title
stringlengths 4
205
| summary
stringlengths 102
4.94k
| url
stringlengths 41
634
| date
stringlengths 19
26
⌀ | article_content
stringlengths 10
100k
⌀ |
|---|---|---|---|---|
Apple Pay close to Brazil launch | Two years after rumours first circulated that ApplePay would launch in Brazil, it appears the platform will be available imminently, according to blog MacMagazine. It said Itaú Unibanco customers and iOS device users who tried to add their Visa Platinum Personnalité card to the ApplePay app encountered a terms of service agreement, rather than a message saying the app was not supported. ApplePay was recently rolled out in Denmark, Finland, Sweden and the United Arab Emirates.
| http://appleinsider.com/articles/17/12/12/bank-documentation-hints-at-brazilian-apple-pay-launch | 2017-12-18 10:36:47.643000 | If you buy through our links, we may get a commission. Read our ethics policy
Article Hero Image
Documentation seen by Itau Unibanco customers on Monday suggest Apple is on the verge of launching Apple Pay in Brazil, which was first rumored to gain access to the mobile payments service nearly two years ago.
According to local blog MacMagazine, iOS device users attempting to add Itaú's Visa Platinum Personnalité card to the Wallet app are met with a terms of service agreement.
Previously, users attempting to register their Itaú were met with a message saying the card was not yet supported, a notification that still pops up for cards from other banks. Attempting to add Itaú's other card options, including those from MasterCard, triggers similar alerts.
Apple Pay itself is not mentioned in "Conditions of Use of Itaúcard in the Apple Wallet application," but the document's existence in relation to Wallet, which manages Apple Pay provisioning, can be taken as circumstantial evidence of an imminent release.
Rumors of an Apple Pay rollout in Brazil first appeared in early 2016 when reports claimed the service would go live through a partnership with MasterCard, a company Apple sometimes works with on smaller regional Apple Pay launches.
Citing sources familiar with the matter, a separate report from iHelp BR claims Apple Pay support will roll out soon. The blog, however, fails to pin a specific timeline on the supposed announcement.
The appearance of Itaúcard's documentation in Wallet could be related to Apple's scheduled transition of iTunes pricing from U.S. dollars to the Brazilian real in early 2018.
Currently, customers in Brazil must use an international credit card to purchase items on iTunes, transactions that are subject to the country's IOF tax. It is assumed that iTunes users will be able to add cards from Brazilian banks once the online store switches to reais. |
Ethereum smart contracts to make banks MiFID II compliant | UBS is leading a pilot programme that uses Ethereum smart contracts to improve data quality ahead of MiFID II regulation. From January, MiFID II will require all institutions to have their own legal entity identifier (LEI). The UBS project – which is also supported by Credit Suisse, Barclays, Thomson Reuters, SIX and KBC – streamlines the process of reconciling LEI data for an individual bank. This data is then cryptographically held at each participating institution using hashing. It can then be submitted anonymously to an Ethereum private blockchain, where participants can search and view their own data in real-time.
| https://www.finextra.com/newsarticle/31465/banks-tap-ethereum-smart-contracts-for-mifid-ii-compliance | 2017-12-18 10:31:05.410000 | As MiFID II looms into view, Swiss bank UBS is leading a pilot that will use Ethereum smart contracts to improve the quality of counterparty reference data through anonymous reconciliation.
Barclays, Credit Suisse, KBC, SIX and Thomson Reuters are all onboard for the project, which was kickstarted by UBS in the innovation lab at London's Level39 in a bid to improve data quality as part of the impending implementation of the MiFID II/MiFIR regulation in January.
Under MiFID II, institutions are expected to have an individual Legal Entity Identifier (LEI). The UBS project is aiming to streamline the process of reconciling the reference data which pertains to the LEI for each entity - such as industry classification, identifiers and European Securities and Markets Authority data.
Under the plan, the specific reference data for each Legal Entity is cryptographically concealed at each institution using hashing, with the source data held and remaining within the participating institution.
Only the hashed data is submitted, anonymously, to an Ethereum private blockchain powered by Microsoft Azure. The Ethereum smart contracts then reconcile the data against the consensus and provide each participant, via a user interface, the ability to search and view their own specific data in real-time. Users can then quickly see where the anomalies lie in the data.
Currently, the project is in the pilot phase, with a mock-live environment using 22,000 non-sensitive LEI reference attributes for cash equity issuers. The pilot is set to finish by the end of January, with a further staged rollout "dependent on the findings".
Christophe Tummers, head, data, UBS, says: "Traditionally, a firm such as ours quality checks data against multiple sources but we do not have a quality baseline against peers. Through using blockchain-inspired smart contracts, the reconciliation of data can happen in almost real-time for all participants, anonymously." |
SalonPay encourages mobile payments at barber shops | Lincolnshire-based software firm iSalon has partnered with UK secure card payment services company Cardstream to launch SalonPay, a first-of-its-kind mobile payments solution aimed solely at the largely cash-based beauty and hair industry. As well as facilitating mobile payments, SalonPay also supports in-store and online transactions, while customer data is stored for later analysis to help retailers better target their services.
| https://paymentweek.com/2017-12-15-alonpay-brings-mobile-payments-barbers-chair/ | 2017-12-18 10:25:34.403000 | SalonPay Brings Mobile Payments to the Barber’s Chair
December 15, 2017 By: Steven Anderson
It may come as a surprise afterthought to some—it definitely did to me—but salons and similar applications are kind of behind the curve in terms of mobile payments. Still often cash-heavy—sometimes cash-only—operations, beauty salons, barber shops and spas haven’t often made advances in mobile payments and similar systems. That may be about to change with a recently-announced partnership between iSalon Software and Cardstream, news of which was sent our way.
With the new partnership came SalonPay, a complete mobile payments solution geared toward those various service businesses. Considered an industry first, SalonPay actually represents a rebranding of a white-label payment solution—which is in part what white-label solutions were meant for—and offers its users access to not only mobile payments, but also online payments and payments for the in-store point of sale.
Perhaps better yet for the retailer, it also gathers transaction information and allows that data to be used later to make determinations about what services are popular enough to keep and which should be dropped. There’s even secure tokenization in place allowing the transactions to be carried out with comparative safety.
Managing director of iSalon Darren Pick noted “We spent considerable time with our customers to gain a clear view of the payment solution that would best suit their needs. SalonPay is our response. A simple, quick and reliable omnichannel service for collecting credit and debit card payments in-salon, online and via mobile phones.” Pick also noted how valuable customer data is, and how SalonPay would help gather customer data for later analysis, a point that should be especially valuable later.
It’s no secret by now that analytics has a real potential to help businesses succeed. Incorporating analytics capabilities into a mobile payments system is a smart idea in general; mobile payments are convenient for customers, and convert all that data into useful form for later. Want to tell which haircuts are the most popular? Want to prove that no one’s really going for the waxing options? Do you really need a new massage therapist? All of these can be found out readily just by studying the records, and a system like SalonPay makes the records easier to find later.
Mobile payments are great by themselves, but mobile payments combined with analytics is even better. |
Scientists convert Greek yoghurt waste into biofuel, animal feed | Leftover sugars and acids from Greek yoghurt production can be converted into feedstock additives and biofuel, according to scientists. Cornell University and University of Tübingen researchers used bacteria to turn waste whey into "green antimicrobials" caproic acid and caprylic acid. These can be given to livestock instead of antibiotics or, with further processing, can become "drop-in" biofuels for jet fuel, a study in Joule showed.
| https://phys.org/news/2017-12-microbes-greek-yogurt-fuel.html#jCp | 2017-12-18 10:23:41.613000 | Photograph of bio-oil, made of caproic acid and caprylic acid, phase separates out at mildly acidic conditions. Credit: Lars Angenent, University of Tübingen
Consumers across the world enjoy Greek yogurt for its taste, texture, and protein-packed punch. Reaching that perfect formula, however, generates large volumes of food waste in the form of liquid whey. Now researchers in the United States and Germany have found a way to use bacteria to turn the leftover sugars and acids from Greek yogurt into molecules that could be used in biofuels or safe feedstock additives. Their work appears December 13 in the journal Joule.
"To be sustainable, you want to convert waste streams where they are made, and upstate New York is where the cows are, where the dairy farmers are, and where the Greek yogurt craze began in the United States with Chobani and FAGE," says senior author Lars Angenent, an environmental engineer and microbiologist at Cornell University (United States) and the University of Tübingen (Germany). "That's a lot of acid whey that right now has to be driven to faraway locations for land application, but we want to produce valuable chemicals from it instead."
Waste whey from Greek yogurt production is made up mostly of the familiar milk sugar lactose, the fruit sugar building block fructose, and the fermentation product lactic acid. The researchers use bacteria to turn this mixture into an extract containing two more useful compounds: caproic acid (n-hexanoic acid) and caprylic acid (n-octanoic acid). Both of these compounds are "green antimicrobials" that can be fed to livestock in lieu of antibiotics. Or, with energy needs in mind, further processing could stitch the six-, seven-, and eight-carbon backbones of the obtained molecules into the chains of up to 14 needed to qualify as "drop-in" biofuels for jet fuel.
Both options have economic and social allure. "The agricultural market might seem smaller, but it has a very large carbon footprint, and turning acid whey into a feedstock that animals can eat is an important example of the closed cycles that we need in a sustainable society," Angenent says. "The fuel market, of course, operates at a lower price, but its demand is virtually unlimited."
Traditionally, suppressing oxygen while feeding biodegradable waste to microbes results in the production of methane-rich gas through anaerobic digestion. Instead, the researchers strung together two "open-culture" reactors—the first tuned for heat-loving microbes fond of temperatures of 50°C, the second set at a more welcoming 30°C mark. After seeding each reactor with a previously studied microbiome, and opening the setup to the acid whey and its own rich assortment of bacteria (such as common gut microbiota from the Lactobacillus family), caproic acid, caprylic acid, and other minor products could be continually extracted over a period of several months.
The next challenge will be to see what happens when the twin bioreactor system is boosted to pilot plant capacity. "There is much more that can be done to optimize the extraction process and to scale up in an economical way," says Angenent. "We can also learn more about the nature of the microbiomes and the biology involved and start investigating whether this technology can be translated to other waste streams."
More information: Joule, Xu et al.: "Temperature-phased bioconversion of Greek-yogurt waste into medium-chain carboxylic acid oil via lactic acid without external electron donor addition" www.cell.com/joule/fulltext/S2542-4351(17)30179-4 , DOI: 10.1016/j.joule.2017.11.008 Journal information: Joule |
Robot prints $64,000 house in eight hours | Ukraine and California-based start-up PassivDom is speeding up the home construction business with its 3D robot, which can print out the walls, roof and floor of a 410 sq ft building, its smallest model, in eight hours. The company, whose homes range in price from $64,000 to $97,000, said the design and production of its larger models can take up to a month, a fraction of the time a traditional home takes to build, while only windows, doors, plumbing and electrical systems are fitted by a human. PassivDom's first 100 US homes will be delivered in January. | https://futurism.com/robot-print-64000-house-little-eight-hours/ | 2017-12-18 10:17:10.153000 | Building a house by hand can be both time-consuming and expensive. Some homebuilders have chosen to automate part of the construction instead.
A new Ukrainian homebuilding startup called PassivDom uses a 3D printing robot that can print parts for tiny houses. The machine can print the walls, roof, and floor of PassivDom's 410-square-foot model in about eight hours. The windows, doors, plumbing, and electrical systems are then added by a human worker.
When complete, the homes are autonomous and mobile, meaning they don't need to connect to external electrical and plumbing systems. Solar energy is stored in a battery connected to the houses, and water is collected and filtered from humidity in the air (or you can pour water into the system yourself). The houses also feature independent sewage systems.
Since the startup launched in spring 2017, it has received more than 8,000 preorders in the United States for its homes, which start at $64,000. The first 100 ones will be delivered in January 2018.
Check out the homes below.
PassivDom's smallest model measures 410 square feet and ranges from $64,000 to $97,000, designer Maria Sorokina told Business Insider.
Passivdom
The 775-square-foot model ranges from $97,000 to $147,000.
Passivdom
Here's what the house looks like when you walk in the front door. It's a large open space with a small kitchen and floor-to-ceiling windows.
Passivdom
This model doesn't include a separate bedroom, which means residents need a sleeper sofa. A small bathroom is located near the kitchen.
Passivdom
PassivDom can make custom models as well. The premium models come with furniture, a kitchen, a bathroom, engineering systems, an energy supply, a water tank, and a sewage system.
Passivdom
The homes also offer the possibility of living off the grid.
Passivdom
"We should have opportunities to live in nature away from civilization, but have comfortable conditions of a traditional house," Sorokina said. "This technology can allow us to live in the woods, on mountains, or on the shore — far away from people and infrastructure."
Passivdom
To make a PassivDom home, the team maps out the plan for the 3D printer in its factories in Ukraine and California. Layer by layer, the seven-axel robot prints the roof, floor, and 20-centimeter-thick walls, which are made of carbon fibers, polyurethane, resins, basalt fibers, and fiberglass.
Passivdom
Doors, windows, appliances, an alarm system, solar panels, and the septic, electrical, healing, cooling systems are then added.
Depending on the model, the whole process can take under 24 hours. The design and production of larger houses with more specifications and finishes, like the one below, can take up to a month. If a house is pre-made, it can be shipped the next day.
Passivdom
PassivDom is not the only company using 3D printing to build homes. The San Francisco-based housing startup Apis Cor, Dus Architects in Amsterdam, as well as Branch Technology from Chattanooga, Tennessee, say they can construct homes in mere days or weeks.
The startup believes 3D printing is a cheaper, more efficient way to build homes that it can sell at a (relatively) affordable price. "Over 100 million people do not have a roof over their heads," Sorokina said. "It is necessary to build more affordable houses." |
Gene-editing breakthrough could release algae's biofuel potential | Scientists at the University of Edinburgh have developed a gene-editing technique for algae that could pave the way for the production of cheap biofuels, medicines and foods. The team used Crispr molecular scissors to make specific and precise changes to algae DNA samples. Dr Attila Molnar, who led the study, said the breakthrough was a "key advance in large-scale algal genome engineering", and could lead to the production of multi-application designer algae. The team said the new method is 500 times more efficient than previous techniques. | https://biofuels-news.com/display_news/13249/gene_editing_could_unleash_algae_biofuels_potential/ | 2017-12-18 10:11:39.833000 | An innovative gene editing technique could allow algae to produce ‘vast’ quantities of renewable fuels, new research claims.
The method, developed by scientists at the University of Edinburgh in Scotland, could lead to cheap ways of producing fuels, medicine, and products to be used in the cosmetics, food and plastics industries.
Using CRISPR molecules, which can ‘cut’ DNA, the scientists have been able to add new genes to algae or modify existing ones. Previously, it had proven a challenge to apply CRISPR molecules to algae, but the University of Edinburgh researchers overcame this obstacle by adding ‘CRISPR molecular scissors’ and short pieces of DNA directly to algae cells. This allowed precise modifications to the genetic code to be made.
According to a statement from the University, the new method is more specific and increases efficiency 500-fold compared to previous techniques.
Dr Attila Molnar, of the University of Edinburgh's School of Biological Sciences, who led the study, said: "Our findings mark a key advance in large-scale algal genome engineering. Our technique is applicable to a wide range of species, and could pave the way for the development of designer algae, which has many biotechnology applications."
The technique has been developed to work in Chlamydomonas reinhardtii, a widely used species of algae. It could be used to increase crop yields, improve disease resistance or enable plants to survive in harsher climates.
The team’s findings have been published in the Proceedings of the National Academy of Sciences |
Project looks to ensure subsea pipes don't go for a 'walk' | The UK’s Industry Technology Facilitator and offshore consultancy Crondall Energy are partnering on Anchoring Pipeline Technology (APT), a joint industry project aimed at delivering a "less costly, more elegant design solution" to the problem of lateral buckling of undersea pipes, known as "pipe walking". One of several schemes addressing the walking issue, which causes damage to flowlines, APT is an optimised, distributed-anchoring system that could save $5m or more, compared with pre-installed methods, said David Bruton, subsea director for Crondall Energy. | http://www.upstreamonline.com/upstreamtechnology/1365119/anchor-issues | 2017-12-18 09:58:53.510000 | Long subsea pipelines, never laid in a perfectly straight line to begin with, tend to move over time. It’s a problem exacerbated by the high-temperature, high-pressure conditions in which pipelines are increasingly required to operate.
Lateral pipeline buckling occurs at locations where effective axial force created by thermal loading, pressure loading and what engineers call the pipeline’s “out-of-straightness” are sufficient to overcome the restraining forces provided by the soil it rests on and the weight and stiffness of the pipe.
If uncontrolled, lateral buckling can create strains and high cyclic loads that may cause serious damage to the flowline. Unplanned “rogue” buckles can also damage structures such as in-line tees.
Each time a line is shut down and restarted, the flowline moves a bit. David Bruton, Crondall Energy
Pipeline walking is a ratcheting in a pipeline’s axial direction due to variations in the operating conditions — periodic shutdowns and restarts, for example.
Article continues below the advert
Over time, the expansion and contraction creates what David Bruton describes as “worm action”, in which the pipeline moves in one direction — most often downhill, if a line is installed on a slope.
Walking may be gradual, says Bruton, director, subsea for offshore consultancy Crondall Energy. But even a few metres of forward movement is enough to cause significant damage to subsea structures such as spools, pipeline end terminations, jumpers and risers.
“Each time a line is shut down and restarted, the flowline moves a bit,” he says. “Over many cycles, you will see quite a lot of movement at each end.”
The issue is most pronounced in deep-water pipelines that generally are not trenched, he adds.
Mitigation
Pipeline designers have several methods at hand to mitigate buckling. The effective force in the system may be reduced, for example, with in-line expansion spools or cooling spools.
But these technologies run up considerable costs. More common are methods to control the effects of buckling by encouraging it at strategic spots along the route.
Pipeline buckling was the focus of a joint industry project, Safebuck, which was launched by Atkins Boreas Consultants and ran from 2002 until 2015.
The JIP, which Bruton and fellow Crondall Energy subsea director Malcolm Carr, both Atkins engineers at the time, headed for 10 years, developed design guidelines for controlling lateral buckling and walking.
The JIP included an array of international operators, service companies and representatives from the US Bureau of Safety & Environmental Enforcement.
Designing for lateral buckling involves a good understanding of pipe-soil interaction (PSI) and the properties of the sand or clay where the pipe is laid. The information helps determine the type of “triggers” engineers may use to control buckling.
“The aim of lateral buckling is to relieve that force in the pipe,” Bruton says. Global buckling — in contrast to local buckling, a deformation of the pipe cross section — may be controlled using triggers such as sleepers, snake lay and buoyancy.
Triggers: Pipeline engineers use three main methods to instigate lateral buckling - snake lay, sleepers and local weight reduction. Photo: Crondall Energy
Sleepers, typically a few joints of large-diameter pipe, may be placed perpendicular to the flowline every few kilometres to create vertical buckles (gravel dump berms are also used to similar effect).
Snake lay describes a method in which the pipeline is laid in a series of gentle curves. The bend radius of the “snake” helps control the propensity for buckling.
A third method involves local weight reduction, either by removing concrete coating at certain intervals or by distributed buoyancy placed over a 60 metre to 200 metre section of the flowline to trigger buckling.
Recent advances in software have helped engineers choose the appropriate type and spacing of triggers, Bruton says.
“We use a probabilistic analysis,” he says. “That way we know approximately how many buckles are going to form, and make sure there are enough to share the load and keep the load in each below design limits. You have to do that to a high level of reliability.”
Under study
Pipeline walking has become an area of intense study in recent years, Bruton says. Last November, the UK’s Industry Technology Facilitator and Crondall Energy teamed up on a new JIP to develop pipeline anchoring and monitoring systems to mitigate pipeline walking risk and cut the cost of pipeline anchoring by half.
“One of the bigger challenges we have now is walking,” he says. “We addressed it to some extent with Safebuck. With the APT (Anchoring Pipeline Technology) JIP, our aim is to try and understand better ways of anchoring pipelines.”
Designing pipelines to allow for walking is notoriously challenging. “The biggest problem we have is the uncertainty in predicting (walking rates),” Bruton says. “The main aim of the JIP is finding ways to work with that uncertainty.”
FULL STOP: Very large suction anchors are often installed at pipeline ends to control walking. Photo: Bladt Industries
Project schedules typically do not allow the luxury of evaluating numerous anchoring systems. Engineers therefore often take a pre-emptive approach, opting for very large pipeline suction anchors to be installed at pipeline ends to control walking — 100-tonne capacity anchors are typical, although Bruton says at least one project installed 350-tonne capacity anchors.
The APT JIP aims to provide operators with “less costly, more elegant design solutions,” he says.
An optimised distributed-anchoring system could cost half as much as a traditional pre-installed pipeline anchoring system, for a savings of $5 million or more on a project that requires several anchors over the length of a pipeline.
Bruton and others involved in the JIP envision a two-pronged approach that involves better monitoring and more strategic anchor placement.
“It’s a slow process in which you can watch it walking and then mitigate only if walking rates are excessive,” he says.
“The aim would be to have a more effective way to monitor pipeline walking and to have an anchor design that can be retrofitted and is quite easy to install.
"Then we could install a number of anchors along the pipeline rather than one big anchor at the end. That is a more efficient way to control walking.”
Bruton notes that there are “several current international projects dealing with the design issues associated with lateral buckling and walking of pipelines".
“These phenomena do interact and that can make the design overly complex,” he says. “Simplifying the design process is a major aim of the APT JIP." |
Iconomi adds five digital assets to crypto-fund platform | Iconomi has added five digital assets to its digital asset array (DAA) portfolio. Iconomi is a digital asset management platform that aims to make it easy for investors to invest in cryptocurrency portfolios. Since its public launch in August, Iconomi has signed up a number of top fund managers to run its portfolios and has now added EOS, Everex, Raiden, Request and Tierion to the list of assets available to DAAs.
| https://www.cryptoninjas.net/2017/12/18/iconomi-adds-5-new-digital-assets-crypto-managers/ | 2017-12-18 09:52:17.243000 | ICONOMI, the digital asset management application that makes it easy to invest in or get managed crypto portfolios announced 5 new digital assets which Digital Asset Array (DAA) managers can immediately take advantage of.
The platform launched live to the public in August of this year and has in past months signed up some well-known investments managers to lead some of the DAA portfolios.
The 5 new assets just made available can be seen below:
#1 EOS
The EOS (EOS) token is a temporary token issued to complete the EOS ICO and is not required for use of the EOS platform. EOS is a smart-contract-enabled hosting platform built for open-source projects and is designed to enable vertical and horizontal scaling of decentralized applications.
#2 Everex
Everex (EVX) offers blockchain-based microlending, remittances, and merchant payments to underserved individuals and small and medium-sized enterprises in Asia and internationally. EVX tokens are required for utilizing the Everex platform.
#3 Raiden
The Raiden Network (RDN) is an off-chain scaling solution that enables near-instant, low-fee, scalable payments and works with any ERC20-compatible token. The RDN token is used to pay fees for using the Raiden Network.
#4 Request
The Request Network (REQ) token is required for the operation of Request contracts, especially the extension layers for advanced features. Request is a layer built on Ethereum that disintermediates payment requests.
#5 Tierion
Tierion (TNT) provides a platform for using the Bitcoin and Ethereum blockchains to verify any data, file, or business process. The TNT token provides an economic incentive to secure the network and serves as a method of settlement between parties to access network resources.
The ICONOMI team says, “we are constantly expanding the selection of digital assets available for DAAs and will continue to publish announcements over the coming weeks.”
The full list of digital assets available on ICONOMI is also available. |
Flowrox enters IIoT market with flow control solution | Finnish flow control solutions provider Flowrox has launched industrial internet of things (IIoT) tool Flowrox Smart Expulse, a robust inline pulsation dampener that can reduce downtime by settling up to 90% of pressure peaks. The system uses a smart 3D interface, allowing operators to see, operate and control equipment, while up to 10% of pumping energy can be saved by using the flexible inner hose and filler gas as temporary storage. In addition, the company's Flowrox SmartCube can continually monitor up to five Expulses, using the Flowrox Malibu platform. | https://www.hydrocarbonengineering.com/product-news/15122017/flowrox-launches-flowrox-smart-expulse/ | 2017-12-18 09:41:43.180000 | Flowrox has entered the Industrial Internet of Things (IIoT) era by bringing to market a new generation of Smart Solutions™ that offer a new way to control, operate and visualise equipment and entire facilities by means of a 3D user interface. The newest innovation is Flowrox Smart Expulse™, a pulsation dampener with a Smart option.
Pulsations can cause distractions, a common issue with several types of positive displacement pumps. Pulsations can result in annoying noise and vibrations in the process pipeline, which can potentially lead to breakages over time. Flowrox offers the ideal solution to this problem: Flowrox Smart Expulse™. This innovation will help you to achieve the dream of any plant operator – fluent processes without any distractions.
Simple and intensive
Flowrox Expulse™ is the simplest and most robust inline pulsation dampener on the market. This solution quiets the banging noise by settling up to 90% of pressure peaks that can eventually lead to pipeline breakage. Moreover, it saves up to 10% in pumping energy by temporarily storing it to the flexible inner hose and filler gas. The flexible construction eases system maintenance, leading to reduced downtime costs.
Additional smart features
The new Smart option enables accurate pressure control regardless of process changes. This prolongs system lifetime also in the most challenging conditions. Flowrox SmartCube can simultaneously control up to five Expulses, and their performance can be monitored using the Flowrox Malibu™platform.
It is also possible to connect other process parameters and indicate values in Malibu™, which is accessible on any device with an Internet browser.
The Flowrox Smart Expulse™ pulsation dampener can be installed on any pulsating pump from any manufacturer on the market. Its flexible construction makes pump maintenance extremely simple, and it does not collect any sediment or particles. The Smart feature additionally contributes to saving extra energy, making it an excellent solution for a wide range of heavy industries. |
Daimler produces first EV trucks for German delivery firms | German vehicle manufacturer Daimler has begun the European roll-out of its lightweight Fuso eCanter all-electric truck, with delivery firm DHL adding six to its Berlin inner-city fleet. In addition, German logistics and transport firms DB Schenker, Rhenus and Dachser took delivery of eight vehicles between them. Daimler's Fuso eCanter, which has a range of 100 km and can carry 4.5 tonnes, has already been adopted in the US by logistics firm UPS, while Japanese convenience-store chain Seven-Eleven and Yamato Transport will each take 25 trucks. | https://www.thelocal.de/20171215/daimler-delivers-its-first-all-electric-trucks-in-europe | 2017-12-18 09:30:56.007000 | Advertisement
Among the first customers for Daimler's Fuso eCanter light-weight truck was express delivery service DHL, which said it would use its six vehicles to navigate Berlin's innercity traffic.
The keys to eight other eCanter trucks were handed over to German logistics and transport firms DB Schenker, Rhenus and Dachser.
"With the Fuso eCanter our customers now operate not only quietly and without locally emitted CO2, they also save money on operating costs," said Marc Llistosella, head of Daimler Trucks Asia.
"This is the future of urban distribution transport."
With a load-bearing capacity of 4.5 tons, the eCanter is equipped with six batteries and has a range of 100 kilometres, the Mercedes Benz parent company said.
Package-shipping giant UPS has put eCanter trucks on the road in the United States, while in Japan convenience-store chain Seven-Eleven and Yamato Transport will each operate 25 of the trucks, according to Daimler.
Large-scale production of the fully electric, zero-emissions truck is set to begin in 2019.
Daimler's announcement comes as carmakers and tech firms around the world jostle for dominance in the rush to meet a growing demand for clean, quiet delivery trucks as cities grapple with smog and noise pollution.
Tesla last month unveiled an all electric semi-truck that it billed as quicker and more economical than today's diesel-powered trucks.
It can travel 800 kilometres between charges. Production however is not set to start until 2019, with the first deliveries slated for 2020.
Volkswagen, Nikola and Einride are also among the pioneers in developing electric truck prototypes, some equipped with autonomous driving functions and futuristic designs.
Daimler did not disclose the price of its eCanter, but said the vehicle offered "savings up to €1,000 per 10,000 kilometres on operating costs" in comparison with conventional trucks.
Models destined for European and US clients will be produced in Tramagal, Portugal. |
Switzerland unveils world's steepest funicular railway line | More than four years after construction began, the world's steepest funicular rail line has opened to the public in Switzerland. Dubbed a triumph of modern design engineering, the €44.6m ($52.6m) Standseilbahn Schwyz-Stoos features an inclination adjustment system, enabling the four rotating cabins to remain horizontal even when the train is climbing or descending gradients as steep as 110% (47.7º).
| https://www.theguardian.com/world/2017/dec/15/world-steepest-funicular-rail-line-open-switzerland | 2017-12-18 08:45:06.413000 | Swiss engineering and technology have reached new heights with the opening of the world’s steepest funicular rail line.
The €44.6m Schwyz-Stoos funicular (Standseilbahn Schwyz-Stoos in German), which goes into public service on Sunday, has been hailed as a triumph of modern design engineering.
A level-adjusting function will allow the space-age-looking carriages, accessible to all users, to remain horizontal while speeding up the mountain at up to 10 metres a second.
It is due to be opened on Friday by the president of the Swiss federal council, Doris Leuthard, in the Alpine resort of Stoos, 1,300 metres (4,300ft) above sea level in central Switzerland.
The train, two lines of cylindrical carriages, resembling beer barrels, will allow passengers to remain upright at all times, even as they ascend – or descend – the 1,720-metre track, climbing or descending 743 metres along gradients as steep as 110% (47.7º).
It will run from the valley station near Schwyz into the mountain village of Stoos, population 100, about 30 miles (50km) south of Zurich.
Ivan Steiner, a spokesman for the railway, said the funicular replaced an older one that had operated since 1933. “After 14 years of planning and building, everyone is very proud of this train,” he said.
The funicular. Photograph: Urs Flueeler/EPA
The Gondola Project, a website dedicated to cable-propelled transport systems, said the scheme had faced a number of challenges even before work had begun. Then when construction started in July 2013, it faced hold-ups.
“Designers analysed 15 different options before selecting the existing route alignment and technology,” it wrote.
A traditional aerial gondola funicular was ruled out because it would have had to pass through an active shooting range.
“The Stoos funicular is designed with an inclination adjustment system. This means that the four 34-passenger rotating cabins on each train remain horizontally level throughout the journey.”
The Gelmerbahn funicular at Bern was previously the world’s steepest, with a maximum gradient of 106%.
The East Cliff Lift funicular railway in Hastings, built in 1902, is the steepest in England, with a gradient of 78%. |
Bitwise brings passive investing to the cryptocurrency market | Bitwise Asset Management has begun accepting investors into an index fund it has developed offering exposure to cryptocurrencies. The firm claims the fund, called Hold 10, is the first index product giving investors access to digital currencies. The fund tracks the top 10 cryptocurrencies and is open to accredited investors. Roughly 60% of its index is tilted towards bitcoin.
| https://www.cnbc.com/2017/12/12/bitwise-hold-10-launches-crypto-index-fund-with-4-million-in-funding.html?utm_source=CB+Insights+Newsletter&utm_campaign=8aeae90dc0-TuesNL_11_28_2017&utm_medium=email&utm_term=0_9dc0513989-8aeae90dc0-87071009 | 2017-12-18 08:19:13.803000 | An application for Bitcoin in front of a window of the offices of the bank 'La Maison du Bitcoin' in Paris, France.
For people looking to get in on cryptocurrencies without having to bet on a single one, a new money management firm is trying to make crypto-investing as easy as buying the S&P 500.
Bitwise Asset Management has just started accepting investors into Hold 10, the world's first crypto-index fund, which lets people put money in the 10 largest cryptocurrencies as weighted by the total value of coins outstanding.
The fund was announced in October and is now open to accredited investors. On Tuesday, Bitwise also said it has raised $4 million from some of the best-known investors in financial technology, including Keith Rabois (through Khosla Ventures), David Sacks and Naval Ravikant.
"We and our investors believe that a vehicle like this, or passive index investing as an approach, is a great way for many people to participate in cryptocurrency," Bitwise CEO Hunter Horsley told CNBC.
The Hold 10 index is the latest investment vehicle to launch in the cryptocurrency space. Just this week, bitcoin started trading in the futures market, while dozens of actively managed hedge funds have opened this year. Initial coin offerings, which let investors buy and trade cryptocurrencies created by individual companies, have raised over $3.7 billion in 2017, according to CoinDesk. |
US biodiesel production increases despite tax credits cut | Biodiesel production levels in the US rose in the first three-quarters of this year, despite the end of tax incentives. Production capacity from January to September was 2,348 million gallons, compared with 2,270 million gallons at the start of 2016. State and federal incentives such as the now-expired biodiesel blender's tax credit of $1 a gallon sent biodiesel production climbing. It could continue to rise thanks to US Department of Commerce policy changes on biodiesel imports from Argentina and Indonesia. | http://www.hydrocarbonprocessing.com/news/2017/12/eia-us-biodiesel-production-still-increasing-despite-expiration-of-tax-credit | 2017-12-18 08:04:59.570000 | EIA: US biodiesel production still increasing despite expiration of tax credit
Through the first nine months of 2017, US biodiesel production levels were slightly higher than 2016 levels, despite the expiration of a federal biodiesel blender's tax credit at the end of 2016. Domestic biodiesel production may continue to increase because of changes to import policies such as those recently announced by the US Department of Commerce on biodiesel imports from Argentina and Indonesia.
Biodiesel production increased over time largely because of state and federal incentives. The federal biodiesel blender's tax credit, valued at $1/gal, expired several times prior to 2016, most recently at the end of 2014. In those earlier years, Congress ultimately voted to reinstate the tax credit retroactively.
Biodiesel qualifies as an advanced biofuel as part of the Renewable Fuel Standard (RFS), a program implemented by the US Environmental Protection Agency (EPA) to promote the incorporation of biofuels into the nation’s fuel supply. To demonstrate compliance with the RFS, refiners and importers of petroleum products must either blend advanced biofuels such as biodiesel or buy credits called renewable identification numbers (RINs).
Biodiesel is often combined with petroleum diesel in blends ranging from 5% to 20% biodiesel. On average, biodiesel accounted for about 4% of total diesel consumption in 2016. Similar to corn ethanol, biodiesel production is concentrated in the Midwest and delivered by rail and truck across the country.
Since 2014, foreign biodiesel imports—primarily from Argentina and Indonesia—have increased in the East Coast and Gulf Coast regions. In 2016, biodiesel imports from Argentina reached 449 MMgal and accounted for nearly 20% of US biodiesel consumption.
However, in April 2017, the US Department of Commerce (DOC) initiated two investigations into whether biodiesel imports from Argentina and Indonesia put US biodiesel producers at a disadvantage. The two investigations have focused on countervailing duties—when a foreign government provides subsidies for the production of a product—and antidumping—when a foreign government sells a product at less than its fair value.
In November, the DOC issued an affirmative final determination on countervailing duties for Argentina and Indonesia, assigning rates ranging from 34% to 72%, based on the producer or importer of biodiesel. The US International Trade Commission reached a similar finding in December, allowing for DOC to issue final countervailing duty orders.
Depending on the outcome of the antidumping investigation, the combined effect of the final orders may more than double the price of biodiesel from these two countries.
In response to the investigations, new US contracts for cargos of biodiesel from Argentina and Indonesia have slowed. Imports from Argentina remained relatively high through August 2017 because of contracts that were already in place prior to the investigations, but these imports ended as of September 2017. Biodiesel imports from Indonesia last occurred in December 2016. Imports from these countries are likely to remain low unless a settlement is reached or US biodiesel prices rise to offset the final duties.
US biodiesel consumption in 2016 totaled 2,189 MMgal, of which 1,569 MMgal (72%) were produced domestically. US biodiesel facilities ran at 69% of nameplate capacity during 2016. Annual production capacity at the beginning of 2016 totaled 2,270 MMgal.
US biodiesel production capacity has since increased slightly to 2,348 MMgal as of September 2017, but the pace at which biodiesel facilities might increase production to address possible supply shortfalls from reduced imports is unclear.
Biodiesel is typically more expensive than petroleum-based diesel, so the loss of lower-cost imports from Argentina and Indonesia might further decrease its price competitiveness. During 2016, the average spot price of Gulf Coast biodiesel was $3.17/gal, which was $1.85/gal higher than its petroleum counterpart.
Related News
From the Archive |
US biodiesel production increases despite tax credits cut | Biodiesel production levels in the US rose in the first three-quarters of this year, despite the end of tax incentives. Production capacity from January to September was 2,348 million gallons, compared with 2,270 million gallons at the start of 2016. State and federal incentives such as the now-expired biodiesel blender's tax credit of $1 a gallon sent biodiesel production climbing. It could continue to rise thanks to US Department of Commerce policy changes on biodiesel imports from Argentina and Indonesia. | https://www.ajot.com/news/u.s.-biodiesel-production-still-increasing-despite-expiration-of-tax-credit | 2017-12-18 08:04:59.570000 | By: AJOT | Dec 15 2017 at 09:35 AM | Intermodal
Source: U.S. Energy Information Administration, Monthly Biodiesel Production Report
Source: U.S. Energy Information Administration, Monthly Biodiesel Production Report, Petroleum Supply Monthly
Source: U.S. Energy Information Administration, Monthly Biodiesel Production Report, Petroleum Supply Monthly
Through the first nine months of 2017, U.S. biodiesel production levels were slightly higher than 2016 levels, despite the expiration of a federal biodiesel blender’s tax credit at the end of 2016. Domestic biodiesel production may continue to increase because of changes to import policies such as those recently announced by the U.S. Department of Commerce on biodiesel imports from Argentina and Indonesia. Biodiesel production increased over time largely because of state and federal incentives. The federal biodiesel blender’s tax credit, valued at $1 per gallon (gal), expired several times prior to 2016, most recently at the end of 2014. In those earlier years, Congress ultimately voted to reinstate the tax credit retroactively. Biodiesel qualifies as an advanced biofuel as part of the Renewable Fuel Standard (RFS), a program implemented by the U.S. Environmental Protection Agency (EPA) to promote the incorporation of biofuels into the nation’s fuel supply. To demonstrate compliance with the RFS, refiners and importers of petroleum products must either blend advanced biofuels such as biodiesel or buy credits called renewable identification numbers (RINs). Biodiesel is often combined with petroleum diesel in blends ranging from 5% to 20% biodiesel. On average, biodiesel accounted for about 4% of total diesel consumption in 2016. Similar to corn ethanol, biodiesel production is concentrated in the Midwest and delivered by rail and truck across the country. Since 2014, foreign biodiesel imports—primarily from Argentina and Indonesia—have increased in the East Coast and Gulf Coast regions. In 2016, biodiesel imports from Argentina reached 449 million gallons and accounted for nearly 20% of U.S. biodiesel consumption. However, in April 2017, the U.S. Department of Commerce (DOC) initiated two investigations into whether biodiesel imports from Argentina and Indonesia put U.S. biodiesel producers at a disadvantage. The two investigations have focused on countervailing duties—when a foreign government provides subsidies for the production of a product—and antidumping—when a foreign government sells a product at less than its fair value. In November, the DOC issued an affirmative final determination on countervailing duties for Argentina and Indonesia, assigning rates ranging from 34% to 72%, based on the producer or importer of biodiesel. The U.S. International Trade Commission reached a similar finding in December, allowing for DOC to issue final countervailing duty orders. Depending on the outcome of the antidumping investigation, the combined effect of the final orders may more than double the price of biodiesel from these two countries.In response to the investigations, new U.S. contracts for cargos of biodiesel from Argentina and Indonesia have slowed. Imports from Argentina remained relatively high through August 2017 because of contracts that were already in place prior to the investigations, but these imports ended as of September 2017. Biodiesel imports from Indonesia last occurred in December 2016. Imports from these countries are likely to remain low unless a settlement is reached or U.S. biodiesel prices rise to offset the final duties.U.S. biodiesel consumption in 2016 totaled 2,189 million gallons, of which 1,569 million gallons (72%) were produced domestically. U.S. biodiesel facilities ran at 69% of nameplate capacity during 2016. Annual production capacity at the beginning of 2016 totaled 2,270 million gallons. U.S. biodiesel production capacity has since increased slightly to 2,348 million gallons as of September 2017, but the pace at which biodiesel facilities might increase production to address possible supply shortfalls from reduced imports is unclear. Biodiesel is typically more expensive than petroleum-based diesel, so the loss of lower-cost imports from Argentina and Indonesia might further decrease its price competitiveness. During 2016, the average spot price of Gulf Coast biodiesel was $3.17/gal, which was $1.85/gal higher than its petroleum counterpart. |
HSBC, AXA launch online insurance platform in Hong Kong | HSBC and AXA Hong Kong have partnered to launch an online platform offering packaged insurance for a range of local businesses, from start-ups to established offices and retailers. As well as including instant quotes, the platform includes automated risk identification.
| http://www.etnet.com.hk/www/tc/news/categorized_news_detail_eng.php?newsid=ETE271218146&page=1&category=company | 2017-12-18 07:56:32.117000 | [ET Net News Agency, 18 December 2017] HSBC and AXA Hong Kong today jointly announced
the launch of an online packaged general insurance platform for business customers in Hong
Kong.
Through this platform, customers from a wide range of local companies are able to apply
for commercial packaged insurance with instant quotes, covering startups, office assets
and retailer protection.
This platform features an automated process to identify risks that concern business
customers and for which AXA Hong Kong can provide immediate cover. (KL)
|
American Family widens data analytics, AI with Networked purchase | American Family Insurance has acquired Networked Insights as it seeks to expand its use of data analytics and artificial intelligence (AI). The insurer has been a minority investor since 2013 in the Chicago-based data analytics firm, which uses AI and machine learning to help customers target audiences with content. American Family has been investing in technology for the past three years and its latest acquisition will help bolster its agency distribution and build on existing analytics capabilities, said CEO Jack Salzwedel.
| https://www.insurancejournal.com/news/national/2017/12/15/474431.htm | 2017-12-18 07:47:08.183000 | American Family Insurance said it intends to accelerate its use of data, advanced analytics and artificial intelligence (AI) with its purchase of Chicago-based data and analytics software company Networked Insights.
American Family is a Networked Insights client and has been a minority investor in the company since 2013, increasing its investment over time. With the acquisition, American Family became its sole owner. The purchase price is not being disclosed.
The insurer has been investing in technology and data platforms for the past three years including through its own data science and analytics lab, a strategic data analytics division, an innovation team and collaborative data-science projects with the University of Wisconsin.
American Family said it has also acquired HomeGauge, a home inspection software company with 21 employees, based in Asheville, North Carolina.
American Family Chairman and CEO Jack Salzwedel said the Networked Insights acquisition allows it to strengthen its agency distribution and build on its current advanced analytics capabilities to improve how it serves customers.
“These investments are part of our commitment to innovation through the use of data analytics and artificial intelligence for our customers and in ways that complement and improve the personal service we deliver to them,” said Peter Gunder, American Family Insurance chief business development officer, in prepared remarks.
Networked Insights uses artificial intelligence and machine learning to understand what is relevant to people, allowing companies target their audiences with their preferred content and media. A 2015 Networked Insights study of social media posts of millennials found that when millennials share financial concerns online their anxiety decreases significantly even when a purchase or transaction is a completely new experience.
“The insurance company of the future will be all about using data analytics to enhance the customer experience and be a trusted brand,” said Networked Insights founder and Chief Executive Officer Dan Neely, who praised American Family for doing a “remarkable job at building a trusted brand.”
In addition to its Chicago headquarters, Networked Insights also has operations in New York City and Madison, Wisconsin, where American Family is headquartered.
The companies said that Networked Insights will operate as a stand-alone subsidiary of American Family Insurance. In addition to serving its customers, Networked Insights employees will collaborate with American Family data scientists on projects using advanced analytic capabilities to improve customer interactions and business value.
According to the firms, all 74 Networked Insights employees including Neely and Gerry Komlofske (president and chief operating officer) will continue in their positions with the company. Neely will also join the American Family senior executive team.
American Family’s venture capital arm, American Family Ventures, has been active in supporting technology-focused insurance and risk management startups including Ring’s home security system; CoverHound’s auto insurance quoting system; Hover, which creates 3D models of properties; One, a cloud-based insurance payments platform; Leaselock, a rent payment insurance platform; and Katasi, a tool to prevent texting while driving.
American Family is among a number of carriers that have developed service packages for automated home monitoring. Concerning its acquisition of home inspection software firm HomeGauge, the insurer said the aggregate information HomeGauge provides will enable it to enhance its role in this area.
American Family is also an investor in Bunker, a startup digital insurance broker focused on independent contractors.
A year ago, policyholders approved the conversion of 90-year old American Family from a mutual to a mutual holding company, providing the company with the additional flexibility to invest or acquire non-insurance companies or other mutual insurance companies.
The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through exclusive agents in 19 states. Two affiliates, The General and Homesite, also sell directly to consumers over the internet or by phone.
Topics Mergers & Acquisitions InsurTech Tech Data Driven Artifical Intelligence |
Major brands fail to pay workers when factories shut | Fashion brands including Marks and Spencer, Next and Zara have refused to pay workers following factory closures, according to not-for-profit group Labour Behind the Label (LBL). The organisation said that customers in the UK and other countries have found notes inside garments reading, “I made the item you are about to buy, but I didn’t get paid for it”. The messages are from workers in Cambodia, Indonesia and Turkey who claim that they are owed money after the factories in which they worked closed between 2012 and 2016, allegedly after major buyers stopped orders.
| http://labourbehindthelabel.org/despite-massive-profits-big-fashion-brands-refuse-to-pay-workers-after-factory-closures/ | 2017-12-18 00:00:00 | 16 December 2017
Despite massive profits, big fashion brands refuse to pay workers after factory closures
Garment workers and activists unite in global actions against wage theft
Unpaid garment workers demand justice: messages to shoppers found in clothes in Marks and Spencer, Next and Zara
Over the weekend, while festive shoppers across the UK browse clothing stores, they are also discovering messages from garment workers seeking help.
The messages being found by shoppers in clothes in Marks and Spencer, Next and Zara stores say: “I made the item you are about to buy, but I didn’t get paid for making it”.
Elsewhere in the world, notes are also appearing in stores of Mango, Uniqlo, Adidas, Mizuno and Nygard. The messages are from workers in Cambodia, Turkey and Indonesia who are all owed money for making clothes for these fashion industry giants. In four discrete instances between 2012 and 2016, workers saw their factories suddenly close, even overnight, leaving them jobless and owed months of back wages and severance payments.
These factory closures (Chung Fai factory in Cambodia; Bravo factory in Turkey; PT PDK and Jaba Garmindo factories in Indonesia) were often preceded by major buyers cutting off orders, without warning or explanation to the workforce, most of them women. The consequences for the workers and their families have been dire.
Hikmet, who used to work at the Bravo Tekstil factory in Turkey – which produced clothing for Next, Zara and Mango – until it closed, says: “I haven’t been able to pay my rent for four months. I cannot pay my debts. I am in a desperate situation.”
Each of the brands involved, despite collectively earning billions in annual profit, are refusing to pay the workers from these factories their back wages and severance – money they earned over many years of working hard and long hours to produce clothes for these brands. Labour Behind the Label and the Clean Clothes Campaign believe that to deny these workers their payment is tantamount to wage theft, and call on all the brands involved to ensure these workers receive what they are owed.
Kokom Kolomawati, a former worker of the PT PDK factory in Indonesia, says: ¨International standards, like the UN Guiding Principles on Business and Human Rights, are crystal clear – brands retain full responsibility for their supply chains and must ensure that we are paid what we rightfully earned and are now owed.¨
In the week between 14 and 20 December 2017 activists and workers are joining together in actions around the world calling for these brands to end wage theft and urging consumers to support these campaigns for justice. Message drops and protest actions are happening in over nine countries including Indonesia, Japan, Turkey, Germany, the United Kingdom, Switzerland, the Netherlands, Canada, and Hong Kong.
Teddy Senadi Putra, of Labour Union PUK SPAI FSPMI, formerly at PT Jaba Garmindo says: ¨The Uniqlo fortune is built from workers’ sweat, like ours, all over the world. For the 2017 fiscal year, Uniqlo had an operating profit of 176.4 billion Yen (2.05 billion EUR). They can easily afford to pay us what little amount we earned and now need. Brands need to realise that with power comes responsibility: they are more than just buyers. Brands are employers and garment workers are more than just disposable assets.¨
In a letter sent in September 2017 to brands Marks and Spencer, Nygard and Bonmarche, major buyers of the now closed Chung Fai factory in Cambodia, workers wrote: “We are your workers, and we are human beings! Some of us have worked at the factory since 1998. Instead of receiving legal severance and indemnity for our years of service, now we are broke and in debt. We shouldn’t have to keep living like this. Our cheap labour has helped you to profit. We are simply asking you to make sure we get what is legally ours.”
Over the 2017 fiscal year, Marks and Spencer generated an operating profit of 690.6 million GDP (784.7 million EUR).
Ends
Background
Sudden and unexpected factory closures seems to be a growing trend in the global garment industry. A particular challenge for workers is when factories go bankrupt following the withdrawal of orders from major brands since few countries have legal processes that prioritise debts to workers over other creditors, or legal systems that recently unemployed workers are able to readily access.
There are important precedents of brands taking responsibility for workers in their supply chain after a factory closure. In late 2012, nearly 200 garment workers at the Kingsland factory in Cambodia were deprived of their severance pay after the factory abruptly closed its doors. The workers started a month-long vigil and protest camp in front of the factory to prevent the factory’s assets from being stripped. This resulted in a historic settlement with Walmart and H&M in March 2013.
Similarly, after two years of international solidarity, adidas reluctantly agreed in 2014 to compensate 2,800 Indonesian garment workers who were owed US $1.8 million in severance pay following the closure of sportswear factory PT Kizone in Indonesia. Adidas is now involved in the PT PDK factory closure case.
Notes for editors
For more information on the Chung Fai factory closure in Cambodia involving Marks & Spencer, Bonmarche and Nygard, see: latest press release: M&S, Bonmarché and Nygård should compensate Cambodian workers after factory closure and campaign page
For more information on the Bravo factory closure in Turkey, involving Inditex (Zara), Mango and Next, see: latest press release: Zara, Next, Mango Slammed for Leaving Workers Without Wages in Turkish Factory and Bravo workers´ campaign petition
For more information on the PT PDK factory closure in Indonesia, involving adidas and Mizuno, see: latest press release: Top global sports brands adidas and Mizuno shamefully defy international standards on workers’ rights in Indonesia
For more information on the Jaba Garmindo factory closure in Indonesia, involving Uniqlo and other brands, see: latest press release: Pressure grows on Uniqlo CEO to fulfill debt owed to workers; and campaign page
Labour Behind the Label campaigns for garment workers’ rights worldwide. We support garment workers’ efforts to improve their working conditions and change the fashion industry for the better. We raise awareness, provide information and promote international solidarity between workers and consumers.
Labour Behind the Label is the UK platform of the Clean Clothes Campaign. The Clean Clothes Campaign (CCC) works to improve conditions and support the empowerment of workers in the global garment industry. The CCC has national campaigns in 15 European countries with a network of 250 organisations worldwide.
Please see www.labourbehindthelabel.org and www.cleanclothes.org for further information. |
Major brands fail to pay workers when factories shut | Fashion brands including Marks and Spencer, Next and Zara have refused to pay workers following factory closures, according to not-for-profit group Labour Behind the Label (LBL). The organisation said that customers in the UK and other countries have found notes inside garments reading, “I made the item you are about to buy, but I didn’t get paid for it”. The messages are from workers in Cambodia, Indonesia and Turkey who claim that they are owed money after the factories in which they worked closed between 2012 and 2016, allegedly after major buyers stopped orders.
| https://www.ecotextile.com/2017121823152/social-compliance-csr-news/fashion-brands-refuse-to-pay-workers-after-factory-closures.html | 2017-12-18 00:00:00 | BRISTOL – Labour Behind the Label (LBL) has claimed that fashion brands Marks and Spencer, Next and Zara are refusing to pay their workers after factory closures. LBL has reported consumers finding messages in garments in the stores across the UK and other countries.
The messages reportedly read “I made the item you are about to buy, but I didn’t get paid for it”. Similar notes have been found in Mango, Uniqlo, Adidas, Mizuno, and Nygard. |
10 GW of natural gas peakers at risk from solar-plus-storage | Solar power plus energy storage is cheap enough to compete with natural gas peaker plants in some markets and about half of the 20 GW of peaking capacity that the US needs to build over the next decade may be replaced by batteries, said Shayle Kann, a senior adviser to GTM Research and Wood Mackenzie. In four years' time, gas peakers will be increasingly rare, and there may be no case for them at all within a decade, he said. There is currently about 1 GW of energy storage in the US. | https://www.greentechmedia.com/articles/read/battery-storage-is-threatening-natural-gas-peaker-plants#gs.iU3lHNM | 2017-12-17 18:32:43.893000 | Natural-gas peaker plants may soon be under threat in a very real way.
“I can’t see a reason why we should ever build a gas peaker again in the U.S. after, say, 2025,” said Shayle Kann, a senior adviser to GTM Research and Wood Mackenzie, speaking at Greentech Media’s Energy Storage Summit. “If you think about how energy storage starts to take over the world, peaking is kind of your first big market.”
The data shows a very clear trend.
Today, lithium-ion batteries are competitive with natural-gas peaker plants in select cases. In a few years, competition will intensify across the country. And with costs only headed downward, Kann called overtaking peakers “a sweet spot” for battery dominance across the U.S.
Source: GTM Research/Wood Mackenzie
In four years, new natural-gas peakers will become increasingly rare. In 10 years, it's possible they'll stop getting built altogether.
“Peakers are expensive. Energy storage should be really good at displacing a peaker, and also you can use multiple values,” said Kann. “But not even incorporating the multiple values, energy storage is starting to get very close to the point where it can just beat a gas peaker, head-to-head, purely on an economic basis. A decade from now, energy storage always wins.”
Over the next 10 years, the U.S. needs to add 20 gigawatts of peaking capacity to its grid. Over half of that capacity will come on-line in the latter part of the decade: 7,440 megawatts between 2018 to 2020 compared to 12,645 megawatts between 2023 and 2027. That gives energy storage more time to build an economic advantage.
If technology changes faster than expected, the economic argument for storage becomes more compelling.
GTM Research/Wood Mackenzie
While the U.S. market includes less than a gigawatt of storage today, it will replace a third of peakers under a base-case scenario in the next decade. If the market grows faster, storage may replace nearly half of those 20 gigawatts of peaking capacity.
“Time and time again in adjacent sectors like solar, and even in energy storage, technology costs have the capacity to fall faster than almost anybody expects,” said Kann. “Including us.”
These changes are catching regulators off guard. The most recent example: the California Energy Commission's decision to reconsider a gas peaking plant planned for Oxnard.
The California Independent System Operator found the peaker plant would be more expensive than storage -- in an analysis that used prices from 2014. After GTM pointed out the discrepancies between those costs and current industry pricing, NRG Energy, the plant’s developer, suspended its construction application.
That project isn’t completely dead, but the suspension leaves an opening for clean alternatives to meet the capacity need instead.
In South Australia, the need for grid stability and renewables integration prompted the installation of a 100-megawatt Tesla battery in record time. Tesla brought that battery on-line last month.
Gas peakers will still get developed in South Australia. But Tesla's battery could be a sign of things to come.
A report on the two projects from Wood Mackenzie and GTM Research found that batteries -- both alone or paired with renewables -- are not yet competitive with gas peaking plants in that region. But they’re on their way. In 2025, analysts project that standalone and renewable-hybrid batteries will beat out open-cycle gas turbine plants for meeting peak load.
Every year, said Kann, storage is closing in on that economic “sweet spot” that will allow it to beat out peakers.
Want to watch the rest of GTM's Storage Summit this week? Watch the livestream here. |
Enel granted $2.1m for Massachusetts energy storage projects | Enel has been awarded $2.1m of grants for two distributed energy storage projects in Massachusetts as part of the Advancing Commonwealth Energy Storage initiative. The first project is a partnership between Enel Green Power North America and the University of Massachusetts Boston for a behind-the-meter micro-grid comprising a 0.5 MW lithium-ion energy storage system integrated with a 0.5 MW solar project. The second project is Enel subsidiary EnerNoc’s plan to deploy a 2 MW storage system at the Acton Boxborough Regional School District. | http://renews.biz/109492/massachusetts-puts-store-in-enel/ | 2017-12-17 18:17:02.480000 | Enel has won grants totalling $2.1m for two distributed energy storage projects in Massachusetts.
The money has been awarded as part of the Advancing Commonwealth Energy Storage initiative, which is administered by the Massachusetts Clean Energy Center.
The first project is a partnership between Enel Green Power North America and the University of Massachusetts Boston for a behind-the-meter micro-grid comprising a 0.5MW lithium-ion energy storage system integrated with a 0.5MW solar project.It will be deployed at the University’s campus in Boston and has been awarded $850,000.The second project is Enel subsidiary EnerNoc’s plan to deploy a 2MW storage system at the Acton Boxborough Regional School District. It has been awarded $1.2m.Both projects will be managed through the Den.Ostm software, developed by Enel’s US subsidiary Demand Energy Networks.Enel X head Francesco Venturini said: “We are very glad to work with the Commonwealth of Massachusetts and our project partners to explore how storage can best deliver long-term value to utilities and local communities.”Enel X is brand name for Enel’s global e-business solutions unit. |
Total Eren to build 70 MW Indonesian wind farm | Total Eren, the renewable-energy company in which French energy major Total recently took a stake, said it has signed a letter of intent with Indonesian government-owned power utility PT Perusahaan Listrik Negara for a 70 MW wind farm. The project will be located in Tanah Laut, on Kalimantan, the Indonesian part of Borneo island. | https://renewablesnow.com/news/total-eren-sings-loi-for-70-mw-wind-farm-in-indonesia-594313/ | 2017-12-17 17:36:34.900000 | Renewables developer Total Eren today said it has signed a letter of intent (LoI) with Indonesian government-owned power utility PT Perusahaan Listrik Negara (PLN) for a 70-MW wind project.
The LoI calls for PLN to purchase electricity from the Tanah Laut project, which will be financed, built and operated by Total Eren. The wind farm will be located in Tanah Laut, on Kalimantan, the Indonesian part of Borneo island.
Total Eren got is name just days ago when French oil and gas group Total SA (EPA:FP) concluded the purchase of a 23% interest in EREN Renewable Energy (EREN RE).
According to the announcement, this is the first wind project to be signed under new Ministry of Energy regulation in Indonesia, issued in August 2017 and designed to reduce electricity generation cost.
General Electric Co (NYSE:GE) is the preferred technology supplier for the project. The US group has assisted in the project design and carried out the grid connection study. The wind resource at site has been confirmed by 20-month wind data gathered by Total Eren's Jakarta-based subsidiary PACE Energy.
Total Eren said it is developing several other greenfield wind projects in Indonesia.
Choose your newsletter by Renewables Now. Join for free! |
Innogy raises capex as decision nears on 860 MW UK offshore project | Innogy, the renewable-energy business spun off by RWE, will increase capital spending in 2018 by more than a quarter to €3bn ($3.5bn) after warning that 2017 adjusted EBITDA and EBIT will be lower than previously expected. The 860 MW Triton Knoll offshore wind project in the UK, for which the final investment decision is expected in mid-2018, will be a major capex target, Innogy said. It plans to increase spending on e-mobility, renewable energy and broadband, it said.
| https://www.renewablesnow.com/news/innogy-raises-2018-capex-to-eur-3bn-594439/ | 2017-12-17 17:32:56.827000 | Innogy SE (ETR:IGY) will step up capital spending in 2018, the German energy company said today as it warned that 2017 adjusted EBITDA and EBIT will be lower than previously expected.
The company plans a capex budget of more than EUR 3 billion (USD 3.5bn) for 2018, an increase of over 25% from this year's expected level, as it intends to invest more in future-oriented business areas like e-mobility, renewable energy and broadband. The 860-MW Triton Knoll offshore wind project in the UK, final investment decision on which is expected in mid-2018, will be a major capex target, Innogy said.
The company lowered its guidance for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in 2017 to about EUR 4.3 billion from around EUR 4.4 billion. The adjusted EBIT estimate was also reduced to about EUR 2.8 billion from EUR 2.9 billion. Innogy said the main reason is difficult market environment in the UK retail business. There have also been higher costs for future-oriented projects such as digitisation and expenses for growth initiatives like e-mobility.
Adjusted net profit is still expected to exceed EUR 1.2 billion, but not much.
In 2018, the company expects adjusted EBIT of about EUR 2.7 billion. It said the renewables division will post earnings in line with 2017, thus an adjusted EBIT of about EUR 350 million.
"High growth ambitions initially come at a price, but pay off in the long run," chief executive Peter Terium said, adding that the company is at the same time making all its divisions fit for the digital future. "Even if this will weigh on our earnings short-term, I am convinced that this is the right strategy for setting up innogy optimally for the future – entirely in the interests of our shareholders, customers and employees," the CEO said.
(EUR 1 = USD 1.175)
Choose your newsletter by Renewables Now. Join for free! |
ReNew Power Ventures buys 103 MW of Indian wind projects | India's largest independent power producer ReNew Power Ventures has acquired KCT Renewable Energy, owner of 103 MW of operational wind parks in Andhra Pradesh, from Karm Chand Thapar Group for INR10bn ($155m). The deal includes three wind parks that are selling their output at a tariff of INR4.80 per kWh under 25-year power purchase agreements. ReNew Power now has wind power assets of over 1,300 MW, about 200 MW of which are in Andhra Pradesh. | https://www.renewablesnow.com/news/renew-power-buys-owner-of-103-mw-indian-wind-parks-report-594498/ | 2017-12-17 17:26:49.820000 | Indian independent power producer ReNew Power Ventures Pvt Ltd has acquired KCT Renewable Energy Pvt Ltd, the owner of 103 MW of operational wind parks in Andhra Pradesh.
The acquisition from Karm Chand Thapar (KCT) Group has been confirmed by a ReNew Power executive, consultancy Mercom Capital said on Wednesday. The value of the deal, which is part of the power producer’s growth plan, exceeds INR 10 billion (USD 155m/EUR 131.6m).
The transaction included three wind parks that are selling their output at a tariff of INR 4.80 per kWh under 25-year power purchase agreements (PPAs). The unnamed executive was cited as saying that ReNew Power now has wind power assets of over 1,300 MW, some 200 MW of which are located in Andhra Pradesh.
ReNew Power is majority owned by Goldman Sachs Group Inc (NYSE:GS). Among its other investors are the Asian Development Bank, Japanese power company JERA Co Inc and Abu Dhabi Investment Authority. Last month, the Canada Pension Plan (CPP) Investment Board also joined the list.
(INR 10 = USD 0.156/EUR 0.132)
Choose your newsletter by Renewables Now. Join for free! |
US Geothermal buys out Goldman Sachs stake in Idaho plant | US Geothermal said it will buy the remaining interest in the Raft River geothermal power plant in southern Idaho from Goldman Sachs for $350,000. The facility, in operation since 2008, is a single, 18 MW module with a design output of 13 MW annual average. The project has a 25-year power purchase agreement, signed in 2007, with the Idaho Power Company for the sale of up to 13 MW on an annual average basis. | https://www.renewablesnow.com/news/us-geothermal-to-become-100-owner-of-idaho-plant-594617/ | 2017-12-17 17:24:25.760000 | US Geothermal Inc (NYSEAMERICAN:HTM) on Wednesday said it will own 100% of the Raft River geothermal power plant in southern Idaho after agreeing to acquire Goldman Sachs' (NYSE:GS) remaining ownership interest.
The facility, in operation since 2008, is a single, 18-MW (gross) module with a design output of 13 MW (net) annual average. US Geothermal acquired from its project partner Goldman Sachs the majority of the latter's cash flow interest in and ownership of the project in December 2015.
The company will purchase Goldman Sachs' remaining interest for USD 350,000 (EUR 295,000), with the deal to close on January 2, 2018.
"The acquisition of this remaining interest in Raft River will be immediately accretive to the Company, and further enables us to implement capital upgrades to increase output from the facility," said interim chief executive Douglas Glaspey.
The project has a 25-year power purchase agreement (PPA), signed in 2007, with the Idaho Power Company for the sale of up to 13 MW on an annual average basis.
In 2017 the average generation from the facility was increased by about 1.6 MW net via the addition of production well RRG-5, as well as upgrades to the injection system. The company is looking at increasing the capacity of production pump RRG-4 in 2018, which is expected to lead to generation increase of 0.6 MW to 0.7 MW net.
(USD 1 = EUR 0.843)
Choose your newsletter by Renewables Now. Join for free! |
US solar module sales company ET Solar files for bankruptcy | The US module sales subsidiary of Chinese PV module maker and developer ET Solar has filed for Chapter 11 bankruptcy, claiming less than $50,000 in assets and $10-50m in debt. The parent company’s US project development and construction subsidiary ET Capital has not been affected. | https://www.pv-magazine.com/2017/12/13/et-solar-inc-files-for-bankruptcy/ | 2017-12-17 17:19:18.633000 | It’s a strange time for a PV module sales company to be filing for bankruptcy, given that the price of solar panels has surged in recent months while developers buy up available supply in advance of a ruling by the Trump Administration on the Section 201 case.
Nevertheless, on December 4 ET Solar Inc., based in Pleasanton, California, filed for chapter 11 bankruptcy in federal courts. The company claims less than $50,000 in assets but $10-50 million in debts. Over $10 million is owed to three other ET Solar entities in China and Hong Kong, however three other companies are owed at least $2 million each.
No reason has yet been provided and little is known. ET Solar Inc. has been notified by the court that it has failed to file many of the required documents, including a summary of assets and liabilities, a statement of financial affairs, and a statement of the company’s property. ET Solar Inc. has until December 18 to file these.
There is no evidence that the bankruptcy will necessarily have any effect on ET Solar’s gigawatt-scale Chinese manufacturing, or its network of sales and development & construction subsidiaries operating in Europe, South America, the Middle East, Asia and Australia. Additionally, project development, construction and sales efforts continue unabated in the United States through another subsidiary, ET Capital Inc.
Popular content
As of the writing of this article ET Solar Inc. still had 10 employees listed on LinkedIn, with most in the San Francisco Bay Area. We will be either updating this article or following up with additional coverage as more information becomes available.
Update/correction: This article was modified at 1:40 PM EST (U.S.) on December 13 to note that ET Capital remains active in project development and construction, as well as to remove the indication that ET Solar Inc.’s website is down. It is not clear at this time that there was a separate website for ET Solar Inc. |
Phoenix Solar files for insolvency | German solar PV project developer Phoenix Solar filed for insolvency in Munich on 13 December. The previous week, it said it would start insolvency proceedings after its US subsidiary, Phoenix Solar Inc., received a payment request from an unidentified customer for $8m, exceeding available funds. In its Q3 2017 financial results, Phoenix Solar said that several EPC contracts for large-scale projects in the US and Asia/Pacific region had been signed, including its first large ground-mounted PV power plant in Australia.
| https://www.pv-magazine.com/2017/12/13/phoenix-solar-insolvency-official/ | 2017-12-17 17:09:15.347000 | The German solar PV project developer, Phoenix Solar AG has officially filed for insolvency today, December 13.
In a one sentence statement on its website, the company said, “The Executive Board of Phoenix Solar AG has submitted an insolvency filing to the relevant insolvency court in Munich, today.”
Last Friday, it announced it would start insolvency proceedings this week after its U.S. subsidiary, Phoenix Solar Inc. received a payment request from an unidentified customer to the tune of US$8 million.
“This exceeds the financial capabilities of Phoenix Solar AG, therefore leads to insolvency and forces the Board to start the insolvency proceedings,” it said on Friday.
According to its latest financial data, the Phoenix Solar Group has 128 employees. It is unclear how many of them, or the subsidiaries, will be affected. The phone number for the company does not connect, and an automatic email response stated, “Because of the insolvency filing of Phoenix Solar AG the investor relations office is currently unavailable.”
Popular content
In its Q3 2017 financial results, the company noted that several EPC contracts for large-scale projects in the U.S. and Asia/Pacific region had been signed, including its first large ground-mounted PV power plant in Australia.
“These projects, as well as the issuing of the respective notices to proceed had originally been expected to come in earlier in the financial year,” wrote Phoenix Solar.
“On October 24, 2017, the Executive Board of Phoenix Solar AG, therefore, lowered its 2017 forecast and now expects revenues in the range of € 90 to €110 million (2016: €139.2 million) and an EBIT in a range between €-10.0 to €-8.0 million for the full year 2017.”
Despite losses this year, the company said that due to its significantly increased weighted global project pipeline, renewed revenue and earnings growth was expected in 2018. It also renewed the tenure of Group CEO, Tim Ryan by another year on the back of “improving prospects”. |
Solar module cleaning robot raises $13m | Ecoppia, the Israeli-headquartered producer of water-free, robotic cleaning solutions for solar panels, has raised $13m to help fund expansion. Existing investors, including GlenRock, Gandyr and Swarth Group, led the round, and were joined by Harel Group Insurance and Finance, the largest insurer in Israel. | https://www.pv-magazine.com/2017/12/14/dule-cleaning-firm-ecoppia-raises-13m-in-funding/ | 2017-12-17 17:04:08.810000 | Ecoppia's cleaning robot, which is cloud-connected and uses no water, has been recognized by Deloitte as one of 2017's leading tech innovations.
Ecoppia, the Israeli-headquartered producer of water-free, robotic cleaning solutions for solar panels, has this week completed a $13 million funding round that will help steer its expansion efforts.
Existing investors in Ecoppia led the funding round, including GlenRock, Gandyr and Swarth Group, and now joined by Harel Group Insurance and Finance – the largest insurer in Israel.
The completion will help Ecoppia expand on an already noteworthy year in which it was ranked in the top ten of Deloitte’s 2017 Technology Fast 50.
According to Ecoppia, over the past four years the company has posted growth of more than 1,600% as its cloud-based cleaning solutions have found a large target audience in the utility-scale markets of India, MENA, Latin America and Europe.
Next year, Ecoppia says that its pipeline is expected to top 2 GW, having already seen its solution clean its 200 millionth solar panel in 2017.
Leading ECPs and developers that have adopted Ecoppia’s solution include Adani Power, Terraform, EDF and India’s NTPC.
Popular content
According to Harel Group, which is now a backer of the firm, Ecoppia’s cleaning solution – which the company claims can remove 99% of dust on a panel daily without any water required – has been a game-changer for the industry.
“They’ve successfully identified a critical need in the solar industry and created a reliable and cost-effective solution that contributes to lowering LCOE worldwide,” said a Harel Group spokesperson.
The Ecoppia solution’ cloud connection links it instantly to advanced data analysis, meaning the machine learns on the job, and can therefore offer an optimized level of performance for each plant, the company states.
The extra cash raised in this latest funding round will, said Ecoppia CEO and co-founder Eran Meller, enable the company to “continue serving the largest energy players in the world, meeting the requirement of the top financial institutions involved in cleantech, and the growing demand of our pipeline”. |
Aquila Capital buys 170 MW of in-progress solar PV in Portugal | German investor Aquila Capital has acquired four solar PV projects in central and southern Portugal with a combined generation capacity of 170 MW. Construction is expected to be completed by the end of 2018. As part of the transaction, Aquila Capital has entered into a power purchase agreement with a third party for the energy produced by the four installations. Aquila Capital manages a €3bn ($3.5bn) renewable energy portfolio across 10 countries. | https://www.pv-tech.org/news/aquila-capital-acquires-170mw-pv-pipeline-in-portugal | 2017-12-17 16:56:39.127000 | German investment company Aquila Capital has acquired four PV projects in central and southern Portugal that will boast a combined generation capacity of 170MW.
Construction on the four installations is expected to be completed by the end of 2018. Aquila Capital was intrigued by the four projects due to the low costs of the systems and good conditions at the four project sites.
As part of the transaction, Aquila Capital entered into a power purchase agreement with a third party for the energy produced by the four installations.
Susanne Wermter, head of investment management energy & infrastructure EMEA at Aquila Capital, said: “Even without state funding support, these projects are a highly attractive investment. With the help of a long-term power purchase agreement, we have been able to secure stable attractive income for our investors.”
In total, Aquila Capital manages a renewable energy portfolio with a transaction volume of over €3 billion across 10 countries. |
Economic 'fundamentals' underpin BP's Lightsource solar acquisition | BP bought solar developer Lightsource because of the strong “fundamentals” in the market. BP paid $200m for 43% of the UK solar developer – rebranded Lightsource BP – the energy major's first PV investment since it closed BP Solar in 2011. “Effectively what we are seeing are fundamentals that are really important", said BP Alternative Energy chief executive Dev Sanyal. “Growth around 10-15% per annum, we've seen trebling of solar installed capacity over the last four years. And you see business models that are actually now being developed and are in place that are very attractive." | https://www.pv-tech.org/news/solar-fundamentals-behind-bps-decision-to-reinvest | 2017-12-17 16:38:51.987000 | BP has said the promising “fundamentals” behind the current global solar market triggered it to re-enter and the petrol giant now has ambitious plans for worldwide growth.
Earlier today BP announced that it is to pay US$200 million for a 43% stake in prolific UK solar developer Lightsource to establish a new partnership.
It forms the first investment BP has made into photovoltaics since it unceremoniously shuttered its BP Solar in 2011 following years of sales and factory closures.
However BP has an appetite for solar once more and, speaking to PV-Tech, BP Alternative Energy chief executive Dev Sanyal said the fundamental factors behind solar were key.
Lightsource and BP had been locked in discussions for several months before today but Sanyal said BP had been keeping a watching brief on solar PV for much longer.
“From our vantage point we'd been looking at the developments in the solar energy industry for some years now, and effectively what we are seeing are fundamentals that are really important.
“Growth around 10-15% per annum, we've seen trebling of solar installed capacity over the last four years. And you see business models that are actually now being developed and are in place that are very attractive,” he said.
The task is now to identify which markets the partnership – Lightsource is to be rebranded as Lightsource BP – will target. Lightsource has most recently entered into the Australian and Dutch PV markets to complement its existing interests in the US and India, but Lightsource chief executive Nick Boyle says this could soon grow further.
There is, however, a more cautious approach with Lightsource keen to avoid the mistakes of one formerly prolific solar developers in particular.
“One of the big plusses for us is BP are pushing toward 100 markets worldwide. it would be easy for us to get all excited and think 'let's open up in all those markets', but SunEdison did that before and from our perspective it's about being able to sit back and have the maturity of knowing which are the next best markets to add to our list,” Boyle said. |
Wirsol buys 16 MW of subsidy-free solar projects in the UK | Wirsol Energy has acquired the project rights for two subsidy-free solar parks in the UK, the 7-MW Outwood project in Essex and the 9-MW Trowse-Newton scheme in Norfolk. Construction will begin in January and the plants will be connected to the grid during the first half of 2018. The company, a unit of Germany's Wircon, said it was in the final stages of securing a long-term power purchase agreement and debt. Wirsol plans to build a portfolio of six projects totalling about 150 MW over the next 12-18 months. | https://www.renewablesnow.com/news/wirsol-to-build-16-mwp-of-subsidy-free-solar-farms-in-uk-594563/ | 2017-12-17 16:34:11.637000 | Wirsol Energy Ltd on Wednesday said it has acquired the project rights for two subsidy-free solar parks in the UK, the 7-MWp Outwood project in Essex and the 9-MWp Trowse-Newton in Norfolk.
Construction will start in January and the plants will be connected to the grid during the first half of 2018. The company, which is part of Germany's Wircon, with responsibility for the UK and Australian markets, said it is in the final stages of securing a long-term power purchase agreement (PPA) and debt.
The projects mark the start of a portfolio of six projects totalling about 150 MWp that will be constructed over the next 12-18 months.
Wirsol managing director Mark Hogan said that the plants will be designed in way to be able to add battery storage at a later stage.
Wirsol and UK solar developer Hive Energy recently announced a joint venture to develop a 350-MW-plus, subsidy-free solar photovoltaic (PV) project on the north Kent coast in South East England. Planning submission for this project is planned for mid-2018, Wirsol said.
In Australia, the company has 400 MWp under construction and another 470 MWp in development for rollout before 2020, Hogan said.
Choose your newsletter by Renewables Now. Join for free! |
Latin America's largest power transmission line begins operation | The largest DC transmission line in Latin America, a 2,092 km connector in Brazil, has started operations. It's the first time that ultra-high voltage 800 kV technology has been used in Brazil, allowing the transportation of energy with smaller losses. The 1st Bipolo de Belo Monte line crosses four states and takes energy produced from the Belo Monte hydropower plant to load centres in the southeast and midwest regions. | https://www.renewablesnow.com/news/largest-transmission-line-in-laam-starts-operation-594679/ | 2017-12-17 16:27:44.297000 | The largest direct current (DC) transmission line in Latin America, of 2,092 km, became operational on Tuesday in Brazil, the Ministry of Mines and Energy announced.
The transmission line uses new technology for the country with an ultra-high voltage of 800 kV, allowing the transportation of energy with smaller losses. Before the 1st Bipolo de Belo Monte project, as it is named, Brazil used 600 kV voltage in its DC transmission systems.
This power distribution network crosses four states and allows the flow of energy produced from the Belo Monte hydropower plant (HPP) to load centres in the sub-markets of the Southeast and Midwest regions.
Belo Monte Transmitter of Energy (BMTE) is the special purpose company (SPE) that developed the project. It is led by State Grid Brazil Holding SA with a stake of 51%, Furnas Centrais Eletricas SA with 24.5% and Eletronorte Centrais Eletricas do Norte do Brasil SA.
Choose your newsletter by Renewables Now. Join for free! |
Vattenfall to bid in Netherlands subsidy-free wind auction | Swedish state-owned utility Vattenfall will bid in the Netherlands’ subsidy-free offshore wind tender for phases I and II of the Hollandse Kust Zuid zone between 15 December and 21 December. The site has good wind conditions and provides significant synergies to Vattenfall's nearby wind farm Egmond aan Zee, the company said. Hollandse Kust Zuid is a 356 sq km site that will contain two wind farms of 342 MW to 380 MW each. In 2016, Vattenfall won the Kriegers Flak offshore wind tender in Denmark with a record low bid of EUR49.9 ($59) per MWh. | https://www.renewablesnow.com/news/vattenfall-to-bid-in-dutch-subsidy-free-offshore-wind-tender-594759/ | 2017-12-17 16:20:35.560000 | Swedish state-owned utility Vattenfall AB will bid in the Netherlands’ subsidy-free offshore wind tender for phases I and II of the Hollandse Kust Zuid zone.
The company said the site has good wind conditions and it sees significant synergies to its nearby wind farm Egmond aan Zee. The Ducth tender also "fits well with Vattenfall’s North Sea wind farm pipeline and can therefore easily be incorporated in the current procurement and execution strategy" said the company.
The tender for Hollandse Kust Zuid is for an area of 356 sq km to accommodate two offshore wind farms of 342 MW to 380 MW each. The Dutch government is accepting applications between December 15 and December 21.
Vattenfall won in 2016 the Kriegers Flak offshore wind tender in Denmark with a record low bid of EUR 49.9 (USD 59) per MWh, and the tender for the Vesterhav coastal wind farms at DKK 475 (USD 76/EUR 64) per MWh. In November 2017 it selected Siemens Gamesa Renewable Energy SA’s (BME:SGRE) new 8-MW offshore wind turbine for the projects.
"We combine a strong track record in building and operating windfarms at the lowest cost with an ability to handle market risk and sell electricity on the Dutch market," said Vattenfall’s Wind head Gunnar Groebler. He said the Netherlands’ strong commitment to renewables and the stable regulatory framework were key in Vattenfall’s decision to bid in tenders, as well as the promised availability of substation and grid connection for the Hollandse Kust Zuid.
(EUR 1 = USD 1.18)
Choose your newsletter by Renewables Now. Join for free! |
Projects face cancellation as solar panel prices rise: IHS | “Short supply and higher than anticipated module prices in the first half of 2018 will impede many markets outside China, due to worsening project economics,” said Edurne Zoco, research and analysis director at IHS Markit. “Projects in some regions might be delayed or even cancelled, because market prices are higher than were estimated during the planning phase.” However, global solar installation will reach a record 108 GW in 2018, driven by demand from China, he said. | https://www.pv-magazine.com/2017/12/14/ihs-markit-global-solar-installations-to-pass-100-gw-in-2018/ | 2017-12-17 16:16:37.903000 | IHS Markit is predicting another recording breaking year for solar in 2018, forecasting installations to hit 108 GW by the end of the year.
The analysts state that continued demand from China will be the key driver behind this growth, as the country has successfully diversified its market and achieved strong momentum in the distributed generation segment.
The latest edition of IHS Markit’s PV Demand Market Tracker highlights how China has now become the priority market for domestic manufacturers, something likely to shape the market in 2018.
“Short supply and higher than anticipated module prices in the first half of 2018 will impede many market outside China, due to worsening project economics,” says Edurne Zoco, Research and Analysis Director at IHS Markit.
“Projects in some regions might be delayed or even cancelled, because market prices are higher than were estimated during the planning phase.”
While demand from China is expected to remain strong, question marks remain over other leading PV markets, as the U.S. industry awaits the President’s final decision in the section 201 case, and India mulls the introduction of anti-dumping duties.
Popular content
While it still expects these two to remain the second and third largest PV markets, respectively, IHS Markit warns that in the U.S., the section 201 case has already begun to distort the supply/demand relationship, as developers have been stockpiling modules ahead of the decision, and that planned tax reforms could also weaken investor interest in the sector.
Meanwhile in India, IHS warns that that raising anti-dumping duties could limit the number of modules on the market, unless domestic manufacturers are able to ramp up very quickly.
This forecast will leave little room for unexpected demand increases – as occurred in 2017, unless polysilicon is also able to quickly grow.
“Exceeding 108 gigawatts of PV installations is close to the top-end of what can be achieved, based on the global polysilicon manufacturing capacity,” said Zoco. “Supply will therefore be tight throughout the first half of the year at least, resulting in stable to higher prices across the supply chain.”
Recently, in its 4Q Global PV Market Outlook, Bloomberg New Energy Finance predicted similar installation numbers. With stabilization of the polysilicon market expected, improved cost-efficiencies on the upstream side and increased efforts to meet 2020 energy targets in Europe, demand in 2018 should be between 94 and 111 GW; and 107 and 121 GW in 2019, it said. |
Sunseap and Linyang to build 500 MW of rooftop and floating solar | Chinese clean energy firm Linyang Energy and Singapore-based solar developer Sunseap plan to jointly deliver 100 MW of distributed solar PV in Singapore by the end of next year and 500 MW by 2021. The companies plan to spend $500m by 2020 on energy efficiency in buildings; rooftop and floating solar plants, particularly in industrial parks; supply of 300 MW of n-type double-glass modules; LED and energy-saving services; Singaporean power trading; virtual power stations; energy management hosting and micro-grids.
| https://www.pv-tech.org/news/sunseap-and-linyang-energy-partner-for-500mw-rooftop-and-floating-solar-in | 2017-12-17 16:10:53.003000 | Chinese clean energy firm Linyang Energy has signed an MoU with Singapore-based solar developer Sunseap to work on distributed solar, floating solar, module supply and energy efficiency projects locally in Singapore.
Together the firms aim to install 100MW of distributed solar PV by the end of next year and 500MW by 2021. They will also collaborate on efficiency management using LEDs and green energy trading projects in Singapore as well as providing decentralised energy in industrial parks, according to a Linyang release.
The MoU covers six areas requiring US$500 million investment by 2020.
Energy efficiency in buildings rooftop and floating solar plants, particularly in industrial parks Supply of 300MW of n-type double-glass modules LED and energy-saving services partnering on Singaporean power trading working on virtual power stations, energy management hosting and micro-grids
Linyang energy’s wholly-owned Singaporean subsidiary signed the with Sunseap Group in Singapore last week.
Renewable energy power purchase agreements (PPA) driven by corporate solar are set to take a significant chunk of the market in Southeast Asia over the next few years, according to panellists at the Solar and Off-Grid Renewables Southeast Asia (SORSEA) conference in Bangkok last month. |
Pakistan plans first solar energy auction | An auction for the development of 50 MW of solar PV in Sindh Province in Pakistan is being planned by the local government, with a formal procurement process set for 2018. The pilot auction, which is supported by the World Bank, is part of a larger nationwide public initiative aimed at increasing renewables activity and boosting foreign investment. The project is likely to be on state-owned land north-west of Hyderabad. | https://www.pv-tech.org/news/pakistan-plans-first-tariff-based-solar-auction-for-50mw-in-sindh | 2017-12-17 16:05:26.023000 | The government of Sindh in Pakistan plans to launch an auction for the development of 50MW of solar PV in the Province, with support from the World Bank.
A formal procurement process is set for Q2 2018 and this will be followed by many subsequent renewable energy auctions in Sindh.
The National Electric Power Regulatory Authority (NEPRA) first enabled such tariff-based solar auctions back in March this year as a replacement for the feed-in tariff (FiT) programme, despite opposition from some developers. The Sindh auction will be the first of its kind in Pakistan.
The 50MW project is set for a site on state-owned land north-west of Hyderabad.
The Energy Department of the Sindh government noted that competitive auctions have seen PV prices drop dramatically across the globe to become the lowest cost source of generation in many geographies. It also said the new auction will “follow international standards and procedures to ensure full transparency and ensure least-cost bids are obtained.”
This pilot auction is part of a larger programme for solar and other renewables being developed by the Energy Department, which will include development of large-scale renewables, rooftop PV on public buildings and support for off-grid renewables in rural areas. The government is particularly keen to attract foreign direct investment.
The Energy Department has now released a Request for Information (RfI) to solar developers and investors prior to the formal procurement process. A consultation with interested developers will take place early next year.
Agha Wasif Abbas, energy secretary, government of Sindh, said: “We are excited that Sindh is leading the way by introducing price discovery for solar power tariffs in Pakistan. This 50MW project is about demonstrating that solar power can be a least-cost generation option, and we look forward to welcoming qualified international and domestic solar power developers to bid on this project, and on subsequent renewable energy auctions.”
Riccardo Puliti, director of energy and extractives at the World Bank, said: “The World Bank is pleased to be working with the government of Sindh in helping to scale up renewable energy in the province. We believe that introducing auctions for renewable energy will be important for Pakistan in replicating the cost reductions see in other countries.” |
Nepal's largest solar-wind hybrid project begins operations | Nepal’s largest wind-solar hybrid power system, financed by the Asian Development Bank, has been switched on in the Hariharpurgadi village of Sindhuli district. The project features 20 kW of wind turbines and 15 kW of solar PV panels. The system generates 110 kWh of energy per day, exceeding the 83-household village’s demand of 87 kWh per day. | https://www.pv-tech.org/news/nepals-largest-wind-solar-hybrid-project-starts-operations | 2017-12-17 16:02:01.600000 | Nepal’s largest wind-solar hybrid power system has officially been switched on in the Hariharpurgadi village of Sindhuli district, having been financed by the Asian Development Bank (ADB).
Mukhtor Khamudkhanov, ADB’s country director for Nepal, said: “Access to clean, reliable, and affordable energy will help the village to connect to the world through Internet and mobile phones, and will create opportunities to boost local income. The electricity from the mini-grid will also open the door for commercial activities in the village and help small businesses get off the ground.”
The project, which is now providing electricity services to 83 rural households, features both 20kW wind turbines and a 15kW peak of PV panels. The system generates 110kWh of energy per day — easily meeting the village’s electricity demand of 87kWh per day.
The subproject, implemented by the Alternative Energy Promotion Centre (AEPC), stands as an example of Nepal’s commitment and ADB’s efforts towards boosting the country’s off-grid energy sources.
Ram Prasad Dhital, executive director, AEPC, said: “Six years ago, the Government of Nepal, with support from ADB, launched its first mini-grid wind-solar system in Dhaubadi in western Nepal. The success of these two projects has demonstrated that clean energy is indeed a viable option to provide reliable energy access to rural Nepal through wind-solar hybrid systems.”
The hybrid installation was installed under ADB’s South Asia Subregional Economic Cooperation Power System Expansion Project.
Developed with a total cost of $16.2 million, the project was also partly financed by the Government of Nepal, the Scaling up Of Renewable Energy Program under the Climate Investment Fund, along with the local community. |
Record low Canadian prices set at Alberta wind-power auction | The successful bids at an Alberta wind-power auction have set a record for Canada's lowest wind energy prices. Three projects have been chosen to build 600 MW of capacity at an average cost of CAD37 per MWh, down from CAD85 per MWh in 2016. The winning bids came from Capital Power, EDP Renewables Canada and Enel Green Power North America. The programme should generate approximately CAD1bn in private sector funding for wind generation in the Alberta region. | https://nawindpower.com/alberta-auction-results-600-mw-record-low-wind-power | 2017-12-17 15:42:03.993000 | Three companies have been chosen in the opening round of Alberta’s Renewable Electricity Program (REP), which will result in about C$1 billion of private-sector investment in wind generation in Alberta. Notably, the successful bids set a record for the lowest-ever renewable energy pricing in Canada, the Alberta government has announced.
The Canadian Wind Energy Association (CanWEA) is applauding the Alberta Electric System Operator (AESO) and the government of Alberta for the successful implementation of the first phase of the program.
Specifically, the AESO will secure power from three new wind energy projects representing approximately 600 MW of capacity at an average price of C$37/MWh. The Alberta government notes that in comparison, a 2016 Ontario procurement had a weighted average price of C$85/MWh.
The following companies were successful bidders in round one of the REP:
Capital Power, which will build the 201 MW Whitla Wind project 60 kilometers southwest of Medicine Hat;
EDP Renewables Canada Ltd., which will build a 248 MW wind farm at their Sharp Hills project east of Hanna, roughly 50 kilometers north of Oyen; and
Enel Green Power North America Inc., which will build two projects – the 115 MW Riverview Wind Farm and the 31 MW Phase 2 of Castle Rock Ridge Wind Power Plant just outside of Pincher Creek.
According to CanWEA, the companies behind these projects have each signed a 20-year indexed renewable energy credit (IREC) agreement with the AESO, providing predictable revenues and protecting Albertans against increases in the price of power. Under the IREC, when the market price is lower than the contracted price, the generator will be paid the difference, and when the market price is higher, generators will be required to pay back the difference to the government, explains CanWEA.
“This Canadian award is a major milestone for our company, as it is the first regulated renewables tender we have ever won in the country,” says Antonio Cammisecra, CEO of Enel Green Power. “We are thrilled to be investing once again in the Canadian energy economy and to continue our growth here in Alberta.”
The government says this first round attracted investment from both international and Alberta-based companies and is expected to create approximately 740 jobs. By 2030, the program is expected to attract at least C$10 billion of investment into the Alberta economy and create more than 7,000 jobs for Albertans.
“As an Alberta-based company, we’re proud to be selected amongst global competition to be one of the first projects under this program to drive Alberta’s transition to a clean energy future,” comments Brian Vaasjo, president and CEO of Capital Power.
Ryan Brown, vice president of EDP Renewables’ eastern region and Canada, adds, “We’re thrilled to be investing in Alberta and look forward to the Sharp Hills Wind Farm opening in the Hanna area, which has a strong track record in energy production. As a global company, we look forward to creating jobs and tax revenue for this region while generating low-cost, clean electricity for Albertans to enjoy.”
CanWEA notes that the competitive nature of this procurement process was critical to achieving a low-cost result. In total, 29 projects representing over 4 GW of renewable energy were qualified to participate in this initial process; this great interest shown by renewable energy producers means that Alberta is well-positioned to succeed in its goal of procuring 5 GW of new renewable energy by 2030, says CanWEA. Furthermore, the announcement represents the first step toward implementation of the Alberta Climate Leadership Plan, which calls for 30% renewable energy by 2030.
The Alberta government adds that support for the REP is made possible by the Climate Leadership Plan and is not funded by consumer electricity charges. Development of the next rounds of the program is under way, with more details expected in early 2018.
“CanWEA was pleased to see such a large response to this initial phase of the Renewable Electricity Program,” comments Robert Hornung, president of CanWEA. “The results demonstrate that wind energy is cost-competitive with all other generation sources and provides excellent value for Albertas as the province moves to reduce greenhouse-gas emissions throughout the economy.”
According to CanWEA, Alberta has 1,479 MW of wind energy, the third-largest installed capacity among Canadian provinces. Wind currently supplies about 6% of the province’s electricity demand.
Margaret McCuaig-Boyd, minister of energy, says, “These prices are beyond expectations, highlighting the strong potential of renewable power in Alberta, the quality of the competitive process and the positive view that investors have of our province. This is a win for power generators, a win for the environment and a win for Albertans.” |
Crystalline silicon has 70% market share in utility-scale solar PV | Crystalline silicon (c-Si) modules were used in 70% of utility-scale solar PV projects in the US, while thin films has a 28% market share, according to the US Energy Information Administration. California has the most utility-scale solar PV in the SU with 5 GW of c-Si and 3.5 GW of thin films in 2016. In second place, North Carolina had 2.1 GW of c-Si and 0.3 GW of thin-film, while Nevada is the only state in the top 10 with more utility-scale solar parks using thin-film solar than c-Si modules. | https://www.renewablesnow.com/news/crystalline-silicon-with-70-share-of-us-utility-scale-solar-market-594480/ | 2017-12-17 15:11:28.633000 | In the US 70% of the utility-scale photovoltaic (PV) power plants installed by end-2016 used crystalline silicon (c-Si) modules, while the share of thin films was 28%.
According to a report by the US Energy Information Administration, over the five years between 2012 and 2016 thin-film solar capacity installations have remained relatively stable, with just a modest increase. In contrast, c-Si module installations have been on a steady rise thanks to falling costs. EIA said that c-Si PV capacity additions were up by 3.8 GW, or 61%, between 2015 and 2016.
California is the US leader in terms of utility-scale solar capacity with 5 GW of c-Si PV and 3.5 GW of thin films in 2016. North Carolina, ranking second, had 2.1 GW of c-Si and 0.3 GW of thin-film solar capacity. Nevada, meanwhile, is the only state in the top 10 with more utility-scale solar parks using thin-film solar than c-Si modules.
The falling prices of c-Si solar over the last several years, especially of imports from Asia, provoked a Section 201 petition in the spring of 2017, in which Suniva Inc called for relief against solar imports from all geographic sources. The US International Trade Commission (ITC) after several months of investigation and hearings proposed measures to protect domestic c-Si PV manufacturers. A decision by President Donald Trump is expected by mid-January.
Choose your newsletter by Renewables Now. Join for free! |
River turbine to be tested in France from April 2018 | Irish company DesignPro has started building a 25 kW hydrokinetic river turbine that will be tested for a year at the Seeneoh test site on the Garonne river in Bordeaux, France, from April 2018. A 60 kW machine is scheduled to start testing in July 2018 at a yet-to-be-selected site. The turbine is based on technology licensed from another Irish firm, GKinetic Energy. The systems consist of two vertical axis turbines attached to a buoyant vessel, which is shaped so as to accelerate the water flow into the turbines. To date, only 5% of the potential 200 GW of potential energy from hydrokinetic systems in rivers has been exploited, said DesignPro.
| https://www.renewablesnow.com/news/interview-irish-company-preps-to-test-25-kw-river-turbine-in-france-594626/ | 2017-12-17 15:00:15.047000 | Irish company DesignPro Ltd has started building a 25-kW hydrokinetic river turbine that will be tested for a year in France and sales head Roisin Mc Cormack tells Renewables Now that the market potential for such devices is significant and untapped.
The custom machine builder recently announced that it has selected the Seeneoh test site on the Garonne river in Bordeaux, France to trial the device. The turbine is expected to be completed in March 2018 and to be deployed at the French test facility in April 2018.
West Limerick, Ireland-based DesignPro is working to bring to market small-scale turbines of up to 100 kW for use in rivers and estuaries. Earlier in 2017 it secured EU funding for a EUR-2.7-million (USD 3.2m) project whose objective is the commercialisation of two devices, of 25 kW and 60 kW. The larger machine is scheduled to start testing in July 2018 at a yet-to-be-selected site.
The turbines are based on technology developed by another Irish firm, GKinetic Energy Ltd. The two companies started their relationship in 2014 when GKinetic was looking for a machine builder to construct a prototype. They signed a licence agreement in 2016 that gave DesignPro the rights to commercialise turbines of up to 100 kW. GKinetic kept rights for larger devices and for tidal/ocean applications. DesignPro, which is solely focused on the river devices, tells Renewables Now that GKinetic is currently exploring partners, sites and opportunities for the deployment of a 250-kW tidal device.
The GKinetic technology consists of two vertical axis turbines attached to a buoyant vessel, which is shaped so as to accelerate the water flow into the turbines. The device is deployed by means of anchoring in the flow.
The turbines that DesignPro is to commercialise are aimed at the niche market of hydrokinetic generation for rivers, canals and estuaries.
"Within the booming renewable sector, the niche area of hydrokinetic generation specifically for rivers, canals and estuaries is still relatively new and the resource itself is for the most part untapped," said Sales and Marketing Manager Roisin Mc Cormack.
The world's technically feasible river hydro potential for hydrokinetic devices is estimated at 200 GW. According to the company, only 5% of this potential has been exploited to date.
"Our key target customers are those living in remote areas and communities who currently have a poor electricity supply but do have a great river or estuary resource nearby. Our solution could provide energy security and independence to these end users by supplying reliable and predictable energy," Roisin Mc Cormack added.
(EUR 1 = USD 1.183)
Choose your newsletter by Renewables Now. Join for free! |
Quantum process extracts current from solar cells more efficiently | A quantum-mechanical process developed by scientists at Japan’s RIKEN Center for Emergent Matter Science has been shown to extract current from solar cells more efficiently. Ferroelectric organic molecules have been used to solve the problem of the lack of "inversion" symmetry displayed by many semiconductor materials by spontaneously separating their positive and negative charges. | https://www.pv-magazine.com/2017/12/12/japanese-scientists-use-organic-ferroelectric-to-extract-more-current-from-solar-cells/ | 2017-12-17 14:53:21.243000 | A group of scientists at Japan’s RIKEN Center for Emergent Matter Science is developing a new quantum-mechanical process to extract current from solar cells in a more efficient way.
The researchers have used ferroelectric organic molecules to solve the problem of the lack of ‘inversion’ symmetry of several semiconductor materials, as these spontaneously separate their positive and negative charges; a task that oxide ferroelectrics cannot achieve, because their atoms are flipped about the center of the repeating unit.
For the latter, light-induced transitions of charges to excited states become unbalanced and, as a result, a ‘shift current’ along a specific crystal direction is created. “This shift current propagates rapidly and with less energy loss than a current generated by applying an electric field. But shift currents usually generate insufficient photovoltaic power for practical uses,” the research team said.
The scientists have developed an organic ferroelectric with strong quantum polarization to explore its shift-current capabilities. According to them, this is made of alternately stacked tetrathiafulvalene (TTF) and p-chloranil (CA) aromatic rings. It undergoes instantaneous charge separation when cooled to around −200 degrees Celsius, and is particularly sensitive to sunlight.
Popular content
“Most ferroelectric materials need light with energy in the ultraviolet region to excite carriers over a large band gap,” said the project coordinator Masao Nakamura. “With TTF–CA, the band gap is narrow and responds to visible and infrared light, which is really important for applications like solar cells,” he went on to say.
The research group believes that the shift-current effects in TTF–CA are so sizeable, that they can be used as a technology platform to transfer this photoelectric conversion in next-generation PV devices. |
Distributed solar could power 10% of UK rail network: Imperial | Solar PV could start directly powering the UK rail network from 2020, according to research from Imperial College and climate charity 10:10. The Renewable Traction Power project would plug solar panels into trackside substations, where trains can directly use the generated electricity. By using direct current rail systems, the electricity generated would not have to be converted to AC, saving around £4.5m ($6m) a year. A first wave of six to 10 solar traction farms could be community-owned and built, supported by 27-year power purchase agreements at a similar price to current contracts, the study showed.
| https://www.pv-magazine.com/2017/12/12/solar-pv-powered-trains-gaining-traction/ | 2017-12-17 14:40:32.350000 | In the U.K., Imperial College and 10:10 have released a report detailing how British rail could be powered by solar PV by 2020, thus saving roughly £4.5 million (around US$6 million) annually. Community-owned models are an attractive option, they say.
With specially designed power electronics, the two explain how PV can be directly connected to electrified railways to supply one tenth of the energy needed to power trains, without connecting to the grid.
Using technology developed by 10:10 earlier this year, the Renewable Traction Power project will plug track-side solar panels into trackside substations, where trains can directly use the generated electricity.
By using direct current rail systems, the electricity generated through the traction power would not have to be converted to AC, thus saving around £4.5 million a year.
Imperial and 10:10 further outline how solar traction power is both technically feasible and commercially attractive under today’s market conditions, with the scheme being potentially operational by 2020.
Demand for traction power from railways is said to be increasing. Railway operators could be supplied with track-connected solar that is both lower cost and much cleaner than grid-supplied electricity. This could result in reduced fares for customers, says the report.
Analyses by Imperial and 10:10 indicate that a first wave of six to 10 solar traction farms could be community-owned and built, with backing from secure, 27 year PPA’s that would supply Network Rail with electricity at a price per kWh equal to the price they currently pay today under their supply contracts.
Solar traction is set to be initially deployed on the London Underground, with 6% of the energy demand covered by solar-power. Following this, 15% of the train networks across Kent, East Sussex and West Sussex could be powered by track-connected solar PV arrays and, in the north of England, 20% of the Merseyrail network in Liverpool.
Popular content
However, as the report outlines, there is potential for solar traction power in other countries, like India, which is aggressively deploying solar PV throughout the country and has 25,000 km of rail, which could benefit from it; and Spain, which already has a large solar PV installation base, and 7,000 km of rail, could also expand its PV portfolio by employing solar for its railways.
Switzerland considers solar powered trains
In related solar train news, the Swiss South Eastern Railway AG (SOB) has commissioned a feasibility study from Swiss CMT AG, with the aim of reducing its energy requirements and operating costs.
It found that solar PV is “well-suited” for installation on the roofs train stations, hall roofs, and the soundproofed walls along railway lines.
Initial focus was placed upon PV on the roofs’ of the trains themselves. However, results concluded that the net energy production by the modules remained below the expectations of the engineers, while pollution and space constrictions also had a negative impact. As such, they were not deemed economically feasible.
“Even though it is hardly possible to cover the electricity demand of a whole train with its own solar roof, we wanted to know more about it,” said CMT CEO Marcel Schubinger. |
'Nano grass' increases transmission of light to solar cells | Scientists from the University of Pittsburgh have created a glass surface with an etched nano structure that scatters the light entering the glass, allowing for up to 95% light transmittance to the solar cell beneath. The nanostructure, which is described as looking "much like grass", scatters light, making the glass appear hazy. The glass can be switched from hazy to clear by applying water to the surface.
| https://www.pv-magazine.com/2017/12/15/researchers-develop-grass-like-light-scattering-nano-structure-for-solar-glass/ | 2017-12-17 14:08:39.487000 | Researchers at the University of Pittsburgh’s Swanson School Engineering have been working on new types of glass to improve solar module’s light capturing ability. They developed a nanostructure, which is described as looking ‘much like grass’, which has the effect of scattering light as it falls on to a solar cell placed beneath, whilst making the glass appear hazy.
In research published in the journal Optica, the glass was etched with ‘nanograss’ structures of between 0.8 and 8.5 microns in height, with the ‘blades’ each measuring a few hundred nanometers in diameter. The team found that a height of 4.5 micron’s gave the best balance of 96% transmittance and 96.2% haze, based on testing with yellow light (550nm wavelength).
Another important feature of the glass, which could have broad commercial applications in PV and other areas, is that it can be switched from hazy to clear, simply by applying water to the surface. This was a serendipitous discover made by the team, as it worked on nanostructures for solar glass.
“I was cleaning the new nanograss glass when I discovered that cleaning it with water made the glass become clear,” said project lead Sajad Haghanifar. “The water goes between the extremely hydrophilic nanostructures, making the nanograss glass act like a flat substrate. Because water has a very similar index of refraction to the glass, the light goes straight through it. When the water is removed, light hits the scattering nanostructures, making the glass appear hazy.”
Popular content
Effects of the switchable opacity on the glass’s usefulness in solar applications are not discussed in the current research, however it could also be used in LEDs, as well as for ‘smart windows’ that switch from hazy to clear. While manufacturing costs are yet to be investigated, the team expects that the glass will be cheaper to produce than current smart window solutions, which use the application of voltage to switch from hazy to clear.
The team will now conduct durability tests on the glass, and is also investigating its potential self-cleaning properties – evidence that application in solar panels is still the main focus. “Self-cleaning glass is very useful,” explains Haghanifar, “because it prevents the need for robotic or manual removal of dust and debris that would reduce the efficiency of solar panels.” |
World's largest floating solar farm begins operations in China | A 150 MW floating solar PV project in eastern China has been partially connected to the grid with the the reminder to be hooked up in May 2018, according to developer Three Gorges New Energy, a unit of Three Gorges Corporation, which owns the world's largest hydropower system. Construction of the CNY1bn ($151m) project, located in Panji District, Huainan City, started in July and sits on water from a coal mining subsidence area. | https://www.pv-tech.org/news/worlds-largest-floating-solar-plant-comes-partially-online-in-china | 2017-12-17 13:54:08.237000 | China-based firm Three Gorges New Energy, a subsidiary of Three Gorges Corporation, has partially connected a 150MW floating PV project to the grid in eastern China, with the remaining capacity to be connected in May 2018.
The CNY1 billion (US$151 million) project, located in Panji District, Huainan City, joins a host of other world-beating solar projects being developed in Anhui Province. PV Tech reported over the summer that Chinese inverter specialist Sungrow was also set to build its own 150MW floating plant in this region.
The Three Gorges project, on which construction started in July, uses the water surface from a coal mining subsidence area. It also involves the employment of many locals in both O&M and construction services.
A Three Gorges release said the project requires tax payments of CNY25 million per year to the local government to help it transform the wealth-making ability of the area from underground in mines to overground with solar – naming this transformation “black to green”.
Floating solar benefits from not requiring land acquisition and it can see improved yield through the cooling effect of the water body on the panels and cables, particularly in hot climates. It also reduces water evaporation and the growth of algae.
The previous largest floating project of 40MW was built by Sungrow also in Anhui Province. Chinese firm CECEC is also constructing a 70MW projects in the same region of China.
Last month, Indonesian power company PT Pembangkitan Jawa-Bali (PT PJB), a subsidiary of state utility PLN, and the UAE's Masdar signed an agreement to develop the world’s largest floating solar project with a capacity of 200MW in Indonesia.
Korean firm Hanwha Group also announced it had won a bid to construst a 100MW floating solar plant in South Korea to supply enough energy for 140,000 people. |
Solar and wind have lowest lifecycle CO2 emissions | Solar and wind energy produce about 10 grams of CO2 equivalent per kWh over the life of their operation, comapred with 100 grams for electricity produced using fossil fuels with carbon capture and storage, according to a study published in Nature Energy. The study was conducted by combining simulations based on integrated energy-economy-climate models that evaluate cost-optimal long-term strategies to meet climate targets with lifecycle assessment approaches. | https://www.pv-tech.org/news/new-study-transition-to-solar-energy-can-be-reached-with-low-indirect-green | 2017-12-17 13:46:09.260000 | A comprehensive new study conducted by an international team of scientists and published in the journal Nature Energy sheds light on the various low-carbon technologies and how they differ when it comes to indirect greenhouse gas emissions in their life cycle.
Despite what some critics have noted, the study revealed that both PV and wind energy are much more favorable when it comes to low life-cycle emissions. The study also notes that ramping up both solar and wind energy would generate only modest indirect greenhouse gas emissions – which would not not delay the transformation towards a climate-friendly power system.
The study’s lead author Michaja Pehl noted: “Both fossil and non-fossil power technologies still come with a certain amount of greenhouse gas emissions within their life cycle – on the one hand because it needs energy to construct and operate them, on the other hand because of methane emissions, e.g. from coal and gas production.
“However, we found there are substantial differences across technologies regarding their greenhouse gas balance. Electricity production from biomass, coal, gas and hydropower for instance induces much higher indirect greenhouse gas emissions than nuclear electricity, or wind and solar-based power supply.”
The study was conducted by combining simulations based on integrated energy-economy-climate models that evaluate cost-optimal long-term strategies to meet climate targets with life-cycle assessment approaches.
Upon further analysis, the study found that fossil power plants equipped with carbon capture and sequestration (CCS) will be responsible for for life-cycle emissions of around 100 grams of CO 2 -equivalents per kWh of electricity produced. That is 10 times more than the around 10 grams of CO 2 -equivalents for wind and solar power.
Edgar Hertwich, an industrial ecologist from Yale University who co-authored the study, added: “When it comes to life cycle greenhouse gas emissions, wind and solar energy provide a much better greenhouse gas balance than fossil-based low carbon technologies, because they do not require additional energy for the production and transport of fuels, and the technologies themselves can be produced to a large extend with decarbonized electricity.” |
International ETFs more popular in US than domestic counterparts | US investors have shown a preference for exchange-traded funds (ETFs) focused on international equities, despite the absence of any significant volatility or pullbacks in the US stock market. International equity ETFs have been the most popular product category this year, according to OppenheimerFunds, attracting $136.8bn compared with $120.7bn for US-oriented funds.
| https://www.marketwatch.com/story/despite-wall-street-records-etf-investors-favor-foreign-funds-2017-12-15 | 2017-12-17 10:03:05.673000 | Exchange-traded funds saw record-breaking growth in 2017, but despite the dozens of records set by the U.S. stock market—along with a near-total absence of volatility or pullbacks—investors showed more interest in opportunities offered abroad.
According to OppenheimerFunds, which cited data from Morningstar, international equity ETFs were the most popular fund category of the year, in terms of inflows.
About $136.78 billion has flowed into such products in the year through November, eclipsing the $120.7 billion that went into U.S. funds over the same period.
Chart courtesy OppenheimerFunds
The preference comes at a time when overseas stocks are seen as offering both higher levels of growth and cheaper valuations than the U.S., which is the world’s most-expensive market by one calculation.
Related:Why strong earnings aren’t just a U.S. story
Of course, U.S. stock-based ETFs were still in high demand, even if they were the runner up to international funds. About $120.7 billion went into the category over the year, followed by the $105.6 billion that went into taxable bond ETFs.
Also: Why investors are shrugging off high valuations in stocks
The most popular fund of the year was the iShares Core S&P 500 ETF IVV, +0.18% , which had $31.7 billion in 2017 inflows. That was followed by the iShares Core MSCI EAFE ETF IEFA, +0.22% , which had $20 billion in inflows. EAFE covers developed markets outside the U.S. and Canada; it stands for Europe, Australasia and Far East.
That fund was followed by the Vanguard FTSE Developed Markets ETF VEA, +0.15% ($16.4 billion) and the iShares Core MSCI Emerging Markets ETF IEMG, +0.15% ($15.7 billion). Of the top 10 most popular U.S.-listed equity funds, according to an analysis of FactSet data, six of them tracked non-U. S. indexes.
Overall, ETF inflows have topped $400 billion thus far this year, “an annual inflow record for the category and representing a 16.3% lift from the January 1 market cap of $2.5 trillion,” wrote David Mazza, head of ETF investment strategy at OppenheimerFunds.
The fourth-most popular fund category in 2017 was sector-based equity funds, which saw a total of $35.3 billion in inflows.
While the technology sector saw the biggest gain over the year—the Technology Select Sector SPDR ETF XLK, +1.05% is up 33.6% in 2017—it came in second behind financials in terms of inflows. The financial sector, as measured by the Financial Select Sector SPDR ETF XLF, -0.35% , is up 20.1% year-to-date; financial-sector ETFs had about $10 billion in inflows. Both the health-care and the consumer discretionary sectors also outperformed financials, though they lagged behind when it came to ETF flows.
Chart courtesy OppenheimerFunds
Flows in and out of the financial sector will likely be more volatile than that of other sectors, when measured on absolute-dollar terms, as the sector is the largest in terms of ETF assets. The financial SPDR fund, the largest to track the sector, has $33.1 billion in assets, according to FactSet. The tech SPDR, the second largest, only has $19 billion in assets. |
Robo-adviser plans 'invest after reading' service | Belgium-based robo-adviser Swanest has entered into a partnership with media company Mediafin to enable customers to invest in firms they read about in some of Belgium's largest business publications, reported Damian Fantato in FT Adviser.
| https://www.ftadviser.com/your-industry/2017/12/14/robo-adviser-plans-invest-after-reading-tool/ | 2017-12-17 09:52:03.247000 | A robo-adviser has partnered with a media group to provide an online investment tool based on algorithms to readers of business media.
Swanest, which was started in Belgium in late 2014, is designed to help investors make better decisions when investing.
Aimed at readers of business and financial news, it has entered into a partnership with Mediafin, the publisher of Belgium's leading business newspapers De Tijd and L'Echo.
It allows individuals to build a portfolio investing in companies they have read articles about by linking through to the robo-adviser in the news pieces.
Silvan Schumacher, chief executive of Swanest, said: "Traditional robo-advisers sell pre-made model portfolios, which is very similar to what financial advisers or banks do.
"However, investors often want to build their very own investment strategies. This ability to build, analyze and manage portfolios, consisting of any stocks, ETFs or funds, is what makes us unique."
Swanest decided to focus on partnering with business media rather than banks or asset managers because it wanted to avoid conflicts of interest.
Mr Schumacher said: "We’ve been approached by several banks, asset managers and brokers for partnerships. However, our mission has always been to empower investors and remain independent in the guidance we provide.
"Quality publishers share the same values."
The company has said its product is still in development and will unveil its pricing closer to when this is released but has pledged it will be "transparent, fair and without any conflict of interest".
But the service would allow readers of a story about a company to find out how its stock is performing and how risky it is. They would also be able to build a portfolio and monitor it.
damian.fantato@ft.com |
Florida gas utility to help customers turn waste into renewables | Natural gas utility TECO Peoples Gas, based in Florida, aims to enable industrial customers to capture and sell waste biogas. The Emera subsidiary has won the full backing of Florida's Public Service Commission to clean or condition byproduct gases from customers, such as landfills. TECO will also allow that gas to be transported via its pipelines.
| https://renewablesnow.com/news/florida-gas-utility-to-help-customers-make-renewable-natural-gas-594469/ | 2017-12-15 16:53:53.677000 | Florida natural gas utility TECO Peoples Gas expects to launch a new service next year that will allow certain customers, such as landfills, to create renewable natural gas from waste.
The company, a subsidiary of Canada-based Emera Inc (TSE:EMA), on Tuesday secured unanimous approval for the new service from the Florida Public Service Commission.
Renewable natural gas is produced from organic waste, such as gases generated by landfills or water treatment plants. After cleaning or conditioning it is ready for injection into Peoples Gas' pipeline. With the new service the utility will be able to clean or condition a customer's biogas, while customers will be allowed to transport their renewable natural gas using Peoples Gas' pipeline in some circumstances.
"We are excited to be the first utility in Florida – and among the first in the country – to offer this innovative new service," said Peoples Gas president TJ Szelistowski. "This is a win for the environment, a win for our customers, and a win for the communities we serve," Szelistowski added.
Choose your newsletter by Renewables Now. Join for free! |
GE Aviation begins testing alcohol-to-jet fuel from Gevo | Jet engines vendor GE Aviation, a subsidiary of General Electric, has initiated trials of a jet engine combustor component with US biofuels business Gevo's renewable alcohol-to-jet fuel (ATJ). The trial is being carried out as part of the Continuous Lower Energy, Emissions and Noise (CLEEN) programme from the Federal Aviation Authority (FAA), and is aimed at facilitating the replacement of petroleum-based jet fuel with environmentally friendly options. | https://renewablesnow.com/news/ge-aviation-starts-testing-bio-based-jet-fuel-from-gevo-594154/ | 2017-12-15 16:46:35.197000 | Jet engines provider GE Aviation, part of General Electric Co (NYSE:GE), has started jet engine combustor component testing with Gevo's renewable alcohol-to-jet fuel (ATJ), the US biofuels firm said today.
The jet fuel being tested is comprised 100% of Gevo's ATJ. The trial is part of a programme of the Federal Aviation Authority (FAA), the Continuous Lower Energy, Emissions and Noise (CLEEN) programme, and is aimed at enabling greater displacement of petroleum-based jet fuel by bio-based alternative products.
"Efforts such as this one are expected to help accelerate the transition from petroleum-based fuels to more environmentally friendly ones," said Gurhan Andac, engineering leader, aviation fuels and additives at GE Aviation.
According to Gevo's chief executive Patrick Gruber the future is to replace the whole barrel of oil with bio-based hydrocarbons.
The biofuels firm says its ATJ has the potential to improve performance by providing greater energy density which translates into better mileage.
Choose your newsletter by Renewables Now. Join for free! |
Facebook plans to promote videos more prominently in News Feed | Facebook will emphasise video content and optimise video ads within its News Feed feature as the social media giant looks to compete directly with YouTube. Users will see more video content tailored according to what other content they've engaged with. Other changes will see pre-roll advertising tested within Facebook's new Watch tab; the banning of ads in videos shorter than three minutes; and, the insertion of ads into the post popular Live Videos.
| http://mobilemarketingmagazine.com/facebook-updates-ad-policy-to-prioritise-video | 2017-12-15 15:27:48.760000 | Facebook has announced plans to promote videos more prominently inside its News Feed, using the central feature of its main app to build more interest in the original video content it has created and compete more directly with YouTube. As part of the plans, it will also change the kind of advertisements that run in videos on its network.
Among the ad changes that the social network has announced is the introduction of pre-roll advertising, which is being tested in environments where users “intentionally go to watch videos”, such as its recently-added Watch tab. The introduction of pre-roll is part of the company’s plans to make its platforms more appealing to video creators, who have so far overwhelmingly used channels like Google’s YouTube and Twitter’s now-defunct Vine.
The changes to the News Feed will mean that users are more likely to see videos that Facebook thinks they want to watch, based on pages they have liked and behavioural data from the site, for example presenting new episodes of shows if users have watched earlier episodes.
“Today, the majority of video discovery and watch time happens in News Feed,” said Maria Angelidou-Smith, product management director at Facebook in a blog post announcing the changes. “News Feed provides a great opportunity for publishers and creators to reach their audience, drive discovery, and start to build deeper connections for their content.
“While News Feed will remain a powerful place for publishers and creators to grow and connect with their audience, over time we expect more repeat viewing and engagement to happen in places like Watch. The Discover tab in Watch will also prioritise shows that people come back to. As new shows build audiences, places like Watch are well suited for people to predictably catch up on the latest episodes and content from their favourite publishers and creators, and engage in a richer social viewing experience.”
Among the other changes announced in the post were that Facebook will no longer allow ads in the middle of videos unless they are at least three minutes long, which the company hopes will encourage companies and creators to produce longer content, and that only pages with more than 50,000 followers will be able to insert ads into Live Videos, to ensure that advertisers can be guaranteed a substantial audience and the videos meet Facebook’s Content Guidelines for Monetisation. |
Business Insider to launch Spanish-language site before new year | Business Insider looks set to continue its overseas expansion with the opening of a new Spanish-language site. The site will hold 13 editorial staffers and 14 sales employees. Business Insider plans for one-third of the site's features to be original Spanish-language content, while the remainder will be translated from the US and UK sites. VP of international at Business Insider, Roddy Salazar, said he hopes the move will open the door to a new Latin American audience.
| https://digiday.com/media/inside-business-insiders-new-spanish-operation/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171215 | 2017-12-15 15:04:48.800000 | While some publishers are slowing their global expansion pace, Business Insider remains bullish about its growth overseas. The publisher has moved aggressively into Europe in the last three years, launching seven local-language sites. Next up: Spain.
Business Insider will launch a Spanish-language site before the end of this month. The publisher has been able to extend its global footprint quickly by partnering with local publishers that understand BI’s specific style and tone. In Spain, BI’s partner will be its own parent company’s Axel Springer España.
BI Spain will have 13 editorial staffers, including Axel Springer España staffers and freelancers, and 14 sales employees — three of whom will be devoted to BI and the rest from Axel Springer España, which publishes magazines in the motor, technology and entertainment sectors, including Auto Bild, Top Gear and Computer Hoy. Upday, Axel Springer’s news aggregator app that comes installed on Samsung phones, is also included in the portfolio.
The editorial staff won’t be starting from scratch. BI attracts an average of 200,000 to 300,000 monthly visitors from Spain to the English-language version of the site, according to Roddy Salazar, BI’s vp of international. The publisher has learned from experience that once it adds locally sourced, original content in the local language into the mix, that traffic figure multiplies by 10, Salazar said. He hopes the launch of the Spanish site will open the door to a Latin American audience, which would make it likely that the publisher invests there. As it stands, South Africa is next in line for a site launch.
The plan is for a minimum of a third of all content to be original for the Spanish site, and then translate other stories created by its U.S. and U.K. sites that are relevant to the market. Axel Springer España has a well-established video production team, so that will also be a big focus for BI’s Spanish edition, according to Salazar.
Translating articles remains an arduously slow, manual task for many publishers, including BI. The publisher is exploring new ways to speed up translation efforts across its international titles.
BI has partnered with local publishers in each European market it expands to: Bonnier Media in the Nordics, Prisma Media in France, GEDI Gruppo Editoriale in Italy, Grupa Onet in Poland and Finanzen (also part of Axel Springer) in Germany. Salazar is meticulous about how he picks partners, choosing those who not only understand what BI is about as a brand but can prove agility in their own operations. “There is no cookie-cutter approach; each one is very different,” said Salazar.
Business Insider’s international audience is larger than its domestic one, meaning the publisher is still pursuing overseas growth. As many digital media publishers have learned the hard way, building an large audience isn’t always matched with big revenue. Added to that, for U.S. publishers in particular, launching in European markets is tougher than it may appear. Budgets are far smaller than in the U.S. and fragmented across different markets, which can be a barrier for publishers hoping to tap pan-Europe budgets. Salazar admitted that international revenue is not yet reflective of the size of its audience, but he believes it will be in time.
BI has addressed the thorny issue of tackling market-fragmented budgets by creating a European sales network, run by BI’s 12-person London sales team. This network allows clients to run the same campaign in the markets BI operates in, in local languages. Adding Spanish-language inventory to the mix helps complete the offering, according to Salazar. “This consolidates our European footprint into a really attractive package,” he said. “Spain was the last key market in Europe for us to be a part of this pan-regional product.” |
Microsoft enhances Bing search engine with AI | Microsoft has made a number of enhancements to its search engine, Bing, by incorporating artificial intelligence (AI) technology to provide more nuanced answers to search queries. The new features include displaying multiple viewpoints on issues, rather than giving them simple answers. The company has also announced a new partnership with social media platform Reddit to make use of content generated by its Ask Me Anything (AMA) sessions. The development is aimed at helping Bing handle more complicated questions from users.
| https://www.rappler.com/technology/news/191374-microsoft-bing-search-ai-reddit | 2017-12-15 14:12:44.463000 | The new features aim to add more nuance to answers given on search queries
MANILA, Philippines – Microsoft announced Wednesday, December 13 (December 14, Manila time) it was adding some new features to its Bing search engine. These include incorporation of its artificial intelligence (AI) research to provide smarter answers to search queries, as well as a partnership with Reddit.
The AI research aims to provide better nuance to search query answers. The features rolling out today, Microsoft said, include intelligent search, conversational search and intelligent image search.
In terms of adding nuance, one of the advancements they’re touting is a new capability to find multiple viewpoints on a search query.
For instance, asking Bing, “Is cholesterol bad?” brings up different perspectives – so you can apply the searched information depending on your particular situation – rather than a black and white answer.
“We want to be able to find the answers and the results that are the most comprehensive, the most relevant and the most trustworthy,” Microsoft corporate vice president for AI products Jordi Ribas said.
“Often people are seeking answers that go beyond something that is a mathematical equation. We want to be able to frame those opinions and articulate them in a way that’s also balanced and objective,” Ribas added.
Along with AI improvements comes a partnership with Reddit to integrate content from crowdsourced Ask Me Anything sessions (AMAs) and other posts from Reddit communities within Bing search results.
While Reddit can help Bing provide detailed answers to specialized questions, Reddit co-founder Alexis Ohanian meanwhile said Microsoft complements Reddit with its ability to quantify and analyze the Reddit dataset to deliver useful information through search results on Bing.
Speaking of the power of Bing and Reddit, he said, “We can actually handle complicated, nuanced questions.” – Rappler.com |
Curisium wins funding to develop blockchain for medical payments | Following a $3.5m seed fund investment, blockchain start-up Curisium has announced plans to develop its blockchain platform for healthcare payments. Curisium's platform uses blockchain technology to enable payers, providers and life science companies to engage in value-based contracts for patients. The investors from this round included Flare Capital Partners, New Enterprise Associates and Green Bay Ventures. Curisium CEO Peter Kim said he hopes to further encourage healthcare stakeholders toward alternative payment methods by using blockchain to get around implementation obstacles caused by "costly logistics, lack of trust and difficulty verifying patient-level outcomes".
| http://www.healthcareitnews.com/news/blockchain-startup-curisium-raises-35-million-focus-healthcare | 2017-12-15 14:10:19.580000 | Curisium announced that it has raised $3.5 million in seed financing to advance its blockchain platform for healthcare.
With nearly one-third of the payments in the $2.7 trillion U.S. healthcare market already tied to some form of alternative payment model, the company said it will use the investment to advance its technology.
The Curisium platform deploys blockchain and secure computation technologies to allow payers, providers and life science companies to engage in patient-centric value-based contracts.
[Also: Blockchain beyond EHRs: Transforming value-based payment, precision medicine, patient-centric care]
Healthcare organizations and innovative upstarts initially saw big promise in blockchain’s interoperability, privacy and security, even the the possibility of transforming electronic health record software because the digital ledger technology can, in theory, grant patients more control over their own medical data. And more recently proponents have been saying it could also be used in the pharmacy supply chain to establish a chain-of-custody log that would make it harder for substandard and fraudulent drugs to make their way to market.
Those same characteristics enable similar opportunities for value-based care.
"Payers, providers, and life science companies are increasingly entering into various forms of innovative contracts," said Peter Kim, co-founder and CEO of Curisium. "However, effective implementation today is hampered by costly logistics, lack of trust, and difficulty verifying patient-level outcomes."
[Also: The next big thing in pharmacy supply chain: Blockchain]
Curisium investors in this round include Flare Capital Partners, New Enterprise Associates, Shuttle Fund, Sanofi Ventures and Green Bay Ventures.
Flare Capital co-founder Bill Geary said that by enabling outcome verification at the individual level, the technology could be a foundation for more innovative contracting in the future.
Greg Papadopoulos, venture partner at NEA and former CTO of Sun Microsystems, said it breaks down silos in healthcare with “unique cryptographic guarantees” around its data access.
Papadopoulos and Sanofi chief data officer Milind Kamkolkar joined Curisium's inaugural Industry Advisory Board while Geary and Mohamad Makhzoumi of NEA joined the Curisium board of directors.
Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com |
Minimum price would raise cost of 70% of alcoholic drinks: IFS | Minimum pricing per unit of alcohol would raise costs of most alcoholic drinks, according to research by the Institute for Fiscal Studies (IFS). A cost of 50p per unit, which is currently being considered by the Scottish government ahead of its introduction of a minimum price in May, would increase the price of 70% of alcohol purchased in shops. Average price increases would be 35%, but the cost of cheap lagers ciders could rise by 44% and 90% respectively. The IFS stated that there was a “strong case” for revising alcohol duties rather than introducing a minimum price.
| https://www.ifs.org.uk/publications/10253 | 2017-12-15 12:56:09.280000 | Following a recent judgment, the UK Supreme Court confirmed that Scottish Government legislation for a minimum unit price for alcohol is lawful. The Scottish Government plans to introduce the measure on 1 May 2018. Meanwhile, the Welsh National Assembly is considering introducing a minimum unit price for alcohol. In this briefing note, we provide evidence on the likely impact of this type of reform.
The aim of adopting a minimum unit price is to reduce the prevalence of harmful and hazardous drinking. Estimates of the precise magnitude of the social costs of drinking vary, but are invariably high. The Scottish Government cites a study by researchers at the University of York that suggests that the total annual costs of alcohol misuse in Scotland are equivalent to around £900 per adult and the Welsh National Assembly cites research by the University of Sheffield that estimates that the overall cost to society of alcohol misuse in Wales is £15.3 billion over 20 years.
A minimum unit price would make it unlawful to sell alcohol below a price that is based on the alcoholic content of the product. The Scottish Government’s favoured rate is 50 pence per unit of alcohol (a unit is 10ml of pure alcohol). In this briefing note, we show that this would have a substantial impact on off-trade alcohol prices. During the period October 2015 to September 2016, 68% of off-trade alcohol units sold in Britain were priced below the proposed floor, with the average price of these products over 20% below the floor, at around 39 pence per unit. These numbers are similar across Scotland, Wales and England.
The effectiveness of the policy will depend on whether it successfully targets heavy drinkers and how they change their behaviour in response. We provide evidence that heavy drinkers do tend to buy cheap alcohol. This suggests a minimum unit price may well be reasonably well targeted at this group. However, the impact of the policy will depend crucially on the price sensitivity of different types of drinkers, i.e. how much less alcohol they consume in response to a rise in price. We also show that heavier drinkers tend to buy stronger alcohol, suggesting that redesign of the current system of alcohol excise duties could also help target problem drinkers. Tax reform is likely to avoid the main drawback of minimum unit pricing, which is that it boosts the profits of the alcohol industry. |
Persimmon chairman resigns over £800m bonus scheme | The chairman of UK housebuilder Persimmon, Nicholas Wrigley, has resigned over his role in a bonus scheme believed to be the largest ever awarded in the UK. The scheme will begin paying over £800m ($1.1bn) to 150 senior staff on New Year’s Eve and will include a £128m bonus for company CEO Jeff Fairburn. Wrigley has expressed regret that he did not cap the widely criticised scheme. Persimmon’s share price more than doubled after the introduction of the government’s help to buy programme in 2013. Jonathan Davie, chairman of the company’s remuneration committee, has also resigned.
| https://www.theguardian.com/business/2017/dec/15/persimmon-chair-resigns-chief-executive-obscene-bonus | 2017-12-15 12:30:58.767000 | The chair of housebuilding firm Persimmon has resigned over his role in orchestrating a £100m-plus bonus for the company’s chief executive, as critics accused the firm of benefiting from the taxpayer-backed help-to-buy scheme.
The huge share award worth around £110m was attacked by politicians, charities and corporate governance experts, who described it as “obscene”, “corporate looting” and a reward based on “taxpayer subsidies”. Persimmon is one of the biggest beneficiaries of the government’s help-to-buy programme, which has lifted sales and boosted house prices across the UK.
Nicholas Wrigley, the company’s chair and a former banker, said he regretted not capping the company’s bonus scheme and was leaving “in recognition of this omission”. The scheme, believed to be Britain’s most generous ever bonus payout, will give more than £500m to 150 senior staff, including the award to the chief executive, Jeff Fairburn.
The Guardian understands Wrigley had put pressure on Fairburn to donate some of his bonus to charity, although Persimmon declined to comment.
The payouts, in company shares that can then be cashed in, are linked to the FTSE 100 company’s dividend payments and stock market performance, which has been significantly boosted by the help-to-buy scheme. Under help to buy, the Treasury provides a loan worth 20% of the value of a property, although the buyer must also provide a 5% deposit from their own funds. The programme has provided a significant boost to property developers’ sales since George Osborne introduced it in 2013.
Persimmon’s share price has more than doubled since help to buy launched in April 2013. About half of Persimmon homes sold last year were to help-to-buy recipients, meaning government money helped finance the sales.
Vince Cable, the leader of the Liberal Democrats, told the Guardian that the “scale of this bonus is obscene” and built on a “government subsidy”.
“It is reminiscent of the worst excesses of corporate greed that helped to create the financial crisis, when short-termism was heavily incentivised and long-term planning ignored,” he said.
Nicholas Wrigley. Photograph: Persimmon/PA
“This is also a perverse situation where a corporate fortune has been built on what is essentially a government subsidy in help to buy. This situation shows just why help to buy is so flawed: it fuels demand rather than supply, putting house prices even further out of reach of young people, while adding zeros to the bank balances of housebuilding executives.”
Fairburn is due to collect the first £50m worth of bonus shares on 31 December. The scheme, which is based on the level of dividend returned to shareholders, was meant to take 10 years to pay out, but the company has accelerated dividend payments.
This means Fairburn, other executives and more than 100 middle managers are likely to collect all of the bonus shares by July 2018, far ahead of the 2021 schedule. Fairburn’s tranche of shares was worth £128m based on Friday night’s closing share price, but he is likely to take home about £110m once he has paid the option prices on the shares.
John Hunter, the chair of the UK Shareholder Association, which represents small investors, said the bonus scheme was “completely ridiculous” and was based solely on the dividend payments.
“Any bloody fool can pay dividends – it’s just paying them their own money. The scheme is doing the opposite of what it is meant to do – incentivise performance and retention,” Hunter said.
“How does this incentivise people when they’re all sitting on fortunes? If you’re a manager and you’re getting millions you would retire on the spot.”
Hunter said Persimmon had defended the scheme, which was approved by 85% of investors in 2012, as a reflection of the company’s strong performance and the billions of pounds it had returned to investors through dividends.
“It has done brilliantly well – with our money,” he said. “Help to buy has been almost a licence to print money – our money. These bonuses are being subsided by us.”
He added: “I don’t blame directors for putting their hands in an open cookie jar – they are only human. The question here is how this scheme ever got approved.”
Jonathan Davie, Persimmon’s senior independent director and chair of the remuneration committee, which sets company pay, also resigned on Thursday.
“Nicholas and Jonathan recognise that the 2012 LTIP [long-term incentive plan] could have included a cap,” the company said in a statement. “In recognition of this omission, they have therefore tendered their resignations.”
Davie resigned with immediate effect. Wrigley will stay on until his successor has been appointed.
“Since 2012, when the capital return plan strategy was launched and the 2012 LTIP was approved by shareholders, the company has made substantial cash returns to shareholders at the same time as increasing the size of the business and delivering significant shareholder value,” Persimmon said in a statement to the stock market.
“Persimmon has delivered an increase in the number of new homes supplied of over 65%, invested £2.9bn in new land, returned 485p per share (£1.5bn) in cash and increased the proposed capital return by 49% to 925p per share, about £2.85bn.”
Royal London Asset Management (RLAM), one of the company’s shareholders, said Fairburn should volunteer to forego some of the bonus or make a sizeable donation to charity.
“Whilst we hold the remaining senior management team in high regard, we would ask that the CEO and the remaining members of the pay committee acknowledge their errors and correct them,” Ashley Hamilton Claxton, RLAM’s head of responsible investment, said. “One of the options the CEO could consider would be taking a voluntary reduction, or donating some of the money.”
Garry White, the chief investment commentator at the stockbroker Charles Stanley, said: “The size of these bonuses means management could easily be accused of corporate looting, so shareholders have every right to be unimpressed.” |
Mutual funds will become 'legacy products', predicts ETF provider | White-label exchange-traded fund provider HANetf has argued mutual funds are likely to be considered "legacy products" within 15 years, as ETFs rise in popularity. HANetf CEO Hector McNeil describes ETFs as representing the "digitisation" of the mutual fund industry and, in the near future, "active managers will either move to launch new ETFs, or they will merge mutual funds into ETFs, or at least have more characteristics of them". According to ETF industry consultancy ETFGI, assets invested in Europe-listed ETFs amounted to $789bn, an increase of 37.9% from the end of 2016.
| https://www.etfstrategy.co.uk/etfs-will-relegate-mutual-funds-to-legacy-products-says-hanetfs-mcneil-40234/ | 2017-12-15 10:54:26.873000 | Factor Investing Strategy Briefing - Thursday 29th June 2023 - The Connaught, Mayfair. Please join us for our annual smart beta and factor investing event, featuring Goldman Sachs Asset Management, FlexShares, First Trust, MSCI and WisdomTree. Please register now if you would like to attend.
Mutual funds will become legacy products within 15 years, with ETF assets in Europe set to treble within the next decade, according to Hector McNeil, chief executive of new white-label ETF provider HANetf.
While market share for passive assets in Europe has reached approximately 15%, the trend towards passive management continues with ETFs leading the charge. According to latest data from London-based ETF industry consultant ETFGI, Europe-listed ETFs have gathered $107 billion in net inflows this year (as of the end of November). Assets invested in Europe-listed ETFs now amount to $789bn, representing an increase of 37.9% from the end of 2016.
“While total assets in passive funds may be relatively low at the moment, we think that, with fees falling and a regulatory backdrop that is conducive to growth, ETFs’ market share could be north of 35% within 5-10 years,” said McNeil. “Crucially, if you look at the numbers now, in the US the majority of new money already goes into ETFs, and Europe is following suit. If this continues – and we think it will – mutual funds could well find themselves consigned to the ‘legacy’ bucket within 15 years.”
McNeil says that while mutual funds will continue to exist in the future, ETFs represent the “digitisation” of the mutual fund industry, with a new generation of investors embracing them as part of a wider technological shift.
“ETFs, far more than traditional mutual funds, are attractive to the next generation of savers and investors who will do everything via their mobile phone and are used to transacting immediately for every product,” he said. “Many new solutions such as robo-advice are also taking a ‘passives-only’ approach when building propositions and we believe active managers will either move to launch new ETFs, or they will merge mutual funds into ETFs, or at least have more characteristics of them.”
McNeil launched HANetf earlier this year alongside partner Nik Bienkowski. The firm provides a turnkey solution for the growing number of US and Asian ETF issuers and traditional asset managers seeking to enter the ETF market in Europe, through a platform which offers services including product development, compliance, operations, capital markets, sales, marketing and distribution. |
TIAA-owned robo-adviser launches middle-office automation tool | US business-to-business robo-adviser MyVest has introduced a service allowing clients to outsource middle-office functions, such as daily trade reconciliation, corporate actions processing and cash management. MyVest, which is owned by retirement-focused financial services provider TIAA, said the system will make reporting and billing easier for advisory clients and facilitate expansion of middle-office functions. The introduction of the service comes at a time when the investment management industry is focusing on ways of automating advisers' workflow.
| http://www.investmentnews.com/article/20171213/FREE/171219959/tiaa-owned-robo-myvest-automates-middle-office-tasks | 2017-12-15 10:52:19.090000 | MyVest, the business-to-business robo-adviser owned by TIAA, has a new technology suite to digitize common middle-office tasks.
The update brings automated daily reconciliation to MyVest’s enterprise wealth management platform, Strategic Portfolio System (SPS). This is integrated with the same database that powers SPS’s core functions like trading, performance measurement, reporting and billing.
“In an environment where margins are under constant strain, improving operational efficiency is imperative,” MyVest CEO Anton Honikman said in a statement. “Our goal is to help firms dramatically scale their middle-office operations, and the best way to do that is by enabling efficiency and risk reduction through digital tools.”
He added that automating daily trade reconciliation, corporate actions processing and cash management “allow us to accurately calculate daily performance, which in turn makes the production of reporting and billing easier compared to those who rely on a monthly or quarterly fire drill.”
GROWING TREND
The launch is part of a growing trend in wealth management to automate adviser workflows.
Kyle Tuskey, the chief operating officer of Deep Systems, a firm that provides operational and IT services, said there’s increasing demand from firms of all sizes for automation of middle-office tasks. Mr. Tuskey said advisers react to news headlines like regulatory changes and robo-advisers by bolting on technology vendors, creating a “hodgepodge solution that are not really fit for the problem they are solving” rather than something integrated.
“Custodians are going to solve their portion of the problem … in the back-office side, sure,” Mr. Tuskey said. “On a full operational level, I don’t think they’re there.”
Sam McIngvale, head of innovation at Apex Clearing, said MyVest’s offering continues an industry trend that firms like Apex already support by providing outsourcing services to advisers. However, Mr. McIngvale said, Apex does not offer middle-office outsourcing.
BUDDING PARTNERSHIP
TIAA partnered with MyVest in 2009 on investment and tax management services before acquiring the technology in 2016 to develop digital advice and financial planning products across TIAA’s products, including banking and retirement plans. In June, TIAA introduced a robo-adviser powered by MyVest to offer clients automated access to active, passive and socially responsible mutual funds and exchange-traded funds.
The New York attorney general subpoenaed TIAA in November following a whistleblower complaint alleging the 100-year-old firm pressured employees to sell unsuitable products. A spokesperson for MyVest said the technology provider operates as an individual entity and is not involved in the case.
MyVest also works with large RIAs like Personal Capital, which uses MyVest technology to power a hybrid robo-adviser with $4.3 billion of assets under management as of May 2017. Personal Capital did not respond to questions asking if it would use the new automated middle-office features.
(More: 5 robo-advisers with the most client assets.) |
Oscar Health offers customers personalised concierge service | Health insurance start-up Oscar plans to give all its customers access to a "concierge" service advising them on their healthcare choices. Customers will be able to contact a team of one nurse and three clinicians that will have detailed knowledge of local healthcare networks, enabling them to offer advice and make referrals. Oscar says 70% of its customer base has interacted with a concierge team, adding the service can help save money in out-of-network costs.
| http://uk.businessinsider.com/oscar-health-offers-concierge-care-to-members-2017-12 | 2017-12-15 10:21:25.037000 | Oscar Health, the $2.7 billion health insurance startup, wants to have all of its members using concierge medical care in 2018.
The plan to create 'Concierge for All' relies on teams of nurses and other healthcare professionals who work with Oscar to help you navigate everything from insurance benefits to questions about your health.
It's something people often spend tens of thousands of dollars on every year in addition to their traditional insurance.
Oscar Health, the health insurance startup, is giving all of its members access to a team of healthcare professionals they can turn to for help navigating their healthcare.
The service is what's known as concierge care, and it might seem like a foreign concept to most Americans who struggle navigating the often complex and frustrating healthcare market. But such personalized care often comes at a high cost. Some 'boutique' or high-end concierge services can cost as much as $40,000 a year per family, on top of the insurance premiums that family pays.
Oscar is trying to change that. The $2.7 billion health-insurance startup is making a big push to make concierge care the centerpiece of their members' healthcare experience, with all its members using it.
Here's how it works
Oscar members are assigned a personalized concierge team of one nurse and three clinicians with specialized knowledge of the patient's local healthcare networks. The idea is that teams with localized knowledge will be better informed when making recommendations and referrals.
Those healthcare professionals can answer any questions you have about your insurance benefits, or about that strange bump on your neck, help the member get a prescription or a referral to a specialist.
While Oscar members don't physically meet with their teams, they can contact them over the phone or through secure messaging on the company's mobile app.
Concierge nurses will also be able to initiate contact with their patients with the help of clinical dashboards , which collect claims records and other data about the patients' medical history to give nurses more context on a person's health than what they might otherwise learn from electronic health records.
What the inbox in the Oscar app looks like when members interact with their concierge teams. Oscar Health
"One of the things that we are able to do because we have a lot of data is to flag to care teams the suspected conditions that members may have in our clinical dashboard and say 'hey, you really should go in and see a doctor. We think you might have something and you should get some medication for it,'" Chelsea Cooper, Oscar's Senior Vice President of Member & Strategy Operations, told Business Insider. "And that’s something we’re able to do because we’re a tech company."
Since launching its concierge services in full earlier this year, Oscar says 70% of its roughly 90,000 members have interacted with a concierge team, although those who engaged had an average of only three interactions. The company says concierge care has even helped its members save money on out-of-network costs.
Now Oscar is trying to universalize the service with a "Concierge for All" campaign to encourage 100% of its members to start using it next year.
"We think healthcare is very personal and that these changes really matter," Cooper said. "You want to know the [concierge team] so that you can trust them and take their recommendations about which doctor to go to and whether you should go to the ER or an urgent care facility. We try to build that connection."
Surviving as the market shifts
Dr. Winslow Murdoch of West Chester, PA, examines a patient, Joseph Balinski, at his concierge practice in 2005. Bradley C. Bower/AP
The future of American healthcare has taken on new dimensions over the last year as President Donald Trump and Republicans in Congress attempt to repeal Obamacare. But Oscar keeps pushing forward.
Earlier this year, Oscar announced it would start offering health insurance plans alongside the Cleveland Clinic in Ohio for the first time. In 2018, it plans to expand coverage from three states to six.
Despite its optimism, Oscar is not immune to the financial challenges of the turbulent healthcare market.
Last month, Oscar reported a $96 million third quarter loss across the three states where it currently sells coverage, according to Forbes. Although it was an improvement from the same quarter in 2016, it was in line with a continuing losses the company has experienced since its founding in 2012.
But Oscar's chief technology officer Alan Warren told Business Insider in June that such challenges, including the political debate over healthcare in Washington, will ultimately do little to deter the company from carrying out its mission. When the Trump administration slashed Obamacare advertising funding by 90% earlier this year, for example, Oscar ratcheted up its own advertising campaign in New York just in time for the most recent open enrollment period, which ends on Friday. |
Canadian drivers are 'not fans' of telematics | Motor insurance brokers in Canada are telling underwriters that their customers don't like being monitored by telematics devices while driving, according to Carol Jardine, the chief strategy officer at Wawanesa Insurance, who said "our customers are not fans of telematics". She added that drivers were also concerned about data privacy. Telematics data can be used to offer safer drivers discounts on their insurance rates, with insurers like Desjardins General Insurance offering less risky customers reductions of up to 25% on their premiums. However, Ontario regulators do not allow more risky driving behaviour to attract higher premiums.
| https://www.canadianunderwriter.ca/insurance/lots-people-dont-like-telematics-insurer-reports-1004125142/ | 2017-12-15 10:19:28.247000 | Opportunities for “broker-driven” usage-based auto insurance are likely to be down the road, but brokers are telling a large Canadian mutual that their insurance customers don’t want their insurers monitoring how they use their vehicles.
“Our brokers are advising us that our customers are not fans of telematics,” Wawanesa chief strategy officer Carol Jardine told Canadian Underwriter this week.
Insurers using telematics to determine auto rates include The Co-operators Group Ltd., Canadian Automobile Association (CAA)’s club in south central Ontario, Intact Financial Corp. and Desjardins General Insurance Group.
Some insurers monitor the times their customers drive, along with total distance driven and behaviour such as sudden acceleration and hard braking. Ontario’s regulator allows carriers to offer discounts for low-risk behaviours, but does not let carriers raise rates for risky behaviours.
“Our customers that buy from our brokers do not wish to have a telematics device installed in their car,” Jardine said. “Whether they are concerned about privacy, or monitoring of their driving behaviour, lots of people don’t like telematics and our brokers are telling us that the customers who like telematics are not the customers of our brokers.”
IBAO announced in 2013 that it was teaming up with Ingenie Canada to roll out telematics in Ontario, underwritten by Aviva. But in 2016, IBAO president Traci Boland said the association was no longer offering it.
“I just don’t think the marketplace was at the right position for that product at the time,” IBAO CEO Colin Simpson told Canadian Underwriter in a recent interview. “I think it was the right thing to do at the time because it brought a lot of attention to the use of data, the role of the broker, but as technology advances, then you really need to be a specialist in that field to be able to be effective at it.”
It is unlikely IBAO will launch a similar program, Simpson added.
“The IBAO is not skilled to implement something like that,” he said of telematics. “I am sure there are going to be opportunities for broker-driven solutions to be put in the marketplace. Whether IBAO drives that, I don’t know.”
Using telematics “could conceivably” reduce claims costs, A.M. Best Company Inc. associate director Raymond Thomson told Canadian Underwriter recently.
But the Financial Services Commission says there are “no studies or reviews that provide actuarial evidence to quantify” the effectiveness of telematics in Ontario.
Desjardins lets vehicle owners save up to 25% on their premium. CAA also offers discounts, advising drivers to they can get a higher discount if they avoid speeding, avoid driving between 12:00 a.m. and 4:00 a.m. and driver fewer than 12,000 km a year. |
China's CITIC to take over New Zealand skincare firm Trilogy | Chinese conglomerate CITIC is to buy all shares in New Zealand skincare company Trilogy at NZD2.90 a share, valuing Trilogy at NZD250m ($175m). "CITIC Capital will bring added capability necessary to build our brands on a truly global scale, better serve our customers and consumers, and provide new career opportunities for our people," said Trilogy's CEO, Angela Buglass. Trinity's directors have said they will vote unanimously to recommend shareholders accept the deal.
| http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11960238 | 2017-12-15 07:11:51.077000 | Angela Buglass, chief executive of Trilogy International. Photo / Supplied
China's biggest conglomerate, CITIC, said it planned to buy all the shares in NZX-listed skincare company Trilogy, at $2.90 a share, valuing the company at $250 million.
CITIC Capital China Partners, a buyout fund managed by the private equity arm of CITIC Capital Holdings, said it had entered into a scheme implementation agreement with Trilogy.
The offer price represents a 27.8 per cent premium to Trilogy's last closing share price and a 28.1 per cent premium to the three-month volume weighted average share price.
Trilogy's directors intend to unanimously recommend to all shareholders that they vote in favour of the scheme, including its largest shareholder, The Business Bakery, which holds 31.2 per cent, CITIC said.
Hanxi Zhao, senior managing director of CITIC Capital, said CITIC Capital wanted to boost Trilogy's global growth.
"Trilogy owns very strong brands in its respective beauty and lifestyle sectors, including Trilogy, Goodness, Lanocreme and ECOYA," she said.
"Its flagship brand, Trilogy, is a leading premium brand in the natural skincare space and has been highly recognised by skincare experts, celebrities and consumers all over the world," Zhao said.
Angela Buglass, Trilogy's chief executive said:
"CITIC Capital will bring added capability necessary to build our brands on a truly global scale, better serve our customers and consumers, and provide new career opportunities for our people," said in a statement.
"To have inbound private investment from a private equity firm to take us to the next level is super exciting. We've told the team today, and effectively from a day-to-day operations point of view there is no change apart from our investors going from one large group of shareholders to one major shareholder."
Trilogy's chairman Grant Baker said:
"The board strongly encourages shareholders to exercise their right to vote either in person or by proxy, and to seek independent advice as necessary."
"As the owners of TIL, by voting, shareholders can have their say in determining the future of their investment in TIL. The vote of every single shareholder counts in order to reach the required thresholds," Baker said in a note posted to the NZX.
A shareholder meeting over the deal will be held in March.
Trilogy shares have been on a rollercoaster ride over the last two years, topping out at $4.92 in August last year. The stock jumped 21 per cent to $2.75 in trading this afternoon. |
China subtly wooing next generation of African elites from home | In the past China sent emissaries to promote its brand of communism to Africa. In a change of tactics, it now invites thousands of political leaders, bureaucrats, students and businesspeople to China for training and exchanges. Beijing has hosted such events for decades but over the past 10 years has intensified the programme. It's seen as useful in cementing political and business ties, helps develop local African economies and fosters sympathetic sentiment towards China among the continent's next generation of elites.
| https://qz.com/1119447/china-is-training-africas-next-generation-of-leaders/?mc_cid=c46f568007&mc_eid=a37072368a | 2017-12-15 07:04:48.490000 | Juba, South Sudan
Anthony Kpandu took a delegation from his party, the Sudan People’s Liberation Movement (SPLM), to China last year to train with the Chinese Communist Party (CCP). Kpandu is in charge of special working groups at the general secretariat for the SPLM, the liberation movement turned government party that helped South Sudan gain independence from Sudan in 2011. Wearing a button that says, “I love SPLM,” a paisley tie, and a loose tan jacket, he reminisces about his trip to China in detail, down to every day’s itinerary.
Advertisement
They visited the Central Party school in Beijing, toured industrial zones, drank various types of green tea, and walked part of the Great Wall. Kpandu’s favorite part was Shanghai, with its glittery commercial district, Pudong, high-speed Maglev train, and sprawling airport. “It was magnificent. You can’t believe it, but it’s there. I’ve never seen anything like it,” he says from his office in Juba.
In the 1970s, China actively tried to export its communist revolution to Africa, one of Beijing’s few diplomatic engagements at the time. Now, Beijing is promoting a more subtle movement: support for China and and its model of development. Instead of relying on Chinese emissaries in African countries, Beijing is bringing thousands of African leaders, bureaucrats, students, and business people to China.
It’s a campaign that achieves several goals at once. The trips help solidify political and business ties between China and its partners on the continent. Like other development partners, China gets to help build capacity in African countries. Most importantly these exchanges cultivate partners on the continent who are more likely to be sympathetic to China and its way of doing things.
China has been hosting these trainings and exchanges in Africa since as far back as the 1950s when it first established diplomatic ties with Egypt. Over the past decade, the trainings have grown in both volume and profile. Kenya’s Jubilee party, created before the country’s contentious election this year, received trainings from the Chinese Communist Party in China. The Ethiopian People’s Revolutionary Democratic Front also takes inspiration from the the CCP while South Africa’s African National Congress regularly attends workshops in China and has modeled some of its party trainings on the CCP.
Advertisement
China is particularly interested in the next generation of African elites. Last year, Beijing announced it would invite 1,000 young African politicians for trainings in China, after hosting more than 200 between 2011 and 2015. Thousands of African students are pursuing undergraduate and graduate degrees in China on scholarship programs funded by Beijing. As of this year, more Anglophone African students study in China than the United States or the United Kingdom, their traditional destinations of choice.
Chinese officials are quick to say these scholarships and trainings are not an attempt to remake Africa in its own image. In theme with China’s self-avowed policy of noninterference, Beijing likes to stress that it does not tell its partners what to do.
“We’re not saying the Chinese model should be copied but to share lessons. It’s to give them the concepts so that they can adapt and find their own solutions,” says Zhang Yi, China’s economic attache in Juba.
Advertisement
“When you go to China they will not be talking about democracy.”
But South Sudan, the world’s youngest country, may be particularly impressionable. It is still developing its government institutions and political system, amid a four-year civil war that has split the former liberation party into several factions. China, which has major oil interests in the country, was one of the first countries to recognize South Sudan and remains engaged with the country, with 2,600 peacekeepers and more than 100 Chinese businesses and investors.
“The SPLM seems to believe that given shared experience in historical struggle against imperialism and colonialism, there are much similarity and common ground between SPLM and the [Chinese Communist Party’s] origins,” says Yun Sun, a fellow at Brookings Institution who has written about party to party exchanges between China and African countries.
“It does raise the question what kind of political future South Sudan faces as a result. If we do believe in the universality and desirability of the democratic system, the model represented by the Chinese experience and its popularity may not be the most encouraging,” she says.
Advertisement
Hundreds of South Sudanese government officials, business people, and students, attend training or schooling in China, every year. Delegations from the SPLM in Juba travel to China several times a year to study with the communist party. Bureaucrats from the government’s ministries of culture, transport, health and more go every month for trainings. Even before South Sudan became an official state, officials were hosted in China to attend workshops on poverty alleviation, managing public opinion, and building a party.
China has given at least 4,100 scholarships and training programs to South Sudanese students and officials since 2011, when the young country was established. In August, China pledged to offer at least 240 more scholarships. The China-South Sudan Friendship Association, headed by a former foreign minister and partly sponsored by the Chinese embassy, embeds South Sudanese business people with Chinese companies.
South Sudanese and Chinese officials like to say they are learning from each other, sharing experiences from one former liberation movement to another. Both the Chinese Communist Party and the SPLA grew out of armed guerrilla movements. The SPLM fought for decades for independence from the north. The party also has its roots in socialism, identifying first with the Soviet Union during the Cold War. After the fall of the Soviet Union, the SPLM turned to the United States as an ally but even today, SPLM officials still use the title “comrade.”
Advertisement
But that’s where the similarities end. The Chinese communist party transformed itself into a government that maintains one-party rule over a country that is mostly one ethnicity, Han Chinese. In contrast, the SPLM in Juba is locked in a civil war with splinter parties, divided by region and ethnicity in a country home to more than 60 ethnic groups.
Zhang, China’s economic attaché to Juba, believes some aspects of China’s model of government could help South Sudan, for instance, a stronger central government. “There’s no history of a centralized government in the past, which means there’s no process of nationalism. So the people, they still stay grouped by tribe.”
But not all lessons from China should be learned. Under Xi Jinping, China has tightened its stranglehold over civil society. South Sudan is already familiar with some of these tactics. Local journalists are intimidated into silence or killed.
Advertisement
“When you go to China they will not be talking about democracy,” says Samson Wasara, vice chancellor at the University of Bahr el Ghazel in Wau state, where he says as many as 300 graduate students are pursuing degrees in China. “In 10 years time, one of [these students] will be the leader of South Sudan.”
Wasara fears the SPLM already sees the Chinese communist party as its role model, a trend that he sees replicated across the continent. ”Most Africans are switching from the West to China,” he says. He worries that China will become South Sudan’s main role model. The United States and other Western powers supported South Sudan’s bid for independence and are still involved in aid and mediation efforts in the country today. “It will be a disaster for us, especially for those who know the value of human rights, democracy, free speech,” Wasara says.
That may already be happening. The SPLM is at least taking inspiration from the CCP. Kpandu says he reads from his copy of Concise History of the Chinese Communist Party every day. He wants to establish a youth arm of the SPLM, modeled after the Communist Youth League of China. After reading about Mao Zedong’s famous declaration that women “hold up half the sky,” he has pledged to recruit more women into the party.
Advertisement
“China has been an example to us. We will always look up to them,” he says from his office at the General Secretariat for the SPLM. The secretariat manages the day to day operations of the party, and he is preparing an SPLM training on code of conduct and party structure.
Kpandu says South Sudan won’t copy everything from China, claiming that South Sudan won’t be a one-party state. President Silva Kir, head of the SPLM in Juba, is pushing for an election in 2018 despite warnings from the United Nations that a legitimate election is near impossible and risks causing more violence. Others say that African elites and students select what lessons they choose to take from China’s example.
“The young Africans are not robots and tabula rasa such that the Chinese will just stuff them with whatever they want. The students will take the best of China and leave the bad there in China and go back to Africa,” says Adams Bodomo, director of the Global African Diaspora Studies Research Platform and professor of African studies at the University of Vienna.
The exchanges and scholarships may be more about inspiring admiration and sympathy than emulation. Others who have attended diplomatic trainings say the teaching is basic — how to shake hands or how to sit with a senior dignitary. (If you’re the host, the dignitary should be to your right.)
Advertisement
A South Sudanese diplomat who spent a month in China for a training of diplomats said his trip was mostly focused on showing off China’s achievements. He was taken to visit villages built from scratch, well-run rural hospitals.
“When we went they told us a lot of stuff about China itself and China’s industrialization. It’s more about public relations,” he says, asking not to be named because he was not authorized to speak to media.
This public relations campaign is at least partly working. The so-called China model is gaining traction across the African continent. According to an Afrobarometer survey last year of 56,000 people in 36 African countries, 30% of respondents said the United States was a better model for development, compared 24% who ranked China first. In Southern Africa, North Africa, and Central Africa, China was on par or ahead of the US.
Advertisement
On his trip to China, Kpandu was also impressed with the surveillance. He visited a police control room in Nanjing and when his group was taken to a special economic zone outside the southern Chinese city, a drone filmed them the entire 72 mile journey.
Back in Juba, he wrote a report recommending his government buy some of these drones to deal with “unknown gunmen,” a moniker that often includes government soldiers themselves known for robbing and attacking civilians in the capital. “We have learned quite a lot from the CCP,” he says. |
BP's upgraded supercomputer is world's fastest commercial machine | BP has more than doubled the total computing power of its Center for High-Performance Computing (CHPC) in Houston, creating the most powerful supercomputer in the world for commercial research. The extra muscle will reduce the time needed to analyse large amounts of seismic data to support exploration, appraisal and development plans as well as other research and technology developments throughout the company. BP has used the machine to achieve breakthroughs in advanced seismic imaging and rock physics research that help with reservoir modelling. Its downstream business also uses the supercomputer for fluid dynamic research. | https://www.oilfieldtechnology.com/digital-oilfield/14122017/bp-supercomputer-now-worlds-most-powerful-for-commercial-research/ | 2017-12-15 00:00:38.550000 | BP has announced that it has more than doubled the total computing power of its Center for High-Performance Computing (CHPC) in Houston, making it the most powerful supercomputer in the world for commercial research.
Increased computing power, speed and storage reduce the time needed to analyse large amounts of seismic data to support exploration, appraisal and development plans as well as other research and technology developments throughout BP.
“Our investment in supercomputing is another example of BP leading the way in digital technologies that deliver improved safety, reliability and efficiency across our operations and give us a clear competitive advantage,” said Ahmed Hashmi, BP’s head of upstream technology.
The Center for High-Performance Computing provides critical support to BP's upstream business segment, where it serves as the worldwide hub for research computing. BP’s computer scientists and mathematicians at the CHPC have enabled industry breakthroughs in advanced seismic imaging and rock physics research to help with reservoir modelling.
BP’s downstream business also is using the supercomputer for fluid dynamic research to study hydrocarbon flows at refineries and pipelines to improve operational safety.
Working with Hewlett Packard Enterprise and Intel using HPE’s Apollo System and Intel’s Knights Landing processors, the recent upgrade has boosted the processing speed of BP’s supercomputer from 4 petaflops to 9 petaflops. A petaflop of processing speed is one thousand trillion floating point operations, or 'flops,' per second.
The supercomputer has a total memory of 1140 terabytes (1.14 petabytes) and 30 petabytes of storage, the equivalent of over 500 000 iPhones.
“With the expansion and new systems in place, BP will be able to further bolster its capabilities to accurately process and manage vast amounts of seismic data to identify new business opportunities and improve operational efficiency,” said Alain Andreoli, senior vice president and general manager, Data Center Infrastructure Group, Hewlett Packard Enterprise.
Since the CHPC opened in 2013, BP has quadrupled its computing power and doubled its storage capacity and plans to continue expanding its computing capability in 2018. |
UK cardboard recycling could see serious impact from China ban | Cardboard recycling in the UK could be severely affected by new restrictions on waste imports shortly due to take effect in China. China will ban the importation of plastic and mixed paper waste and introduce stricter controls on imported cardboard waste from 1 January 2018. The new controls mean that contamination levels for cardboard with other waste products must be below 0.5%, rather than the current 1.5%. According to the Recycling Association, much of the 3 million tonnes of cardboard exported by the UK to China annually could be rejected under the new regulations.
| https://www.theguardian.com/environment/2017/dec/15/china-waste-clampdown-could-create-uk-cardboard-recycling-chaos-say-industry-experts | 2017-12-15 00:00:00 | Imminent restrictions by the Chinese on importing cardboard from the rest of the world are likely to cause chaos in the UK in the coming weeks, according to a leading recycling expert.
From 1 January, China will impose much stricter quality restrictions on imported cardboard as well as banning the importation of all plastic waste and mixed paper rubbish from all over the world. The move is part of president Xi Jinping’s drive to create a “beautiful China” with a clean environment.
The new quality standards mean cardboard will only be accepted by the Chinese if the material is uncontaminated with other waste products. From January, contamination rates must be below 0.5%, rather than the 1.5% previously applied.
This means cardboard which still contains staples or is contaminated with grit from the warehouse, or contains stray waste products such as tin cans or traces of plastic, could be rejected and sent back on container ships to the UK and other countries of origin.
The UK exports around 3m tonnes of cardboard waste to China each year but some or all of this could be rejected under the new restrictions.
Simon Ellin, of the Recycling Association, says the tighter controls on contamination could mean some or all of the millions of tonnes of cardboard waste exported from the UK to China each year could be rejected and sent back. He appealed for the Chinese to delay implementation of the new standards until other countries were ready.
He spoke as the World Trade Organization ended talks with China over the impending ban with no change to the Chinese position. Ellin said, after discussion with recycling representatives in the US and Europe, it was clear no one was prepared for the new standards. Chinese officials were also unclear about what the new quality standards mean and what waste they could accept, he said.
“The ban and greater restrictions on imports is being implemented too quickly,” said Ellin.
“As much as we in the UK, US and elsewhere do not have enough time to adapt, this is also the case with the Chinese agencies at the other end. This suggests there could be chaos.”
The concern comes on top of huge worries over what will happen to the tens of thousands of tonnes of plastic and paper waste which will be banned from import.
For years China has been the world’s largest importer of recyclable materials, which it uses in its manufacturing industry. In 2016, China imported 7.3m tonnes of waste plastics from developed countries including the UK, the US and Japan.
But Xi’s drive for sustainable development and a cleaner China mean from January, in a campaign against yang laji or “foreign garbage”, plastic waste and mixed paper waste will no longer be accepted.
Ellin said the recycling industry would have to take urgent steps to keep the cardboard as clean as possible, take several pictures of the waste before sending it and be prepared for it all to be sent back.
“We support President Xi’s aim to create a beautiful China by 2035, we welcome it, but we we need more time. We will meet the new standards but we need more time.
“Until we get to the bottom of some of the areas of uncertainty, we are reminding … the recycling sector of the need to keep material exceptionally clean, take more photos than were required previously and be prepared that even this material can be rejected.”
Analysis of customs data by Greenpeace reveals British companies have shipped more than 2.7m tonnes of plastic waste alone to China and Hong Kong since 2012 – two-thirds of the UK’s total waste plastic exports.
Some experts predict the plastic ban will mean British recyclers have to find storage next year for 350,000 tonnes of plastic which needs to be recycled. |
Energy drinks should be banned for under-16s: Action on Sugar | Energy drinks should not be sold to young people under the age of 16, according to the UK campaign group Action on Sugar. The group conducted a study which found that the average sugar content of such drinks exceeded the entire recommended daily maximum for a UK adult. Chef and campaigner Jamie Oliver also called for a ban, along with various teacher organisations. The group also called for the level of caffeine in such products to be reduced, after the study found that 43 different energy drinks each contained as much caffeine as two cups of coffee in one serving.
| https://www.theguardian.com/society/2017/dec/15/ban-sale-of-energy-drinks-to-under-16s-say-experts | 2017-12-15 00:00:00 | Energy drinks should be banned from sale to young people under the age of 16, health experts have warned in light of a study showing they have unacceptably high levels of sugar and caffeine.
The study in the journal BMJ Open analyses the sugar, caffeine and carbohydrate content of energy drinks, which include brands such as Monster and Rockstar as well as supermarket own-brands. In both 2015 and 2017, the average sugar content of the energy drinks was more than the entire recommended daily maximum for an adult in the UK.
The campaigning group Action on Sugar, whose researchers carried out the study, is calling for a ban on sales to under-16s.
“This study illustrates the huge contribution of energy drinks to sugar intake, which is linked to the development of obesity and various types of cancer, as well as type 2 diabetes and rotting our children’s teeth. They are completely inappropriate for children to consume, form no part of a healthy balanced diet, and should be banned for under-16s,” said its chairman, Graham MacGregor, professor of cardiovascular medicine at Queen Mary University of London.
TV chef and food campaigner Jamie Oliver has also called for a ban on sales of energy drinks to children, as have teacher groups.
Energy drinks are marketed for general consumption, rather than for athletes, who are targeted with so-called “sports” drinks. Children and teenagers drink them more than older adults, even though energy drinks with high caffeine levels over 150mg per litre have to carry a warning that they are not recommended for children or pregnant women. The study found that the 43 products carrying such warnings contained the caffeine equivalent of nearly two cups of coffee.
“Since children and teenagers are the main consumers of energy drinks, manufacturers should consider reducing levels of caffeine,” says the study.
That would also help reduce the sugar levels. “The removal of caffeine also allows for the removal of 10.3% of sugar without affecting taste, which has the potential to reduce body weight of adults by 0.6 kg, without any change in sugar-sweetened drinks consumption,” says the paper.
Soft drinks are responsible for 30% of the sugar intake of children aged 4 to 10 and 40% of those aged 11 to 18. Energy drinks were typically sold in 500ml cans and bottles, which is larger than a standard soft drink. In 2015, 86% of products in 2015 exceeded the maximum daily recommendation for sugar intake for a child aged 7–10 years (24 g/day – equivalent to six teaspoons of sugar) and 78% in 2017.
The threat of the sugary soft drinks tax, which the government plans to introduce in April, has led to some reformulation of some of energy drinks to reduce their sugar levels – but only by 10% on drinks that are still very high in sugar. Almost all – 95% – would receive a red label for sugar content under nutritional traffic light warnings. |
Facebook launches new tools as it admits harming mental health | Facebook has admitted in a blog post that its social media platform can damage users’ mental health. Research for the social network suggested that “passively consuming information” can result in people “feeling worse”, but Facebook also suggested that more interaction on the platform could address this problem. The comments came days after former Facebook executive Chamath Palihapitiya claimed that the company was “destroying how society works”. The blog also announced new tools to counter negative effects, including the "Snooze" and "Take A Break" features, supposedly giving users greater control over the material to which they are exposed.
| https://www.theguardian.com/technology/2017/dec/15/facebook-mental-health-psychology-social-media | 2017-12-15 00:00:00 | Facebook has acknowledged that social media use can be bad for users’ mental health, a sign the company is feeling pressure from a growing chorus of critics raising alarms about the platform’s effect on society.
Researchers for the social network admitted in a blogpost Friday that studies have found that spending time on Facebook “passively consuming information” can leave people “feeling worse”, but also argued that part of the solution is to engage and interact more with people on the platform.
The company’s public recognition of some of its platform’s detrimental effects came days after a former Facebook executive made headlines with a speech slamming the corporation, saying: “The short-term, dopamine-driven feedback loops that we have created are destroying how society works. No civil discourse, no cooperation, misinformation, mistruth.”
The blogpost, which also announced new tools meant to mitigate some of the negative experiences on Facebook, came at the end of a year of intense scrutiny and bad press for the company. Facebook has repeatedly been accused of spreading Russian propaganda and fake news, providing a platform and network for white supremacists, enabling hate speech and offensive ads and censoring critics of oppressive governments.
The company’s CEO, Mark Zuckerberg, has asked for forgiveness and claimed his new mission was to “bring the world closer together”.
Studies have repeatedly found that Facebook, Twitter and other social media sites can damage the emotional wellbeing of heavy users, particularly younger people. The new post from Facebook’s director of research, David Ginsberg, and the research scientist Moira Burke painted the literature on the subject as mixed and inconclusive, arguing that Facebook use can also have positive mental health impacts.
Ginsberg and Burke claimed that “actively interacting with people – especially sharing messages, posts and comments with close friends and reminiscing about past interactions – is linked to improvements in well-being”. They cited one study suggesting that students who scrolled through their own Facebook profiles experienced “boosts in self-affirmation” compared with others who looked at strangers’ pages.
The authors, however, also pointed to a study finding that people who clicked on four times as many links as the average person on Facebook reported worse mental health. The blog further acknowledged that reading about others online might lead to “negative social comparison” and that some theorize that the internet takes people away from in-person social engagement.
The post also referenced a psychologist’s claims that mobile phones have redefined modern relationships, making people “alone together”, and another expert’s arguments that an increase in teen depression is linked to technology use.
On Friday, Facebook launched a new feature called Snooze, which allows users to hide a person, page or group for 30 days without having to unfollow or unfriend them: “This will give people more control over their feed and hopefully make their experience more positive.”
The company also unveiled a tool called Take a Break, meant to help users going through break-ups, recognizing that seeing an ex-partner’s social media activities can be emotionally painful. The new feature gives people control over what they can see of their exes on Facebook and what their exes can see on their pages.
“In sum, our research and other academic literature suggests that it’s about how you use social media that matters when it comes to your well-being,” the blog authors wrote, adding a quote from Zuckerberg, saying: “We want the time people spend on Facebook to encourage meaningful social interactions.”
Zuckerberg also claimed last month that he believed “protecting our community is more important than maximizing our profits”.
Facebook, however, has continually prioritized features designed to make the platform addictive and has allowed users to instantaneously purchase harmful ads without scrutiny. The company has also struggled to stop the spread of offensive live videos on the platform, some featuring graphic abuse and violence.
On Thursday, Chamath Palihapitiya, the former executive who criticized the company, walked back his comments, saying: “I genuinely believe that Facebook is a force for good in the world.” |
ING's bond desk to adopt AI tool for faster pricing | ING's bond desk will deploy Katana, a proprietary artificial intelligence tool that provides traders with market analytics, thereby enabling faster pricing when quoting to clients. First testing results of Katana on the emerging markets desk recorded faster pricing for 90% of trades and a 25% reduction in trading costs. The Dutch bank stressed Katana will not replace traders, instead said it will enhance traders’ decision-making abilities. ING said the use of Katana will better equip traders to deal with incoming Mifid II regulations, helping them to manage high trading volumes as the firm shifts to using electronic platforms.
| https://www.thetradenews.com/Asset-Classes/Fixed-income/ING-deploys-AI-to-bond-trading-desk/ | 2017-12-14 17:35:23.453000 | ING is rolling out a new artificial intelligence (AI) powered bond trading tool which has already been used on the firm’s emerging markets desk.
Known as Katana, the tool aims to reduce decision-making time and provide traders with analytics to choose what price to quote when clients buy or sell bonds.
The first results of testing Katana with the emerging markets desk in London saw faster pricing for 90% of trades and a 25% reduction in trading cost.
Santiago Braje, global head of credit trading at ING Wholesale Bank, explained in most AI use cases, there is a narrow focus on automation which restricts the technology to liquid asset classes where the trader is often replaced by the machine.
“With Katana, AI is applied to enhance the traders’ decision-making abilities, allowing them to deploy their natural intuition and expertise in the most effective way. This is a powerful combination,” Braje said.
ING explained Katana will better equip traders for MiFID II by allowing them to manage high volumes of trading and as flow shifts from voice to electronic platforms.
“Our traders stay fully in control, but are now better equipped to give the best quote to our clients every time,” Braje added.
Katana was developed by ING’s financial markets global credit trading team in London alongside the wholesale banking advanced analytics team who will continue to update the tool. |
PayPal sees cash as greatest competition in India | Paypal still views cash as its main rival in India, despite the influx of new digital payment companies, according to a spokesperson. With nearly 85% of transactions still being completed with cash, the company is increasing its efforts in the region to remain a strong contender in a digital payments industry that is predicted to grow to $500bn by 2020. Paypal, along with rivals Paytm, Google, Whatsapp and Hike, is leveraging the Indian government's "Digital India" programme to remain competitive. The firm recently launched two technology Innovation Labs in the country to support fintech startups and promote innovative solutions.
| http://www.thedrum.com/news/2017/12/13/us-the-real-competition-india-cash-says-paypal | 2017-12-14 17:16:46.950000 | Digital transactions have seen a dramatic increase in India in the past year due to push from both government and the private sectors. This has encouraged PayPal to intensify its operations in India.
According to Google-Boston Consulting Group (BCG) study, Indian digital payments industry will grow to $500 billion by 2020, contributing to 15% of GDP.
The Drum spoke with PayPal's spokesperson to find out about its marketing strategy in India. Given that it's not the only one to take advantage of this opportunity, the business will need to stand out from the crowd.
The spokesperson says: "PayPal, with its presence across 200 markets, has a deep understanding of what the end consumer needs. In India, we have observed that both marketing and customer acquisition is driven through a holistic product offering."
"Our focus across the globe is that of becoming a customer champion. In India we are bringing to the consumer a single PayPal account for their domestic and international transactions and enabling digital transactions in a safe and secure manner. We have localized the product for India and will focus on educating consumers, understanding their needs and in the process, empowering them with our world class digital payment solutions. We are focused on building a sustainable model and offering value to our customers via innovative solutions beyond payments with a strong focus on risk and security."
PayPal recently entered into competition with Paytm, Google, Hike and WhatsApp as it added digital payments to its portfolio in India to leverage the government's 'Digital India' initiative.
According to the spokesperson, PayPal entered India with a strong domestic value proposition, and a clear road map to enable the Indian customer to benefit from its global experience and products.
PayPal adds: "We believe the opportunity here is still untapped, with almost 85% of transactions still being in cash. India is in its first phase of digitizing payments. We have been in India for close to a decade, facilitating cross-border transactions. Launching domestic operations in a market where the digital payments opportunity is on a growth trajectory seemed the logical next step."
As to how PayPal keeps up with the competition, the spokesperson replies: "For us, the real competition in India is cash. There has been significant policy impetus and a shift in consumer mind-set towards digital payments but the run way is long."
"Our global technological expertise and experience of managing more than about 218 million active users in over 200 markets is one of our key differentiator. Our strength lies in our platform- scalable two-sided platform and network with customer focused product experiences which is our unmatched USP. We are focussed on enabling digital payments in a safe and secure manner and offer unique value propositions like Buyer and Seller Protection."
PayPal also introduced two technology Innovation Labs in India to promote innovation and nurture fintech startups. The spokesperson says that PayPal considers India to be a hotbed for innovation given its enormous talent pool, evolving startup ecosystem and a diverse spectrum of merchant profiles. PayPal's Innovation Labs were set up as one of the ways to cater to their needs.
"From our Incubator program to Recharge, we are constantly looking for new ways to serve the ecosystem we operate in and we will continue to do this at every step of our journey in India.PayPal is in a unique position such that it is not just an agnostic payments platform. It is also a gateway, a merchant account, a payment method, a digital wallet and a payment processor to both consumers and merchants."
"It is every single one of these things, integrated end-to-end in a platform that delivers more seamless commerce in a hyper-connected world. Given this wide spectrum, we believe we have a lot of opportunities to positively impact the lives of our consumers and stakeholders at different facets of their lives."
PayPal has also partnered with Bookmyshow, Yatra, MakeMyTrip, PVR Cinemas, Firstcry, Vistarooms and Thomas Cook to strengthen its presence within the travel and tourism sector. Creating partnerships is another way the business can gain the attention fo consumers in a market where both cash and competitors are taking up customer mindshare. |
ABB creates microgrid for offshore platform | ABB will install a battery storage system capable of remote management of operations and service on Woodside Petroleum's Goodwyn A platform located about 135 km northwest of Karratha in Western Australia. The 55,000 ton production facility sits in 131 metres of water and combines production, re-injection, utilities and accommodation facilities. ABB’s battery storage system will support Goodwyn A’s existing gas turbine generators, replacing one of the six existing gas turbine generators and will also reduce the need for using the emergency diesel generator. | https://www.oilfieldtechnology.com/offshore-and-subsea/12122017/abb-pioneers-microgrid-solution-for-installation-on-offshore-platform/ | 2017-12-14 15:55:26.297000 | ABB Ability™ enabled microgrid to support Woodside’s efforts to reduce carbon emissions and help optimise costs.
ABB will provide Woodside, Australia’s largest independent oil and gas company, with a PowerStore™ Battery storage system that is capable of remote management of operations and service. The system will be installed on the Goodwyn A platform. This innovative ABB solution will contribute to Woodside’s 2020 goal of reducing carbon emissions and will help lower cost of operations and maintenance.
The Goodwyn A offshore production platform is located about 135 km northwest of Karratha in Western Australia and has been operating since 1995. The 55 000 t production facility is more than 290 meters tall and stands in a water depth of 131 meters. The platform combines production, re-injection, utilities and accommodation facilities. Dry gas and condensate from surrounding reservoirs is transported via a network of pipelines to Goodwyn A and then sent on-shore to the Karratha Gas Plant for processing. Goodwyn A is designed for up to 30 production wells, including five re-injection wells, and has a daily production capacity of up to 36 000 t of gas and 11 000 t of condensate.
ABB’s containerized, plug-and-play ABB Ability PowerStore battery storage system will support Goodwyn A’s existing gas turbine generators. The battery will replace one of the six existing gas turbine generators and will also reduce the need for using the emergency diesel generator. Short term backup will be provided via the new battery energy storage system incorporated within the microgrid, to provide a ‘spinning reserve’. A dedicated ABB Ability Microgrid Plus control system will act as the brain of the solution and it will also be possible to remotely operate the microgrid if the need arises or the platform has to be de-manned for any reason.
“We are pleased to partner with Woodside on pioneering a PowerStore Battery energy solution for offshore oil and gas, which will reduce environmental impact and optimize costs” said Massimo Danieli, head of ABB’s Grid Automation business within the company’s Power Grids division. “Microgrids and energy storage are key focus areas of our Next Level strategy and this innovative solution reinforces ABB’s position as a partner of choice in enabling a stronger, smarter and greener grid.” |
Trusted Freshness launches Canadian vertical farming franchise | A vertical farming facility is opening in Canada as part of the Trusted Freshness franchise. The 37,000 sq ft site in Leduc, western Canada will provide a controlled environment for growing a variety of crops all year round. Local food companies are expected to benefit from the increased availability of produce rather than having to rely on imports from further away. Trusted Freshness provides shared services to its franchisees, including training, distribution and marketing.
| https://www.greenhousecanada.com/news/bumper-crops-via-new-vertical-farming-system-32258 | 2017-12-14 15:52:00.667000 | Dec. 13, 2017, Leduc, Alta. – Western Canada’s grocery and food service industries are eagerly waiting for the final commissioning of Trusted Freshness™ Ltd. Canada’s newest vertical farming enterprise. The 37,000 sq. ft. growing facility in Leduc is going through the final steps before launching its commercial operation.
The Trusted Freshness facility provides a controlled indoor urban environment capable of growing a wide assortment of produce including micro greens, leafy greens and vine crops. Many of the crops can be grown and harvested within a seven to 30-day cycle, providing fresh produce year round.
The local availability of produce ensures that the nutritional benefits of the produce are not reduced by long transportation hauls, which is the case with the produce imported from southwestern U.S. and Mexico.
Advertisement
“Our franchise approach to vertical farming provides our franchisees with tremendous flexibility in how they can operate their business,” says Jim Schroeder, Trusted Freshness CEO and chief marketing officer. “The franchisee may wish to simply invest in a Trusted Freshness vertical farming module and have the management of the unit out-sourced or operate their franchise themselves.”
The Trusted Freshness franchise business model enables investors to operate their individual growing enterprises in a co-located facility, while at the same time taking advantage of shared core services such as hands-on training, germination, packaging, distribution and marketing of their produce.
“The demand for Trusted Freshness produce is significant,” says Schroeder. “Since word got out about our vertical farming facility, we have been approached by numerous groups interested in purchasing our freshly-grown produce. Grocery retailers, the food service industry and even individual chefs are looking for that specific herb or micro-green that will give them an extra advantage in their culinary offering.”
“We are delighted with the continued interest our Trusted Freshness operation is receiving from the local business community, the rest of Canada and other parts of the world,” says Schroeder. “We are already investigating additional locations that would be a great fit for a Trusted Freshness operation.”
“With the world-wide market for vertical farming operations projected to be worth a minimum of $3.88 billion U.S. by 2020, this is certainly the time for entrepreneurs and investors to take a look at a Trusted Freshness franchise,” says Schroeder.
For more information on Trusted Freshness™ Ltd. visit www.trustedfreshness.com or contact Trusted Freshness CEO Jim Schroeder at 780.690.8985, email: jim@trustedfreshness.com |
Brokers warned after Bluefin fined £4m over conflict of interest | Insurance brokers have been warned to check how they are managing potential conflicts of interest, following the £4m ($5.34m) fine issued to Bluefin. The Financial Conduct Authority issued the fine after it found Bluefin had misled customers by recommending policies from its parent company, AXA, without disclosing a financial interest. Brokers at the company were also found to have placed business with preferred companies offering them higher commission. Regulatory expert Jonathan Cavill from law firm Pinsent Masons has warned the case shows other brokers should review how they guard against similar risks and check their procedures are compliant.
| https://www.insurancetimes.co.uk/top-law-firm-gives-advice-to-brokers-amid-gamechanger-bluefin-fine-/1425816.article | 2017-12-14 15:48:34.300000 | Brokers should check their conflicts of interest risks approach in the wake of the Bluefin fine, a top law firm said today.
Pinsent Masons regulatory expert Jonathan Cavill said the Bluefin fine shows conflicts of interest remains a ‘priority area for the FCA’.
He said it is not just brokers owned by a parent who should assess their conflicts.
The full details of the shocking culture that gripped Bluefin have emerged from the FCA’s final notice - and some brokers feel it is a gamechanger which should lead to fees being used instead of commissions.
Subscribers read more Briefing: Bluefin scandal is the tip of the iceberg - Brokers should be worried
“Brokers are often faced with a potentially risky conflict of interest situation; some of these involve the parent who owns it, and some do not,” Cavill said, contentious regulatory expert at international law firm Pinsent Masons.
”The relevance of this fine is not isolated simply to where brokers are owned by an insurer or provide misleading information.
”Coupled with the upcoming rules in the Insurance Distribution Directive on disclosure of broker shareholdings to clients, the fine reinforces the need for brokers to properly assess their conflict of interest risks and ensure that they are on the right side of the line with the regulator.”
According to the FCA final notice reported on by Insurance Times, the regulator highlighted issues Bluefin brokers had placing business with AXA and, importantly, other preferred insurers offering higher commissions.
The FCA found that one broker placed business with a preferred insurer (one that was not AXA) and ’did not consider the transfer was ideal but carried an opportunity for significantly higher commission’.
The Bluefin compliance officer noted that the staff felt ‘under pressure’ and ‘not comfortable’ with the placement.
In the wake of these issues found by the FCA and the Bluefin fine, Cavill pointed to the regulatory documenation brokers must examine in assessing their conflicts.
“The FCA’s rules in SYSC10 and the PRIN Handbook make it clear how firms should be handling conflict of interests,” he said.
”We have seen some fairly substantial conflict of interest fines from the regulator in the last few years - one almost as high as £20,000,000 - but this fine is unique in that the FCA not only found that Bluefin did not manage its conflicts of interest properly, but also, crucially, that it misled customers in the documentation provided to them; Bluefin held itself out as being ‘truly independent’, despite, as the FCA found, knowing the conflict of interest risk.”
The FCA is ramping up pressure on brokers over conflicts issues as it aims to root out rogue brokers such as Bluefin and uncover what is happening in the London market. |
Halliburton introduces drillbit optimised for shale formations | Halliburton released four new drillbits to improve cutting efficiency, including one designed for shale formations. The Geometrix 4D Shaped Cutters include the Chisel Plowed Scribe Cutter for brittle formations such as carbonates; the Chopper Plowed Cylinder Cutter for increased heat dissipation in high energy drilling operations such as shale formations; the Dagger Multi-Plowed Cutter with fluid channels to improve cleaning and prevent plugging around the cutter face; and the Machete Optimised Tip Geometry Cutter for use in formations that require high point loading. | https://www.oilfieldtechnology.com/drilling-and-production/13122017/halliburton-introduces-new-family-of-shaped-cutter-drill-bits/ | 2017-12-14 15:48:29.070000 | Halliburton has announced the release of Geometrix™ 4D Shaped Cutters, a line of four distinct geometric profiles to help improve cutting efficiency and increase control to reduce drilling costs.
GeoMetrix cutters expand the capabilities of traditional polycrystalline diamond materials (PDC) by shaping the cutting structure to optimsze drilling performance for specific applications. Traditional flat cutters generate heat and wear, which slows drilling progress as operators must frequently check or replace damaged bits.
The new line includes Chisel™ Plowed Scribe Cutter for brittle formations such as carbonates; Chopper™ Plowed Cylinder Cutter for increased heat dissipation in high energy drilling operations such as shale formations; Dagger™ Multi-Plowed Cutter with fluid channels to improve cleaning and prevent plugging around the cutter face; and Machete™ Optimised Tip Geometry Cutter for use in formations that require high point loading.
"The launch of Geometrix cutters demonstrates our ability to collaborate with customers and translate knowledge into solutions that can help lower drilling costs," said Scott Regimbald, vice president of the Halliburton Drill Bits and Services business. "Each cutter is tailored for specific applications so operators now have the most complete portfolio to meet their drilling challenges."
In a recent offshore job in Mexico where an operator was drilling a limestone-shale formation, the Geometrix bit doubled the rate of penetration over a 700 m section saving the operator three days of drilling time compared to offset wells. |
Conversational AI company Kasisto secures $17m for expansion | Conversational artificial intelligence (AI) provider Kasisto has raised $17m and entered into a partnership with venture growth-equity fund Oak HC/FT. Kasisto's AI, called KAI, powers bots with financial expertise that allow banks to engage with customers across multiple platforms and promote offers. The company plans to expand the platform and incorporate new features with the proceeds. | https://www.finextra.com/pressarticle/71970/conversational-ai-platform-developer-kasisto-raises-17m | 2017-12-14 15:35:06.700000 | Source: Kasisto
Kasisto, creators of KAI, the leading conversational AI platform for finance, today announced a $17 million Series B funding round led by Oak HC/FT with participation from existing investors Propel Venture Partners, Two Sigma Ventures, Commerce Ventures, Mastercard and Partnership Fund for New York City.
KAI enables financial institutions to acquire new customers as well as engage, support, and generate additional revenue from existing customers via human-like, intelligent conversations with smart-bots and virtual assistants, anytime, anywhere.
The new capital will be used to scale the business to meet the increasing demand for Kasisto’s products in existing and new markets as well as deepen partnerships with existing customers. This new funding will also be invested in expanding the KAI platform to include new AI-powered features and incorporate innovations that continue to deliver both business results and customer engagement and delight.
“This past year has been one of explosive growth across the board – the number of signed deals and deployed customers, our team’s strength and size, and KAI’s feature robustness and readiness for large-scale enterprise deployments,” says Zor Gorelov, CEO and Co-Founder of Kasisto. “There is great momentum going into this investment, especially following the recent signing of major customers including TD Bank and Standard Chartered Bank. We are very excited to partner with Oak HC/FT on this next phase and consider their track record and expertise in the finance sector a significant asset.”
“AI’s adoption in financial services has continued at a rapid pace. This technology serves as a catalyst of change to enhance the sector’s technology and operations entirely,” adds Patricia Kemp, Co-founder & General Partner at Oak HC/FT. “Kasisto has an amazing track record of not only having one of the most proven and comprehensive AI platforms in the industry, but also with their customers – some of the world’s most innovative financial institutions -- that sets them apart. We are excited to partner with Kasisto to continue to drive scale and growth.”
KAI is an enterprise-ready platform that powers bots and virtual assistant with financial expertise, steeped with domain knowledge, so financial institutions can:
Offer entirely new and differentiated experiences to their consumers, designed with the most intuitive user interface: natural human language
Decrease customer care costs by deflecting call center calls and triaging inquiries
Increase lifetime value of customers with contextual and relevant offers for financial products and services
Engage customers and promote brand loyalty with proactive financial well-being features
Meet customers in their preferred channel – mobile, web, messaging or home devices
Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). Kasisto is the 18th investment by Oak HC/FT since launching in June 2014. The fund and its investors contain deep domain experience and are uniquely positioned to provide entrepreneurs and companies with strategic counsel, board-level participation, and access to an extensive network of industry leaders. Ms. Kemp will join the board of Kasisto and Michael Heller will join as a Board Observer. |
Google looks to improve community health with Cityblock start-up | Urban design venture Sidewalk Labs, an Alphabet subsidiary, has launched Cityblock, an urban community health start-up. Cityblock aims to improve health outcomes in poorer urban communities. Co-founder and CEO of Cityblock Health, Iyah Romm, said: "There’s a problem in our cities: whole neighbourhoods are sick. Zip codes are better predictors of health outcomes than biology." Cityblock will focus on providing preventative medicine and keeping healthcare costs down.
| https://techstartups.com/2017/12/13/google-launches-cityblock-a-startup-that-focuses-on-improving-health-in-urban-communities/ | 2017-12-14 15:33:13.003000 | If you think startups are just for young entrepreneurs, then think again. Google’s Sidewalk, a subsidiary of Alphabet, is also getting a piece of the action in startups for urban health. Sidewalk is getting into community health with the launch of Cityblock, a startup focused on reinventing urban health. Cityblock wants to address the health disparity in lower socio-economic urban communities by providing preventive medicine and access to resources. CityBlock is one of Google’s Sidewalk experimental “projects.” Back in October, in its announcement on Medium, the company is also looking into new technologies in “real-world conditions,” that will potentially reduce greenhouse gas emissions by up to two-thirds, shorten commutes by an hour, and slash the cost of living for local residents by as much as 14 percent.
CityBlock believes the current healthcare system is failing many of families in urban communities. Their aim is to build a scalable solution to address the root causes of health for underserved urban populations. In article post on Medium, Iyah Romm, Co-Founder and CEO, Cityblock Health, “There’s a problem in our cities: whole neighborhoods are sick. Zip codes are better predictors of health outcomes than biology. And despite the efforts of many, we have failed to build sustainable, scalable systems that provide high-quality, cost-effective care for populations with complex health needs.” CityBlock wants to improve the health of the underserved populations living in our biggest cities who have continued to have disproportionately poor health outcomes.
According to their website, three trends motivated the idea behind CityBlock:
First, underserved populations living in our biggest cities have continued to have disproportionately poor health outcomes, with interventions coming much later and at a significantly higher cost than for other populations. Second, nearly all innovation efforts have been focused on people with means, despite urgent need in underserved lower-income communities. And finally, the business of healthcare has become increasingly transactional, leaving little room for meaningful relationships between patients and clinicians, driving increased dissatisfaction among both. We set out to challenge this status quo.
You can read more about CityBlock on their website |
Indian space agency develops small rockets for satellite launches | India is planning to launch small rockets to shuttle satellites of up to 500kg into space. India’s space agency, the Indian Space Research Organisation, aims to take advantage of the smaller communication satellites being developed by start-ups that can be launched at a lower cost. The prototype design is for a four-stage rocket weighing approximately 100 tonnes, which has already undergone a feasibility study. The first rocket is likely to be ready within two years, following necessary approvals.
| http://www.hindustantimes.com/india-news/india-developing-small-rocket-to-cash-in-on-small-satellite-boom/story-rrOzdGMevR2abjbwU59cpO.html | 2017-12-14 15:25:35.967000 | With the size of earth observation satellites reducing and the future trend moving towards a constellation of small satellites rather than a large one, India’s space agency is developing a smaller rocket that can carry satellites weighing up to 500 kg, a senior official said. The preliminary design for the proposed four-stage rocket that would weigh around 100 tonnes is ready and its feasibility study has also been conducted.(PTI file for representation)
India currently gets contracts to launch small satellites largely weighing less than 500 kg and a smaller rocket would be sufficient, he added. He also said 2018 will be an eventful year for the Indian space agency with several notable launches being lined up.
“Owing to advancement in technology, the mass of satellites is coming down -- including that of communication satellites. A lot of start-ups are building small satellites and they would like to put one in orbit at a lower cost,” K. Sivan, Director, Vikram Sarabhai Space Centre (VSSC), a part of the Indian Space Research Organisation (ISRO), told IANS.
According to Sivan, the preliminary design for the proposed four-stage rocket that would weigh around 100 tonnes is ready and its feasibility study has also been conducted. Sivan said the first rocket would be ready in two years once the project gets the necessary approvals.
At present, ISRO gets contracts from foreign organisations to carry small satellites. These are largely carried piggy-back whenever India launches a bigger satellite for its own use with the rocket Polar Satellite Launch Vehicle (PSLV).
The PSLV rocket has three variants weighing between 230 tonnes and 320 tonnes, with a carrying capacity ranging between 1,100 kg and 1,900 kg.
Sivan said a smaller rocket will be sufficient to tap the small satellite segment.
Looking forward to 2018, Sivan said it is going to be an eventful year with several launches, including the country’s second Chandrayaan moon mission.
Sivan said ISRO will be launching a Cartosat satellite and several foreign satellites as piggy-back with the PSLV rocket some time in January 2018.
He said the country’s heaviest communication satellite -- the GSAT 11, weighing over five tonnes -- would be launched next year by Arianespace’s Ariane rocket. |
Neste Singapore refinery to boost biofuels production by 1m tons | Neste will increase its production capacity for renewable diesel, renewable aviation fuel and raw materials for various biochemical uses at a refinery in Singapore with the aim of getting the new production line up and running by 2022. The facility will increase capacity by one million tons and will include an enhanced pre-treatment unit in preparation for the use of increasingly poor-quality waste materials. Neste currently has biodiesel production capacity of 2.6 million tons.
| http://www.hydrocarbonprocessing.com/news/2017/12/neste-picks-singapore-for-new-biofuel-refinery | 2017-12-14 15:02:46.077000 | Neste picks Singapore for new biofuel refinery
Neste's Board of Directors has decided that Neste's additional production capacity for renewable diesel, renewable aviation fuel and raw materials for various biochemical uses will be located in Singapore. The decision initiates technical design of the new production line, with the aim of a final investment decision by the end of 2018. If the project proceeds as planned, production at the new production line will begin by 2022.
The new production line will extend Neste's current capacity in the Singapore refinery by one million tons. The growth project includes an enhanced pre-treatment unit in preparation for the use of increasingly poor-quality waste materials.
Neste currently has a renewable diesel production capacity of 2.6 MMt. Of this total, more than 1 MMt is produced in Singapore, the same amount in Rotterdam and the rest in Porvoo, Finland. By eliminating bottlenecks, this total capacity will be increased to 3 MMt by 2020. In addition to producing renewable diesel, the refineries are able to produce renewable aviation fuel and raw materials for various biochemical uses.
Related News
From the Archive |
Daimler, JP Morgan, Samsung get access to IBM's 20-qubit computer | IBM has opened up its new 20 quantum bit (qubit) IBM Q quantum system to JPMorgan Chase, Samsung and Daimler as part of its IBM Q Network. The system will be used for industrial, commercial and scientific quantum computing initiatives. IBM has overtaken its tech giant rivals in quantum development thanks to its prototype 50-qubit processor, although at present only its 20-qubit system is on offer for commercial use.
| http://www.zdnet.com/article/ibms-20-qubit-system-jpmorgan-daimler-samsung-test-quantum-computer/ | 2017-12-14 13:22:50.617000 | IBM is ready to open the doors to the first customers for its commercial quantum-computing services.
JPMorgan Chase, Daimler, and Samsung will be among the first group of businesses to gain access to IBM's new 20 quantum bit (qubit) IBM Q quantum system to help uncover commercial, industrial and scientific quantum computing applications.
While IBM is playing catchup with artificial-intelligence breakthroughs made by Google, Microsoft, and Amazon, it has taken a lead in the race to build a practical quantum computer thanks to its recently demonstrated prototype 50-qubit processor.
The companies joining the IBM Q Network gain access to the 20-qubit system, which is capable of producing qubits with a record 90 microsecond 'coherence', the time a single qubit -- representing both 1 and 0 simultaneously -- survives in this state before dissolving into a conventional bit's single state of either 1 or 0. That means 50 qubits can represent more than one thousand trillion values.
IBM wants to make quantum computing practical for business by offering members of the network access to the 20-qubit system from the cloud. Previously it's offered online access to its five- and 16-qubit systems.
IBM also hopes the collaboration will lead to more quantum software and developer tools, the other key to making the technology useful.
Other new members of IBM's Q Network include JSR Corporation, Barclays, Hitachi Metals, Honda, Nagase, Keio University, Oak Ridge National Lab, Oxford University, and University of Melbourne.
IBM hopes the collaboration will lead to more quantum software and developer tools. Image: IBM
JP Morgan Chase will be looking to exploit quantum computing for the financial services, while Samsung will explore it for semiconductor and electronics. Daimler's research will explore new automotive materials and optimization problems such as manufacturing processes and vehicle routing for fleet logistics or self-driving cars.
These organizations will also have access to the 50-qubit system once it's up and running. IBM isn't being specific about when its next-generation IBM Q system will be available. It will be looking to improve hardware and coherence times in the next generation.
"The prototype 50 qubit processor will be available in the near future, and the IBM Q Network will have access to it in the next-gen system," an IBM spokesman told ZDNet.
IBM's 50-qubit breakthrough involved simulating 49- and 56-qubit circuits on Lawrence Livermore Laboratory's IBM BlueGene/Q Vulcan, currently the 25th fastest supercomputer in the world with total memory of 400TB.
As IBM researcher Edwin Pednault recently explained, 49-qubit circuits were previously thought impossible to simulate as they needed eight petabytes of memory, which is beyond today's supercomputers.
Using clever mathematics, he and other researchers devised a method that enabled simulation of this circuit with about 4.5TB of memory.
Previous and related coverage
IBM outlines 50 qubit quantum computing prototype
IBM continues to make strides in its effort to commercialize quantum computing.
Microsoft releases free preview of its Quantum Development Kit
Microsoft is rolling out a preview of its promised Q# language, compiler, and simulator to help developers get an early look at how quantum computing works.
Intel, QuTech work on 17-qubit quantum computing chip, packaging
Intel, along with IBM, Google, Microsoft, and a host of others, are working to develop quantum computing breakthroughs and ultimately lead to a commercial system.
Read more on IBM |
Microsoft's Seeing AI app now reads handwriting for the blind | Microsoft has expanded the features on its Seeing AI app, aimed at helping the blind make sense of the world around them. Handwriting recognition is part of the app's updated skill set, alongside other features such as wider currency detection and voice customisation. The app has been downloaded about 100,000 times since its US launch earlier this year, which convinced Microsoft to expand its market to 35 countries in total.
| https://www.engadget.com/2017/12/14/microsoft-seeing-ai-app-update/ | 2017-12-14 13:17:09.597000 | Artificial intelligence took center stage at Microsoft's AI Summit in San Francisco on Wednesday. Aside from announcing AI smarts for a range of software -- from Bing to Office 365 -- the tech titan is also ramping up its Seeing AI app for iOS, which uses computer vision to audibly help blind and visually impaired people to see the world around them. According to Microsoft, it's nabbed 100,000 downloads since its launch in the US earlier this year, which convinced the tech titan to bring it to 35 countries in total, including the EU.
It's also getting a bunch of new features. The app now boasts more currency recognition, adding British pounds, US dollars, Canadian dollars, and Euros to its tally. Going beyond the color in a scene, it can also spot the color of specific objects, like clothes. Plus, it's no longer restricted to just short printed text, with handwriting recognition now part of its skill set. You can also customize the voice that it uses to speak its observations out loud, and set how fast it talks.
Playing with the new toy - I know it's technically not new but #SeeingAI feels new with all the cool sassy features today :) And before you ask, yes, it gets the new British notes as well as the old ones (and US, Euro & Canadian). Download and enjoy! #accessibility pic.twitter.com/XYr8VBO7Io — Jenny Lay-Flurrie (@jennylayfluffy) December 14, 2017
Finally, a musical light detector alerts you to the light in an environment with an audible tone -- Microsoft claims the tool will save users from having to touch a hot bulb or LED battery to check if it's on. Despite the big update, there's still no word on an Android launch. |
Toyota, Panasonic explore 'prismatic' batteries for EVs | Toyota and Panasonic are testing "prismatic" cells for use in electric cars rather than the standard cylindrical batteries. The cells are square, flat batteries that are usually found in mobile phones, but could be used in cars once issues of overheating and swelling are resolved. Toyota plans to release hybrid, hydrogen-based and plug-in hybrid cars by 2020 in a partnership with Mazda and Suzuki, and is exploring alternative battery options that would enable it to compete with companies such as Tesla by creating longer-range, lighter EVs. | https://www.engadget.com/2017/12/13/toyota-and-panasonic-ev-prismatic-batteries/ | 2017-12-14 13:12:05.753000 | Toyota and Panasonic are teaming up on batteries that Toyota itself and other automakers could use in future electric cars. Rather than building cylindrical batteries like the type that Tesla and other EV makers use, the two companies are exploring the development of "prismatic" cells. Those are square, flat batteries with aluminum housings and are typically used in cell phones. They can be made smaller and lighter than battery packs that use cylindrical cells, but tend to cost more and are vulnerable to overheating and swelling.
The agreement is just a first step, but shows the increasing need for automakers and battery companies to work together. Toyota recently unveiled plans, working with Mazda and Suzuki, to launch a new lineup of EVs starting in around 2020. Until recently, the company had been focused on building hybrid, plug-in hybrid and hydrogen cars exclusively.
Panasonic is the leading EV battery manufacturer, most famously supplying batteries for Tesla's Model S, 3 and X. It also makes the batteries for Toyota's current plug-in hybrid Prius cars and has a 29 percent total share of the market, Reuters notes. Other leaders are LG Chem, which builds the batteries for two best-selling EVs, the Renault Zoe and Chevy Bolt, Samsung, and China's BYD Co.
Toyota and Panasonic won't have to deal with thorny issues like battery chemistry to make better prismatic cells, which are already used on the Bolt and other vehicles. Rather, they'll just have to use their engineering and research chops to refine them so that they're cheaper, safer and more reliable. The payoff could be longer-range, faster-charging and lighter or smaller EVs.
Right now, Toyota and Panasonic are just studying the feasibility of developing these types of batteries together, but there's a decent chance this will turn into a concrete plan. Batteries are the big sticking point for EV development, so the more development, the better. |
Amazon self-service ad platform is a hit with brands | Spend has been rising on Amazon's self-serve, pay-per-click division, Amazon Marketing Services, as the retailer expands what brands can do on the platform, with live support for Deal of the Day ads and Lightning Deals going self-serve earlier this year. Amazon Marketing Services also began integrating sponsored product ads more closely with organic product listings. According to the CEO of Cealytics, Andreas Reiffen, the move has afforded Amazon much greater opportunities to extend sponsored content exposure. “We expect the new ad format to get much more volume over the course of 2018,” he said. | https://digiday.com/marketing/sign-whats-come-amazon-benefiting-holiday-ad-rush/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171214 | 2017-12-14 13:05:33.287000 | Consumers aren’t the only ones getting caught up in the Christmas rush on Amazon. Brands are also spending more on the site during the holidays.
Agencies Possible and Crealytics alongside technology platform Kenshoo have all seen a rise in media spend going to Amazon Marketing Services, the self-serve pay-per-click performance marketing arm of the retailer, in December. As Stéphane Bérubé, L’Oréal’s CMO for Western Europe, explained: “Amazon was a retailer but is now also a platform.”
Amazon has stoked that interest over the last 12 months by making it as easy to buy ads on the site as a book. The online behemoth has encouraged brands to buy its sponsored product, headline search and product display ads without going through a salesperson, according to Tod Harrick, vp of product at Marketplace Ignition, the Amazon-focused division at Possible.
Brands have been able to buy self-serve ads on Amazon since 2014, but it was never a core part of its pitch until this year, when the retailer expanded the scope of what brands could do themselves. Features such as live support for Amazon’s Lightning Deals and Deal of the Day ads — both staples of many successful Cyber Week campaigns in 2016, according to Harrick — were moved to self-serve ahead of this year’s holiday season. “This year, Amazon has really pushed advertising to self-service platforms as much as possible, and control of Black Friday advertising really aligned with that,” said Harrick.
Compared to Google, there is less competition for paid ads on Amazon. Still, advertisers such as sports nutrition business The Winning Combination already see the cost per click on Amazon rising as competition gets fiercer and, therefore, cost of traffic is cheaper. Around Christmas, when millions of shoppers are rushing to buy products on a site that already dominates product searches online, Amazon is increasingly where advertisers want to see how much incremental uplift they can generate.
Consequently, bidding on keywords during the holidays has become “far more competitive,” said Drew Eidsvig, key account manager at The Winning Combination. During peak holiday seasons like Christmas, it is not uncommon for advertisers to raise budget caps by 150 to 350 percent, according to Amazon’s newsletter that is sent regularly to sellers, Eidsvig said. Increased spending on self-serve has been the “most noticeable difference” for The Winning Combination on Amazon during 2017’s holiday season compared to last year’s, added Eidsvig.
In September, Kenshoo let advertisers use its own platform to manage their campaigns on Amazon. Since the move, the search marketing specialist has seen an upturn in spend on the site, spurred by advertisers trying to drive awareness during the holidays as well as exploit the spike in sales on Amazon, said Oren Stern, gm at Kenshoo. The return on ad spend on Amazon’s ads has been “very good,” said Stern. “We are seeing a growing interest across the board to advertise significantly on Amazon Marketing Services. Drivers for that include the need for improved brand visibility, competitive positioning and, last but not least, solid return on ad-spend results in the channel,” he added.
The biggest change to advertising on Amazon this holiday period compared to last year’s stems from the design of the site rather than its services, according to performance marketing specialist Crealytics. Amazon discontinued product ads on its right rail in October and started weaving sponsored product ads more seamlessly into its organic product listings. This way, Amazon has almost unlimited space to further extend the exposure of sponsored product ads, said Andreas Reiffen, CEO at Crealytics. “We expect the new ad format to get much more volume over the course of 2018,” he added.
Increased interest in sponsored products is just the start for Amazon’s ad business next year. WPP, Omnicom and Publicis — three of the world’s largest ad firms — will collectively spend around $800 million on Amazon in 2018, according to agency executives, per The Wall Street Journal. Big brands are also planning to do more on the platform, as Bérubé can attest: “We could decide to advertise on Amazon without necessarily having an objective of sales conversions because the eyeballs are there, and if I can get the right ad at the right price to my consumer, then why would I not invest in Amazon?”
Yet Amazon must address problems before it can grow faster. Compared to Google AdWords, Amazon’s ad platform is still “quite immature” and “cumbersome to handle,” according to one executive who spoke to Digiday on condition of anonymity. “Optimization work still requires a fair amount of manual effort,” said this executive.
For more on Amazon, subscribe to Digiday’s new monthly Amazon e-mail newsletter. |
Living close to fracking sites 'leads to underweight babies' | Babies born close to fracking sites are 25% more likely to weigh under a healthy amount, according to researchers analysing data from one million Pennsylvanian births between 2004 to 2013. The exact cause is still unknown, though environmental pollution may be to blame. Children living up to 1.8 miles from fracking sites are said to be in poorer health, with babies born within 0.6 miles the most affected. The results could affect the shale fracking boom. Additional research into fracking effects has already been published illustrating babies' likelihood of developing heart defects, the increased pollution of groundwater and lowered air quality. | https://www.theverge.com/2017/12/13/16771444/fracking-pregnancy-health-environment-pollution | 2017-12-14 12:56:52.013000 | Children born near fracking sites are 25 percent more likely to weigh less than what is healthy at birth, according to a new study. Why this is happening isn’t clear, but the researchers believe that it might have to do with environmental pollution, which may have negative health effects on mothers — and their babies.
Researchers analyzed data from more than 1 million births in Pennsylvania from 2004 to 2013, before and after fracking began. Babies born to mothers living up to 1.8 miles from a fracking site were found to have poorer health, and babies born within 0.6 miles saw the largest impacts, according to a study published today in Science Advances. The findings could have implications for where fracking is authorized, and how close to towns drilling takes place.
the shale gas boom comes with some serious side effects
Previous studies have shown that fracking causes air pollution that can harm babies, and that living nearby fracking sites is linked to premature births. Today’s study adds to the evidence that the shale gas boom comes with some serious side effects. “There’s growing evidence that living close to unconventional natural gas development might have implications for population health,” says Joan Casey, a postdoctoral researcher at the University of California, Berkeley, who was not involved in the research. “This is one of the largest studies to date showing that.”
Fracking, short for hydraulic fracturing, uses a high-pressure mixture of water, sand, and chemicals to crack sediment layers so that oil and natural gas can be tapped. The technique has revolutionized the energy landscape in the US, lowering energy prices and reducing dependance on coal. But it’s also alarmed scientists and activists alike for its potential to pollute groundwater, affect air quality, and cause earthquakes.
As several states like New York and Maryland have banned fracking, scientists are trying to figure out what impacts the controversial extraction technique has on health — especially when it comes to newborns. A 2014 study, for example, found that children born to mothers living nearby fracking sites may have a higher risk of heart defects. “Looking at the impacts of these chemicals on the most vulnerable population, which is unborn children, and finding these effects is really concerning,” says Carol Kwiatkowski, the executive director of the nonprofit research institute The Endocrine Disruption Exchange.
The challenge with these types of studies is that mothers who live near fracking areas, or other polluted sites, are usually poorer than mothers living in say, Philadelphia, says Casey. Poverty is known to affect pregnancy and birth, so trying to figure out whether fracking — or something else — affects newborns is tricky. To get around this problem, the authors of today’s study looked at a massive amount of data: nine years of records from 1.1 million births in Pennsylvania, which has seen a huge increase in fracking over the last decade. They also compared babies born to mothers living near drilling sites with mothers living farther away, both before and after fracking began. To be even more sure, they compared siblings born to the same mother before and after fracking wells were active.
Locations of births and fracking sites in Pennsylvania. Map: Currie, Greenstone, Meckel, Sci. Adv. 2017;3: e1603021
The findings: mothers living within 0.6 miles of a fracking site have a 25 percent higher risk of delivering a baby that has a low birth weight. The risk is lower but persists for kids born to mothers living up to 1.8 miles from a site, but it basically disappears moving farther away. A low birth weight is linked to serious health effects, like premature death, asthma, ADHD, and learning disabilities. Those long-lasting health impacts should be taken into account when considering the pros and cons of fracking, says study co-author Janet Currie, the director of the Center for Health and Wellbeing at Princeton University. “What I’m hoping is that combined with other studies showing that there are health effects of fracking, that we can move on to the next stage of the discussion,” Currie says. “How can we keep the benefits and reduce the costs?”
“How can we keep the benefits and reduce the costs?”
The study has some limitations: notably, it doesn’t say what exactly may be affecting the babies during pregnancy. Currie says it’s likely the air pollution tied to the fracking activity, but the researchers didn’t actually take biological samples from the mothers to check whether they were exposed to pollutants. Those kinds of studies take time and resources, and don’t allow for very large sample sizes, Currie says. So, it could be environmental pollution, but it could also be that social and economic conditions change in rural areas after fracking is introduced, and those are what are impacting pregnancy, says David Savitz, a professor of epidemiology in the Brown University School of Public Health. “I don’t think it adds a lot to the evidence that environmental exposures related to fracking are causing problems with pregnancy,” he says. “That’s really the ultimate interest.”
The oil and gas industry criticized the study, saying it paints an inaccurate picture that ignores factors like lifestyle habits and family history that are known to affect a baby’s health. “Given these deep methodological flaws, it's dangerously misleading and inflammatory to suggest that natural gas development has done anything but improve public health,” Erica Clayton Wright, spokeswoman for the Marcellus Shale Coalition, wrote in an email to The Verge.
Still, the researcher suggests that the new shale gas boom isn’t harmless. And the long-lasting health effects linked to fracking should raise some eyebrows. Every year, about 29,000 babies in the US are born within 0.6 miles of an active fracking site, and over 95,000 within 1.8 miles, according to the study. “This is one big human experiment,” Kwiatkowski says. “What’s going to happen in 20 years when these babies are growing up?” |
Publishers losing $1.27bn per year to video fraudsters: Google | Fraudsters are costing premium publishers $1.27bn each year, Google warned. Publishers faced daily losses of up to $3.5bn, based on a valuation of $5 video cost per thousand (CPM) impressions, from fraudsters spoofing their inventory on ad exchanges. A study by the tech giant found some fraudsters were found to carry out up to 700m false ad requests each day, it added. The report advised marketers looking to run brand-safe programmatic ads that they should demand their campaigns only run on authorised inventory, and work more directly with their preferred brands.
| http://www.thedrum.com/news/2017/12/12/google-study-warns-widespread-video-ad-fraud-encourages-wider-adstxt-takeup | 2017-12-14 12:51:06.297000 | Publishers are losing up to $1.27bn a year due to fraudsters impersonating their inventory on ad exchanges, with such bad actors conducting up to 700m false ad requests per day, according to a study published today (December 12) by Google.
Publishers are losing up to $1.27bn a year in lost ad revenue due to the activity of 'domain spoofers'
The study found that publishers were losing up to $3.5m a day based on a valuation of $5 video CPMs, due to fraudsters ‘spoofing’ their web domains on ad exchanges, with the total loss to premium publishers equating to over $1.27bn a year.
Looking at the total available inventory across all exchanges for the 26 web domains, the study found video callouts were overstated by 57 times the available inventory; representing about 700m counterfeit callouts per day. The study also found that display inventory callouts were overstated by four times the available amount, representing billions of counterfeit callouts per day.
Google conducted the study with a host of premium publishers such as Business Insider, Turner and the Washington Post along with adtech outfits Amobee plus Quantcast, concluding that high value video CPMs now the preferred hunting ground for fraudsters.
Counterfeit impressions is created when a bad seller replaces the URL of a low quality site with a premium publisher URL, or a fraudster creates fake impressions and labels them with a high quality publisher’s URL.
The counterfeiters then send their fake inventory to auction at multiple exchanges and supply-side platforms (SSP), without the knowledge of the publishers they’re impersonating, to trick advertisers into thinking they are buying premium publisher inventory.
The IAB Tech Lab has begun combating such activity with the rollout of its ads.txt initiative, which means participating publishers publicly list the authorized resellers of their inventory which demand-side platforms (DSPs) can then use to discern between legitimate and bad actors.
The study concluded that marketers looking to execute efficient, brand safe programmatic campaigns should start demanding that their campaigns run only on authorized inventory, as defined by publishers’ ads.txt files, and encourages advertisers to work more directly with their preferred publisher brands.
Dennis Buchheim, senior vice president and general manager, IAB Tech Lab, said the results of the study confirm that ads.txt needs to be adopted as rapidly as possible to cut off the flow of counterfeit website inventory.
He added: "It is critical that the industry comes together to put a stop to criminal activity and secure the health of the supply chain."
Jana Meron, vice president of programmatic and data strategy at Business Insider, added: “If the industry is going to seriously take on counterfeit inventory, publishers need to immediately get behind ads.txt otherwise this problem will linger and continue to hurt both brands and publishers.”
Jason Baron, SVP of direct marketing and programmatic for Turner Ad Sales, added: “Ads.txt is a strong answer to the digital marketplace’s clarion call for greater transparency, ensuring marketers have verified access to high-quality video and display inventory. We’re hopeful on its wider adoption, as well as continued industry support of upstanding publishers and delivering greater results for advertisers.”
Publishers in the study reported using, 12 exchanges with 28 accounts to sell display, and two exchanges with six accounts to sell video on average, but the DSPs found their inventory available across 22 exchange and 129 accounts for display and 26 exchanges across over 1,000 accounts for video on average. |
Robots used to scare homeless people off streets | Animal welfare group, San Francisco SPCA, is using an autonomous security robot to scare off homeless people outside its facilities. The K9 robot is built by Knightscope and features cameras, thermal sensors, lasers and GPS. The SF SPCA said its staff were unable to safely use the pavement outside its facility due to homeless encampments, adding the robot had reduced the number of rough sleepers and car break-ins. But the move came under fire from local authorities and residents, with the City of San Francisco reportedly telling the group to keep K9 off the footpath or face a $1,000 fine.
| https://futurism.com/dystopian-move-spca-using-robot-scare-off-homeless-people/ | 2017-12-14 12:46:57.867000 | A Dystopian Present
In a controversial move, the San Francisco SPCA, an animal advocacy and pet adoption group, is using an autonomous security robot outside of their facilities in an explicit attempt to keep homeless people off of the sidewalk.
The security robot, which the SF SPCA calls K9, is part of a fleet of security robots operated by Silicon Valley-based robotics company Knightscope. These bots are armed with cameras, lasers, thermal sensors, and GPS, and they are designed to serve as an extra set of eyes and ears for security guards and law enforcement.
Here it is in action pic.twitter.com/nSBQUmKwk1 — Sam Dodge (@samueldodge) December 9, 2017
Bill Santana Li, CEO of Knightscope, claims the sheer presence of the security robot can discourage crime. "If I put a marked law enforcement vehicle in front of your home or your office, criminal behavior changes," he told Business Insider.
Krista Maloney, media relations manager for the SF SPCA, told Business Insider that staff members weren't able to safely access the sidewalk outside of the facility because of existing homeless encampments. Since K9's launch a month ago, encampments have lessened, as have car break-ins.
Controversy Abounds
While K9 is having the impact the SF SPCA hoped for, the security robot, which resembles a Whovian Dalek, has come under fire from the local government and residents.
According to the San Francisco Business Times, the City of San Fransisco has ordered the group to keep the robot off of the public sidewalk, where it has been operating without a permit. If the SF SPCA doesn't comply, they'll have to pay a $1,000 per day fine.
Meanwhile, some citizens have described the introduction of the robot as lacking compassion.
Capitalism: instead of providing homes for homeless people, spend exorbitant sums of money creating robots that will prevent homeless people from making homes for themselveshttps://t.co/FowyreaUTV — Ben Norton (@BenjaminNorton) December 13, 2017
As San Fransisco has evolved into a major technology hub, homelessness and poverty rates have skyrocketed. Many who work within the city can't even afford to live near it, and more and more are being priced out onto the streets.
The SPCA is not the one to blame for this situation. While the organization has chosen a less-than-ideal way to address the problem of homelessness around their campus, the underlying issues that make basic shelter and resources inaccessible for so many are problems that fall on all of society to fix.
Wealth disparity and a lack of public support and health resources continue to be major contributing factors to homelessness. If we want a future where the sidewalks are free from patrolling, observing robots, these root problems need to be addressed.
Hopefully, the public outcry about the cold and dystopian nature of K9 will spark action about the growing homelessness issue in San Fransisco and other cities. While one sidewalk became temporarily less congested thanks to this high-tech robot, the homeless problem is extends far beyond the SF SPCA's campus. |
Richest 0.1% increase wealth by as much as poorest 50% | The world’s wealthiest 0.1%, or 7 million people, have seen their combined wealth rise by as much as the poorest 50% of the global population since 1980, according to the World Inequality Report by economist Thomas Piketty. The study, published on Thursday, said that inequality had now reached “extreme levels” in some countries, including Russia and the US, and would rise further unless governments increased taxes and limited tax avoidance. The problem was even more pronounced in Africa, Brazil and the Middle East. Income growth for those between the top 1% and bottom 50% has remained slow or non-existent.
| https://www.theguardian.com/inequality/2017/dec/14/world-richest-increased-wealth-same-amount-as-poorest-half | 2017-12-14 12:04:55.260000 | The richest 0.1% of the world’s population have increased their combined wealth by as much as the poorest 50% – or 3.8 billion people – since 1980, according to a report detailing the widening gap between the very rich and poor.
The World Inequality Report, published on Thursday by French economist Thomas Piketty, warned that inequality had ballooned to “extreme levels” in some countries and said the problem would only get worse unless governments took coordinated action to increase taxes and prevent tax avoidance.
The report, which drew on the work of more than 100 researchers around the world, found that the richest 1% of the global population “captured” 27% of the world’s wealth growth between 1980 and 2016. And the richest of the rich increased their wealth by even more. The top 0.1% gained 13% of the world’s wealth, and the top 0.001% – about 76,000 people – collected 4% of all the new wealth created since 1980.
“The top 0.1% income group (about 7 million people) captured as much of the world’s growth since 1980 as the bottom half of the adult population,” the report said. “Conversely, income growth has been sluggish or even nil for the population between the global bottom 50% and top 1%.”
The economists said wealth inequality had become “extreme” in Russia and the US. The US’s richest 1% accounted for 39% of the nation’s wealth in 2014 [the latest year available], up from 22% in 1980. The researchers noted that “most of that increase in inequality was due to the rise of the top 0.1% wealth owners”.
The world’s richest person is Amazon’s founder and chief executive, Jeff Bezos, who has a $98.8bn (£73.9bn) fortune, according to the Bloomberg billionaires index. Bezos, the biggest shareholder in Amazon, has seen his wealth increase by $33bn over the past year alone. Collectively, the world’s five richest people – Bezos, Bill Gates, Warren Buffett, Amancio Ortega, the owner of Zara, and Facebook’s Mark Zuckerberg – hold $425bn of assets. That is equivalent to one-sixth of the UK’s GDP.
In the UK, the richest 1% control 22% of the country’s wealth, up from 15% in 1984. The very richest in the UK have seen a huge increase in their wealth. The top 0.1% – around 50,000 people – have seen their share of the nation’s wealth double from 4.5% in 1984 to 9% in 2013.
“The increase in the concentration of wealth in the last four decades is very much a phenomenon confined to the hands of the top 0.5% (the richest 250,000 Britons), and in particular the top 0.1% (the richest 50,000),” the report said.
The richest people in the UK are the Hinduja family, who control a conglomerate of businesses including cars and banks, and are worth $15.4bn.
The economists, led by Piketty who shot to global fame after the publication of his book Capital in the Twenty-First Century, said there was a “huge gap” in wealth between the richest people in the UK and everyone else in the country. They said the bottom 90% of people in the UK had an average wealth of £68,000, compared with £321,000 among the richest 10% and the top 0.5%, who were worth £3.7m on average.
While inequality was high in north America and Europe, the researchers warned that the problem was even more acute in Africa, Brazil and the Middle East, where they said “inequality has remained relatively stable at extremely high levels in recent decades”.
“The top 10% receives about 55% of total income in Brazil and sub-Saharan Africa, and in the Middle East, the top 10% income share is typically over 60%,” the report said. “These three regions never went through the postwar egalitarian regime and have always been at the world’s high-inequality frontier.”
The report warns that unless there is globally coordinated political action, the wealth gap will continue to grow. “The global top 1% income share could increase from nearly 20% today to more than 24% by 2050,” the report said. “In which case the global bottom 50% share could fall from 10% to less than 9%.”
However, the economists said increasing inequality was “not inevitable” if countries acted to bring in progressive income tax. “It not only reduces post-tax inequality, it shrinks pre-tax inequality by discouraging top earners from capturing higher shares of growth via aggressive bargaining for higher pay.”
The authors said taxation alone was not enough to tackle the problem as the wealthy were best placed to avoid and evade tax, as shown by the recent Paradise Papers investigation. The report said a tenth of the world’s wealth was held in tax havens. |
Redrow Outdoor living touted for new Sussex development | A new collection of three- and four-bedroom homes starting at £499,995 ($666,100) has gone on sale in Haywards Heath. Developer Redrow's Penlands Green development is positioned by Redrow as ideal for families and some selected homes are eligible for government financial assistance. "With the Weald, the South Downs and the Ouse Valley on residents' doorsteps, an outdoors lifestyle is easy to pursue," said sales director Rachael Baillie.
| https://www.midsussextimes.co.uk/news/spacious-new-homes-up-for-grabs-in-haywards-heath-1-8290813 | 2017-12-14 10:36:48.493000 | A collection of three and four bedroom homes are now available through leading housebuilder Redrow at its Penlands Green development in Haywards Heath.
The collection of homes in Haywards Heath are now available
Starting from £499,995, the homes are spacious, light and airy, with generous room sizes and contemporary finishes.
Help to Buy is also available on selected properties under £600,000 – meaning just a five per cent deposit is needed.
Advertisement Hide Ad
Advertisement Hide Ad
Rachael Baillie, sales director for Redrow’s South East region, said: “Penlands Green is a brilliant location for family life, with everything Haywards Heath has to offer in terms of leisure and amenities in easy reach and in close proximity to excellent transportation links.
“With the Weald, the South Downs and the Ouse Valley on residents’ doorsteps, an outdoors lifestyle is easy to pursue.
“We are proud to be delivering not only the highest quality new homes, but also making a multi-million pound complementary contribution to the already established community in the thriving town of Haywards Heath.
“At Redrow we know that delivering bricks and mortar is just one aspect of helping to foster thriving communities.”
Advertisement Hide Ad
Advertisement Hide Ad
Redrow is not only bringing new houses, but an array of community contributions to the town, equating to £2.7 million.
This includes a combined £1.5 million towards primary and secondary education and £326,000 towards leisure and community facilities. |
Regus Regus announces opening of first centre in Angola | Office-sharing company Regus is to open its first centre in Angola, in southern Africa. The facility will take over the entire sixth floor of a new office building in the business district of the capital city, Luanda. As well as flexible workspaces, it will include the option of virtual offices, allowing companies to register with a prestigious office address. Angola's economy is predicted to grow by over 3% in 2018, and the government is keen to diversify its economy with new businesses.
| http://africanreview.com/manufacturing/industry/regus-looks-to-angola-as-country-seeks-to-diversify-economy | 2017-12-14 10:35:00.580000 | Regus looks to Angola as country seeks to diversify economy
Global workspace provider Regus has just announced the opening of its first centre in Angola
Regus will open its first centre in Angola. (Photo: Wikipedia)
The new centre to be built in Luanda means that Angola becomes the latest country worldwide to have a Regus workspace.
Angola is undergoing economic transformation as worldwide low oil prices are speeding up the Angolan government’s efforts to diversify the economy. Despite continued challenges, a number of opportunities have also risen.
According to the African Development Bank, Angola's economy will have grown by 2.3 per cent by the end of 2017, and will grow by a further 3.2 per cent in 2018.
Regus’ new centre is expected to benefit companies of all sizes and industries as well as facilitate increased economic activity in the country.
“We are delighted that Angola has become part of the Regus global network,” says Rui Duque, the Regus country manager for Angola. “Flexible workspaces are rapidly gaining popularity around the world, and becoming an essential part of a modern country’s business infrastructure.
"We’ve been experiencing high interest from local and international businesses willing to establish a footprint in Angola, and also from companies that need to rationalise and downsize unused resources, namely office space. As a result, we are looking forward to opening additional centres not only in Luanda, but across the whole country to support Angola’s growing economy.”
The first Regus centre in Angola is a modern office space set over the whole of the sixth floor of the Cuanza Sul Tower, an attractive, brand-new building in Talatona, a business district and a prime location 20 minutes from the airport and 30 minutes from downtown Luanda.
The facillity also features virtual offices, which provide businesses with a prestigious address in the capital. Regus notes that its network also gives businesses access to a community of more than 1.5mn like-minded professionals worldwide. |
Redrow Tax-cut lures first-time buyers to Yorkshire homes | Developer Redrow said government changes to home-purchase taxes have led to renewed interest from first-time buyers in a number of their lower-price developments in Yorkshire towns including Harrogate, Morley and York. The autumn budget abolished stamp duty on homes under £300,000 for those who have not owned a property before, equating to a potential saving of £5,000 ($6,660).
| https://www.easier.com/137650-post-budget-boost-for-yorkshire-first-time-buyers.html | 2017-12-14 10:30:12.860000 | Post-budget boost for Yorkshire first time buyers
Yorkshire first time buyers have opportunities aplenty to benefit from a double helping of good news in the autumn budget if they choose a new home from Redrow.
With a good selection of Redrow homes below £300,000 – now exempt from stamp duty for first time home owners – there’s potential to save up to £5,000 in numerous locations.
The Government has also confirmed a £10 million cash injection for Help to Buy, which means 135,000 more people will be able to buy a new home between now and 2021, many of them in Yorkshire.
Under the Help to Buy scheme buyers take out an equity loan for up to 20% of the property price, leaving them needing a deposit as little as 5% and a 75% mortgage from a lender of choice. The Government backed loan is interest free for the first five years and repayments thereafter are competitively priced and index linked. The home owner can pay back the equity loan at any time, without penalty, or when they come to re-sell.
Patsy Aicken, Redrow sales director in Yorkshire, said: “We’re already seeing renewed interest in our properties from first time buyers, especially on those developments where we have properties below £300,000. They can potentially benefit from Help to Buy and the stamp duty exemption – and maybe use the stamp duty saving to boost their deposit. It’s a win-win situation.”
Someone who bought a £299,950 home pre-budget would have paid £4,998 in stamp duty; post-budget, if they’ve never owned a property before, they will pay no tax at all.
“Savings apply for anyone paying more than £125,000 for their first home. For example, someone paying £180,000 for a new home would save £1,100 in stamp duty, which is money they could put towards their deposit. When you’re buying your first home every penny counts,” Patsy added.
“Our on-site sales consultants are already up to speed with the changes and we have a network of mortgage specialists who can explain all the options to customers and help them decide the best route for their circumstances. Buying a first home can be daunting but when you choose a brand new home from Redrow there’s expert help available every step of the way.”
Redrow developments with properties currently under £300,000 include:
Harrogate: One and two-bedroom apartments starting from £162,950 at Devonshire Gardens, off Claro Road.
Highburton, near Huddersfield: Three and four-bedroom detached homes with current prices starting from £279,950 at Springfields, in Burton Acres Lane.
Morley: Three and four-bedroom detached homes from £289,950 at Weavers’ Chase, Albert Road.
Newton Kyme, near Boston Spa: One of the last remaining four-bedroom Wellington townhouses from Redrow’s Georgian inspired Regent Collection, available at £299,950 at St Andrew’s Place at Southbank.
Sherburn-in-Elmet: Four-bedroom detached houses from £274,950 at Saxon Gardens, off Low Street.
Steeton: Last remaining two-bedroom apartments from only £129,950 at Manor Fields, off Thornhill Road.
York: Five-bedroom Wellington Grand townhouses from £299,950 at Lancaster Mews, off Water lane.
First time buyers choosing homes between £300,000 and £500,000 will incur stamp duty at 5% on that portion of the purchase price over £300,000, although Redrow may be able to help with payments on selected properties.
To find out where Redrow is building visit redrow.co.uk/yorkshire. |
App-based car rental insurance introduced by SURE | Personal insurance platform SURE has introduced a car-rental offering through its app, allowing customers to purchase policies in a matter of minutes. The app connects directly to car rental providers, and offers coverage for less than $10. Global insurer Chubb will underwrite the new initiative.
| http://www.autorentalnews.com/channel/fleet-insurance/news/story/2017/12/sure-launches-app-based-rental-car-insurance.aspx | 2017-12-14 10:15:41.490000 | Courtesy of SURE
SURE, a personal insurance distribution platform, has launched an app-based car rental insurance product for U.S. customers. The new car insurance option has connections to all car rental companies and costs $10 or less, and can be purchased in less than a minute, according to the company.
SURE’s services will cover up to serious physical damage to rentals, additional drivers, flat tires and property theft. The new option is being underwritten by global casualty insurance company, Chubb. |
Metromile introduces automated insurance claim system | Car insurance start-up Metromile has introduced features to its app that allow customers to digitally process claims while arranging repairs. In addition, policyholders can rent a car through the app, which will also process payment for the service. By allowing customers to arrange these services through one app, claims and reimbursement process will be expedited, according to the company.
| http://www.autorentalnews.com/channel/fleet-insurance/news/story/2017/12/metromile-automates-insurance-claims-process-for-rental-cars.aspx | 2017-12-14 10:14:28.300000 | Courtesy of Metromile
Metromile, a car insurance startup, has added three new services to its portfolio to automate the insurance claims process involving rental cars.
Powered by AVA, the Direct Repair, Car Rental and Claim Payments Programs use an artificial intelligence (AI) claims system to allow qualifying customers to opt-in to automate the identification, management and payment of auto repair and car rental providers.
Eligible policyholders with rental coverage will have the ability to rent a car directly from the Metromile mobile app or online dashboard. For example, customers can rent a car directly from Enterprise Rent-A-Car through AVA and choose an Enterprise location to schedule their rental car. Payment will also be automatically processed through AVA up to $30 per day.
"We strive to provide the fastest and simplest claims experience for our customers, and we are successfully doing that by leveraging automation and artificial intelligence," said Dan Preston, CEO of Metromile. "The addition of Direct Repair Program, Rental Cars, and Claim Payments to AVA's capabilities allows us to further expedite the claims process by taking those repair, rental and reimbursement claims experiences mobile; ultimately getting our customers back on the road faster." |
Advisers fear regulation more than robo-advice | Two-thirds of financial advisers surveyed by Canada Life Investments are more concerned with regulation than robo-advice, with only 4% describing the latter as a threat to their business, reported David Thorpe in the Financial Times.
| https://www.ftadviser.com/regulation/2017/12/12/advisers-fear-regulation-more-than-robo-advice/ | 2017-12-14 09:52:42.297000 | Two-thirds of advisers are concerned about increased regulation, and rank it of greater concern than the rise of robo-advice, according to data from Canada Life Investments.
The company spoke to 328 advisers. 67 per cent of whom said regulatory concerns are “keeping them up at night.”
In contrast, 4 per cent of advisers thought robo-advice was a threat to their business, while 62 per cent think the impact on their business will be negligible.
The continued uncertainty around the process of the UK’s exit from the EU has led to 36 per cent of advisers
The third annual survey of IFAs from Canada Life revealed that when asked about Packaged Retail and Insurance-based Investment Products (PRIIPs) legislation and Key Information Documents, 44 per cent said they are aware of them but do not yet fully understand them, and 29 per cent claim to have not heard of them before.
A full 68 per cent said they think the Financial Services Compensation Scheme (FSCS) should be reviewed and updated.
Richard Priestley, executive director at Canada Life, said: “Advisers are on the front line of change and so it is no surprise regulation is keeping them awake at night.
"The challenge remains for advisers to navigate this complex ever changing landscape when providing advice. We feel it is therefore crucial providers are on hand to support advisers with the technical guidance they need to ease them through this process and offer clarity and reassurance to their clients.”
David.Thorpe@ft.com |
World Bank offers $4.5bn to protect cities from climate change | The World Bank has launched a $4.5bn City Resilience Programme to offer loans and technical support to urban centres seeking to protect themselves from the impact of climate change. The scheme aims to help 150 cities in the developing world to obtain private sector funding for infrastructure projects over the next three years. Cities are expected to house two-thirds of the global population by 2050, but many suffer from poor housing and inequality and also lack the funds to protect residents from the growing threat of floods, heatwaves and storms.
| http://www.worldbank.org/en/topic/urbandevelopment/brief/resilient-cities-program | 2017-12-14 00:00:00 | With a greater concentration of people and assets in urban areas, cities need to address an increasingly complex range of shocks and stresses to safeguard development gains and accelerate poverty reduction.
Managing disaster risk and the impacts of climate change have long been an important focus of urban resilience. But recent examples show how economic crises, health epidemics, and uncontrolled urbanization can also affect the ability of a city to sustain growth and provide services for its citizens – underscoring the need for a new approach to resilient urban development.
The World Bank’s growing investment in disaster risk management reflects this conceptual shift. The Bank’s work on urban resilience aims to help cities adapt to a greater variety of changing conditions and withstand shocks while maintaining essential functions.
Ongoing activities under in this area, which is supported by the Global Facility for Disaster Reduction and Recovery (GFDRR), include:
City Resilience Program
For many major cities in the world, strengthening urban resilience is a multibillion dollar agenda that requires strong partnerships and new sources of capital. Cities are sometimes held back from pursuing the necessary investments because they lack the technical expertise and/or the access to capital to finance them.
Established in June 2017, the World Bank Group’s City Resilience Program (CRP) empowers cities to pursue investments that build greater resilience to climate and disaster risks, and to access the financing necessary to ensure those investments come to fruition.
The approach used by the CRP represents a fundamental shift in how cities can be supported to tackle their most pressing development challenges – from one focused on sectoral priorities to one focused on integrated and spatially informed priorities, which capture the interplay between the natural and built environment. To date, this program has engaged more than 90 cities around the world on developing investment programs that could be financed with a range of financial instruments.
CityStrength Diagnostic
A rapid diagnostic methodology to help cities improve their understanding of risk and the performance of urban systems, as well as to identify priority actions and investments that will enhance the city’s resilience.
The first diagnostics under the new methodology were conducted in Can Tho, Vietnam in June 2014 and Addis Ababa, Ethiopia in July 2015. Additional diagnostics are planned, including Lahore, Pakistan in late 2015.The CityStrength Diagnostic has been implemented in 28 local governments. It was first piloted in two cities – Can Tho, Vietnam and Addis Ababa, Ethiopia – which provided two very different contexts for assessing the benefits of the process. The CityStrength Diagnostic was then implemented at the metropolitan level in 16 municipalities that make up the Greater Accra Region in Ghana, as well as in nine regional capitals and a charter city in Ethiopia.
Financing Resilience
Innovative financing mechanisms to support investment in resilient infrastructure are being developed working with the private sector and other development partners.
A methodology to mainstream Low-Carbon & Resilient Capital Investment Planning in cities is being developed, and training is being provided for cities participating in City Creditworthiness Academies .
Medellin Collaboration on Urban Resilience
Nine institutions, including the World Bank, announced a global collaboration at the World Urban Forum in Medellin, Colombia, in April 2014 expressing their collective commitment to help cities improve resilience.
The collaboration aims to facilitate the flow of knowledge and financial resources necessary to help cities become more resilient to disruptions related to climate change, disasters caused by natural hazards, and other systemic shocks and stresses, including the socio-economic challenges associated with rapid urbanization.
Primary objectives include:
Fostering harmonization of the approaches and tools available to help cities assess their strengths, vulnerabilities, and exposure to a multitude of natural and manmade threats in order to build their resilience;
Catalyzing access to existing and innovative finance mechanisms, including risk-based instruments, to reduce exposure and vulnerability to shocks and increase cities’ adaptive capacity; and
Supporting capacity development of cities to achieve their goals by facilitating direct sharing of best practice and knowledge enhancement.
Last Updated: Oct 07,2019 |
Denmark publishes new governance code | A new Danish Governance code will apply from 1 January 2018. The code calls for boards to contain only non-executive directors, and for retiring CEOs to be prevented from becoming chair or deputy chair as soon as they become board members. Yearly, internal performance evaluations must be conducted, with independent external evaluation in every third year. Although companies will no longer be compelled to have specific gender diversity targets, they must develop diversity policies. Caps must be applied to executive remuneration, recovery provisions should be adopted, remuneration reports must be disclosed and remuneration policies should be updated every four years.
| http://www.glasslewis.com/new-danish-governance-code-aims-promote-active-stewardship/ | 2017-12-14 00:00:00 | Nearly two years ago, the Danish Ministry of Industry, Business and Financial Affairs announced that it had tasked the Committee on Corporate Governance (“Committee”) with a review of the recommendations of the Danish Corporate Governance Code (“Code”). A draft was published in July 2017 and, following a consultation period, the Committee has now published the final version of their revision of the Code.
The following are some of the key changes made to the Code:
Governance
The board of directors should consist of only non-executive directors and retiring CEO’s should not become chair or deputy chair immediately upon joining the board.
The board should establish a yearly internal performance evaluation process. Every third year the performance of the board should be evaluated by an independent external party.
Companies will no longer be required to set concrete gender diversity targets; however, they should develop and implement a diversity policy.
Remuneration
Companies should make changes to their remuneration policy at least every four years and must get shareholder approval for any material change.
Companies should disclose information on executive remuneration as part of a remuneration report.
The remuneration policy should include recovery provisions in case of miscalculation or misconduct.
Companies should set a cap on overall remuneration for executives.
Former Minister of Industry, Business and Financial Affairs Troels Lund Poulsen stated in 2016 that the goal of the code review is to encourage more active stewardship by Danish pension funds and institutional investors. He referenced the 2010 UK Corporate Governance Code as an example of a new code that encouraged more active stewardship.
While most Danish companies do not have any executive directors, the new amendments will have implications for the likes of A.P. Møller-Mærsk and Rockwool International, where executives do serve on the board.
We also believe the increased disclosure requirements surrounding executive remuneration is a positive change, in preparation for the introduction of the EU Shareholder Rights Directive. In particular, we appreciate the introduction of recovery provisions, which is an important safeguard against the receipt of unwarranted awards.
The revised code will apply from the financial year starting on January 1, 2018 and thereafter.
Paul and Jakob are analysts covering the Danish market. Jakob Nordmark also contributed to this report. |
UK retail loses 65,000 jobs on Brexit, wage squeeze, online sales | The UK retail sector has lost 65,000 jobs since the Brexit referendum in June 2016, according to recent employment data. Food-price rises on the back of a Brexit-weakened pound, slow wage growth and increasing online sales have hit the industry hard, experts say. IHS data also revealed spending in "brick-and-mortar" shops in November was down 3.5% YoY, the seventh-consecutive monthly contraction.
| http://money.cnn.com/2017/12/13/news/economy/retail-jobs-uk-brexit/index.html | 2017-12-13 23:00:00 | Britain has lost 65,000 retail jobs since it voted to leave the European Union, a decline fueled by increased online competition and a Brexit-induced wage squeeze.
Employment data published Wednesday show the number of jobs in the sector dipped below 5 million in September. Weak consumer spending suggests more pain to come over the holiday season.
"It reflects the pressure on the [retail] sector," said Howard Archer, an economic adviser to EY. "Consumer spending has been softer for most of this year and retail sales have been lower."
Data compiled by IHS for Visa (V) show that spending in U.K. brick-and-mortar stores dropped 3.5% over the previous year in November. It was the seventh consecutive monthly decline, and one of the biggest drops since 2012.
Meanwhile, online spending was 2.4% higher in November.
Visa said it expects total consumer spending to decline this holiday season for the first time since 2012.
Experts say the trend is one consequence of Brexit. The value of the pound dropped sharply after the vote in June 2016, causing the price of imported goods to shoot up.
At the same time, wage increases haven't kept pace with inflation, which stood at 3.1% in November.
Many borrowers have also been squeezed by the Bank of England, which hiked interest rates in October.
Andrew Wishart, U.K. economist at Capital Economics, said retailers are still trying to hire workers, but weak pay growth has made the jobs less attractive.
Related: 17 years without a raise? Welcome to Brexit Britain
Overall, British unemployment is still at just 4.3%, its lowest level in decades. There have been big gains for jobs in construction and hospitality.
But weakness in the retail industry underscores worries that there may be harder times ahead.
Wednesday's data show the number of people in work dropped by 56,000 in the three months ended October.
"The fact there [are] fewer people in work is bad news ... it shows we are not making full use of our resources," said Yael Selfin, chief economist at KPMG in the U.K. |
Active funds find few takers despite performance uptick | US active managers have posted their best performance for years in 2017, according to Morningstar, though this hasn't stopped an increasing number of investors turning to passive alternatives. A drop in correlations between asset classes accounted for an upturn in active performance. Despite outflows from active equity funds, flows into bond offerings meant active products took in a net $25.5bn in 2017 to-date, where passive funds have seen almost $635bn in inflows.
| https://www.marketwatch.com/story/active-fund-managers-performed-well-in-2017-but-found-few-takers-2017-12-12 | 2017-12-13 17:19:05.083000 | Passive investing won 2016. Not only did the vanilla style of investing broadly outperform its active counterparts last year, but it extended its domination as the strategy of choice, amassing billions of dollars in inflows while money flooded out of active funds.
This year, in contrast, the two are ending in something of a draw.
Passive funds were heavily favored over active, as investors continued to trend towards low-fee, broad-market products to take advantage of the ongoing global bull market, showing a particular preference for exchange-traded funds, which sit at the center of all these trends. However, the returns side of the equation was more nuanced, as active managers staged their best aggregate performance in years, helped by a long-awaited rise in stock dispersions.
According to data from Morningstar Direct, actively managed U.S. equity funds (including both ETFs and mutual funds) have seen $181 billion in outflows thus far this year. Passive stock funds have seen inflows of $199.6 billion over the same period. U.S. stock ETFs alone have seen year-to-date inflows of $308.6 billion (the smaller number for passive overall reflects an investor move from mutual funds into ETFs).
For all fund categories, passive products have seen $634.7 billion in inflows, compared with the $25.5 billion in net active inflows. Flows were positive for active funds due to the $171 billion that went into active taxable bond funds, a category of product where active is seen as offering more value. However, passive taxable bond funds had $193.7 billion in year-to-date inflows.
Related:Passive investments are hot, but remain a small slice of the stock market
In an actively managed fund, the components of a portfolio are chosen by an individual or team, whose aim is to outperform the broader market through individual security selection. This is in contrast to passive funds, which are designed to mimic the performance of an index like the S&P 500 SPX, +0.24% or the Russell 2000 RUT, +0.56% by holding the same components it does, and in the same proportion. Data have repeatedly shown that passive funds show better long-term performance than their active counterparts.
Over the shorter term, however, active funds can enjoy periods of broad outperformance, as occurred in 2017, despite the move out of even outperforming funds.
According to the latest “Active/Passive Barometer” from Morningstar, 10 of the 12 asset-class categories the firm tracks had more active managers outperform their underlying index this year compared with last year, while a majority outperformed in eight of the 12. The data is for the first half of the year; Morningstar said it would update for all of 2017 in the first quarter of 2018.
In a more recent read on one investment category, Goldman Sachs wrote that 49% of large-cap mutual fund managers were outperforming their benchmark, the highest number since 2009, and well above the 10-year average of 38%. In 2016, only 19% of managers outperformed.
The following tables from Morningstar show how active managers in the 12 different categories performed in the first half of 2017 compared with 2016. For some of these categories, the first half of 2017 represented the highest degree of outperformance in years.
This chart compares their performance in the first half of this year compared with other recent six-month periods.
The improved performance by active managers was partially credited to a drop in correlations, or the degree to which two different securities move in tandem. Over the past 10 years, correlations have been stubbornly high as the recovery from the financial crisis was seen as a rising tide that lifted all boats. This created a difficult environment for active managers to outperform in, as it was difficult to find undervalued names with stocks moving on macroeconomic trends rather than on their own fundamentals.
Per an analysis by DataTrek, average sector correlations were 81% between 2012 and October 2016. Last month, however, they came in at 37%, the lowest level since the crisis.
According to data from S&P Dow Jones Indices, correlation for the S&P 500 was at 0.06 in October. A reading of zero would indicate no correlation whatsoever, while a reading of 1.0 would represent perfect correlation between the index and its underlying securities.
Read more:Beneath a calm surface, the stock market is undergoing a major change
“We should see a big resurgence in active management in 2018,” said Adam Taback, deputy chief investment officer at Wells Fargo Private Bank. “We already started to see it in 2017, and we expect to see even more of it in 2018.”
Citing the fall in correlation, Taback said that “active management is in its best position of the last 10 years.”
Of course, to take advantage of that environment, investors would still need to be invested in the right active fund. Finding one that will outperform in the future can be difficult, and earlier this year, Jeffrey Ptak, global director of manager research for Morningstar, wrote that “active-fund selection belongs in what Warren Buffett has called the ‘too hard pile.’ ”
Read:It’s too hard to find a good active fund manager, so don’t bother trying, Morningstar says |
Snapchat advertises for international strategy manager in China | Social media firm Snapchat is looking for an international strategy manager for its Shenzhen research and development office in China, which opened a year ago. While the Shenzhen office is mainly concerned with developing the Spectacles hardware product range, the international strategy manager will be expected to "become an evangelist for Snapchat ad products in the China media community, including through direct meetings with advertisers, marketing events and training". The new recruit will be expected to work with companies and advertisers that sell and advertise outside China. At present, mainland China residents cannot access Snapchat.
| https://digiday.com/marketing/snapchat-wants-more-chinese-companies-to-advertise-on-the-platform/ | 2017-12-13 17:17:29.127000 | U.S. tech companies and ad agencies are increasingly interested in the Chinese market, and Snapchat is no exception.
The camera company is looking for an international strategy manager based in Shenzhen, China, where Snapchat opened a research and development office last December, according to a job opening posted on LinkedIn on Dec. 8. This new role seems to go beyond the main purpose of Snapchat’s Shenzhen office, which is to further develop Snapchat’s Spectacles hardware.
The role of the international strategy manager is to “become an evangelist for Snapchat ad products in the China media community, including through direct meetings with advertisers, marketing events and trainings, etc.,” according to the job description. People in mainland China are unable to access Snapchat, though.
A Snapchat spokesperson said this role doesn’t mean that Snapchat is shifting its focus on Spectacles development to growing its advertising in China. Instead, it is about working with companies and advertisers there, many of which use tech platforms to advertise outside of China.
“[This role] will be unrelated to our much larger hardware team and would be intended to benefit Chinese companies who sell products outside of China,” said the spokesperson. “This is something that many companies blocked in China still pursue.”
Snapchat’s move seems reminiscent of Facebook Audience Network, through which Facebook — which also is banned in mainland China — is able to let Chinese companies advertise to Chinese people as well as let Chinese advertisers reach markets outside of China. It wouldn’t be surprising if Snapchat is taking a page from Facebook’s playbook in China. After all, Snapchat has aggressively grown its programmatic advertising business in the U.S.. From July to September, Snapchat’s advertising revenue reached $204 million, 59 percent up from the same period a year prior, according to Imran Khan, chief strategy officer for Snap.
The company spokesperson said Snapchat’s model is different from Facebook’s in China, and that “it has nothing to do with an ad network.” |
GiveMeSport sees revenue after slashing underperforming ads | Sports publisher GiveMeSport has seen revenue grow after it began culling underperforming ads. The publisher has removed all ads from its homepage and vertical pages and cut four ads from its article pages, while retaining those on its NBA site. "We’re trying to show there’s a way to make higher yields with fewer impressions available,” said CEO Nick Thain, who revealed that the mass cull led to an increase in digital ad revenue growth to 72% from 50% between March and September.
| https://digiday.com/media/sports-publisher-givemesport-growing-revenue-cutting-ads/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171213 | 2017-12-13 16:35:20.563000 | Sports publisher GiveMeSport has spent the last year culling underperforming ads from its site.
The digital native sports publisher has cut all six ads from its homepage, four ads from each article page, and all ads from its vertical pages, which include football, boxing, cricket and tennis. Its NBA vertical still features ads from the league. Nick Thain, CEO of GiveMeSport parent Breaking Data, said the removed ads accounted for millions of monthly ad impressions and failed to meet the minimum viewability standards, which require 50 percent of the ad to be in view for a minimum of one second, according to the Interactive Advertising Bureau.
The publisher has also replaced content-recommendation widgets with links to its own content. Publishers have struggled to wean themselves off of third-party content-recommendation widgets at the bottom of article pages, which boost revenues but hamper user experience. GiveMeSport believes it will boost the visibility of its own content and encourage people to return more regularly to the site by removing ad clutter and the widgets.
Since making this change, users now return seven times a month on average, up from four times a month, according to Thain, and it’s seeing up to a 13 percent increase in pageviews per visit. “We’re trying to show there’s a way to make higher yields with fewer impressions available,” he said. “It’s a slightly more medium- to long-term view, rather than the shorter-term view of maximizing revenue for this quarter.”
Six weeks ago, GiveMeSport also ditched full-page, high-impact ads, which the Coalition for Better Ads is trying to root out. These ads were making the publisher a “significant” amount of revenue, Thain said. Since these overlay formats don’t cover the standard display ads underneath them, display-ad viewability is now 85 percent, and the video pre-roll view-through rate is 70 percent. Shedding full-page, high-impact ads has also sped up page-load times, but the publisher wouldn’t share by how much.
Thain said culling ineffective ads, removing widgets and adopting header and server-side bidding has led GiveMeSport’s digital ad revenue growth to jump from 50 percent in March to 72 percent in September.
That’s critical, given the majority of GiveMeSport’s revenue comes from programmatic advertising, with the rest coming from direct deals and branded content. Since the publisher integrated Google’s Exchange Bidder in July, it has increased page yields by 30 percent, without incurring page latency. GiveMeSport has a pilot site that allows it to test changes to its ad tech stack on 10 percent of its live traffic. If something doesn’t work as planned, it can revert back to the original version in 15 minutes.
“We’re more like a tech company trying to solve the challenges of the publishing world than a newspaper publisher gone digital,” Thain said. |
GQ and Universal test new podcast formats for easier sharing | Universal Music and British GQ magazine are experimenting with breaking down podcasts into smaller chapters, to encourage greater sharing on social media. Universal has reached number 3 on the iTunes chart with a podcast aimed at fans of the band The Vamps, and believes the chapter-based structure will make it more likely these will be shared among friends. GQ has been targeting sports fans, with discussions covering subjects including the ways in which footballers handle homophobic chanting. Breaking down the podcasts also offers more opportunities to include sponsored content and advertisements.
| https://digiday.com/media/british-gq-universal-music-test-shareable-podcast-formats/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171213 | 2017-12-13 16:27:23.577000 | Universal Music and Condé Nast men’s magazine British GQ are testing podcast formats that can be broken down into chunks for sharing and include images and graphics to accompany each chapter, rather than full 30-minute or hourlong shows. The idea is for people to be able to listen to bite-size chapters of audio if they don’t have time to listen to a full podcast, and share them with friends.
GQ’s first podcast, launched in October, offers sports commentary, a departure from its usual editorial fare. Called “Strike,” the weekly podcast is hosted by Elgar Johnson, GQ Style deputy editor and football aficionado. To encourage people to share the podcast more, GQ worked with podcast platform Entale, which helps edit and publish “Strike.” The podcast is divided into chapters named after each conversation topic, so users can skip to the parts they’re most interested in.
The aim is to widen GQ’s audience to include sports enthusiasts, particularly Premier League football fans, and tackle serious issues within sports, like how athletes deal with homophobia or address mental health issues. For example, Johnson said, one episode featured Jermaine Jenas, BT Sport pundit and former footballer, discussing homophobic chanting he experienced during his Premier League career. “Our aim is to reach a new audience for GQ, as well as open new doors into sport,” said Johnson. “We’re hoping to talk to people who have experienced or seen these topics of conversation firsthand.”
During each 30-minute episode, which are released each Wednesday, Johnson interviews a range of guests, including current and former footballers, sports journalists and celebrity fans, about topics like the biggest football matches in the Premier League that week or expectations for England in the 2018 World Cup.
Liverpool FC’s and Wales’ record scorer Ian Rush, East London rapper Yxng Bane and ESPN’s Arsenal correspondent Mattias Karén have all come on the podcast, which has had seven episodes to date.
Podcasts don’t tend to get shared much. GQ hopes that users’ ability to choose segments will make it more likely for them to share those sections on social platforms with friends, who will likewise be more open to listening to a conversation snippet of personal interest. GQ wouldn’t reveal specific download figures.
Universal Music is also using a chapter-based design to test appetite for a podcast hosted by British pop rock band The Vamps. The record label is trying to build engagement through the podcast, called “How Little We Know,” with the band’s fans during its current tour. Universal Music hasn’t committed to a specific number of podcasts, but it has published two to date, both just under an hour in length. As of writing, the podcast is No. 3 on iTunes U.K. top podcast chart this week.
When the podcasts are published as web and mobile apps on the publisher’s site, there is more scope for in-depth analytics. Entale’s platform integrates with Google Analytics, so publishers can track how long people are listening, where they skip, which chapters are most popular and shared most often, as well as how much listeners interact with accompanying images and graphics.
Neither Universal Music nor GQ’s podcasts feature ads, but GQ wants to add them in the future. Ad options include a standard 30-second spot that can be inserted in chapter breaks and a two- to three-minute chapter that advertisers can book to be read by the podcast host — a standard option across all podcasts. The twist is that the chapters can be swapped, so a brand could have different native ads for different geographic regions or update old podcasts with new ads, for example.
Entale is developing new partnership opportunities with a dynamic audio advertising platform within its parent company, Founders Factory. |
MedyMatch to integrate AI trauma tool into GE's CT imaging system | MedyMatch Technology has teamed up with GE Healthcare to integrate its artificial intelligence (AI) trauma assessment tool with the US giant's CT imaging products. The Israeli start-up's AI software helps doctors quickly assess patients suspected of having head trauma or a stroke, where bleeding on the brain is suspected. The deal is part of GE's push to integrate AI software into its products, having recently announced it will update 500,000 of its global medical devices with technology from NVIDIA and Intel.
| http://nocamels.com/2017/12/israeli-tech-help-doctors-assess-stroke/ | 2017-12-13 16:21:07.777000 | This article was first published by The Times of Israel and is re-posted with permission.
MedyMatch Technology, an Israeli startup that has developed an artificial intelligence based software to help clinicians assess head trauma or stroke, has entered a partnership with GE Healthcare to integrate its products with the US giant’s imaging solutions.
This is the third industry partnership for MedyMatch, which has developed an artificial intelligence (AI) software that aims to be more accurate than the human eye and help physicians more quickly assess patients suspected of head trauma or stroke, ruling out the presence of a bleed in the brain. In March this year, the company said IBM Watson Health and the healthcare unit of Samsung Electronics would integrate its platforms into their medical imaging products.
SEE ALSO: Israel’s Zebra Medical Vision Teams Up With Google To Revolutionize Medical Scans
Working with GE, MedyMatch will integrate the intracranial hemorrhage detection platform into GE’s CT imaging solutions. The US multinational conglomerate is making a push to integrate artificial intelligence software into its products: the firm this week said that it will update some 500,000 of its medical devices around the world with technologies from NVIDIA and Intel.
The goal of the initial application is to help clinicians in their assessment of patients suspected of acute head trauma or stroke, where intracranial hemorrhage is suspected.
“Non-contrast CT remains the primary imaging modality for the initial evaluation of patients with suspected stroke for traumatic brain injury.” said Gene Saragnese, Chairman &CEO of MedyMatch in a statement. “MedyMatch is bringing to market a new category of medical solutions that leverages deep learning, machine vision, and the full richness of 3-D imaging and other relevant patient data.”
SEE ALSO: This Company Invented A Machine Algorithm That Diagnoses Breast Cancer Earlier
“MedyMatch is pushing the boundaries with the use of real-time data in the emergency room,” said Mike Barber, CEO of GE Healthcare MICT. “MedyMatch’s acute care clinical decision support products are aligned with the needs of the marketplace, supplying clinical decision support tools, with the goal of improving patient outcomes, and processed at the point of image creation.”
To read the full article, click here. |
Washington Post to open branded content studio in London | The Washington Post will open a branded content studio in London by the end of 2018, aiming to have around 12 employees across Europe. The company's digital advertising revenue has increased 35% from 2016 and anticipates revenue from its digital advertising efforts in Europe, Africa and the Middle East will grow 50% next year. It recently hired its first head of marketing for Europe and Asia, Aaron Robinson, and has a team of around six people in the region selling programmatic and direct deal advertising.
| https://digiday.com/media/washington-post-focused-selling-branded-content-internationally/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171212 | 2017-12-13 16:11:29.093000 | The Washington Post has taken more of a slow and steady approach to international expansion compared to some pure-play digital publishers, whose global growth ambitions seem to be tempered. For the next year, the publisher will focus on growing its branded-content capabilities internationally after hiring its first head of marketing for Europe and Asia, Aaron Robinson.
The Post has an international sales team of roughly six people in Europe and Asia mostly focused on selling programmatic and direct deal ads, while branded-content campaigns have been created in the U.S. for international clients. By the end of next year, the Post will have a branded-content studio in London and hopes to have roughly a dozen employees across Europe, according to the publisher. The Post’s global digital advertising revenue has grown 35 percent from last year, according to Paul Tsigrikes, vp of marketing at the Post. In the next year, he expects a 50 percent growth in revenue from digital advertising in the Europe, Middle East and Africa region.
“The EMEA territory is an engine of growth for us,” he said. “We’re investing for a reason. We’re ready to focus and grow. We have the audience; the name recognition will come. Other folks you’ll see scale back, but we’ll be scaling up.”
Health care brand Sanofi’s rebranding campaign is the Post’s largest European campaign in terms of cost to run in Europe to date. The campaign, which consists of mainly text articles and images about how healthcare is evolving, launched two weeks ago and is also running in the U.S., according to Tsigrikes.
Along with other metrics for branded-content campaigns like scroll depth, pageviews and time spent, the Post scores each branded-content campaign on a scale from 1 to 10 on how well it compares to all the publisher’s other branded-content campaigns and its editorial coverage on the same topic. The publisher has also increased the number of campaigns on which it runs pre- and post-campaign analysis, with its four-person in-house research team based in the States running 20 post-campaign research analysis studies in the last 12 months, up from roughly four the year before, said Tsigrikes.
Branded content is competitive, with the Post competing for budgets against local players that have more resources. The Post said it can differentiate partly through its technology, with its native ad distribution platform Own and a number of native ad formats. Another differentiator is its connection to Washington, D.C., which appeals to certain brands. Richard Stokes, head of content at Wavemaker Global, said the publisher can differentiate by demonstrating how it can create branded content for its 1 million digital subscribers. “With the huge amount of data and understanding on subscribers they could do groundbreaking branded content work with less frequency,” he said. “They would be better placed to understand attribution too.”
Across the industry, publishers are working on bigger-ticket deals with fewer clients. The Post has seen the average cost of branded-content deals increase by 50 percent in the last year. “We’ll chip away at the established players to get the three-monthlong campaigns the way we did in the U.S.,” said Tsigrikes. “We weren’t established with branded content there three years ago.”
The Post previously told Digiday that it generates over $100 million from digital advertising globally and claims it has 90 million monthly unique users in the U.S. and 30 million in Europe, which it doesn’t break out by region. In October, the Post had 3.6 million monthly uniques in the U.K., according to comScore. For comparison, comScore indicates The New York Times had 6 million monthly uniques and The Atlantic had 2.8 million monthly uniques in October.
The Post has invested in international expansion editorially, according to Tsigrikes. At the end of January, the publisher launched a dedicated daily newsletter for global audiences, WorldViews, which Tsigrikes said has grown to 250,000 subscribers. The Post will also launch its first London editorial conference, PostLive, in February. Of course, being privately owned by Amazon founder Jeff Bezos means the Post can invest strategically over a longer term without expecting a return on investment within the quarter.
“We’re learning from our content amplification and applying it to Europe,” said Tsigrikes. “Being 12 months behind competitors is not a problem. We’re learning from their mistakes: Don’t hire 15 people in London if you don’t have clients there.” |
California targets smarter almond production with $4.8m fund | Almond-growers in California are funding research to find innovative new farming methods. The Almond Board of California is investing $4.8m in up to 64 different research projects targeting three main areas of interest: protection of honey bees, new uses for almond shells, and water sustainability. The production of almonds requires a lot of water, and the expansion of the industry is putting a strain on water resources in the state. Increasing water efficiency could help to reduce costs in the $4.8bn industry.
| https://www.fooddive.com/news/california-almond-industry-invests-48m-in-sustainable-farming-research/512713/ | 2017-12-13 15:59:24.183000 | Dive Brief:
The Almond Board of California (ABC) announced it is investing $4.8 million in 64 independent, third-party research projects experimenting with innovative farming techniques, according to Food Ingredients First. Three key areas of interest for almond farmers include water sustainability, protection of honey bees that pollinate the almond crop, and new uses for almond hulls, shells and woody materials.
In the past 40 years, ABC has invested close to $70 million in research on how to improve the way almonds are grown, processed and consumed in order to make an "an economically, environmentally and socially responsible crop for California."
According to ABC's recently released sustainability publication, Growing Good, the industry has already made progress in terms of environmental initiatives. Half of almond processors use solar energy at their facilities, 78% of almond orchards use efficient micro-irrigation, and 94% of almond farms notify beekeepers about pesticides that may need to be used.
Dive Insight:
The humble, heart-healthy almond has gained something of a bad reputation in California. The Golden State's drought may have come to an end — Governor Jerry Brown declared that the emergency period was over in April — but the water-leeching seed was at the forefront of the environmental controversy, and has yet to escape scrutiny.
One almond requires a gallon of water to grow properly, making it the second-most thirsty crop in California, behind alfalfa sprouts. If there were one main sustainability obstacle facing the popular nut, it would be water use.
Despite it’s year-round dependence on water, the almond business has boomed. California is the only state to grow America’s most consumed-nut commercially, thanks to its ideal cool winters and warm spring temperatures. Now, thanks to increased demand, 44% more land there is being used to farm almonds compared to a decade ago. But increased production means even more water use, which has impacted other California industries. Because water is diverted for almond farms, the Klamath River has experienced low-water levels — threatening thousands of endangered king salmon.
The $4.8 billion industry also has affected other crops. Farmers hoping to cash in on the almond craze are pulling up lower-profit plants, like tomatoes and melons, to switch to almond trees.
If ABC’s research is able to reduce the amount of water needed to grow almonds, the price per nut at the supermarket may drop, and more farmers could shift toward producing it. That said, there is no guarantee farmers will pass the savings on to consumers when there is still growing demand for their harvest, though sustainability claims could lure more shoppers to the expensive nut.
The two other areas ABC is pouring its research dollars into — the protection of honey bees that pollinate the almond crop and upcycling almond waste — could also prove to be enticing value-adds. Environmental stewardship and zero-waste production are top of mind for many conscious consumers, and these initiatives could help bring a sustainability halo to the almond industry. |
L'Oréal moves to private marketplaces to avoid wasted impressions | In an attempt to avoid wasteful ad spend online, L'Oréal will be focusing heavily on private marketplaces rather than open exchanges in 2018. Explaining L'Oréal's shift in thinking, Western Europe CMO Stéphane Bérubé said: “I prefer to pay more sometimes to get the quality audiences rather than a cheap CPM.” L'Oréal will also go directly to publishers to oversee its own private marketplaces and avoid low-quality impressions. The company will also hire more in-house experts to improve understanding of the data it holds and to put its own media practices under the spotlight.
| https://digiday.com/marketing/loreal-europe-cmo-ill-pay-quality/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=171213 | 2017-12-13 15:35:25.187000 | Reducing the money wasted on unprofitable media will be at the heart of L’Oréal’s advertising plans in 2018.
There is still “a lot of waste” in the media the advertiser buys, admitted Stéphane Bérubé, L’Oréal’s CMO for Western Europe. But unlike Procter & Gamble, Unilever and other big advertisers, L’Oréal has no intention of slashing its spend online to weed out ineffective ads. Instead, the cosmetics giant will spend more online next year, as it has over the last 12 months. It’s where the company’s ads appear that will impact ad waste, not how much it spends, explained Bérubé, who is warming to the idea that greater relevance comes at a premium. “I prefer to pay more sometimes to get the quality audiences rather than a cheap CPM,” he said.
To avoid cheap impressions, L’Oréal’s budgets are moving from open exchanges into private marketplaces, Bérubé said. In some markets, the advertiser is going directly to publishers to curate its own private marketplaces, a shift reliant on first-party data from areas such as L’Oréal’s limited e-commerce sales alongside data from publishers. Consequently, third-party data is becoming less important to the company’s campaigns, Bérubé said.
L’Oréal’s pullback from CPMs dates back to 2014, when it decided to buy display ads that are 70 percent in view on publisher sites. It would be too costly and restrictive on reach if those ads were 100 percent in view, the advertiser previously said. For video ads, the advertiser has been buying those that run through to completion, rather than paying for all impressions.
Buying viewable impressions was the main way the advertiser tried to curb wastage three years ago, whereas now it’s part of a wider shift to more addressable media buys, said Bérubé. In other words, L’Oréal is catching on to the value of people-based advertising, turning its first-party data into more effective campaigns. “We’re reviewing all our audience profiles,” Bérubé said. “We need to collect as much data as possible to be relevant to consumers.”
Understanding that wealth of data is easier said than done. In addition to examining return on investment and attribution modeling, L’Oréal’s marketers are also trying to understand some of the more opaque costs of its advertising such as cost per acquisition, consumer lifetime value and the value of cookies. L’Oréal is also hiring data experts to help make sense of the company’s customer data and question existing media practices. In some cases, data privacy experts are vetting technology and service providers. L’Oréal must bring more experts — not just in data — in-house, said Bérubé, not to replace agencies but to challenge them to be less “complacent” and to nurture their own specializations.
The topic of in-house talent versus agency expertise sparked frank comments from Bérubé at the Ad:tech London conference last month. L’Oréal isn’t trying to “kill the agency” by shaping its own media strategy, Bérubé assured delegates at the event. As dedicated to nurturing its own media expertise as L’Oréal is, Bérubé concedes it will never be able to plan and buy media at the scale an agency could. “Even if I have my have own [trading] desk internally, we’re never going to buy 100 million impressions,” he said. “The reason we’re doing this [in-housing talent] is to understand [our media investments]. If I have no clue about media, then how can I challenge my agency to do a good job?”
Bérubé believes another potential benefit of L’Oréal’s agencies leading media strategy is better remuneration. He said the advertiser plans to overhaul the way it remunerates agencies in many markets, moving away from models that view media as a commodity. “We need to go from treating it [media] as a commodity to be much more of a quality buy because agencies were just being incentivized to buy cheap media, whether that was on TV or online,” Bérubé said.
L’Oréal’s crackdown on wastage helps explain its focus on the so-called long tail of advertising. In the last quarter, the advertiser not only increased its online spend in the U.S. versus the same period a year ago (as the chart above shows), but also the number of publisher sites its ads appeared on. According to a study by ad-tracking firm MediaRadar, L’Oréal, like P&G over a similar period, has become more confident in a supply chain that has forced some advertisers to reluctantly reduce their spend. The data doesn’t reveal how many of those ads are on cheap sites versus premium ones, however, meaning L’Oréal could still be prioritizing reach over content and context.
Bérubé claimed otherwise: “We have better visibility now on who is and who isn’t a real person [online]. I can tell you that we’re comfortable continuing to invest [in digital].”
Image courtesy of L’Oréal. |
Creators struggling to understand AI decision processes: Quartz | The creators of artificial intelligence (AI) are struggling to understand the choices it makes. Because AI relies on a complex neural network that makes millions of mathematic computations, researchers can only fully comprehend the output, rather than each minute calculation. However, in order to assimilate machine learning models into society, researchers will have to understand why AI makes the decisions it does, to avoid the amplification of bias and other issues. | https://qz.com/1146753/ai-is-now-so-complex-its-creators-cant-trust-why-it-makes-decisions/?mc_cid=04c03ec219&mc_eid=222ba8be72 | 2017-12-13 15:33:06.410000 | Artificial intelligence is seeping into every nook and cranny of modern life. AI might tag your friends in photos on Facebook or choose what you see on Instagram, but materials scientists and NASA researchers are also beginning to use the technology for scientific discovery and space exploration.
But there’s a core problem with this technology, whether it’s being used in social media or for the Mars rover: The programmers that built it don’t know why AI makes one decision over another.
Advertisement
Modern artificial intelligence is still new. Big tech companies have only ramped up investment and research in the last five years, after a decades-old theory was shown to finally work in 2012. Inspired by the human brain, an artificial neural network relied on layers of thousands to millions of tiny connections between “neurons” or little clusters of mathematic computation, like the connections of neurons in the brain. But that software architecture came with a trade-off: Since the changes throughout those millions of connections were so complex and minute, researchers aren’t able to exactly determine what is happening. They just get an output that works.
At the Neural Information Processing Systems conference in Long Beach, California, the most influential and highest-attended annual AI conference, hundreds of researchers from academia and tech industry will meet today (Dec. 7) at a workshop to talk about the issue. While the problem exists today, researchers who spoke to Quartz say the time is now to act on making the decisions of machines understandable, before the technology is even more pervasive.
“We don’t want to accept arbitrary decisions by entities, people or AIs, that we don’t understand,” said Uber AI researcher Jason Yosinkski, co-organizer of the Interpretable AI workshop. “In order for machine learning models to be accepted by society, we’re going to need to know why they’re making the decisions they’re making.”
As these artificial neural networks are starting to be used in law enforcement, health care, scientific research, and determining which news you see on Facebook, researchers are saying there’s a problem with what some have called AI’s “black box.” Previous research has shown that algorithms amplify biases in the data from which they learn, and make inadvertent connections between ideas.
Advertisement
For example, when Google made an AI generate the idea of “dumbbells” from images it had seen, the dumbbells all had small, disembodied arms sticking out from the handles. That bias is relatively harmless; when race, gender, or sexual orientation is involved, it becomes less benign.
“As machine learning becomes more prevalent in society—and the stakes keep getting higher and higher—people are beginning to realize that we can’t treat these systems as infallible and impartial black boxes,” Hanna Wallach, a senior researcher at Microsoft and speaker at the conference, tells Quartz in an email. “We need to understand what’s going on inside them and how they are being used.”
Mission-critical AI
In NASA’s Jet Propolusion Lab, artificial intelligence allows the Mars rover to operate semi-autonomously when exploring the surface of an unexplored planet. AI is also used to comb through the thousands of pictures taken by the rover when they’re transmitted back to Earth.
Why would they trust [AI] to control their Mars rover or orbiter if they don’t know why it’s making the choices it’s making?
Advertisement
But Kiri Wagstaff, a JPL AI researcher and speaker at the workshop, says AI needs to be understood before it’s used, due to the high risks every decision brings in space.
“If you have a spacecraft in orbit around Mars, it’s 200 million miles away, it costs hundreds of millions of dollars, potentially even a billion dollars, to send there. If anything goes wrong, you’re done. There’s no way to repair, visit, replace that thing without spending an immense amount of money,” Wagstaff says. “So if we want to put machine learning in play, then the people running these missions need to understand what it’s doing and why, because why would they trust it to control their Mars rover or orbiter if they don’t know why it’s making the choices it’s making?”
Wagstaff works on building the AI that sorts through images captured in space by NASA’s various spacecraft. Since those images can number in the millions, having an AI pick out the interesting photos could be a big timesaver—but only if the AI knows what an “interesting” image looks like.
To Wagstaff, being able to understand what the AI is looking for is crucial to implementing the algorithm. If there was a mistake in how it learned to go through images, that could mean passing over data worth the millions of dollars the mission cost.
Advertisement
“Just being presented with an image that a computer said ‘Oh this is interesting, take a look’ leaves you in this sort of limbo, because you haven’t looked at all million images yourself, you don’t know why that’s interesting, what ticked,” Wagstaff says. “Is it because of its color, because of its shape, because of the spacial arrangement of objects in the scene?”
Hidden knowledge
In 2007, Andrew Gordon Wilson, an AI professor at Cornell University and co-organizer of the Interpretable AI workshop, was working with a team to build a new kind of PET scanning machine. Since certain particles didn’t behave in the machine as they did in the rest of the physical world, he was tasked with tracking how a certain particle moved through a tank of xenon.
His adviser suggested trying to use neural networks, which were still relatively obscure at the time. Using the technology, Wilson was able to use the light emitted by the particle to locate it in the xenon chamber.
While he got the answer he was looking for, Wilson says that understanding the internal rules the algorithm had built to understand how light indicated the position of the particle could have opened a new avenue of research.
Advertisement
“In a way, a model is a theory for our observation, and we can use the model not just to make predictions but also to better understand why the predictions are good and how these natural processes are working,” Wilson said.
Up for interpretation
But to make new ground on interpretability, one of the biggest challenges is simply defining it, says Wallach, the Microsoft researcher.
Does interpretability mean that AI experts know why Facebook’s algorithm is showing you a specific post, or that you understand yourself? Does a doctor using an AI-powered treatment recommendation system need to know why a specific regimen was suggested, or is that another role— like an AI overseer— that needs to be created in a hospital?
“If your system doesn’t work and you don’t know why it’s quite hard to improve it.”
Advertisement
Wallach calls interpretability a latent construct: Something unobservable, but instead augured by testing how real people use and misunderstand AI systems. It’s not just a matter of lifting the hood of an algorithm and watching how the engine runs.
Understanding an algorithm isn’t just to fend against bias or make sure your rover won’t fall off a Martian cliff; knowing how a system fails can help AI researchers build more accurate systems.
“If your system doesn’t work and you don’t know why, it’s quite hard to improve it,” Uber’s Yosinski say. “If you do know why it’s failing, oftentimes the solution is a foregone conclusion.”
To figure out how one of its algorithms thinks, Google is trying to sift through the millions of computations made every time the algorithm processes an image. In a paper presented at the NIPS conference, Google researcher Maithra Raghu showed that she was able to fix the unwanted association between dumbbells and arms, only this time with tree bark and birds.
Advertisement
By looking at which neurons in the network were activated when the AI looked at images of birds, Raghu was able to determine which were focusing on the bird and which were focusing on the bark, and then turn the bark neurons off. The success is a sign that, for all its complexity, translating a neural network’s work into something a human understands isn’t impossible.
“In school we ask students to put it in their own words to prove that they’ve understood something, to show their work, justify their conclusion,” Wagstaff says. “And now we’re expecting that machines will be able to do the same thing.” |