain operation of crude oil storage and transportation systems is unknown.
The storage utilization rates reported above reflect crude oil inventories stored in tanks or in underground caverns at tank farms and refineries as a percentage of working storage capacity. Simply dividing the total commercial crude inventory by the working capacity can lead to overestimates of storage capacity utilization, because some inventory data include crude oil that is not truly in stored in tankage, such as:
Pipeline fill, or oil that is being transported by pipeline
Lease stocks, or oil that has been produced but not yet put into the primary supply chain
Crude oil on ships in transit from Alaska
As reported in the Weekly Petroleum Status Report, EIA crude oil inventory data include estimates for pipeline fill, lease stocks, and crude in transit from Alaska. Subtracting those volumes removes about 120 million barrels from the larger definition of crude oil inventories, or almost 30% of the national total. Even with these adjustments to inventory, the estimates of working storage capacity utilization provided above are slightly overstated because estimates are not available for volumes in floating storage, tank bottoms, and oil on rail or barges.
Source: U.S. Energy Information Administration, adapted from U.S. Energy Information Administration, adapted from Monthly Bulk Terminal and Blender Report Instructions
Principal contributors: Alex Wood, Hannah Breul |
Ally Financial joins Toyota Financial in offering 84-month auto loans amid industry risk concerns. | Ally Financial joins Toyota Financial in offering 84-month auto loans amid industry risk concerns.Financial observers, meanwhile, are cautious, citing concerns of risks to the US economy if things follow the same path as the housing bubble in 2007 and 2008. | http://www.thetruthaboutcars.com/2015/03/ally-financial-offering-84-month-loans-amid-industry-risk-concerns/ | 2015-03-12 16:19:27.457000 | Though most lenders aren’t comfortable with the idea of 84-month auto loans, Ally Financial is going full steam ahead with such loans.
Automotive News reports the former financial arm of General Motors — joining Toyota Financial Services in the seven-year lending game — is taking on 84-month loans because, per CEO Jeffrey Brown, the lender hadn’t taken enough risk over the past two to three years. Representative Gina Proia adds that the loan terms would be offered to well-qualified consumers in 24 states in 2015 as part of Ally’s commitment “to offering competitive products designed to help dealers provide their customers with a variety of options that meet a range of consumer credit needs and monthly payment preferences.”
However, Ally and Toyota Financial are among the only ones to offer such terms, as most lenders want their customers to come back more often. Financial observers, meanwhile, are watching longer-term loans with a cautious eye, citing concerns of risks to the United States economy down the road if things were to follow the same path as the housing bubble in 2007 and 2008.
Moody’s Analytics senior director Cristian deRitis is among those observers, though he isn’t worried about the risks attached, citing higher lending standards for 84-month loans, the small market size compared to the overall auto financing market, and the consumer base for most of the loans coming from credit unions, whose members don’t fall into delinquency often.
Speaking of the overall market, the average length for an auto loan is 66 months for new vehicles in Q4 2014, 62 months for used models. Both figures are up one month over the same period in 2013. |
Dixons supplier Thinkware announces innovative content partnership with Cyclops. | Dixons supplier Thinkware announces innovative content partnership with Cyclops. Thinkware is well-known for its smart platform services ranging from car navigation to dashboard cameras. In their first collaboration, Thinkware has included Cyclop’s professionally verified safety camera databases and software into their range of Dash Cams providing users, for the first time with a set of services including providing accurate evidences during emergencies | http://www.catapult-ventures.com/news/cyclops-and-thinkware-announce-innovative-content-partnership- | 2015-03-12 06:44:41.517000 | Cytox brings ground-breaking genetic risk test for Alzheimer's disease to the UK
1st June 2023 - There are currently around 900,000 people in the UK living with dementia, and this number is expected to rise to over 1 million by 2025. Alzheimer's disease (AD) is the most common type of dementia in the UK, accounting for around two-thirds of all cases. Today... |
Asteroid about to hit retail industry | Dixons Carphone CEO, Sebastin James, speaking at Retail Week Live 2015 said the explosion of connected devices will cause the same amount of disruption to the retail landscape as the e-commerce revolution. Referring to it as an asteroid about to hit the retail industry he said it could result in the death of retailers that fail to prepare. | http://www.retail-week.com/technology/retail-week-live-sebastian-james-warns-retail-is-about-to-be-hit-by-asteroid-strike/5072848.article?blocktitle=Retail-Week-Live&contentID=15512 | 2015-03-11 12:21:19.023000 | Dixons Carphone boss Seb James has warned the retail industry is about to be hit by an “asteroid” caused by the connected customer that could result in the death of retailers that fail to prepare.
Speaking at Retail Week Live 2015, James argued the explosion of connected devices will cause the same amount of disruption to the retail landscape as the ecommerce revolution.
He said: “We just made it through the last profound shift okay, but there is another shift coming. This new shift is just as powerful as the last and will bump off just as many retailers.”
James said that in the next two years the average household will have 70 connected devices, which will have “massive implications” on retail.
“One of the biggest implications is on data because of the digital exhaust we are creating all the time. When [Currys founder] Henry Curry started he knew everything about his customer, we are going back to that time, not on a local scale but a global scale,” he explained.
He pointed out that the history of the retail industry has proved “those that fail to adapt are left stone dead at the wayside”.
Derision in the press around seemingly novelty products such as connected washing machines is misguided, James said. The biggest benefit for consumers will not be telling people when their washing is done, but instead will be around warning engineers when parts of the machine are wearing down to enable suppliers to send consumers replacement parts before the machine breaks down.
Connected devices will cause such disruption because it means retailers are now competing with what was once their suppliers, according to James.
He argued that energy companies are now becoming competitors because of products such as British Gas’ Hive active heating. James described British Gas as a “frenemy” because, although it sells Hive in Currys PC World stores, it competes because British Gas also sells the product direct to customers. |
Capquest, which was acquired by Arrow Global last year, has revealed plans to create up to 100 jobs in Farnborough over the next year | Capquest, which was acquired by Arrow Global last year, has revealed plans to create up to 100 jobs in Farnborough over the next year | http://www.businessmag.co.uk/hampshire-financial-group-capquest-create-100-new-jobs/ | 2015-03-11 11:59:57.813000 | Capquest has revealed plans to create up to 100 jobs in Farnborough over the next year.
The new recruitment drive at the financial group's Templer Avenue site will bring the total number of employees in the Hampshire town to more than 300.
The announcement comes after the company was acquired by FTSE-listed Arrow Global in November last year.
Arrow Global chief operating officer Helen Ashton said: "Capquest relocated to Farnborough in February 2014 and has already recruited a significant number of people from the local area. This announcement reaffirms our commitment and long-term plans for the site.
"We're looking for friendly and dedicated individuals who will relish the opportunity. Our customers often have very sensitive financial issues and need help understanding and addressing them."
Councillor Seán Woodward, executive member for economy, transport & environment at Hampshire County Council, said: "I am delighted to hear of Capquest’s plans to expand. It is among good company in Hampshire as there is a strong cluster of major financial services HQ’s based here, including those of Aviva, Zurich, the AA and Old Mutual Wealth, who employ highly-skilled professionals in this sector.” |
US sub-prime auto loans breach $1 trillion as lenders lower credit standards and inflate the bubble | In the auto loan market both delinquencies and the total amount of outstanding auto debt continue to rise. With the total debt now breaching $1 Trillion and CNBC causing a stir last week when it dedicated airtime to suggesting people take out a seven year car loan we are increasingly reading about the subprime auto bubble peaking. Last week Goldman added its voice to the concerns saying that the risking inherent in the subprime market are materializing and that at the margin, growth has been created by lowering credit standard and extending terms to a whole load of “new” auto buyers.Zero Hedge 5-Mar-15Talk Markets 8-Mar-15 | http://www.talkmarkets.com/content/us-markets/goldman-confirms-subprime-responsible-for-collapse-in-auto-sales?post=60350 | 2015-03-09 21:38:36.993000 | We’ve written extensively of late about the parallels between today’s subprime auto lending market and the conditions that prevailed in the subprime housing market on the eve of the collapse. Essentially the dynamic is the same. Lending to underqualified borrowers proliferates, leading to a large pool of securitizable loans. Issuance of ABS based on those loans rises as IBs see an opportunity to take advantage of investors’ hunt for yield. Rising demand for subprime ABS fuels demand for more subprime loans to securitize, prompting lenders to relax their standards in an effort to make eligible borrowers out of ineligible borrowers. New loans begin to carry longer terms (in order to lure buyers who need low monthly payments), lower FICO scores, and are often made for more than the total cost of the asset. Delinquencies rise. Cue collapse.
As we’ve shown, delinquencies are indeed rising as is the total amount of outstanding auto debt, the latter having touched a massive $1 trillion, putting auto loans in position to join student debt in full-on bubble mode. Our fears were confirmed last week when, in the surest sign yet that the subprime auto bubble has reached its peak, CNBC unveiled what we have dubbed the “car-stock arbitrage,” wherein viewers are advised to take out an 84 month car loan and dump the money into the stock market at all time highs.
Meanwhile, GMAC disclosed an SEC probe into subprime ABS origination and the higher ups at Wells Fargo (WFC) (perhaps after someone in the research department suggested that a 60% Y/Y increase in banks’ tendencyto originate loans for the purpose of selling them might be a red flag) suddenly got cold feet last month after financing $30 billion in car loans in 2014 and decided to put a cap on subprime auto lending.
Given all of that, we were shocked — shocked — when February auto sales turned out to be a BNSF-style trainwreck (even AutoNation CEO Mike Jackson’s “trucks, trucks, trucks” couldn’t save the day as Ford F-Series (F) sales fell 1.2%). Of course to let the media tell it, February’s disastrous numbers were due to weather (snow in the winter) but we had our doubts and so were not surprised when a new note from Goldman confirmed, by way of an avalanche of data and charts, precisely what we’ve been saying all along which is that the risks inherent in subprime lending are materializing and that at the margin, growth has all been created by lowering credit standards and extending terms to a whole load of 'new' auto buyers.
From Goldman:
Subprime loans accounted for 21% of US new vehicle sales in January 2015, trending above the pre GFC level of just over 16% for seven consecutive months since June 2014. We attribute the ongoing strength in subprime to (1) pent-up demand by subprime borrowers as lenders pulled back significantly from subprime auto lending during the recession and 1-2 years afterwards, and (2) the low interest rate environment, which has made subprime loans more attractive for investors chasing yield. On the latter, the management team for Santander Consumer (SC), the largest subprime auto lender in the US, noted that the resulting liquidity (particularly the ease of funding through ABS or wholesale bank lines of credit) has enabled smaller, nonbanks to grow faster and become more aggressive with lending. On the demand side, low interest rates have enabled subprime borrowers to afford more expensive vehicles, which we believe has contributed to the outsized growth in new subprime car sales vs. used. A breakdown of loan value by FICO score, released quarterly by the Federal Reserve Bank of New York, shows an increase in loans to borrowers with FICO scores below 620.
Subprime loan to sales ratio is at record highs…
… while the number of loans made to underqualified borrowers is rising…
… and nearly two thirds of loans made by the market’s largest lender type are subprime ....
…while the second and third largest players in the market are seeing the highest loss and delinquency ratios since the crises…
…and here’s Goldman on the shifting regulatory environment:
Although the CFPB is not explicitly looking to tighten credit standards or reduce demand for subprime borrowers, its intent of increasing monitoring of large non-bank auto lenders and discriminatory practices may have an impact on subprime originations. On September 17, 2014, the CFPB proposed amending regulation to define “large participants” in the auto lending market and include non-bank lenders, which would include captive finance and other companies that make, acquire, or finance 10,000 or more auto loans or leases per year. The CFPB has estimated that about 38 new finance companies would be impacted. In addition, the CFPB has explicitly expressed concerns on discriminatory lending practices in the form of charging different mark up to different borrowers and has suggested the possibility of imposing a lower markup cap of 100bp rather than the more common limits of 200bp or 250bp. While these are not surprising to us given that non-banks account for roughly 65% of auto loan originations, increased regulation could lead to higher compliance costs and the reduced mark-up cap could pressure revenues of subprime focused dealers as markups tend to be higher on subprime loans.
As one might expect, US automakers are the most exposed to subprime, with GM, Chrysler, and Ford accounting for 50% of the US subprime market (GM and Chrysler also sport the industry’s highest percentage of subprime to total sales)...
***
In the end, Goldman comes to exactly the same conclusion as we did months ago, namely that despite the financial media’s parroting about snow in the winter, the simple fact is that as soaring delinquencies and government probes conspire to cut the least-creditworthy Americans off from debt servitude, bad things will happen in US car sales: |
Accor’s global CEO Sebastien Bazin speaks to HM about the impact of Airbnb, the company’s digital focus, his outlook for 2015 and much more. | Accor’s global CEO Sebastien Bazin speaks to HM about the impact of Airbnb, the company’s digital focus, his outlook for 2015 and much more. | http://www.hotelmanagement.com.au/2015/03/09/global-exclusive-accors-ceo-bazin-on-impact-of-airbnb/ | 2015-03-09 15:50:19.630000 | By James Wilkinson at IHIF in Berlin, Germany
In the second part of an exclusive video interview at the International Hotel Investment Forum (IHIF) in Berlin, Accor’s global Chairman and CEO Sebastien Bazin has spoken exclusively on video to HM about the impact of Airbnb, the company’s digital focus, his outlook for 2015 and much more.
“Airbnb is here to stay, there to grow and I wish we would have invented Airbnb five years ago,” he told HM. “Which is why I’m so keen on digital.
“We’re not competing with them, [but] we need to align ourselves because at the end of the day, it’s the same customer that’s 18 years old and going to Airbnb today and when they are 28 years’ old, likely coming to one of the Accor hotels.”
To view the not-to-be-missed interview, click on the YouTube image at the top of the page.
HM flew to Berlin with British Airways. BA flies to Berlin via London and the author recommends flying in Club World (Business Class), which features flat-bed seats, hundreds of hours’ entertainment on demand, a great selection of wine and some of the best meals in the sky. For bookings, visit www.ba.com |
Arrow Global Group announced that its wholly owned subsidiary Arrow Global Finance is soliciting for £220mn of its Sterling 7.875% bonds due 2020 | Arrow Global Group announced that its wholly owned subsidiary Arrow Global Finance is soliciting for £220mn of its Sterling 7.875% bonds due 2020 | http://www.4-traders.com/ARROW-GLOBAL-LTD-14513719/news/Arrow-Global--Consent-Solicitation-for-Arrowrsquos-Sterling-bonds-due-2020-PDF-download-19994892/ | 2015-03-09 15:01:24.910000 | London, England - Arrow Global Group Plc ("AGG", and together with its
subsidiaries, "we," "us," "our" or the "Arrow Group") today announces that its wholly owned subsidiary, Arrow Global Finance Plc (the "Company"), is soliciting consents (each, a "Consent") from holders ("Holders") of the Company's £220,000,000 7.875% Senior Secured Notes due 2020 (Rule 144A ISIN: XS0878853059; Common Code: 087885305; Regulation S ISIN: XS0878852598; Common Code: 087885259) (the "Notes") to proposed amendments (the "Proposed Amendments") to the indenture, dated as of January 29, 2013 governing the Notes, as supplemented by the first supplemental indenture, dated as of March 28, 2013, and the second supplemental indenture, dated as of December 10, 2014 (as so supplemented, the "Indenture"), among the Company, the guarantors named therein (the "Guarantors"), The Bank of New York Mellon, London Branch, as Trustee (the "Trustee") and The Royal Bank of Scotland plc as Security Agent (the "Security Agent").
The consent solicitation (the "Solicitation") is being made upon the terms and subject to the conditions set forth in the consent solicitation statement dated March 9, 2015 (the "Consent Solicitation Statement"). The Solicitation expires at 5:00 p.m., London time, on March 17, 2015 (the "Expiration Time"), unless extended or earlier terminated by the Company. The Solicitation is subject to customary conditions, including, among other things, the receipt of valid Consents with respect to a majority in aggregate principal amount of the outstanding Notes on or prior to the Expiration Time (which Consents have not been validly revoked) (the "Requisite Consents").
The purpose of the Solicitation is to obtain the Requisite Consents to amend the Indenture to harmonize the covenants and other provisions applicable to the Notes with those applicable to the Company's €225,000,000 in aggregate principal amount Senior Secured Floating Rate Notes due 2021 (the "New Notes"), issued on November 4, 2014. The covenants in the New Notes better reflect both our current size and scale compared to when the Notes were issued, including as a result of the acquisition of the Capquest Group on November 28, 2014, and better reflect the ways in which the market for available debt portfolios is evolving. The covenants in the New Notes Indenture provide us with greater flexibility to access the evolving market for debt portfolios. The Solicitation is also intended to amend the Indenture to reflect our structure following the initial public offering of AGG shares in October 2013. The Proposed Amendments do not reflect any provisions that are not part of the New Notes Indenture.
Except for the Proposed Amendments, all other terms and conditions of the Indenture will remain unchanged.The Proposed Amendments are described in detail in the Consent Solicitation Statement, which is available from the Tabulation Agent, as defined below. Holders should carefully read and consider the information in the Consent Solicitation Statement.
To continue reading this noodl, please get the original version here. |
InterContinental Hotels and Interstar plan ten new hotels in Germany by 2019 under the Holiday Inn and Holiday Inn Express brand | InterContinental Hotels and Interstar plan ten new hotels in Germany by 2019 under the Holiday Inn and Holiday Inn Express brand | http://www.ahgz.de/unternehmen/ihg-und-interstar-entwickeln-zehn-neue-hotels,200012220053.html?utm_source=Newsletter-AHGZ-am-Morgen&utm_medium=email&utm_content=click-8144 | 2015-03-09 07:11:12.563000 | Als erstes Haus soll im Herbst 2016 das Holiday Inn Frankfurt Airport an den Start gehen.
BERLIN. Die Intercontinental Hotels Group (IHG), eines der weltweit größten Hotelunternehmen, hat ein Multiple Development Agreement (MDA) mit Interst |
Aon report says rise in premium growth plus low insurance take-up opportunity for Asia Pacific | Global reinsurance intermediary Aon Benfield has launched a guide to Asia Pacific exploring sixteen of the region's growing insurance and reinsurance markets to identify growth opportunities. Rapid economic development, population growth and urbanisation is aiding an increase of penetration in the insurance market in Asia Pacific. Aon Benfield's Insurance Risk Study lists Singapore as third in its top Country Opportunity Index followed immediately by Hong Kong, Malaysia and Indonesia. | http://aon.mediaroom.com/index.php?s=25776&item=137180 | 2015-03-05 15:16:49.850000 | Rise in premium growth plus low insurance take-up spells opportunity for Asia Pacific
5 March 2015 - Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON), has launched its ‘Welcome to Asia Pacific’ guide – a journey through sixteen of the region’s growing insurance and reinsurance markets to identify growth opportunities.
As rapid economic development, population growth and urbanisation lead to increased insurance penetration, Asia Pacific represents a key area of growth in the global marketplace. Aon Benfield’s Insurance Risk Study listed five Asian markets in the top 10 of its Country Opportunity Index, which identifies the world’s most promising property and casualty markets. Singapore comes third in the list of 50 countries, immediately followed by Hong Kong, Malaysia and Indonesia.
With an insight into economics fundamentals, rating agency perspectives, political cultures and regulatory environments for local and foreign investors, this guide serves as a snapshot into the 16 countries for global market insurers and reinsurers seeking diversification or Asian firms looking for multi-national expansion.
The findings show that India and China – representing the BRIC countries – enjoyed the highest compound annual growth rate (CAGR) of non-life premium at 21% and 20% respectively from 2009 to 2013. Thailand, Vietnam and Indonesia also enjoyed significant growth with CAGR above 15%.
While developing markets in Asia Pacific enjoyed fast growth, the report also reveals that the insurance penetration rates remain low. For the year ended 31 December 2013, non-life penetration rates for India (0.6%), China (1.1%), Vietnam (0.7%) and Indonesia (0.4%) were below the 1.4% Asia Pacific average and well behind developed markets in this region such as Australia, New Zealand and Korea. This highlights the potential of these markets in terms of future opportunities.
George Attard, Head of Aon Benfield Analytics for Asia Pacific, commented: “The Asia Pacific region is home to more than half the world’s population, with diverse societies, cultures, economies and regulatory regimes. Rapid economic development, population growth and urbanisation – combined with rapidly evolving insurance regulation – will lead to increasing insurance penetration. While this will create the potential for significant organic growth, there is also a notable opportunity for growth in specialty lines and product innovation. With many insurance and reinsurance companies already investing in this region and seeking to take advantage of the growth opportunities, an expert insight into these markets is crucial. Aon Benfield’s local teams have produced this guide as both an introduction to and exploration of sixteen key markets in Asia Pacific.”
Malcolm Steingold, CEO of Aon Benfield for Asia Pacific, added: “The greatest opportunity not only for 2015 but for the immediate future is the development of new products to cater for the expanding universe of risk and also to increase penetration into uncovered conventional risk across the region. We see growth opportunities across all the economies of Asia. The scale of the opportunity varies substantially from country to country and is due to a combination of factors including GDP growth, level of insurance penetration and the size of the population. Taking these factors into account China and Indonesia stand out with other Asian economies showing significant potential.”
The data for the guide has been collated from major rating agencies, regulators, industry associations, International Monetary Fund, World Bank, AXCO, Aon Risk Solutions, Aon Hewitt and Aon Benfield. In addition, the guide includes Aon Benfield’s own views of each market’s major risks, regulatory updates and market outlook.
Download the report: http://bit.ly/1BKhGUz |
Thompson Reuters has published its first post of 2015 on key developments in public procurement legislation and policy | Thompson Reuters has published its first post of 2015 on key developments in public procurement legislation and policy covering the period from Dec-14 to Feb-15 | http://publicsectorblog.practicallaw.com/public-procurement-legislation-and-policy-review-december-2014-to-february-2015/ | 2015-03-04 18:30:28.347000 | Our first post of this year on the key developments in public procurement legislation and policy that lawyers need to be aware of covers the period from December 2014 to February 2015. It does not consider case law as this is covered in our monthly public procurement case digest. For a summary of the latest cases, see Public procurement case digest (January 2015).
Subscribers to Practical Law can keep up to date with the latest public procurement developments by signing up to the Practical Law Public Sector email update (available weekly) or the Practical Law Competition updates (available daily). Updates are also tweeted on the @PracLawProcure Twitter feed.
Public Contracts Regulations 2015 come into force
On 26 February 2015, the Public Contracts Regulations 2015 (SI 2015/102) (PCR 2015) came into force (see Legal updates, Public Contracts Regulations 2015 published and Government response to consultation on transposition of new EU procurement directives).
The PCR 2015 replace the Public Contracts Regulations 2006 (SI 2006/5) though those regulations continue to apply to procurements commenced before 26 February 2015.
Following the coming into force of the PCR 2015, the government has published a number of guidance documents on:
The new transparency requirements for publishing contract notices on Contracts Finder.
Paying undisputed invoices in 30 days down the supply chain, including standard clauses.
Requirements relating to the use of pre-qualification questionnaires (PQQs).
Guidance on the completion of OJEU forms and notices pending the introduction of new forms.
(See Legal updates, Crown Commercial Service guidance on new transparency requirements for publishing on Contracts Finder, Crown Commercial Service guidance on Public Contracts Regulations 2015.)
The government has also published Procurement Policy Note 03/15 on reforms to make public procurement more accessible to SMEs (see Legal update, Crown Commercial Service Procurement Policy Note on reforms to make public procurement more accessible to SMEs).
Practical Law has published new and updated content on the PCR 2015, including:
Scottish government consults on implementation of procurement directive in Scotland
The PCR 2015 apply to authorities in England, Wales and Northern Ireland. The Scottish government will implement Directive 2014/24/EU in Scotland and on 9 February 2015, launched a consultation on changes to its public procurement rules. The consultation seeks views on those aspects of the new Directives (2014/24/EU, 2014/23/EU and 2014/25/EU) where the Scottish Government has a choice about whether to, or how best to, implement changes.
In addition, the consultation paper discusses elements of the Procurement Reform (Scotland) Act 2014 that have yet to be implemented or further described in Scottish regulations or guidance. In particular, it seeks views on whether some of the new requirements of the EU Directives should be applied to lower value contracts regulated by the Act.
Responses to the consultation are invited by 30 April 2015. The Scottish Government intends to use the responses to this consultation to inform the drafting of new Scottish procurement regulations. It intends to implement the new regulations by the end of 2015.
Draft public procurement regulations under Small Business, Enterprise and Employment Bill 2014-15 published
On 12 January 2015, the Cabinet Office published a policy statement, illustrative regulations and responses to a consultation on reforms to public procurement contained in the Small Business, Enterprise and Employment Bill 2014-15.
The Bill includes a clause that will give the government power to make regulations to implement further measures relating to public procurement in the future. The policy statement and illustrative regulations are intended to assist the House of Lords Grand Committee in scrutinising the Bill.
The illustrative regulations, to be made under the Bill, relate to pre-procurement market engagement and a requirement on contracting authorities to consider applying Lean sourcing principles. The policy statement also sets out the government’s position in relation to other issues that could potentially be included in regulations, such as e-invoicing, making available procurement information, consideration of SMEs, minimum/maximum timescales, debriefing, and use of standard terms and conditions. The Cabinet Office intends to give further consideration and consult further as appropriate before making regulations on these issues.
Review of Public Services (Social Value) Act 2012
On 13 February 2015, the Cabinet Office published a report by Lord Young reviewing the first two years of operation of the Public Services (Social Value) Act 2012.
The report:
Recommends that the government amend the Act to ensure that it continues to apply to contracts at the current thresholds for services contracts, so that contracts for Schedule 3 services (to which a new threshold of £625,050 will apply) will be caught following the coming into force of the PCR 2015 on 26 February 2015. The Cabinet Office has since confirmed that it intends to prevent the Act’s thresholds from increasing. The report also rejects extending the Act to cover contracts for goods or works.
States that the Act has had a positive effect where it has been taken up, encouraging commissioners to think about securing value through procurement in innovative ways, generating cost savings and delivering better services in a more responsive way.
Recommends that the Cabinet Office promotes better understanding of how to apply the Act, following concerns that there have been some inconsistent practices, both in defining social value and determining how and when to include it in the procurement process.
Other items of interest:
Practical Law published Practice note, Utilities procurement in the UK, an introduction, by Warsha Kalé, Associate Director at Berwin Leighton Paisner LLP.
On 19 January 2015, the Crown Commercial services published a further procurement policy note (PPN 01/15) on implementing Article 6 of the Energy Efficiency Directive (2012/27/EU).
On 7 January 2015, the Crown Commercial Service published an updated list of framework agreements available for use by government and other public sector organisations to buy common goods and services.
On 18 December 2015, the Single Source Contract Regulations (SI 2014/3337) were published and came into force relating to the award of single source defence contracts.
On 25 November 2014, the Efficiency and Reform Group published information on the Major Projects Authority (MPA) priorities.
Procurement opinion blogs
We have published the following opinion blogs on the PCR 2015 and on other procurement topics:
Practical Law Public procurement law digest |
TUNGSTEN PEER, Finnish e-invoicing start-up Zervant secures €1.5mn funding | Finnish e-invoicing start-up Zervant secures €1.5mn funding from Conor Venture Partners and existing shareholders . It plans to use the funds to further accelerate its fast expansion in major European markets of its online invoicing and accounting software for micro businesses. | http://www.finextra.com/news/announcement.aspx?pressreleaseid=58920 | 2015-03-04 18:20:34.893000 | Source: Zervant
Continuing its fast expansion in major European markets, online invoicing and accounting company Zervant has secured an investment round of €1.5 million from Conor Venture Partners and existing investors.
The company will use the money to further accelerate the growth of its popular online invoicing and accounting software for micro businesses in Europe.
According to CEO and co-founder Mattias Hansson, “Zervant makes it super easy for business owners to run their business as our solution creates their accounting on the fly while they do their normal daily tasks.” It allows entrepreneurs with little or no accounting experience to manage their financials significantly more quickly and more cost efficiently than traditionally.
“We have built a platform that can be configured and deployed to practically any country in a matter of weeks, and this new investment helps us to execute our growth plans and further expand into the European market.”
Manu Mäkelä, Partner at Conor Venture Partners, says “Zervant has had impressive growth, and increased its customer base rapidly during last year in a very cost efficient way. We are very happy to join the company to enable even faster growth and to realize its ambitious goals”. Manu will also join the board of Zervant. |
Home automatic products could really take off this year | Adam Simon, global managing director for retail business and development at Context, in an interview with the trade press, has said that he thinks home automation products is evolving fast and could really take off this year. Other companies including DIXONS Carphone and PXS Distribution are also keen to take on smart home automation devices. | http://www.pcr-online.biz/news/read/home-automation-is-evolving/035700 | 2015-03-04 17:01:02.977000 | Home automation products are set to really take off this year, according to analyst Context.
Adam Simon, global managing director for retail business and development at Context, told PCR at Distree EMEA 2015 that he believes the sector is evolving fast.
With products such as the Nest smart smoke alarm and smart fridges coming to market, Simon believes it’s only a matter of time before more retailers start to incorporate them within their businesses.
Simon said: "It is estimated that there are 240 million homes in Europe and of those around one million are equipped today with smart home solutions.
"The potential for growth is enormous and according to research carried out by Berg Insight, the market will be worth €2.6 billion in 2017 and will cover 30 million homes."
Simon also sees a future for wearable technology, providing consumers are informed of where they can purchase such items.
Other companies, including PXS Distribution, Dixons Carphone and more, are also keen to take on smart home automation devices. |
Deputy CEO of Dixons Carphone talks about embracing change and focusing in how the customer interacts as the company moves into the Internet of Things | Dixons Carphone deputy CEO Andrew Harrison, speaking at the Mobile World Congress in Barcelona has said that this year will be a tipping point for the retailer as it sees the volume of consumers interacting with the brand via mobile top 50%. Currently 42% of people use their smartphone in-store, largly to check prices with other retailers.Harrison said that as it is important to embrace change and understand how if affects the business model. As Dixons Carphone moves into the internet of things space, He said that he is focused on understanding the context of where the consumer interacts with the brand which has split into three areas; at home, on the go, and in-store.Dixons Carphone are re-thinking the approach to customer service, earlier this year launching LiveChat to improve on the call center experience for customers. Harrison said “we’ve created the biggest digital workforce in the UK because we’ve given everyone [employees] a tablet in store that gives real-time information and instantaneous price checker. | http://www.thedrum.com/news/2015/03/04/you-cant-hide-transparency-dixons-carphone-deputy-chief-urges-retailers-live-real | 2015-03-04 16:58:14.610000 | Dixons Carphone deputy chief executive Andrew Harrison has urged bricks and mortar retailers “to live in a real-time world” to better connect with customers shopping via mobile devices.
Speaking at Mobile World Congress in Barcelona, Harrison revealed this year will be a tipping point for the retailer as it sees the volume of consumers interacting with the brand via mobile top 50 per cent.
“From our perspective, 42 per cent of people use their mobile phone in-store and the predominant thing they are doing is checking our prices against everyone else’s. So we have to respond,” he said.
“Everybody thought showrooming was going to be the death knell for retailers.The important thing we have to do is embrace it and understand how it affects the business model.”
One of the tools which addresses this has been the real-time price comparison feature introduced to its website, a move which has forced Dixons Carphone to be completely transparent on price.
“When you run a retail business you’re competing against a world of online retailers that have information at their fingertips. They can change things they can review things. We can’t do that but we have to live in a real-time world,” he said.
“You’ve got to change your business model to find a way to be the same price as everyone else. You can’t hide from transparency.”
The approach to customer service has also been rethought and earlier this year Dixons Carphone announced LiveChat would be implemented to help customers avoid the drawn-out process of going through a call centre and instead have a conversation via instant messages.
“We’ve created the biggest digital workforce in the UK because we’ve given everyone [employees] a tablet in store that gives real-time information and instantaneous price checker,” he added.
As Dixons Carphone moves into the internet of things space, Harrison said he is focused on understanding the context of where the consumer interacts with the brand. It has split this into three areas; at home, on the go, and in-store.
“As we look at people’s lives and interactions there’s useful information that can make things better for consumers. But we’ve got to make sure we get the context right for the consumer so that they’ll continue to trust us.” |
US debt buying giants report record cash collections and revenues, but are also the subject of Consumer Protection investigations | US debt buying giants Encore Capital and PRA Group both recently announced FY14 figures showing record cash collections and revenues driven by acquisitions and global growth. Both also made a special note of specific, ongoing Consumer Financial Protection Bureau investigations. See the linked article for details. | http://www.insidearm.com/daily/debt-buying-topics/debt-buying/debt-buying-giants-reach-new-heights-but-disclose-cfpb-investigations-and-possible-impacts/ | 2015-03-04 00:01:25.530000 | Publicly traded debt buyers Encore Capital Group (NASDAQ: ECPG) and PRA Group (NASDAQ: PRAA) recently announced financial results for the full year 2014 marked by record cash collections and revenues driven by acquisitions and global growth. But both also made special note of specific, ongoing CFPB investigations and the potential financial impact of resolving the actions.
San Diego-based Encore late last week reported that it had crossed the $1 billion line in 2014, bringing in $1.07 billion in revenue last year. It marked a 39 percent increase over 2013 revenues. Gross collections from the portfolio purchasing and recovery business grew 26 percent to $1.61 billion, compared to $1.28 billion in 2013.
Net income was $105 million or $3.83 per share, compared to $77 million or $2.94 per share in 2013.
Encore’s growth last year is directly attributable to several major acquisitions, some of which the company closed or initiated in the second half of 2013. The buying spree also saw significant expansion into international ARM markets.
In June 2013, Encore closed the acquisition of rival public debt buyer Asset Acceptance in a deal valued at $200 million. A month later, Encore closed on its purchase of UK debt buyer Cabot Credit Management for $177 million. Both of the acquisitions were integrated in late 2013 with 2014 being the first full year Encore recognized additional revenues from the deals.
Encore also made some moves in 2014 that resulted in additional revenues recognized last year. It made smaller acquisitions in Latin America and UK, announced a very large deal for another UK-based ARM firm Marlin Financial for $480 million, and bought U.S. ARM firm Atlantic Credit & Finance for nearly $200 million in a deal that closed later in 2014.
“Our diversification has positioned us to be able to deploy capital in a number of different asset classes and geographies around the world in order to maximize expected returns,” said CEO Ken Vecchione in Encore’s earnings release. Vecchione also noted that throughout 2014, the “strategic combinations” drove efficiencies and higher levels of productivity.
After its discussion of 2014 results in its annual report SEC filing and on a conference call with investors, Encore disclosed that it is currently engaged in discussions with the staff of the CFPB regarding practices and controls relating to its debt collection practices that may result in the company reaching “a negotiated settlement or become engaged in litigation.” The company said “It is reasonably possible that we could agree to pay penalties or restitution and could recognize a pretax charge in excess of $35 million.”
Encore noted that discussions with CFPB staff involve various aspects of the company’s practices and that “We agree with the staff on some items under discussion and disagree with the staff on others.” The company noted that it will defend its interpretation of the law.
Encore’s primary U.S. competitor, Norfolk, Va.-based PRA Group, reported its earnings after the market closed Monday. PRA said that it also had a record year in 2014, with record revenue of $881 million, an increase of 20 percent from 2013. Cash collections increased 21 percent to $1.38 billion. But the company shouldn’t be too far off from crossing the $1 billion itself; PRA reported fourth quarter 2014 revenue of $250.7 million.
PRA’s net income for the year increased one percent to $176.5 million, or $3.50 per share.
Global expansion also drove PRA’s results last year. In July 2014, PRA completed a massive transaction to acquire European debt buyer Aktiv Kapital. The deal was valued at $1.3 billion, including the assumption of debt. PRA also expanded its UK operations with the closing of a smaller deal for Pamplona Capital Management.
PRA disclosed that it is the focus of a CFPB investigation in similar fashion to Encore; it was mentioned in the company’s annual report and on a conference call Monday afternoon with investors. PRA noted that its discussions also involved matters on which the company and the Bureau did not see eye-to-eye, saying, “the CFPB has taken positions with respect to legal requirements applicable to debt collection practices with which we disagree.”
PRA said that it has discussed resolution of the investigation “involving possible penalties, restitution in the adoption of new practices and controls and the conduct of our business.” It could also become involved in litigation.
But the PRA disclosure did not make specific mention of an amount that it may have to pay to settle the CFPB matter.
Both Encore and PRA’s CFPB disclosures noted that they are not the only ARM companies being investigated. PRA mentioned specifically that it was responding to a civil investigative demand (CID) from the CFPB and that others had received the same. |
A Frankfurt prosecutor is under investigation for embezzlement over the sale of Hotel am Rosenberg which was allegedly sold too cheaply | A Frankfurt prosecutor is under investigation for embezzlement over the sale of Hotel am Rosenberg which was allegedly sold too cheaply | http://www.fnp.de/lokales/main-taunus-kreis/Staatsanwaltschaft-ermittelt-wegen-Untreue;art676,1289334 | 2015-03-02 17:00:14.550000 | Staatsanwaltschaft ermittelt wegen Untreue
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Bei der Staatsanwaltschaft Frankfurt ist jetzt ein Ermittlungsverfahren gegen Bürgermeisterin Gisela Stang und Stadtrat Wolfgang Winckler aufgenommen worden, bei dem es um den Verdacht der Untreue im Zusammenhang mit den Vorgängen um das Hotel am Rosenberg geht. Das haben gestern sowohl die Staatsanwaltschaft als auch als auch der Magistrat der Stadt bestätigt. Stang und Winckler werden sich, so Pressemitteilung der Stadt, „bis auf weiteres nicht mehr zu dem Vorgang Hotel am Rosenberg äußern“.
Ein Akteneinsichtsausschuss hat sich in den vergangenen Monaten mit den Vorgängen um den Verkauf des Hotels beschäftigt. Dem Magistrat wird vorgeworfen, das Grundstück viel zu billig aus der Erbpacht heraus verkauft und zudem auf eine Millionen Ausgleichzahlung zugunsten der Stadt verzichtet zu haben. Der Abschussbericht der Koalition zum Akteneinsichtsausschuss wird unter Ausschluss der Öffentlichkeit verhandelt. Und auch der Abschlussbericht der Grünen, der von deren Mitgliedern öffentlich gemacht wurde und auch auf der Homepage der Stadt zu finden war, ist jetzt aus dem Verkehr gezogen worden. |
Le Meridien Hotel in Munich has been sold to Deka Immobilien for €158mn | JLL advises Kildare, a Luxembourg-based liquidator on sale of Le Meridien Munich Hotel to Deka Immobilien. The 381 room hotel, located opposite the main railway station is understood to be for € 158mn | http://www.rohmert-medien.de/news/jll-berat-bei-verkauf-des-le-meridien-munich-hotel,136692.html | 2015-03-02 16:55:35.523000 | München: Im Auftrag von Kildare Partners und einem in Luxemburg ansässigen Insolvenzverwalter der Eigentumsfirma war JLL beim Verkauf des Le Méridien Munich beratend tätig und hat die Transaktion erfolgreich begleitet. Käufer des zentral, gegenüber dem Hauptbahnhof, gelegenen Hotels mit 381 Zimmern ist der offene Immobilienfonds Deka I. Die Transaktion war ein „Asset Deal“ auf Basis des bestehenden langfristigen Pachtvertrages mit Starman Hotels. Der Kaufpreis betrug 158 Mio. Euro.
Das 2002 eröffnete Hotel verfügt über 381 Zimmer und Suiten, Restaurant, Tagungs- und Banketträume, Spa sowie einen Innenhof. Insgesamt erstreckt sich das Gebäude über eine Gesamtfläche von etwa 26.181 qm, auf das Hotel entfallen ca. 22.407 qm. Der Anteil von Büro und Einzelhandel beträgt ca. 15% der Gesamtmietfläche. |
Report suggests the IoT has huge potential to transform the public sector | Deloitte University Press has published a report on the Internet of Things and how it will transform the public sector. The report argues that the IoT will redefine government work in three ways: eliminating routine tasks, enhancing capabilities, and engaging partners. | http://www.prnewswire.com/news-releases/deloitte-report-the-internet-of-things-has-potential-to-transform-services-in-the-public-sector-300136485.html | 2015-02-09 00:00:00 | WASHINGTON, Sept. 2, 2015 /PRNewswire/ -- Government has been slow to incorporate Internet of Things (IoT) technologies, but some leading public sector organizations are starting to benefit from early applications, according to a new report by Deloitte's GovLab think tank titled, "Anticipate, Sense, and Respond: Connected government and the Internet of Things." Researchers also identified ways government organizations can further use connected devices to transform service delivery.
The report, published by Deloitte University Press and part of a collection of articles on the Internet of Things, posits three ways in which these new IoT tools might redefine government work: eliminating routine tasks, enhancing capabilities, and engaging partners. To provide examples of each, Deloitte examined classic public sector domains where organizations could use these innovations to collect, measure, process and interpret information to create fresh approaches to solve problems that have traditionally stymied public service organizations.
To show the potential impact of IoT on government, Deloitte examined three areas – public education, public safety and public water utilities – where the IoT could be used to enhance current operations.
"This new wave of technology that includes wearables and any other object that can be connected to the Internet will ultimately change everything about the way the public interacts with government, from transportation to public safety, from education to human services," says William D. Eggers, director of Public Sector Research at Deloitte Services LP. "For example, our analysis demonstrates that IoT technology could provide data to police departments to enable them to better predict and prevent spikes in violent crime."
Education
Cognitive devices could alert a teacher to a student's concentration or stress levels, allowing the teacher to focus on students who need the most help, whether they ask for it or not. Educators with years of experience often develop an intuitive understanding of such complex behavioral dynamics, but a connected classroom could provide insights even to rookie teachers.
Public Safety
The IoT could be utilized to more quickly aggregate and analyze information about an event; examples include environmental sensors that recognize the sound of a gunshot and pinpoint its location within 10 feet, devices that monitor officers' stress levels or other anomalies, or connected weapons that signal when and where an officer removes a gun from its holster and discharges it.
Public Water Utilities
The IoT can create a more cohesive picture of the highly-fragmented water supply system to better manage the multiple issues from well to tap. For instance, sensors within water delivery systems can help identify, stop, and even fix leaks to improve delivery to customers. For agriculture use – which accounts for 70 percent of water consumption today – sensors with advanced algorithms can address problems of overwatering by analyzing how much water plants need and automatically adjusting supply.
"Public sector organizations have opportunities to employ IoT devices to improve outcomes for the public good, and should start analyzing their operations for opportunities to do so today," said Eggers. "Organizations that adopt a wait-and-see attitude toward the IoT are unlikely to develop the expertise or engender the trust needed to effectively and efficiently deliver services in this new reality and to reassure citizens concerned about how this new technology will affect them."
This report also includes the "Information Value Loop," a blueprint for how IoT technologies generate value.
About Deloitte Research
Deloitte Research, a part of Deloitte Services LP, identifies, analyzes, and explains the major issues driving today's business dynamics and shaping tomorrow's global marketplace. From provocative points of view about strategy and organizational change to straight talk about economics, regulation and technology, Deloitte Research delivers innovative, practical insights companies can use to improve their bottom line performance. Operating through a network of dedicated research professionals, senior consulting practitioners of the various member firms of Deloitte Touche Tohmatsu, academics and technology specialists, Deloitte Research exhibits deep industry knowledge, functional understanding, and commitment to thought leadership. In boardrooms and business journals, Deloitte Research is known for bringing new perspective to real-world concerns.
About GovLab
GovLab is a think tank in the Federal practice of Deloitte Consulting LLP that focuses on innovation in the public sector. It works closely with senior government executives and thought leaders from across the globe. GovLab Fellows conduct research into key issues and emerging ideas shaping the public, private, and nonprofit sectors. Through exploration and analysis of government's most pressing challenges, GovLab seeks to develop innovative yet practical ways that governments can transform the way they deliver their services and prepare for the challenges ahead.
About Deloitte University Press
Deloitte University Press publishes original articles, reports, and periodicals that provide insights for businesses, the public sector, and NGOs. Our goal is to draw upon research and experience from throughout our professional services organization, and that of coauthors in academia and business, to advance the conversation on a broad spectrum of topics of interest to executives and government leaders.
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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Biogas companies call on EU to boost bio-LNG and bio-CNG
| The European Biogas Association, the Natural & Biogas Vehicle Association and the European Automobile Manufacturers’ Association have called on the EU to expand natural gas and renewable gas/biomethane infrastructure to help achieve the bloc's 2050 net-zero emissions target. The groups said compressed and liquefied natural gas were "concrete solutions" for all road vehicles, and urged the EU to support the renewable gas sector via funding schemes.
| https://www.bioenergy-news.com/news/bio-cng-and-bio-lng-are-concrete-solutions-for-eu-transport-sector-say-firms/ | null | Bio-CNG and bio-LNG are “concrete solutions” for EU transport sector, say firms
Three organisations in the biogas and transport sector have called on EU policymakers to boost the deployment of infrastructure to deliver natural gas and renewable gas/biomethane across the European Union (EU).
The European Biogas Association (EBA), the Natural & Biogas Vehicle Association (NGVA Europe) and the European Automobile Manufacturers’ Association (ACEA) believe Europe needs to “trigger a successful energy transition” as part of the roadmap to achieving net-zero emissions by 2050.
Compressed natural gas (CNG) and liquefied natural gas (LNG) are “concrete solutions” for both private vehicles and freight transport by road, according to the joint statement. Although renewable gas is already available and in line with stringent sustainability criteria, the EBA, NGVA and ACEA believe the role of existing infrastructure must be preserved to help boost the switch to renewable gases.
The three organisations are calling on the EU to expand natural gas infrastructure to “evenly cover” the whole EU territory, support the integration and use of a growing rate of renewable gas in the market and maintain support for R&I activities through EU funding schemes.
“All options need to be on the table for road transport,” said ACEA mobility and sustainable transport director Petr Jolejsi. “Natural and renewable gas is an available resource that can help to reduce CO2 emissions from new and existing vehicles. Hence, we call on policymakers to deliver what the EU Directive on Alternative Fuels Infrastructure (DAFI) already provides and to put more emphasis on the roll-out of EU-wide infrastructure for all fuel and energy options in the future.”
EBA secretary-general Susanna Pflüger added: “Gas mobility contributes to affordable, accessible, healthier and cleaner alternatives in the transport sector, fully in line with the European Green Deal. Bio-CNG and bio-LNG have very low well-to-wheel emissions and bring along multiple knock-on effects for the environment and European societies.”
According to NGVA Europe secretary-general Andrea Gerini, the use of natural and renewable gas is a “quick and easy way” to complement a complex system that will gradually change the way we travel and to transport freights globally. Gerini said: “Recognising its role for transport decarbonisation in the future revision of the legislative measures is the best way to create safe, secure, sustainable and efficient systems in favour of European citizens’ mobility and companies’ logistics. And this needs to start as soon and as fast as possible.” |
LPG growth | Growing global demand for propane and butane gases is boosting the world’s shipping industry, according to Seatrade Maritime News. Just under 100m tonnes of the LPG gases, used for cooking, heating, car fuel and refrigeration, were traded last year. The Middle East dominated the list of source countries with increasing share from the Americas. The biggest importers, meanwhile, were in the Asia-Pacific region. Propane demand in particular has increase because of increasing need in the process for making propylene and that growth is set to continue with new plants set to open in Asia. | http://www.seatrade-maritime.com/news/americas/the-lpg-sector-turning-up-the-gas.html | null | The sector saw a surge in 2013 - 2015 as US exports boomed, with greatly growing Asian import demand, but crashed in 2016 - 2017 as the resultant burst of vessel ordering brought about a severe overtonnaging situation.
Statistics presented by consultants NGLS show just shy of 100m tonnes of cargo traded in 2017. Middle East origins, nearly 39m tonnes, still dominate the export leaderboard, but show the “Americas” share increasing most rapidly over the past few years. Conversely the import side of the cargo matrix shows the biggest share, and largest incremental gains, coming from product moving into the Asia - Pacific region.
Growth in demand has come from unexpected places, as well. As the market has evolved through 2017 and into 2018, an NGLS analysis shows that “arbitrage” margins were impinged in 2017, as US gas prices (Mount Belvieu pricing) strengthened, bringing about a decline in cracking demand. On the Capital Link webinar, John Lycouras, ceo of Dorian LPG, noted that: “The surprise this year [2017] was India, which surpassed Japan in imports of LPG. Indonesia has been one of the major big importers of LPG that was not there before.”
As petrochemical demand grows, increased deployments of the Propane dehydrogenation, or PDH, a process for producing the all-important propylene (with lower costs than competing technologies), has led to gains in propane demand, with NGLS noting that “PDH is much more significant in the East.”
Lycouris, concurred, tying new PDH plants in Asia to “a continuation of strong demand for LPG.” On the same webcast, Charles Maltby, ceo of owner Epic Gas said: “The surprise has been the ramp back up of propylene imports into China…and that’s important for pressurized LPG vessel.”
These developments present the backdrop for Jefferies & Co’s “Buy” recommendation on Stealth Gas. The firm’s shipping equities analyst, Randy Giveans, wrote in a late February investment recommendations: “With LPG shipping rates increasing across all asset classes in recent months, the charter rates in the small LPG asset class have rallied to the highest level since 2Q14, and we believe the small LPG shipping market is poised to improve further in the coming months. Volatility in the market has led to a low share price/net asset value for Stealth Gas (and for others).
Forecasting future demand for LPG moves is a highly complicated business, with NGLS saying, in the Evercore/ ISI presentation, that: “US production economics will dictate global LPG growth,” adding that pricing and arbitrages will depend on a complex array of economic factors differentiated for propane versus butane.
One facet of the compressed arbitrage margins is the potential move to more coverage of shipping under term charters. Peder Nicolai Jarlsby, an analyst at Fearnley Securities, regarding the likelihood of more contract and COA focus from large operators as commodity pricing differentials have stabilized. Dorian’s
Lycouras said: “I think the larger players would probably opt for more contract coverage where one can use logistics and vessel reliability to pick up cargoes from various places…I think that contract is probably the best way to go forward.” |
IWG Singapore office space prices fell 3.9% in Q3
| Prices for Singapore office space fell 3.9% in Q3 2019, as rentals fell by 0.6%, according to Urban Redevelopment Authority (URA) data. The fall was led by a 4.4% decline QoQ in the Central Area, offset by 5.1% QoQ growth in the Fringe Area. Occupied space increased by net 71,000 sq m in Q3, double the Q2 rise, while supply remained steady at 738,000 sq m, compared to 732,000 in Q2. Demand was driven by flexible workspace providers and lower net island-wide stock. The island-wide vacancy rate was 10.6%, URA reported.
| https://www.icompareloan.com/resources/office-space-prices-declined/ | null | Office space prices decreased by 3.9% in 3rd Quarter 2019, compared with the 0.9% increase in the previous quarter, said the latest data released by Urban Redevelopment Authority (URA). Rentals of office space decreased by 0.6% in 3rd Quarter 2019, compared with the 1.3% increase in the previous quarter.
As at the end of 3rd Quarter 2019, there was a total supply of about 738,000 sq m GFA of office space in the pipeline, compared with the 732,000 sq m GFA of office space in the pipeline in the previous quarter. The amount of occupied office space increased by 71,000 sq m (nett) in 3rd Quarter 2019, compared with the increase of 35,000 sq m (nett) in the previous quarter.
The stock of office space decreased by 4,000 sq m (nett) in 3rd Quarter 2019, compared with the increase of 7,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space declined to 10.6% as at the end of 3rd Quarter 2019, from 11.5% as at the end of the previous quarter.
Colliers International which reported on the data released by the URA said the office space prices was dragged by the Fringe Area which reported a 2.8% QOQ decline.
Colliers noted that rental growth at Central Area continued to show an improvement of 0.4% QOQ. Currently, URA’s Office Rental Index for the Central Region is 8.0% below the most recent peak in Q1 2015. Office space prices showed a different trend.
While URA’s Office Price Index for the Central Region declined 3.9% QOQ in Q3 2019, the drag came from the Central Area instead, which fell 4.4% QOQ. In contrast, office space prices at the Fringe Area continued its momentum with a strong showing of 5.1% QOQ growth.
“Nonetheless, Q3 2019 saw robust transactions within the CBD, with a few major deals including the sale of DUO Tower, 71 Robinson Road, and Anson House. Going forward in Q4 2019, a few more transactions could contribute to a positive year for commercial deals. Islandwide vacancy of office properties tracked by the URA continued to recover to 10.6% from 11.5% in Q3 2019. The healthy net absorption was driven by a reduction in islandwide stock with net withdrawals, as well as healthy demand mainly driven by the flexible workspace sector.”
Ms Tricia Song, Collier International’s Head of Research for Singapore, said, “CBD Premium and Grade A gross effective rents grew at a slower rate of 1.5% QOQ in Q3 2019 versus an increase of 3.0% in the previous quarter, bringing rents to SGD10.08 psf per month.”
She added, “With tenants showing resistance to further rent hikes, the market is increasingly seeing a flight-to-value. Vacancy increased to 3.3% from 2.9% as a result.”
“2019 YTD rental growth of 7.0% is on track to meet Collier’s full year projection of an 8% growth. We expect rental growth to continue to slow, and forecast a 5% rental growth in 2020, in line with slower economic growth. Some sectors may have already felt the pressure, and we may see some shadow space emerge from large occupiers such as financial institutions. Meanwhile, Grade A and Premium CBD office vacancy is expected to continue to trend below 6% until 2022 given tight CBD Grade A office supply of 3% of stock per annum over 2019–2021 versus 5% for the last five years. This should provide support for further rental growth from 2019-2021.”
Demand for office space continued to be anchored by coworking and technology in the third quarter of 2019. In July, WeWork leased the entire 200,000 sf in 21 Collyer Quay, with plans to open in 2021 after current tenant HSBC vacates the building. Although there is currently some concern over the longer-term sustainability of the sector, companies cutting costs may actually find coworking spaces more attractive as they would not need to spend capital expenditure upfront to fit-out a traditional office.
The flexibility to increase or decrease the number of members on a monthly basis is also a big draw to companies who are facing an uncertain outlook. New coworking operator One&Co by JR East Singapore just opened a 13,000 sf coworking centre in Twenty Anson to help connect the Japanese and Singapore companies. Demand from the financial sector held steady. For instance, American Express leased three floors at One Marina Boulevard and helped to back fill the space left behind by Microsoft, which had earlier made the move to Frasers Tower.
An earlier report by Cushman & Wakefield (C&W) suggested that should the economy weaken, it expects some landlords to start offering subsidies to office space prices.
Christine Li, Head of Research, Singapore and Southeast at Cushman & Wakefield said, “Event risks such as US-China trade war and Brexit have increased uncertainties for corporate occupiers, who could put expansion plans on hold and wait for greater clarity in the near term.”
“Should the global economy continue to run in low gear, office demand from corporates may slow down and spur more right-sizing amongst corporate occupiers going into 2020. Rents are still holding up at the current level at for many buildings due to the lack of CBD supply through 2021, but competition for potential tenants is likely to intensify, especially with more flexible office operators joining the fray. Occupiers could also expand their search to city fringe or even suburban locations with good infrastructural connections and local amenities. This would increase their range of leasing options.”
Singapore’s economic growth fell to 0.1 per cent year-on-year in 2Q2019. On a quarter-on-quarter basis, the economy contracted by 3.3 per cent, stoking fears of a technical recession if anaemic growth continues into the fourth quarter. Overall office demand has slowed, but emerging sectors within the technology space such as artificial intelligence (AI) and data analytics are increasingly starting to fuel the demand for office space. |
Testing new Covid-free certificate for expats: Political battle over Kerala govt’s decision continues | The Congress-led opposition in Kerala has launched protests against the Pinarayi government against its decision to make Covid tests mandatory for expatriates returning home from the Gulf. The Leader of Opposition staged one-day hunger strike in front of the State Secretariat, demanding reversal of restrictions imposed against Non-Resident Keralaites. testing | https://www.indiatoday.in/india/story/covid-free-certificate-for-expats-political-battle-over-kerala-govt-s-decision-continues-1690603-2020-06-19 | null | By Jeemon Jacob: The Congress-led opposition in Kerala has launched protests against the Pinarayi government against its decision to make Covid tests mandatory for expatriates returning home from the Gulf.
The Leader of Opposition staged one-day hunger strike in front of the State Secretariat, demanding reversal of restrictions imposed against Non-Resident Keralaites returning home.
PCC chief Mullapally Ramachandran alleged that the state government was trying to stop Keralaites from returning home from the Gulf. “The decision of the government stops thousands of poor Gulf Malayalees from returning home. In a way, restrictions are going to trap thousands in the jaws of death while the infection level is spreading fast in Gulf countries. We will continue our protests till the state government reverse the decision,” Mullappally said.
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The Leader of Opposition Ramesh Chennithala also accused the state government of enacting inhumane restrictions on Gulf Malayalees. Former Chief Minister Oommen Chandy and Indian Union Muslim League leader Dr MK Muneer also participated in the protests.
Congress-led United Democratic Front has also decided to launch protests in 14 districts and Gulf pockets against restrictions imposed by state government.
Meanwhile, the High Court is considering a petition against mandatory Covid tests for expatriates returning home.
Kerala CM Pinarayi Vijayan has, however, clarified that the new regulations demanding Covid-free tests for passengers returning home from the Gulf was imposed to ensure safety of all those coming back as the current rate of infection level among returnees touched 52.4%.
He also initiated discussions with Indian embassies in Gulf for offering tests for passengers.
READ | Fears of second US coronavirus wave rise on worrisome spike in cases, hospitalisations
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Global digital payment transactions set for 10% growth, report finds » GTNews.com | Global digital payment volumes are projected to grow 10% with 426.3 billion transactions in 2015, up from 8.9% growth in 2014 that saw 387.3 billion transactions, according to World Payments Report 2016 by Capgemini and BNP Paribas. Contributing factors include strong economic growth in key developing countries, improved security measures and government schemes that spur electronic payments in developing markets. The highest growth rate,16.7%, occurred in developing markets and mature markets grew 6%. The top four markets were the US, Eurozone, Brazil and China. | https://www.gtnews.com/2016/09/29/global-digital-payment-transactions-set-for-10-growth-report-finds/ | null | Global digital payment volumes continue to increase, with annual growth projected to top 10% for the first time to reach 426.3 billion transactions in 2015, up from the record-setting 8.9% growth in 2014 (387.3 billion transactions). This is according to the World Payments Report 2016 (WPR) jointly produced by Capgemini and BNP Paribas.
The growth in digital payment transactions is largely being driven by strong economic growth in key developing countries, improved security measures such as EMV and biometrics, and government initiatives designed to encourage electronic payments in developing markets, as the cost of cash continues to rise.
However, this growth comes as banks face increasing demand for seamless, secure digital transaction services, particularly from corporate customers, spurring transaction banks to accelerate investment and collaboration amongst banks and/or with fintechs to reduce time to market in delivering differentiating digital transaction experiences.
Growth in digital payments occurred across all regions, with developing markets experiencing the highest rates (16.7%) and mature markets growing at 6.0%, although mature markets still account for 70.9% of total global volumes. For the first time, China surpassed the UK and South Korea in digital transaction volumes, taking fourth position among the top ten markets globally, behind the US, Eurozone and Brazil.
Cards remain the fastest growing digital payments instrument since 2010, while cheque usage continues to decline. Immediate payments have the potential to drive growth in digital transactions as an alternative to cash and checks, but efforts are needed to educate stakeholders, provide more value-added services, and upgrade infrastructure at merchants and corporates. |
Legal action threatened over non-payment of insurance claims | Hiscox, the insurance company that will doubtless have been used by many agents to insure their businesses, is facing legal action over its handling of ‘Business Interruption’ claims.Some 200 policyholders, are planning to take Hiscox Insurance to Court over rejected claims made due to coronavirus.The group wants Hiscox to pay out on ‘Business Interruption’ claims for a policy that says it includes interruptions to business caused by infectious diseases.Top legal firm, Mishcon de Reya has been appointed to take up the case. | https://propertyindustryeye.com/legal-action-threatened-over-non-payment-of-insurance-claims/ | null | Post navigation
Hiscox, the insurance company that will doubtless have been used by many agents to insure their businesses, is facing legal action over its handling of ‘Business Interruption’ claims.
Some 200 policyholders, are planning to take Hiscox Insurance to Court over rejected claims made due to coronavirus.
Top legal firm, Mishcon de Reya has been appointed to take up the case.
The group wants Hiscox to pay out on ‘Business Interruption’ claims for a policy that says it includes interruptions to business caused by infectious diseases.
One of the Group members is reported as saying:
“Hiscox thought it could get away without paying but that is not going to happen. We have appointed top legal counsel, we will be fully funded and we are going to force Hiscox to do the right thing and honour its obligations.”
Simon Ager, managing director of the Pinnacle Climbing Centre and steering group member, described Hiscox’s behaviour as “disgraceful”.
“The policy wording is clear and unambiguous, and the insurance has clearly been triggered,” he said. “In refusing to pay out in a shoddy attempt to preserve its own balance sheet, Hiscox is putting the future of hundreds of British businesses at risk.”
EYE carried a story last week warning that insurers are not only removing cover associated with infectious diseases going forward, but also retrospectively.
We would like to hear from any agents who have had a claim for Business Interruption refused by their insurers. [email protected] |
Ikea pledges to abandon single-use plastic by 2020 | Ikea, the Swedish furniture retailer which has over 363 stores across the world, has pledged to phase out single-use plastic products, including straws, plates, cups and freezer and bin bags, from its restaurants and stores by 2020. The company, which has already invested in windfarms and a plastics recycling plant, and which has placed solar panels on its stores, has previously confirmed that it will phase out oil-based plastics. Ikea is also hoping to ensure that all its plastic products are made from recycled materials by August 2020.
| https://www.theguardian.com/business/2018/jun/07/ikea-commits-to-phase-out-single-use-plastic-products-by-2020 | null | Ikea is to phase out all single-use plastic products from its stores and restaurants by 2020 amid growing concern about the effects of plastic on the environment.
Ikea said plastic straws, plates, cups, freezer bags, bin bags, and plastic-coated paper plates and cups would all be phased out and where possible replaced by alternatives.
A spokesperson said: “We don’t have all the answers yet but we are working together with our suppliers to find solutions that are good for both people and the planet.”
The Swedish furniture chain is already committed to phasing out oil-based plastics and is aiming to ensure all its plastic products are made using recycled materials by August 2020.
It has invested in a plastics recycling plant to help push the plan forward.
The latest move comes amid growing concern over plastic pollution in the world’s oceans, where it can harm and kill wildlife such as turtles and seabirds.
The retailer, which has more than 363 stores worldwide, says it also wants to help its customers live more sustainably by offering products such as a tap nozzle that could save more than 90% of water used. It will also be offering solar panels in 29 markets, up from five at present, by 2025 and introducing more vegetarian foods into its cafes.
“Through our size and reach we have the opportunity to inspire and enable more than 1 billion people to live better lives, within the limits of the planet”, Torbjörn Lööf, the chief executive of the retailer’s parent Inter Ikea group, said.
“Change will only be possible if we collaborate with others and nurture entrepreneurship. We are committed to taking the lead working together with everyone – from raw material suppliers all the way to our customers and partners.”
The retailer has already invested in windfarms and put solar panels on its stores as part of plans to rely on renewable electricity and heat in its stores by 2020.
Ikea’s commitment on plastic comes after Iceland, the grocery chain, said it would ditch plastic packaging on its own brand products by 2023. British MPs have called on other supermarkets to follow suit and eliminate plastic packaging from their products over that period.
Tesco has told suppliers it wants to stop using non-recyclable plastic packaging from next year, while Waitrose is phasing out black plastic trays that are hard to recycle.
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A UN report issued on Tuesday – World Environment Day – showed dozens of nations acting to cut plastic, including a ban on plastic bags in Kenya, on styrofoam in Sri Lanka and the use of biodegradable bags in China.
A tax on single-use plastic bags in the UK has slashed their use and ministers have banned microbeads in personal hygiene products. However, Theresa May’s pledge to end avoidable plastic waste by the end of 2042 has been criticised as far too slow.
The Greenpeace UK oceans campaigner Elena Polisano welcomed the Ikea move and said: “We now need to see other big retailers come up with ambitious plans to cut the amount of throwaway plastic on their shelves. With one truckload of plastic waste entering our seas every minute and spreading everywhere from the Arctic to the Antarctic and to the deepest point of the ocean, we need bold action – and fast.” |
E-bikes involved in less accidents than non-assisted ones: study
| Cycle insurance company Bikmo has said e-bikes are involved in 38% fewer accidents than conventional bikes and that it was cutting premiums for e-bike owners by 25% as a result. The company surveyed 3,000 European riders including 2,000 with conventional cycles and 1,000 on e-bikes. The findings came as EV-bike ownership rates have risen steeply alongside Covid-19 lockdowns. Reasons for the lower accident rate reportedly include an e-bike's ability to keep pace with traffic and greater care for their machines by e-bike owners.
| https://electrek.co/2020/07/10/new-data-shows-e-bikes-are-safer-offer-less-risk/ | null | Electric bicycles have a lot going for them, helping riders commute faster and farther than pedal bikes and more efficiently than cars, all without needing ultra-toned quads and calves. But now we’re learning about one more big advantage: e-bikes are apparently safer than pedals bikes.
This new data comes from a specialized bicycle insurance provider, Bikmo.
By conducting a survey of over 3,000 of its riders across Europe, Bikmo found that riders of electric bikes accounted for 38% fewer insurance claims compared to pedal bike riders, on average.
The survey included approximately 1,000 e-bike riders and 2,000 pedal bike riders.
Bikmo offers wide-ranging insurance covering everything from damage, theft, personal injury, liability, and more. The company says that they attribute the lower risk seen by e-bike riders to such riders being more risk-averse.
A typical European e-bike, the Ampler Stellar
Bikmo ultimately used the data to set new, lower premiums for electric bike riders after realizing that they weren’t paying out as much on electric bikes.
As explained by David George, Bikmo’s CEO:
“The team here at Bikmo are hugely proud to announce a 25% cut on our electric bike premiums. Believing firmly that e-bikes play a central role in the future of cycling, we want to lead the way in encouraging more people to discover the many benefits they offer.”
This news comes at a time when electric bicycle adoption rates are soaring. The beginning of 2020 already saw a large increase in e-bike ridership, but it was dwarfed by skyrocketing e-bike sales that coincided with COVID19-related lockdowns across the US and around the world.
A Bosch-powered Priority Embark electric bicycle
Electrek’s Take
I find this fascinating, and so I dug into a bit deeper.
While at first I figured we were just talking about personal injury here, I think there’s more to the story.
Personal injury makes sense to me, even if it seems counterintuitive at first. Just because e-bikes are faster doesn’t make them more dangerous. In fact, I think more speed actually makes bicycles safer – up to a point. Slower bikes can find themselves in the danger zone alongside cars for longer periods. This is especially true when pedal bikes slow to a crawl up hills, which is an area where e-bikes excel.
I always feel safer when my e-bike can keep pace with traffic instead of constantly being passed by it.
Next, e-bike riders are much more likely to properly lock their bikes or bring the bikes inside altogether, helping prevent theft. When you’re paying thousands of dollars for an e-bike, you’re much more likely to invest in a second lock.
The same goes for accidental damage. I’ll toss my pedal bike against the wall without a second thought, but I cringe at the thought of dropping my e-bikes.
So I can see how e-bike riders would pose less of a risk to insurers, and I’m glad to see insurers taking note so much that they turn an interesting factoid into hard policy. Anything that gets more people out of cars and onto e-bikes is a good thing, in my opinion!
via: Cyclingindustry |
Impact of Coronavirus (COVID-19) Pandemic on Global Robotics Market | The COVID-19 outbreak has become a global stress test. Global demand of industrial robots may slow due to COVID-19, meaning major industrial robot vendors may struggle during 2020. The virus has increased interest in robots, drones, and AI. These technologies help deal with staffing shortages, manufacturing, and supply chain, and the need for social distancing. Industrial robot demand is anticipated to grow exponentially, driven by cost reduction, improved quality, increased production, and improved workplace health and safety. | https://www.globenewswire.com/news-release/2020/05/13/2032482/0/en/Impact-of-Coronavirus-COVID-19-Pandemic-on-Global-Robotics-Market.html | null | Dublin, May 13, 2020 (GLOBE NEWSWIRE) -- The "Global Robotics Market (Impact of COVID-19) and Volume (Industrial and Service Robotics), Key Players Analysis - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Robotics Market was valued at around US$ 34 Billion in 2019 and the market is expected to register a double digit CAGR over the forecast period of 2020 - 2025. The market for robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, logistics, inspection and maintenance, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. The increasing use of robotics will boost the growth of the market in the coming future. However, the high initial investment and concern for human safety restricts the growth of the market.
Impact of COVID-19 on Robotics Market
The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The number of infections and deaths from COVID-19 is still growing, and the duration of the pandemic is still difficult to predict. Following a slowdown in global demand of industrial robots due to the COVID-19 pandemic, it is expected that the major industrial robot vendors will struggle during the year 2020.
The novel coronavirus has increased interest in robots, drones, and artificial intelligence. These technologies can help deal with massive staffing shortages in healthcare, manufacturing, and supply chains; the need for social distancing; and diagnosis and treatment. For example, service robotics play a vital role in healthcare, they minimize human intervention at all levels, starting from patient examination to patient care and drug delivery mechanism. The virus has been a good opportunity for companies to display robots for public applications. Public Relations, Rescue and Security, Inspection, Cleaning, Monitoring, and Detection are all key aspects of containing the pandemic. Disinfection robot UVD for example has been in high demand since the outbreak of COVID-19 pandemic.
Industrial Robotics Market - Overview
The global industrial robotics market is likely to surpass US$ 24 Billion mark by 2025. The demand for industrial robotics is anticipated to grow exponentially during the forecasting period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial robotics market globally.
Global Service Robotics Market - Overview
The global service robotics market was valued at over US$ 17 Billion in 2019 and is expected to show significant growth during the forecast period, driven by an upsurge in its adoption owing to high labor cost, lack of skilled workforce, increasing research and development investments, growing awareness regarding the benefits of service robots, and increased demand for automation among professional and personal sectors. Service robots have witnessed widespread acceptance among various professional and personal applications owing to benefits such as enhanced usability, delivery of accurate and high-quality services, reliability, and reduced operational costs and human errors. Professional service robots are employed in various industries including medical, defense, agriculture, logistics, inspection and maintenance, rescue and security, construction, and professional cleaning among others, whereas personal service robots are used for domestic and entertainment and leisure purpose. The high initial investment and concern for human safety restricts the growth of the market.
This 229 Page report with 123 Figures and 18 Tables has been analyzed from 11 viewpoints:
1. Global Robotics Market and Volume Forecast (2009 - 2025)
2. Impact of Coronavirus (COVID-19) Pandemic on Robotics Market
3. Global Robotics Market, Volume, Share and Forecast (2009 - 2025)
4. Global Industrial Robotics Market and Volume Forecast (2009 - 2025)
5. Global Industrial Robotics Market and Volume Forecast - By Segment (2009 - 2025)
6. Industrial Robotics Volume and Forecast - Region and Country Wise Distribution (2010 - 2025)
7. Global Service Robotics Market and Volume Forecast (2009 - 2025)
8. Global Professional Service Robotics Market and Volume Forecast - By Segment (2009 - 2025)
9. Global Personal and Domestic Service Robotics Market and Volume Forecast - By Segment (2009 - 2025)
10. Key Player - Sales and SWOT Analysis (2010 - 2025)
11. Global Robotics Market - Growth Drivers and Challenges
Companies Mentioned
KUKA AG
Adept Technology (Acquired by OMRON)
iRobot Corporation
Intuitive Surgical
Nachi-Fujikoshi
Yaskawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/spjtfg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. |
Methanol spot prices continue falling in Europe
| Methanol sellers are anticipating a sharp rebound in European prices after they dipped to €232-€236 ($252-$257)/mt FOB (free on board) Rotterdam because of uncertainty caused by the coronavirus outbreak. Producers cited sentiment rather than fundamentals for the slump, while some sellers suggested the floor had been reached and prices would return to €250-€290/mt Rotterdam after the virus was contained.
| https://www.icis.com/explore/resources/news/2020/02/10/10464173/europe-methanol-spot-falls-for-second-week-as-coronavirus-takes-toll | null | LONDON (ICIS)–European methanol spot prices sank for another consecutive week as uncertainty around coronavirus led to consumer hesitancy.
“What’s happening in China right now is impacting the sentiment, not necessarily supply and demand fundamentals,” said one producer.
The first half of last week was quiet, with bids and offers at €230-236/tonne for February and €230- 237/tonne for March.
By Friday, trades were agreed at reductions compared with the previous week.
Spot prices were assessed at €232-236/tonne FOB (free on board) Rotterdam.
–
“Everyone’s got one eye on China to see what’s happening over there […] Dampened sentiment in Europe. Nonetheless, the market is relatively balanced, and that’s why we haven’t seen any lower than [€232/tonne]”, said another producer.
Many players took a wait-and-see approach to global trade and activity in China last week.
The Shanghai Municipal Government extended the Lunar New Year holidays until 9 February in an attempt to limit the spread of the coronavirus, and as a result Chinese methanol demand dipped in early February.
Meanwhile, recent production shutdowns have helped balance global supply conditions to some extent, with reduced exports to China.
In Iran, government-imposed gas curtailment initiatives led to plant shutdowns.
Zagros Petrochemicals attempted to restart its production at Asaluyeh, Iran, but had to shut down once more last week.
HARD TO GO LOWER
For now, European players await China’s return to the methanol market, after-which an uptick in demand is expected.
Some sellers suggested that there was no room for further price decreases this month.
“Domestic prices are at low €230’s [/tonne] here in Europe, it’s kind of the floor. It would not surprise me if H2 February and beginning of March that we’re going to see higher prices again”, said another seller.
“Our offers will start again next week or the week after. [….]The market was really strong before the Chinese New Year. The only change we see now is this virus. As soon as that is under control we’ll see it back up to €290, €250 [/tonne] Rotterdam.”
Front page image: An empty street in Beijing
Source: Wu Hong/EPA-EFE/Shutterstock |
LawBot: Cambridge students create free legal advice chatbot | https://www.theguardian.com/technology/2016/jun/28/chatbot-ai-lawyer-donotpay-parking-tickets-london-new-york
| http://www.legalfutures.co.uk/latest-news/law-students-build-app-aimed-helping-crime-victims | null | Four Cambridge university law students have created a free artificial intelligence ‘chatbot’ using natural language input with the aim of clarifying whether a criminal offence has taken place and making it more likely the police will take victims of crime seriously.
Modelled on the DoNotPay parking ticket app by student Josh Browder, LawBot’s creators also plan to extend the idea to civil claims.
LawBot currently helps crime victims to report 26 “major criminal offences”, including sex and property offences and offences against the person. The creators’ intention is to expand to cover civil law disputes at a later date.
The students – Ludwig Bull, Rebecca Agliolo, Nadia Abdul, and Jozef Maruscak – started six weeks ago to build the chatbot in their own time, without input from the law faculty, aiming “to help regular people understand the difficult rules that shape and govern our everyday life”.
Coded in Artificial Intelligence Markup Language (AIML), LawBot has teamed up with Cambridge pro bono society’s StreetLaw project, which aims to spread awareness in local schools about sexual offences among young people.
The app builders insist confidentiality is assured by high-level encryption. After ‘chatting’ with LawBot, users are presented with a summary in legal language that can be given to the police. Currently this facility is available only for crimes of harassment, but an extension to other crimes is planned.
Mr Bull, LawBot’s founder and managing director, who is German and speaks six languages, wrote the software. He told Legal Futures: “Right now we really want to focus on the criminal law because we think this is the area off most public importance… What we are providing is kind of a preliminary assessment of what happened to you from a legal perspective…
“LawBot can explain the information that is available online to you in a simple way. So this is for people who would probably not go to the police station even though they maybe should, because they don’t know what the law is.”
He continued: “The whole technological environment is rapidly changing the legal profession. We think that this project can contribute quite valuably to the technological disruption that is occurring in the legal sector right now.”
Fourth year law student Ms Agliolo, LawBot’s marketing director, added: “In many cases if you have been a victim of a crime you may not necessarily know whether legally you do have an action…
“Especially in cases of sexual offences you don’t want to go to the police and be subject to a very intimidating and lengthy interrogation if you don’t feel that you have a valid claim.
“What LawBot can do is provide a confidential, secure and completely non-judgmental opinion on this matter. That is the advantage it of it being a robot – it can’t judge you, it simply provides access to legal knowledge.”
She acknowledged that it was difficult to provide a simple interface with the criminal law: “On the one hand you can provide very detailed legal language which may not be user-friendly, or you can use very simple language and in some cases it may actually be difficult to determine whether a crime has been committed because it’s so imprecise. So we are trying to strike a balance between these two things.”
One way to help users navigate legalease was to provide examples of the practical use of legal terminology, along with definitions when users told the software ‘I don’t understand’, she said.
LawBot’s creators have introduced ‘randomised responses’ into the software to ensure that no two conversations are the same. They are working to introduce ‘compassion’ to the software’s responses – triggered by words entered by users to make them feel more comfortable when discussing difficult issues. |
Electric cars could cost less than equivalent petrol vehicles by 2030 | The purchase cost of electric vehicles in the US could fall below that of petrol and diesel fuelled vehicles in five to 10 years, a new report says. Short-range electric vehicles would be the first to drop in price, according to the report. The report cites dropping battery costs as a key factor in reaching price parity. | https://thedriven.io/2019/04/04/electric-cars-could-cost-half-of-equivalent-petrol-vehicles-by-2030/ | null | The purchase cost of electric vehicles in the US could fall below that of petrol and diesel fuelled vehicles in five to 10 years, a new report released by the International Council on Clean Transportation says.
As the popularity of electric cars rises over the next decade, accompanying drops in battery prices and reduced R&D costs should see the cost of purchasing an electric, crossovers or SUV come in line with that of similar internal combustion engine (ICE) vehicles.
Taking total cost of ownership over five years into account, these drops, as well as lower fuel and maintenance costs, could see EVs costing much less than their ICE counterparts by 2025, according to the report.
The figures fight back against detractors who say that electric vehicles will just not take hold because they are too expensive.
Short-range electric vehicles would be the first to drop in price, according to the report, reaching an equal purchase price for equivalent ICE counterparts as soon as 2024-2025.
Longer-range vehicles would follow, reaching a purchase price equal to ICE equivalents around 2026-2028, says the report.
Electric vehicles are currently priced much higher than petrol and diesel vehicles, largely because of the high price of the battery which powers the electric drivetrain, initial investments in developing the new drivetrains and other indirect costs.
(As an example, a petrol-powered Hyundai Kona starts in Australia at $A25,990 before on road costs and extras, compared to the Kona Electric which starts at $A59,990 before on road costs and extras.)
The report cites dropping battery costs as a key factor in reaching initial price parity – currently, battery pack costs per kilowatt-hour range from $US130-184 ($A183-258) according to a number of industry announcements and reports.
But with cost reductions expected in improved cathode chemistry, that seek to use less of the more expensive cell materials such as cobalt, and improvements in energy density, battery pack costs could drop to around $US104/kWh ($A146/kWh) by 2025 and $US72/kWh ($A101/kWh) by 2030.
These price drops could be even more significant if technology breakthroughs are reached, and as low as $US62/kWH ($A87/kWh) if an industry survey conducted by Bloomberg New Energy Finance in 2018 proves correct.
As the electric car market grows, indirect costs, which include research and development, depreciation, and amortised costs from electric vehicle investments, will also drop by around 70 per cent, as initial costs are spread out over a growing EV fleet.
Put side by side, there will be a less disparate range in total costs for production of cars, crossover and SUVs as the decade passes, with EVs with less powerful motors benefiting from the cost reductions first.
Although the cost of battery and electric drive-train components will still be more expensive than the production of an internal combustion engine, combined lower costs of R&D, depreciation and amortised costs, as well as slightly lower assembly costs, smaller EVs with 150kW motors should begin to see price parity achieved starting 2024-5.
When total cost of ownership is taken into account, including taxes, maintenance, fuel or electricity charges, dealer market and profit margin, it appears that even larger EVs such as SUVs with up to 250kW output from the motor will cost less than ICE counterparts in 2025.
A major factor here is, of course, fuel savings, particularly with larger vehicles such as SUVs.
Over the next decade, the continuing trend in dropping battery prices and relative indirect costs, as well as the added reduction in fuel savings, mean that EVs could well much less than the cost to own than an ICE cars.
Notably, plug-in hybrids (PHEVs) which use a combination of electric and internal combustion engine drivetrains, are not expected to reach the same competitiveness over time, due to increased manufacturing costs of two drivetrains.
Although the figures are certainly encouraging for those wanting to switch to zero emissions vehicles, but for the moment cannot do so due to the higher upfront costs, the report author’s note that, “achieving cost parity does not
ensure a complete transition to electric mobility.”
For investment in battery technology to make sense and R&D and other indirect costs to reduce, a growing global EV fleet must be nurtured.
Pointing to the example of Norway, the report notes that incentives in Norway that brought the relative cost of EV ownership under that of ICE vehicles, accelerating EV sales from almost zero in 2012 to half of all registered electric and plug-in vehicles sales as of March 2019.
“The relative progress in Norway underscores the importance of incentives. But it also underscores the insufficiency of cost parity to transition to an all-electric market; if cost parity was the only critical barrier, markets with such compelling incentives would more rapidly approach 100% electric.
“To comprehensively address the barriers to adoption, policies can encourage or require more electric models, a robust charging infrastructure ecosystem to ensure convenience, and programs to inform consumers,” says the report.
Note: This article has been edited to reflect that electric cars may cost less, not half, that of ICE cars in total ownership costs by 2030.
|
Birds Eye announce new addition of Steamfresh line | Bird Eye are launching a new addition to its Steamfresh products with the new Vibrant Vegetable Mix. This new addition to the Steamfresh line seems perfectly timed with Steamfresh itself being worth £33m and frozen vegetables growth at +10% YoY. | https://grocerytrader.co.uk/making-mealtimes-more-vibrant-with-new-birds-eye-streamfresh-veg-mixes/ | null | Birds Eye’s new Steamfresh Vibrant Vegetable Mix will feature sweet chilli seasoned vegetables that can be easily prepared
The Steamfresh range underwent a refresh earlier in the year, which saw +25% growth Vs LY[1]
Birds Eye is also bringing back its Eat In Full Colour marketing campaign in September, as part of a £2m media spend for 2020
Birds Eye, the branded leader in the frozen vegetable category[2], is adding to its range of Steamfresh products, with the launch of new Vibrant Vegetable Mix. Included inside the convenient pyramid steaming pouches will be crunchy sugar snap peas and yellow carrot batons, with a sweet chilli seasoning. The new launch comes at a time when the Steamfresh range is worth £33M RSV, while the frozen vegetable category is currently growing at +10% vs LY.[3]
The brand will also be bringing back its Eat In Full Colour TVC – which will focus on the Steamfresh range – and will encourage consumers to add more essential nutrients and vibrant colour to their plates with a delicious mix of frozen vegetables. The Steamfresh range was also given a revamp earlier in the year, helping to attract shoppers to the range and aiding visibility in store.
As demand rose for easy to prepare frozen vegetables during lockdown, the Steamfresh range extended its market share in the category to 66% over the last 12 weeks.[4] The Frozen Vegetables category has continued to perform well as lockdown restrictions relax, with the habits formed during lockdown and uncertainty of a recession helping to sustain shoppers’ repertoire for frozen food consumption. As the Frozen Vegetables category is a highly planned category for shoppers, the launch of the new Steamfresh Vibrant Vegetable Mix will aim to retain shoppers with a new and exciting offering.
Jess Ali, Senior Marketing Manager Vegetables at Birds Eye, said: “Shoppers are increasingly conscious of how they can support their health with more nutritious eating, but without compromising on great taste and texture. We hope the combination of sweet chilli seasoning and crunch from the mini corn & sugar snap peas will help inject some colour and flavour to mealtimes, without the inconvenience and hassle of cooking from scratch.
“Bringing back the Eat In Full Colour campaign for a second year, together with this new launch, underlines how committed we are to changing the perception of frozen vegetables and doubling the consumption of vegetables in the UK. As a nation, we’re still not consuming our 5-a-day, so it’s even more important that we as a brand are innovating new products product solutions and tasty recipe suggestions. It is now so simple for shoppers to not only add extra flavour and variety to their mealtimes, but through our convenient Steamfresh products, they can also eat a little more goodness every day too.”
Birds Eye’s new Steamfresh Vibrant Vegetable Mix will be available in in Tesco from September and ASDA & Morrisons from October, with an RRSP of £2.
[1] Nielsen 11.07 MAT 52 Wks
[2] Nielsen 11.07- MAT TY 68% Market Share/ Private label 32%
[3] Nielsen 11.07 MAT 52 Wks
[4] Nielsen 11.07 MAT 52 Wks |
Litigation finance start-up AxiaFunder seeks investment via Seedrs | AxiaFunder, a digital platform that selectively finances lawsuits, is seeking £200,000 ($250,700) via crowdfunding platform Seedrs. The firm is selling 5.85% of its equity via the platform, valuing it at £3.2m. Axiafunder allows investors to finance individual cases and has thus far raised £684,000 from 355 registered investors to fund various litigation. | https://www.crowdfundinsider.com/2020/02/157914-litigation-funding-platform-seeks-200000-on-seedrs/ | null | Interested in generating returns of 20% to 30% per year? Axiafunder may be for you. The digital platform that crowdfunds high-quality litigation lawsuits claims to be able to provide outsized, non-correlated returns for investors.
Current investment opportunities listed on the platform include cases alleging commercial fraud, professional negligence, breach of contract and more. A featured case, a VAT dispute for a Jersey-based firm, predicts an 88% per annum return if the case settles and a huge 223% return if the case goes to trial. Not too bad.
Founded in 2016, Axiafunder is led by Cormac Leech once a high profile analyst that covered the Fintech sector and now a Legaltech/crowdfunding entrepreneur.
If you are not interested in backing a lawsuit you have another option. You can purchase equity in the startup as Axiafunder is raising £200,000 on Seedrs right now.
As it stands today, Axiafunder has raised £169,280 from 35 different investors. Axiafunder is selling a 5.85% equity stake in the company at a pre-money valuation of a £3.2 million.
The offering page states that commercial litigation funding was once the realm of hedge funds and other private institutions. Today, retail investors (sophisticated/HNW) may take advantage of financing lawsuits and benefit if the case is successful. It is an interesting pitch.
To date, Axiafunder has financed £684,000 from 355 registered investors. The first case to win a case generated a net return of 43% in 8 months. Of course, if the case is lost investors get zero. Axiafunder states that it is highly selective in which cases it chooses to fund thus improving the overall investment odds. |
BATM launches three new COVID-19 diagnostic kits | BATM has launched three new diagnostic kits to advance the diagnosis of COVID-19 and other respiratory illnesses. The antigen test now detects spike (S) gene. A new molecular diagnostics test has been developed to identify the specific respiratory virus or bacteria. | https://www.med-technews.com/news/batm-launches-three-new-covid-19-diagnostic-kits/ | null | BATM, a provider of real-time technologies for networking solutions and medical laboratory systems, has launched three new diagnostic kits to advance the diagnosis of COVID-19 and other respiratory illnesses.
The COVID-19 serologic test has been upgraded to measure the quantity of antibodies in the blood rather than just the presence or absence. The antigen test now detects spike (S) gene to enable diagnosis of COVID-19 in people with low viral loads, and a new molecular diagnostics test has been developed to identify the specific respiratory virus or bacteria in someone presenting with symptoms of, or suspected to have pre-symptomatic respiratory illness
The Group expects to commence sales and production of the kits at its Adaltis facility in Italy at the end of Q3/beginning of Q4 2020.
COVID-19 serologic test
The Group’s serologic test for the detection of COVID-19 antibodies, as announced on 5 May 2020, has been advanced to be able to measure the quantity of antibodies in the blood rather than just identifying their presence or absence. The upgraded test measures both IgM antibodies, which are produced a few days after infection and remain in the blood for a short period, and IgG antibodies, which are longer-term (produced a few days after infection and remain in the blood for a few months) antibodies. It has the same levels of sensitivity and specificity as those of the market-leading brands, with sensitivity of 100.0% and specificity of 99.8%.
This test was developed by the Group in response to the growing amount of medical research suggesting that the volume of antibodies in the blood of someone who has recovered from COVID-19 is low and declines. This test is designed to support public health authorities and individuals in making informed decisions by knowing the potential level of immunity based on the volume of antibodies detected and their deterioration over time. This kit will run on Adaltis instruments as well as on any standard ELISA instrument.
COVID-19 antigen test
The Group has expanded the gene discovery capability of its COVID-19 antigen test to five and, importantly, to include the spike (S) gene. The S gene is the protein that the virus uses to invade human cells. It is present in a person’s blood even if they have a very low viral load of COVID-19 (which might otherwise go undetected). As a result, by being able to detect the S gene, this test can provide more accurate results, reducing the risk of false positives and false negatives.
The five gene discovery capability compares with a market standard of one to three gene discovery capability. This kit can run on Adaltis instruments as well as on any standard PCR instrument.
New molecular diagnostics test
The Group has launched a new molecular diagnostics kit that is able to test for multiple respiratory pathogens at the same time. In less than an hour, it can identify the pathogen of a respiratory illness. It can identify and differentiate between all prominent respiratory viruses, including all strains of COVID-19, flu and the common cold. It can also detect the bacteria that cause the serious pulmonary illnesses that are believed to be a secondary infection of COVID-19, such as pneumonia and Legionnaires’ disease. This new kit was developed in collaboration with academics at Tor Vergata University in Italy.
This kit, which is expected to receive CE certification in the coming weeks, can run on all Adaltis instruments as well as on any standard PCR instrument. Further information on the detected viruses are listed in the Notes to Editors below.
Dr. Zvi Marom, chief executive officer of BATM, said: “I am delighted to be introducing these three new diagnostic kits that place us at the forefront in the fight against COVID-19. Accurate diagnostics is the only tool that exists that can enable a transition towards normality as we continue to live in the presence of the pandemic. We believe that our new kits can provide a vital resource for public health authorities and we are greatly encouraged that we have already received requests to receive these tests immediately once released.
“I would like to give thanks to our dedicated workforce who do all that is humanly possible to develop industry-leading diagnostic solutions. In particular, special thanks goes to our R&D teams led by Prof. Favaro and Drs. Mattina, Padula and Deangelo, as well as the support team led by Mr. Middleton. Together with those who work on longer term R&D strategy and our partners, they have been able to translate scientific knowhow into real-world products that are being used every day to support public health authorities and their communities in these distressing times.” |
84% foreign-educated doctors flunk screening test required to practice in India | Data available with the National Board of Examination show that nearly 84 per cent Indians who earned their MBBS degrees from foreign universities in the last seven years (2012-18), failed to clear the mandatory test required to get a practicing license in India.The bottom line thus is: though Indian students spend lakhs in pursuing MBBS course abroad and dedicate 5-6 years, the quality of education in these countries and its disparity with the curriculum in India, is such despite holding MBBS degrees, they are sparingly able to qualify the mandatory test that would make them eligible to treat patients in India.But the fact that 84 per cent foreign-educated doctors were unable to clear FMGE between 2012 and 2018, not only raises questions on the quality of medical education imparted in these universities, but also opens up the possibility of many of them practicing illegally in India. | https://www.indiatoday.in/education-today/story/84-foreign-educated-doctors-flunk-screening-test-required-to-practice-in-india-1627065-2019-12-26 | null | By Mukesh Rawat: Dearth of MBBS seats along with difficulty in getting admissions in medical colleges is forcing aspiring Indian doctors to explore learning opportunities abroad. Thousands of such aspiring doctors have enrolled in foreign universities over the years, spent lakhs of rupees as tuition and accommodation fee, and dedicated 5-6 years pursuing the course. But latest data show this investment is proving to be unproductive for a majority with nearly 84 per cent failing to clear the mandatory test required to practice in India.
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Indian laws allow students to pursue MBBS courses from universities abroad. But in order to get a license to practice in India, they are required to qualify the Foreign Medical Graduate Examination (FMGE) conducted by the National Board of Examination (NBE).
Clearing FMGE test is mandatory for all doctors who have earned their MBBS degree from a foreign country. Only those who earn their MBBS and post-graduate degrees from Australia, Canada, New Zealand, the UK and the US are exempted from this test. Besides earning their degrees from these five countries, these students (in case they want to practice in India) also have to be recognised for enrollment as medical practioners in the respective countries.
Replying to written questions in the Lok Sabha on November 29 and December 6 during the Winter Session of Parliament, the Union health ministry accepted that a majority of foreign-educated doctors are finding it hard to qualify the screening test.
Calling out these institutions for poor performance of their students, the government said they "admit Indian students without proper assessment" of the students' academic ability to cope up with medical education, resulting in a situation where many students fail to qualify the screening test.
Data available with the National Board of Examination show that nearly 84 per cent Indians who earned their MBBS degrees from foreign universities in the last seven years (2012-18), failed to clear the mandatory test required to get a practicing license in India.
Between 2012 and 2018, a total of 97,639 Indians who earned their MBBS degrees from foreign universities appeared for Foreign Medical Graduate Examination (FMGE). Of these, only 16,097 were able to clear ita pass percentage of just 16 per cent.
THE WEAK LINK
Among those taking FMGE, most were graduates from Chinese and Russian universities, comprising 51 per cent of the total examinees. However, only a handful among them managed to clear the test.
Of the 32,139 Indian doctors who graduated from Chinese universities and took FMGE between 2012 and 2018, only 4,609 managed to pass it. Similarly, 17,674 MBBS graduates from Russia took FMGE in this period but only 2,606 were able to clear it.
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The bottom line thus is: though Indian students spend lakhs in pursuing MBBS course abroad and dedicate 5-6 years, the quality of education in these countries and its disparity with the curriculum in India, is such despite holding MBBS degrees, they are sparingly able to qualify the mandatory test that would make them eligible to treat patients in India.
WHERE INDIANS PREFER TO PURSUE MBBS
National Board of Examination's data for FMGE show Indians earned MBBS degrees from over 60 countries between 2012 and 2018. (Students in Australia, Canada, New Zealand, the UK and the US aren't included in this as they are exempted from FMGE.)
Data of those who took FMGE between 2012 and 2018 show China was the most-favoured destination for pursing MBBS among Indians. It was followed by Russia, Ukraine, Nepal and Kyrgyzstan.
Together, 76,425 Indians graduated with an MBBS degree from these five countries and took FMGE between 2012 and 2018. This was 78.27 per cent of the total FMGE examinees.
But of these, only 11,516 (15 per cent) were able to clear the screening test and get a license to practice in India.
THE MOST AND LEAST SUCCESSFUL
In terms of success rate, MBBS graduates from France, Kenya and Saint Marteen attained a 100 per cent pass percentage, while those from Uganda, Sri Lanka and Czech Republic secured a pass percentage of 80, 75 and 66 per cent, respectively.
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These figures, however, don't show the complete picture because the top three countries had just one MMBS graduate each taking the FMGE, while the other three had five or less than five taking the test.
For a holistic and comparative understanding of pass percentages of MBBS graduates from different countries, in this analysis we have picked up only those countries from where at least 50 MBBS graduates took the FMGE between 2012 and 2018.
Based on this analysis, MBBS graduates from Mauritius were the most successful, recording a pass percentage of 55 per cent. The next two most successful MBBS graduates were from the UAE and Pakistan with a pass percentage of 42 and 30 per cent, respectively.
Among countries with at least 50 FMGE examinees, MBBS graduates from Bulgaria were the least successful as only 9.80 per cent of them were able to clear the test. Between 2012 and 2018, 204 Indians who earned their MBBS from Bulgaria took FMGE, but only 20 passed it.
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Indians graduating from Romania and Azerbaijan were only marginally more successful than their Bulgarian counterparts. During this period, 336 Indians graduated from Romania took FMGE and 33 of them cleared itwith a pass percentage of 9.82 per cent. The numbers for Azerbaijan, the third least successful country were: 229 examinees; 26 successful; pass percentage 11.35 per cent.
BE CAUTIOUS: WARNS MCI
As a note of caution, the Medical Council of India (MCI) has issued guidelines detailing aspects students should consider before enrolling for an MBBS course abroad. The MCI states that there are a large number of MBBS graduates from foreign countries who are waiting to clear FMGE to obtain license to practice in India.
"The students are advised to exercise due discretion in selecting foreign institutions and countries considering the quality of medical education imparted vis-a-vis the requirements of clearing FMGE," the guidelines state.
The MCI also advises foreign medical institutions to ensure the quality of Indian students who they admit to their courses. It says these institutions "must pay particular attention" to the medium of instruction (preferably English) and ensure students have sufficient clinical exposure.
"The performance of their Indian students in FMGE would reflect on the standard of medical education on the concerned institution and, in cases of continuous poor performance in FMGE, it may lead to withdrawal of permission of MCI for the institution in the interest of Indian students," the MCI guidelines say.
To help those who have already graduated from foreign universities but have repeatedly failed to qualify FMGE, the government has prepared a draft Skill Training Curriculum so that such students can prepare for the exam through self-sustaining MOOCs (Massive Open Online Courses) and Clinical Skill Labs etc.
But the fact that 84 per cent foreign-educated doctors were unable to clear FMGE between 2012 and 2018, not only raises questions on the quality of medical education imparted in these universities, but also opens up the possibility of many of them practicing illegally in India.
The government's monitoring mechanism to identify and trace doctors practicing without license is not robust enough to act as a deterrent.
Besides, in order to address the mounting shortage of qualified doctors, India urgently needs to increase the number of MBBS seats in medical institutes. If achieved, this can help check the trend of Indians going abroad to earn an MBBS degree from foreign universities even though their past graduates have abysmal records of clearing FMGE.
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Californian city halts 262 MW gas plant to look for clean option | A city in California has halted plans to upgrade a gas power station, in order to seek cleaner energy alternatives. At a meeting of the city in Glendale, members voted by four to one to explore alternatives to the $500m project at the Grayson gas plant, which had been proposed by a city-controlled utility company. Strong public opposition and changes in the economic climate of the energy industry are thought to have changed the context of the decision. | https://www.greentechmedia.com/articles/read/glendale-shelves-500-million-gas-plant-to-examine-clean-alternatives#gs | null | The city council of Glendale, California last week voted to study clean energy options rather than approve a gas plant that has been years in the making.
The city-controlled utility had proposed a rebuild of the existing Grayson plant. The council could have upheld the $500 million gas plant Tuesday, but in the wee hours of Wednesday morning, members voted four-to-one to examine other options.
Economic shifts in the energy industry and strong public input changed the context of the decision.
This appears to be the first time a municipal utility declined to approve a gas plant in favor of distributed energy resources. By doing so, Glendale joins a trend of grid planners halting new gas plants in favor of cleaner distributed tools to fulfill the same grid needs.
Community activists have cheered such decisions, as in the city of Oxnard, Calif., where the Puente plant would have loomed over the coastline. Inland, a Native American-led nonprofit has challenged Calpine’s plan to put a gas plant on a river sacred to the Chumash people.
Glendale may pose a greater challenge to gas plant opponents, because it’s a dense urban environment with transmission constraints and a plant that’s aging out of operations, exposing a real reliability need.
“This is a place for the clean energy sector to step up and show that they can do this,” said Angela Johnson Meszaros, an Earthjustice attorney who testified on behalf of the Sierra Club. “If they don’t, the city will approve this power plant and the takeaway will be that the clean energy solutions aren’t there.”
This local proceeding in a small city adjacent to Los Angeles could soon become the test case for how the lofty hopes of clean energy providers run up against real-world constraints.
“Failure to take action”
Glendale’s proposed 262-megawatt gas plant emerged from a planning process begun in 2014 to deal with the impending retirement of the old Grayson Power Plant.
As an independent operator in a transmission-constrained pocket of the Los Angeles Department of Water and Power balancing authority, Glendale Water and Power wants to ensure electrical self-sufficiency. That means planning around the record peak load of 346 megawatts, from September 1, 2017.
The utility calculated additional capacity needed in case the first- and second-largest power sources fail (the N-1-1 contingency, in grid planning terms) and determined that the plant to replace Grayson should wield 262 megawatts of generating capacity.
In a filing for the April 10 meeting, the city utility specifically warned against pausing the power plant to consider other options.
“Failure to take action to modernize the aging Grayson Power Plant creates risk for the City,” the filing argues.
The power equipment the utility wants to would go up in price if the deal doesn’t close by the end of May, driving up costs by $2 million for a six-month delay, according to the document. New permitting and design work would cost additional time and effort. The city has already spent nearly $12 million preparing this plan; changing it now would mean those costs can't be recovered.
The argument for spending $500 million because the city has already spent $12 million did not sway the city council members.
Indeed, the cost of the project, to be paid for with municipal bonds, significantly exceeds the $300 million price tag for Puente, which would have had the same capacity.
That said, the Grayson proposal is not dead. It remains a possibility while clean energy providers respond to the 90-day request for information. After that process, the council will vote on the available options.
Alternatives arise
Power plants are complex contraptions that take years to plan. In the time since the Grayson design began, the energy storage industry has blossomed from an experimental technology into a grid tool that has proved itself at scale.
That evolution is reflected in Glendale Water and Power's recent consideration of coupling a smaller gas plant with a 50-megawatt battery. The utility initially concluded that batteries could leave the city more vulnerable to contingency scenarios during peak demand moments than the larger power plant option. However, as the city considers a range of cleaner options, it now needs to re-evaluate how solar, demand response and batteries can support reliability.
Those resources individually can’t provide the same kind of assurances that a gas plant can. Operating in concert, however, they may be able to fulfill the needs of the grid.
That was the conclusion when grid operator CAISO examined DER alternatives to the Puente plant in Oxnard. That decision carried ample weight, coming from the independent body charged with balancing the grid.
Having established that the gas plant was not the exclusive solution to the local capacity problem at hand, regulators said they intended to reject the gas plant proposal. That led to a new procurement round to identify cost-effective alternatives.
Puente seems like an obvious comparison, but Glendale’s utility distinguishes the two projects. For one thing, Puente would have tapped into the CAISO transmission network, which has an abundance of capacity, whereas Glendale’s transmission import rights are “extremely limited.”
Puente represents a tiny fraction of Southern California Edison’s peak load, while Grayson would supply the vast majority of Glendale’s peak.
“Not repowering Grayson would have a much more dramatic impact than deferring the repowering of La Puente,” the staff report noted.
Recent advances in grid modernization allow the community to reframe that problem, said Meszaros, the Earthjustice attorney.
“If you’ve got $500 million to spend on energy resilience and reliability, you should be really focusing on how you’re going to attack that peak,” she said.
That could happen through the deployment of centralized or distributed battery systems. Indeed, California’s energy storage industry is monitoring the developments in Glendale.
“The storage industry is ready to compete to serve the electric needs of Glendale,” said Alex Morris, director of policy and regulatory affairs at the California Energy Storage Alliance. “This competition is a good thing for Glendale residents and businesses since it can only help determine the least-cost, best-fit grid resources.”
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'Damage has been done': Newark water crisis echoes Flint | New Jersey | The Guardian | The Environmental Protection Agency (EPA) ordered Newark to give its residents bottled water after the city discovered that water filters it distributed last year may not be working.Pressure on the city intensified when a lawsuit was filed against it and the state of New Jersey by a coalition of local teachers and the Natural Resources Defense Council (NRDC), one of the not-for-profits that sued Flint and Michigan, for allegedly violating federal law that requires local governments to replace lead pipes, inform the public and treat water for corrosion if elevated lead levels are found.Affected residents are also entitled to free lead testing, water filters and bottled water delivery until their pipes are fixed. | https://amp.theguardian.com/us-news/2019/aug/25/newark-lead-water-crisis-flint | null | Show caption People wait in line for bottled water at a recreation center in Newark, New Jersey. Photograph: Spencer Platt/Getty Images New Jersey ‘Damage has been done’: Newark water crisis echoes Flint The New Jersey city’s lead contamination crisis has been more than three years in the making – and residents feel officials have been slow to act Lauren Aratani in Newark Sun 25 Aug 2019 06.00 BST Share on Facebook
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On a steaming August afternoon in Newark, New Jersey, a stream of cars parked in front of the Boylan Street recreation center. Typically, they would be driven by parents, dropping off kids hoping to take advantage of the last days of summer at the giant pool, or to play basketball or tennis. But these people were coming for a different reason. The center had become a hub for the distribution of drinkable water.
Those who come with proof of Newark residency can get two cases of 24 half-liter bottles. Each address is given two cases, regardless of how many people live there. Sweating workers, hired by the city, help residents get water to their cars.
The Environmental Protection Agency (EPA) ordered Newark to give its residents bottled water after the city discovered that water filters it distributed last year may not be working. Such filters helped Flint, Michigan, temporarily handle its lead contamination crisis, which attracted widespread attention. If they had not been working properly in Newark, thousands, including young children, could have been drinking and cooking with lead-contaminated water for months.
“I don’t know how long we’ve been dealing with this lead,” said Kelvin Watts, 53, a lifelong Newark resident picking up bottled water. He had been using the filters, he said. “It’s crazy. It’s terrible, because that means you’ve got lead in your system and you thought you were being safe, but it wasn’t. It was unhealthy.”
The emergency water distribution has helped shine a national spotlight on Newark’s problem. Cory Booker, the New Jersey senator and candidate for the Democratic presidential nomination who was mayor of the city between 2006 and 2013, tweeted that the “water emergency” represented a broader “national crisis of lead-contaminated water disproportionately hit[ting] poor black and brown communities like my own”.
It is a crisis more than three years in the making. In March 2016, Newark shut down drinking water in 30 public schools after annual testing found elevated levels of lead. Samples sent to New Jersey’s Department of Environmental Protection in 2017 and 2018 continued to test above the federal maximum. From July to December last year, more than 100 of 240 sampled homes surpassed the federal standard.
Pressure on the city intensified when a lawsuit was filed against it and the state of New Jersey by a coalition of local teachers and the Natural Resources Defense Council (NRDC), one of the not-for-profits that sued Flint and Michigan, for allegedly violating federal law that requires local governments to replace lead pipes, inform the public and treat water for corrosion if elevated lead levels are found.
Children play next to packages of bottled water at a city-run water distribution site in Newark, New Jersey, on 16 August. Photograph: Justin Lane/EPA
The EPA says any exposure to lead is dangerous: the federal maximum is a level at which officials are required to take action. Lead is particularly dangerous for children as exposure can lead to serious damage to the brain and central nervous system, slowing growth and causing behavioral and learning problems. In adults, lead exposure can lead to kidney, heart and reproductive issues.
‘The residents don’t feel confident in the city’
Critics have compared Newark’s crisis to that of Flint, especially since they believe city officials have been slow to act and have understated the severity of the contamination. Also similar to Flint, affected communities in Newark are predominantly low-income and African American.
“This problem has been going on for a long time,” said Anthony Diaz, co-founder of Newark Water Coalition, a grassroots advocacy group. “The residents don’t feel confident in the city. There are so many different narratives being pushed out there that no one really knows what to believe.”
There are so many different narratives being pushed out there that no one really knows what to believe
Last year, the city tracked the lead contamination to old pipes. A corrosion control study found that processes at the city’s Pequannock water treatment plant were not working. Before the study, the city largely defended its water, despite state data that showed high levels of lead.
“Newark’s water is absolutely safe to drink,” the city said on its website and on social media. “The city’s water is NOT contaminated with lead. The only high lead readings were taken inside older 1 and 2 family homes that have lead pipes leading from the city’s pure water into those homes.”
After the corrosion study was published, in October 2018 the city announced it would provide 40,000 residents with filters until affected pipes could be replaced.
About 18,000 homes have old lead pipes that need replacing, according to the city. About 700 lead service lines have been fixed as part of an eight-year, $75m plan. The city also started a new corrosion treatment at its water treatment plant in May, though it could take up to a year to start being effective.
Newark’s Democratic mayor, Ras Baraka, has balked at comparisons to Flint, arguing they cause unnecessary panic. But clean water advocates say the corrosion study confirmed known information and that the city has not been proactive in protecting its residents.
Water is stacked in several rooms scattered around the Newark health department. Photograph: Rick Loomis/Getty Images
Erik Olson, a senior director at the NRDC, said: “It was pretty clear that they were having problems with the water being seriously corrosive. Unfortunately, rather than immediately taking action to deal with it, the city was in constant denial.”
Though the city has not stated a specific end date to its emergency water distribution, Baraka told a New York radio station it would take “maybe a month, at a minimum, to figure out if these filters are working or not”. Phil Murphy, New Jersey’s Democratic governor, said about 20 homes a day were being tested.
Even if the filters work, homeowners with old lead pipes are encouraged to sign up for replacement. The pipe replacement program requires homeowners to pay as much as $1,000. The city says it covers 90% of the cost and the homeowner must pay the rest.
Advocates argue that the city should not charge and that the project should not take eight years. In Flint, an agreement reached by the NRDC and other groups has a three-year deadline to replace lead pipes by 2020 with no cost to homeowners. Affected residents are also entitled to free lead testing, water filters and bottled water delivery until their pipes are fixed.
‘Ain’t nothing we can do’
Until Newark’s lawsuit is settled, residents are left to wait. On Boylan Street, lifelong residents including parents and grandparents reminisced about a time when Newark water was clean.
“I come back from a time when we played little league baseball in the parks, and you couldn’t wait until the summer time came. You crank the water fountain, you see the little brown part that comes out that’s just from it sitting for so long, and then everybody puts their lips and drink their little water, and there was no issue,” said Abu Mohammad Deloach, 54. “It’s sad that not only I, but also my kids, can’t do that anymore.”
The water doesn’t last you a day. It’s summer, it’s hot. We just waiting.
Most said two cases of water were not going to be enough.
“If you’re using it for cooking and drinking, it’s not going to last you,” said Kelvin Watts. “Do you know how much water you have to pour into a pot to cook? It wouldn’t last.”
“It’s crazy,” said Naya Williams, 21, who came with her toddler but was turned back because she had already had her share. “The water doesn’t last you a day. It’s summer, it’s hot. We just waiting, ain’t nothing we can do.”
Deloach said he believes Baraka can “get ahold of things”.
“I’m rest assured that it’s going to be taken care of,” he said. “It’s just a question of how long.”
Tyrone Chase, 53, who was claiming his cases of water with his dog, Prince, in tow, said that he believed the city knew about the contamination for a while.
“This ain’t just starting,” he said. “Imagine all the people that had been drinking all the water. Look at all the damage that has been done already. The damage has been done.” |
Facebook hopes to end probe by providing oversight into practices
| Facebook is aiming to resolve a Federal Trade Commission (FTC) investigation into its privacy failings by offering greater access to its data-collection practices. Facebook has reportedly agreed to give the FTC greater oversight of its policies in a move that will force the company to review new products and services more rigorously and document its decision-making processes for avoiding privacy breaches more transparently. Facebook, which will also face a multi-billion dollar fine, may also be required to complete quarterly assessments of its privacy safeguards for review by independent members of the company's board.
| https://www.engadget.com/2019/05/03/facebook-federal-oversight-privacy-data-collection/ | null | During Facebook's F8 keynote this week, the company repeatedly hammered one idea: the future is private. While its privacy-focus might be flawed, it looks like Facebook is putting its money where its mouth is. According to The Washington Post, the company told the US government it's open to greater oversight of its data-collection practices, in exchange for ending a federal probe into a series of privacy flops that surfaced last year.
As part of this tradeoff, Facebook may face a multi-billion dollar fine from the Federal Trade Commission (FTC). Sources told The Washington Post that Facebook would also have to more rigorously review new products and services, document its decisions and efforts to avoid privacy pitfalls and take a more active role in policing third-party app developers. Facebook decision-makers could be required to complete quarterly assessments of the company's privacy safeguards, and those reports would be reviewed by independent members of the company's board.
Facebook could also have to submit to FTC-approved checkups by third-party watchdogs, and it would be required to report privacy violations as soon as possible. Future privacy mishaps could lead to even heftier fines.
As The Washington Post notes, negotiations between Facebook and the FTC are ongoing, and the settlement could change drastically before it's final. Still, the fact that Facebook is willingly inviting government oversight, suggests maybe its "future is private" message isn't all talk. |
More than half of Americans will be using robo advisers by 2025: Schwab
| The number of investors in the US relying on digital advice is expected to soar over the coming years, with 58% of Americans expected to be using a robo adviser by 2025, according to a report by retail brokerage Charles Schwab. The study also found that robo advice was more likely to be used than a number of other technologies gaining popularity today, such as AI, virtual reality, blockchain and cryptocurrency.
| http://www.tradersmagazine.com/news/brokerage/retail-report-schwab-says-robo-advisors-are-wave-of-the-future-118528-1.html?ET=tradersmagazine:e4189:4625438a:&st=email | null | RETAIL REPORT: Schwab Says Robo Advisors Are Wave of the Future
Look out humans, its the rise of the robo-advisor.
The number of people using robo advice in the U.S. is expected to grow significantly over the next few years, according to a new study commissioned by Charles Schwab. In the study, The Rise of Robo: Americans Perspectives and Predictions on the use of Digital Advice, the retail brokerage discovered that 58% of Americans will be using a robo-advisor to assist in their investment decisions by 2025. And people are more likely to use robo advice than a number of other technologies in the headlines today including artificial intelligence, virtual reality, blockchain and cryptocurrency.
Also cited in the Schwab report was a tidbit from market consultancy Aite Group, which stated digital advice users will increase from roughly 2 million to 17 million by 2021.
The report examines Americans outlook on robo advice its potential impact on how they invest and the financial services industry overall, the perceived benefits, and what factors make them more likely to consider an automated investing service. The report also digs into current robo advice users across the U.S. who they are, where they are, and what they think about the services theyre using to reach their investing goals.
Despite the benefits of automation with a robo advisor, the report also made clear that Americans still see value in the ability to interact with a person when needed. Seventy-one percent of people want a robo advisor that also has access to human advice and nearly half (45%) not using a robo advisor today would be more likely to use one if it has quick and easy access to human support. Even among millennials, 79% want a robo advisor that also provides access to human advice.
Beyond investing, 42% of baby boomers are more comfortable relying on technology than people to answer questions and solve problems, and boomers also report that technology has helped them improve their financial lives: 51% say technology gives them more confidence of mind when it comes to finances and 44% say technology has helped them reach financial goals. Although robo advice is often thought of as a tool primarily for younger investors, older generations see the appeal as well. In fact, nearly half of baby boomers using a robo advisor today say the service is perfect for their life stage. Among all boomers, 62% agree that robo advice takes the emotion out of investing, nearly half (49%) say it helps them maintain a diversified portfolio, and 46 percent trust robo advisors to provide more transparent financial advice.
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Volkswagen places $1.4bn battery order with A123
| Volkswagen has selected China’s Wanxiang A123 as a battery cell supplier for its EVs as part of plans to buy at least CNY10bn ($1.43bn) of batteries, according to Chinese sources. US news outlet InsideEVs reported that Wanxiang has confirmed the agreement and its co-founder Ric Fulop said the firm will supply around $1.4bn of batteries for Volkswagen’s EVs in China. Volkswagen is also investing €1bn ($1.17bn) in Chinese battery maker Gotion High-Tech. In Europe, it uses LG Chem, Samsung, SK Innovation, CATL and its joint venture Gigafactory with Northvolt, while in North America it relies on SK Innovation.
| https://www.electrive.com/2020/07/27/vws-1-22-billion-euro-battery-deal-with-wanxiang-a123/ | null | According to so far unconfirmed information from China, Volkswagen has chosen Wanxiang A123 as another battery cell supplier for its electric cars. Apparently, Volkswagen plans to purchase at least ten billion yuan (1.22 billion euros) worth of batteries.
According to unnamed industry insiders cited in Chinese media, Wanxiang is said to have confirmed that Volkswagen has placed an order with its subsidiary A123. No mention was made of the time frame for the delivery of the batteries.
According to the US news site InsideEVs Wanxiang is now said to have confirmed the agreement between VW and A123. Volkswagen has not yet confirmed the deal, but this week one of the original founders of A123, Ric Fulop, tweeted that Wanxiang A123 is going to supply around $1.4 billion worth of batteries for Volkswagen’s electric car models in China with reference to the InsideEVs article, while Chinese web media researcher DKurac tweeted the deal with reference to Chinese media.
https://twitter.com/ricfulop/status/1287412670182948898?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1287412670182948898%7Ctwgr%5E&%3Bref_url=https%3A%2F%2Fcleantechnica.com%2F2020%2F07%2F27%2Fvolkswagen-inks-1-4-billion-battery-deal-with-wanxiang-a123%2F
The battery cell manufacturer Wanxiang A123 began as a US company called A123 Systems, which went into insolvency in 2012 before Wanxiang took it over. If the deal with Volkswagen is confirmed, it is still not clear which cell types will be involved. According to InsideEVs A123 Systems was known for its LFP cells called “Nano Phosphate”. It remains to be seen whether Wanxiang A123 will also supply LFP cells or whether it is now using different cell chemistry. Back in 2018, A123 Systems announced their investment in Ionic Materials, a startup working on a polymer for solid-state batteries, around the same time A123 Systems found a trustee in the Renault-Nissan-Mitsubishi Alliance.
A few weeks ago Volkswagen announced that it would invest around one billion euros in a stake in Chinese battery manufacturer Gotion High-Tech alias Guoxuan and become the company’s largest shareholder with 26 per cent. This means that Volkswagen will also be sourcing battery cells from Gotion and apparently now also Wanxiang A123, as well as its longer-standing partner in China, CATL. This would follow Volkswagen’s approach of diversification in battery supply. In Europe, the carmaking giant uses LG Chem, Samsung SDI, SK Innovation and CATL as well as relying on the joint venture gigafactory with Northvolt, but in North America Volkswagen currently relies on solely on SK Innovation.
insideevs.com, cleantechnica.com |
Enel X wins 696 MW demand response capacity in Polish tender
| Enel X has been awarded 696 MW of demand response (DR) capacity in Poland's capacity market, which will be delivered in 2024. The award has expanded the company's DR portfolio by 28% compared to 2023, and preserves its 70% share of the capacity market's DR segment. Enel X will account for nearly 5% of the country's total capacity market in 2024, compared to 2.7% projected for 2021.
| https://www.webwire.com/ViewPressRel.asp?aId=254366 | null | Enel X, the Enel Groups advanced energy services business line, through its local subsidiary Enel X Polska, was awarded 696 MW of demand response (DR) capacity to be delivered in 2024 in Polands Capacity Market. This success reinforces Enel Xs DR leadership in the country, with the company taking the top spot for four delivery years in a row, namely 2021-2024. With this award, Enel Xs DR portfolio in Poland grew by 28% compared to 2023, maintaining the companys 70% share in that segment of Polands Capacity Market.
Francesco Venturini, CEO of Enel X, said: Through this award, we continue to offer our Polish customers long-term revenue opportunities that will ultimately help them better manage their energy and overall business costs while also supporting the security of supply in the Polish electricity network. This positive Capacity Market auction result, which stems from the growing demand for DR services in the country, signals the increasing importance that these services are set to play in the future of Polands electricity sector.
Enel X started providing its first DR services in the Polish market in 2017. In the countrys Capacity Market, the company was awarded 446 MW for 2021 and 546 MW for 2022 as well as 2023. In 2024, DR will account for almost 5% of the countrys Capacity Market, compared to just 2.7% expected for 2021, when the Polish Capacity Market will be launched.
DR programs are intended to encourage end users to adjust their power consumption in order to facilitate the stabilization of the grid when requested by the system. Active DR ensures greater grid flexibility that can lead to more efficient use of the energy infrastructure, helping to guarantee grid security and contain electricity prices. These programs pay participants an annual fee in exchange for their availability to respond to the needs of the energy grid.
Enel X holds the leading position in DR programs globally, with over 6 GW of capacity currently managed and assigned in the Americas, Europe, Asia and Oceania.
Enel X is Enels global business line dedicated to developing innovative products and digital solutions in sectors in which energy is showing the greatest potential for transformation: cities, homes, industries and electric mobility.
Enel is a multinational power company and a leading integrated player in the global power, gas and renewables markets. It is the largest European utility by market capitalization and ordinary EBITDA, and is present in over 30 countries worldwide, producing energy with around 90 GW of managed capacity. Enel distributes electricity through a network of over 2.2 million kilometers, and with around 73 million business and household end users globally, the Group has the largest customer base among its European peers. Enels renewables arm Enel Green Power already manages around 46 GW of wind, solar, geothermal and hydropower plants in Europe, the Americas, Africa, Asia and Oceania. |
Starbucks is closing up to 400 North American stores and replacing them with takeaway-focused locations | The brand will reorient some North American stores toward takeaway service. Most of these stores will be located in suburban markets, but the brand is also experimenting with more urban-based pickup locations. Emphasizing takeaway could cater to pandemic-driven trends that accelerated existing industry shifts. | https://www.businessinsider.com/starbucks-shifts-post-pandemic-strategy-2020-6?r=US&IR=T | null | This story was delivered to Insider Intelligence Payments & Commerce Briefing subscribers earlier this morning.
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Since the coronavirus pandemic forced Starbucks to temporarily shutter stores and is expected to plunge revenue in the chain's fiscal Q3 2020 (ending June 30, 2020), the brand is accelerating a push toward digital, per remarks made by CEO Kevin Johnson reported on by
Starbucks is reimagining some store concepts several years ahead of schedule to meet shifting customer needs amid the pandemic.
The brand will reorient some North American stores toward takeaway service. Starbucks plans to close up to 400 US and Canadian stores — about 4% of total stores in the market — and instead reopen smaller-format locations with more emphasis on curbside pickup, walk-up counters, and drive-thru offerings, per TechCrunch. Most of these stores will be located in suburban markets, but the brand is also experimenting with more urban-based pickup locations.
Emphasizing takeaway could cater to pandemic-driven trends that accelerated existing industry shifts. Takeout was already comprising 80% of the brand's sales, pushing Starbucks to plan a shift toward smaller-format stores in the next three to five years. But a shift to takeout-only service amid the pandemic combined with consumer wariness to dine in or use the coffee shop to work, even as key markets begin to recover, likely accelerated changes. Limiting operational expenses could help Starbucks buffer its expected sales downturn, which is already improving — same-store sales were down 43% last month, relative to 63% in April — but could stay depressed if China is any indication.
Starbucks' plan won't be fully implemented for over a year, but it could set a blueprint for action other quick-service restaurants (QSRs) might also take. Since the pandemic is likely to last through at least 2021, Starbucks could choose to expand the plan if the changes are effective in meeting consumer needs and improve the brand's results.
And for other QSRs that have been experimenting with curbside and increased order-ahead during the pandemic, and had already been investing in digital, it could also present a plan to buffer pandemic-driven downturns by allowing brands to avoid some of the challenges and expenses associated with reopening for dine-in service that might not even be used by consumers.
However, the firm's robust digital infrastructure could give it a leg up — and give its peers pause. eMarketer estimated that 25.2 million customers had downloaded the Starbucks app by the end of 2019, and the brand reported 19.4 million loyalty program users last quarter. Because Starbucks' loyal user base is inclined to digital tools, including mobile order-ahead, it's likely particularly well suited to quickly convert to a grab-and-go-focused chain with limited pain points.
Other eateries don't have as robust of a digital user base, though, and might struggle more with implementing such changes for the same reason, which could make it more challenging for competitors to implement similar models. And this might preempt a wave of rapid digital innovation and advertising in the quick-service dining space.
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Hong Kong online pet insurer raises $25.5m in funding round | Hong Kong based insurtech OneDegree has secured $25.5m in a series A funding round to launch its digital pet insurance platform. The insurance will be offered purely online and will encompass general insurance products focusing on medical cover. OneDegree hopes to insure half a million cats and dogs; with only 3% of cats and dogs currently insured in Hong Kong there is potential for growth. The firm must wait for regulatory approval before offering digital pet insurance.
| https://www.scmp.com/business/banking-finance/article/2163428/online-insurance-start-onedegree-raises-hk200-million-fund | null | Just 3 per cent of Hong Kong’s dogs and cats are insured, compared to 20 per cent in the UK. Photo: Xiaomei Chen |
IWG Concerns raised over Ucommune IPO
| **Fox Business article refers to the company as UrWork several times, but some Googling shows this to be a former name, so I've stuck with Ucommune**
Chinese co-working company Ucommune has launched plans for an IPO in the US, with a flotation expected as early as January, according to a Wall Street Journal report. However, there are concerns that the company is being valued too highly, with Citibank and Credit Suisse among investors to have backed out of the listing, Reuters reported. There are also concerns that Ucommune has leases on six locations owned by an affiliate of Ucommune founder and CEO Mao Daqing.
| https://www.foxbusiness.com/markets/wework-competitor-makes-move-in-the-wake-of-companys-failed-ipo | null | In the wake of embattled shared-workspace provider WeWork’s failed initial public offering, China-based competitor Ucommune has filed its own IPO in the United States.
The flexible office space startup, nicknamed UrWork, raised a whopping $200 million in its last round of funding at a valuation nearing $3 billion, according to a report in the Wall Street Journal, which also stated that the company could go public as soon as January.
But some analysts have concerns about its planned New York Stock Exchange debut.
UrWork’s strategy to become profitable, for starters, is eerily similar to WeWork’s before its flopped IPO attempt. In its filing with the Securities and Exchange Commission, UrWork states: “Once a space reaches maturity, occupancy is generally stable, our initial investment in build-out and sales and marketing to drive member acquisition is complete and the space typically generates a recurring stream of revenue and cash flows.”
WeWork’s note had a nearly-identical sentence, but it said “space” instead of “location.”
Secondly, while former WeWork Chief Executive Officer Adam Neumann faced heat for leasing his own properties through the company, UrWork’s filing shows it has leases on six spaces owned by an affiliate of Mao Daqing, the firm’s founder and chief executive officer.
Some investors, including Citibank and Credit Suisse, have already dropped out of the public offering on concerns the valuation is too advantageous, Reuters reported.
WEWORK FACING LAYOFFS NOW HAS NEW YORK STATE ASKING QUESTIONS
As well, UrWork’s co-working branch generated less than half of its total revenue in the first three quarters of 2019: $58 million in co-working revenue versus $49 million in leasing costs and other operating expenses, according to an analysis from TechCrunch.
CLICK HERE TO GET FOX BUSINESS ON THE GO
There is a bright side, though. In the first three quarters of 2018, the company’s revenue surged from 282 million yuan to 874 million yuan during the same period this year.
CLICK HERE TO READ MORE ON FOX BUSINESS |
UN reports ISIS likely to be using chemical weapons
| The UN’s Organisation for the Prohibition of Chemical Weapons (OPCW) has said that ISIS is likely to be using chemical weapons against its enemies in Iraq and Syria. The OPCW has been investigating 11 alleged chemical weapon attacks reported to it by the Syrian government. In at least one case, blood samples suggested suspected exposure to the deadly nerve agent, sarin or a sarin-like substance. The Syrian government, which has previously been held responsible for hundreds of chemical weapon-related deaths, has said that it has handed over all of its chemical weapon stockpiles. Iraqi and US officials have said that ISIS is known to have captured former government stockpiles and laboratories. It also has access to experts, allowing it to pursue a chemical weapons programme.
| http://www.independent.co.uk/news/world/middle-east/isis-chemical-weapons-russia-says-militants-have-developed-dirty-bombs-as-un-finds-sarin-evidence-in-a6797521.html | null | For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice Thanks for signing up to the
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The Isis militant group is likely to be using chemical weapons against its enemies in Syria and Iraq, Russia has claimed, after evidence of exposure to deadly nerve agents was reported by the UN.
The Organisation for the Prohibition of Chemical Weapons said it was investigating 11 alleged chemical weapon attacks reported to it by the Syrian government, and that in at least one case blood samples suggested “exposure to sarin or a sarin-like substance”.
The UN watchdog did not specify when or where the attacks took place, but raised the concerns in its latest monthly report.
The Syrian government, widely held responsible for the deaths of hundreds when sarin-filled rockets were fired on residential areas of a Damascus suburb in 2013, says it has handed over all its chemical weapons stockpiles. The OPCW said the last shipment of those was destroyed in a bulletin on Monday.
Russia’s foreign ministry said the OPCW’s findings made it a “very high” probability Isis has developed its own nerve agents, and called for an urgent investigation.
In pictures: The rise of Isis Show all 74 1 / 74 In pictures: The rise of Isis In pictures: The rise of Isis Isis fighters Fighters of the Islamic State wave the group's flag from a damaged display of a government fighter jet following the battle for the Tabqa air base, in Raqqa, Syria AP In pictures: The rise of Isis Isis fighters Fighters from Islamic State group sit on their tank during a parade in Raqqa, Syria AP In pictures: The rise of Isis Isis fighters Fighters from the Islamic State group pray at the Tabqa air base after capturing it from the Syrian government in Raqqa, Syria AP In pictures: The rise of Isis Isis fighters Fighters from extremist Islamic State group parade in Raqqa, Syria AP In pictures: The rise of Isis Isis kidnapping A video uploaded to social networks shows men in underwear being marched barefoot along a desert road before being allegedly executed by Isis Getty Images In pictures: The rise of Isis Isis kidnapping Haruna Yukawa after his capture by Isis In pictures: The rise of Isis Isis kidnapping Khalinda Sharaf Ajour, a Yazidi, says two of her daughters were captured by Isis militants Washington Post In pictures: The rise of Isis Isis fighters Spokesperson for Isis Vice News via Youtube In pictures: The rise of Isis A pro-Isis leaflet A pro-Isis leaflet handed out on Oxford Street In London Ghaffar Hussain In pictures: The rise of Isis Isis fighters Isis Jihadists burn their passports In pictures: The rise of Isis Isis controls Syrian Aid A man collecting aid administered by Isis in Syria In pictures: The rise of Isis Isis controls Syrian Aid A woman collecting aid administered by Isis in Syria In pictures: The rise of Isis Isis controls Syrian Aid Local civilians queue for aid administered by Isis. Since it declared a caliphate the group has increasingly been delivering services such as healthcare, and distributing aid and free fuel In pictures: The rise of Isis Iraq crisis Iraqi security forces detain men suspected of being militants of the Isis group in Diyala province In pictures: The rise of Isis Iraq crisis Mourners carry the coffin of a Shi'ite volunteer from the brigades of peace, who joined the Iraqi army and was killed during clashes with militants of the Isis group in Samarra, during his funeral in Najaf In pictures: The rise of Isis Iraqi refugees An Iraqi Shiite Turkmen family fleeing the violence in the Iraqi city of Tal Afar, west of Mosul, arrives at a refugee camp on the outskirts of Arbil, in Iraq's Kurdistan region In pictures: The rise of Isis Isis leader Abu Bakr al-Baghdadi A photograph made from a video by the jihadist affiliated group Furqan Media via their twitter account allegedly showing Isis leader Abu Bakr al-Baghdadi delivering a sermon during Friday prayers at a mosque in Mosul. Abu Bakr al-Baghdadi declared an Islamist caliphate in the territory under the group's control in Iraq and Syria In pictures: The rise of Isis Islamic extremists destroying mosques in Iraq Shiite's Al-Qubba Husseiniya mosque explodes in Mosul In pictures: The rise of Isis Islamic extremists destroying mosques in Iraq Smoke and debris go up in the air as Shiite's Al-Qubba Husseiniya mosque explodes in Mosul. Images posted online show that Islamic extremists have destroyed at least 10 ancient shrines and Shiite mosques in territory - the city of Mosul and the town of Tal Afar - they have seized in northern Iraq in recent weeks In pictures: The rise of Isis Islamic extremists destroying mosques in Iraq A bulldozer destroys Sunni's Ahmed al-Rifai shrine and tomb in Mahlabiya district outside of Tal Afar In pictures: The rise of Isis Iraq crisis Iraqi security forces celebrate after clashes with followers of Shiite cleric Mahmoud al-Sarkhi, in front of his home in the Shiite holy city of Karbala, 50 miles (80 kilometers) south of Baghdad In pictures: The rise of Isis Iraq crisis Iraqi security forces arrest a follower of Shiite cleric Mahmoud al-Sarkhi after clashes with his followers in the Shiite holy city of Karbala, 50 miles (80 kilometers) south of Baghdad In pictures: The rise of Isis Iraq crisis Iraqi security forces arrest a follower of Shiite cleric Mahmoud al-Sarkhi at his home after clashes with his followers in the Shiite holy city of Karbala, 50 miles (80 kilometers) south of Baghdad In pictures: The rise of Isis Iraq crisis Iraqi security forces arrest a follower of Shiite cleric Mahmoud al-Sarkhi after clashes with his followers in the Shiite holy city of Karbala, 50 miles (80 kilometers) south of Baghdad In pictures: The rise of Isis Iraq crisis A vehicle burns in front of a home of a follower of Shiite cleric Mahmoud al-Sarkhi after clashes with his followers in the Shiite holy city of Karbala, 50 miles (80 kilometers) south of Baghdad In pictures: The rise of Isis Iraqi refugees An Iraqi woman holds her exhausted son as over 1000 Iraqis who have fled fighting in and around the city of Mosul and Tal Afar wait at a Kurdish checkpoint in the hopes of entering a temporary displacement camp in Khazair In pictures: The rise of Isis Iraqi refugees Displaced Iraqi women hold pots as they queue to receive food during the first day of the Islamic holy month of Ramadan, at an encampment for displaced Iraqis who fled from Mosul and other towns, in the Khazer area outside Irbil, north Iraq In pictures: The rise of Isis Isis fighters in Syria A militant Islamist fighter waving a flag, cheers as he takes part in a military parade along the streets of Syria's northern Raqqa. The fighters held the parade to celebrate their declaration of an Islamic "caliphate" after the group captured territory in neighbouring Iraq In pictures: The rise of Isis Isis fighters in Syria Isis fighters wave flags as they take part in a military parade along the streets of Syria's northern Raqqa province Reuters In pictures: The rise of Isis Isis fighters in Syria Isis fighters travel in a vehicle as they take part in a military parade along the streets of Syria's northern Raqqa province In pictures: The rise of Isis Isis fighters in Syria Fighters from the Isis group during a parade with a missile in Raqqa, Syria. Militants from an al-Qaida splinter group held a military parade in their stronghold in northeastern Syria, displaying U.S.-made Humvees, heavy machine guns, and missiles captured from the Iraqi army for the first time since taking over large parts of the Iraq-Syria border In pictures: The rise of Isis Isis fighters in Syria Isis fighters during a parade in Raqqa, Syria In pictures: The rise of Isis Isis fighters in Syria Fighters from the Isis group during a parade in Raqqa, Syria. Militants from the splinter group held a military parade in their stronghold in northeastern Syria, displaying U.S.-made Humvees, heavy machine guns, and missiles captured from the Iraqi army for the first time since taking over large parts of the Iraq-Syria border In pictures: The rise of Isis Isis fighters in Syria Isis fighters hold a military parade in their stronghold in northeastern Syria In pictures: The rise of Isis Isis fighters in Syria Isis fighters during a parade in Raqqa, Syria In pictures: The rise of Isis Isis fighters in Syria A member loyal to the Isis waves an Isis flag in Raqqa In pictures: The rise of Isis Iraq crisis Iraqi anti-government gunmen from Sunni tribes in the western Anbar province march during a protest in Ramadi, west of Baghdad. The United Nations warned that Iraq is at a "crossroads" and appealed for restraint, as a bloody four-day wave of violence killed 195 people. The violence is the deadliest so far linked to demonstrations that broke out in Sunni areas of the Shiite-majority country more than four months ago, raising fears of a return to all-out sectarian conflict In pictures: The rise of Isis Iraq crisis Iraqi security forces hold up a flag of the Isis group they captured during an operation to regain control of Dallah Abbas north of Baqouba, the capital of Iraq's Diyala province, 35 miles (60 kilometers) northeast of Baghdad In pictures: The rise of Isis Isis fighters in Iraq Isis fighters parade in the northern city of Mosul In pictures: The rise of Isis Iraq crisis Volunteers, who have joined the Iraqi army to fight against the predominantly Sunni militants from the radical Isis group, demonstrate their skills during a graduation ceremony after completing their field training in Najaf In pictures: The rise of Isis Iraq crisis Kurdish Peshmerga troops fire a cannon during clashes with militants of the Isis group in Jalawla, Diyala province In pictures: The rise of Isis Lieutenant General Qassem Atta speaks during a press conference Iraqi Prime Minister's security spokesman, Lieutenant General Qassem Atta speaks during a press conference about the latest military development in Iraq, in the capital Baghdad. Iraqi forces pressed a campaign to retake militant-held Tikrit, clashing with jihadist-led Sunni militants nearby and pounding positions inside the city with air strikes in their biggest counter-offensive so far In pictures: The rise of Isis A police station building destroyed by Isis fighters An exterior view of a police station building destroyed by gunmen in Mosul city, northern Iraq. Iraq's new parliament is expected to convene to start the process of setting up a new government, despite deepening political rifts and an ongoing Islamist-led insurgency. Iraqi President Jalal Talabani issued a decree inviting the new House of Representatives to meet and form a new government In pictures: The rise of Isis Isis fighters in Iraq Smoke billows from an area controlled by the Isis between the Iraqi towns of Naojul and Tuz Khurmatu, both located north of the capital Baghdad, as Iraqi Kurdish Peshmerga forces take part in an operation to repel the Sunni militants In pictures: The rise of Isis Iraqi refugees An elderly Iraqi woman is helped into a temporary displacement camp for Iraqis caught-up in the fighting in and around the city of Mosul in Khazair In pictures: The rise of Isis Iraqi refugees An Iraqi Christian woman fleeing the violence in the village of Qaraqush, about 30 kms east of the northern province of Nineveh, cries upon her arrival at a community center in the Kurdish city of Arbil in Iraq's autonomous Kurdistan region In pictures: The rise of Isis Iraqi refugees An Iraqi woman, who fled with her family from the northern city of Mosul, prays with a copy of the Quran AP In pictures: The rise of Isis Isis fighters in Iraq The body of an Isis militant killed during clashes with Iraqi security forces on the outskirts of the city of Samarra Reuters In pictures: The rise of Isis Iraq crisis Iraqi civilians inspect the damage at a market after an air strike by the Iraqi army in central Mosul EPA In pictures: The rise of Isis Iraq crisis Members of the Al-Abbas brigades, who volunteered to protect the Shiite Muslim holy sites in Karbala against Sunni militants fighting the Baghdad government, parade in the streets of the city AP In pictures: The rise of Isis Iraq crisis Shia tribesmen gather in Baghdad to take up arms against Sunni insurgents marching on the capital. Thousands have volunteered to bolster defences AFP/Getty In pictures: The rise of Isis Iraq crisis A van carrying volunteers joining Iraqi security forces against Jihadist militants. Prime Minister Nuri al-Maliki announced the Iraqi government would arm and equip civilians who volunteered to fight AFP/Getty In pictures: The rise of Isis Iraq Fighters of the Isis group parade in a commandeered Iraqi security forces armored vehicle down a main road at the northern city of Mosul In pictures: The rise of Isis Iraq An Islamist fighter, identified as Abu Muthanna al-Yemeni from Britain (R), speaks in this still image taken undated video shot at an unknown location and uploaded to a social media website. Five Islamist fighters identified as Australian and British nationals have called on Muslims to join the wars in Syria and Iraq, in the new video released by the Isis In pictures: The rise of Isis Iraq Al-Qa’ida inspired militants stand with captured Iraqi Army Humvee at a checkpoint belonging to Iraqi Army outside Beiji refinery some 250 kilometers (155 miles) north of Baghdad. The fighting at Beiji comes as Iraq has asked the U.S. for airstrikes targeting the militants from the Isis group. While U.S. President Barack Obama has not fully ruled out the possibility of launching airstrikes, such action is not imminent in part because intelligence agencies have been unable to identify clear targets on the ground, officials said In pictures: The rise of Isis Iraq Militants attacked Iraq's main oil refinein Baiji as they pressed an offensive that has seen them capture swathes of territory, a manager and a refinery employee said In pictures: The rise of Isis Iraq Militants from the Isis group parading with their weapons in the northern city of Baiji in the in Salaheddin province In pictures: The rise of Isis Iraq A smoke rises after an attack by Isis militants on the country's largest oil refinery in Beiji, some 250 kilometers (155 miles) north of the capital, Baghdad. Iraqi security forces battled insurgents targeting the country's main oil refinery and said they regained partial control of a city near the Syrian border, trying to blunt an offensive by Sunni militants who diplomats fear may have also seized some 100 foreign workers In pictures: The rise of Isis Iraq Militants of the Isis group stand next to captured vehicles left behind by Iraqi security forces at an unknown location in the Salaheddin province. For militant groups, the fight over public perception can be even more important than actual combat, turning military losses into propaganda victories and battlefield successes into powerful tools to build support for the cause In pictures: The rise of Isis Iraq An injured fighter (C) from the Isis group after a battle with Iraqi soldiers at an undisclosed location near the border between Syria and Iraq In pictures: The rise of Isis Iraq Fighters from the Isis aiming at advancing Iraqi troops at an undisclosed location near the border between Syria and Iraq In pictures: The rise of Isis Iraq Fighters from the Isis group taking position at an undisclosed location near the border between Syria and Iraq In pictures: The rise of Isis Iraq Fighters from the Isis group inspecting vehicles of the Iraqi army after they were seized at an undisclosed location near the border between Syria and Iraq In pictures: The rise of Isis Iraq One Iraqi captive, a corporal, is reluctant to say the slogan, and has to be shouted at repeatedly before he obeys Sky News In pictures: The rise of Isis Iraq Iraqi captives held by the extremists Sky News In pictures: The rise of Isis Iraq Iraqi captives held by the extremists Sky News In pictures: The rise of Isis Iraq Militants of the Isis group force captured Iraqi security forces members to the transport In pictures: The rise of Isis Iraq Militants of the Isis group transporting dozens of captured Iraqi security forces members to an unknown location in the Salaheddin province ahead of executing them In pictures: The rise of Isis Iraq A major offensive spearheaded by Isis but also involving supporters of executed dictator Saddam Hussein has overrun all of one province and chunks of three others In pictures: The rise of Isis Iraq Militants of the Isis group executing dozens of captured Iraqi security forces members at an unknown location in the Salaheddin province In pictures: The rise of Isis Iraq Isis militants taking position at a Iraqi border post on the Syrian-Iraqi border between the Iraqi Nineveh province and the Syrian town of Al-Hasakah In pictures: The rise of Isis Iraq Isis rebels show their flag after seizing an army post AFP/Getty Images In pictures: The rise of Isis Iraq Isis militants waving an Islamist flag after the seizure of an Iraqi army checkpoint in Salahuddin Getty Images In pictures: The rise of Isis Iraq Demonstrators chant slogans as they carry al-Qa’ida flags in front of the provincial government headquarters in Mosul, 225 miles (360 kilometers) northwest of Baghdad. In the week since it captured Iraq's second-largest city, Mosul, a Muslim extremist group has tried to win over residents and has stopped short of widely enforcing its strict brand of Islamic law, residents say. Churches remain unharmed and street cleaners are back at work
The Syrian government has long blamed alleged chemical weapons attacks – including the 2013 atrocity – on rebels, despite Western claims the opposition groups lack the technology to develop them.
Isis, on the other hand, has captured former government stockpiles and laboratories and has access to the right experts to “aggressively pursue” a chemical weapons programme, Iraqi and US officials have said.
In his report, the OPCW chief Ahmet Uzumcu said the source of the sarin or sarin-like compound detected in tests was unclear, while the UN’s fact-finders “did not come across evidence that would shed more light on the specific nature or source of the exposure”.
“Further investigation would be necessary to determine when or under what circumstances such exposure might have occurred,” he said.
Mr Uzumcu’s report was attached by UN Secretary-General Ban Ki-moon in a letter dated 29 December to the 15-nation Security Council.
And in its response, Russia’s minister for non-proliferation and control of weapons said it tallied with “facts of the probable use of chemical weapons by Isis militants and in a broader sense by Islamic radicals”.
According to the state-owned Sputnik news outlet, Mikhail Ulyanov said: “Since facts are shown in one direction, then we believe the probability that the weapons are being used by militants is very high.”
Usually converted from a colourless liquid to a gas for use in rockets, sarin is regarded as a weapon of mass destruction and was banned by the UN Chemical Weapons Convention of 1993. It is 20 times more deadly than cyanide, and can lead to death by asphyxiation within minutes.
Since the Syrian government agreed to destroy its stockpiles following the 2013 Damascus attack, the OPCW has recorded uses in Syria of more minor chemical weapons including chlorine and ammonia. Isis has previously been accused of using sulphur mustard in an attack in August that killed a baby.
And last month, online activists and opposition fighters accused the Assad regime of using chemical weapons in rocket and barrel bomb attacks on the rebel-held Damascus suburb of Muadhamiya, in which at least five people allegedly suffocated to death. |
Ostwind links with EWZ to build 175 MW of onshore wind in France
| France's Ostwind International and Swiss utility EWZ will partner to develop 10 onshore wind projects, totalling 175 MW, in the north-east and south-west of France. The schemes will collectively generate 450 GWh per year when they are commissioned by 2027. EWZ will fund the schemes from a CHF200m ($210.9m) framework loan facility. The projects take the utility’s onshore wind generation portfolio to 1.5 TWh.
| https://www.renewablesnow.com/news/zurichs-ewz-ostwind-form-175-mw-wind-alliance-in-france-703966/ | null | French wind project developer Ostwind International SAS has tied up with Zurich utility EWZ to jointly develop and build 175 MW of onshore wind projects in France.
The companies have entered into a co-investment partnership that envisages the construction and operation of 10 wind parks in northeastern and southwestern France. The collaboration was announced on Wednesday by Watson Farley & Williams, which was EWZ’s advisor in the deal.
Ostwind and EWZ plan to install a total of 69 turbines in proximity to existing wind farms operated by the Zurich utility. The power plants are expected to have a combined output of around 450 GWh of electricity per year. They are planned to go live by 2027.
EWZ said in a separate press release it will provide financing for the projects from a CHF-200-million (USD 210.9m/EUR 187.6m) framework loan facility for investment in renewables. The new wind parks will lift the utility’s wind power generation to around 1.5 TWh.
(CHF 1.0 = USD 1.054/EUR 0.938)
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Novamont unveils extrusion technology for compostable products
| Italian bioplastics firm Novamont has unveiled a new extrusion coating and lamination solution for use with disposable items made from paper, board and plastic films. Novamont said products made from the Mater-BI grade product were GMO-free, biodegradable and could be composted, while the extrusion technology was comparable with LDPE for process stability, coating thicknesses and processing speed.
| https://packagingeurope.com/novamont-launches-bioplastic-for-extrusion-coating/ | null | Novamont has announced a new compostable MATER-BI grade for extrusion coating and extrusion lamination on paper, board and other substrates. |
Blockchain Exposes Securities Markets to AML and Terrorist Financing Risk, says ESMA | The European Securities and Markets Authority (ESMA) has warned banks, asset managers and central counter-parties that blockchain technology has the potential to expose securities markets to money laundering and terrorist financing risks. ESMA has noted that using encryption based on public and private keys could easily be used in a fraudulent way, allowing users to record fictitious transactions with very little oversight. Further, if the distributed ledger technology was compromised, a hacker would be able to access all data recorded on ledgers, disrupting the confidentiality and integrity of data. | http://www.hk-lawyer.org/content/blockchain-exposes-securities-markets-aml-and-terrorist-financing-risk-says-esma | null | Distributed ledger technology ("DLT") may expose securities markets to the risk of money laundering and terrorist financing, the European Securities and Markets Authority ("ESMA") has warned banks, asset managers and central counterparties.
The risk stemmed largely from the fact that the use of public/private keys, a computer-based encryption technique, might make it easier to conceal identities and to hide the history of transactions, ESMA said in a discussion paper, "The Distributed Ledger Technology Applied to Securities Markets", aimed at financial institutions interested in the use of DLT for securities markets.
Moreover, the private/public keys might potentially be lost or stolen, and used fraudulently to record fictitious transactions, ESMA said in the paper: "In the absence of a sufficiently robust governance framework, dishonest nodes might also take control of the network, even temporarily, and alter the consensus process."
ESMA pointed to an additional risk that network participants might be able to exploit information recorded, such as recent trades made by competitors, to front-run them or manipulate the market.
"The lower the levels of privacy level of the network or the lower the safeguards attached to it, the higher the risk would be," ESMA said.
Wider Consequences
According to ESMA, a flaw in the system might have wider consequences. "Indeed if someone was to break into the system, he/she might have access not only to the information stored at the point of attack but to the full breadth of information recorded on the ledgers. This could have extensive negative consequences on the confidentiality of information and the integrity of data."
ESMA said that if the encryption techniques were to be hacked, the risk of contagion might extend beyond the single DLT network under attack, since the protocols used by different DLT networks tend to be similar.
The regulator said that although proponents of the DLT believed it would help mitigate operational risks by increasing automation, a glitch in the system might have far-reaching consequences. The use of smart contracts might create additional risks in the absence of adequate controls, for example if the coding was erroneous. The incidence of errors might be lower but their impact might be more serious.
Through more automated and harmonised processes across participants and asset classes, the DLT might increase interconnectedness between market participants, which might increase the spreading of shocks, the paper said.
Supervisory Challenges
The paper said the DLT might add another layer of complexity to securities markets because of the use of complex encryption techniques, with potentially negative implications from an oversight perspective. The encryption of information might make it harder to disentangle, which in turn would make supervisory work more challenging.
In general, the more changes the DLT brings to the functioning of securities markets, the more likely it will be to raise regulatory challenges. The DLT's aim of changing or replacing the current set-up of market participants and market infrastructures may create challenges with respect to safeguards brought by recent securities markets regulations, for example if new risks are not addressed by the existing regulatory framework, ESMA said.
ESMA has said it will use feedback received to develop a position on the use of the DLT in securities markets and in particular to assess whether a regulatory response is needed.
The deadline for comments is 2 September 2016. |
Vegan brand Naturli’ coming to the UK | Danish brand Naturli’ has announced it is bringing its range of plant based frozen meals to the UK. Owned by all-natural food co-operative SUMA, which based out Leeds, have made deals with a range of independent grocery stores across the UK. | https://www.trendhunter.com/trends/plantbased-frozen-food | null | Naturli' Introduces Its Range of Vegan Products to the UK Market
The plant-based frozen food section in UK superstores just got updated with some more options as popular Danish brand Naturli' expands its business due to "an explosion of consumer inquiries on social media." Food co-operative SUMA "procured the new series of plant-based foods for their retail partners which constitute a large number of independent food shops in the UK."
New plant-based frozen foods include guilt-free takes on traditional favorites—from soy-based schnitzels and sausages to plant-based pizzas and veggie balls. The products are gluten-free, rich in protein, and low in their carbon dioxide emissions.
The growing demand for plant-based frozen foods hints both at convenience, as well as a consumer desire to be more socially responsible and healthier. Unlike many other brands, Naturli' connects in close dialogue with consumers on social media and tailors its products with reference to their followers' knowledge and requests.
Image Credit: Naturli’ Foods |
Opportunities for further consolidation in UK supermarket sector
| The proposed merger of Asda and Sainsbury’s is the latest in a frenzy of consolidation in the UK supermarket industry, and there may be more to come. Punishing business rates on commercial properties and competition from discounters Aldi and Lidl have contributed to the surge in deals, with a significant threat being the expectation that Amazon will make a large UK acquisition. The Sainsbury’s-Asda tie-up seems likely to lead to another wave of deals, as retailers such as Tesco and Morrisons look for ways to bolster their business through the purchase of merchandise retailers or service firms. | http://www.thisismoney.co.uk/money/markets/article-5705447/Supermarket-price-war-set-intensify-Aldi-Lidl-fight-against-Asda-Sainsburys-tie-up.html | null | The supermarket price war raging in Britain looks set to intensify as Aldi and Lidl fight back against the planned merger of Sainsbury’s and Asda.
In a boost to millions of families, the German discounters vowed to remain the cheapest option for customers if Sainsbury’s does slash prices following its £14billion takeover of Asda.
Sainsbury’s boss Mike Coupe –who was filmed singing ‘We’re in the money’ the day the deal was struck – has outlined plans to reduce the cost of everyday items by 10 per cent.
That would put pressure on Aldi and Lidl to respond – and even cut prices themselves.
An Aldi spokesman said: ‘We will never be beaten on price and are absolutely committed to maintaining the significant price gap between us and our competitors.’
A Lidl spokesman said: ‘Our customers can be assured that we cannot be beaten on price.’
A fresh supermarket price war would ease pressure on household budgets following the recent squeeze on family finances.
Millions of families are already feeling better off as inflation falls from its recent peak of 3.1 per cent and wages rise.
A Sainsbury’s spokesman said: ‘We welcome competition and see this as more good news for British households.’ Sainsbury’s wants to use the increased buying power it will have following a tie-up with Asda to pressure suppliers into lowering prices.
Analysts warned that everyone from Marmite and Dove soap owner Unilever to the struggling farmers will feel the pain.
There are signs that consumer giant Unilever is already under pressure, with its prices up just 0.1 per cent in the first quarter.
Analysts said customers, including the grocery giants, are no longer willing to pay more for goods following Unilever’s row with Tesco over the price of Marmite 18 months ago, when the supermarket pulled its products from shelves.
Russ Mould, investment director at stockbroker AJ Bell, said: ‘Increased scale means increased buying power, so the 10 per cent price cuts discussed by Mike Coupe will be largely funded by a big squeeze on suppliers.
‘Unilever has stopped pushing prices higher so the effects of the spat over Marmite prices with Tesco 18 months ago continue to rumble on. And if the supermarkets are strong enough to stand up to a multi-national such as Unilever, with its powerful brands, then smaller suppliers could be in for a really tough time.’
Mike Cherry, national chairman of the Federation of Small Businesses, said: ‘A merger of this size will concentrate a lot of power in the hands of one giant company, and it’s important that power isn’t misused to coerce small suppliers into accepting unfair contracts and poor payment terms.’
The Big Four supermarkets in Britain – Tesco, Sainsbury’s, Asda and Morrisons – have faced an onslaught from Aldi and Lidl.
The German discounters have been gaining market share in the UK by undercutting larger rivals. Lidl sales rose 9.1 per cent in the 12 weeks to April 22 while Aldi sales were up 7.7 per cent. By contrast, Sainsbury’s sales were up just 0.2 per cent and Asda’s 1.4pc.
The proposed merger of Sainsbury’s and Asda, owned by US giant Walmart, would create a supermarket giant with £51billion of annual revenues and a 31.4 per cent share of the market.
The combined group would be bigger than the current leader Tesco, which has a 27.6 per cent share of the grocery market. Morrisons has 10.5 per cent, Aldi 6.9 per cent, Co-op 6.1 per cent, Waitrose 5.2 per cent and Lidl 5 per cent. |
Bharti Airtel launches 'payments bank' in India | Telecoms giant Bharti Airtel has launched a 'payment bank' pilot scheme across the state of Rajasthan, inviting people to open an account using their Aadhaar ID number, according to reports. Airtel, Paytm and the Department of Posts were among the firms granted licences by the Indian government last year, and can offer services including transactions, issue credit and debit cards and accept deposits, but they are prevented from lending money. Shashi Arora, CEO of Airtel Payments Bank said the service would "benefit millions of unbanked citizens of this country". | https://www.finextra.com/newsarticle/29818/airtel-pilots-indias-first-payments-bank | null | Telecoms giant Bharti Airtel has launched the first of India's new wave of 'payments banks', going live with a pilot across the state of Rajasthan.
In a bid to take advantage of the mobile revolution to increase financial inclusion, last year India's government granted Airtel, along with others such as Paytm and the Department of Posts, so-called 'payments bank' licences.
These new players, taking on traditional lenders, are able to take deposits of up to Rs 1 lakh, issue debit and ATM cards, and facilitate online transactions - but are not allowed to lend money.
Airtel Payments Bank has now become the first of the new breed to open up to the public through a pilot in Rajasthan to test its systems ahead of a country-wide launch.
Taking advantage of its vast retail network in the state, Airtel is inviting customers in towns and villages to open bank accounts using just their government Aadhaar ID number in one of its 10,000 stores, which will also act as banking points. Airtel mobile numbers will act as account numbers.
A network of merchants across Rajasthan will accept digital payments from Airtel Bank from day one, with 100,000 onboard by the end of the year. Customers will also be able to make money transfers to any bank account in India and reap a 7.25% interest rate on deposits held in savings accounts.
Shashi Arora, MD & CEO, Airtel Payments Bank, says: "Airtel Payments Bank is fully committed to the Government’s vision of financial inclusion and banking for all. Airtel Payments Bank will play an important role in taking banking services to the last mile in a quick and efficient manner and benefit millions of unbanked citizens of this country." |
BBC staff complain over Munchetty reprimand for Trump remark | BBC staff have publicly turned on their employer after the Breakfast show presenter Naga Munchetty was found to have breached the corporation’s editorial guidelines after criticising Donald Trump for telling black politicians to “go home”.The decision to reprimand Munchetty, which followed a single complaint from a member of the public, was made by the BBC’s executive complaints unit, a committee that rules on contentious issues.In an updated statement the BBC said Trump’s comments were widely condemned as racist and that Munchetty was perfectly entitled to give her personal response to the president’s words. | https://www.theguardian.com/media/2019/sep/26/bbc-staff-complain-after-colleague-reprimanded-over-trump-remarks | null | BBC staff have publicly turned on their employer after the Breakfast show presenter Naga Munchetty was found to have breached the corporation’s editorial guidelines after criticising Donald Trump for telling black politicians to “go home”.
Munchetty was ruled to have overstepped the mark when she put comments by the US president in the context of racism. Furious staff have pointed out that the complaints unit is dominated by older white men who may not understand the true impact of Trump’s words.
“Every time I have been told, as a woman of colour, to go back to where I came from, that was embedded in racism,” Munchetty told viewers in July, during a discussion with her co-host Dan Walker. She went on to add that she was “absolutely furious a man in that position thinks it’s OK to skirt the lines by using language like that”.
Sangita Myska, a BBC correspondent, said “there is a lot of bewilderment among BAME staff” about the decision, while the former China editor Carrie Gracie has said the ruling was perplexing given “telling the truth and celebrating diversity” is a core BBC value and “we speak out when something is not right”.
The Newsnight correspondent Gabriel Gatehouse said: “I propose a little thought experiment: if a BBC presenter suggested on air that a black Brit should ‘go back to where they came from’ and viewers complained the remark was racist, would the BBC uphold such a complaint? One would hope so.”
The chancellor, Sajid Javid, tweeted the corporation on Thursday night, backing the presenter. “C’mon BBC. This is ridiculous. It’s perfectly understandable why she said what she did.”
The Labour leader, Jeremy Corbyn, said the BBC would have to explain this “astonishing decision”.
“Naga Munchetty stated a fact. She shared experiences of racism she’s suffered. That can’t be at odds with any editorial guidelines,” he said.
The decision to reprimand Munchetty, which followed a single complaint from a member of the public, was made by the BBC’s executive complaints unit, a committee that rules on contentious issues. The membership of the group is not public but internal BBC documents suggest it is a seven-strong group featuring only two women.
A number of BBC presenters and journalists have said they are considering writing to the director general, Tony Hall, to ask for the decision to be reviewed before it causes further damage to the corporation’s public standing, especially among BAME communities. There is particular anger about the ruling given Munchetty’s comments were made in response to questions from Walker, who was asking for her personal experience of racist language.
Managers have also been telling journalists in news and current affairs departments to avoid tweeting their support for Munchetty or discussing the incident with other news outlets, warning that public criticism of the decision could result in disciplinary action for those who speak out.
Staff privately expressed exasperation that the BBC has allowed a single complaint from a member of the public to blow up into another damaging row for the corporation. The clip of Munchetty’s short exchange with Walker briefly went viral in the summer, earning hundreds of thousands of views and remains on BBC Breakfast social media accounts, but had largely been forgotten until the recent ruling.
In an updated statement the BBC said Trump’s comments were widely condemned as racist and that Munchetty was perfectly entitled to give her personal response to the president’s words. However, she was found to have breached editorial guidelines because BBC journalists are not allowed to “give their opinions about the individual making the remarks or their motives for doing so”.
Senior journalists privately complain that news executives are struggling with how to handle persistent complaints from rightwing campaigners about the corporation’s perceived leftwing biases, creating the internal perception that bosses are overcompensating following the 2016 Brexit referendum amid an ongoing culture war.
At the same time the BBC management is increasingly facing internal clashes with its own journalists who are publicly calling out the corporation when they feel it is falling short on issues relating to diversity – both internally and on-screen. This then causes clashes over which topics are legitimate topics of discussion for the corporation’s television and radio shows and which are not up for debate.
Earlier this year, the BBC reminded staff not to tweet their personal views, after employees publicly objected to BBC programmes hosting discussions that debated the rights and wrongs of teaching children about tolerance for LGBT people.
Munchetty did not respond to a request for comment. |
Tesla may offer self-driving capabilities via subscription model
| Tesla is considering the introduction of a pay-as-you-go subscription for its Full Self-Driving Capability package. The package was pre-sold in Tesla vehicles for years before the company planned to make the technology available through the software, which led to criticism of Tesla for giving the impression that its vehicles can operate entirely autonomously, which they cannot. Tesla has said it will increase the price of the Full Self-Driving Capability package as new features are rolled out. The pay-as-you-go subscription is a way of making it more affordable.
| https://electrek.co/2020/04/28/tesla-pay-as-go-subscription-self-driving-package/ | null | Tesla is working on a pay-as-you-go subscription to its “Full Self-Driving Capability” package in order to make its features more accessible.
There are several things about how Tesla is approaching self-driving technology that makes it different from the rest of the auto industry and tech companies developing the technology.
The automaker refuses to use lidar sensors and instead plans to rely mainly on computer vision technology using cameras.
It also started installing the needed hardware in all its vehicles years ago when it believed that self-driving had become mostly a software problem.
But most notably, Tesla started to pre-sell a “Full Self-Driving Capability” package in its vehicles years before it planned on making the technology available through the software.
That’s a somewhat bold move that has been criticized for different reasons.
Some say that it’s confusing customers in thinking that Tesla vehicles are currently capable of self-driving, which is not the case.
Others have also criticized Tesla for often changing the price of the package up and down, even though they haven’t delivered the features promised in the package.
Over the last year, CEO Elon Musk has made Tesla’s pricing strategy clearer when it comes to the “Full Self-Driving Capability” package: Tesla is going to increase the price of the package as it introduces new features.
Currently, Tesla sells its “Full Self-Driving Capability” package for $7,000. It’s not cheap and it’s getting more expensive.
With the latest features being released, Musk recently said that Tesla is preparing another price increase “probably on July 1.”
Now we learn that Tesla is working on a way to make it less expensive with a pay-as-you-go subscription plan.
Tesla hacker Green said on Twitter that the code is already on the app:
There’s code for pay as you go subscription plan, has been for quite a while. Waiting for that eventual time when it will make sense I am sure 😉
Last year, Tesla introduced software upgrades available for sale through its app in just one click. The first feature available was the Acceleration Boost.
They also added the “Full Self-Driving Capability” package to the in-app purchase system, which led to some issues with Tesla owner unintentionally buying the expensive software upgrades and not getting refunds.
Now it sounds like Tesla is also planning to offer a reduced price on the package through the app for the people who had Enhanced Autopilot, which included many of the features who are now in the FSD package.
Electrek’s Take
That’s interesting. I’d be curious to know what shape such a model would take.
How much would you be willing to pay per month to have access to the FSD features? $20? $30? $40?
What I think would be even more interesting is if Tesla would breakdown the package for people to buy just some features.
What do you think? Let us know in the comment section below. |
ETFs give investors access to alternative investments
| Exchange-traded products (ETFs) are becoming a vital part of the alternative investment market. This is because they allow investors low-cost access to asset classes that were only open to professional institutional investors; it is these investors who use them for basic and custom exposures. Organisations that do not use a conventional mutual fund will opt for an ETF if it delivers a chosen exposure more efficiently that a rival future, swap or separate account. | http://www.investmentnews.com/article/20161009/BLOG09/161009924/etfs-emerging-as-important-part-of-alternative-investment-market?NLID=daily&NL_issueDate=20161010&utm_source=Daily-20161010&utm_medium=email&utm_campaign=investmentnews&utm_visit=615186 | null | Exchange-traded products are becoming an important part of the alternative investment market.
ETFs have and will continue to “democratize” the investment world by allowing investors low-cost access to asset classes previously available only to sophisticated institutional investors. At the same time they are an increasingly important tool for those institutional investors who use ETFs for both basic and custom exposures. Institutions that would never use a conventional mutual fund will use an ETF if it delivers a desired exposure more efficiently than a competing future, swap or separate account.
Since the ETF wrapper does not have the embedded distribution costs and commissions of many traditional products, it will benefit from the Department of Labor’s fiduciary rule as well. This is an important consideration, as the Securities and Exchange Commission is also considering extending fiduciary standards to retail brokerage accounts.
The ETF/ETP wrapper is valued in basic investment strategies for reasons such as liquidity, transparency, low cost and tax advantages. However, it also has tremendous utility in creating investment products in alternative asset classes. The definition of “alternative” can vary, but the wrapper can be used to create products that provide access to most commodities, real estate, cash flows, thematic equity and leveraged exposures.
PRECIOUS METALS
Depending on one’s definition of alternatives, there are many already successful alternative ETFs
Depending on one’s definition of alternatives, there are many already successful alternative ETFs. For example, ETFs have been very good plays on the rising precious metals market, and United States Oil Fund (USO) has been the dominant oil product for some time. ProShares and Direxion products provide leveraged equity exposure.
While the low-hanging fruit of basic exposures has been picked, we believe there are many interesting alternative strategies yet to be packaged in an ETF wrapper. The wrapper will allow those ideas to be mass-produced rather than hide in a high fee. This competition is a factor contributing to the current woes of the hedge-fund industry.
We believe there is also a market for niche strategies. Many of these will come from managers and others now offering a custom strategy in separate accounts and from market professionals who wish to launch an entrepreneurial strategy based on their market insights.
Every new investment idea has its own regulatory issues that must be carefully analyzed. The 1940 Act wrapper accommodates simple equity baskets, but can present challenges as products become more complex, forcing them into the less user-friendly 1933 Act wrapper for “exchange-traded products.” In addition, the SEC seems determined to limit the 1940 Act ETF to products that meet its investor protection standards. For example, the agency recently issued a release that would essentially prohibit the issuance of highly leveraged ETFs in the 1940 Act wrapper.
The niche aspect of these funds will make attaining critical mass more challenging, especially given the proliferation of ETF products. Shelf space is the challenge. Timing, patience and education are also key. Certain strategies, such as rising interest-rate protection ETFs, will be successful only when the underlying event occurs. Some strategies are useful only in certain circumstances, and issuers must be willing to wait for those moments.
(Related read: Schwab cuts ETF fees again, as expense war with rivals BlackRock, Fidelity and Vanguard heats up)
Sometimes a client will provide the demand. Institutional investors can go to an ETF provider with a request for a “bespoke” fund built according to certain specifications, and can then seed that fund with significant amounts, (as much as $250 million with the SHE ETF funded by the California State Teachers’ Retirement System, which focuses on female-led companies).
Others will come from “self-seeding” — when an investment adviser converts an already well-funded separate account strategy to an ETF. This can create the critical mass necessary to get on broker-dealer platforms.
Sam Masucci is CEO and Barney Karol is president of the ETF Managers Group. |
Scorpio Tankers has loan commitments of up to $195.9m | Monaco-based Scorpio Tankers has secured three loan facilities totalling $195.9m, which it will use to part-finance several vessel purchases and pay down $140m of debt. ABN AMRO Bank and Skandinaviska Enskilda Banken have agreed to lend Scorpio $120.6m, enabling the purchase of a Handymax, an MR and three LR2 product tankers, while an extended loan from ING Bank of $171.2m facilitates the acquisition of a a Handymax and an MR product tanker. In addition, another $36.7m loan from a leading European financial institution will allow Scorpio to buy two MR product tankers. | https://globenewswire.com/news-release/2018/05/01/1494430/0/en/Scorpio-Tankers-Inc-Announces-Commitments-for-New-Loan-Facilities.html | null | MONACO, May 01, 2018 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers," or the "Company") today announced that, following from the announcement of new financing initiatives on April 25, 2018, the Company has received commitments from four leading European financial institutions for three separate loan facilities of up to $195.9 million in aggregate, which will raise $53.9 million of new liquidity in aggregate after the repayment of $142.0 million of existing secured debt. The Company expects to make announcements for further individual transactions in the coming weeks.
The Company has received a commitment from ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB for a loan facility of up to $120.6 million. The loan facility will be used to finance up to 65% of the fair market value of one Handymax product tanker, one MR product tanker and three LR2 product tankers. The loan facility has a final maturity of five years from the first drawdown date, bears interest at LIBOR plus a margin of 2.60% per annum, and is subject to customary conditions precedent and the execution of definitive documentation.
The Company has also received a commitment to upsize its previously announced $132.5 million credit facility with ING Bank N.V. to $171.2 million. The upsized portion of the loan facility will be used to finance up to 65% of the fair market value of one Handymax product tanker and one MR product tanker. The upsized portion of the loan facility has a final maturity of June 2022, bears interest at LIBOR plus a margin of 2.40% per annum, and is subject to customary conditions precedent and the execution of definitive documentation.
Furthermore, the Company has also received a commitment from a leading European financial institution for a loan facility of up to $36.7 million. The loan facility will be used to finance two MR product tankers. The loan facility has a final maturity of June 2021, bears interest at LIBOR plus a margin of 2.50% per annum, and is subject to certain conditions precedent and the execution of definitive documentation.
About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. The Company currently owns or finance leases 109 product tankers (38 LR2 tankers, 12 LR1 tankers, 45 MR tankers and 14 Handymax tankers) with an average age of 2.7 years and time or bareboat charters-in 19 product tankers (two LR2 tankers, nine MR tankers and eight Handymax tankers).
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Scorpio Tankers desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “target,” “project,” “likely,” “may,” “will,” “would,” “could,” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in company records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the company’s control, there can be no assurance that Scorpio Tankers will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of our operations, risks relating to the integration of the operations of Navig8 Product Tankers Inc. (“NPTI”) and the possibility that the anticipated synergies and other benefits of the acquisition of NPTI will not be realized or will not be realized within the expected timeframe, the outcome of any legal proceedings related to the merger with NPTI and the related transactions, the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires, and other factors. Please see Scorpio Tankers’ filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties.
Scorpio Tankers Inc.
212-542-1616 |
US lawmaker calls on Tesla to suspend Autopilot feature | Sen. Ed Markey (D-MA) called on electric vehicle (EV) maker Tesla to disable its Autopilot semi-autonomous driving system until it can introduce safeguards that prevent its improper use, according to Reuters. Markey, who sits on the Senate Committee on Commerce, Science, and Transportation, also brought the issue to the attention of the National Transportation Safety Board (NTSB), which said it would follow up with Tesla. | https://www.businessinsider.com/us-lawmaker-urges-tesla-to-disable-autopilot-feature-2019-11?r=US&IR=T | null | This story was delivered to Business Insider Intelligence Transportation & Logistics Briefing subscribers earlier this morning.
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Tesla
Sen. Ed Markey (D-MA) called on electric vehicle (EV) maker Tesla to disable its Autopilot semi-autonomous driving system until it can introduce safeguards that prevent its improper use, according to Reuters. Markey, who sits on the Senate Committee on Commerce, Science, and Transportation, also brought the issue to the attention of the National Transportation Safety Board (NTSB), which said it would follow up with Tesla.
While Autopilot requires a driver to have their hands on the steering wheel and stay attentive while it's engaged — Telsa tracks whether users' hands are on the steering wheel via pressure sensors — users have found ingenious ways to trick the sensors. Bypassing the system enables drivers to freely engage in risky behavior, like napping at the wheel or going on their phones.
As pressure mounts on Tesla, other major automakers should take heed as they implement semi-autonomous driving technology in their cars. Cadillac debuted its semi-autonomous feature, called Super Cruise, and plans to implement the feature in all of its vehicles in 2020, while Japanese carmaker Nissan launched its ProPilot Assist feature in 2018 and plans to introduce an updated version in an upcoming sedan model. Additionally, Italian automaker Alfa Romeo will introduce a semi-autonomous driving system in its upcoming 2020 Stelvio crossover model.
To combat the misuse of semi-autonomous systems and the potential regulatory issues they create, automakers should embrace AI-equipped, in-car cameras. These cameras can visually gauge a driver's level of alertness using multiple data points to better prevent drivers from tricking in-car sensors.
For example, US automaker Cadillac has already implemented an in-car camera-based system for its semi-autonomous driving feature, which tracks head position to issue warnings if it believes a driver isn't alert — and if warnings go unheeded, the vehicle autonomously slows the car to a full stop. Distracted driving is a significant problem for self-driving vehicles, as those using a semi-autonomous driving system spend up to 80% of their time not watching the road, according to a study by the RAC Foundation.
Automakers looking to quickly implement similar features to head off potential misuse of their technology can look to work with startups in the smart camera space. One potential partner is Eyesight Technologies, which unveiled an updated in-vehicle camera this month targeted toward the trucking industry that can alert users to distracted driving.
If co-opted for passenger vehicles, Eyesight's solution could be well suited for automakers, enabling them to issue alerts for distracting activities, like texting or smoking, that could lead to accidents. Without an in-car camera system, automakers could leave themselves open to elongated investigations over incidents involving their self-driving systems, as they'd lack video proof that a driver was misusing the technology.
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IWG Larger Australian firms plan to ditch traditional leases: CBRE survey
| Almost 60% of Australian corporate occupiers, as well as government departments and agencies, plan to reduce their traditional leased office spaces in the next two years, while 55% plan to expand the use of co-working spaces, according to a survey by CBRE. It also revealed 32% of Australian employers pondering co-working said they would seek a space that had an existing operator in place, while others sought a more sophisticated atmosphere than an informal, traditional co-working hub.
| https://www.afr.com/real-estate/tenants-flock-to-coworking-ditch-traditional-lease-space-says-cbre-20181104-h17hze | null | "We continue to see strong demand for our co-working spaces," said Shey Hooper, GPT's national director of flexible workplace solutions. "It's this growth in the demand for flexibility in lease terms and workspaces, where Space & Co see the strongest opportunity."
Landlords' challenge
While this doesn't necessarily mean a smaller footprint, it does give employers the flexibility to expand and contract their workforces as necessary. But it does represent a challenge for large landlords providing these spaces, because clients want flexibility but not the casual flexibility that has dominated the market to date. In fact, only 32 per cent of Australian employers considering co-working said they would choose a building with an existing operator in place.
"Blue-chip corporates are concerned about the profile of the building," said Felice Spark, CBRE's head of office and occupier research. "If you're KPMG, for example, you want to be associated with a CBA, or a similarly blue-chip corporate tenant profile. To have WeWork in the property and half the lift full of people in flannels shirts and thongs – those things can be a bit of a culture shock."
Crowding is another factor. Co-working spaces have a tight population density – of about one person every five or six square metres – at least twice the density of many workplaces, and that puts some tenants off.
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"That puts a lot of pressure on services including airconditioning and lifts," Ms Spark said. "It can be a little bit of a negative."
Corporate landlord Investa has not yet named the coworking operator that will operate in the Hassell-designed 60 Martin Place building it will open next year in central Sydney, anchored by law firm Norton Rose Fulbright, but says flexibility is a crucial part of what premium buildings offer.
"We aim to select the operator that best complements the style and profile of the building or location," said Michael Cook, Investa's group executive, property.
"Premium tenants want a sophisticated offering that matches their business objectives and the expectations of their employees."
Not all tenants seeking flexible space want the informality of a traditional co-working hub.
One large corporate user planning to increase its use of co-working space is government. As many as 60 per cent of government respondents to the survey said they intended to reduce their traditional leased office footprint. This was because of the perceived collaboration benefits but also the scope for more-efficient use of space, Ms Spark said.
"When we've done occupier surveys, government has the largest workspace ratios," she said. "There would be a three-to-five-square-metre difference compared with finance or professional services groups." |
Apple, Samsung, Google Race For Mobile Payments 02/15/2017 | Apple Pay, Google's Android Pay and Samsung Pay are among the mobile wallet providers battling for a slice of a growing market, as mobile drives purchases in the digital music and entertainment sectors. According to PayPal's Digital Goods Economy survey, 70% of movie and TV consumers, and 72% of digital music users purchased items using their mobiles last year. The three companies currently have 74 million users, according to Juniper, while in the holiday quarter of 2016, mobile spending accounted for 21% of total ecommerce activity. | http://www.mediapost.com/publications/article/295190/ | null | by Chuck Martin , Staff Writer, February 15, 2017
Mobile payments are growing significantly around the world, but that doesn’t mean there is a clear winning payments provider.
Much like making purchases on the Web naturally evolved to making purchases via mobile websites, the behavior of paying for things on the Net has been translating to paying for things with a smartphone, minus the websites or apps.
The mobile payments entities that are ahead are becoming substantial.
Even Amazon is in the mix. The online behemoth recently announced that more than 33 million customers have used Amazon Payments to make a purchase. Of those, almost a third (32%) were done on a mobile device.
The payments also are spread out geographically, with customers from more than 170 countries participating in the last year alone, with payment volume nearly doubling from the year before.
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And that’s just Amazon.
Besides buying physical goods in stores, digital purchases by mobile also are on a tear, according to the Digital Goods Economy Survey by PayPal.
The study, comprising a survey of 10,000 consumers in 10 markets around the world, found that mobile is driving purchases across digital music, movies and TV. Almost 70% of movie/TV consumers made a purchase via mobile device while 72% of digital music consumers purchased music on their mobile device.
Other major drivers of mobile payments include Apple Pay, Samsung Pay and Android Pay.
It was back in 2015 that the contactless arena got a jump start, according to a new report on mobile wallets by Juniper Research. Here’s what happened then:
It was the first calendar year for Apple Pay in its home market and the launch of its service in the U.K., Australia and Canada
Samsung introduced its own NFC mobile payments
Google relaunched its wallet in the form of Android Pay
Payments started to take off from there.
Apple, Samsung and Google have all expanded their range and by the end of last year, the services were available in more markets: Apple 13, Samsung 8 and Google 9.
Collectively, the three have rapidly scaled their active user base, which now reaches more than 74 million people, according to Juniper.
The dollars are significant. For example, in the holiday quarter where consumers spent $109 billion online, the mobile portion of that was $23 billion, according to ComScore. In that quarter, mobile accounted for 21% of total ecommerce spending.
Physical goods also are being bought from phones. Juniper estimates that $48 billion was spent for physical goods through smartphones last year.
However, there still is a long way to go, and not all of it is in the hands of consumers.
For example, only 4% of U.S. retailers supported Apple Pay by the end of 2014, which grew to 35% late last year. Most retailers have physical payment terminals that could handle Apple Pay, but many are not activated, according to the report.
Meanwhile, PayPal keeps chugging along. The Ex-eBay company has more than 192 million active wallets worldwide, including 13 million merchants. Juniper estimates that the total PayPal payment value via mobile devices last year was $102 billion.
And that is a lot of money moving through mobile. |
Tel Aviv Stock Exchange, Accenture partner on blockchain lending | The Tel Aviv Stock Exchange (TASE), Accenture and Israeli start-up The Floor are collaborating on a blockchain-based lending platform aimed at cutting costs and intermediaries, and increasing security for a wide range of lending. Accenture will manage smart contracts and provide technical support for the platform, which will be designed on a Hyperledger protocol. However, taxes have led some companies to move to more cryptocurrency-friendly countries.
| https://coindoo.com/tel-aviv-stock-exchange-to-launch-a-blockchain-lending-platform/ | null | The Tel Aviv Stock Exchange (TASE) has teamed up with Accenture and The Floor companies to design a blockchain-based lending platform that will provide an easier way to take possession of financial resources.
More and more financial organizations across the globe are embracing blockchain tech, the aspect that features as well the Tel Aviv Stock Exchange. Together with giant Accenture and Israel-based fintech startup The Floor, TASE plans to launch a BSL platform, which will act as a “one-stop-shop”.
The new platform aims to reduce costs and intermediaries, improve security, and offer a diverse range of lending activities. The platform will be designed on a Hyperledger protocol.
“Blockchain technology will present a new level of safety for securities lending and will support growth for transactions based on this new platform. Without a doubt, TASE is now, more than ever before, a global financial innovation leader,” stated CEO of TASE Ittai Ben-Zeev.
Accenture will handle Smart Contracts
Within the project, Accenture will handle the Smart Contracts as well as other technical support for the BSL platform.
Jacob Benadiba, the Managing Director of Israel Accenture, claimed:
“We are very pleased to provide our expertise and capabilities in blockchain, capital markets and fintech ecosystem in order to facilitate this exceptional collaboration. This project will help TASE create an innovative end-to-end solution that addresses their business, security and technological needs under an extremely powerful new paradigm.”
Israel is still at the beginning of the road in the blockchain sector. The country is often compared as a beginner technological hub. Many companies have already settled in Israel, planning to develop this sector in the near future. The problem arises, however, from government authorities that have restricted the use of cryptocurrencies. Due to their taxation, some companies have decided to move to more permissive countries.
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* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website. |
Scottish based cattle farm offering ethically sourced dairy products | The Ethical Dairy, based in southwest Scotland, is leading the way in a more sustainable and kinder form of cattle farming. Where the industry practise is to separate cows from their calves after only a few days they allow the calves and their mothers to stay together for 5 months allowing approximately £700 worth of milk go in the process. The Ethical Dairy fill a gap in the market of consumers who are aware of the unethical nature of factory farming but do not see being vegan or vegetarian as an option. | https://www.independent.co.uk/life-style/food-and-drink/ethical-dairy-milk-cheese-products-scotland-pioneers-a8567256.html | null | Sign up to IndyEat's free newsletter for weekly recipes, foodie features and cookbook releases Get our Now Hear This email for free Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice Thanks for signing up to the
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Can milk ever really be ethical? It’s the question I’m asking myself as I sit in a cafe sipping my organic, and now slightly cloying, cappuccino writing this article on The Ethical Dairy.
Based in southwest Scotland, The Ethical Dairy is not your typical organic farm. Farmers David and Wilma Finlay are pioneering a new system of dairy farming – one that keeps the cows and their calves together for five months before weaning them, rather than separating them at just days old.
This goes against conventional wisdom as well as conventional farming as it means each calf is drinking a third of the milk its mum produces, which has a significant wholesale value of around £700.
The Finlays are clearly tapping into a consumer demand for more ethically produced dairy products (The Ethical Dairy)
It’s a farming system built around animal welfare and one that is tapping into consumer demand – a consumer who never quite realised that calves have to be taken away from cows so we can drink the milk intended for them, and for whom this realisation doesn’t sit quite comfortably.
“It’s almost always mums with young children who ask ‘why do you separate the calves from their mothers?’” says Wilma, who gives summer tours of the 850 acre farm they rent.
Bad guy gone good
David’s story could be turned into a villain-turned-hero true-life film adaptation with so many highs and lows it couldn’t fail to tug at the heartstrings. His is the tale of an agro-chemical consultant who spent 10 years encouraging farms to intensify before inheriting his father’s tenancy and seeing the light – cue: city girl turned farmer’s wife Wilma’s influence. David gradually turns into an organic farmer who gets choked up when talking about the distress it causes cows to separate them from their newborn calves.
“I went from advocating a cocktail of chemicals to absolutely believing it was the wrong thing to do,” says David.
“Once nature was given a chance, everything seemed to respond well – it became a question of what else can we do?”
Recommended Why dairy is a good place to start with organic food
For Wilma, the answer was absolutely clear – they needed to find a way to keep the cow and calves together and eventually David was persuaded.
They are now exactly two years into their second attempt to do just this. Their first, according to Wilma, was “an emotional and financial car crash” in 2012.
The calves drank all the milk and they received penalties for not providing enough milk to their buyer. After six months they had to stop and began the slow separation process to minimise trauma.
They started by separating the cows and calves overnight. They kept them in the same shed so they could rub noses but the calves couldn’t access their mother’s teats.
There were no signs of stress and miraculously, the calves started taking hay and water, which meant the Finlays started to get milk.
I went from advocating a cocktail of chemicals to absolutely believing it was the wrong thing to do. Once nature was given a chance, everything seemed to respond well – it became a question of what else can we do?
It was a clear sign the system could work. But first they needed to recover financially; to date the dairy system has involved an investment of more than £1m.
In October 2016 they decided to try again. It was far from easy and resulted in their herdsman leaving at the end of the first year but the rest of the team of three – tasked with managing the herd and maintaining the buildings – persuaded David to continue for another year.
It transpired the cows were also on a learning curve. Now onto their second calves, they have learnt to trust that when they are taken away for milking they will be reunited with their calves.
Up to five months they are gradually separated for longer periods of time in different fields – but always in view of each other and able to touch noses – until one day the gate isn’t opened to allow them to reunite.
“The cows definitely vocalise their objection, but it’s completely different to when you separate them when the calves are just days old. Then it’s a very clear emotional stress. This way it feels more like they’re just letting you know they’re not happy about the situation but within 48 hours it all settles down,” says David.
“What strikes me the most is how the attitudes of the cows change under this system. That was one of the main drivers for us trying again. They seem so much more calm. That’s the best way I can describe it – calm.”
Incredibly, they have already hit their year three goal for milk production.
The deal with veal
So far, the story has made it as far as the BBC’s Disclosure: The Dark Side of Dairy, a documentary still available on iPlayer that highlights a largely unspoken issue in dairy – the fact that dairy bull calves can’t be milked and, because they have been borne to cows bred to produce large quantities of milk they do not put on enough weight quick enough to be of value to a farmer trying to rear them for meat.
As we don’t really eat veal in this country – in no small part due to the legacy of veal crates made illegal in Britain in 1990 – this means there are only two options for intensive dairy farmers who don’t have enough land to raise their calves: shoot the bulls at birth or sell them at auction to be taken as far as North Africa.
The journey is long and arduous for the calves, and their welfare is hugely compromised, so the solution is far from ideal.
“What everyone agrees on is we have to develop a market for veal. If you’re going to get upset about the calves travelling long distances you have to join the dots – part of the dairy industry is veal,” says Wilma.
Before inheriting the farm, David used to encourage farms to work intensively; now he and Wilma make ethical cheese (The Ethical Dairy)
Beef production is an important component of The Ethical Dairy’s success.
Their herd is a hybrid of three breeds – Swedish Red for resilience, Montbeliard for beef, and Holstein for milk.
Suckling calves generally grow more quickly and they are sold to Peelham Farm in southeast Scotland for beef much earlier than in a conventional system.
David explains: “We are trying to keep the whole process as ethical as possible. Peelham Farm is also organic and have empathy with the animals, which is important to us.”
Together they are trying to build the market for ruby veal – calves that have suckled on their mothers – that can be sold at 10 months old, which helps with cash flow.
The rest of the bulls are reaching a beef finishing weight at 16 months old rather than the typical 26 months.
The Finlays currently produce three tons of cheese and are crowdfunding £50,000 to fund producing even more
Selling the cows for meat earlier creates more space on the farm to grow the dairy herd. As such, the Finlays are aiming to increase the number of cows from 110 to 130.
The cows are also coming to maturity at 24 months rather than 34 months and so can be introduced into the dairy system sooner, creating a more efficient system.
Big cheese
Another key reason for their success is their diversification into artisanal products, first Cream of Galloways ice cream and now increasingly popular cheese, which command a higher premium than simply selling to an organic milk pool.
What everyone agrees on is we have to develop a market for veal. If you’re going to get upset about the calves travelling long distances you have to join the dots – part of the dairy industry is veal
The Finlays currently produce three tons of cheese but are aiming to produce 10 times more than this. Although they have received some funding, conventional finance options aren’t easily available because it’s such unchartered territory, so last month they launched a crowdfunding campaign.
Now halfway through they have already reached 64 per cent of their £50,000 target. No mean feat considering you have to donate £65 to be rewarded with some of the cheese they produce – smaller donations are rewarded with good karma and a heartfelt “thank you”.
The Finlays have clearly tapped into a consumer demand for more ethically made products.
Although their campaign has received a backlash from some vegans, they’ve also had support from others who have even bought cheese for family and friends.
“It does sit better with all us farmers. We’ve been really lucky with our team – they get up in the morning so they can be part of something different,” says Wilma.
So, can dairy ever really be ethical? The Ethical Dairy is an artificial food system that is as closely aligned with what nature intended as we currently get.
It’s a food system where everyone wins – the farmers, the cows, and the conscious consumer.
That’s without even going into the environmental benefits associated with rearing cows for a combination of beef and dairy, rather than one or the other.
If you’re going to consume dairy or meat, it’s pretty much as ethical as it gets.
For more information, go to theethicaldairy.co.uk; Lizzie Rivera is the founder of ethical lifestyle website BICBIM (bicbim.co.uk) |
Bitcoin-inspired peer-to-peer solar trading trial kicks off in Perth : Renew Economy
| A pilot project by Perth start-up Power Ledger is attempting to trial peer-to-peer solar energy trading in Australia through the use of blockchain-centered software. The technology is believed to monitor to whom the energy belongs and to aid the trading of solar energy between producers and consumers.
| http://reneweconomy.com.au/2016/bitcoin-inspired-peer-to-peer-solar-trading-trial-kicks-off-in-perth-29362 | null | One Step Off The Grid
A Perth start-up is set to begin trials of its blockchain-based software program that, if successful, could mean the beginning of peer-to-peer energy trading in Australia, in which consumers buy, sell or swap excess solar electricity directly with each other, rather than to the grid for a minimal return.
The company, Power Ledger, will begin the trials later this month, which will be conducted in conjunction with National Lifestyle Villages. The eight week trial will involve 10 households and about 20 people at NLV’s Busselton Lifestyle Village, on the Western Power network.
Jemma Green – Power Ledger’s chair, who co-founded the company with Dave Martin and Jenny Conroy – says the aim of the pilot project is to enable producers and consumers to trade their energy directly, saving money, hassle and maximising the use of rooftop solar.
Blockchain is the software that underpins bitcoin, the virtual currency that has proved popular in many markets. Blockchain is now being seen as a revolutionary new step in many other markets, including in energy.
The technology works, like bitcoin, to identify the ownership of energy as it is generated and then to manage multiple trading agreements between consumers who buy excess solar direct from the original owner/producer, without the addition of market costs and commercial margins.
“It’s a software program that tracks the movement of electricity from point to point,” Green explained in an interview with One Step Off The Grid on Friday. “It handles the financial transactions off the back of it as well.
“Presently, if you’ve got surplus solar electricity you sell it back for a low feed-in tariff and buy it back (from the grid) for a high rate. Using (Power Ledger), you can sell it to your neighbour at somewhere between the two” – less than the uniform tariff but more than you would get from selling it to their retailer, Green said.
For example, rather than exporting excess solar to the grid for 6-7c/kWh and then buying electricity at a rate of 23c/kWh, you can sell it for 15c/kWh, which is around 10c/kWH after grid access costs are paid to the retailer.
“Effectively, we’re cutting out the middle-man to save consumers, and to maximise returns for producers,” she said.
“It’s a win for the people who have been able to afford to invest in roof-top solar, but also a win for customers who haven’t: they will be able to access clean, renewable energy at effectively a ‘wholesale’ rate. Everyone wins.
And in saying that, Green also means the incumbent power industry – as much as this disruptive technology might seem to be cutting their lunch.
Green says network operators in both WA and Victoria have been receptive to trialling the blockchain technology, and WA retailer Synergy is said to be “supportively involved” in discussions on a 2017 trial in the Perth metro area.
“There need to be new commercial models given the use of centralised energy is declining – and battery storage is likely to exacerbate that.”
Green says energy industry incumbents have a window of about two years – the time she and many others estimate it will take before battery storage becomes economic for the majority of Australian households – to sort out their future business models.
“If you see the grid as a trading platform instead of just poles and wires, then you can start to thing about how can consumers be a positive part of that.
“There are quite significant opportunities in this paradigm.
“If you can enable people with solar to sell power to each other, they’ll be sending it across the grid (rather than storing it in batteries) which will maintain the use of the grid – and therefore the value of it,” Green said.
For retailers, she adds, it will be about building relationships with the consumers to facilitate the trading.
“For example, within a strata building you might have the strata own 49 per cent of the solar and battery system, while 51 per cent is owned by the retailer who also provides differential power.”
Green also believes the Power Ledger platform could boost solar uptake, prompting installations that might not have happened before.
“For example,” she told One Step, “you might have a local govt authority that has demand in one area and no roof space for solar.” In situations like this, she says, they could install a solar array in one spot and transfer the electricity generated to where it is needed.
“Consumers don’t like selling their power back to the retailer and buying it back at a higher price.
Using this platform, Green adds, “they can gift the electricity to their mother or anyone else; sell it when they want at the price they want.
“The benefits of distributed renewable energy will flow on to those who, at the moment, can least afford to participate; we think that’s pretty special.”
The Busselton trial will run for eight weeks, after which time Greens says Power Ledger will be announcing another trial in Perth’s south west. The company is also working on securing sites for a trial on the NEM in Victoria, and hopes to enter into commercial trials of the technology in 2017.
“We see this very much as a global product; a product of global significance. So it’s exciting to me that it’s happening (first) in Perth,” Green said, noting that WA was shaping up to be a leader in adoption of new energy technologies.
“They’re really aware of the declining utilisation of the grid and the economic importance of innovating.” |
After Danone boycott, Moroccan competitor suspected of using milk powder
| For several weeks there has been a call to boycott 3 businesses in Morocco which has been effective in curtailing sales for Central Danone, mineral water Sidi Ali and Afriquia gas stations, but the protest against Central Danone may be against the public's own interest. Central Danone, a subsidiary of French Danone, has seen market share drop 50% since the boycott began, and the dairy firm most benefiting from the French company's lost sales, Copag, has been suspected of using milk power in its dairy products.
| http://north-africa.com/morocco-central-danone-and-pjd-minister-first-victims-of-an-unusual-boycott/ | null | The North Africa Journal – June 8, 2018: For several weeks now, a call to boycott three major brands in the Moroccan market is beginning to hurt the targeted businesses and has made its first collateral damage in government. Morocco’s social networks have been used since April 20 to call the population to avoid buying the milk of Centrale Danone, the mineral water of Sidi Ali and the products sold in the Afriquia gas stations. And the population followed through in what appears to be an unprecedented use of social media to punish companies. It all started when a number of companies decided to raise their prices, in some cases by as much as 60% just before Moroccans began Ramadan.
Despite a series of interviews by its CEO and a PR campaign aimed at countering the boycott, Central Danone, a unit of French Danone has just issued a profit warning to prepare its shareholders for the bad news to come. Already the company warned of a significant decrease in its revenue for the first half of 2018, likely to negatively weigh on the entire fiscal results. The decrease in sales amounts to 50% year-over-year contraction for April and half of May, which could translate into a 20% decrease for 1H18, versus 1H17.
Central Danone is part of a global corporation and may be required to release such warnings, but the two other companies targeted by the boycott have not been so transparent about its impact on their financial performance. But there is no doubt that they are facing a major challenge, just as the Danone’s Moroccan unit shows.
The first manifestation of the boycott came from Facebook, then it rapidly expanded to Twitter, with its organizers asking Moroccans to not buy products from the three targeted companies, unless the companies dropped their prices. The Sidi Ali brand of mineral water is owned by a company called Eaux Minérales d’Oulmès, a firm headed by Miriem Bensalah, the outgoing head of the powerful Moroccan employer confederation CGEM. The gas filling station network Afriquia is owned by Groupe Akwa, whose controlling shareholder is Aziz Akhannouch, who also happens to be Minister of Agriculture in past and current governments.
The call for a boycott, which was argued on the basis of high-cost of products and to counter the “greed of businesses,” led several politicians and government figures to react negatively, calling for a reversal. The counter-argument included the fact that such boycott would scare investors and will have adverse effect on employment and economic growth. Among those who attacked the call for boycott was naturally the Agriculture Minister, Aziz Akhannouch, considering his own interests.
But the call for boycott has been much more effective than the counter-arguments and PR efforts from the targeted firms and politicians/businessmen. Afriquia gas stations have seen a substantial drop in car traffic, with many stations completely deserted. The Danone warning is also a clear indication that the Moroccans have responded to the call and are simply avoiding to spend their money with Danone. The newspaper L’Economiste released a poll from Sunergia showing that 57% of the more than 3,700 people contacted by phone joined the boycott movement.
But beside the high-price argument, the social media blitz against corporate Morocco looks very political indeed. One of its targets, Aziz Akhannouch, no only owns a controlling stake in the Group Akwa and is Agriculture Minister, but he is also the head of the RNI party (Rassemblement National des Indépendants), a party created in 1978 to provide backing to the monarchy. The message from the boycotters is one that rejects the concentrate of wealth and power among a small group of people.
Although there are several personalities who not only control or own major businesses but are also in government, including Industry, Trade & New Technologies Minister Moulay Hafid Elalamy. And companies like Afriquia have seen a major spike in their margins since the country liberalized the price of petroleum products in 2015, in what appears to be policy changes under the influence of money. The price liberalization led Afriquia and virtually all other importers of refined petroleum to drastically increase their prices, raising furry among the consumers and prompting the government to promise new measures aimed at limiting the margins of importers.
The blurred line between business and government continues to weaken transparency in public affairs and suggests that concentration of power continues to strengthen. Former Foreign Affairs Minister and head of the RNI party, Salaheddine Mezouar, has just replaced Miriem Bensalah, as the head of the CGEM employer confederation, adding more fuel to the boycotters’ argument about the concentration of power among a few.
Even the pure politicians are beginning to feel unease. General Affairs and Governance Minister Lahcen Daoudi was forced to resign on June 6, after he officially sided against the boycott, prompting a fury within his own party, the moderate Islamist PJD. The PJD has been seeking to take advantage of the movement to reposition itself as the voice of the people. Daoudi took part to a sit in organized by Central Danone’s workers, who have been badly affected by the boycott. The anger against the Minister apparently came from non-other than Prime Minister Saadeddine El Othmani, also the leader of PJD. Eventually Daoudi’s resignation must be approved by the King, who could also reject it.
The origins of call for a boycott remain a mystery. Some suggest that the whole affair has been orchestrated by competing business interests. Others say they see the hands of some members of the PJD party, which heads the cabinet with its Prime Minister, but has no real power. Some credit the organizers as being militants who launched their protest as a continuation of the social unrest in the Rif, Zagora and Jerada.
As the movement continues to gain grounds, the King remains distant. He may be forced to intervene in the last minute, with the monarchy likely siding with the population. The chances that the monarchy will force the companies to adjust their prices are now higher than ever. Regardless, this latest boycott movement is evidence that Morocco needs to overhaul its political system, that would include establishing rules that would ban conflicts of interest in governance. Not an easy task to achieve, but a necessary one to avoid unrest and ensure continuity.
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Australia, US led in battery storage installation last year | The US and Australia led the world in the deployment of energy storage facilities in 2017, according to new research. The report from GTM Research found that the two countries had the highest number of new developments, due to a number of large projects coming online and market incentives that rewarded investment in storage. Meanwhile Germany and Australia were leading in the residential storage sector, whilst China could potentially outperform all other countries within five years, building on its position as the largest renewable energy market in the world. | https://www.greentechmedia.com/articles/read/us-leads-global-storage-development-but-chinas-catching-up#gs.dlJ7jZU | null | Energy storage has gone global, but in a lumpy and heterogeneous way.
That's the upshot of new report on worldwide storage deployments from GTM Research.
The U.S. and Australia led the pack in 2017, thanks to several mega-projects coming online, and market drivers that reward storage investment. Germany and Australia thrive in the residential storage segment, which hasn't achieved significant scale in the U.S.
China is just getting started, but could surpass almost everyone in deployments over the next five years.
Most of these markets have barely emerged from their pilot stages and offer very few use cases for storage that can earn a profit. Expect that to change rapidly in the coming years. In the meantime, here's what you need to know about the global energy storage market.
And the first place goes to…
It depends on what you’re counting.
For power capacity, Australia’s 2017 deployment of 246 megawatts beat out the U.S. and every other nation. Tesla’s record-setting Hornsdale project played a pivotal role, delivering 100 megawatts in one go.
Based on energy capacity, though, the U.S. remained top dog with 431 megawatt-hours deployed last year. Australia came in second on that metric, followed by Germany, China and Japan.
The U.K., Canada, South Korea and India round out the roster of nations with appreciable storage installations so far. The storage industry has clearly gone international, but remains limited to a few markets, with a negligible presence in most countries on earth.
U.S. companies and laboratories have played a pioneering role in developing grid storage, so it makes sense that early deployments there would outpace other places. But the key to achieving large amounts of working batteries is innovative market design, said lead author Ravi Manghani, energy storage director at GTM Research.
"Even as the costs have come down, if storage as a technology doesn't have the right kind of market signals to participate in the markets, you’re not going to see adoption," he said. "The U.S. is way ahead when it comes to setting the right kinds of policies and market mechanisms to give the right kinds of business model signals to the industry to participate."
Storage in the U.S. has branched out from the frequency regulation role in PJM territory to serve local capacity, renewables integration, transmission upgrade deferral and other cases, creating a more robust and diversified industry.
The rise of China
Fast-forward to 2022, the final year included in the analysis, and a geopolitical shuffle occurs.
The U.S. will retain its dominance in battery deployments, according to the report, but China and Japan will bump Australia and Germany out of the silver and bronze positions.
"It’s a bit surprising that China hasn’t adopted storage any faster, because it has all the right ingredients to be a major storage market," Manghani said.
China has seized on renewable energy as a national goal, surging to become the largest market in the world. That influx of intermittent wind and solar generation on a grid with transmission and distribution constraints creates an ideal landscape for storage to make itself useful.
China has the supply chain to source a massive battery increase. The nation dominates in battery manufacturing, although much of that comes in the form of lead-acid or lithium-ion designed for consumer electronics, which uses a different form factor from grid storage applications.
That said, China is building out its manufacturing base for electric cars, buses and bikes, and those form factors can be used for grid-scale applications.
The nation's central planning allows it to move quickly after committing to a goal. So far, the long-range plans have spurred storage demonstration projects, but haven't called for large-scale deployment.
The U.S. will have deployed roughly twice as much cumulative power and energy capacity as China by 2022. Beijing may have won the solar manufacturing race, and the solar installation race, but the battery contest won’t be over any time soon.
Home batteries hit their stride
Australia took top marks for residential storage, after tripling its annual deployments compared to 2016.
Storage companies there can tap a perfect storm of market drivers: pricey electricity rates, a massive population of homes that already have solar, and precipitous declines in the feed-in tariffs that compensate those solar customers. Batteries promise to maximize the solar investment through self-consumption.
Europe saw increasing residential deployments, led by Germany, which now boasts 80,000 batteries behind the meter (mostly homes, but some businesses, too). Both Germany and Japan used incentives to encourage residential storage adoption as a way to mitigate the grid management challenges that come with large influxes of distributed solar.
The U.S. is still learning to crawl by comparison. GTM Research counted fewer than 1,000 grid-connected residential battery deployments in 2016 and 3,049 in 2017. The 80,000 range looks a long way off.
Progress in the land of battery makers
South Korea’s transmission and distribution utility Kepco set itself a target in 2014: 500 megawatts in four years.
Last year the country installed 112 megawatts across four projects, bringing the cumulative total to 370 megawatts. The primary use case is frequency regulation, in which the batteries defer more expensive payments to conventional generators, freeing them up to focus on energy.
"Storage can achieve the same or better level of performance, given their rapid and efficient response, for signals that are rapidly moving up and down," Manghani said.
The downside for the storage industry in Korea is that Kepco identified exactly how much storage it needed for ancillary services, and it's building exactly that. This isn't likely to become an ongoing business opportunity; instead, developers will look to longer-duration projects for renewables integration.
What’s interesting about Korea’s deployments is that they double as a national economic development program. All the batteries and power conversion equipment came from Korean vendors.
That’s not to say Kepco put patriotism before quality: South Korea is home to some of the top battery companies in the world, most notably LG Chem and Samsung SDI. The approach illustrates the possibilities that arise when a country merges grid policy with jobs policy.
An executive summary of the Global Energy Storage outlook is available here. |
Hackers subtle data changes confuse military vehicles AI
| Hackers could subtly change military AI data to confuse equipment, with a range of potential outcomes including steering guided missiles towards the wrong targets and using algorithmic camouflage to hide hardware from AI-connected surveillance. After a period of low concern about adversarial machine learning, despite the rise in military uses for AI, the Pentagon is reportedly beginning to take notice of the potential problems. As a demonstration, Tencent has already fooled the AI algorithms on a Tesla car, showing that deep learning algorithms are easy to fool by hackers who know their weak points.
| https://www.technologyreview.com/s/614497/military-artificial-intelligence-can-be-easily-and-dangerously-fooled/?utm_source=newsletters&utm_medium=email&utm_campaign=the_download.unpaid.engagement | null | The ambition to build the smartest, and deadliest, weapons is understandable, but as the Tesla hack shows, an enemy that knows how an AI algorithm works could render it useless or even turn it against its owners. The secret to winning the AI wars might rest not in making the most impressive weapons but in mastering the disquieting treachery of the software.
Battle bots
On a bright and sunny day last summer in Washington, DC, Michael Kanaan was sitting in the Pentagon’s cafeteria, eating a sandwich and marveling over a powerful new set of machine-learning algorithms.
A few weeks earlier, Kanaan had watched a video game in which five AI algorithms worked together to very nearly outmaneuver, outgun, and outwit five humans in a contest that involved controlling forces, encampments, and resources across a complex, sprawling battlefield. The brow beneath Kanaan’s cropped blond hair was furrowed as he described the action, though. It was one of the most impressive demonstrations of AI strategy he’d ever seen, an unexpected development akin to AI advances in chess, Atari, and other games.
The war game had taken place within Dota 2, a popular sci-fi video game that is incredibly challenging for computers. Teams must defend their territory while attacking their opponents’ encampments in an environment that is more complex and deceptive than any board game. Players can see only a small part of the whole picture, and it can take about half an hour to determine if a strategy is a winning one.
The AI combatants were developed not by the military but by OpenAI, a company created by Silicon Valley bigwigs including Elon Musk and Sam Altman to do fundamental AI research. The company’s algorithmic warriors, known as the OpenAI Five, worked out their own winning strategies through relentless practice, and by responding with moves that proved most advantageous.
AI-guided missiles could be blinded by adversarial data, and perhaps even steered back toward friendly targets.
It is exactly the type of software that intrigues Kanaan, one of the people tasked with using artificial intelligence to modernize the US military. To him, it shows what the military stands to gain by enlisting the help of the world’s best AI researchers. But whether they are willing is increasingly in question.
Kanaan was the Air Force lead on Project Maven, a military initiative aimed at using AI to automate the identification of objects in aerial imagery. Google was a contractor on Maven, and when other Google employees found that out, in 2018, the company decided to abandon the project. It subsequently devised an AI code of conduct saying Google would not use its AI to develop “weapons or other technologies whose principal purpose or implementation is to cause or directly facilitate injury to people.” |
US Justice Department Probes Standard Chartered Bank Over Bribery Allegations | The London-based Standard Chartered Bank is being probed by the US Justice Department over bribery allegedly committed by Maxpower Group Pte. Ltd., a power company the bank controls. An internal audit at the Indonesian company found that there were over $750,000 in outstanding cash advances in 2014 to early 2015 which may have been used as bribes. Lawyers reviewing the audit said that there were strong indications the money paid for power contracts awarded by Indonesian government officials and others from 2012 to 2015. The US is investigating if anti-corruption rules were broken by the bribes. | https://sputniknews.com/us/20160927/1045765286/justice-dept-probes-standard-chartered-bank.html | null | MOSCOW (Sputnik) — An internal audit at Maxpower Group Pte. Ltd, Southeast Asia’s leading gas-to-power company controlled by the UK-headquartered financial institution, conducted last year, indicated that more than $750,000 in outstanding cash advances in 2014 and early 2015 needed to be examined as possible bribes, according to the media outlet.
Lawyers hired to review the audit concluded that there were strong indications that inappropriate payments were made to Indonesian government officials and others by company employees from at least 2012 to late 2015, to get power contracts in Indonesia, the WSF sources claimed, adding that some of the payments were funded by cash advances requested by three founders and two employees.
The US Justice Department is investigating whether US anti-corruption rules were broken by the alleged bribes and whether Standard Chartered executives on the Maxpower board knew about or approved the bribery-taking. |
A Behind the Scenes Take on Lithium-ion Battery Prices | BloombergNEF | BloombergNEF published the results of its ninth Battery Price Survey, a series that begin in 2012 looking back at data from as early as 2010. The fall in prices has been nothing short of remarkable: the volume weighted average battery pack fell 85% from 2010-18, reaching an average of $176/kWh. | https://about.bnef.com/blog/behind-scenes-take-lithium-ion-battery-prices/ | null | Logan Goldie-Scot
Head of Energy Storage
BloombergNEF
Automakers and policy makers are increasingly voicing their belief that the passenger vehicle of the future will be powered (partially or fully) by electricity. There remains, however, a lack of consensus on the timing and speed of the transition, in large part due to differing opinions on current and future lithium-ion battery costs and performance. The rise of the electric vehicle is also forcing automakers to reconsider their role in the automotive supply chain, for example by bringing more battery expertise in-house. This is counter to one of the big trends over the last 30 years whereby automakers divested their supply chain arms. Removing misconceptions around lithium-ion batteries is becoming more important than ever.
In December 2018, BloombergNEF published the results of its ninth Battery Price Survey, a series that begin in 2012 looking back at data from as early as 2010. The annual price survey has become an important benchmark in the industry and the fall in prices has been nothing short of remarkable: the volume weighted average battery pack fell 85% from 2010-18, reaching an average of $176/kWh.
Interest from our clients – and on social media – rises every year we publish the survey, and 2018 was no exception. Among the many questions and comments we have received, a few broad themes stand out and are worth addressing. Often, the devil is in the detail and requires deeper analysis than can be squeezed into 280 characters. Here are some of the areas we got questions on, and our thoughts on each:
“Current prices are far lower than this in reality.” This is partially true. There are numerous examples of pack prices quoted to us that are lower than the average. There is a wide range of battery types in the market and anecdotes do not make a market. Many of these, such as Tesla’s publicly stated prices, actually feed into our average. These are then weighted based on the volumes sold. The inclusion of Tesla’s pricing has an important impact due to the large volumes the company has shipped. Other companies may have lower prices but less impact on the average due to lower volumes. In other cases, people are incorrectly comparing cell and pack costs.
Overall, we receive feedback that our stated number is both too low and too high and this gives me some confidence that it reflects the market reality. It is, after all, an average. We also publish the full range of submissions in the wider report to BNEF clients.
“Current prices are far higher than this in reality.” Similar to the above, a familiar comment here is from individuals or companies midway through their own battery procurement process. They often sigh with disbelief as they are unable to secure the prices we’ve disclosed. While unfortunate for them, they do not have the clout of a Volkswagen or Nissan when it comes to negotiations. There are also good reasons why they may face higher prices: Vehicle type, design and the type of cooling will all have a large impact. For example, the requirements of a battery in a heavy-duty vehicle are likely to be quite different to those in a small passenger electric vehicle, even if there are many commonalities between the two. Manufacturers may be willing to pay more for batteries with specific characteristics. The good news is that the overall industry average is falling, which will ultimately benefit them too.
“Batteries will fall much faster than you are forecasting.” The key determinant of our forecast is the relationship between price and volume. From the observed historical values, we calculate a learning rate of around 18%. This means that for every doubling of cumulative volume, we observe an 18% reduction in price. Based on this observation, and our battery demand forecast, we expect the price of an average battery pack to be around $94/kWh by 2024 and $62/kWh by 2030. It’s necessary here to highlight that this is the expected average price. Of course, some companies will undershoot and go to the market with lower prices, sooner. Others will be higher. Different cell and pack designs, a range of cathode chemistries on offer, economies of scale and regional differences will ensure there is a range in the market. A key downward driver of even lower average prices could be greater than forecast volumes. This is crucial and at BloombergNEF, we’re constantly assessing the market for new and meaningful demand segments. Look out for e-trucks in our 2019 Electric Vehicle Outlook due in May.
“Battery prices are increasing, not falling.” The two main arguments that battery prices will increase are based on sensitivity to underlying metal prices, and the desire of battery manufacturers to increase their margins. Let’s tackle metals first. Depending on the chemistry, lithium-ion batteries are sensitive to lithium, nickel, cobalt and aluminum prices. BloombergNEF’s Battery Price Sensitivity tool allows our clients to assess the sensitivity based on weekly changes to underlying commodity price across a range of battery chemistries. The sensitivity of battery pack prices to commodity prices is much lower than commonly understood. A 50% increase in lithium prices would for instance increase the battery pack price of a nickel-manganese-cobalt (NMC) 811 battery by less than 4%. Similarly, a doubling of cobalt prices would result in a 3% increase in the overall pack price. Yes, contracts may fluctuate depending on the underlying commodity price but not by as much as you might think.
The second argument has more recently come from a number of battery manufacturers themselves. Due to a lack of transparency around margins, in the Battery Price Survey we currently use price as a proxy for cost. This will not necessarily always remain the case as manufacturers adjust their margins and as we gain more visibility. If news reports in Korea are to be believed, Samsung SDI and LG Chem are in talks with a number of their automotive customers to increase battery price contracts by around 10% in upcoming supply agreements. Efforts from any single manufacturer to raise prices would appear to ignore the looming competition from competitors. These companies may be trying to defend a price premium that might not be defensible. They may either fail, or succeed and lose market share as a result. A more co-ordinated push across manufacturers to raise prices would by contrast look like cartel behaviour – and is very unlikely with the landscape as it currently stands.
The final question that often crops up is “What comes after lithium-ion?” Even as battery manufacturers scramble to increase production and keep pace with rapidly increasing demand, automakers and investors are exploring technologies that could either enhance or displace existing products. Probably the most commonly cited of these is solid-state, although graphene anodes and ultra-fast charging are up there in terms of frequency and excitement of news articles. By ignoring these, we are sometimes accused of falling into the trap of incumbency bias and of having too linear an outlook on technology advancement.
Firstly, it is necessary to put timelines on technology adoption. A company statement claiming a breakthrough ‘once funding is secured’ is clearly premature. People should also not underestimate the time it takes for a new technology to be fully commercialised in the auto sector. It has historically taken 4-5 years to develop a new vehicle model. The move to electrification is shortening these timelines, but safely getting below 3 years is really difficult, and that’s after the battery has already been proven on a rigorous test cycle. We don’t expect solid-state batteries to make a meaningful contribution to the global EV market until the late 2020s at the earliest.
There is also a legitimate debate about whether or not experience curves inherently capture technological step-changes. Put simply, something that looks like a future breakthrough today might end up simply being another point on the curve, by the time it is developed and engineered into a viable product and brought to market in a decade’s time.
Looking ahead
The transitions in the automotive industry away from internal combustion engine vehicles and in power markets away from fossil fuels are well underway. Both shifts rely on lithium-ion batteries making further progress on costs, energy density, and cycle life. The battery business is a murky world, with many misconceptions. Seeing through these misconceptions will be key to successfully managing both transitions. |
City Moves for 10 September – Who's switching jobs at HSBC Global Asset Management, Sia Partners and FXD Capital? | Joanna Munro has been appointed global chief investment officer of HSBC Global Asset Management.Having joined HSBC Global Asset Management as global chief investment officer of HSBC Investments in October 2005, Joanna has served as head of product and, more recently, chief executive officer of the business’ Asia-Pacific operations.In addition to her work at HSBC Global Asset Management, Joanna is a non-executive director of the Investment Association in the UK and a founding member of the Diversity Project, where she initiated the Early Careers Workstream. | https://www.cityam.com/city-moves-for-10-september-whos-switching-jobs-at-hsbc-global-asset-management-sia-partners-and-fxd-capital/ | null | City Moves for 10 September – Who’s switching jobs at HSBC Global Asset Management, Sia Partners and FXD Capital?
Today’s City Moves includes HSBC Global Asset Management, Sia Partners and FXD Capital.
HSBC Global Asset Management
Joanna Munro has been appointed global chief investment officer of HSBC Global Asset Management. Based in London, Joanna will take over from Chris Cheetham at the end of September, reporting directly to Nicolas Moreau, global chief executive officer. Chris is retiring after more than four decades in the investment industry. Joanna steps into the role with more than 30 years’ experience of delivering strong results in a diverse number of roles within asset management. She is currently global head of stewardship and fiduciary governance and chairperson of HSBC Global Asset Management UK. Having joined HSBC Global Asset Management as global chief investment officer of HSBC Investments in October 2005, Joanna has served as head of product and, more recently, chief executive officer of the business’ Asia-Pacific operations. In addition to her work at HSBC Global Asset Management, Joanna is a non-executive director of the Investment Association in the UK and a founding member of the Diversity Project, where she initiated the Early Careers Workstream. Prior to that, she was a non-executive director of the CFA UK and a member of its advisory council.
Sia Partners
Global independent consulting firm Sia Partners has announced three key hires for its financial services, growth & innovation and transformation practices. Alastair Harvey joins the growth & innovation practice as an associate partner from artificial intelligence firm Cortexica where he was chief revenue officer. Will Sillar joins as an associate partner with engineering, large-scale project management, growth strategy and digital transformation expertise. Julian Holmes joins Sia Partners’ transformation practice also as an associate partner. Julian was one of the founders of the Deloitte Workforce Analytics unit, establishing a multi-million-pound business with a strong market presence and reputation.
FXD Capital
Justin Meadows has been named non-executive director of money broker and deposit specialist FXD Capital. Justin is the founder and former chief executive of NEX Treasury (formerly Mytreasury), an award-winning platform that connects a global community of treasurers, banks and money market funds. NEX Treasury was a division of NEX Group, formerly ICAP’s electronic FX and fixed-income business which in 2018 was acquired by CME for £3.9bn. FXD Capital was founded in 2018 by Chris Huddleston and Bobby Jackson. FXD works with corporates, institutions, government agencies and not-for-profits by helping clients to reduce counterparty risk, enhance liquidity and achieve better returns on their cash deposits.
Image credit: Getty |
UniCredit seen presenting new strategic plan end-November-sources | UniCredit is reportedly presenting its new strategic plan for increasing capital at the end of November 2016, sources have alleged. The bank, which is Italy’s largest bank by assets, has begun a strategic review under its new Chief Executive Jean Pierre Mustier to examine possible sales of assets and other ways to increase its capital. | http://www.dailymail.co.uk/wires/reuters/article-3798192/UniCredit-seen-presenting-new-strategic-plan-end-November-sources.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490 | null | UniCredit seen presenting new strategic plan end-November-sources
FRANKFURT/MILAN, Sept 20 (Reuters) - Italy's biggest bank by assets UniCredit is expected to present its new strategic and capital-boosting plan at the end of November, two sources close to the matter said on Tuesday.
Chief Executive Jean Pierre Mustier, who was appointed in July, has started a strategic review looking at possible asset sales and other ways to bolster the bank's balance sheet, including a possible capital increase. |
Wells Fargo picks four directors for sales scandal probe -source | The members of the committee leading an internal investigation into the Wells Fargo scandal have been named as: company chairman Stephen Sanger, vice chair Elizabeth Duke, Enrique Hernandez, chair of the board of directors' risk committee, and risk committee board member Donald James. Wells Fargo was fines $190m after it emerged millions of customer accounts were created without authorisation. | http://www.dailymail.co.uk/wires/reuters/article-4015384/Wells-Fargo-picks-four-directors-sales-scandal-probe-source.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490 | null | Wells Fargo picks four directors for sales scandal probe -source
By Dan Freed
Dec 8 (Reuters) - Wells Fargo & Co Chairman Stephen Sanger and Vice Chair Elizabeth Duke have been named to a four-member committee that will lead an internal investigation into the bank's recent sales scandal, a person familiar with the matter said on Thursday.
Rounding out the special committee's leadership, the person said, are Enrique Hernandez, chair of the board of directors' risk committee, and Donald James, a director who sits on the board's finance and risk committees.
The source asked not to be identified as the full make-up of the committee has not been made public.
All the directors of the special committee are independent in that they do not work for the company in an operational sense.
Law firm Shearman & Sterling and the board's human resources committee will also work on the investigation, according to an announcement by Wells Fargo's board on Sept. 27. The human resources committee has five directors, including Sanger and James.
A spokesman for Wells Fargo declined to comment and Sard Verbinnen, which represents the board, did not immediately respond to requests for comment.
Wells Fargo saw its shares battered in September and October following a $190 million settlement with two regulators and the City Attorney of Los Angeles over the creation of as many as 2 million accounts set up without customers' authorization.
The bank fired 5,300 branch employees over the matter, which also led to the resignation of former Chief Executive Officer John Stumpf. A host of investigations and lawsuits are still pending.
Sanger, a former CEO of General Mills Inc, has served on Wells Fargo's board since 2003, while Duke, a former member of the Federal Reserve Board of Governors, has been a director since 2015.
Both the chair and vice chair positions recently received pay increases. The chairman now receives $250,000 annually and the vice chair receives $100,000. The chair used to be paid $60,000 plus separate fees for chairing committees.
According to a Sept. 8 regulatory settlement, problematic sales practices at Wells Fargo go back to at least 2011. |
Burford Capital shares drop after Dubai as court refuses to hand over yacht | Burford Capital shares fell 5% 0n 20 August after a Dubai court ruled against allowing Tatianan Akhmedova to seize control of a £353m super yacht as part of her divorce settlement from billionaire Farkhad Akhmedoc. Since being granted a 41.5% share of her ex-husbands billion pound fortune by the High Court in London in 2016, Tatianan and her backer Burford have recouped less than 1% of the amount she is due. | https://www.standard.co.uk/business/burford-capital-share-prices-fall-a4529461.html | null | S hares in Burford Capital fell today after a Dubai court refused to hand over possession of a £353 million superyacht named Luna to a divorcee of a Russian oligarch.
Tatiana Akhmedova had been fighting to get her hands on the boat as part of her divorce settlement from billionaire Farkhad Akhmedov.
The ruling means Tatiana and her litigation finance backer, Burford Capital, cannot now seize the asset which was once owned by Roman Abramovich.
Back in 2016 Tatiana Akhmedova was granted a 41.5% share of her ex-husband's £1 billion fortune at the High Court in London.
But since the judgement Burford and Tatiana have recouped less than one per cent of the £453 million.
Burford recently hired US based intelligience company Arcanum to try and help it secure further assets from Farkhad Akhmedov.
Commenting on the Dubai ruling, Carlo Fedrigoli, a lawyer acting for Farkhad Akhmedov, said: “Tatiana and her backers have now - at very great expense - come to the end of the road in their attempts to enforce the matrimonial judgment in the UAE and remove Luna from her rightful ownership.
"Their multiple and misguided attempts to bypass UAE public policy, family and Sharia law and enforce this matrimonial and maintenance judgement in Dubai have now been rejected for good."
Burford shares were down 4%. |
Essel invests in LeadCold's small nuclear reactor technology
| Essel Group Middle East (EGME) has agreed to invest $18m in LeadCold Reactors as part of its strategic global capital deployment. The move aims to enable LeadCold to complete a pre-licensing design review of its nuclear-powered 3-10MW Swedish Advanced Lead Reactor (SEALER) with the Canadian Nuclear Safety Commission, while funding the research and development of a commercial SEALER programme in Canada. The company aims to begin construction by the end of 2021. | http://www.businesswire.com/news/home/20161020005680/en/Essel-Group-Middle-East-Strategic-Investment-Lead-Cooled | null | DUBAI, United Arab Emirates--(BUSINESS WIRE)--Essel Group Middle East ("EGME") has reached an agreement with LeadCold Reactors ("LeadCold"), the Swedish-Canadian lead-cooled small nuclear reactor technology company, to invest USD 18 million in the Group.
EGME's investment forms part of the company's strategic ambition to build out its presence in the energy resources market globally and to deploy capital where Management sees strong long-term fundamental needs for the resources product.
LeadCold's Swedish Advanced Lead Reactor, or SEALER design can generate low-carbon nuclear power production of 3-10 MW of electricity over a 10-30 year period, with no refuelling needs. The reactor uses break-through corrosion resistant technology, and it is a safe, reliable and cost- competitive base-load power generation source.
Gagan Goel, Managing Director of EGME, said: "This investment marks another important step forward in the development of our energy resources business. The SEALER unit that LeadCold Reactors has developed is an exciting innovation, representing a world first in lead-cooled reactor technology. We see a solid long-term investment opportunity from the commercialisation of this unique reactor technology in the off-grid power generation market."
The investment from EGME is intended to enable LeadCold to complete a pre- licensing design review of SEALER with the Canadian Nuclear Safety Commission, and to aid R&D efforts necessary to obtain a license to build commercial SEALER units in Canada. LeadCold intends to enter Phase 1 of the pre-licensing review this year, with the eventual license for construction to be granted by the end of 2021.
The SEALER units are intended for commercial off-grid use, for example in Arctic communities and mining operations, where at present carbon-emitting and costly diesel generators are the predominantly used base-load generation technology.
The company is looking to launch its advanced technology across Canada's Nunavut region, where it has identified an over-reliance on diesel, and potentially across the Northwest Territories in the future, with its first unit scheduled to be operational by around 2025. LeadCold estimates the Nunavut region has energy needs of approximately 200 GWh, and the Northwest Territories around twice this amount. In addition, the company sees scope for reactor usage across Canada in up to 40 mining sites, which could use 2-4 reactors per mine.
Janne Wallenius, CEO and founder of LeadCold, said: "We are pleased to have reached this agreement with Essel Group ME. The investment represents a major funding milestone as we enter the initial phase of the Canadian pre- licencing review process and will bolster our R&D capabilities."
-ENDS-
About Essel Group Middle East
Essel Group Middle East ("EGME") is a diversified natural resources company with a focus on the exploration, development and production of oil, gas and mining assets. The group targets assets in proven basins with near-term production potential and it has operations in Kenya, Guinea, Ghana, Liberia, Chad and Eritrea. EGME is backed by Essel Group, a global conglomerate with a 40-year history spanning numerous industries including the media, packaging, entertainment, infrastructure, education and metals. For further information, please visit www.esselgroupme.com.
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BNP Paribas and Swedish fintech Tink partner on digital banking
| BNP Paribas Fortis is to integrate technology firm Tink's Aggregation, Personal Finance Management and Payment Initiation technology to power Fortis' new multi-banking app Hello Bank! Swedish firm Tink has more than 500,000 users and counts ABN Amro Ventures, Creades, Sunstone Ventures, SEB Ventures, Nordea and Nordnet among its investors. Daniel Kjellén, CEO at Tink said the partnership is proof that retail banking is becoming transparent and customer centric, where early investors in technology will attract new customers and expand existing ones.
| http://www.altfi.com/article/4152_bnp_paribas_fortis_partners_with_swedish_fintech_tink_for_digital_banking | null | The dynamic duo are teaming up to power Fortis’ new multi-banking app.
Belgian bank BNP Paribas Fortis has announced it will be integrating tech from Swedish firm Tink to power its mobile banking applications.
Tink will be providing its Aggregation, Personal Finance Management (PFM) and Payment Initiation technology to support the release of Fortis’ new multi-banking app Hello Bank! later this summer, with an update to the bank’s Easy Banking App to follow by Autumn.
Founded in Stockholm in 2012, Tink provides financial institutions like Fortis with easy-to-use APIs and building blocks to create digital banking services, and currently has over 500,000 users. It includes Creades, Sunstone Ventures, SEB Ventures, Nordea, Nordnet and ABN Amro Ventures among its investors.
Max Jadot, CEO BNP Paribas Fortis, commented: “We strongly believe that technology and changing legislation, such as PSD2, offer exciting opportunities for banks and their clients.”
“Tink has a strong focus on B2C and a proven track record with their consumer app in Sweden with over half a million users. We are thrilled to team up with Tink in view of enhancing our client’s convenience while continuing to guarantee the same high level of protection of client data.”
The news marks Tink’s first partnership in Belgium, but includes Nordea, Nordnet and fellow Swedish fintech Klarna among its other partners.
Daniel Kjellén, CEO at Tink, added: “We are beyond excited to partner with such a forward leaning bank as BNP Paribas Fortis - our product is in great hands since we share the view on how the future of open banking will be.
“The partnership is proof of a retail banking market that is becoming fully transparent and customer centric, where the innovators who choose to invest early in technology will gain insights that can attract new customers and expand existing ones.” |
Dortmund in regular contact with Mourinho and want him to join | Jose Mourinho is being lined up by Borussia Dortmund to take over as their new manager, and the club are in 'regular contact' with him, according to reports in Germany.Mourinho is keen to get back into management and Dortmund could be an attractive choice, given they regularly appear in the Champions League and boast stars such as Jadon Sancho, Marco Reus and Paco Alcacer.Bild report that Mourinho is Dortmund's No 1 choice to take over from Lucien Favre, whose side have made an inconsistent start to the season having been proclaimed by some to be favourites to win the Bundesliga ahead of the mighty Bayern. | https://www.dailymail.co.uk/sport/football/article-7603737/Dortmund-regular-contact-Mourinho-keen-convince-manager.html | null | Jose Mourinho is being lined up by Borussia Dortmund to take over as their new manager, and the club are in 'regular contact' with him, according to reports in Germany.
Mourinho is keen to get back into management and Dortmund could be an attractive choice, given they regularly appear in the Champions League and boast stars such as Jadon Sancho, Marco Reus and Paco Alcacer.
Mourinho hasn't managed since he was sacked by Manchester United last year, but is already learning to speak German, according to Bild.
Jose Mourinho is reported to be in regular contact with Borussia Dortmund's chief executive
German newspaper Bild are reporting that Mourinho is wanted by Dortmund, with former RB Leipzig boss Ralf Rangnick also in contention to take over from current boss Lucien Favre
The 56-year-old has appeared on Sky Sports as a pundit but wants to return to the touchline. The chance to challenge Bayern Munich's utter dominance of German football might also appeal to the famously combative manager.
Bild report that Mourinho is Dortmund's No 1 choice to take over from Lucien Favre, whose side have made an inconsistent start to the season having been proclaimed by some to be favourites to win the Bundesliga ahead of the mighty Bayern.
Mourinho has already been in communication with Hans-Joachim Watzke, the Dortmund chief executive, but Bild also suggest that former RB Leipzig boss Ralf Rangnick could be in the frame for the job.
It is thought that Mourinho would need to take a huge drop in salary compared with his reported £24million-a-year wages at United.
Mourinho has been enjoying life as a pundit but is keen to return to football management
At Dortmund he would work with the likes of Julian Brandt, Jadon Sancho and Achraf Hakimi
Favre's future isn't in immediate jeopardy at Dortmund but the club are assessing their options as they plan a way to challenge Bayern over the longer term.
Dortmund are fourth in the Bundesliga after eight games, having won four and drawn three. Favre's side have only lost once in the league so far.
They currently top this year's Champions League 'group of death' ahead of Barcelona and Inter Milan. They take on Antonio Conte's Inter at the San Siro on Wednesday night. |
One air raid every ten days on hospitals, clinics, wells and water tanks during Yemen war | Yemen reported its first case of the coronavirus in April. 1845 cases and 529 deaths from COVID have been confirmed. Oxfam warned last month that thousands of people could be dying from undetected cases of cholera because COVID-19 has overwhelmed the country’s remaining health facilities. | https://media.oxfam.org.au/2020/08/one-air-raid-every-ten-days-on-hospitals-clinics-wells-and-water-tanks-throughout-yemen-war/ | null | Medical and water infrastructure in Yemen has been hit during air raids almost 200 times since the conflict escalated more than five years ago, Oxfam said today, as the country continued to battle its outbreak of COVID 19.
That’s equivalent to one air raid every ten days during the conflict affecting hospitals, clinics, ambulances, water drills, tanks and trucks, according to an Oxfam analysis of information on airstrikes collected by the Yemen Data Project.
Arms exporting countries have profited from the sale of billions of dollars-worth of munitions to Saudi Arabia and its coalition partners throughout the course of more than five years of war in Yemen, despite knowing that some of these arms could be used in violation of international humanitarian law. The conflict escalated in March 2015 when a Saudi-led coalition backed the internationally recognised government against the Houthis.
Yemen reported its first case of the coronavirus in April. As of 12 August, 1845 cases and 529 deaths from COVID have been confirmed but it’s thought the true number of people affected is much higher than this.
Yemen’s medical facilities have been decimated by more than five years of war, with only half fully functional. The United Nations estimates that 20.5m people – two thirds of the population – need help to get clean water. Oxfam warned last month that thousands of people could be dying from undetected cases of cholera because COVID-19 has overwhelmed the country’s remaining health facilities.
Muhsin Siddiquey, Oxfam’s Yemen Country Director said: “Vital infrastructure like hospitals, clinics, water tanks and wells have consistently been in the cross hairs throughout this conflict. Their damage and destruction make Yemen even more vulnerable to diseases like COVID and cholera.
“Lives aren’t just lost when the bombs fall but also during the weeks, months or years it takes for hospitals and wells to be rebuilt.
“The international community cannot continue to turn a blind eye to Yemen’s suffering which is being fuelled by arms sales.”
The Civilian Impact Monitoring Project (CIMP), which collects reports of all incidents of armed violence with a direct civilian impact, has recorded 115 occasions when medical or water facilities have been hit in the last two and a half years. This includes airstrikes, shelling and small arms fire. 102 civilians died and 185 were injured in these incidents.
CIMP received reports of airstrikes on three quarantine centres – one in Saleef district of Hudaydah governorate in late March and two in Al Maljim district of Bayda governorate in early April.
So much damage has been done to civilian infrastructure, rebuilding it is likely to cost tens of billions of dollars. The UNDP has cited a 2016 damage and needs assessment which estimated the cost of damage to physical infrastructure in Yemen to be between US $4–US $5 billion, including US $79–US $97 million to water, sanitation and hygiene.
Since the confirmation of cases of coronavirus in Yemen in April, Oxfam has refocused its work to respond to the pandemic. We are working on rehabilitating the water supply to one of the main hospitals in Aden, distributing hygiene kits for the most vulnerable households, and trucking in clean water to camps for people who have had to flee their homes. Across Yemen, we’re training community health volunteers to spread the word about coronavirus and the importance of hygiene and hand washing.
Notes to Eds
The Yemen Data Project recorded 86 air raids on medical facilities and 107 on water tanks, trucks, drills and dams between 26 March 2015 and 30 June 2020.
CIMP recorded 115 incidents involving medical or water infrastructure between 1 January 2018 and 31 July 2020.
The UNDP report into the economic cost of the war is available here. |
China's hi-tech weapons systems outgun rivals: Pentagon
| China has increased its military strength significantly in recent years and has eclipsed many of its former rivals, according to the Pentagon. A policy of acquiring technological capability through any means has led to its weapons' technical specifications improving hugely, particularly through foreign partners being required to trade secrets in exchange for accessing the country's vast market. China now boasts one of the world's most technologically advanced armies, with intermediate-range missiles and hypersonic weapons capable of dodging missile-defence systems. China is also pushing for superiority in cyberspace. Analysts are concerned China's military prowess may encourage it to contemplate invading Taiwan.
| https://www.theguardian.com/world/2019/jan/16/china-has-some-of-worlds-most-advanced-weapon-systems-pentagon-warns | null | China is on the cusp of fielding some of the world’s most advanced weapons systems – and in some cases already has surpassed its rivals, a Pentagon assessment found.
An unclassified report by the Defense Intelligence Agency says Beijing has made enormous military strides in recent years, thanks partly to domestic laws forcing foreign partners to divulge technical secrets in exchange for access to China’s vast market.
As a result of “acquiring technology by any means available,” China now is at the leading edge on a range of technologies, including with its naval designs, with medium- and intermediate-range missiles, and with hypersonic weapons – where missiles can fly at many times the speed of sound and dodge missile-defense systems.
“The result of this multifaceted approach to technology acquisition is a PLA (People’s Liberation Army) on the verge of fielding some of the most modern weapon systems in the world,” states the report, entitled “China Military Power.”
“In some areas, it already leads the world.”
China’s increasing military might means it has advanced capabilities in the air, at sea, in space and in cyberspace that will “enable China to impose its will in the region,” the report notes.
A particular focus for Beijing has been the prospect of an eventual conflict with Taiwan, which China sees as part of its territory.
Beijing has said it will not hesitate to use force if Taipei formally declares independence, or in the case of external intervention – including by the United States, the island’s most powerful unofficial ally.
Speaking to Pentagon reporters, a senior defense intelligence official said he was worried China’s military is now advanced enough that PLA generals could feel confident they could invade Taiwan.
“The biggest concern is that as a lot of these technologies mature... [China] will reach a point where internally within their decision-making they will decide that using military force for a regional conflict is something that is more imminent,” the official said on condition of anonymity.
Taiwan is a self-ruled island and has its own currency, flag and government, but is not recognized as an independent state by the United Nations.
Still, the official noted, China has not fought in a war for 40 years and its massive military and joint command structure lacks experience in real-world conflict.
“It will take a while for [the PLA] to be able to work these [military] services together, to be able to work these joint theaters and to be able to deal with a large, complex operation,” the official said.
The intelligence report said China is developing new medium- and long-range stealth bombers capable of striking regional and global targets.
Such planes will likely reach initial operational capability by about 2025, the report notes.
The official added that China keeps a lot of its military development secret by conducting research in underground complexes, away from the prying eyes of satellites. |
Raiffese Zentralbank | Raiffiesen Zentralbank has reported a FY14 loss of €323mn, and said that it will not pay out a dividend as a result; Raiffeisen Zentralbank is the 60% owner of Raiffeisen Bank International (RBI).Relevance: Results update | http://www.wienerzeitung.at/nachrichten/wirtschaft/oesterreich/745424_Raiffeisen-Zentralbank-rutscht-2014-in-Verlustzone.html | null | WZOnline/Reuters
Wien. Die Raiffeisen Zentralbank ist im vergangenen Jahr wegen der Verluste bei der börsenotierten Osteuropatochter RBI in die roten Zahlen gerutscht. Unter dem Strich stand ein Verlust von 323 Millionen Euro nach einem Plus von 422 Millionen Euro im Jahr davor. Die Raiffeisen Zentralbank hält gut 60 Prozent an der RBI, der 2014 Probleme in der Ukraine und Ungarn zu schaffen gemacht hatten.
Die Eigentümer der Raiffeisen Zentralbank - die regionalen Raiffeisen Landesbanken - würden daher vor das zurückliegende Jahr keine Dividende bekommen. |
Microsoft beats Amazon to win Pentagon's $10bn JEDI contract
| Microsoft has been awarded the $10bn Joint Enterprise Defense Infrastructure (JEDI) contract by the Pentagon, winning out over Amazon. The 10-year technology deal is set to overhaul the US military's ageing cloud computing systems. Notably, Amazon was considered the front-runner for the scheme, having built the CIA's cloud services. But President Donald Trump has recently become publicly hostile towards Amazon's CEO Jeff Bezos, who also owns the Washington Post, prompting accusations of executive interference. Microsoft holds just 25% of the cloud computing market, compared to Amazon's 45%, and has only recently acquired sufficient server capacity to handle JEDI's data.
| https://www.nytimes.com/2019/10/25/technology/dod-jedi-contract.html | null | In public, Mr. Trump said there were other “great companies” that should have a chance at the contract. But a speechwriter for former Defense Secretary Jim Mattis says in a book scheduled for publication next week that Mr. Trump had wanted to foil Amazon and give the contract to another company.
The issue quickly became radioactive at the Pentagon. The new defense secretary, Mark T. Esper, at first said he wanted to take several months to review the issue and then, a few days ago, recused himself from the bidding. He said he could not participate because his son worked for IBM, one of the competitors for the contract.
As recently as this month, the betting was that Microsoft would, at most, get only part of the contract and that the Pentagon would use multiple suppliers for its cloud services, as do many private companies. Microsoft was considered in the lead for other government cloud programs, including an intelligence contract; only recently has Microsoft opened enough classified server facilities to be able to handle data on the scale of the Pentagon contract.
“The acquisition process was conducted in accordance with applicable laws and regulations,” the Defense Department said in a statement on Friday. “All offerors were treated fairly and evaluated consistently with the solicitation’s stated evaluation criteria.”
Microsoft did not immediately have a comment. Amazon, which calls its cloud platform Amazon Web Services, or AWS, said in a statement that it was surprised by the decision. |
Thrive launches paleo / plant-based frozen ready meals | Membership-based food retailer Thrive Market has added to its frozen sustainable meat and seafood lines launching a range of paleo and plant-based frozen ready meals. The ethically focused online store rolled out the easy-to-prep meal solutions in response to feedback from its 500,000+ customers, noting that people are starting to realise that freezing preserves nutrient integrity and product freshness. Thrive’s foray into the premium frozen meal segment coincided with its long term partner Primal Kitchen also launching a frozen meal line. The California-based firm plans to continue expanding its frozen food offerings. | https://www.foodnavigator-usa.com/Article/2020/06/29/Thrive-Market-doubles-down-on-frozen-food-while-still-navigating-coronavirus-supply-chain-hiccups | null | For nearly every area of Thrive Market's business, additions to its online catalog of products are based on listening to customer feedback, said Jeremiah McElwee, chief merchandising officer at Thrive Market.
Roughly two years ago, the direct-to-consumer online retailer launched its sustainable seafood program, which ensures all of its products are sustainably caught and meet GAP (good agricultural practices) standards. Thrive Market also has a sustainable meat program which includes grass-feed beef products sourced from Argentina where cows can roam outdoors for 365 days a year and a pasture chicken program for its poultry products.
Its frozen meat and seafood line was a success with its customer base of 500,000+ members who started requesting more easy-to-prep meal solutions using frozen ingredients.
"The momentum of that really carried into our next step into frozen which has been frozen meals," said McElwee. "They didn’t want another meal kit that some of our other competitors were putting forward, they really wanted that heat-and-eat solution."
Last month, Thrive Market launched a line of paleo and plant-based frozen meals made from its premium proteins, organic and non-GMO ingredients, and free from preservatives and other additives. Its launch also coincided with the online retailer's long-term partner, Primal Kitchen's extension into frozen meals, whose products are also sold on Thrive Market's site.
It's foray into the frozen meals set is just the beginning, added McElwee, who said Thrive Market will continue to expand its frozen food offerings.
"We’re not done. We’re going to keep launching new meals into the category. We have some exciting partnerships coming this fall," he said.
Frozen food signifies fresh to consumers
"Even prior to COVID [the frozen food category] was growing double digits," McElwee said.
According to a report by the American Frozen Food Institute (AFFI), mid-March sales of frozen food products surged 94% compared to the same period in 2019. Even as sales declined after the initial panic shopping and freezer loading, frozen food sales still remained elevated at 30% to 35% in April compared to the same month the year prior, reported AFFI.
The perception of frozen food has also changed (for the better) with the advent of more advanced flash-freezing technologies -- which freeze food products on the spot sealing in freshness and nutrient quality-- and faster, more responsive supply chain models in which products reach consumers in shorter time frames.
"People are realizing that freezing products on the spot is a great way to preserve nutrient integrity and keep the freshness in the product," said McElwee.
"Because we’re direct to consumer, we don’t have warehouses where products are sitting on the shelf for months on end. We’re literally building to order versus a traditional frozen environment where products can sit at a distributor," explained McEwlee.
"You just don’t know much time has elapsed whereas in our environment we’re literally making them to order."
Supply chain hiccups
It's been over three months since most of the country went into varying degrees of quarantine and even as states reopen up their economies and consumers can return to restaurants and other foodservice outlets, Thrive Market is still feeling the impact of social distancing and shelter-in-place orders.
"We’ve seen a dramatic uptick in sales volume and we really haven’t seen much of a drop off at all," McElwee said. Operating as a direct-to-consumer business in the midst of global pandemic hasn't been without evolving supply chain challenges, which the retailer has done its best to navigate and mitigate to ensure it's getting products to consumers, many of whom are located in parts of the country where access to organic, non-GMO, and sustainable products is more scarce.
"The challenge has been throughout the supply chain have been there have been some pretty major blockages," said McElwee. "We’re still seeing hiccups [for example from overseas partners such as its Italian pasta program in which many shipments have been delayed due to port closures]."
However, as the company works through the kinks, McElwee said the business is getting back to some normalcy.
"We’re in pretty good shape right now – we’re running between 85% and 90% in-stocks across the network."
WEBINAR: Unlocking Innovation: Preventive health, wellness, and nutrition (self-care in focus)
Hear more insights from Jeremiah McElwee into how consumers are thinking about health and wellness in the second webinar in FoodNavigator-USA's globalon July 23, which also features experts from IRI, ADM and Beneo.
Signing up gives you access to all of the webinars (when you get the confirmation email, select those you are interested in and add them to your calendar.) Register HERE.
The US-focused events are: |
Self-Isolated at the End of the World | Makoto Funatsu is a freelance writer based in Japan. He has written for The New York Times, The Washington Post, and CNN.com. He is also known as Makoto "Funatsu" Funatsu. He lives in Tokyo with his wife and two children. | https://www.nytimes.com/2020/05/05/science/antarctica-byrd-distancing-expedition.html | null | To hear more audio stories from publishers like The New York Times, download Audm for iPhone or Android.
More than once recently, I have lain awake counting the sirens going up the otherwise empty streets of Manhattan, wondering if their number might serve as a metric for how bad the coming day would be. But I know that none of my days could approach what Adm. Richard E. Byrd, the American arctic explorer, endured in 1934, when he spent five months alone in a one-room shack in Antarctica, wintering over the long night.
January 2020 was the 200th anniversary of the first sighting of Antarctica, by Russian sailors. Byrd’s account of his 1934 ordeal, “Alone,” published in 1938, has been sitting by my bedside; call it the ultimate experiment in social distancing. At the time, Byrd was already famous for having been the first person to fly over the North Pole (although some researchers have disputed that claim) and, later, over the South Pole. He had received three ticker tape parades on Broadway.
“My footless habits were practically ruinous to those who had to live with me,” he wrote. “Remembering the way it all was, I still wonder how my wife succeeded in bringing up four such splendid children as ours, wise each in his or her way.”
He also drank a lot — perhaps, his companions later suggested, because he was quietly terrified of the flying that made him famous. Several of Byrd’s Arctic and Antarctic expeditions were sponsored by The New York Times. He was a personal friend of Arthur Hays Sulzberger, publisher of the newspaper from 1935 to 1961. On his first expedition to Antarctica, in 1929, Byrd mapped and named a number of mountains and other features on the continent, including several for the members of the Sulzberger family, which still runs The Times. |
Eandis tests energy storage at solar-facilities | Belgium's national electricity grid operator, Eandis, is to install a battery storage system at one of its solar power facilities in the Flanders region. The utility company has a 375 kW rooftop PV installation at its logistical centre in Lokeren, which will be fitted with a 140 kW battery provided by Dutch storage specialist company Alfen, who will also provide remote management services for the system. Eandis says that similar storage solutions could be installed at its other solar power facilities across the country in future. | https://www.pv-magazine.com/2018/02/20/belgian-grid-operator-eandis-tests-storage-at-its-solar-powered-facilities/ | null | Netherlands-based energy solutions provider, Alfen has announced it will provide Belgian grid operator, Eandis with its ‘TheBattery’ storage solution, which will be used to optimize the self-consumption of a 375 kW rooftop PV system installed at the company’s logistical center in Lokeren, in the Belgian region of Flanders.
Alfen said it will provide the 140 kW battery container, as well as undertaking the remote management and control of the system.
Eandis said it operates more solar power systems at its Belgian facilities in Melle, Sint-Niklaas, Deurne, Erembodegem, Turnhout and Mechelen, and that similar storage solutions may be adopted for these sites in the future.
“As an energy distribution company we also want to learn about energy storage systems, which will certainly play a key role in the energy landscape of the future. That is why we are going to use this storage installation as a mini-testing ground for a series of technical studies on smart control or the impact of batteries on the local medium-voltage grid,” said Eandis’ director of grid management, Jean Pierre Hollevoet.
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According to Alfen, its “TheBattery” solution consists of a large-scale modular battery container, which comes as a plug & play standardized unit, manufactured, preconfigured, commissioned and tested in Alfen’s production facilities.
Eandis covers around 80% of all grid connections in Flanders. The company was invited in January by the Flemish minister of energy, Bart Tommelein to take part to a plan to introduce a virtual net metering scheme for solar PV energy. |
US court ruling on metering tech has implications for smart grid | Dominion Voltage (DVI) has had its 2016 US federal district court verdict overturned by a US Court of Appeals panel that found grid technology company Alstom did not infringe on DVI's patented technology of using smart meter data to improve control grid voltage, due to a lack of evidence in support of the original jury's verdict. The court ruling will have implications for companies operating in the volt/VAR control industry, which were aware of and limited by the patent’s broad nature. | https://www.greentechmedia.com/articles/read/dvi-patent-lawsuit-reversal-creates-new-smart-grid-legal-landscape#gs.nS=KIJU | null | Dominion Voltage Inc. has suffered a reversal in its legal efforts to claim that a key competitor is infringing on its patented methods of using smart meter data to better control grid voltage. The court decision has wide implications for companies in the burgeoning volt/VAR control industry.
Last week, a three-judge panel of the U.S. Court of Appeals for the Federal Circuit threw out a 2016 federal district court jury verdict that had found grid technology provider Alstom guilty of infringing on DVI's patented technology, on the grounds of an “absence of substantial evidence to support the jury verdict.”
The sharply worded decision reversed all aspects of the 2016 verdict, including the initial $486,000 in deferred royalties against Alstom — now part of GE Grid Solutions — as well as an additional penalty imposed by the district court judge that brought damages to $972,000.
It also vacated the permanent injunction against GE Grid Solutions using the load and volt/VAR management (LVM) module of its e-terradistribution grid management software. That’s the platform that DVI said infringed its patents, at least in the form being deployed with Alstom customer Duke Energy, which was the subject of the lawsuit.
This kind of broad reversal of a jury verdict is relatively rare for appeals courts, which show “great deference to a jury as the fact-finder at trial” according to Justus Getty, a green technology and intellectual property attorney with law firm Duane Morris who reported on the decision last week.
But “in this case, the Federal Circuit said that even after giving that deference, the jury lacked sufficient evidence to find that Alstom Grid infringed Dominion’s patent,” he said.
Case hinged on difference between “calculated” and “measured” voltages
The judges’ decision boiled down to a highly technical, yet critical, difference between Alstom’s methods and those covered in DVI’s patents — specifically, Patent No. 8,437,883 and the language that describes how it uses a voltage controller configured to receive measurement data from a number of smart meters.
DVI’s patent describes how it uses this metering data to “generate an energy delivery parameter, based on a comparison of the measurement data received from the subset [of meters] to a controller target voltage band." The key term here is "measurement data," or the data collected from the meters themselves.
But Alstom’s software — or, at least, the Version 3.3 in use at Duke Energy — doesn’t use measurements to compare to a target voltage band, the court wrote. Instead, it uses an “iterative calculation engine called the ‘Objective Function,’” which takes system constraint inputs, then uses the grid model to calculate how potential control adjustments would effect the voltages that would result at different points on the grid.
It is these “calculated voltage” figures, not actual measured voltage data, that Alstom’s LVM uses to determine which control decisions to take, the court wrote. This relatively obscure difference means that Alstom’s technology does not mimic DVI’s patented methods — a fact that the jury failed to take into account in making its decision, according to the judges’ reasoning.
“The evidence presented to the jury shows that the accused system compares the measured data to a single calculated voltage, as opposed to a voltage band as required by the claims," the court wrote. Therefore, "we conclude that no reasonable juror could find that the accused product compares the measured data to a controller target voltage band."
The decision also called into question the testimony of an expert testifying for DVI, stating that he had failed to supply data to prove claims that Alstom’s software violated the patent in this regard, and even contradicted the lawsuit’s key claims in one instance.
A new legal landscape for volt/VAR control with smart meter data
The Federal Circuit court decision is a major shift in the legal landscape for companies interested in using advanced metering infrastructure (AMI) as a source of data for managing the sags and surges of voltage on the distribution grid, according to Daniel Munoz-Alvarez, GTM Research grid edge analyst.
“Most companies in the volt/VAR control software space are very aware of this patent and were somewhat concerned about it, and even limited by it in part, due to its broad nature — that is, protecting the use of AMI voltage data for volt/VAR optimization — and the sense of validation given by DVI's initial victory in the patent lawsuit,” he said.
DVI filed its lawsuit against Alstom in early 2015. While the company is not known to have filed any other lawsuits, Greentech Media was told by at least two other companies that they received communications from DVI, asserting its intent to review their operations to see if they might violate its patents.
Getty agreed that “if a patent owner can win a court injunction forcing a competitor to stop selling or remove certain features from a product, then the patent owner will walk into the next sales pitch with some built-in advantages. Patent litigation can, in the right circumstances, be effective at pushing competitors from the market.”
The Federal Circuit court’s decision doesn’t nullify DVI’s patent claims, but it does lay out at least one example of a competing technology that specifically does not infringe on its intellectual property, Munoz-Alvarez said. This helps give “clarity to vendors in the volt/VAR control and optimization space on how to continue developing volt/VAR control analytics that incorporate the use of AMI voltage data without violating a narrower patent,” he said.
“This also reduces vendors' risk of getting sued by DVI, as it becomes more and more clear that DVI's intellectual property is merely one methodology to use AMI voltage data for volt/VAR optimization," he said. “As a result of the reversal, we may see more vendors further embracing AMI voltage data with differentiated treatment in their volt/VAR control and optimization algorithms,” he said.
DVI, which is owned by Virginia utility Dominion Resources, has partnered with major AMI vendors including Itron, Silver Spring Networks and Landis+Gyr in more than a dozen projects across the country. Still, it is just one of many players in the volt/VAR control space, ranging from large-scale, centralized control platforms from vendors like Siemens, ABB, Schneider, GE, Eaton and the like, to the latest in distributed analytics and controls from companies like Utilidata, Survalent, ACS, Enbala, Opus One and Smarter Grid Solutions.
Dominion Resources spokesperson Janell Hancock wrote in an email that the company was disappointed in the court of appeals decision, but that “DVI’s patent portfolio is still valid and, in fact, being expanded. We will continue to defend these patents and are currently evaluating our options for appeal.”
She also noted that the company has added four new customers in the first quarter of 2018: Choptank Electric Cooperative in Maryland; Lethbridge Electric in Alberta, Canada; Emera in Maine; and an unnamed investor-owned utility in Canada. |
Payments companies plan major digital payments push in rural hinterland
| As India pushes its banks to replace old notes with new, smaller denomination currency, payments companies are offering their aid. Domestic remittance firms with retail outlets across India are offering their locations as collection points for the older notes being taken out of circulation. The offer aids banks attempting to manage the herculean task of taking 500 and 1,000 rupee notes out of circulation, but also helps payments companies to encourage more rural areas of India to use digital transactions. The government has plans to remove surchanges on government payments made via electronic transaction, another incentive for rural areas to take up this new payment form.
| http://economictimes.indiatimes.com/industry/banking/finance/banking/payments-companies-plan-major-digital-payments-push-in-rural-hinterland/articleshow/55336731.cms | null | MUMBAI: While banks are preparing themselves to face the herculean task of getting old notes replaced by the new ones and those with smaller denomination, domestic remittance companies and business correspondents have offered their assistance to make the system smoother. These companies who manage an expanded retail outlet across the country have offered to use their physical touch points as collection points for older notes."I have written to the Reserve Bank of India offering almost a million retail touch points that work as BCs and other agencies to help banks to handle such huge amount of pressure from the public to accept old notes," said Naveen Surya, managing director of ItzCash who is also the chairman of the Payments Council of India, the umbrella organisation for all payments companies Surya explained that he has written to the banking regulator saying that payments companies can follow complete Know Your Customer (KYC) norms as laid out by the government while accepting cash from the public to be electronically transferred into their bank accounts."We can help ease the pain for the public especially from far off areas who do not have access to banks in their locality, but might have business correspondents functioning close by," added Surya. Fino Paytech which is on its way to become a Payments Bank and has an expanded network of banking agents in the rural areas said that it is facing issues explaining to its customers that their 500 and 1000 rupee notes have become illegal overnight."Since banking operations are closed we have instructed our agents to not accept cash deposits for the next 2 to 3 days as a lot of people might try to exchange their old notes for 100 denomination notes and we might end up facing a shortage as there could be supply crunch," said Rishi Gupta, managing director of Fino Paytech.While there is a lot of chaos on the ground regarding how exactly the government is planning to meet the cash requirements of the country, payments companies are also excited at the prospect of getting more of rural India to start transacting through digital means."Oxigen with its wallet point of sales infrastructure can contribute to this movement. The recent announcement by the government to remove surcharge on electronic transactions for government payments is expected to boost electronic payment infrastructure for retail merchant network," said Sunil Kulkarni, deputy managing director at Oxigen Services which runs business correspondents network for State Bank of India |
Government claim more land must be available in HtB announcement
| In the press release from the government, on expanding Help-to-Buy by another £10 billion, states that in order to support buyers, similar levels of support must be given to housebuilders. Meaning it plans for more land in areas of need to be made available. There is no suggestion of how and when any changes to land allocation will be made, instead stating the government will consult for the Autumn Budget set for 22nd November, which will build on the Housing White Paper. The £10 billion added to the scheme is claimed to allow a further 135,000 first-time buyers afford a home.
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| https://www.gov.uk/government/news/10-billion-new-funding-for-help-to-buy-equity-loan | null | The government will invest a further £10 billion in the Help to Buy Equity Loan, due to the popularity of the scheme across the country.
More than 130,000 completions have already taken place by people using the equity loan, which helps people buy a new build home with only a 5% deposit.
The new funding means that the Help to Buy Equity Loan could help around 135,000 more people to buy homes by 2021. This would bring the total number of households across England that would be supported through the scheme since it began in 2013 to around 360,000.
Some 81% of home purchases using the equity loan scheme have been made by first-time buyers, helping the total number of first-time buyers to increase by 70% between 2010 and 2016.
The new funding expands the government’s commitment to help people make their dream of owning a home a reality. The Chancellor has been clear that support for buyers must be matched with support for building so that, over the longer term, housing becomes more affordable. This means land must be made available in the right places to build the homes we need. The government will therefore consult at Budget on an ambitious package of planning reforms, building on the Housing White Paper.
These commitments build on the package of further measures announced by the Secretary of State for Communities and Local Government.
Further Information
The Equity Loan scheme launched in April 2013 and funding has been committed until 2021. It works by the government providing an equity loan of up to 20% which is repaid when the home is sold, or after 25 years, whichever comes first.
Potential homeowners using the programme are subject to the normal affordability assessments undertaken by mortgage lenders. No interest or repayments are due during the first 5 years of the loan.
The Help to Buy: Equity Loan can be used to purchase a new build property up to the value of £600,000, with a maximum equity loan of £120,000 (20%). In London, applicants are able to claim an equity loan up to 40% of the purchase price.
The housing announcements follows the most recent Help to Buy statistics which showed that over 320,000 completions have taken place using one or more of the Help to Buy schemes, including over 275,000 first-time buyer households. Over 1 million Help to Buy: ISAs have now been opened by first-time buyers, offering government bonuses of up to £3,000 towards the cost of a first home.
Since 2010, the government has delivered over 300,000 affordable homes, and more than double the amount of council housing has been built in the seven years since 2010 than in the 13 years before it. |
Ola Mobile ATMs: Now you can withdraw cash from Select Ola Cabs in your city
| Ride sharing app Ola has partnered with the State Bank of Patiala and the Punjab National Bank to open mobile ATMs for select Ola cab.s The ride sharing app will offer users the opportunity to withdraw up to Rs 2,000 by swiping their debit cards at POS machines stationed at busy city areas. Ola is pursuing relationships with other banks to expand the service and to develop a solution that can dispense money on the go.
| http://www.gizbot.com/apps/news/ola-mobile-atms-now-you-can-withdraw-cash-from-select-ola-c/gallery-cl2-036561.html | null | Ola Mobile ATMs: Now you can withdraw cash from Select Ola Cabs in your city News oi -Rohit Ola has joined hands with PND and SBI in Kolkata and Hyderabad respectively to provide the cash withdrawal facility
In a bid to ease cash crunch and help citizens withdraw cash, ride sharing app Ola has joined hands with State Bank of Patiala and Punjab National Bank to open mobile ATMs. The partnership between the banks and the ride-sharing app will offer select Ola cabs the ability to help people withdraw cash by swiping their debit cards.
Under the scheme, selected Ola cabs with POS machines will be parked at specified busy points in different cities. Banks will provide on-ground executives to enable people withdraw the cash. A person can withdraw an amount of Rs. 2,000 per card.
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Ola Chief Operating Officer Pranay Jivrajka informed PTI that the initial response has been tremendous and the company was exploring with banks to expand this service to other cities with cash being dispensed on the go rather than current experiment of cars being parked at a particular busy point.
Ola has partnered with Punjab National Bank (PNB) in Kolkata, and with SBI and Andhra Bank in Hyderabad.
In Kolkata, the week-long activity will continue till end of the month. The POS enabled Ola cabs will visit areas like Chandni Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and Rashbehari.
Cars carrying POS machine will offer the service in popular areas like KBR Park, JNTU, Inorbit Mall over the weekend in Hyderabad.
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Ola is also looking at flagging off the programme in other key cities, including Delhi.
Following the government's move to scrap old Rs. 500 and Rs. 1,000 notes the banks and ATMs are not being able to cope up with the demonetization effect. To ease up the demonetization effects, petrol pumps, retail bodies like Big Bazaar and services such as Paytm and now Ola has been provided with cash dispensing facilities. Recently, POS machines was introduced at around 3,700 petrol pumps to help citizens withdraw the cash.
Ola, which also has a mobile wallet service, claimed it has seen 1500 per cent growth in recharge of 'Ola Money'. As per Ola, the number of trips paid in cash has certainly gone down. More people are now paying using digital platforms like Ola Money and credit/debit cards.
Today, Maharashtra CM has asked bankers to help realise Prime Minister Narendra Modi's appeal for a cashless economy.
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However, we believe the process will take time and there is a dire need to set up more mobile ATMs facilities across the country to help citizens withdraw cash.
Let us know what you think about Demonetization and India as a cashless economy in comments.
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