German energy storage company Sonnen has officially opened its new headquarters in Los Angeles, and is wasting no time in selling batteries to as many American customers as possible. Sonnen announced today that it is teaming up with SolarWorld, the largest crystalline-silicon solar manufacturer in the U.S., and PetersenDean, a large California-based roofing and solar company, to offer a complete solar-plus-storage package for the U.S. residential market. Partnerships are a key element of Sonnen’s expansion plans as it tries to edge out Tesla, its top competitor. The German energy storage company has already built a U.S. distribution network of more than 30 local solar installation companies, and plans to grow that network to 100 dealers by the end of the year. Sonnen also announced today that it’s working with Spruce, the product of a recent merger between Clean Power Finance and Kilowatt Financial, to develop a financing product focused purely on energy storage. The two companies plan to make financing available to Sonnen’s channel partners in the first quarter of 2016. They’re also working on a solar-plus-storage financing option for release later this year.

Geli’s ‘Internet of Energy’ Software Gets Real-World Test in Texas Microgrid

It’s on a Department of Energy-funded Texas microgrid project that California startup Geli is getting a chance to test its “Internet of Energy” software for behind-the-meter batteries — plus a whole lot of other intelligent, networked end loads. Funded by a $2.15 million grant from ARPA-E’s “NODES” program, the project will eventually grow to encompass up to 100 devices, including batteries, electric vehicles, controllable HVAC systems, and binary-switched devices such as water heaters and LED lighting controls. It’s happening at Group NIRE’s facility in Lancaster, Texas, which also houses a state-of-the-art microgrid project from utility Oncor, and ongoing battery testing by DNV GL, Geli’s partner in the new ARPA-E project. Its goal is to show that distributed energy resources (DERs) like these can be put to use for two main purposes, which can sometimes come into conflict. DNV GL’s role in the project is to provide the “suite of industry-validated and -approved modeling tools, from the wholesale and ISO level, to the distribution scale and end user,” Michael Kleinberg, the senior consultant who’s leading the new project, said in a recent interview.

CPUC defends solar net metering policy in 3-2 vote

The US state of California has approved a policy that grants financial credit to solar customers who supply electricity to the grid. The state regulator, the California Public Utilities Commission approved a policy, as the result of a three-to-two vote, under its solar net metering policy. Reuters report that net metering, which has been in place for 20 years in California, has been key to making clean power affordable. The policy allows homeowners that have solar panels to continue selling excess power back to the grid at the full electricity retail rate. Ratepayers and some utilities view the policy decision as a knock to electricity sales and decrease in recouping some of the infrastructure costs that are bundled in retail rates. Some are also of the opinion that solar customers cause an undue burden on non-solar customers, who are depended upon to must make up shortfalls. The New York Times adds that in the state of California, regulators have sided mainly with the solar industry and have “generally rejected proposals” to reduce the net-metering credit and put in additional charges for solar customers.

Consumer Products & Retail

IBM and Mars collaborate to set up food safety platform

Technology giant IBM and confectionery company Mars have collaborated to set up Consortium for Sequencing the Food Supply Chain, a food safety platform that is intended to capitalize on the technological advancements in genomics to improve the understanding on food safety. The scientists from IBM are in the process of developing a reliable method to prevent food contamination bacteria that affects thousands of lives every year in the US, the company claims. The project’s objective is to track food across the global supply chain by sequencing the DNA of the microorganisms which thrive on it. The companies will undertake what is being touted as the largest-ever metagenomics study, to classify and understand micro-organisms and factors that influence their activities in a normal, safe environments in factories.

Cherokee Global Brands Appoints EVP, Business Development

Cherokee Global Brands, a global marketer of style-focused lifestyle brands, announces the appointment of Randi Spieker as executive vice president, business development, reporting to Howard Siegel, Cherokee Global Brand’s president and chief operating officer, effective Feb. 8, 2016. Spieker, an experienced business development and licensing executive, will directly manage the company’s expanding domestic licensing base to include its new U.S. wholesale and retail relationships. Henry Stupp, Cherokee Global Brands CEO, comments, “Randi’s broad industry relationships and expertise will contribute to the growth of the Cherokee branded business in the U.S. both through category expansion and new retail and wholesale partnerships.

Dixon Carphone’s Deputy CEO to join Ocado

Dixon Carphone’s Deputy CEO Andrew Harrison is to join Ocado’s board as Non-Executive Director from 1 March. “We are delighted that Andrew is joining Ocado, as we continue to grow the business and develop our technology solution. Andrew brings significant retail and technology experience and we will benefit from his new insight” said Ocado’s Chairman Lord Rose. “I am excited to join Ocado’s Board at a time when it leads the shift of the grocery retail market towards online. I look forward to becoming part of the team” Harrison added. In addition, Ocado’s Senior Independent Director and Non-Executive Director David Grigson has revealed his intentions to retire from the board. Lord Rose will succeed Grigson as Chairman of the Nomination Committee and Alex Mahon will take on the role of Senior Independent Director. Rose praised Grigson who has served at the company for six years.

Automotive

Peugeot to take part in a 400-million-euro investment in Iran

PSA Peugeot Citroen and its Iranian partner announced a five-year investment plan to upgrade their auto plant in the country. The Paris stop during the first European tour of the Iranian President Hassan Rouhani concluded with a business deal for PSA Peugeot Citroen, an agreement which the French carmaker considers the first industrial accord signed by a western company since the economic sanctions on Iran were lifted this month. The deal marks the rebuilding of ties between PSA and its long-time partner Iran Khodro, the biggest automaker in the country. The venture’s plan is to start the production of 100,000 vehicles a year in the second half of 2017, and to double the output capacity at a later stage. For revamping the 50 years old factory near Teheran, both sides agreed to invest 400 million euros (435 million dollars) in the next five years for building Peugeot’s 208 hatchback, 301 sedan and 2008 crossover.

Volvo will shift V60 production to Belgium

Volvo will shift production of the V60 model line to its factory Ghent, Belgium, from Sweden starting in early 2017. The move will free up capacity at Volvo’s main plant in Torslanda, near Gothenburg, for new additions such as the S90 and V90 as well as the strong-selling XC90 flagship SUV. “Management in Sweden asked for a solution for the V60, and we put our hand up”, says Volvo Car Ghent spokesman Mark De Mey. The V60 family was Volvo’s No. 4-selling model line in 2015 with a global volume of 61,341, according to company sales figures. Volvo currently produces the V40, V40 Cross Country, XC60 and S60 in Ghent. The V60 shares its underpinnings with the S60 and XC60, which is why it is possible to add the station wagon as well as variants such as the V60 Cross County and the D6 plug-in hybrid to Ghent’s production schedule.

Ford, aiming for pickup fuel economy crown, preps diesel-powered F-150

Ford Motor Co. appears to be gearing up to launch a diesel-powered version of the F-150, possibly as early as next year, and wrest the fuel efficiency crown from the hot-selling Ram 1500 EcoDiesel. Diesel-powered F-150 test trucks have been spotted running around Ford’s product development center in Dearborn, Mich. Land Rover’s decision to equip its Range Rover and Range Rover Sport SUVs with a Ford-built, 3.0-liter diesel engine also bodes well for a diesel-powered F-150. Ford spokesman Mike Levine declined to comment on Ford’s future products, but Dave Sullivan, an analyst for consulting firm AutoPacific, says Ford’s product plans call for a diesel-powered F-150 teamed with a new 10-speed automatic transmission co-developed by Ford and General Motors. It could launch as a 2017 model, he says. “A diesel F-150, with its lightweight body and 10-speed automatic, would have all of the necessary hardware to win the fuel economy race,” said Sullivan.

Banking

HSBC online services offline following ‘attack’ on bank

HSBC customers were once again locked out of online banking this morning, following an attack on the bank. The bank tweeted: “HSBC UK internet banking was attacked this morning. We successfully defended our systems. It added: “We are working hard to restore services, and normal service is now being resumed. We apologise for any inconvenience. Users have been unable to access the bank’s browser- and app-based banking since early this morning. One reader got in touch to report they had experienced problems since 8.30am this morning

HSBC, Bank Ekonomi to merge in 2017

HSBC Indonesia will complete its integration with Bank Ekonomi Raharja by April 2017 after discussions with the Financial Services Authority (OJK) intensified last year. By integrating with Bank Ekonomi, HBSC would be able to expand its operations and offer services in 31 cities, from the current six, under Bank Ekonomi branches, as well as give Bank Ekonomi access to wealth management services, said HSBC Indonesia head of retail banking and wealth management Blake Hellam.”It will be complete in April 2017. We are confident in our negotiations with the regulator. Behind the scenes, there is a lot to do, such as system, regulation and product integration,” he told

Barclays to return to bank branch just over a year after closing it

Barclays will reopen their former branch in Preston Road next month with work underway to convert the building into a business advice centre. The branch closed in January 2015 and was occupied as a squat for a number of months until charity 3Space began a clean-up and redecoration of the site last summer. Now work is underway to convert the site into the third Eagle Lab in the country – following in the footsteps of similar sites opening in Cambridge and Bournemouth. The Eagle Lab will have enhanced facilities from the Hatch centre which was opened by 3Space in November and which the charity had hoped to run for at least six months. The former bank branch offered free office space to a number of small businesses including a halal cracker company while the bank vaults were used to host a music gig in the dark and an art exhibition on the city’s plantlife.

BNP Paribas names Chief Digital Officer for CIB

BNP Paribas has appointed Rudi Collin as Chief Digital Officer at the corporate and institutional banking division in a newly created role designed to improve the bank’s technology. Banks are investing in electronic platforms and data networks to increase automation in a variety of operations in a bid to eventually improve profitability. “Rudi will be in charge of accelerating, managing and monitoring the digital transformation of CIB, and will harmonise technology platforms across the bank,” BNP Paribas said in an emailed statement. In his previous role, Rudi Collin oversaw digital efforts for the bank’s global markets unit. The new “user-centric” platform” will enable a “corporate treasurer, for example, to log in just once to gain access to all relevant tools, from cash management applications to foreign exchange hedging tools”, the bank said.

Insurance

LeapFrog Investments eyes insurance market

LEAPFROG Investments, an equity investor in emerging markets in Asia and Africa, intends to invest about US$25 million in the Zambian insurance industry.

According to a statement availed to the Daily Mail by Zambia Invest recently, Leap Frog, through Africa Finance Business Mauritius Limited (AFB), plans to create a technology platform that will empower mobile users with necessary tools to access insurance products. “Zambia, like many other countries in the sub-Saharan region, counts with an untapped insurance industry with only one percent of the adult population having an insurance product,” the statement reads.

Recently, the organisation announced that it would soon expand its services in Zambia and four other countries in the sub-Saharan region after raising a US$400 million fund earlier this year. The fund, which has been financed by companies such as American International Group, AXA Group, Zurich Insurance Group, JP Morgan and other 17 multi-national financial services groups, has been partially used to buy a minority stake in AFB, a financial services business pioneering.

Short-Term Care Insurance Finding a Market

Big premium increases for long-term care insurance (LTCi) have created new opportunities for short-term care insurance (STCi), a category that has kept a relatively low profile. Until now. Proponents of STCi say the time has come to push hard and loud to promote the value of STCi. New plans call for launching a dedicated STCi website as well as a marketing campaign targeted at agents and consumers. The flurry of activity surrounding STCi is no accident as 2015 shapes up to be record year for sales, predicted Jesse Slome, executive director of the American Association for LongTerm Care Insurance in Westlake Village, Calif. There were 26,237 STCi policies sold in the first six months of 2015, an increase of 71 percent compared with the year-ago period, according to the National Advisory Center for Short Term Care Information, a new database dedicated to tracking STCi.

Latest Industry News – 28 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

What’s at Stake in California’s Coming Net Metering 2.0 Decision

This Thursday, the California Public Utilities Commission is expected to vote on a final plan for what the state’s next phase of net energy metering (NEM) policies will look like — at least for the next four years. And if the final decision looks anything like last month’s proposed decision (and according to observers, it probably will), it will be a major victory for the solar industry. The proposal hasn’t sat well with investor-owned utilities Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric, however. Earlier this month, they filed an unusual joint alternative proposal, seeking a last-minute compromise — an export compensation rate of 15 cents per kilowatt-hour until installed systems reach 7 percent of a utility’s customer peak demand, and a rate of 13 cents per kilowatt-hour thereafter.

Accenture launches new suite for resources industries

Accenture is in the process of launching five advanced analytics applications for the resources industries including the utilities and oil and gas industries. Designed for the utilities, oil and gas, chemicals and metals and mining companies, the analytics applications are designed to support pricing, risk management, energy trading, credit collection and workforce planning decisions, states the company. The analytics solutions including workforce management, cross-border trading optimization, credit collection, energy fraud detection and pricing were developed on the Accenture Analytics Applications Platform. They are adaptable to meet the requirements of each company and individual user.

US$1.7bn raised in smart grid, battery and storage and efficiency sectors

A new report by Mercom Capital Group indicates that smart grid, battery and storage, as well as energy efficiency companies raised up to US$1.7bn in VC funding in 2015. The report which examines mergers and acquisition activity in the smart grid, battery/storage, and energy efficiency sectors, revealed that the smart grid sector raised US$425 million across 57 deals in 2015, in comparison to US$384 million over 74 deals in the previous year (2014). According to a release, total corporate funding, including debt and public market financing in the smart grid sector reached US$527 million, down from US$844 million in 2014. The release adds that a total of 20 smart grid merger and acquisition (M&A) transactions took place in 2015, of which 10 were disclosed – totaling US$5.3 billion.

US firm completes Russian AMI project

US smart metering company WAVIOT last week announced the completion of its AMI project with Russian property management company, Solnechniy Gorod. WAVIOT entered into a US$405,000 contract with Solnechniy Gorod for the provision of its smart water solution to improve the company’s grid monitoring and water billing system. Under the contract, WAVIOT installed 3 base stations and 15,000 smart water meters in Solnechniy Gorod apartments in Pen City, Russia. According to a press statement, Solnechniy Gorod says it has recorded benefits such as reductions in non- revenue water and manual meter reading costs, fast leak detections, and automation of data processing. WAVIOT’s smart metering provides a low-power wide area network (LPWAN) solution for smart water meters, allowing monitoring of water consumption online. The solution’s LPWAN is based on gateways effective on a 15+ mile cover range and utilises a cloud platform, with flexible access for meter readings monitoring and accounting.

Consumer Products & Retail

Starbucks to Invest $275M in Partners and Digital

In quarter one, Starbucks delivered a 12% increase in revenue to a record $5.4 billion, despite the significant investments the company continues to make in its partners and its business. Starbucks expects investments in its partners and digital initiatives to total between $275 million and $300 million globally in 2016 compared to approximately $145 million in fiscal 2015. Quarter one was also Starbucks’ third sequential quarter of a 4% increase in global traffic. This holiday season, the company offered Holiday Spice Flat White and an expanded holiday food platform. It also leveraged its digital assets to reward loyal customers with five specialized Very Monday offers throughout the holiday season.

Wal-Mart to Close 269 Stores

According to wsj.com, Wal-Mart is closing more than 150 stores in the United States, a rare retreat for the behemoth on its home turf, capping what has been a difficult year for retailers as shoppers slowed their spending pace and accelerated their shift to the Internet. The article reports that faced with slow-growing sales and the shift to online shopping, Wal-Mart Stores Inc. has been pouring money into e-commerce activities and store employee wages, moves that have depressed profits and its share price.

John Lewis trials image recognition tool

The retailer teamed up with visual search technology company Cortexica on the ongoing trial of image recognition technology for its fashion offer. The tool, which first launched in mid-November, allows customers to locate products with similar colours, shapes and patterns on the app. Sienne Veit, Director, online product, John Lewis said: “Since introducing the Cortexica visual search technology in our iPad app, we have seen customers really engage with the Find Similar tool and use it to easily find their way to other products of interest. Customer feedback has been overwhelmingly positive and we look forward to seeing how this continues throughout the trial period.

Automotive

PSA will invest $435 million to upgrade plant in Iran

PSA/Peugeot-Citroen and its long-time Iranian partner will invest 400 million euros ($435 million) in the next five years upgrading their auto plant near Tehran in what the French automaker says is the first industrial accord signed by a western company since economic sanctions on Iran were lifted this month. The venture with Iran Khodro will produce 100,000 vehicles a year starting in late 2017, with output eventually doubling. The revamped factory, which opened about 50 years ago, will make Peugeot’s 208 hatchback, 301 sedan and 2008 crossover.

Toyota to decide on buying out rest of Daihatsu on Friday, report says

Toyota Motor Corp. and Daihatsu Motor Co. will decide at board meetings on Friday if Toyota will make the Japanese minivehicle maker a wholly owned subsidiary, Jiji news agency reported. Toyota on Wednesday said it was considering buying out the rest of Daihatsu, in which the world’s largest automaker owns a 51.2 percent stake. Buying out the rest of Daihatsu would cost Toyota roughly $3 billion. Full control of Daihatsu could help Toyota leverage the lower-cost brand better and cut procurement costs for Daihatsu, which was the weakest link in the Toyota group last year. The group also includes the Toyota and Lexus brands and truck maker Hino Motors.

Ford CEO named to IBM board of directors

Ford Motor Chief Executive Officer Mark Fields was elected to IBM’s board of directors as the automaker plans to widen its business perspectives. The automotive industry is changing at a fast pace and the automakers have to quickly adapt to the new trends. It is not strictly a selling-car business anymore, as alternatives to traditional car ownership are expanding. Ford Motor Chief Executive Officer Mark Fields has greater plans for the company, shifting the focus on other mobility projects, such as car-sharing, self-driving technologies and connection services. Besides mergers and acquisitions, building partnerships is a key point of that strategy, and this is the reason behind Fields’s naming on the IBM board of directors.

Banking

BDO seals stock brokerage venture with Nomura

The country’s largest lender Banco de Oro Unibank has sealed a deal that brought in Japanese conglomerate Nomura as its partner in local stock brokerage unit PCIB Securities Inc. PCIB Securities, a securities dealer and broker with a seat in the Philippine Stock Exchange, will be renamed BDO Nomura Securities Inc. and will be headed by Koichi Katakawa as president, subject to regulatory approval. Following the transaction, BDO will own 51 percent of the joint venture, with Nomura holding the remaining 49 percent, the Sy family-led bank told the Philippine Stock Exchange on Thursday. “The joint venture intends to leverage on the strength of both companies to create a strong platform to serve a fast-growing market,” BDO said.

Double-digit drops dog Deutsche Bank

The German bank on January 28 published its full results for the three months to December 31 and 2015 as a whole, having earlier in the month flagged up an impending fourth-quarter loss at group level citing a decline at its corporate banking and securities division. The division, which comprises Deutsche Bank’s debt and equity origination, advisory, sales and trading, and loan products businesses, posted a pre-tax loss of €1.2 billion compared with a €323 million profit in the final three months of 2014, as revenues fell across every business line. Total revenues dropped 30% to €2.1 billion, making it the worst quarter for revenue generation since the division posted negative revenues of €3.7 billion in the final three months of 2008.

ANZ leadership restructure will see bank appoint digital leader

ANZ plans to appoint a dedicated group executive responsible for digital transformation as part of a leadership restructure. ANZ CEO, Shane Elliott, announced that the new role of group executive, digital banking will be established among a host of executive-level changes aimed at helping the organisation simplify and improve how it works internationally in the retail and commercial banking spaces. The new structure comes into effect on 1 February. The digital role is expected to be filled by an external candidate and announced in coming months. Overall, ANZ’s management reshuffle is about improving its focus on retail, commercial and institutional customers and businesses as a regional and global play.

Insurance

US firm NGHC to buy Standard Mutual Insurance

Specialty personal lines insurer National General Holdings (NGHC) has agreed to acquire Illinois-based property and casualty underwriter, Standard Mutual Insurance (SMIC). Terms of the deal have not been disclosed. Based in Springfield, SMIC provides private passenger automobile and homeowners insurance products to its customers in Illinois and Indiana. With around 250 independent agents, the company had written around $49m of direct written premium in 2014, in addition to $37m through the first nine months of last year. National General chairman and CEO Michael Karfunkel said: “The SMIC acquisition provides us entry into the states of Illinois and Indiana for both the homeowners and package products, and adds to our expansion efforts of standard and preferred personal lines products.

Jobs threat as RSA announces closure plan

Almost 200 jobs could be at risk after a major insurance firm confirmed it was set to close its Birmingham office. RSA, formerly known as the Royal and Sun Alliance and which owns the MORE TH>N brand, will shut its existing base in Colmore Row following a review of its organisational structure. A new commercial trading site is due to open in the city centre in September but it is not yet clear how many people will be employed there. The insurance group confirmed that around 190 employees were at risk of redundancy, with a consultation period now under way.

US insurance company loses almost one million customer records

US health insurer Centene has lost the personal records of 950,000 of its members that were stored on hard drives, the company has revealed. Details include customers’ names, addresses and dates of birth, security numbers, membership details and health information, although Centene said no financial details have been compromised. The company’s CEO said it doesn’t believe the data has fallen into the wrong hands or has been stolen, but it is simply struggling to find the whereabouts of the hard drives. “While we don’t believe this information has been used inappropriately, out of abundance of caution and in transparency, we are disclosing an ongoing search for the hard drives,” said Centene’s chief executive, Michael Neidorff. “The drives were a part of a data project using laboratory results to improve the health outcomes of our members.”

Latest Industry News – 27 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Flotation Is the Next Big Thing in Energy Production

There’s a growing international trend in energy production: make it float. Perhaps the most novel project type is the floating nuclear power plant. China General Nuclear (CGN), China’s largest nuclear operator, announced earlier this month that it expects to start operating a small modular offshore reactor by 2020. Construction of the ACPR50S demonstration project is expected to begin next year, having recently been approved by China’s National Development and Reform Commission as part of the country’s 13th Five-Year Plan. China plans to build 300 gigawatts of nuclear capacity over the next 10 to 20 years, with seven nuclear reactors coming on-line each year through 2030. The 200-megawatt floating reactor is designed to supply electricity, heat and desalination, and could be used to supply power to remote coastal areas or deepwater oil and gas rigs. It could also prove useful in the event of a natural disaster. China sees the project as a significant piece of its domestic policy. According to the CGN press release, marine nuclear power platforms are being built to “play an important role in the implementation of the strategy of strong marine power.”

Cybersecurity to dominate EU utilities’ IT spend, says report

Market research company IDC Energy Insights this week issued a new report analysing western European utilities’ IT investment priorities to improve operations. In a press statement, IDC said the study sought to track how Western European utilities plan to invest in Enterprise and Line-of-Business (LOB) solutions including asset management, billing, customer care, cybersecurity, meter data management, supply chain management and network automation. The report findings reveal that cybersecurity in Western Europe is the highest IT solution area of investment for utilities in 2016 specifically data loss and leakage prevention, mobile security, and cloud security.

DONG Energy Decides To Keep Its Exploration & Production Business

Danish offshore wind energy giant DONG Energy has concluded, after a strategic review, that it will keep its Exploration & Production business. DONG Energy announced back in September of 2015 that it would undertake a strategic review of its Exploration & Production (E&P) business — the company’s oil and gas division, which according to its website produces the equivalent annual consumption of oil and gas of more than ten million Europeans. Over the past two years, DONG Energy has been transitioning away from being a renewable energy development company to being a company focused on offshore wind development — having divested itself of all its onshore wind projects in December of 2014. The company’s strategic review of its Exploration & Production business concluded that the company is committing to building “a world-class clean energy company with a portfolio based on leading competences in offshore wind, bioenergy, and green distribution and customer solutions.”

Consumer Products & Retail

Is M&S taking the first step to open shop in Australia?

Marks & Spencer has launched new websites in Australia and New Zealand in its latest bid to push into overseas markets, reported The Guardian. Australian consumers are already some of the British retailer’s biggest online customers, buying via the retailer’s UK website which delivers to more than 30 countries worldwide. The new dedicated sites for Australia and New Zealand feature local currency and sizing and have tailored editorial content highlighting items relevant to the local seasons. “Australia is firmly established as one of our top performing international delivery markets and our new localised website presents a key growth opportunity for our international online business,” said David Walmsley, Director of M&S.com

Johnson Controls in advanced talks to acquire Tyco

Johnson Controls Inc, a U.S. manufacturer of car batteries and heating and ventilation equipment, is in advanced talks to buy fire protection and security company Tyco International Plc (TYC.N), people familiar with the matter said. A deal between Johnson Controls and Tyco, which have market capitalizations of $23 billion and $13 billion respectively, would provide the clearest indication yet that the recent market volatility has not derailed strategic mergers from advancing. Terms of the potential deal could not immediately be learned. The sources, who asked not to be identified because the negotiations are confidential, cautioned that no agreement was certain.

All Eyes on Liberty

Liberty is bringing its store windows into the modern age with a dynamic multimedia “All Eyes on Liberty” campaign launching today. The London department store has collaborated with collage pair Gus and Stella to revamp its street windows using a combination of digital animation and animatronics to highlight a range of own brand products. Over the next four weeks, the window displays will feature inspired designs from its most renowned past and present advertisements, ranging from the 1950s and 60s to this season’s collections. Windows will also comprise of exaggerated, oversized products, 2D cut-outs alongside digital screens, rotating and oscillating features and papier mache ‘Franz West’ inspired 3D lips. These will highlight a mixture of Liberty’s affordable lines and trademark products.

Nature’s Care appoints JPMorgan, Ord Minnett to run $1b trade sale

Vitamin company Nature’s Care has appointed JPMorgan and Ord Minnett to explore a trade sale, as revealed by Street Talk on Sunday. It’s understood the brokers will introduce Sydney-based Nature’s Care to some offshore groups this week, with a formal sale process to commence in coming months. Privately held Nature’s Care is run by Steven Collett and makes about $40million in earnings before interest, tax, depreciation and amortisation. A sale price north of $1 billion is expected based on recent transaction multiples, sources said, adding that the owners are seeking a buyer for 100 per cent of the company.

Automotive

Toyota considers Daihatsu buyout, denies Suzuki tie-up talks

Toyota Motor Corp said it was considering buying out the rest of minivehicle maker Daihatsu Motor Co, a $3.2 billion deal at current market prices, but denied a report that it was in partnership talks with Daihatsu rival Suzuki Motor Corp. Full control of Daihatsu could help Toyota leverage the lower-cost brand better and cut procurement costs for Daihatsu, while capital ties with Suzuki would help Toyota to make inroads into India where Suzuki commands around half the passenger car market. “We are constantly considering a number of possibilities relating to Daihatsu, such as partnerships or business restructuring, including making the company a fully owned subsidiary,” Toyota said in a statement, but added that no decisions had been made. Toyota owns 51.2 percent of Daihatsu, which like Suzuki, specializes in 660cc minivehicles, a segment particular to Japan, as well as compact cars.

Fiat finds $1 billion in savings from unlocking Chrysler’s cash

Fiat Chrysler Automobiles CEO Sergio Marchionne has found a way to cut borrowing costs and help fund an expansion at the company by tapping into Chrysler’s cash. Two years after Fiat merged with Chrysler, Marchionne has finally gained full access to its cash stockpile of some $13 billion after buying back bonds that had restricted the funds from being transferred outside the U.S. unit. Marchionne can now tap that liquidity for an expansion plan and reap the rewards of borrowing less money, saving about 1 billion euros ($1.09 billion) on financing in 2018, according to the average of three analyst estimates obtained by Bloomberg. Most of that will flow to the bottom line, giving a much- needed lift to Marchionne’s effort to more than triple net income to 5 billion euros by 2018, according to Massimo Vecchio, an analyst at Mediobanca in Milan.

EU seeks more powers over car regulations after VW scandal

The European Union sought sweeping powers over national car regulations on Wednesday, aiming to prevent a repeat of Volkswagen’s emissions test cheating scandal. Under the proposed new rules, Brussels would be able to order spot checks on vehicles, order recalls and impose penalties on automakers of up to 30,000 euros ($32,600) per vehicle for failure to comply with environmental laws – if no fine was being imposed by the member state. The new plans would also authorize individual EU member states to recall cars approved by any of the bloc’s other nations for violations, encouraging peer review of national authorities. The planned legislation is the strongest EU response yet to Volkswagen’s admission in September that it used software to cheat U.S. diesel admissions tests – a scandal which has shone a light on the EU’s lax vehicle regulations.

Banking

HSBC to close a third branch in Stratford district

ANOTHER HSBC branch is to close, it has been confirmed this week. The branch in Alcester Road, Studley, will shut on Friday, 16th April, with all three staff being transferred to nearby branches. The so-called ‘world’s local bank’ announced before Christmas that it was also intending to close branches in Kineton and Southam. A spokesman for HSBC said use of the Studley branch has been declining in recent years, with 81 per cent of contact the bank has with its customers being over the phone. The decision to close the branch has come under fire from parish councillor Karen Somner-Brown. She told the Herald the bus service to the next nearest HSBC branch in Redditch was costly and unreliable. “The branch is very convenient for local people, many of whom don’t drive or are elderly or disabled,” she said.

Barclays selects Smart Contract Templates internal team to join its Accelerator programme

An internal team from Barclays Investment Bank, researching smart contracts on distributed ledgers, has been selected to join the latest cohort of FinTech startups that have made it into Barclays’ famous Accelerator Programme, powered by Techstars. The ‘Smart Contract Templates’ internal team, led by Dr Lee Braine of the Investment Bank CTO Office at Barclays, was chosen following an internal competition across the bank. Braine explained that ideas were pitched from across the group and the selected one came from the Investment Bank. The inspiration behind the idea came from the blockchain space, but it was focused on the intersection of business logic and legal prose – a topic which hasn’t received a great deal of attention to date, although that is expected to change as smart contract technologies mature

JPMorgan Chase planning rollout of cellphone-accessible ATMs

JPMorgan Chase will install new ATMs later this year that will allow customers to withdraw cash or initiate other transactions using their cellphone. The move will include new cash machines that don’t require a card and upgrades to existing machines that will allow customers to withdraw more money and in different denominations, said Chase spokesman Michael Fusco. The withdrawal limit will also be substantially higher, up to $3,000. The first generation of these new ATMs will allow customers to access the machine by inputting a code found on their Chase mobile app, Fusco said. Future upgrades of machines will allow customers to use their cellphone’s near-field wireless communication feature to access their accounts, using the technology that enables shopping checkout features such as Apple Pay and Samsung Pay.

Insurance

Insurer Exits Show U.S. Crop Insurance a Field for Specialists

The U.S. crop insurance market has been abandoned by some of its largest companies as lower agricultural prices crimp revenue, and uncertainty about federal aid clouds the business’s future. Cargill Inc., the largest privately held company in the U.S., last month reached a deal to sell a crop insurer. Wells Fargo & Co., the largest bank by market value, also announced a retreat, as did seed provider Monsanto Co. and tractor maker Deere & Co. “It isn’t easy money,” said Mike Foley, chief executive officer of the North America commercial division for Zurich Insurance Group AG, which agreed in December to pay as much as $1.05 billion for Wells Fargo’s Rural Community Insurance Services, one of the largest U.S. crop insurers. “It may not be something you want to do if it isn’t part of your core business.”

AIG to Return $25 Billion to Holders as Hancock Reshapes Insurer

American International Group Inc. plans to return $25 billion to shareholders over the next two years as Chief Executive Officer Peter Hancock divests assets and seeks to boost returns to protect his job amid criticism from activist investor Carl Icahn. Hancock will offer a 19.9 percent stake in the mortgage insurer United Guaranty Corp. to the public in a step toward a complete exit of that business, AIG said Tuesday in a statement ahead of the CEO’s presentation to Wall Street. The insurer also is reorganizing into “modular” business segments to create flexibility to sell or take public additional units if they underperform. Hancock’s vow on shareholder returns follows more than $9 billion of share buybacks in 2015. “The $25 billion capital return is eye-catching to say the least,” David Havens, a debt analyst at Imperial Capital, said in a message. “They are navigating a middle ground that preserves most of AIG as it is now, but offers the flexibility to spin off or sell units in the future.”

Insurers Sour on Potential of Social Media Data

Social media is not expected to play a large role in insurers’ future big data plans, according to a study released by research-consulting firm Celent earlier this month. The report “Bigger Data: A Look at How Far Insurers Have Moved to Take Advantage of Opportunities,” surveyed 360 insurance professionals from life and P&C companies to shed light on the data challenges facing the industry, the technologies companies are investing in and where the most trusted form of raw data will come from in the next two to three years. Only 26 percent of participants viewed social media as a key data source for insurers, preffered over only open government data. Of the six possible categories posed by Celent, customer-provided information and data from client-owned devices were deemed most trustworthy. Both are up 10 percentage points from the researcher’s initial study in 2013 currently at 57 and 50 percent, respectively. “Many insurers see social media as a difficult data source because they run into identity issues and can’t tell if the information is reliable” said Nicolas Michellod, one of the study’s authors. “Willingly shared data is better. It is usually provided through an app so insurers know it can be trusted.”

Latest Industry News – 25 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Electric Ireland and Accenture team up on connected home pilot

Gas and electricity provider Electric Ireland and management consulting firm Accenture have come together in a pilot to develop connected home solutions. The collaboration forms part of a series of trials on smart controls for the connected home. The trial will involve 600 Electric Ireland Smarter Living Panel members trial the latest technology available for real-time, intelligent control of energy usage in residential homes. The trial will leverage Accenture Connected Platforms as a Service (CPaaS), an offering out of Accenture’s Internet of Things practice, which will be used to enable remote and automated control of several smart devices for homes and businesses. Under the test phase, participants trialing connected home technology, will receive smart plugs to be able to monitor and measure electricity consumption in their homes. Customers can use mobile and web-based applications that will also assist users to decrease energy usage.

DEFG issues report on energy prepayment in the US

US management consulting firm Distributed Energy Financial Group (DEFG) last week issued a report analyzing utility customers services on prepayment. According to DEFG, the report focus on understanding the preferences, needs and requirements of older Americans in a voluntary prepaid energy option offered by their utility. The study, “Not So Fast: Prepay Energy and Seniors (55+) in the Utility Sector,” DEFG and its Prepay Energy Working Group surveyed 600 seniors ranging from 55 years and older across the United States. The report’s findings highlight that interest in prepaid energy is fairly low among older Americans compared to the millennial generation, immigrants and property managers.

Smart grid infrastructure investments reach US$226bn by 2025

According to a new report smart grid infrastructure investments in emerging markets are expected to reach US$226bn by 2025, according to Northeast Group. The report analyzing smart grid infrastructure markets of 50 emerging economies including Brazil, Egypt and Mexico, states that a number of large-scale tender announcements made in 2015 is a key driver of growth in smart grid infrastructure investments in 2016 through to 2026. Northeast Group forecasts that the majority of investments will be in smart metering, distribution automation, wide area measurement, home energy management, information technology and battery storage. Smart metering (AMI) tenders amounting to over US$1m announced in 2015 will mean that investment in AMI in 2016 will be twice as much as they were in 2015.

National Grid pursues approval for long-term natural gas capacity contracts

Two National Grid electricity companies have asked the Massachusetts Department of Public Utilities (DPU) to approve 20-year contracts for gas capacity on pipelines being developed in the state. The companies say the net present value of customer benefits from the Northeast Energy Direct (NED) and Access Northeast pipelines amounts to nearly $11 billion, MassLive reports. The proposals follow regulators’ decision in October to allow electric utilities to enter long-term contracts for gas supply, though they must meet certain requirements including being procured in a competitive and transparent process. National Grid said it analyzed scenarios where only one of the pipelines is approved, and found the NED would yield $1.4 billion in annual net benefits for New England electric customers, versus Access’ $1.1 billion.

Consumer Products & Retail

Is M&S taking the first step to open shop in Australia?

Johnson Controls in advanced talks to acquire Tyco

All Eyes on Liberty

Nature’s Care appoints JPMorgan, Ord Minnett to run $1b trade sale

Automotive

Tesla Model S Dominates Electric Car Market With Nearly A Quarter Of All Sales

Tesla earns a prominent spot among the front-runners of the luxury car market with the Model S, going neck and neck with the likes of Mercedes-Benz. The carmaker doesn’t publish sales reports by country, making outside measures necessary to crunch the numbers. According to a variety of analysts, the figures have been increasing for the sedan. EV Obsession estimates that 26,566 units of the Tesla Model S were sold in the United States in 2015. Meanwhile, user RobStark of Tesla Motors Club concludes that 24,200 is the lowest estimation at the other end of the spectrum. At any rate, the Tesla Model S comes out on top in terms of sales compared with BMW’s 6-Series and 7-Series, Audi’s A7 and A8, the Porsche Panamera, the Mercedes S-Class and just about any other vehicle in the same division. For the record, Mercedes wouldn’t be placed below Tesla when other vehicles in the same class of the German automaker are taken into account. On the other hand, the outcome for BMW and Audi would more or less remain the same, where they’re behind Tesla.

Daimler CEO confirms self-driving car progress

Apple and Google have recently made more progress on technologies on automotive projects, according to Daimler Chief Executive Dieter Zetsche’s statement to German weekly Welt am Sonntag, following a recent trip to Silicon Valley. In 2012, Google first started testing its own prototype vehicle. Rumours have also been spreading for a while that Apple is now working on a self-driving car of its own. Apart from the two giants, a number of car makers and firms in the US tech capital are working on developing a self-driving car. Zetsche and Daimler’s senior managers met with around 70 companies in Silicon Valley. “Our impression was that these companies can do more and know more than we had previously assumed. At the same time they have more respect for our achievements than we thought,” Zetsch said. Zetsch confirmed that there were concrete talks among the companies, including those with startup firms. “We wanted to see what drives it, and all the things that can be created from it,” he added.

China to cut green car subsidies by 2021, let market determine development

China will maintain plans to gradually phase out subsidies for green energy vehicles until they are fully eliminated in 2021 and allow the market to determine the direction of green car development, Finance Minister Lou Jiwei said on Saturday. But auto executives speaking alongside Lou at an industry conference in Beijing laid out differing visions as to which technology the market will favor: Tesla-style pure electrics or plug-in hybrid cars currently favored by Volkswagen AG and others. Green car sales more than quadrupled in 2015 with the market finally taking off after years of subsidies and preferential government policies, leading China to surpass the United States to become the world’s largest market for electric cars. The government sees new energy vehicles, a catch-all for pure electric, hybrid and fuel cell cars, as a means for China’s auto industry to catch up to foreign competition while also combating pollution that chokes many urban areas. Executives from Volkswagen and BMW AG said they remain focused on plug-in hybrids as a the most viable technology in the near-term as China transitions toward electric cars.

Banking

Barclays hires Lazard to sell Asia wealth business

Barclays retreat from Asia is set to gather pace after it hired Lazard to advise on the planned sale of its wealth management operation in the region that is likely to be valued at more than $500m, according to people familiar with the matter. The move comes only days after Barclays told staff that it plans to cut up to 1,200 jobs in its investment bank, many of them in Asia, and to close seven offices in the Asia-Pacific region, including in South Korea, Taiwan and Australia. The UK bank has offered private banking and wealth management services in Asia for more than 40 years and had built up about $36bn of assets under management at the end of 2014. Its Asian wealth management operation has offices in Hong Kong, Singapore, New Delhi, Bangalore, Mumbai and Kolkata, according to its website. Barclays and Lazard declined to comment on the advisory mandate, which was first reported by Reuters

ANZ institutional banking boss to depart

ANZ has announced that the bank’s chief executive of international and institutional banking Andrew Géczy is leaving the business. Mr Géczy, who joined ANZ in 2013, is leaving the bank to “seek new opportunities”, according to a statement released on the ASX on Friday. Mr Géczy will finish in his current role at the end of January 2016, at which point the bank will announce his replacement. ANZ chief executive Shayne Elliot said Mr Géczy had worked “tirelessly” to transform the bank’s international and institutional banking business. “This includes strengthening ANZ’s institutional client franchise, improving the performance of our Asia-Pacific retail business and consolidating the leading position we have in Australia and in New Zealand and our position as a top-four corporate bank in Asia,” Mr Elliot said.

Bank of China and ICBC to boost Cross-border Payments

Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) are among 45 major banks that global transaction service provider SWIFT has rallied for an initiative to improve cross-border payments. The initiative, dubbed Global Payment Innovation (GPI) and announced at the end of 2015, seeks to improve cross-border payments for corporate treasurers by offering faster and more efficient cross-border payments with increased transparency and predictability in fee deductions, SWIFT said during a briefing on the initiative to Chinese banks in Beijing on Friday. Representatives from SWIFT said that Chinese banks have “unexpectedly high” interest in GPI. China is now the world’s largest trading nation and is seeking greater use of the Chinese currency, the renminbi, in global trade and finance. BOC and ICBC will join a pilot group to test the new payment scheme to determine how it can ease some of the pains associated with cross-border payments, including those billed in renminbi, also known as the yuan.

Insurance

Canada Life launches customised AE video for advisers

Canada Life Group Insurance has released an automatic enrolment (AE) video targeted at smaller employers which advisers can brand with their own details. Advisers can use this video to explain AE to their corporate clients, how the organisation can become compliant and the support offered by the adviser firm. Canada Life said the video provides advisers with an opportunity to differentiate their offering by extending the AE pension discussion into additional benefits such as group life. Advisers can have the video branded with their company’s name, contact details and logo at no cost if they contact Canada Life. The video has been created in combination with Canada Life’s ‘3-Step Guide to Automatic Enrolment’ – a dedicated adviser page which includes materials and tools to support advisers.

Aviva launches relevant life cover with critical illness

Aviva has launched the first relevant life plan with integral critical illness cover. The inclusion of critical illness benefit as an option on Aviva’s relevant life insurance, which provides individual death in service benefit for an employee, represents a significant change for the business protection market allowing advisers to cover their clients’ business protection needs in one application. The insurer has also launched business life insurance options, which will provide life and critical illness cover for business clients. Both products offer an enhanced protection promise up to £1m benefit to recognise the higher average case size for business protection.

Aon hires retirement and investment business partner

Aon Hewitt has appointed David Bunkle as partner in its retirement and investment business. David Bunkle has rejoined Aon Hewitt after starting his career as an actuarial trainee with the company in 1997. In between, he spent eight years as a director with KPMG, leading a wide range of pension and multi-disciplinary engagements. He returns to Aon Hewitt to lead some of its key accounts and to focus on further developing its strategic risk advisory proposition. Aon Hewitt director Michael Clare said: “David has greatly expanded his experience in the pensions industry and will add new skills and insights to our senior team.

Latest Industry News – 22 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Nevada PUC to Reconsider Grandfathering Rooftop Solar Customers Into New Net-Metering Policy

As the backlash continues to mount against recent changes to Nevada’s net metering program, the Public Utility Commission of Nevada released a draft order on Wednesday evening stating that it will review the issue of “grandfathering” existing solar customers into the new policy. On December 22, the PUC voted to increase the fixed charge for NV Energy customers who own rooftop solar from $12.75 per month to $38.51 per month in phased increases over the next four years. Over the same period, the credit solar customers receive for net excess energy they send back to the grid will fall from the retail electricity rate of 11 cents per kilowatt-hour to 2.6 cents per-kilowatt hour. A group of solar owners launched a class action lawsuit against NV Energy last week, accusing the utility of “deceptive and unfair practices” that led to the unpopular policy change. The commission’s draft order released yesterday heeds a request from the Nevada Bureau of Consumer Protection (BCP) to re-evaluate the grandfathering provision. The BCP noted in its testimony that existing solar customers ought to be grandfathered in to the new policy for a period of eight to 10 years “at least.”

California utilities propose alternative to regulators’ net metering policy

In response to a recent regulatory decision on solar net metering, three California investor-owned utilities have proposed an alternative to how distributed solar users are compensated for sending excess energy to the grid. Last month, the California Public Utilities Commission issued a proposed decision that would preserve retail rate net metering for rooftop solar customers and asked sector stakeholders for comment. The utilities filed theirs this week, proposing a lower remuneration rate for solar customers that they say will help ensure they pay their share of grid upkeep costs. Solar advocates spoke out against the utility proposal in an all-party hearing at the California Public Utilities Commission earlier this week, saying it would “gut” net metering and add complexity to the policy.

Global microgrid market will top $35B by 2020

Predictions for microgrid markets continue to rise, and now Transparency Market Research believes what was a $9.8 billion market in 2013 will rise to $35.1 billion in 2020, Microgrid Knowledge reports. In addition to their ability to operate free of the grid, microgrids are growing because of rising demand for secure, emissions-free and reliable power, the report finds. Defense and the military segment will be the biggest user of microgrids in North America, but microgrids will also see rapid growth in remote island regions in the near term.

Consumer Products & Retail

Amazon steps up European expansion plans

Amazon is stepping up its investment plans across Europe this year, employing several thousand more staff as it seeks to expand amid stricter scrutiny of its tax, privacy and employment records. The world’s largest online retailer, which is seeking to develop its digital media, grocery delivery, device and cloud-computing businesses, will publish fuller details on Friday of its operations in Europe. Amazon will echo other US tech companies in using economic arguments to show its importance to the region as they seek to counter the European backlash against Silicon Valley giants.

Alibaba Teams With Nvidia in $1 Billion Bet on Cloud Computing

Alibaba Group Holding Ltd. will work with Nvidia Corp. on cloud computing and artificial intelligence, and plans to enlist about 1,000 developers to work on its big-data platform during the next three years. The arm of China’s biggest e-commerce operator, known as AliCloud, will boost investment in data analysis and machine learning, it said in a statement Wednesday. AliCloud is staking $1 billion on the belief that demand for processing and storage from governments and companies will boost growth during the next decade as its tries to compete with Amazon.com Inc. in computing services. The investment also reflects Alibaba’s own appetite for information processing as China’s online-retail market grows to 10 trillion yuan ($1.5 billion) by 2020, according to Bain & Co.

Nisa appoints Amazon executive

Independent grocer chain Nisa has confirmed the appointment of a new Head of IT Operations, Steven Cook. A former executive at Amazon, Cook will be charged with the continued development of Nisa’s IT infrastructure and support system. A collection of independently owned stores, Nisa has no online store, though it has invested heavily in development as it struggles to compete in the tough supermarket industry. Cook had been at Amazon since 2011, when he began as an FC Project Manager, and eventually became UK Regional IT Manager in January 2015.“We are really pleased that Steven is joining Nisa to further strengthen our excellent and experienced IT team as we embark on the development of a strategic review to ensure that out IT infrastructure continues to offer the very best support to the independent retailer,” said Operations Director at Nisa Jon Stowe.

Automotive

VW brand revamps model development in drive to lift margins

Volkswagen has streamlined vehicle development at its core VW brand as the troubled carmaker strives to boost profitability and adapt more quickly to market trends. VW’s largest division by sales and revenue has traditionally been slow to upgrade models and uncover new segments in markets such as the United States and Brazil, causing it to fall well short of a profit margin target of at least 6 percent. The brand’s new chief executive Herbert Diess plans to cut investments at the division by 1 billion euros ($1.1 billion) per year compared with previous targets and speed up efforts to increase cost savings. On Wednesday, VW said Diess had appointed a senior manager for each of the four main production series covering VW’s small, compact, mid-size and battery-powered cars, giving them full responsibility for matters such as technology and redesigns.

Automakers Bet Big on Data and Analytics

One of the biggest generators and consumers of data and analytics technology in the coming years may come from a surprising location: your car. From Ford’s deal with IBM to German automaker’s $2.8-billion deal for a location services firm, the big data future of connected cars is closer than one might think. It wasn’t that long ago that the most advanced data mechanism on a car was the station preset buttons for the AM radio dial. But these days, cars are coming off the assembly line with every manner of big data connectivity that allows cars to not only to avoid potholes, but to even drive themselves. Last week, Ford announced that it’s working with IBM to create the Smart Mobility Experimentation Platform, which will capture 10 to 15 second snippets of data from individual cars and send it back to the automaker’s data center. Ford’s data scientists will then use IBM’s streaming analytics tools to spot “tendencies and behaviors” hidden in the data. These insights could then be used to inform the driver to things they would like to know about it, such as the presence of a traffic jam on a normally pristine stretch of road, or a prized parking spot in front of the local Whole Foods.

GM unites car-sharing services under new brand ‘Maven’

The final destination is a mystery, but General Motors is taking another step on its fast-moving journey into new ways of getting around. The company on Thursday announced that it’s formed a brand called “Maven” that will run its car-sharing ventures, including a new one that will begin competing with ZipCar next month in Ann Arbor, Michigan, and spread to other metro areas later this year. GM executives said they expect their main business model of selling cars to people will continue to be large, but they also see big changes coming with ride- and car-sharing. “We see significant opportunity as that change occurs,” GM President Dan Ammann said. “We very much as a company want to make sure we’re at the forefront of that.” The unveiling of Maven comes on the heels of two new mobility deals announced by GM this year: a $500 million investment in ride-hailing company Lyft and the purchasing of the remnants of defunct ride-hailing company Sidecar.

Banking

ANZ’s international boss is out as the shake-ups continue in Australian banking

ANZ’s Andrew Géczy, CEO of the bank’s international and institutional banking arms, is leaving the company. He’ll finish at the end of the month and his replacement will be announced at that time, the bank said today. The change comes amid some upheaval in the institutional arms of Australia’s major retail banks. Profitability in Australian banks has been squeezed on a range of fronts, ranging from stiffer capital requirements and a crackdown on investment lending to the challenges posed by slowing domestic growth. Géczy recently missed out on ANZ’s top job when Shayne Elliott was appointed CEO to replace Mike Smith.

Barclays closing investment banking units in Australia, Russia

Barclays is closing investment banking units in Australia and Russia, as well as Asian countries such as Indonesia and Thailand, as part of a review of global operations, it said in an internal memo to staff on Thursday. The London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa as part of some of the deepest cuts by any bank in recent times. Reuters reported the bank’s retreat from South Korea and Taiwan on Jan. 5. The memo reviewed by Reuters also showed that Barclays is exploring exiting its precious metals business globally.

Australia’s Commonwealth Bank sets up lab in Hong Kong, plans to work with start-ups to drive fintech innovation

The Commonwealth Bank of Australia has launched an Innovation Lab in Hong Kong as the financial institution seeks to drive the fintech industry forward by connecting its customers with local start-ups to solve problems in the finance sector. The lab provides space for start-ups to gather and discuss their ideas, and also offers a host of data tracking and live-testing facilities to start-ups who lack such resources. It makes use of eye-tracking and other technology to help companies test and improve their digital platforms.it is a space where we can bring together people to co-create solutions,” said Kelly Bayer Rosmarin, group executive for institutional banking and markets at Australia’s Commonwealth Bank.

Insurance

Swiss Re & Partners Unveil Initiative to Speed Economic Recovery After Cat Event

Swiss Re Corporate Solutions Ltd. and Veolia have joined forces, under the auspices of The Rockefeller Foundation, to launch an infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe. The partnership, designed to support cities worldwide in the areas of climate change adaptation, disaster risk reduction, infrastructure enhancement and recovery, was announced by Rockefeller Foundation president, Dr. Judith Rodin; Swiss Re Corporate Solutions CEO, Agostino Galvagni; and Antoine Frérot, chairman and CEO of Veolia. The current reality is that cities rarely have financial plans in place to protect critical assets against shocks before they occur, and in the aftermath of such events, cities must determine what is damaged, how it will be fixed, who can fix it and how to fund these repairs, which can take months or years, said a statement issued by the three organizations.

Baidu Looks to Artificial Intelligence to Reduce Insurance Risks

It was hard to tell whether hope or fear was the predominant sentiment about the future of artificial intelligence, according to a panel discussing the state of the field at the World Economic Forum in Davos, Switzerland, Wednesday. A.I. systems are rapidly becoming more capable, the panel – – which included Ya-Qin Zhang, president of Chinese search engine company Baidu Inc., and Matthew Grob, the chief technology officer at Qualcomm Inc. — agreed: they’re able to learn from analyzing large data sets and they can increasingly discern human emotions by monitoring facial expressions and natural language. A.I. researchers Andrew Moore, the dean of the School of Computer Science at Carnegie Mellon University, and Stuart Russell, a professor of computer science at the University of California, Berkeley, were also on the panel and concurred that as a result, A.I. is likely to vastly improve human lives in the coming decade.

Latest Industry News – 21 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

SunEdison Closes 231 MW Solar Portfolio Acquisition From Dominion

SunEdison has closed the second phase of a transaction with Dominion to acquire a stake in a 567 MW solar portfolio. SunEdison, the largest global renewable energy development company, announced on Tuesday that it had completed the second phase of its transaction with Dominion to acquire a 33% ownership interest in a 567 MW solar portfolio. The acquisition of a 33% interest in the remaining 231 MW portion of the portfolio of solar power plants cost $117 million.

Immediately, Terra Nova Renewable Partners, a strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets – acquired SunEdison’s interest in the project for the same price, meaning that Terra Nova now holds the 33% interest in Dominion’s 567 MW portfolio.

First Solar Signs 500 MW PPA With Southern California Edison

Leading global solar PV provider First Solar has signed a 500 MW Power Purchase Agreement with Southern California Edison. According to an announcement by the company on Tuesday, First Solar has signed a Power Purchase Agreement (PPA) for the off-take of electricity generated by four solar projects totaling 500 MW with Southern California Edison (SCE), making SCE the single largest off-taker of energy from First Solar projects in the world. The PPAs are for four solar power projects located in California, Nevada, and Arizona, and all currently in development by First Solar, and all expected to be completed and commissioned by the end of 2019. These projects are:

The 150 MWAC North Rosamond Solar Project, located in Rosamond, Calif., will occupy approximately 1,175 acres of private land, and will produce approximately 488,000 MWh/year.

100 MWAC from the Willow Springs Solar Project, located near the North Rosamond Solar Project in Rosamond, Calif., which will occupy approximately 1,450 acres of private land, and will produce approximately 330,000 MWh/year.

The 100 MWAC Sunshine Valley Solar Project will be located in Amargosa, Nev., less than four miles from the California border, on privately owned land. It will produce approximately 302,000 MWh/year.

The 150 MWAC Sun Streams Solar Project will be located on approximately 1,500 acres of land in Tonopah, Ariz., and will produce approximately 464,000 MWh/year.

$435 Million To Be Invested To Triple Solar Production By LG Electronics

LG Electronics will invest $435 million to triple its production of N-type solar modules. An expanded production facility in Gumi, South Korea will be employed to reach this goal. Currently, LG’s production is approximately 1 GW, but it wants to grow that figure to 3 GW by 2020, with a stop at 1.8 GW by 2018. “The significant increase in production offers the hope of lower prices for these premium modules over time, making top-of-the-line solar affordable for “mainstream consumers,” wrote Jim Jenal, Founder & CEO of Run on Sun, a Pasadena, California solar power installer and integrator.

US DoE plans US$220m for smart grid development

The US Department of Energy (DoE) this week announced it will provide funding of up to US$220m to projects aiming modernising the country’s grid. According to Clean Technica, the funding will be channelled to more than 80 smart grid projects “to support critical research and development in advanced storage systems, clean energy integration, standards and test procedures, and a number of other key grid modernization areas,” within the next three years.

SMS secures five UK smart metering deals

In the UK Smart Metering Systems (SMS) this week announced it has won five deals with energy providers to supply smart meters to residential and small business consumers. SMS will provide smart gas and electricity meters to 386,000 metering points collectively owned by RHE, Green Energy, Flow Energy, Spark Energy and Our Power in Britain, according to news source Business Green. Alan Foy, chief executive officer at SMS, said: “These new independent suppliers are part of the fastest-growing segment of the retail energy supply.”

VizN signs deal for its zinc-iron flow battery with Idaho National Laboratory

ViZn Energy Systems Inc. has received an order from the Idaho National Laboratory for a 128-kW, 320-kWh redox flow battery system based on its zinc-iron chemistry. The flow battery system will be installed as part of a microgrid research, development and demonstration facility expected to be commissioned in the second quarter of 2016. ViZn says its zinc-iron battery uses non-toxic, non-flammable, non-explosive alkaline chemistry, allowing it to be deployed safely in densely populated areas or adjacent to utilities and substations without the risks associated with other battery technologies.

Consumer Products & Retail

General Mills will close U.K. Betty Crocker plant

General Mills Inc. said this week it would shut down a British plant that makes Betty Crocker mixes and frozen dough products, as part of cost-cutting program that’s been going on at the company for more than a year.

The Berwick Advertiser of Berwick-upon-Tweed reported on the shutdown plans for the Jus-Rol plant, which General Mills (NYSE: GIS) acquired in 2001. The company said the factory will wind down operations later this year. The plant employs 265 people. The shutdown is part of General Mills’ “Project Century,” launched by the food company in late 2014 as a way to strip costs out of its supply chain. The effort initially targeted only U.S. operations, but the company last summer began shuttering overseas plants, as well.

Clothing retailer Blue Inc set to close 70 shops across UK

Clothing retailer Blue Inc – which has more than a dozen stores in Northern Ireland – is shutting around 70 shops across the UK. The company has not confirmed whether any of the stores here will be affected. One staff member said no stores in Northern Ireland would be closing their doors as part of the cuts. Blue Inc currently has 232 stores throughout the UK. But despite repeated attempts, no one from the high street retailer responded to the Belfast Telegraph. However, yesterday the firm’s Twitter feed was flooded with queries from workers, asking whether their store was one of those facing the chop. Many were told that “all staff should have been informed by their store manager and can speak with their area manager for support”.

Asda website flaw could have exposed customer details to hackers

A security bug on Asda’s website could have allowed cyber criminals to steal customers’ personal details, including payment information. Information security consultant Paul Moore discovered the flaw, which occurred when signed into the Asda Groceries website. If, at the end of your shop and before you logged out, you visited another website that contained a malicious code, a hacker could theoretically have taken control of your account and intercepted payment card details. Moore says he reported the vulnerability to Asda in March 2014 and claims a fix was promised “in the next few weeks”. In a blog post written on January 18 he claimed Asda had not fixed the problem, despite him sending several tweets.

Automotive

Ford’s future focus connecting more customers through expanding social media

FORD says its customers are responding to its expanding social media campaign to reposition itself as the One Ford global brand in Australia as it transitions from manufacturer to full-line importer. While most the Australian car-maker’s audience has traditionally connected through websites and call-centre services, an increased use of social media platforms is said to be shifting customer behaviour. Speaking at the local launch of the runaway success Mustang sportscar, Ford Motor Company of Australia communications manager Jasmine Mobarek told GoAuto that the eagerly awaited and iconic model had made social media history, highlighting the importance of the various platforms.

GM Launches ‘Maven’, Umbrella Brand For Its Car-Sharing Services

General Motors Company (GM) announced Thursday it has united its car-sharing business under one brand name — Maven. It would compete with Zipcar, Car2Go and other services that cater to those who don’t own cars but rent them from time to time. The company announced that a new car-sharing venture under Maven will compete with Zipcar in Ann Arbor, Michigan, starting next month. Maven will initially focus on serving the faculty and students at University of Michigan, and will be available at 21 parking spots across the city, according to a statement from GM Thursday. New GM vehicles will also be reportedly assigned to the area near the university campus, including dormitory lots.

Nissan invests £26.5 million in EV battery production

Nissan has announced an investment of £26.5m has been made at its lithium-ion EV battery plant in Sunderland. The funds have secured the production of future generation electric car batteries at the site, which will power models such as the Leaf and eNV-200. The investment comes at the beginning of Nissan’s 30th year at the Sunderland production site – the largest facility of its type in the history of the UK car industry. Paul Willcox, Chairman, Nissan Europe, said: “With 200,000 customers around the world already, the Nissan LEAF has transformed the performance and perception of EVs and made Nissan the undisputed leader in EV technology.

Banking

HSBC appoints Chris Russell as NZ chief executive

HSBC has appointed a new chief executive for its New Zealand business. Former head of banking of HSBC in Australia, Chris Russell started his new role earlier this month.He has worked for HSBC since 2005. Russell has held various roles in corporate banking with National Australia Bank and Barclays Bank Australia. He replaced Noel McNamara who has take up the role of chief risk officer of HSBC Australia

People’s Bank Of China Plans to Launch Its Own Digital Currency

The Chinese national bank, People’s Bank of China (PBOC) issued a statement on its official website on Wednesday, 20th January 2016 stating its intent to launch its own digital currency. PBOC held a meeting to discuss the possibility of creating its own digital currency. The meeting was attended by important dignitaries including the governor of PBOC, Zhou Xiaochuan, deputy governor, Fan Yifei, and currency experts from Deloitte and Citibank among other currency experts. The official statement issued by the PBOC read that the meeting held to explore the possibility of issuing digital currency has a positive, practical, and far-reaching historical significance.

Barclays is about to unveil a big overhaul of its investment bank

Barclays is set to unveil a reorganization of its investment bank in the coming days, according to people familiar with the matter. The changes will be the first since former JPMorgan executive Jes Staley took over as chief executive. Bloomberg reported earlier on Wednesday that the bank would cut bonuses and shed staff. The Financial Times subsequently reported that Barclays would cut 1,000 jobs across the investment bank. The bank is expected to cut back in Asia and other emerging markets, and focus on the UK and the US, what it considers to be its two home markets. The Wall Street Journal reported earlier this week that Barclays is looking to sale some of its 62% stake in Barclays Africa Group.

Stealth Regulation Affecting Business Strategy, Deutsche Bank Says

Banks are being asked to perform social roles by “stealth regulation,” said the co-chief executive of Deutsche Bank AG. Speaking on a Wednesday panel at the World Economic Forum in Davos, Switzerland, John Cryan said that “very, very onerous” regulations were requiring banks to take on roles beyond the remit of business. “We’ve been slow to recognize that we are an extension of law enforcement,” he said. For example, banks are required to spot not just individual criminal acts but to draw conclusions from patterns of transactions, meaning they have to invest in sophisticated software, Mr. Cryan said. In some cases, regulations have made it impossible to continue doing business. The bank had to withdraw from 109 countries, Mr. Cryan said, because regulations require Deutsche to not only collect information on its own clients but on the clients of banks it does business with in certain countries.

Insurance

Lloyd’s Appoints New Regional Director for South Central US Region

Lloyd’s, the world’s specialist (re)insurance market, has announced the appointment of Enya He as Regional Director for its newly-established South Central US region. Enya will be based in Dallas and be responsible for market development activities in Arkansas, Louisiana, Oklahoma and Texas. Prior to joining Lloyd’s, Enya served as Associate Professor, Risk Management and Insurance, at the University of North Texas, where she worked to ensure the successful post-graduation launch of hundreds of RMI students into the US (re)insurance industry. In that role, she built strong relationships with many of the brokers, coverholders, insurers, risk managers and industry trade organizations Lloyd’s considers among its most important business partners.

Aspen acquires US crop insurer AgriLogic

Aspen Insurance Holdings has acquired US-based crop insurer AgriLogic Insurance Services and its certain affiliates. Terms of the deal have not been disclosed. Based in Kansas, AgriLogic is a specialist crop business that provides customized risk management solutions to the agricultural community. According to Aspen, AgriLogic is specialized in providing product and policy design and development services across the US and also internationally. The company provides multi-peril crop insurance and private products, as well as pasture and livestock products. AgriLogic has generated gross written premiums of around $185m in 2015.

N.Y. State Common enters into $1.4 billion real estate joint venture with MetLife

New York State Common Retirement Fund, Albany, entered into a real estate joint venture with MetLife Investment Management worth about $1.4 billion, a MetLife spokesman said. The $173.5 billion pension fund purchased the 49.9% stake in the investment portfolio, which currently consists of seven properties worth $1.4 billion. The initial portfolio’s properties are the PNC Centre in Chicago, Wells Fargo Center in Miami and other properties in San Diego, Atlanta, Arlington, Va., Dallas and San Jose, Calif.

Latest Industry News – 20 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Energy storage: DNV GL sets out to create global standard

DNV GL has released a guide which puts forth a set of recommendations for the safety, operation and performance of energy storage systems. The guide was released through GRIDSTOR, a consortium made up of international suppliers, system integrators, end users and regulators, which aims to develop best practices to drive the secure implementation of grid-connected energy storage systems. It also promotes the accelerated development of renewable integration into the grid. The document is purposed to provide recommendations based on extensive research on existing standards, finding that many standards focus on the components of energy storage systems, not the system as a whole. The guide focuses on three primary aspects of grid-connected energy storage: safety, operation and performance, but at this point, does not cover chemical or thermal technologies or electric vehicle batteries.

Dominican utility buys CG solution for substation automation

Energy management company Crompton Greaves (CG) this week won a contract with Dominican Republic Transmission Utility (ETED) to expand the utility’s transmission network. According to a press statement, CG will provide ETED with a smart grid solution including ZIV substation automation and telecommunications system. Under the agreement, CG will integrate ZIV in seven substations in the southern region of the Dominician Republic beginning March, 2016. Cruce de Cabral substation connecting the national power grid to Los Cocos wind farm (the country’s largest wind farm generating 77,2MW with mills) is one of the seven substations to be upgraded. The project will also include integration of a telecom system, ZIV Universal Teleprotection System, for other four existing substations. The development comes at a time when the ZIV smart grid solution has been deployed by utilities such as Iberdrola and Gas Natural Fenosa in Spain, EDP in Portugal and ERDF in France.

California regulators approve SCE pilot to build 1,500 EV charging stations

The pilot phase of the Southern California Edison (SCE) Charge Ready Program was approved by the California Public Utilities Commission (CPUC), allowing the utility to proceed with the installation of up to 1,500 electric vehicle charging stations in its 50,000 square mile territory. The $22 million pilot will locate level two stations where people park their cars for extended periods of time, including workplaces, schools, and apartment and condo complexes. SCE will locate, design, and build the infrastructure, as well as offer incentives. Customers will own, operate, and maintain the stations. If the CPUC agrees the pilot is met with public acceptance, the utility would later be allowed to deploy up to 30,000 charging stations in a $333 million Phase 2 that would run through 2020. If both phases are completed, the $355 million plan would cause a rate increase of $0.001/kWh, or 0.1% to 0.3% of the average bill, according to SCE.

Consumer Products & Retail

Aldi launches home delivery service; offers Wine online

German discount retailer moves into online business sector with a £35million venture. Aldi is intending to shake up the supermarket industry by dispatching an online store – beginning with its deal sales. The German supermarket store’s wine choices will be accessible for home delivery and pick-up from the CollectPlus parcel service. The discounter’s weekly offer Special buys which offers products from cycling to camping gear to clothes will be added to the website in the middle of April and June. In spite of the fact that customers in England, Scotland and Wales will have the capacity to order from the store – whether they live close to an Aldi or not – deliveries are not accessible in Northern Ireland.

Brynwood to Acquire Sunny Delight

J.W. Child Associates, a Boston-based private equity firm and the owner of Sunny Delight Beverages Co. (SDBC), has agreed to sell SDBC to Brynwood Partners VII L.P. for an undisclosed amount pending regulatory approval. SDBC, a Cincinnati-based company, was formed by J.W. Childs in 2004 when it acquired the iconic SunnyD brand from The Procter & Gamble Company. Brynwood Partners also owns the Harvest Hill Beverage Company which markets Juicy Juice products, the Hug juice brand and Daily’s Cocktails brand. Regulatory approval is expected in the first quarter of 2016. Brynwood Partners said the company’s four manufacturing facilities provide Sunny Delight with significant manufacturing flexibility, which is expected to provide Brynwood’s retail partners with new, innovative products in a timely manner.

Nestle strikes e-commerce deal with Alibaba in China

Nestle SA has agreed a partnership with Alibaba in China to grow online sales, build key brands and offer new products, the Swiss food group said on Tuesday. Nestle has introduced products including Nido milk powder, Damak chocolate and Nescafe Dolce Gusto BMW MINI coffee machines on Tmall.com, China’s largest shopping website for brands and retailers, it said in a statement. “Using Taobao.com, the country’s largest shopping site overall, Nestle is expanding its distribution in rural areas,” it added.

Keith Weed, CMO, Unilever

As chief marketing and communications officer, Keith is a member of the Unilever executive and responsible for the marketing, communications and sustainable business functions. His responsibilities are aligned to support Unilever’s vision: to double the size of the business while reducing its environmental footprint and increasing positive social impact. Keith sees sustainability as a driver of consumer-led profitable growth. He led the creation of the Unilever Sustainable Living Plan and has also pioneered new ways of integrating sustainability into the business.

Automotive

VW CEO Mueller’s job not in danger, official says

Volkswagen Chief Executive Matthias Mueller’s position is not in danger, a member of the carmaker’s executive committee said after a committee meeting that discussed the CEO’s progress in clearing up its diesel-emissions scandal. “We discussed many issues at VW yesterday, not only Mr Mueller. We are very conscious that there is no alternative. The question does not arise,” said Joerg Hofmann, who is deputy chairman of the six-man supervisory board committee. “The impression he gives is that he is working in a very serious and results-oriented way on the problems. People like to speculate but there is neither cause nor reason to express doubt on this issue.”

Tata Motors names a new CEO

Tata Motors has appointed Guenter Butschek as Chief Executive Officer & Managing Director, being expected to join the company by 15th February. He will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa. The UK premium Jaguar Land Rover division will continue to be managed by its Chief Executive Officer and Director, Ralf Speth, who is also on the Board of Tata Motors, the company said in a statement. “Tata Motors is going through an exciting yet challenging phase and Mr. Butschek’s appointment comes at an opportune moment,” Cyrus P. Mistry, chairman of Tata Motors, said. “He brings with him rich global experience of growing organizations and developing new markets.” Butschek worked at Daimler AG in international automotive management for more than 25 years, leading functions like production, industrialization and procurement, prior to the role of chief operating officer at Airbus Group.

Fiat Chrysler runs short on time to fix emissions problems in U.S.

Fiat Chrysler Automobiles is running short on time to fix its emissions record in the U.S. For the fourth consecutive year, the maker of Ram pickups and Jeep SUVs finished last in a 2014 Environmental Protection Agency ranking of carbon-dioxide emissions among big automakers. And the agency plans to accelerate its CO2 targets sharply beginning next year. To comply, FCA must improve faster than bigger and richer rivals who also are straining to cut emissions. Failing that, it might be forced to stop building some of the light-duty trucks that Bloomberg Intelligence analyst Kevin Tynan says deliver 90 percent of its profit. Or, to keep making them, it could be forced into a merger.

Banking

HSBC launches ‘nudge theory’ banking app to help customers manage finances

HSBC, one of world’s biggest banks, is trialling a new consumer mobile app using real-time analytics and ‘nudge theory’ to help its 17 million customers better manage their finances. Nudge theory is the idea that indirect suggestions and alerts can encourage individuals to make better decisions. For example, a mobile notification from HSBC which tells the customer they spent over £100 on coffee in the last month might encourage them to spend a little less on hot beverages. The development of the app – which was built in just six weeks – follows an HSBC commissioned report by the London School of Economics, which suggested that leveraging technology such as automated messages to ‘nudge’ people could encourage better spending habits.

Mackinac Financial Corporation to acquire First National Bank of Eagle River (WI)

The Directors of Mackinac Financial Corporation(Mackinac), the holding company for mBank, and the Directors of Ellis Bankshares, Inc. (Ellis), the holding company for First National Bank of Eagle River (FNBER), announced the execution of a definitive agreement for Mackinac to acquire all outstanding stock of FNBER in an all cash transaction for a fixed $12.50 million. FNBER is expected to maintain a minimum of $12.80 million of tangible capital equity at closing. The transaction will increase mBank’s asset position as the largest bank headquartered in the Upper Peninsula of Michigan, with post-transaction assets estimated at approximately $900 million and gross balance sheet loans of roughly $700 million. With the inclusion of secondary market service retained sold loans of $285 million, total loans under management will be approximately $985 million.

Barclays to create 300 jobs at their Liverpool contact centre

Barclays is creating 300 new jobs following a £15 million investment in its Liverpool contact centre. Some of the new posts are part of the bank’s roll-out of its video banking service, which allows customers to speak face-to-face with advisers via their computers, smartphones and tablets, 24 hours a day. Ashok Vaswani, chief executive of Personal and Corporate Banking at Barclays, said: “Colleagues at our Liverpool contact centre play a very important role in helping our customers to bank with us in ways that are most convenient for them.“The investment we have made to improve the design and use of this centre has meant we can offer new opportunities for colleagues to develop their careers at Barclays as well as welcome new recruits to the team from outside the bank.

IDFC Bank in talks to buy RBS’ corporate biz for Rs. 3,000 cr

IDFC Bank is in advanced talks to acquire Royal Bank of Scotland’s (RBS) corporate banking portfolio in a deal worth up to INR 3,000 crore, reports a business daily. A successful acquisition will allow IDFC, which recently started operations as a universal bank, to widen its branch network in India’s biggest cities, add more customers and acquire a stronger corporate loan book, according to the financial newspaper. This deal will give IDFC Bank presence in mid-corporate, consortium lending and retail banking, reports the daily. The valuation could be anywhere between Rs. 2,000 crore and Rs 3,000 crore, it adds.

Insurance

New CEO for AXA Corporate Solutions

AXA Corporate Solutions has appointed Rob Brown as chief executive officer, effective 1 March 2016. He will succeed Philippe Rocard who has been appointed chairman and CEO of AXA Assurance Maroc (Morocco) and head of sub-Saharan Africa. Brown has over 30 years of experience in multi-national insurance and risk management, including time spent in Europe, the USA, Asia and the UK. He has worked for a number of insurance groups, most recently at Aon where he was CEO of Aon Risk Services across Europe, the Middle East and Africa.

New life insurance provider offers payback guarantee

British Seniors Insurance Agency is launching an over 50s product Lifetime Payback Guarantee as a standard feature, ensuring that customers never receive less than the total premiums they have paid. British Seniors aims to provide an alternative to existing Over 50s life insurance products and says that the new product is a first for the UK Over 50s life insurance industry. British Seniors offers immediate cover for accidental death and pays out three times the benefit amount. Dave Sutherland, Managing Director of Neilson Financial Services, commented: “At British Seniors Insurance Agency, our focus is on our customers and doing the right thing by them. Our values are to make things simple and fair and the products we offer are guided by customer needs. We believe in providing innovative products that offer ease, convenience and simplicity.

Aberdeen appoints Gottex AM’s Hughes as head of insurance for solutions team

Aberdeen Asset Management has hired James Hughes as head of insurance within its investment solutions business. Hughes (pictured) will work closely with the insurance specialists team within Aberdeen’s distribution division to help build and deliver multi-asset solutions for insurance clients. The group said his international experience will allow Aberdeen to expand its insurance solutions business in a structured way, directly targeting the specific investment needs of the insurance industry. Hughes previously worked as managing director of multi-asset solutions at Gottex Asset Management. Prior to this, he worked at HSBC as group CIO for its insurance department and was responsible for over $95bn of assets across 14 countries.

Latest Industry News – 19 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Norway’s Troms Kraft Nett boosts meter data management

In Europe, Norwegian business consulting firm Rejiers Embriq last week agreed to supply MDMS software to power utility Troms Kraft Nett. Under the terms of the deal, Rejiers Embriq will integrate the Quant SmartGrid platform into Troms Kraft Nett’s grid to manage data from over 70,000 smart meters. Under the agreement, central grid company Quant will validate data from the 70,000 smart meters that Troms Kraft Nett expects to install by 1 January, 2019. Erling Dalberg, CEO of Troms Kraft Nett, commented: “We are looking at major investments in the power grid, where digitization and management of huge amounts of data are crucial.” The deal comes at a time when the MDMS market in Europe is experiencing rapid growth with the introduction of new solutions and an increase in operational territories by leading solutions providers.

In the Wake of Subsidy Cuts, Solar-Plus-Storage Is Looking More Attractive in the UK

The U.K.’s nascent solar-plus-storage market could get a boost from diminishing government support for renewables, according to the utility behind Britain’s latest PV-and-battery project. “There’s a lot of interest in storage at the moment,” said Stella Hayward, corporate communication officer at Western Power Distribution (WPD), a distribution system operator. “We expect a reduction in government support for new PV installations, coupled with falling prices for storage, to focus solar plant operators’ attention on getting the best value for money from their existing solar farms,” said Hayward. WPD this month announced it is sponsoring a £1 million ($1.44 million) project to install a 300-kilowatt, 640-kilowatt-hour battery energy storage system at a 1.5-megawatt solar park owned by British Solar Renewables in Southwest England. The project, which is being funded by the gas and electricity regulator Ofgem’s Network Innovation Allowance, will prove out “nine different applications for storage on the grid,” said RES in a press release.

Global smart home appliance market worth US$38.35bn by 2020

Rising energy costs and the affordability of smart appliances will drive the market, according to a new report from UK-based company Research and Markets. The market research firm cites how the US Energy Information Administration has forecast that global energy demand will increase by nearly 37% by 2035. The governmental agency adds that the energy requirement per household has steadily increased as a result of increased use of home appliances, creating opportunity for power companies to offer innovative products and services. The report’s findings indicate that North America is leading the smart home appliances market – holding a 35% market share, followed by Europe. Asia is said to become the new front runner in the market by 2018, owing to rising demand of these appliances in the China, India and Japan.

Consumer Products & Retail

Walmart: Merchandise at stores set to close will be marked down

Walmart says it will mark down the price of much of the merchandise at stores that are set to close later this month. Brian Nick with Walmart Corporate Communications tells 40/29 News that much of the merchandise at the discontinued Walmart stores will see prices dropped “between 25 and 75 percent” prior to the closings. An exact timetable for when the markdowns will begin has not been announced. Most of the stores are set to close on January 28th. Walmart is closing 269 stores in all and 154 in the United States, including all 102 Walmart Express stores. The company will focus instead on Supercenters and Neighborhood Markets. Walmart says it is part of a “sharpened focus on portfolio management.” As for the buildings, Nick says Walmart will attempt to sell or lease buildings it owns, depending on the situation.

Australia’s Wesfarmers takes DIY prowess to Britain with $1.2 bln deal

Australia’s biggest retail group Wesfarmers Ltd unveiled on Monday a A$1.7 billion ($1.2 billion) expansion into Britain’s hardware sector, betting on an extension of the DIY craze that turned its Bunnings stores into the market leader at home. Wesfarmers, which also owns the Coles supermarket chain, said in a stock exchange filing that it plans to buy the Homebase unit of Britain’s Home Retail Group Plc for A$705 million and then spend another 500 million pounds ($714.85 million) refurbishing its 265 stores. No further details were disclosed. Last week, Home Retail Group said it was in advanced talks to sell Homebase as part of a “transformation” plan, and warned its annual profit was likely to come in at the bottom of a 92 million-118 million pound range ($131.31 million-$168.42 million).

Holland & Barrett attempts to “smash-and-grab” from suppliers

Holland & Barrett’s Chief Executive Peter Aldis has demanded cost reductions from suppliers and reprimanded them for not “contributing” enough to the growth of the business. The Forum of Private Business, a small business lobby group, labelled the move as a “smash-and-grab raid”. Aldis wrote to the health and beauty chain’s suppliers demanding a 5% reduction in their bills, as well as further “invoice adjustments and/or free stock” to pay for a £3m investment designed to tackle shoplifters. This was in addition to a “12.5% retrospective discount” that it brought in last year for stock earmarked for export. He wrote: “During 2015, we increased turnover by 11.7% – a continuation of 26 quarters of consecutive growth in our business. This was driven by a range of new business initiatives and be our internal investment

CCTV equipment and drones boost Maplin’s holiday trading

Maplin has reported a 2.3% lift in like-for-likes over the Black Friday and Christmas period, boosted by sales of CCTV equipment, which were up 31.7% year-on-year, and drones. The electricals specialist chose to offer customers a full week of sales over the Black Friday period, slashing some prices by over 70%. It also increased stock levels by 200% on popular product ranges. As a result, online sales between November 27 and January 2 rose 33.3% and click-and-collect transactions also grew, now accounting for 36% of all online sales. Oliver Meakin, Maplin’s CEO since September, did however admit that profits were “marginally behind” last year because of Black Friday, but declined to give an exact figure. He also declined to give a total sales figure.

Automotive

Renault recalls 15,000 cars amid emissions fears

Car manufacturer Renault is recalling over 15,000 cars after they were found to have a higher level of emissions than allowed by French standards. Examinations carried out found that levels were too high during real-world testing compared to in a laboratory, which has put the French company under more scrutiny. This news follows investigations of fraud that had been carried out by French officials on some of Renault’s offices last week – with shares in the company falling as a result. Investors were fearful of another Volkswagen-type incident, in which software had been installed by the German company to produce false results during emissions tests. Renault Sales Director Thierry Koskas said: “We are working on a technical plan to cut our emissions” during a 2015 presentation on the group’s sales performance. “Renault did not cheat. We are not using any software or other methods” Koskas clarified.

GM buys ride-sharing company Sidecar’s assets to support Lyft alliance

General Motors is following up its $500 million bet on Lyft Inc. with another flashy, though far less costly, move to fortify itself against the rise of Uber Technologies Inc. The automaker has acquired the technology and most of the assets of the San Francisco-based ride-hailing pioneer Sidecar Technologies Inc. GM is also bringing on board around 20 employees from the Sidecar team, including co-founder and Chief Technology Officer Jahan Khanna. Co-founder and CEO Sunil Paul is not joining GM. The price of the transaction was not disclosed, although a person familiar with the matter said it was less than the roughly $39 million that Sidecar raised in its failing effort to compete with much better-financed rivals like Uber and Lyft. David Roman, a GM spokesman, said the assets and employees would support the Lyft alliance and other efforts at the automaker.

Toyota considers a new management structure

Toyota Motors plans an important shift in its management structure, as the automaker believes its operations should be grouped according to the product type, not by geography reasons. For a better management of its global operations, Toyota Motor considers the idea of dividing its business into separate companies, in accordance with its products, rather than with regions. Therefore, the plan is to make distinct entities for passenger vehicles, compact cars, commercial vehicles and also for the premium Lexus brand. This strategy shift has been reported by the Japanese Nikkei business newspaper. The current Toyota management structure organizes the company into two geographical groups, with Lexus and engines forming the other two groupings.

Banking

RBS partners with New Change to deliver independent TCA FX tool

The Royal Bank of Scotland plc has chosen New Change Currency Consultants Limited (“NCFX”) to deliver an independent way for large corporate and financial institution customers to measure “slippage”1 and run a portfolio analysis of their currency trades against NCFX mid-market rate data. The NCFX mid-market rate data is available through a Transaction Cost Analysis (“TCA”) application on RBS’s award-winning3 Agile MarketsTM digital platform, which also provides foreign exchange (“FX”) execution and trade confirmation capabilities, and enhances existing TCA capabilities on the platform.

Barclays’s New CEO Beats a Retreat in Africa

Barclays PLC was one the few western banks to blaze a trail into sub-Saharan Africa. Now it is preparing to stage a gradual retreat. Barclays executives have concluded that being the majority owner of a sprawling African business no longer fits with the bank’s strategy, according to people familiar with the matter. The bank is drawing up plans to sell some of its 62% stake in Barclays Africa Group Ltd., the publicly traded entity that houses most of its African business, these people said. The decision is part of a plan by Barclays’ new chief executive, Jes Staley, to refocus the bank on a narrower range of profitable activities. It comes as lenders world-wide dial back their ambitions, and financial turmoil dims the allure of operating in risky emerging markets.

Deutsche Bank Expands Dubai Research Team With Moscow Transfers

Deutsche Bank AG is expanding its emerging market research team based in Dubai, relocating three equity analysts from its Moscow office. Igor Semenov will cover Russian and Eastern European technology, telecoms and media; George Buzhenitsa will handle Russian metals and mining, while Pavel Kushnir will cover Russia/Kazakhstan oil and gas from the Frankfurt-based lender’s Middle Eastern offices in Dubai International Financial Centre, it said in an e-mailed statement Tuesday. Deutsche Bank now has nine analysts based in Dubai covering 12 sectors in nine emerging markets. Last week, the bank said Rafik Nayed was taking over as chief country officer for the United Arab Emirates, replacing Nadeem Masud who left to join a boutique firm.

Insurance

Allianz, Zurich and AXA unite to regulate UK driverless car insurance

Admiral, Ageas, Aviva and Covea also enter ABI’s 11-strong members group to look into issues related to liability and how to insure smart cars. As the UK takes a leading role in the autonomous and driverless car race, some of the largest insurance companies in the country have come together to tackle the changes needed to ensure cars are safe and comply with regulations. In total, 11 companies have entered into a joint venture to represent the insurance industry while the central government makes its decisions on how to deploy driverless car technology on British roads. The alliance, led by the Association of British Insurers (ABI) and Thatcham Research (TR), has been formed to consider issues relating to automated driving on UK roads, particularly concerning insurance and liability. The Automated Driving Insurer Group (ADIG) will feed into ABI policy and work with the government around how to embrace automated vehicle use in the UK.

Colonial Life launches enhanced gunshot wound insurance policy

America’s workers who put their lives on the line to protect others now have access to more protection themselves with an enhanced gunshot wound insurance policy from Colonial Life & Accident Insurance Company. Police officers have a higher exposure to the risk of nonfatal gunshot wounds than most employees. In fact, the rate of missed work days related to violence is nearly 20 times higher for public safety employees than for private sector workers, according to the Bureau of Labor Statistics. Among local government employees, police and sheriff’s patrol officers lead the way in missed work days because of injury or illness. Colonial Life’s gunshot wound policy provides a lump-sum benefit for a covered injury due to a non-fatal gunshot wound. The enhanced coverage includes an increased benefit amount, up to $5,000. Customers can use the money to pay medical bills, expenses not covered by health insurance such as copayments and deductibles, or even household bills.

National small business association expands small business insurance solutions with Markel FirstComp

The National Federation of Independent Business (NFIB) announced a new relationship with Markel FirstComp, a division of Markel Service, Inc., (“Markel FirstComp”) through which eligible small business owners across the country can qualify for workers’ compensation insurance at competitive rates. NFIB, which represents 325,000 local businesses in the US, named Markel FirstComp as their newest preferred provider of workers’ compensation insurance coverage for its members. NFIB chose Markel FirstComp based on its financial strength, focus on small business, and its ability to customize plans to meet the needs of individual customers. The program will be administered by NFIB Member Services Corporation (MSC), a wholly owned, for profit, subsidiary of National Federation of Independent Business (NFIB) and MSC Insurance Agency of Tennessee, LLC., a wholly owned subsidiary of MSC.

Latest Industry News – 18 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Global investment in renewables hit record $328.9B in 2015 as new markets opened

Global renewable energy had its biggest annual growth ever in 2015, with new wind capacity at 64 GW and new solar photovoltaic capacity at 57 GW. Together they leading the sector’s nearly 30% year-on-year expansion. Total global clean energy investment hit a record $328.9 billion, 4% over 2014’s $315.9 billion. Asset finance of utility-scale renewables was $199 billion, 6% over 2014’s investment, according to Bloomberg New Energy Finance (BNEF). The next biggest part of global renewables investment was in distributed generation, especially distributed solar, at $67.4 billion, up 12% from 2014. Among the biggest individual investments were three North Sea offshore wind projects at $2.9 billion (580 MW), $2.3 billion (336 MW), and $2.1 billion (402 MW), respectively, and two 300 MW Chinese offshore wind projects at $850 million each. A 350 MW concentrating solar power project in Morocco was $1.8 billion.

Tesla collaborator SolarEdge rolls out inverter to work with Powerwall battery

SolarEdge Technologies Inc. has introduced an inverter that manages and monitors solar energy generation, consumption, and storage, according to a release. The Israeli company says its StorEdge energy storage solution is compatible with Tesla’s home battery, the Powerwall, and has been installed in select locations and it is now internationally available. SolarEdge says StorEdge also supports time-of-use management and serve as a source of backup power during electric outages. The Powerwall system does not include an inverter or installation and is priced at about $3,000 for a 7 kWh system. That has apparently left an opening for competitors such as Sonnen of Germany, which in December took on Tesla, saying that it had shipped its first storage system products to the U.S.

DOE Funds Advanced Pebble-Bed and Molten-Salt Nuclear Reactor Development

Last week, small modular reactor startup Terrestrial Energy closed $8 million in funding for its proprietary Integral Molten Salt Reactor design. These advanced small nuclear reactors are intended for industrial process heat applications, with market deployment targeted “in the 2020s.” The molten salt reactor is an advanced design in which the nuclear fuel is dissolved in the coolant itself, typically a molten fluoride salt mixture. MSRs can run at higher temperatures and higher efficiencies than water-cooled reactors. Earlier this week, a bipartisan bill won approval by the U.S. House of Representative’s Committee on Science, Space and Technology to drive R&D funding for nuclear power in the U.S. According to The Hill, “The bill directs the Department of Energy to prioritize nuclear energy research that utilizes private sector funding.” The legislation encourages private firms to partner with the national labs to study nuclear reactor technology, and calls for the DOE to “complete a research reactor within the next 10 years.”

Solar Customers Launch a Class Action Lawsuit Against NV Energy

Solar customers in Nevada are taking legal action against NV Energy in response to controversial changes to the state’s net metering program. Plaintiffs John Bamforth and Stanley Schone filed a class action lawsuit on January 12 seeking recompense for being mislead into purchasing solar systems “that do not provide the promised rebates, discounts and rates.” The case stems from the Nevada Public Utility Commission’s recent decision to lower the net metering credit for rooftop solar customers from the retail rate to the wholesale rate over the next four years. The decision also lowers solar customers’ monthly volumetric charge by about one cent over the same period, while increasing the monthly fixed charge for the bulk of Nevada customers from $12.75 to $38.51. Bamforth and Schone argue that the state and NV Energy mislead solar customers by approving rebate programs to encourage the development of renewable energy, then “conspired to unlawfully reduce incentives” in order to reduce competition from solar companies.

Consumer Products & Retail

Unilever and British American Tobacco invest: A new realism in Cuba

The global consumer products company Unilever Plc announced on Monday a $35 million investment in Cuba’s Special Development Zone at Mariel. Late last year, Brascuba, a joint venture with a Brazilian firm, Souza Cruz, owned by the mega-conglomerate British American Tobacco (BAT), confirmed it would built a $120 million facility in the same location. So far, these are the two biggest investments in the much-trumpeted Cuban effort to attract foreign investment, outside of traditional tourism. Yet, neither investment is really new. Unilever had been operating in Cuba since the mid-1990s, only to exit a few years ago in a contract dispute with the Cuban authorities. Brascuba will be moving its operations from an existing factory to the ZED Mariel site.

Waitrose to expedite supplier payments

Waitrose is to speed up payments to its smallest suppliers after it emerged that it was taking three times longer than Tesco to pay some of its bills. The upmarket grocer, owned by the John Lewis Partnership, has begun a high-level internal assessment of how it treats and pays suppliers, The Times reported. Matthew Frost, former Head of Grocery and now the supermarket’s Director of Commercial Operations, is understood to be leading the review, which just began and could run for several months. The mistreatment of suppliers has risen up the political agenda following the £263m accounting scandal that rocked Tesco towards the end of 2014. Britain’s biggest retailer was labelled a bully amid claims that it delayed paying suppliers and breached industry rules on payments.

Dole Names Nielsen As Preferred Measurement And Analytics Provider

Nielsen and Dole Food Company announce that Nielsen will be the company’s preferred provider of consumer insights and analytics. Dole joins Nielsen’s growing roster of clients in the fresh produce category. Nielsen and Dole have entered into a long-term contractual relationship that will provide Dole with a comprehensive view of the consumer through Nielsen’s suite of products and services. Nielsen’s retail leadership and relationships will be the foundation for analyzing key business issues such as price, assortment and promotions. As new technology and shared information changes the way consumers make decisions, Nielsen’s progressive data reporting and consumer insights will offer Dole a comprehensive view of the consumer allowing them to stay on top of changing trends and habits.

Automotive

Nissan expands free charging program

Buyers of the Nissan Leaf electric vehicle are treated to two years of free charging by the automaker through the “No Charge to Charge” program, and now owners can enjoy complimentary public charging in three more cities. The Nissan Leaf, with more than 89,000 units sold in the United States alone, is one of the most popular EVs on the market. Now buyers in New York, Philadelphia, or Santa Barbara can charge their new Leafs for free as well. The complimentary charge is provided through regular public charging stations, typically located in shopping centers. No need to go out of your way to charge at the local Nissan dealer. The “No Charge to Charge” program is now offered in 26 markets, including San Francisco, Los Angeles, Sacramento, San Diego, Fresno, Seattle, Portland (Oregon), Chicago, Atlanta, Indianapolis, Nashville, Phoenix, Dallas-Ft. Worth, Houston, Denver, Washington, D.C., Baltimore, Boston, Monterey, Austin, Raleigh-Durham, Salt Lake City, Minneapolis-St. Paul, Philadelphia, Santa Barbara and New York

North American International Auto Show Announces Technology Partnership with IBM

The North American International Auto Show (NAIAS) today announced a technology partnership with Premier NAIAS Sponsor IBM, resulting in two industry firsts: the first auto show to launch an interactive show floor wayfinding app; and the first auto show with a Digital Asset Management portal for media. The new NAIAS Wayfinding app was developed by IBM Interactive Experience, the world’s largest digital agency, and utilizes beacon technology embedded throughout the show floor to help visitors navigate and connect with exhibiting automakers and suppliers. As attendees make their way around the entire show floor, the wayfinding app will send a push notification inviting them to enter their email for a chance to win 2016 NAIAS apparel. The NAIAS Digital Asset Management portal is a one-stop resource for media – housing content from OEMs, suppliers and sponsor partners. NAIAS credentialed media are able to access content ranging from press releases to graphics to video all in one portal, alleviating the need for journalists to have to search for this content on several websites and saving them time.

Ceres Power Holdings plc Ceres Power and Honda Sign New JDA

Ceres Power Holdings PLC is pleased to announce that it has signed a new Joint Development Agreement with Honda R & D Co Ltd (“Honda”) to jointly develop Solid Oxide Fuel Cell stacks using Ceres Power’s unique metal supported Steel Cell technology for a range of potential power equipment applications. The Ceres Power and Honda joint development will also include a third party who will consider the future mass production scale-up of the Steel Cell technology based on Ceres Power’s manufacturing processes which represents an important advancement in the relationship. This 2 year contract will allow the parties to build upon the successful previous Joint Development Agreement announced on 29 October 2014 and represents a deepening of the relationship between Honda and Ceres Power.

<h1Banking

HSBC to review operations in Lebanon amid cost-saving push

HSBC Holdings PLC is reviewing its operations in Lebanon and may exit the Middle Eastern country as the bank focuses on more profitable markets, according to two sources with knowledge of the matter. The bank hasn’t yet made a decision on what to do in the country where it has three retail branches and a corporate banking business, the people said, asking not to be identified because the matter is private. A spokesman for HSBC in Dubai declined to comment. London-based HSBC said in June that it’s targeting annual cost savings of as much as $5 billion by 2017. The bank is aiming for reductions of $4.5 billion to $5 billion and is seeking a buyer for its Turkey business after selling operations in Brazil.

RBS and Natwest online banking goes titsup

Customers of RBS and Natwest have complained they are unable to access their online banking accounts. Issues appeared to begin this morning, with the bank yet to release an official statement about the problem. However, it told one customer in response to a tweet that its “tech team are investigating the issue as a matter of urgency.” It follows an online banking outage at HSBC last week that locked millions of customers out their accounts. This is not the first time the gaffe-prone bank has encountered major problems. Back in June the bank confessed that 600,000 transactions had unaccountably gone missing. But that was nothing compared to its IT disruption in 2012 that left 6.5 million customers unable to access their money for four days and landed the bank with a £56m fine from regulators.

NatWest expands BDM and sales team

NatWest Intermediary Solutions has appointed two new Area Sales Managers and added two new BDMs to its phone-based team in Norwich. Matt Wetherell is taking up the reins as ASM for one of the phone-based BDM teams on maternity cover for Gemma Pomfret, after being a BDM with NatWest for 11 years. To ensure that greater coverage is provided to brokers based on the South Coast and in the South West, a new field-based team is being created which will be headed up by Tracie Burton, who joins from a career in the advice and risk environment within NatWest. Two new BDMs have been recruited to join NatWest’s phone-based BDM team. Matt Witham has joined from Swinton Insurance with nine years’ financial services sales and training experience to call on including mortgages.

Digital Asset Expands To Europe; Hires JP Morgan, Goldman Sachs Veterans

Digital Asset Holdings, a blockchain-based startup company, on Friday announced the opening of its office in London that aims to support its clients and increase its presence in the UK and European markets. The company also announced the appointment of former Goldman Sachs and JP Morgan executives to bolster its financial and technology capabilities. Justin Amos, a Managing Director at NICE Actimize, the largest financial crime, risk and compliance software platform, has been appointed to spearhead the company European office. Amos brings great experience in both finance and technology following a 14-year career at JP Morgan in New York, London and Tokyo. Following his stint at JP Morgan, Amos co-founded RedKite Financial Markets, the real-time institutional surveillance technology provider, before NICE Actimize acquired it in 2012.

Insurance

USI Insurance acquires brokerage firm Healthcare Liability Solutions

US-based insurance broker USI Insurance Services has acquired property and casualty (P&C) brokerage firm, Healthcare Liability Solutions (HLS). Based in Houston of Texas, HLS provides insurance services to healthcare organizations and is specialized in providing professional liability insurance. The firm provides insurance products to hospitals and hospital systems, physicians and surgeons, locum tenens organizations, managed care organizations, clinics and surgery centers. It also offers products to labs, dialysis centers, imaging centers, assisted living centers, adult family homes and skilled nursing facilities. USI regional CEO John Collado said: “HLS has a deep commitment to offering sophisticated, creative and cost-effective solutions, and their experienced staff will help us broaden our reach in the professional liability market. “We are excited to welcome Denise and her team to the USI family. Their strong insurance knowledge, long-term relationships and technical expertise in healthcare regulations complement our USI ONE Advantage platform.”

ACE becomes Chubb as takeover completes

The ACE name has today disappeared into insurance history after the company formally completed its acquisition of Chubb. Now trading globally under the Chubb brand with immediate effect, it will be listed on the New York Stock Exchange under the CB symbol. Announcing the change, ACE said the $29.5bn deal created the world’s largest publicly traded property and casualty insurance company. Chairman and CEO of Chubb Limited Evan G. Greenberg said: “ACE and Chubb are now one, and we could not be more excited about moving forward together with our new colleagues and our new brand. “We are a global leader in commercial and personal property and casualty insurance, with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities, and the ability to serve a diverse array of commercial and personal customers. The adoption of the Chubb name for the new business entity completes the acquisition process which was announced last year. While the company now undertakes business operations and marketing activities globally as Chubb, some local ACE and Chubb insurance companies will continue to operate with their current names as they await in-country regulatory approval.

Allianz and OX2 sign 21 MW wind power deal in Finland

International insurance company, Allianz, has signed an acquisition agreement with the wind power company, OX2, for six wind turbines at Jouttikallio in Lapua, Finland. This will be Allianz’s first wind power investment in the Finnish market. “Entering the Finnish market is another important milestone this year for us. Finland is a promising European wind market and it will help us to increase and further diversify our renewables portfolio”, says David Jones, Head of Renewables at Allianz Capital Partners. “We are pleased to expand our relationship with OX2 and we look forward to working with them on the successful long-term operation of this wind farm.” The future wind farm will be situated at Jouttikallio, Lapua, around 80 km from Vaasa. The wind farm will consist of six wind turbines with an expected output of 63 GWh/year. The agreement signed with Allianz means that OX2 can now start the construction of the project, at the same time as Innopower’s involvement comes to an end. The wind farm is expected to be commissioned and delivered to Allianz at the end of 2016. OX2 will then continue to be responsible for the commercial and technical management of the wind farm.

Latest Industry News – 15 / 01 /2016

Energy & Utilities | Consumer Products & Retail | Automotive | Banking | Insurance

Energy & Utilities

Brazil Doubles 2024 Solar Power Target

Brazil’s new 2024 solar energy targets are roughly double those of the earlier plan for 2023, according to recent reports. The new targets from the country’s government call for 7 gigawatts (GW) of utility-scale solar and 1.32 GW of distributed solar photovoltaic (PV) capacity. The new 10-year Energy Plan for 2024 raised the target for utility-scale solar PV generation capacity to 7 GW, up from 3.5 GW; and the target for distributed solar capacity to 1.319 GW, up from 664 megawatts (MW). Early reports are that the next 10-year Energy Plan — to be created this year — will reveal notably higher targets for distributed solar PV generation capacity; primarily as a result of the government’s new incentive program for distributed solar PV.

IBM’s Green Horizons uses IoT for clean air

IBM Research has announced it will expand its Green Horizons initiative, which uses advanced machine learning and IoT to address climate change-related challenges. The announcement builds upon a relationship between IBM and the Beijing Environmental Protection Bureau (EPB) in China. IBM’s China Research lab is currently working with the Beijing EPB to deliver an air quality forecasting and decision support system. According to Pollution Online, the system is designed to generate high-resolution 1km-by-1km pollution forecasts 72 hours in advance and pollution trend predictions up to 10 days into the future.

Russia’s Gazprom in partnership deal for SA coal gasification project

Diversified investment and mining company Anglo African Capital (AAC) has signed a memorandum of understanding (MoU) with Russian gas company Gazprom to secure the sole distribution rights for Gazprom’s underground coal gasification (UCG) technology in sub-Saharan Africa. Gazprom has also agreed to partner with AAC to develop the underground coal gasification of its coal assets in the Springbok Flats, in Limpopo. Thus, Gazprom will also participate in a prefeasibility study of the project. AAC explains that it decided in 2014 to pursue more environment-friendly options for the development of its coal assets in the Springbok Flats and started research into the viability of UCG. “Our desire to drive the greener appli- cation of coal in our assets has culminated in this landmark deal with Gazprom,” says AAC CEO Heine van Niekerk.

Argentina signs $500 mln shale deal with American Energy Partners

State-run energy firm YPF said on Thursday it had signed a preliminary deal worth more than $500 million over three years with American Energy Partners LP (AEP) to explore for shale gas in Argentina’s vast Vaca Muerta formation. Argentina sits atop some of the world’s largest shale resources but is a net energy importer after years of under-investment in the country’s energy sector. YPF says $200 billion over a decade are needed to reverse the deficit. That task has been made more complicated by the rout in global oil prices. The foray into Argentina by American Energy’s Aubrey McClendon comes months after the former CEO of Chesapeake Energy Corp hired investment banks to shore up the finances of his Oklahoma-based oil and gas venture.

Consumer Products & Retail

Haier nears deal to buy GE’s appliances business for over $4 billion

China’s Haier Electronics Group Co Ltd is nearing a deal to buy General Electric Co’s appliances business for more than $4 billion, the Wall Street Journal reported, citing people familiar with the matter. Haier beat other foreign corporate bidders vying to buy GE’s Louisville, Kentucky-based business, the WSJ said. The deal could be announced as soon as Friday, although the timing could defer, the paper said. A Haier spokeswoman declined to comment. GE could not be immediately reached for comment outside regular business hours. In December last year, GE walked away from a $3.3 billion agreement to sell its appliances business to Sweden’s Electrolux AB, after months of opposition from U.S. antitrust regulators.

American Apparel rejects takeover bid

Bankrupt teen apparel retailer American Apparel Inc’s board has rejected the latest takeover offer involving the company’s controversial founder, Dov Charney, a source told Reuters. Earlier this week, the Los Angeles-based company received a $300 million bid from a group of investors who are backing the return of Dov Charney. Hagan Capital Group and Silver Creek Capital Partners said their proposal included $90 million of new equity and a $40 million term loan, and backs a business plan from Charney, who was fired as chief executive in December 2014.

J.R. Watkins Advances its Business Processes with New TPM Solution

J.R. Watkins, America’s original natural apothecary manufacturer, has chosen UpClear’s BluePlanner Trade Promotion Management solution to improve visibility and collaboration among Sales, Finance, and Senior Management. J.R. Watkins expects to benefit from UpClear’s partnership with Infor and BluePlanner’s integration with Infor’s M3 Enterprise Resource Planning (ERP) solution. Joining a growing list of companies looking to optimize their business processes, J.R. Watkins was looking for a system that is easy to use, cost-efficient, and quickly deployable in addition to providing all the necessary TPM functionality across promotion planning, workflow approval, deduction management, and post-event analysis.

Amazon expands logistics reach with move into ocean shipping

Amazon.com Inc’s China arm has registered as an ocean freight forwarder, according to the U.S. Federal Maritime Commission, a move that will give it more control over shipping products from Chinese factories to U.S. shoppers. The registration is the latest indication that Amazon plans to expand its logistics reach to cut costs for its retail business and potentially provide third-party logistics services to other industries. Its new status as a freight forwarder, or “non-vessel operating common carrier,” gives Amazon, the world’s largest online retailer, a foothold in the $350 billion a year ocean freight business. It will not operate ships but subcontract that work. Amazon is already negotiating a deal to lease 20 jets to start an air-delivery service in the United States, the Seattle Times reported last year. The retailer bought truck trailers to add shipping capacity and started a program last year that uses a fleet of on-demand drivers to deliver packages.

Automotive

Google tallies ‘driverless’ manual interventions

California state laws require a human presence behind the wheel of robot cars, with no exceptions, and just as well it seems. Google has revealed that humans have had to take the wheel of its driverless cars 341 times over 14 months to avoid accidents and software failures. The US state requires all autonomous vehicle testers to report failure incidents and Google’s figures are revealed in a filing with the California Department of Motor Vehicles. Volkswagen Group of America, Mercedes Benz, Delphi Automotive, Tesla Motors, Bosch, Nissan, Cruise Automation, BMW, Honda and Ford have also been approved to test autonomous cars in California. Google has clocked up more than 1.3m autonomous miles in California and Texas since testing began in 2012, and said its 53 vehicles had never been responsible for an accident. However, the filing reveals that humans have had to intervene 13 times to avoid an collision between September 2014 and November 2015, and in another 69 cases, the driver had to take control to prevent dangerous driving.

Germany plans to subsidise electric car sales to tune of €2bn

The cost of buying an electric car in Germany could soon drop if a new scheme trailed by economy minister Sigmar Gabriel to encourage more people switch to zero emission motoring comes to fruition. According an article in German newspaper Die Zeit published on Wednesday, Gabriel wants to commit €2bn (£1.5bn) in government subsidies to support those buying electric cars. Details of how the subsidy scheme may work remain vague, but the paper also reported that the government wants to expand the number of charging stations, which stood at only 4,800 (as well as 100 quick service charging points) at the end of 2014.

Ford Said to Plan $1 Billion Plant in Boost to Mexico Auto Boom

Ford Motor Co. is planning to spend about $1 billion on a new factory in Mexico less than a year after committing $2.5 billion to the country, according to a person with direct knowledge of the situation. The U.S. automaker will announce the plant by the end of March and seeks to build it about 260 miles (420 kilometers) north of Mexico City in the state of San Luis Potosi, said the person, who wasn’t authorized to speak on the record because the plans aren’t public. Ford said in April that it would invest $2.5 billion to expand an existing factory and build a new transmission facility.

GM to launch an online platform for its used cars

General Motors has announced it will launch next month a website on which those in a hunt for a used car will be able to buy some of the company’s low-mileage vehicles. US shoppers who browse the internet looking for lightly used cars, or specifically for Chevrolet, Buick, GMC or Cadillac, will soon have access to a national inventory of low-mileage former General Motors lease, daily rental and company-owned vehicles never before available to the public, all in one website. The program, called Factory Pre-Owned Collection, will feature a nationwide collection of more than 30,000 vehicles, all with fewer than 37,000 miles, and including an extended factory bumper-to-bumper limited warranty. GM says shoppers can compare suggested prices on the site to what others in their area have paid for similar vehicles using the Kelley Blue Book Fair Market Range. Customers can also get a Carfax Vehicle History Report on the vehicles displayed on the site.

Banking

JPMorgan Hires Senior Banker Marc Pandraud From Deutsche Bank

JPMorgan Chase & Co. hired Marc Pandraud from Deutsche Bank AG as chairman of investment banking for France and Belgium to bolster its advisory business in the region. He will work with Kyril Courboin, senior country officer, Viswas Raghavan, deputy chief executive officer for Europe, Middle East and Africa, said in a memo to employees on Thursday. Deutsche Bank, where Pandraud was vice chairman of corporate and investment banking in the region, is reorganizing its securities unit, prompting the departure of several managers. Pandraud “will consolidate our strong franchise in these countries and further build on our tremendous momentum across the region,” Raghavan wrote. He will also serve as a vice chairman of investment banking for EMEA.

Development Bank of Japan to Create $423 Million Wind Power Fund

The Development Bank of Japan and Japan Wind Development Co. will create the nation’s first fund for wind power, the companies announced on Wednesday. The companies aim to introduce the 50 billion yen ($423 million) joint fund in April, according to a statement. “As the nation raises CO2 reduction targets and increases energy independence, we expect a large increase in renewable energy installation,” the companies said in a joint statement. “With wind’s cost competitiveness and growth potential, we hold the key.” Since Japan introduced a feed-in tariff program for renewable power, a number of energy funds have been launched, primarily focusing on solar power facilities, according to a 2015 report from the Sumitomo Mitsui Trust Research Institute

Bank of America names new co-head of investment banking for Asia Pacific

Bank of America Merrill Lynch has named Elif Bilgi Zapparoli as its new co-head of corporate and investment banking for the Asia Pacific region, according to an internal memo seen by Reuters on Thursday. Zapparoli will work alongsode Jiro Seguchi, who was in October 2013 named sole head for the U.S. lender’s Asia-Pacific investment banking business. Zapparoli joined the bank in 2010 as its country executive for Turkey, the memo said, and will relocate to Hong Kong later this year.

Insurance

BTG Pactual says in talks with CNP Assurances over insurer stake

Pactual SA, the Brazilian investment bank which is selling assets in the wake of the November arrest of founder André Esteves, is in talks with France’s CNP Assurances SA over the sale of a 51 percent stake in Brazilian insurer Pan Seguros SA. BTG Pactual has entered exclusive talks with CNP Assurances for the disposal of its entire stakes in Pan Seguros SA and in insurance broker Pan Corretora SA, it said in a securities filing on Wednesday.

Marsh launches new explosion model

Marsh has launched a new tool designed to model the financial impact of explosions in the energy sector. Marsh Blast, powered by MaxLoss, was developed by Baker Engineering and Risk Consultants, will be the first time in the insurance industry has used the Baker-Stehlow-Tang (BST) explosion model. The technology is targeted at energy companies looking to calculate the maximum damage to property across their global assets. Nine out of the ten largest property damage losses incurred in the global hydrocarbon Estimated losses of those explosions are in excess of US$8.5bn, highlighting the necessity for a greater level of data and analytics.

Metrics Global offers insurance marketplace for direct selling companies

Metrics Global, a worldwide provider of payment services, today announced it has partnered with Lumina Insurance Services to offer a comprehensive health insurance marketplace for direct selling companies in the US. Through an online healthcare marketplace, organizations of all sizes will be able to offer their distributors, who are typically independent contractors and not eligible for company benefits, the ability to shop multiple insurance carriers, compare, and enroll for individual health, life, vision, dental and supplemental plans through a single online platform. The Metrics Global Marketplace, which offers both national and regionally available plans with competitive premiums, is completely free and backed by support from 400 U.S.-based licensed insurance agents with regional expertise. The Marketplace is available exclusively to all clients of Metrics Global with the ability to white label for larger direct selling companies.

	Latest Industry News… on Latest Industry News – 08 / 01…
	Tejwant Singh on Latest Industry News – 07 / 01…
	Latest Industry News… on Latest Industry News – 07 / 01…
	Latest Industry News… on Latest Industry News – 0…
	Latest Industry News… on Latest Industry News – 0…