The City of Kitchener in Ontario awarded a contract to IT consultancy firm Capgemini Canada to help maintain and operate its new customer engagement technology. Under the deal, the consultancy firm will integrate and monitor the city’s commissioned SAP Customer Information System (CIS) to help address customer demands. The system is expected will help improve Kitchener’s revenue collection from its property rentals, gas, storm water, and water consumers through simplified and automated billing management. In a press statement, Capgemini Canada said it was selected as a partner in the rollout of the programme due to its extensive knowledge of the SAP CIS which includes the Customer Relationship Management and Billing for utilities.

Smart energy firm partners with Texas utility on solar projects

RES Distributed partnered with US utility Pedernales Electric Cooperative (PEC) for rollout of solar projects in Texas Hill, in the US. Under the collaboration, the smart energy firm (RES Distributed) will develop, construct and manage a 15MW distributed portfolio of solar photovoltaic (PV) projects. PEC, one of the largest utility cooperative in the US, will purchase output from the multi-site facility once it is brought online in 2017. In a press statement, RES Distributed said it will begin construction of the fifteen solar PV plants across PEC’s service territory later this year. Each site will consist of 998KW of solar array, states the company statement.

Sunverge unveils inverters to help Hawaii Electric solar+storage technology

Sunverge Energy has unveiled inverters designed to meet Hawaii Electric Companies’ (HECO) strict technical specifications for solar installations. Sunverge says its Solar Integration System (SIS) will help HECO customers rapidly attain reliable power from their solar + storage systems while earning maximum savings under HECO’s proposed time-of-use rates. Such systems are likely to have a growing appeal to residential customers now that Hawaii has ended its retail rate net metering program. Sunverge claims customer who pair rooftop solar with its storage system can save up to 80% on monthly power bills.

Consumer Products & Retail

Walmart Spends $10.5B on IT

For the second year in a row retail powerhouse Walmart has spent the most money on IT ($10.5 billion) — more than another other company across industries, by a lot. IDC annual report, Worldwide IT Wallet, ranks Walmart ahead of second place finisher Wells Fargo & Company by over 65%. When it comes to scale few companies can come close to rivaling Walmart in shear IT maintenance costs, let alone on developing new technologies — which the retailer has done plenty of over the past few years. 2015’s $10.5 billion estimated IT spend is a 5% increase over 2014’s $10 billion estimate. To compile the record-breaking spend IDC considered hardware, software, IT services, telecommunications services, and internal IT costs. The top 10 finishers spent an estimated $53.7 billion, up from $45.3 billion in 2014

Del Monte Foods to Close Vegetable Production Plant

Time has run out for the more than 300 workers at a vegetable production and canning facility in Sampson County that was acquired by Del Monte Foods in 2015. Del Monte has announced intentions to close the plant near the town of Turkey by Sept. 1, impacting 230 full-time employees and 92 seasonal workers, according to a WARN notice filed with the state Department of Commerce. It’s the second time in two and a half years that the plant was threatened with closure. The Turkey plant, which is about 70 miles south of Raleigh, NC, has been in operation since 1991.

Hershey Adds Snacking Chocolate to Portfolio

The Hershey Company has purchased Ripple Brand Collective, LLC, a privately held company based in Congers, New York, that owns the barkTHINS snacking chocolate brand. The acquisition will enable the company to expand its mass premium offerings into this category. The barkTHINS product uses simple ingredients, fair trade cocoa, non-GMO certification, and no artificial flavors or preservatives. Made with high-quality dark chocolate, nuts and other ingredients, barkTHINS addresses key consumer trends, such as premium, high quality ingredients and snacking. The barkTHINS brand is largely sold in the United States in take-home resealable packages and is available in the club channel as well as select natural and conventional grocers. Annual net sales of the business in 2016 are expected to be in the $65 million to $75 million range.

Automotive

Volkswagen to focus on electric vehicles and schemes such as car-sharing following diesel emissions scandal

German car giant Volkswagen is to focus more on electric vehicles and services such as car-sharing as it seeks to put the diesel emissions scandal behind it. Chief executive Matthias Mueller sketched out a wide-ranging transformation of the company. Volkswagen will soon form a legally independent company to promote business in mobility services, which can include things like ride-sharing apps and car-sharing. Volkswagen had previously emphasised diesel technology, which has suffered a blow since it became clear that Volkswagen engines could not meet US emissions standards without cheating. The company has admitted using engine software which disabled emissions controls when vehicles were not being tested. That improved performance and mileage but meant the vehicles spewed out far more than the legal limit of pollutants.

Germany to launch €1bn discount scheme for electric car buyers

Germany is set to launch a new incentive scheme worth about 1 billion euros to get more consumers buying electric cars as it struggles to meet a target of bringing 1 million of them onto its roads by the end of the decade. The costs of the incentives, similar to those already established in some other European countries, are to be shared equally between the government and automakers with a view to selling an additional 400,000 electric cars, Transport Minister Alexander Dobrindt said. Critics say higher electricity generation to charge battery cars will increase carbon dioxide emissions. Currently Germany, the biggest car market in Europe, has only about 50,000 purely battery-powered vehicles and plug-in hybrids among the 45 million cars using its roads. Under the plans, agreed on between government ministers and representatives of Volkswagen, Daimler and BMW, electric car buyers will get a €4,000 discount while buyers of plug-in hybrid vehicles will get a discount of €3,000.

Ford will invest $1.6bn in two US factories

Ford Motor Co will invest $1.6 billion in two US factories to start making a new automatic transmission and expand output of certain commercial trucks, the company said on Tuesday. Ford said the moves would support a total of 650 jobs but would not say how many new ones would be created. Ford has said that it intends to invest $9 billion in US factories, as outlined in the company’s 2015 contract with the United Auto Workers union. The larger of Ford’s latest US investments will be $1.4 billion for a production line at a Livonia, Michigan, factory to produce a new 10-speed automatic transmission for the company’s rear-wheel-drive vehicles. The Livonia plant currently employs about 1,550 hourly and salaried workers in total. The new 10-speed transmission line will employ about 500 union workers, Ford said. Separately, Ford said it would spend $200 million at an assembly plant in Avon Lake, Ohio, near Cleveland to add production of Super Duty chassis cab trucks, which typically are commercial vehicles such as ambulances or tow trucks.

Diesel cars breach green standards in Europe tests

In the aftermath of the Volkswagen scandal, new tests on diesel vehicles across models by government agencies in the UK, France and Germany have revealed that emissions of oxides of nitrogen (NOx) in these automobiles were far higher than prescribed standards. The tests were conducted on Euro V and Euro VI vehicles. In the UK, 37 vehicle types were tested while Germany ran tests on 56 vehicles over six months. “Tests have found higher levels of NOx emissions in test-track and real-world driving conditions than in the laboratory for all manufacturers’ vehicles, with results varying significantly between different makes,” a UK report said. According to the International Council on Clean Transportation, the agency behind the VW expose, a review of the tests conducted by the German ministry for transport found on-road NOx emissions from certain cars to be up to 18 times higher than the norm.

Banking

HSBC Woodford Green announce closure

A bank has announced another one of its branches is closing, just two weeks after one closed its doors for good. HSBC has said its Woodford Green branch in The Broadway will permanently close on July 22. A spokesman for the bank said: “Unfortunately with an increase in the use of online and telephone banking over the past few years use of our Woodford Station branch has fallen significantly. “We’ve had to take the difficult decision to close it.” The news comes less than two weeks after HSBC’s branch in Wanstead High Street closed for the last time. Councillor Tom McLaren, of Church End ward, said: “Despite their claims about a decrease in footfall there is a large number of residents who rely on going to that bank because they can’t access the internet or don’t have a car to go further afield. “The area demographic is significantly older than other parts of the borough, so this is going to have huge impact.

Barclays in talks with AnaCap over French retail banking divisions

Barclays could be offloading its French retail banking and wealth management divisions to private equity group AnaCap Financial Partners. The businesses, which have a network of 74 ATMs across France, are being sold as part of Barclays’ ongoing efforts to cut costs and double-down on its core markets, a strategy put into place by its new CEO Jes Staley. “This is an opportunity to acquire an attractive and established banking operation built on a team of highly talented individuals with exceptional relationships with customers across France,” says Nassim Cherchali, Director of AnaCap. “We have already established an unrivalled track record within the private equity industry for acquiring and growing banking platforms across the continent and, if concluded, we look forward to building this business further in a market with significant potential for innovation and expansion.” AnaCap has been looking into the possibilities of a new digital bank. Under the project name “Abacus”, the private equity firm plans to square up to the likes of Atom Bank and Mondo.

ANZ becomes first bank in Australia with Apple Pay

ANZ has become the first major Australian bank to announce it will be offering Apple Pay to its 5 million customers in Australia. From today, ANZ customers will be able to make contactless payments using the latest Apple iPhone or Watch device where any ANZ Visa debit or credit card, or ANZ American Express credit card is accepted. The bank has assured no card details are stored on the device or on Apple servers, explaining a unique device account number is “assigned, encrypted, and securely stored” in the “secure element” on the device, and each transaction is authorised with a one-time unique security code. At the same time, ANZ customers shopping online within apps accepting Apple Pay will be able to use Touch ID to confirm the payment. This feature will be compatible with iPhone 6 and later, as well as iPad Air 2, iPad mini 3, and iPad Pro.

Insurance

Zurich Insurance moves into takaful with Malaysia buy

Zurich Insurance is set to take full ownership of Malaysia’s MAA Takaful after the deal received regulatory approval, giving Europe’s fifth-biggest insurer a foothold in the world’s second largest Islamic insurance market. MAA Takaful, one of Malaysia’s 11 Islamic insurers, is a joint venture launched in 2006 by MAA Group Berhad and Bahrain’s Solidarity, which hold 75 percent and 25 percent stakes respectively. MAA Group said it had received central bank approval for the sale, a deal which was first proposed in November of last year. No size for the transaction was given. The Swiss insurer has been reshaping its geographic footprint, scaling back parts of its Asian franchise seeking to build more sustainable businesses and improve profitability. A move into takaful could allow for greater penetration in core markets in the Gulf and southeast Asia. Zurich Insurance also has a presence in Bahrain, Qatar and the United Arab Emirates.

Aviva changes tech provider to FNZ across all platforms

Aviva is to transfer all £9bn its adviser platform business to technology provider FNZ, claiming the change will improve client reporting and integration with back office systems. The switch – which Aviva said will create a better user experience, investment proposition , client reporting and integration with adviser back office systems – brings its adviser platform in line with its consumer platform and Friends Life corporate platform, which also use FNZ. It means the platform will end its relationship with technology provider from Genpact, which has powered the platform and has helped drive the platform’s growth with assets now standing at £9bn. Aviva already uses FNZ for platforms aimed at its direct-to-consumer and corporate business, and the consolidation is designed to provide flexibility for advisers and customers.

Latest Industry News – 28 / 04 /2016

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

Energy & Utilities

Smart meters Uzbekistan: Shenzhen Kaifa signs deal with KT Corp

Shenzhen Kaifa Technology signed an agreement with Korean telecommunications firm KT Corporation for an advanced electricity metering project in Uzbekistan. According to a company release, US$1.1 billion the smart metering project is financed by the Asian Development Bank. The release adds that the Chinese electrical equipment manufacturer (Shenzhen Kaifa Technology) will provide one million electric smart meters with robust its management system as Head End System (HES), and Meter Data Management System (MDMS) for the three major cities in the Republic of Uzbekistan. In addition to the deployment of the smart meter units, Shenzhen Kaifa will be responsible for the maintenance of the advanced meter infrastructure. The company plans to install the smart meter systems in one million households in Samarkand, Jejak, and Buhkara in Uzbekistan, over the next two years and four months.

India’s Suzlon Energy Acquires 5 Companies To Boost Solar Power Project Development

Suzlon Energy has acquired 5 solar power companies which it may use as special purpose vehicles to execute under-development projects or bid for more projects in upcoming auctions. The company already has 210 MW of solar power capacity under development. The capacity was secured by the company in the 2 GW Telangana solar power auction last year. Suzlon Energy will set up one project each of 100 MW and 50 MW capacity, and four projects of 15 MW capacity each. The company stated that these projects will be commissioned in FY2016-17, i.e. by March 2017. The projects will enter 25-year power purchase agreements with one of the state utilities. Suzlon Energy may use these companies, which themselves have no assets under control, to participate in upcoming solar power auctions.

Lockheed Martin pushes into storage market with lithium, flow battery offerings

Lockheed Martin, the giant aerospace and defense contractor, is branching out into energy storage, Greentech Media reports. The company is pushing into the storage space on two fronts: the integration of lithium-ion systems and the commercialization of a new flow battery technology. Lockheed is targeting commercial and industrial customers for its lithium battery option, while its flow battery is suited for long-duration, grid-scale use. Lockheed Martin is working on bringing a new chemistry to market for flow batteries. The company says the chemistry is based on technology developed by Sun Catalytix, a company that Lockheed Martin acquired in 2014.

Consumer Products & Retail

Brazil’s Ambev to acquire local juice producer Do Bem

Brazil’s beer and soda producer Ambev SA, a company controlled by Anheuser-Busch InBev, said on Monday it is acquiring local juice producer Do Bem for an undisclosed amount. “Do Bem comes to expand and strengthen the operations of our nonalcoholic division”, said Ambev in a brief note. Rio de Janeiro-based Do Bem was founded in 2007 and sells premium juices and teas in Brazil, Paraguay, Colombia, France, Portugal and Spain, according to the company’s website. Ambev, who markets beer brands such as Brahma, Quilmes and Labatt in the Americas, said the acquisition will allow it to increase its portfolio of nonalcoholic beverages to new classes of consumers.

BHS on the brink of collapse

It’s feared that BHS is just hours away from collapsing, putting around 11,000 jobs at risk. A statement is expected to be made later about the company’s future. The owner of BHS warned staff on Friday that the business would be calling in administrators on Monday after failing to agree a last-minute deal to keep the business going. In a letter to its 11,000 employees on Sunday evening, the largest shareholder in BHS, Dominic Chappell, said: “It is with a deep heart that I have to report, despite a massive effort from the team, we have been unable to secure a funder or a trade sale.” It is understood that restructuring firm Duff & Phelps will likely be named as the administrator, and is expected to try to find a buyer for the business as a going concern. Chappell indicated in the letter that staff wages for this month would be paid by the administrators.

Séraphine continues global expansion with Dubai store opening

Upmarket maternity clothing brand Séraphine has opened a store in Dubai as part of its global expansion scheme. The 225 sq m space sits alongside luxury European brands such as Rigby and Peller and Petit Bateau in the Dubai Festival Centre. The interior features a luxurious seating area in purple velvet, a VIP changing area and the brand’s signature crystal chandelier. ‘I am delighted to be opening our beautiful new store in Dubai,’ says Cecile Reinaud, founder of Séraphine. ‘This is such an exciting part of the world for fashion right now, and I am thrilled that Séraphine will be a part of it.’ Séraphine has eight other boutiques, including stores in New York, Hong Kong, London and Leeds.

Automotive

Volkswagen, Audi to recall 2,617 cars

German auto brands Volkswagen and Audi have been ordered to recall a total of 2,617 SUVs, the Ministry of Land, Infrastructure and Transport announced. Volkswagen’s mid-size crossover Touareg SUVs were found to have a defect in the model’s brake parts, which may not operate properly at high speeds. A total of 2,473 SUVs made between Feb. 10, 2011, and Jan. 19, 2016, have been cited for the safety malfunction. Volkswagen’s other compact-size Tiguan SUVs and the company’s sister automaker Audi’s Q5 luxury crossovers have been cited for an airbag defect. The two models’ airbag system, supplied by Japanese company Takata, has a defective inflator and propellant device that may deploy improperly in an accident, spraying metal fragments at the driver. A total of 115 Tiguans made between Jan. 14, 2015, and Feb. 4, 2015, were affected while 29 Q5s, made between Jan. 13 and Feb. 3 the same year, will be recalled, the ministry said.

More German brands recall diesels: report

An investigation into diesel vehicle emissions following the Volkswagen test cheat scandal has discovered that other German car-makers are using legal loopholes to reduce the effectiveness of pollutant-limiting technology under certain circumstances. A report in United States publication Automotive News says Audi, Opel, Porsche and Mercedes-Benz will recall a total of 630,000 vehicles to correct the software, which allows nitrogen oxide emissions to spike above regulated limits to “protect engines”. The United Kingdom’s department of transport conducted one of the two investigations and concluded that while no defeat devices were found in any of the tested brands, other than Volkswagen, all 37 vehicles produced more NOx than under track or lab testing. Following the VW diesel scandal, European testing processes are being changed to Real Driving Emissions (RDE) testing, which samples a vehicle’s emissions while under more realistic road conditions, rather than the rolling-road method that is being phased out. The UK will implement RDE next year.

Skoda plans to launch four SUV models by 2019

Czech automobile-manufacturer Skoda is reportedly working on four new SUVs based on the VisionS design study concept unveiled at Geneva Motor Show in March 2016. All the four SUVs are expected to be on the roads by 2019. The addition of new SUVs will strengthen Skoda’s utility vehicle portfolio from the current single product offering, the Yeti crossover. The first SUV to be expected is the Kodiaq seven-seater. Based on the Volkswagen Group’s Modular Transverse Matrix (MQB) platform, this flagship SUV’s debut is expected at the 2016 Paris Motor Show in October. The SUV will feature precise and crisp body lines and a face similar to the current generation cars of Skoda. Apart from hybrid powertrain, the Kodiaq is also expected in 2.0-litre TDI and 1.8-litre TSI engines mated to either a six-speed manual or a seven-speed DSG transmission.

Ford will expand green-car lineup in China

Ford Motor Co., as part of a $4.5 billion global investment to introduce 13 new electrified vehicles through 2020, wants 10 to 25 percent of its model mix here to be battery-equipped. Ford starts the China rollout with the launch of the hybrid version of the Mondeo later this year. The next installment will be the C-Max Energi plug-in hybrid arriving in early 2017. Lawler did not offer details on the other vehicles. The push is part of Ford’s strategy to offer customers a choice of different drivetrains within a nameplate family. The idea is to provide options from a downsized turbocharged engine, a traditional hybrid powertrain, a plug-in hybrid setup and eventually an all-electric variant. The campaign comes as automakers in China scramble to meet increasingly stringent emissions standards targeting fuel efficiency and pollution in the world’s largest auto market.

Banking

Citigroup Names Davison Head of EMEA Investment Banking for FIG

Citigroup Inc. has named Piers Davison head of its financial institutions group’s investment banking for Europe, the Middle East and Africa. Davison joins Citigroup from JPMorgan Chase & Co. where he was most recently in charge of U.K. FIG, and was the head of banks for EMEA, Citigroup said Monday in a memo, which was obtained by Bloomberg and confirmed by a spokeswoman. Piers will report to Stefan Wintels, co-head of corporate and investment banking for FIG when he starts in late July, according to the memo.

Former Barclays CEO Bob Diamond to acquire Bank’s Africa operations

Former Barclays Chief Executive Bob Diamond is teaming up with private equity group Carlyle to prepare a bid to buy the bank’s African operations, a source familiar with the matter told Reuters on Monday. Diamond is looking to structure a deal to acquire Barclays’ 62 percent stake in Barclays Africa Group Limited via his investment vehicle Atlas Merchant Capital, set up to invest in financial services after he left the UK-based bank. Carlyle and Atlas Merchant declined to comment. Barclays on March 1 said it would sell down its stake in the business, to focus instead on a new ‘transatlantic’ strategy. Sky News first reported the proposed deal on Sunday.

Bank of America now supports Android’s fingerprint scanner

Smartphone fingerprint scanners like Apple’s Touch ID and Google’s Nexus Imprint help keep your phone more secure. But they also make it easier to log into various apps or make purchases without having to type an unwieldy password into your phone. That’s why we’re glad to see the Bank of America app add support for Android Marshmallow’s native fingerprint recognition APIs. This means that Nexus 5X and 6P owners can now log into their bank accounts with their fingerprint, a feature that was previously reserved for Samsung phones with a fingerprint sensor. This also means that future phones with fingerprint scanners should be able to take advantage of the feature easily, without Bank of America needing to rewrite or release a new app to support them.

Insurance

AIA Group acquires additional 23% stake in India’s Tata AIA Life Insurance

Hong Kong-based AIA Group has completed the acquisition of another 23% interest in India’s Tata AIA Life Insurance. The deal increased AIA’s stake in Tata AIA Life Insurance to 49% from 26%. Tata and AIA Group created Tata AIA Life as a joint venture company in 2001. Tata AIA Life provides various life insurance products that include protection, savings and wealth creation products. Tata AIA Life Insurance started operations in India in April 2001 after securing license in February of that year. AIA Group, through its subsidiaries, offers insurance services in 18 markets in Asia-Pacific region.

US insurance dept launches lost life policy locator service

The New Hampshire Insurance Department in the US has created a lost life policy locator service to assist residents and their families in locating life policies and annuity contracts that have been purchased in the state. The Insurance Department is working with 312 licensed life insurance companies to make the search seamless for New Hampshire residents. The Department’s website features a request form, which residents may download and fill out. The form contains detailed instructions on what information to include and how to return it to the Insurance Department. n the UK, online life insurer Beagle Street sought to tackle the problem of lost life insurance policies by commissioning top illustrators to turn its policy documents into works of art. The art – which can technically be worth up to £750,000 – is intended to be hung on a wall or given to a loved one to hang on theirs so they can easily find the policy if they need to.

Latest Industry News – 27 / 04 /2016

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

Energy & Utilities

US utility partners with OATI for energy trading and risk solution

US utility Arizona Public Service Company (APS) signed a deal with smart grid solutions provider Open Access Technology International (OATI) to improve its operations. Under the contract, OATI supplied the utility with an energy trading and risk management (ETRM) software. In a press statement, the US based solutions provider said its ERTM technology will provide Arizona Public Service Company with improved deal capture, scheduling, accounting and risk management functionalities for its power and gas business. The platform will allow the utility’s various departments to access similar data at the same time. The grid solution includes OATI’s market and credit solution ‘webRisk’ to help utilities assure accuracy and transparency of their energy trading portfolio, states the company statement. In addition, the ERTM features OATI’s webTrader, a streamlined energy trading platform, and OATI webCTRM, a tool for managing forward exposure in financially-oriented commodity markets.

Smart meters Germany: Eltel acquires U-SERVE

Smart grid solutions provider Eltel acquired Germany gas and electric metering company U-SERV to expand its operations in the European country’s metering market. In a press statement, Eltel said it bought the company due to its strong presence in the smart meters landscape in Germany. The acquisition comes at a time U-SERV has a reference of more than 5 million installations of smart meters including a new order backlog for deployment of 1,6 million units in the western European country. In addition to rollout of smart meters, Eltel will also take over the company’s product offering including field service assets for national meter read-outs and customer self-readings. The Swedish headquartered smart grid solutions provider will continue smart metering business development contracts signed between U-SERV and ATV, and EVB Elektronik. The two semiconductor distribution companies will continue to participate in pre-sales customer meetings, sales negotiations and general promotion of Eltel services in the power distribution landscape in Germany. Eltel says its main focus is to take advantage of the huge potential for growth of the smart metering market in Germany due to the country’s legislation ‘Digitale Energiewende, leveraging utilities’ deployment of smart meters between 2017 and 2032

PG&E Commits $1 Million To Solar-Powered Habitat For Humanity Homes

In a news release, the utility announced its $1 million commitment to the installation of rooftop solar on nearly 100 solar-powered Habitat for Humanity home. The homes supplied with the money-saving and environmentally kind rooftop solar will be via 17 different Habitat for Humanity local affiliates throughout Northern and Central California. Providing the homes people need while keeping the environment in balance, utilizing clean solutions for energy improves everyone’s quality of life. A PGE.com news release reports, “From the Mendocino Coast to Merced, PG&E’s Solar Habitat Program, in partnership with Habitat for Humanity, is making affordable housing and solar energy a reality.” When solar is applied as a renewable energy choice, we all benefit. Nowhere is it more regenerative than when solar finds a way into neighborhoods that have been “historically underserved and overlooked,” as PG&E highlights.

Consumer Products & Retail

IKEA starts selling solar panels in the UK

he retailer said it had put solar panels on sale to help its customers live in more sustainable homes and lower their bills despite recent government cuts to solar subsidies. Shoppers can order panels at IKEA’s Solar Shops in Glasgow, Birmingham and Lakeside. The panels are available online. Manchester and Southampton stores will get solar panels in May as part of plan to sell solar panels across all UK stores by the end of the summer. The Swedish company has partnered with Solar Century, an energy power firm, in its second attempt to launch solar panela in the UK. in 2013-14 the company expanded the solar offering to all its 17 UK stores but decided not to renew its contract Hanergy, a chinese firm in November last years, only months after the government announced a dramatic reduction in solar subsidies. The UK government has ended all support for new large scale solar farms and slashed subsidies for smaller installation used by households, schools and communities by 87 per cent – the latter move preventing nearly one million projects from going ahead over the next five years, according to government estimates.

Carphone’s mobile network launches digital-only brand campaign

High street retailer Carphone Warehouse has today launched the first ever brand campaign for its mobile network, iD. The documentary-style content series of four films entitled ‘#DOYOUROWNTHING’ premieres on Facebook, and will be followed by a sequence of films launched across a number of VICE’s digital channels on 29 April, dubbed ‘New Originals’. Carphone says that the iD brand campaign aims to engage and inspire people “who steer away from a one-size fits all approach”, in keeping with the brand’s mantra of giving consumers more control over their mobile phone contracts. The initial videos feature community group, Fletcher Street Urban Riding Club, which hails from Philadelphia in the US, while the following series focuses on British Muslim hip-hop duo, Poetic Pilgrimage. Carphone’s iD network, which was launched in May 2015, now boasts of over 250,000 UK subscribers as it approaches its first anniversary.

K3 to acquire Danish software firm

IT solutions supplier K3 is expanding its European footprint after agreeing to buy a Danish retail software business. The £8.1m acquisition of Retail Support International ApS, trading as DdD Retail, will be funded by a £13.5m placing at 330p, allowing headroom for working capital demands and further acquisition opportunities. Established in 1989 and headquartered in Denmark, DdD also operates in Germany, Sweden and Norway and has approximately 750 customers across 1,800 stores. Customers include Esprit, the sportswear chain and Saint Tropez, the women’s fashion brand. K3 said the acquisition, together with the full extent of the placing, is expected to be earnings enhancing in K3’s next full financial year.

Automotive

Fiat Chrysler to recall 1.1 million cars over fears of parking issue

Fiat Chrysler has announced that it will be recalling 1.1 million cars to modifying the parking brake system after 41 people have been injured. The car maker says that owners are incorrectly assuming they’ve engaged Park in automatic models, only to then realise the car was still in fact free to roll. FCA claims that the issue isn’t due to a technical fault, but rather due to drivers not correctly engaging Park. It says it is voluntarily recalling the cars in order to improve the notification lights so drivers can more clearly know when their car is in Park. Affected cars include Dodge Chargers built between 2012 an 2014, Chrysler 300s from 2014 and 2015 and certain Jeep Grand Cherokees.

Mahindra launches new electric city car

Mahindra, the car maker that previously sold the G-wiz in the UK, has launched a new all-electric city car called the e20. Mahindra claims the e20, with a top speed of 63mph, has a real-world range of up to 70 miles in warmer conditions dropping closer to 50 miles in winter. Charge time from a standard 16amp three-pin socket is nine hours. The ‘internet only’ e20 will be available direct from the manufacturer, rather than through a network of dealers. Mahindra is also aiming for all servicing to be carried out on a collect and deliver basis, however the firm advises that at busy times customers may be asked to drive their car to the Middlesex-based service centre. The car will be covered by a three-year 60,000 mile warranty.

VW Postpones German Recall of Tainted Passat Sedans on Fix Delay

Volkswagen AG needs more time to finalize a fix for rigged Passat sedans in Germany, as the scandal-hit carmaker struggles to get a three-month-old recall on track. The German carmaker is working to gain regulatory approval for repairs that ensure the vehicles don’t become noisier and have worse fuel economy after disabling emissions-cheating software, according to Juergen Stackmann, the VW brand’s sales chief. Volkswagen, which had planned to start recalling 2.0-liter diesel-powered Passats in March, is now switching gears and seeking approval for repairs to the Golf hatchback instead. Postponing the recall for 150,000 Passats is the latest in a series of delays as VW tries to regain public trust after admitting it rigged 11 million vehicles worldwide to cheat on diesel-emissions tests. The company, which has yet to finalize solutions for affected U.S. vehicles, has set aside 16.2 billion euros ($18.2 billion) for repairs, customer compensation and legal risks.

Banking

Orange bets on mobile banking with Groupama buy

French telecoms firm Orange has agreed to acquire a 65% stake in Groupama Banque as part of its plans to enter the European banking market. Groupama Banque will be renamed Orange Bank and will retain a 35% stake in the company. Orange Bank will launch a banking service as early as the start of next year designed specifically for mobile usage in France. The bank’s services on mobile phones will include existing accounts, savings, loans and insurance services, as well as payments. The company intends to attract more than two million mobile banking customers in France. The digital platform for mobile phones would use Groupama Banque’s existing client network, which had over 530,000 customers and outstanding deposits of more than €2.1bn at the end of last year. The deal will allow Groupama to use Orange’s technical know-how and its expertise in digital services to speed up the existing online banking activity.

Metro Bank launches intergenerational mortgages

Metro Bank has announced a new mortgage offering for clients of St. James’s Place Wealth Management. The intergenerational mortgage range will enable St. James’s Place clients to support their children and grandchildren with purchasing a property, while continuing to plan for their own future. The new offering enables clients to increase their relatives’ deposit through either gifting money or by providing extra mortgage security with a Secured Deposit Account. It also provides clients with the option of jointly applying for a mortgage with their relative, without being registered on the property deeds.

Swedbank adds virtual assistant to website

Swedbank has added a virtual assistant developed with Nuance Communications to its website in a bid to help customers and call centre staff to get quick answers to their banking questions. Based on Nuance’s Nina, an intelligent assistant using natural language understanding technology, the system is designed to simulate human conversation. Customers type their questions to quickly find answers and identify the financial services that are best suited for their needs. The bank says that with 75% of its customers preferring to deal with it through its app or website, the new tool is proving popular, carrying out around 30,000 conversations a month during its first three months. About eight out of 10 questions are being successfully answered. For customers who do prefer to call the bank, employees also have access to the virtual assistant to quickly source answers to inquiries, limiting the client’s average call time. During the first three months of use, the technology has helped Swedbank hit a 78% first-contact resolution.

Insurance

John Hancock offers life insurance for HIV patients

John Hancock Insurance is offering term and permanent life insurance coverage for people living with human immunodeficiency virus (HIV). The offering is available for applicants aged between 30 and 65 with face amounts up to $2,000,000. According to the company, the amount is subject to a favorable and stable clinical course, strict adherence and response to antiretroviral therapy (ART), and the absence of significant immunosuppression or co-morbid conditions. John Hancock Insurance president Michael Doughty said: “Whether offering innovative life insurance products like Vitality, which rewards customers for taking steps to live healthy, or improving the life insurance customer experience through LifeTrack, a policy management solution that helps ensure life insurance policies stay on track to meet their owners’ intended insurance goals, John Hancock is constantly looking to positively evolve the life insurance experience”. John Hancock’s parent firm Manulife is already providing life insurance to people living with HIV in Canada.

AXIS Healthcare enters market to provide nursing home professional liability coverage in US

AXIS Capital Holdings announced that AXIS Healthcare—the division of AXIS Insurance that provides professional liability insurance and associated standard casualty coverages for physician groups, hospitals and allied healthcare facilities—has entered the nursing home professional liability market by bringing on board two underwriters who have significant experience in senior aging services. Dave Stoner, previously a Vice President at Rockhill Insurance Group, has 27 years of aging services professional liability underwriting experience. Jason Correll, previously an Assistant Vice President at Rockhill, has 14 years of experience in that area.

Latest Industry News – 21 / 04 /2016

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

Energy & Utilities

Ericsson bags India smart meter deal

Swedish telecoms equipment provider Ericsson has secured its first smart meter deal in Assam, India. The telecoms giant has been contracted by a public sector power company for the installation of 15,000 smart meters in the next 3 years. Under the smart meter deal, Ericsson will provide a comprehensive Advanced Metering Infrastructure (AMI) solution, which will operate for the 15,000 units in addition to systems integration and support services in Guwahati – the largest city in Assam. The smart meter solution is expected to assist with outage management, the reduction in aggregate technical and commercial losses, and well as address power quality management and net metering.

San Francisco passes mandate for rooftop solar in new buildings

The City of San Francisco is reported to be the first major US city to mandate the installation on rooftop solar on new buildings. Under the new law passed, new residential and commercial buildings are required to have rooftop solar, either solar electric or solar water heating, states Treehugger.com. The new solar bill was passed through a unanimous vote by the city’s Board of Supervisors. The mandate is an extension of an existing regulation that necessitated new building projects to allocate 15% of a building’s roof as being “solar ready”. This means that the roof area would be unshaded and cleared of any obstructions for effective solar power generation and heating. The new law states that 15% of new buildings’ surface area, will not only be reserved for solar, but it is necessary “to have solar on it.”

ComEd eyes energy efficiency on municipal level

US energy provider ComEd announced its plans to replace more than 18,000 streetlights with new smart-ready LED models to reduce power consumption in illinois. The programme which falls under the utility’s Smart Ideas Energy Efficiency Programme, targets installation of the smart LED streetlights in more than 50 municipalities. The project is expected will help municipalities to reduce ComEd streetlight fees as the new lights consume only one third of power used by existing streetlights. Furthermore, the lights are said have a longer life span. The programme, free of charge to the municipalities, will include connecting the streetlights to a digital smart controller to allow a two-way communication with the municipality. By so doing, municipalities are able to remote control the lights, allowing them to dim lights for energy savings and brighten or flash them. The system will also allow municipalities to receive immediate notification if a lamp is in need of maintenance.

Consumer Products & Retail

Ametek Prestolite Power develops opportunity charging solution for food and beverage supply chain

Ametek Prestolite Power, a manufacturer of lift truck battery chargers and fleet management solutions, has developed an opportunity charging solution specifically for the food and beverage supply chain that reduces downtime, which is crucial in maintaining perishable items. The opportunity charging solution leverages a lift truck operator’s break time to recharge battery power and wirelessly keeps track of efficiency, existing power and other key parameters, which help a warehouse run smoothly. Prestolite Power customers currently have thousands of chargers in the field, saving money and making facilities run smarter every day. Among those customers are such major industry leaders as Coca-Cola, Walmart, Kroger, Food Lion, ConAgra Foods, Sysco and Anheuser-Busch. Opportunity charging has been proven in their warehouses to result in less employee downtime, longer battery life, a safer and more environmentally friendly workplace and greater overall efficiency.

Spar partners with Holland & Barrett for concept stores

Spar is trialing a new store concept with Holland & Barrett, mixing convenience with a focus on healthy food and lifestyle brands. Managing Director of Spar Debbie Robinson revealed that the trial is taking place at three Northern Ireland outlets when speaking at the 2016 Association of Convenience Stores Summit. The stores have proven potential, with £15.99-a-jar coconut oil having already become a popular item. According to Robinson, partnering with major brands is a way in which convenience stores can better compete in an increasingly challenging market.

Coca-Cola breaks ground on US$185 million eco-friendly bottling plant in Southwest China

Coca-Cola (Yunnan) Beverage Co., Ltd. today officially began construction of a new eco-friendly plant in Kunming City, Yunnan Province. The new facility will replace a plant currently in operation in Kunming, tripling the number of bottling lines from four to 12. The new plant represents a US$185 million (RMB 1.2 billion) investment and is part of the Coca-Cola system’s current US$4 billion investment plan which began in 2015 and will continue through 2017. This builds on the $9 billion of investment made in China between 1979 and 2014, and underscores The Coca-Cola Company’s strong confidence in the China market and its business growth in the southwest region.

Automotive

Volvo targets one million electric cars by 2025

Volvo has set itself a target of producing one million electric cars by 2025, in a bid to serve the growing demand for battery-powered vehicles. The Swedish car maker is aiming to produce two hybrid versions of every model in its range, with the first all-electric car expected to appear in 2019. “It is a deliberately ambitions target,” said Volvo boss Håkan Samuelsson. “It’s going to be a challenge, but Volvo wants to be at the forefront of this shift to electrification”. Volvo says it has been preparing for the move to electric vehicles for five years by developing two platforms, both of which can incorporate hybrid and electric technology, with one for large cars and one for small cars.

General Motors profits more than double on record North America earnings

General Motors’ first-quarter profit more than doubled on record earnings in North America, strong China profits and a break-even performance in Europe. The Detroit automaker earned $1.95 billion, or $1.24 per share, even after a $500 million cash investment in ride-sharing company Lyft. After $300 million mainly for union worker buyouts and $60 million to settle stockholder lawsuits, GM earned $1.24 per share. That soundly beat Wall Street forecasts. Analysts polled by FactSet expected $1 per share. Revenue was $37.3 billion, up 4.4 per cent, beating estimates of $34.9 billion. GM continued to do well in its home market on strong truck and SUV sales. North American pretax profits set a first-quarter record of $2.3 billion. The company broke even in Europe compared with a $200 million loss a year ago.

Honda to create green Clarity family with EV, plug-in hybrid variants

Honda Motor Co., seeking to reassert itself as a dominant player in the world of green cars, plans to broaden the Clarity nameplate to two more alternative-fuel vehicles. The Clarity hydrogen fuel-cell hatchback set to go on sale late this year will be followed by an all-electric Clarity next year. A third model — a Clarity plug-in hybrid — will be launched later in 2017, Honda said Thursday. The move follows Hyundai’s decision to pack a trio of powertrain options in the new Ioniq lineup and is similar to Toyota’s decision to market several hybrid and plug-in hybrids under the Prius nameplate. The three Clarity models will all share the same front-wheel-drive platform and five-seat, hatchback layout. Styling between the versions will vary slightly.

VW expected to offer to buy back nearly 500,000 U.S. diesel vehicles

Volkswagen AG and U.S. officials have reached a framework deal under which the automaker would offer to buy back almost 500,000 diesel cars that used sophisticated software to evade U.S. emissions rules, two people briefed on the matter said. The German automaker is expected to tell a federal judge in San Francisco on Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel vehicles sold in the U.S. that exceeded legally allowable emission levels, the people said.

Banking

Lloyds Bank to cut hundreds of jobs

Lloyds Bank is to axe hundreds of jobs and close 21 branches during July 2016. The cuts are part of the bank’s Group Strategic Review outlined in 2014, in which it announced 200 branch closures over three years. Officials from Unite Union say 625 jobs will be lost in total, affecting divisions including consumer finance, commercial banking and legal. The union says the cuts will hit offices in London, Brighton, Gloucester, Leeds, Halifax and Wolverhampton. Unite also says around 90 IT jobs will be moved offshore to India. Lloyds says 195 new jobs will created as part of the Group Strategic Review, meaning the net loss of jobs will be 430.

Swedish central bank boosts QE programme

Sweden’s central bank has decided to boost its quantitative easing programme in an effort to hold down the krona and boost inflation. The central bank said it would be ready to increase the bond buying further if necessary. The Riksbank has decided to buy a further SKr45bn (£3.8bn) of government bonds in the second half of this year. The central bank, however, left interest rates on hold, with the repo rate at -0.5 per cent. In February, the bank decided to move further into negative interest rate environment with a bigger than expected cut from -0.35 per cent to -0.5 per cent. The move from Riksbank followed the decision from the European Central Bank to cut interest rates and expand its asset purchase programme in March.

Wirral MP seeks meeting with HSBC bosses on planned closure of West Kirby bank

A WIRRAL MP has requested a meeting with HSBC bosses follolwing the shock decision to close its branch in West Kirby. Account holders were told in a letter this week that the bank in Grange Road will close on July 15. A decline in use of the branch and the growth of telephone and internet banking are given as reasons for closure. It means the nearest HSBC branches are in Pensby Road, Heswall and The Pyramids in Birkenhead. All West Kirby accounts are to be transferred to the Bromborough branch.

Insurance

Aviva invests in rooftop solar in latest bid to cut carbon emissions

UK insurer Aviva took another step towards achieving its target of sourcing 100 per cent renewable electricity this week, announcing the installation of rooftop solar systems at three of its UK offices. The energy generated from the new systems at Aviva’s Perth, Bristol, and Norwich offices will be used to power office lighting and equipment during daylight hours. In total, the panels will generate 445MWh of power each year for the next 25 years. All three installations are now up and running, providing power directly to Aviva’s office buildings to minimise its grid energy consumption.

BP Marsh moves into Asia with ARB stake

Insurance venture capital firm BP Marsh has announced it has acquired a 20 percent stake in Asia Reinsurance Brokers (ARB) for a total consideration of 2.4mn Singaporean dollars ($1.8mn). The move marks BP Marsh’s first into an Asian company, and takes its total portfolio to 15 investments. Under the deal, BP Marsh can also increase its shareholding to 25 percent for an additional cash consideration of 500,000 Singaporean dollars.

Aviva Investors makes cuts to investment teams

Aviva Investors has cut around 20 positions across its fixed income, real estate and infrastructure teams including some fund managers. An Aviva Investors spokesperson confirmed the departures and added: “Aviva Investors has made a significant investment in talent over the past couple of years and will continue to add resources to its key areas of focus.” It has not been one-way traffic he explained, with recent arrivals including senior economist and strategist Mick Grady, global equity managers Giles Parkinson and Helen Driver, James McAlevey as a multi-strategy fixed income manager, John Dewey as head of investment strategy for the global investment solutions business and Sean McLachlan, who joined the infrastructure business in February.

Latest Industry News – 20 / 04 /2016

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

Energy & Utilities

AusNet inaugurates Australia’s first community mini grid

Australia’s first community mini grid has been launched by AusNet Services Managing Director, Nino Ficca and Victorian Energy Minister Hon. Lily D’Ambrosio MP. According to an AusNet release, the community mini grid trial is aimed at demonstrating how homes with residential solar systems and batteries can generate, store and share renewable energy amongst themselves, as a ‘mini grid’ via their local powerlines. Mr. Ficca reportedly said that AusNet is currently installing the solar systems, batteries and associated communication equipment. He also thanked the community for their participation in the trial. The Australian energy company said that it would be focusing on monitoring consumption levels and behaviours for each participating household over the next 12 months.

First Energy utilities file energy efficiency plans to PUCO

First Energy’s Ohio utilities have submitted energy efficiency plans to the Public Utilities Commission of Ohio to help customers save energy and reduce bills. In a press statement, First Energy said the approval of the programmes will allow their implementation by Ohio Edison, Cleveland Electric Illuminating Company and Toledo Edison as from January 2017 through to the last quarter of 2019. The energy efficiency plans include a target to reduce electric consumption by 800,000MWh annually. In putting the proposals together, First Energy’s 10 member utilities have engaged in various consultation with stakeholders in the energy efficiency industry and consumer advocates.

Swedish utility selects Veolia for wastewater to energy project

Global water management company Veolia has secured a EUR42.5m (US$48m) deal with Swedish utility Borås Energi och Miljö (BEM) for a wastewater to energy project. The contract was secured through the company’s subsidiaries VA-Ingenjorerna and Kruger and is expected to be completed by November 2018. The plant will be co-located with the utility’s bio gas power plant at the Energy and Environmental Center in the Swedish city of Boras. The co-location of the two plants will allow a cost effective recycling of the sludge produced from the water treatment plant into electricity.The project falls under BEM’s plans to convert energy from the city’s waste streams into electricity for grid efficiency at the same time reducing carbon emissions in an energy efficient manner.

Consumer Products & Retail

Nestlé Waters opens $28m plant for bottled water brand in Nigeria

Nestlé Waters has opened a new manufacturing facility in central Nigeria to produce Nestlé Pure Life, the company’s brand of bottled water. The Abaji facility has come at a cost of NGN 5.6 billion ($28.2 million) and will create more than 100 new jobs for the local economy. The 14.6 hectare site will also support future demand and growth in the northern and western regions of Nigeria, Nestlé Waters said. It will be the company’s second and most modern water processing facility in Central and West Africa, complementing the existing factory in southwestern Nigeria. Nestlé Waters chairman and CEO Marco Settembri said: “We are committed to helping people lead healthier lives as water is surely the best way to fulfil daily hydration needs. Our goal is to provide families in Nigeria and all around the world with an affordable and convenient daily healthy hydration solution.”

Waitrose to sell British produce to China through online platform

Waitrose is to export to China for the first time from 18th April after reaching an agreement to sell products online with the retailer predicting it could become its biggest international business in the next three to five years.

It will be the first time the UK supermarket has exported to a country via a website platform only and will give the world’s fastest growing e-commerce market access to British products and ranges. Waitrose products will be sold exclusively through the Royal Mail store on Tmall Global, an online marketplace operated by Alibaba Group. Tmall is China’s largest third party online platform for brands and retailers to connect with hundreds of millions of Chinese consumers. Waitrose has arranged the deal through Avenue51, who runs Royal Mail’s store on Tmall Global. The Royal Mail store specialises in championing British companies and Waitrose will be one of its highest profile brands to date. There will be a dedicated Waitrose page within the Royal Mail’s online store with information about the brand for its new customers in China alongside the product listings.

Anheuser-Busch Continues to Build Craft Beer Portfolio

Anheuser-Busch (A-B) expanded its presence in the craft beer segment with the acquisition of its eighth craft brewery, Devils Backbone Brewing Co. of Virginia. Devils Backbone will join the diverse portfolio of craft breweries within The High End, the company’s business unit comprising craft and import brands, according to St. Louis-based A-B. “I am extremely pleased to announce the partnership of Devils Backbone Brewing Co. with Anheuser-Busch. While we are joining a creative group of craft breweries in the division, Devils Backbone will retain a high level of autonomy and continue its own authentic DNA within The High End framework,” said Steve Crandall, co-founder and CEO of Devils Backbone Brewing Co. “The existing management team plans to stay on board for many years, while continuing to innovate and bring locally crafted Virginia beer to the nation.” Devils Backbone opened in the Virginia Heartland in 2008 after founders Steve and Heidi Crandell were inspired by their first taste of Germanic-style beer during a ski trip to northern Italy in 1991. Following the success of their first brewpub Basecamp, they broke ground on the Outpost facility in Lexington, Va., where the outpost produced nearly 45,000 barrels in its first three years.

Metro launches C-Store in China

Metro Cash & Carry China has revealed that it will accelerate the development of its franchise business and introduce its convenience store brand MyMart to China this year. Metro is planning to open two MyMart stores in Shanghai this year and more store openings are scheduled in other cities across China. Jeroen de Groot, president of Metro China, said, “the convenience store market in China is very attractive but still quite immature…We would like to expedite our franchise businesses by looking at reliable and experienced partners in Shanghai as well as other cities to accelerate the growth.” The company currently operates 84 outlets in 57 cities in China, and it also looks to open more stores and smaller stores in the next five years.

Automotive

Hyundai leans on Cisco for connected car platform

South Korean car manufacturer Hyundai has struck its first deal with a tech group on connected car development, teaming with Cisco to “establish an industry-leading connected car platform”, including creating a testing environment for vehicle simulation with a Korean start-up. The companies will cooperate on research to analyse the flow of data and verify new technologies for connected cars. Hyundai will invest in cloud, big data analytics and connected car security technologies, with “huge investment” in research and development.

Faurecia sells auto exteriors business to Plastic Omnium

Faurecia has signed a deal to sell its automotive exteriors business to Plastic Omnium for an enterprise value of 665 million euros ($753 million) to reduce debt. The transaction, which is due to close this year, involves Faurecia’s bumpers and front-end modules business, which had sales of 2 billion euros in 2015 and employs 7,700 people at 22 sites. This sale, combined with January’s early redemption of a convertible bond, will almost completely eliminate Faurecia’s debt, the company said in a statement today. “The group will thus be able to accelerate investment in value-added technologies for sustainable mobility and enhanced life on board,” the company said.

Ghosn will give up AvtoVAZ chairmanship amid restructuring

Renault-Nissan said today it will give up the chairmanship of AvtoVAZ, a further sign that its hold on the maker of Lada cars has been weakened by recent tensions over restructuring at a time of collapsing Russian demand for vehicles. Sergei Skvortsov, a senior executive from Russian state-owned Rostec, the minority shareholder in AvtoVAZ, will take over as chairman of its board from Renault-Nissan boss Carlos Ghosn, the carmaking alliance said in a statement.

Skvortsov, the defense conglomerate’s deputy general director, is expected to be appointed AvtoVAZ chairman at a June 23 board meeting, Renault-Nissan said.

Japanese earthquakes send ripples through auto industry

The earthquakes since April 14 in Japan’s Kumamoto Prefecture on the island of Kyushu are having aftershocks on the US auto industry, particularly for Toyota. The company shut down most of its factories in the country due to parts shortages, and the plants will be closed at least through April 23. “Decisions regarding recommencement of operation at plants in Japan will be made on the basis of availability of parts,” the company said in a statement.

Banking

Tesco Bank enters mortgage intermediary market

Tesco Bank has announced its launch into the broker market with Tesco Mortgage Intermediaries. From today, customers can access Tesco’s range through London and Country mortgage brokers. In the coming months, Tesco mortgages will be made available through a range of firms via Legal & General’s remaining Nouveau and Key Partners panel. The service includes searchable lending criteria, webchat, and the ability to scan and upload documents and track the status of applications from any device. Tesco’s mortgage range includes two-year fixed rates from 1.67%, three-year fixes from 1.99% and five-year fixes from 2.34%.

Puerto Rico’s Oriental Bank rolls out cardless cash app

OFG Bancorp today announced that its Oriental Bank subsidiary has become the first financial institution in Puerto Rico to introduce “Cardless Cash” on its mobile app. Customers can use their mobile devices, without the use of their ATM / Debit card, to withdraw cash from the bank’s network of more than 60 ATMs across the Island. A typical transaction takes 10 seconds versus 40 with a debit card. For added convenience, the app can also locate the nearest ATM for making a withdrawal.

Deutsche Bank names new compliance heads

Deutsche Bank announced today that effective June 6, 2016, Pamela Root will join as Global Head of Compliance and Group Chief Compliance Officer. She will be based in London and will report to Sylvie Matherat, Chief Regulatory Officer and Member of the Management Board of Deutsche Bank. Pamela Root joins from Citigroup where she was Chief Compliance Officer for the Global Institutional Clients Group from 2009

Wells Fargo becomes newest primary dealer

Wells Fargo Securities, the investment banking arm of Wells Fargo & Co, has been added to the roster of primary dealers that trade directly with the New York branch of the Federal Reserve, the bank said Monday. It becomes the 23rd member of primary dealers, which are comprised of brokerages that trade U.S. government securities and certain other securities with the Fed.

Insurance

Accenture and Apax Partners to form joint venture to drive digital innovation in insurance software

Accenture and Apax Partners, a leading global private equity firm, have agreed to form a joint venture to accelerate the innovation of claims, billing and policy administration software for the insurance industry. As part of the joint venture, funds advised by Apax will acquire a 60 percent stake in Accenture’s Duck Creek Technologies, with Accenture retaining a 40 percent stake. The joint venture will operate as a new and independent company. The joint venture is intended to further accelerate the development of Duck Creek products and technologies, leveraging advanced digital and cloud technology, and to extend the reach of Duck Creek in key markets.

AXA expands property and casualty business in Africa with Lloyd’s

France‘s AXA unveiled a joint venture in Africa with Lloyd’s of London insurer Chaucer in a bid to enter the “growing and profitable” specialty insurance market covering a range of political, energy and infrastructure risk. AXA, Europe’s second-largest insurer, has made several acquisitions in Africa since 2014 and currently operates in Cameroon, Egypt, Gabon, Ivory Coast, Morocco, Nigeria, Senegal and Algeria.

Infusion partners with Gore Mutual on award winning commercial insurance Ecommerce platform

Infusion is proud to announce our partnership with Gore Mutual Insurance Company, developing the industry’s first commercial insurance ecommerce platform in Canada. uBiz is a cloud-based ecommerce solution that enables brokers to seamlessly connect with small business clients and provide them with a unique online experience for purchasing insurance products. This platform was integral to Gore Mutual being recognized with the “2016 Model Insurer Award” for excellence, by global financial services research firm Celent.

Health insurer UnitedHealth reports better-than-expected revenue

Health insurer UnitedHealth Group Inc reported a better-than-expected quarterly revenue helped by strength in its Optum business which offers healthcare services and drug benefit plans. Optum revenues grew 54 percent to $19.7 billion. Revenue from Optum’s pharmacy division rose 72 percent, the company said on Tuesday. Net earnings attributable to the company’s shareholders rose to $1.61 billion, or $1.67 per share, in the first quarter ended March 31, from $1.41 billion or $1.46 per share, a year earlier. On an adjusted basis the health insurer earned $1.81 per share. Revenue rose to $44.53 billion from $35.76 billion, beating analysts’ average estimate of $43.96 billion.

Latest Industry News – 19 / 04 /2016

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

Energy & Utilities

Orange Button initative to create unified solar data standard

The US DoE has announced the selection of four organisations that will lead the Orange Button initiative aimed at streamlining the way the solar industry manages data. The Smart Grid Interoperability Panel, SunSpec Alliance, kWh Analytics and the National Renewable Energy Laboratory (NREL) were the organisations chosen and mandated to boost the bankability of solar, through the creation of a widely adoptable, unified data standard for the solar industry. The SunSpec Alliance is a trade alliance bringing together over 70 solar + storage distributed energy participants, whose standards addresses operational aspects of solar PV power and energy storage plants on the smart grid. This includes residential, commercial and utility-scale systems.

EIB ups financial backing for smart water projects

In the UK, United Utilities secured GBP500m in funding from the European Investment Bank to support investments toward development of the region’s water infrastructure. The 18 year loan will fund the upgrade of water and wastewater networks under the utilities’ GBP3.5bn capital investment programme for the 2015 to 2020 regulatory period. In a press statement, Russ Houlden, chief financial officer at United Utilities said the funding is a huge contribution towards the company’s plans to benefit customers, the environment and to improve firm’s ability to cope with climate change. “We aim to do this at the lowest sustainable cost possible in order to keep bills down,” added Houlden. The EIB has for the past 12 years provided the utilities organisation with GBP2.25bn in funding directed to projects such as the completion of a GBP200m programme for the extension of the Liverpool wastewater treatment plant.

Energy efficiency: Oncor signs US$9m deal with Lime Energy

US power utility Oncor has partnered with energy efficiency company Lime Energy to help utility’s commercial customers to reduce their energy consumption. In a company statement, the Texas based power provider said it signed a US$9m energy efficiency contract with Lime Energy. Under the deal, the two companies will implement utility’s Small Business Direct Install (SBDI) programme which is targeting to save 6,680MWh and reduce electricity demand by 1.6MW within its timeline in Tyler, Walco and Midland-Ordessa. However, the SBDI will be marketed under the Main Street Efficiency brand and will be rolled out through to 2019.

Foxconn Acquires 66% Stake In Sharp At Reduced Price Following Review Of “New Information”

The Chinese manufacturing giant Foxconn has acquired a 66% stake in the Japanese electronics giant Sharp at a “reduced” price, following a review of the “new information” that stalled earlier negotiations, according to recent reports. Previous to the lull in negotiations, the stake acquisition was slated to go through for around ~$6 billion. Following the recent “review” and subsequent negotiation, it seems that the deal has gone through for a reported ¥388.8 billion (US$3.46 billion) — split thusly: ¥288.8 billion in Common Shares, and ¥99.9 billion in Class C Preferred Shares. Foxconn’s presumed interests in Sharp are likely focused around the Japanese company’s various display panel/screen technologies — no doubt of great utility to the Chinese company considering it’s substantial and growing interests in the smartphone and tablet businesses.

Palo Alto Startup ElectrIQ Launching 10 kWh Lithium-Ion Home Energy Storage System This Fall

The Palo Alto–based startup ElectrIQ Power will be launching an integrated home energy storage product during Quarter 4 2016 — featuring a 10-kilowatt-hour lithium-ion battery, a hybrid DC-to-AC inverter, a DC-to-DC converter, an intelligent battery management system, and a high-frequency energy meter. The company has apparently already managed to nab 4,000 preorders for the product. Considering that the all-inclusive 10 kilowatt-hour (kWh) unit will sell wholesale for around $13,000 and retail for about $16,000, that’s a fair chunk of money if all of the orders go through. The system will come with a 10-year, 5,000-cycle warranty, it should be noted.

Consumer Products & Retail

Nestlé Waters opens $28m plant for bottled water brand in Nigeria

Waitrose to sell British produce to China through online platform

Anheuser-Busch Continues to Build Craft Beer Portfolio

Metro launches C-Store in China

Automotive

BMW adapts to a changing view of driving with ReachNow

For the makers of the “ultimate driving machine,” DriveNow must have seemed like the perfect name for a car-sharing service. Launched in 2011 in Munich, DriveNow offered young city dwellers, many of whom did not own cars, a handy way to set up short-term rentals on their smartphone and quickly get behind the wheel of a BMW. Then came Uber and Lyft and a race to develop self-driving cars, raising profound questions about BMW’s driver-centric strategy. After all, what good is DriveNow if people don’t want to drive? The answers to that question are reflected in BMW’s new brand name, ReachNow, and its new strategy of putting more transportation services at customers’ fingertips — even if it’s someone else, or something else, that’s ultimately driving. It shows the company’s determination to define how people get around, in the face of Silicon Valley challengers. “We don’t want to be shaped,” BMW board member Peter Schwarzenbauer said at an April 8 event here, where BMW is rebooting its U.S. car-sharing program after an abortive pilot in San Francisco. “We want to shape [mobility] ourselves.” ReachNow will start as a classic point-to-point car-sharing service, with 370 vehicles — a mix of 3-series sedans, i3 electric cars and Mini Coopers — spread across central Seattle. Users reserve a car by smartphone, pick it up on the street, drive to their destination and then park on the street nearby.

BMW Enhances Partnership With GoPro, Integrating Cameras For App

Two years ago, BMW first enabled drivers to control an externally-mounted GoPro action camera from inside the cabin of their vehicle. Now, the luxury automaker is taking its GoPro integration a step further. Beginning this summer, new downloads and updates of the BMW M Laptimer app will include integration for the action cameras. So, when BMW drivers launch the M Laptimer app in their iDrive system, they’ll see a GoPro tab. Clicking it will give users the ability to control a GoPro camera on their iOS devices, using the automaker’s iDrive controller and high-resolution screen. All recorded footage will not only be saved on the camera itself, but also as a low-resolution version on users’ iOS devices. Pretty cool. There isn’t any word, as of press time, on whether integration will be available for Android devices as well. “The BMW M Laptimer and GoPro integrations have both proven to be incredibly popular with driving enthusiasts. From the time that we launched the first in-car integration for a GoPro camera, bringing that integration together with the BMW M Laptimer seemed like the natural way to really enhance the track driving experience,” Christian Schmid, senior development engineer of the BMW Group Technology Office USA, said in the company’s press release statement Thursday. “This allows us to provide BMW drivers the ability to safely capture and share their track experience.”

Harman develops blind spot detection system

Harman has developed a new safety system to help eliminate blind spots, which it says, kill or injure 15,000 pedestrians a year in the US. Reverse Pedestrian Detection combines data from a range of existing Harman technologies fitted to the car, including a rear camera and sensor, to detect pedestrians behind the vehicle. Harman says it can also detect smaller children, aged between 12 and 23 months, who are most vulnerable to being hit. “Despite the introduction of a range of safety technologies found in today’s cars and even with the most attentive drivers, ‘back over’ accidents cause too many deaths and injuries,” said Harman senior director of machine learning, Danny Atsmon. “Tragically, over 70% of incidents involving children are caused by a parent or relative behind the wheel.” Reverse Pedestrian Detection technology uses computer vision methods and a fish eye camera to detect pedestrians behind the vehicle and fuses it with data from ultrasonic sensors for close pedestrian verification. To improve accuracy, the application also uses the steering wheel angle and speed for calculating probable collision trajectories.

Banking

Morgan Stanley profits more than halve

Morgan Stanley profits more than halved in the first three months of the year following “challenging” market conditions. Net profit fell by 54% to $1.1bn (£776m), down from $2.4bn in the first quarter of last year. Low oil prices hit the US bank’s trading business and helped push revenues down from $1.9bn to $873m. All the big US banks have seen quarterly profits cut by falls in trading and investment banking revenue.

World Bank and AIIB sign first joint agreement

The World Bank and the Asian Infrastructure Investment Bank (AIIB) have signed a co-financing agreement, the first between the two banks. The agreement will allow the institutions to finance development projects together, thetwo institutions said in a joint statement. The banks are discussing “nearly one dozen” co-financed projects in sectors including transport, water and energy in Central Asia, South Asia and East Asia, they said. The AIIB expects to approve about $1.2 billion in financing in 2016, with World Bank joint projects accounting for “a sizable share” of these, it said. Under the agreement, the World Bank will prepare and supervise the co-financed projects “in accordance with its policies and procedures in areas like procurement, environment and social safeguards”, it said.

Barclays Bank launches data insights service for SMEs

Barclays Bank is launching a new online data insights service that enables small and medium enterprises (SME) to track key financial metrics and compare their performance against similar businesses in their locality. Available in May 2016 for a monthly fee of £4.95, the SmartBusiness service will reveal key trends around business inflows and outflows and show how money is paid in from cash, debit cards and cheques, in addition to an average spend by customer.

TD Bank launches real-time money management app

TD Bank Group (TD) has started its roll-out of TD MySpend, a new real-time money management app – a first in Canadian digital banking. A companion to the TD app for iPhone or Android, TD MySpend makes it easier for customers to track their spending habits from their eligible TD bank accounts and TD credit card accounts with instant notifications on how and where they’re spending their money. Customers with Android devices can download the TD MySpend app and also update to a new version of the TD app, needed to work in conjunction with TD MySpend. An iOS version of the TD MySpend app and the new version of the TD app for iPhone will be available soon.

Insurance

Ameritas Life acquires Security Life Insurance Company of America

Ameritas Life Insurance has acquired Security Life Insurance Company of America and Security Health Insurance Company of America, New York. Security Life is specialized in the ancillary benefits market, providing dental and vision insurance products and services to consumers and employee groups. Focused on individual insurance and small to mid-size employer group business, Security Life provides products in all 50 states of the US. Working through Security Life’s general agent distribution network, Ameritas Life’s group division will change over Security Life business throughout this year.

Standard Life Investments roles out pensions liability solution

Standard Life Investments has launched a suite of “liability aware” funds designed to help underfunded defined benefit (DB) pension schemes. The range of funds is called ‘Integrated Liability Plus Solutions’ (ILPS) and the first fund to be rolled out is the Liability Aware Absolute Return III Fund managed by Jens Kroeske and Robert De Roecke. Aiming to deliver outperformance of a DB scheme’s liabilities, the fund targets a return of cash plus 5% per year on a rolling three-year basis and uses a liability hedge overlay.

LV partners with Parkwise for park home insurance

LV has signed up with Parkwise to offer its ABC Park home insurance product exclusively to park home customers. Parkwise is a trading name of Caravanwise – founded in 1998 to focus on the caravan, motorhome and park home insurance markets – and the new deal is an extension of on an ongoing partnership between the insurer and broker. LV listed that as well as offering new for old buildings cover up to £500,000 and accidental damage cover as standard, the park home insurance product allows customers to choose their own level of contents cover, with optional cover for valuables and possessions away from the home.

Bluefin completes four purchases

Bluefin Insurance has bought Liverpool-based Exchange Insurance Services, its fourth deal of the year. The purchase of the commercial insurance broker has given Bluefin a second office in the city. In addition Bluefin detailed that it has acquired Alverton Insurance Brokers, Wilbourn Insurance Services and Grampian Insurance.

Latest Industry News – 18 / 04 /2016

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

Energy & Utilities

US utility signs AutoGrid to improve demand response

New Hampshire Electric Cooperative (NHEC) has partnered with global energy internet technology provider, AutoGrid, for the rollout of demand response (DR) programmes. The collaboration has allowed the utility to launch three new separate platforms to help residential, and small and medium businesses to reduce their consumption during peak periods. The Behavioral Demand Response (BDR), Time of Use (TOU)/Critical Peak Pricing (CPP) and the Direct Load Control (DLC) programmed will use AutoGrid’s Demand Response Optimization & Management System (DROMS) solution.

EVs, RE and batteries boosting global vehicle-to-grid market

According to a new report by Technavio predicts that the global vehicle grid integration technologies market for 2016-2020 will reach US$ 7.5 billion by 2020. The global technology research and advisory company identified three factors that will drive the global vehicle grid integration technologies market. These include the ability to meet peak electricity demands, improvements in battery technology and well as the optimisation of intermittent renewable generation.

DEWA signs MoU with SAP on smart city technology

The Dubai Electricity and Water Authority (DEWA) has signed a MoU with SAP to assist the government to improve the IT infrastructure of its smart city technologies. The German multinational software firm has been contracted to help DEWA to improve its electric vehicle charging stations, smart home appliances and smart metering, as well as coming up with ways in which to tackle Internet of Things (IoT) and Big Data analysis.

After 9-Month Delay, Record-Breaking Solar Plane Prepares For Liftoff

A solar-powered plane called the Solar Impulse 2 is preparing to resume its flight around the world after nine months on the ground for repairs. The team’s goal: to be the first plane to circumnavigate the globe using only solar power. The plane has “the wingspan of a Boeing 747, but weighs no more than a mid-sized car,”. In a statement, the Solar Impulse team heralds the plane as “the first solar airplane capable of flying day and night without using a drop of fuel.”

Consumer Products & Retail

AB InBev agrees concessions with South Africa over SAB deal

Anheuser-Busch InBev will invest R1-billion ($69-million) to support small South African farmers as part of concessions agreed with the government to secure regulatory approval for its $100-billion-plus takeover of SABMiller, it said on Thursday. The world’s biggest brewer said the concessions, which also include a five-year freeze on layoffs, were agreed with the South African Ministry of Economic Development. “It is expected that the agreement on terms between government and the merger parties will expedite the merger proceedings before the South African competition authorities,” AB InBev said.

Ricoh’s newest ultra-short throw projectors bring 360 degrees of flexible placement

Ricoh announced the availability of its next generation of ultra-short throw projectors, which break down the barriers of traditional presentations. The new solutions help users in business, education and beyond to loosen the constraints of where, how and when they can share information with onsite and remote audiences. With nearly half of all workers (46 percent) spending at least half their time working outside the traditional office, but only 1 in 4 organizations (27 percent) supplying collaboration tools to all employees*, there’s a critical need for solutions that suit today’s evolving workstyles.

IKEA finalising its biggest overhaul in decades

In two mediaeval Dutch cities, IKEA’s most senior executives are finalising the biggest overhaul at the Swedish-born furniture empire in over 30 years. The aim is to help the world’s largest furniture seller better adapt to changing consumer tastes, manage its increasing size and avoid the fate of other dominant retailers overtaken by new market entrants. However, some academics say the changes, which effectively involve breaking up the IKEA Group, could also disrupt the smooth running that makes IKEA so efficient. The IKEA Group announced the plan to transfer ownership of some operating entities to a small Delft–based company which owns the IKEA brand last June. However, the 250-word statement attracted little attention.

Automotive

Connexion Media Ltd and General Motors to begin trials

Connexion Media Ltd, a Melbourne-based technology company, has achieved a major breakthrough by partnering with General Motor to offer a 30-day trial of its Commercial Link service to all new GM vehicle buyers across the US. The Commercial Link service, which operates via an internet-connected SIM, allows vehicle owners to monitor their car’s fuel consumption, location, speed and other parameters through a smartphone app. The software is aimed at small fleet owners and gives them real time data of their fleet.

SURGE IN UK ELECTRIC CAR SALES

There’s been a dramatic uptake in electric cars in the UK in recent times with sales data showing an average of 115 sales each day so far this year. 10,496 plug-in cars hit UK roads across the first three months of the year with one plug-in car sold every 13 minutes. The encouraging start to 2016 comes after 2015 sales were higher than the combined uptake of plug-in cars in the five years previous.

Mini appoints new head of Americas

David Duncan, vice president of Mini of the Americas, will take on a new role as head of BMW Group’s head of corporate and special sales, the automaker said today. Duncan, who will begin in his new job May 1, will be succeeded by Thomas Felbermair, who had a similar role with Mini in Europe. Duncan will oversee Mini’s corporate fleet sales and European delivery, among other responsibilities.

Skyscanner to power Microsoft’s car rental search in 49 markets

Travel search engine Skyscanner is to power Microsoft Travel’s newly launched car rental search across 49 global markets. The introduction of MSN’s car rental tool represents a further extension of the partnership between Skyscanner and Microsoft. The metasearch site began powering flight search for MSN Travel across 31 global markets in 2015, adding a further 18 this year. Microsoft’s car rental data is powered by independent B2B unit Skyscanner for Business, which started a car rental white label offering earlier this year.

Banking

Citigroup’s first quarter profit plunges 27%

Citigroup’s said today its quarterly profit plunged 27% as its trading revenue fell and its costs related to shrinking some businesses rose. The profit decline is the biggest among big US banks that have reported first-quarter results so far. But Citigroup’s earnings and revenue beat Wall Street’s low expectations, helped by a fall in operating expenses. Citigroup is the fourth biggest US bank by assets. Banks globally have had a tough start to the year amid near-zero interest rates, a slowdown in China and low oil prices.

Nomura Bank extends relationship with software provider Simcorp

Ex-Ashcourt director joins Deutsche as financial planning head

Deutsche Bank Private Wealth Management has poached former Ashcourt Rowan director David Kay to head its UK financial planning business. Kay arrives at the firm as a director and UK head of financial planning, reporting to Andreea Grob, who is responsible for Deutsche’s UK, Russia and Eastern European divisions. Wealth Manager understands that the appointment is a pivotal step in the firm’s ongoing plans to increase its focus on the ultra-high net worth client bracket.

Opus Bank acquires PENSCO Trust Company

Opus Bank has completed the acquisition of PENSCO Services and its subsidiary PENSCO Trust Company. Founded in 1989, PENSCO is a leading tech-enabled alternative asset IRA custodian, with approximately $10.7 billion of custodial assets and over 45,000 clients with investments in over 40,000 unique asset types comprised of private equity, real estate, notes, cash, and other non-exchange traded assets.

Insurance

LV= CHIEF EXEC TO STEP DOWN

The chief executive of Bournemouth-headquartered mutual insurance, retirement and investment group LV= is to step down after ten years in the role. Mike Rogers has “a great track record” as chief executive, LV= said, adding that he has “completely reshaped and refocused the group”. Under his leadership, the business portfolio has been restructured through the closure of LV=’s banking operation in 2007 and IFA in 2008.

DWF to acquire niche Bristol practice

Commercial law firm DWF is strengthening its insurance, litigation and product liability offering with the acquisition of niche law firm Fox Hartley. The deal will enhance the Manchester=based firm’s sector expertise and help secure new domestic and international insurer clients. Bristol-based Fox Hartley, which has 16 people including three partners, has significant experience in delivering specialist litigation and alternative dispute resolution services for major insurer and manufacturer clients, including a number of shared clients with DWF

White Mountains Insurance Group Explores Sale of Tranzact

White Mountains Insurance Group Ltd. retained investment banking advisory firm Evercore to explore a sale of MG LLC, an insurance sales operation that does business as Tranzact, said people familiar with the situation.

Latest Industry News – 15 / 04 /2016

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

Energy & Utilities

Utility-backed solar group raised over $7M to counter TPO proposal in Florida

Consumers for Smart Solar (CSS), a utility-backed group in Florida pushing a solar ballot initiative, spent almost $268,000 in March as it shepherded the language of its ballot proposal through the approval process at the Florida Supreme Court, the blog Florida Politics reports. To date, the group has raised more than $7 million, much of it from state electricity companies and businesses. The court’s 4-3 approval was the final hurdle for the utility-backed measure to appear on the 2016 ballot, and CSS reportedly spent over $101,000 last month for the legal services of former Florida Supreme Court justice Raoul Cantero.

UK utility signs AutoGrid to improve demand response

New Hampshire Electric Cooperative (NHEC) has partnered with global energy internet technology provider, AutoGrid, for the rollout of demand response (DR) programmes. The collaboration has allowed the utility to launch three new separate platforms to help residential, and small and medium businesses to reduce their consumption during peak periods. The launched projects Behavioral Demand Response (BDR), Time of Use (TOU) and the Direct Load Control (DLC) will use AutoGrid’s Demand Response Optimization & Management System (DROMS) solution. Consumers participating in the BDR will receive notifications for occurrence of a DR event during peak days in which they will be required to reduce their consumption.

Oracle automates customer engagement for US utility

US utility Southern Maryland Electric Cooperative (SMECO) has partnered with smart grid solutions provider Oracle to automate its communication with customers. In a company statement, the utility cooperative providing electricity to more than 160,000 customers said it integrated Oracles new tech with its existing customer information system. The combined solution of the Oracle Utilities Customer Self Service and the Oracle Utilities Customer Care and Billing solution is said will allow SMECO customers to view their bills, make payments, access grid information, report outages and participate in various programmes online, on a single website. The decision to integrate the solutions falls under the utility’s efforts to reduce pressure on its call center and allow its staff to focus on more complex issues.

Consumer Products & Retail

Costco Australia expansion plans

Costco in Australia is looking to further cement its growing popularity with shoppers, through the set up of its first distribution centre and also opening more sites in major cities. Costco currently trades from eight stores in Australia and has a presence in Sydney, Melbourne, Canberra, Adelaide and Brisbane. It has already opened more than one store in some cities, with Sydney and Melbourne, having two and three trading stores respectively. However, analysts are predicting that the retailer’s network will grow to 25 stores within four years. To fuel this growth Costco could snap up a number of Woolworths’ Masters sites, if and when the retailer starts to dispose of the assets.

Kellogg’s unveils time-travelling VR experience

Kellogg’s transported Londoners to ancient Egypt for the launch of its new Ancient Legends product range at the British Museum recently. Attendees donned virtual reality (VR) headsets, and they ate the Kellogg’s cereal while sitting at a table with queen Cleopatra. The 360-video also let them look around the elaborate palace and glimpse the pyramids in the background. Countdown presenter Rachel Riley – the face of the range – dressed up as the Egyptian queen for the event. The activity forms part of a £7.5 million multi-channel campaign to promote the brand’s new Ancient Legends varieties, which incorporate so-called ‘ancient grains’ like spelt, quinoa, chia and flax seeds. Kellogg’s 360 video from the experience is now available to view via the brand’s Facebook page.

British Manufacturer Launches Britain’s First Whole-Milk Infant Formulas

Supermarkets and corner stores around Britain can now offer customers a new brand called Kendamil, which is not only the sole infant formula to be manufactured to a whole milk recipe, rather than skimmed, but also the only infant formula in the British market actually manufactured in Britain. This contrasts with competitor formulas currently on sale in UK stores, which are all imported. The unique and nutritious new Kendamil range is produced by Kendal Nutricare – which has a factory in Kendal, the Lake District, in the heart of Beatrix Potter country, or ‘Kendamil Country’, as it is rapidly becoming known.

Automotive

Toyota Add Driverless Car Research Base in Michigan

Toyota Motor Corp. said it will collaborate with the University of Michigan on a research base near the school’s Ann Arbor campus to focus on autonomous vehicles, the third center under a $1 billion investment by the automaker. The Toyota Research Institute also is creating centers in Palo Alto, California, and Cambridge, Massachusetts. The three facilities will work on artificial intelligence, materials science and robotics research. The Ann Arbor hub is scheduled to open in June, with an eventual staff of 50 people, Toyota said. About 15 employees from the nearby Toyota Technical Centers, which have been doing autonomous-car research for more than a decade, will transfer to the new facility when it opens, the company said.

GM decides to ditch the initial investment in Michigan plant

General Motors will not invest in its Michigan facility anymore, shifting the money towards the Orion assembly plant in Kansas instead. General Motors announced last year in June a 245-million-dollar investment in its Orion, Michigan, plant, planning at that time to add to the production line a new model by 2018. However, GM apparently decided not to follow that plan and to redirect the investment to its Fairfax Assembly plant in Kansas, The Detroit Free Press reported. The Orion plant currently builds the Chevrolet Sonic and Buick Verano subcompacts, but the latter will be phased out beginning this fall.

Toyota unveils all-electric concept ubox aimed at generation Z

Toyota unveiled an all-electric concept car called uBox, at the Society of Automotive Engineers World Congress and Exposition in Detroit. The uBox concept car is targeting the Generation Z buyers. The project was developed by the Japanese automaker in collaboration with graduate students at Clemson’s International Center for Automotive Research. Toyota’s uBox concept is a five-passenger utility car customizable in various ways, according to the owner’s taste. In its interior, the car provides the possibility to make custom three-dimensional printing. According to Digital Trends, the uBox will feature a sharp, square design, with LED lights. The car seats are mounted on sliding tracks. An all-electric powertrain can be also used as a power source for tools and mobile devices. Seats can be easily removed to provide some for extra space. The uBox will feature a large glass roof supported by a structure made of aluminum bond with composite carbon fiber. The manufacturing technique to create this structure is an industry-first.

Banking

RBS planning to axe 600 UK jobs in cost-cutting plan

State-backed Royal Bank of Scotland is axing almost 600 jobs in its UK retail bank, according to sources familiar with the situation, in the latest round of job cuts and branch closures at the lender. All the employees impacted work in the bank’s retail network in England and most are being told of the decision on Thursday, according to the sources, who asked not to named because they are not authorised to discuss the plans. The cuts are occurring in branches in northern, southeast or eastern England, the Midlands or London, the sources said. The bank is closing about 34 branches and reducing opening hours in hundreds more in an aggressive cost-cutting plan.

HSBC rolls out stand-alone investment advice service

HSBC has launched a stand-alone investment advice at a 30 per cent discount to its full Premier Financial Advice service, following a successful trial period earlier this year. The service is designed to provide advice for customers who are looking to invest single lump sums of between £15,000 and £100,000. Customers qualify by having £50,000 or more of savings or investments – the point at which they normally move to its Premier and Wealth banking services. The bank added that if the service is a success, it plans to make it more widely available later this year.

Barclays reduces headcount by 8,000 in 4 months

Barclays has shed 8,000 jobs in four months, the fastest headcount reduction in at least five years, as it steps up a big cost-cutting drive. The Financial Times reports that the reductions have come from a hiring freeze imposed by Jes Staley when he started as chief executive in December and cuts to the investment bank. Staley said at a conference last month that more than 6,000 positions had gone in his first 100 days, double the number of job cuts at the bank in the past four years. That number has since risen to about 8,000, according to sources familiar with the bank. Barclays had 129,400 full-time employees at the end of 2015.

Insurance

Generali launches iPMI plans for Eastern Europe

Generali Global Health has partnered with Eastern Europe-focused international private medical insurance (iPMI) provider MediHelp International to launch five iPMI plans for corporates and individuals in the region. Initially launched in Romania, the plans will be rolled out across selected markets in Central and Eastern Europe. Generali Global Health, together with local Generali companies in each country, will underwrite and manage the insurance risk of the MediHelp plans. The five products, Blue, Azure, Cobalt, Admiral and Royal, offer a range of benefits such as international assistance and international emergency care, access to more than 425,000 clinics worldwide (excluding the US) and cover for hospitalisation up to €3m (except the US).

Assured Guaranty to buy CIFG Holding for $450m

Assured Guaranty (AGC) has signed an agreement to acquire CIFG Holding, the parent of financial guaranty insurer CIFG Assurance North America (CIFG NA), for $450m. Under the deal, CIFG NA will merge into AGC, and will operate as surviving entity. Its assets and obligations will become part of AGC, once the deal concludes. In addition, policies associated with the 2009 reinsurance transaction between CIFG NA and AGC that were not replaced to AGC will become direct obligations of the company. The deal is expected to increase Assured Guaranty’s statutory capital by up to $325m in this year.

Latest Industry News – 14 / 04 /2016

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

Energy & Utilities

Iskraemeco secures 95,000 smart meter order in Austria

lobal smart metering provider Iskraemeco secured two contracts for supply of its Automated Metering Infrastructure (AMI) solution in Austria. In a press statement, the Slovenia based AMI provider said it will supply power utilities Karnten Netz GmbH (KNG) and Stadtwerke Kapfenberg GmbH, with a collective 95,000 electric meters over the next two years. Iskraemeco will be assisted by partner company Siemens AG Osterreich, in the smart meter deployment. The company’s AM550 smart electricity meters will be enabled by G3-PLC communication technology, with smart meter deliveries set to begin at the end of 2016. In a bid to to promote higher involvement of end-consumers in their energy consumption, Karnten Netz GmbH plans to launch an online portal which consumers will use to access their power consumption information.

Zenner develops LPWAN-enabled smart meters for the IoT

German measuring instrument manufacturer Zenner incorporates LPWAN protocol for IoT-enabled smart water meters, heat meters and heat cost allocators. According to a company statement, energy consumption measurement is one area in which the Internet of Things will come to fruition comprehensively around the world. It adds that intensive work is currently being undertaken in many countries on infrastructure for the Internet of Things in the form of wireless networks, for example in France, Belgium and The Netherlands and now also in Germany. Zenner is currently conducting research into the development of new wireless models, allowing for the integration of meters and devices into Low Power Wide Area Network (LPWAN) networks.

German gas company selects Ciena for grid communications

Germany’s natural gas transmission company Open Grid Europe has partnered with smart grid communications provider Ciena to upgrade its power grid network. The collaboration is believed to enable reliable and secure communication of data within the network for sustainable gas and energy transmission. In a press statement, Open Grid Europe said it has purchased Ciena’s smart grid communications solution ‘6500 Packet-Optical Platform’ for deployment in its grid. The network will be integrated by the Austrian headquartered global system integrator Kapsch CarrierCom, to help the Germany utility to monitor its 12,000km pipeline delivering gas to more than 450 suppliers.

France’s SUEZ wins smart water contract in the US

Consumer Products & Retail

Anheuser-Busch buys Devils Backbone Brewing Company

Anheuser-Busch has announced an agreement to acquire Roseland-based Devils Backbone Brewing Company. Anheuser-Busch issued a statement regarding the new partnership on Tuesday. Steve Crandall, co-founder and CEO of Devils Backbone Brewing Company, says in the statement that Devils Backbone will “retain a high level of autonomy,” and that the “existing management team plans to stay on board for many years.” Gov. Terry McAuliffe says in the statement that through Anheuser-Busch’s network of distributors, Devils Backbone will soon be available nationwide.

Walmart China to add 60 new stores in China

Walmart China is planning to add 60 new stores in China by 2017 and it will continue expanding its footprint in e-commerce. Walmart’s expansion plan is part of its efforts to integrate its hypermarkets, membership stores and online platform to offer customers more convenience and quality products in a highly-competitive retail market. “China has amazing growth opportunities which in the next five years will surpass the US market in retail potential,” said Greg Penner, chairman of the Walmart board of directors. Walmart has already opened more than 50 new stores in China, since a plan to add 115 stores in three years was announced in 2015.

Tesco wants to automate your weekly shop

Imagine if you could automate your shopping, like always ordering milk on a Thursday or adding burgers to your basket when it’s going to be sunny at the weekend. Tesco has come up with an ingenious way to do just that, by partnering with automation service If This Then That (IFTTT). Britain’s biggest grocer this morning published a list of example ‘recipes’ that IFTTT can be instructed to follow.

Automotive

VW TOP EXECUTIVES READY TO ACCEPT ’SHARP CUTS’ IN BONUSES

Volkswagen’s top executives are willing to accept “sharp reductions” in their annual bonuses as the carmaker struggles to stem the fallout from its massive engine-rigging scandal, the regional state premier of Lower Saxony, where VW is based, said on Wednesday. “Already in November, chief executive Matthias Mueller expressed an expectation that belts would have to be tightened,” Lower Saxony prime minister Stephan Weil told the regional parliament in a regular update on the VW scandal. The state of Lower Saxony is a major shareholder in VW, which is based in Wolfsburg, and is the biggest employer in the region. As a representative of the regional state government, Weil holds a seat on VW’s supervisory board.

Skoda confirms its first foray into the large SUV market

The production version of Skoda’s beautiful VisionS Concept, which was unveiled at the Geneva Motor Show earlier this year, will go into production this autumn, according to reports. A ‘closed-doors’ event in Prague granted some of the world’s media a glimpse at what the marque’s first large SUV could look like, although the model on display was shod in heavy camouflage, so no to give the game away too much.

RAC signs five-year deal with The Warranty Group

A new five-year agreement has been agreed between the RAC and The Warranty Group. Under the terms of the deal, TWG will continue to operate the RAC brand in the automotive sector until at least January 2021. The deal covers a range of established RAC-branded products as well as the RAC BuySure initiative, which is operated by the RAC and TWG. RAC head of dealer propositions Mario Dolcezza, said: “We are very pleased to have signed this extension, which is a strong sign of the ongoing commitment that exists between our two organisations. “Since 2008, we have forged a very strong relationship with TWG. Their expertise and drive has been a key factor in our continuing level of expansion into the automotive sector, with the RAC becoming a major force in the market among independent used car dealers, car supermarkets, franchised dealer groups”

Chinese gaming firm plans electric crossover with partner

Major Chinese gaming company Youzu Interactive plans to partner with an electric vehicle maker to produce a sport utility vehicle for sale in 2018 according to Bloomberg. The report said that by investing in cars, Youzu is pre-empting a future in which the couupants of increasingly autonomous vehicles will spend more of their time in the vehicle playing online games and videos. “There will be a day when humans are liberated from the hassle of driving to do other things,” Chen Fan, Youzu’s investment director, told Bloomberg. He added that the company wants to find a partner for a long-term relationship and said that a collaborative deal is close to being finalised.

Banking

Bank of America partners with Facebook to help clients stay connected to finances on Messenger

Bank of America is working with Facebook Messenger to deliver capabilities to help clients stay connected to their finances whenever and wherever they choose. The announcement is being made in conjunction with the Messenger Platform launch at Facebook’s F8 developer conference. The bank is among the first to be working with Facebook Messenger as it continually seeks new ways to engage clients beyond traditional channels like email. Initial capabilities being pursued would enable clients to receive important real-time alerts and communications from Bank of America through the Messenger Platform.

World Bank set to provide Egypt with first $1 billion of $3 billion loan

The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt after parliament approves the government’s economic programme, World Bank vice president Hafez Ghanem said at a news conference late Tuesday. Parliament is expected to pass the program in April. Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery. The lender had agreed to provide the first $1 billion in December but is waiting for the government’s economic programme, which outlines the broad strokes of its reform plans, to be passed by parliament.

HSBC risks losing US banking licence as pressure mounts over Panama Papers probe

HSBC risks losing its US banking licence if US authorities decide to investigate and find it has acted improperly over the Panama Papers tax leaks, experts warned. It will pile pressure on British regulators to act robustly on any evidence of money-laundering in the documents, which show the bank and affiliates used law firm Mossack Fonseca to set up 2,300 shell companies for clients. And it comes as French police raided the headquarters of Societe Generale bank over its links to Panama.

Insurance

The Hilb Group acquires New Hampshire-based Clark-Mortenson Insurance

The Hilb Group announced the acquisition of Clark-Mortenson Insurance, a New Hampshire-based insurance and financial services agency. The transaction became effective April 1, 2016. Founded in 1877, Clark-Mortenson Insurance is one of the largest independently owned insurance and financial services agencies in northern New England. Clark-Mortenson has locations in New Hampshire and Vermont, serving clients with a variety of personal and business insurance options with specialties in hospitality, eldercare, residential health facilities and technology

AIR launches new platform to model cyber risks

AIR Worldwide has released the insurance industry’s first open source deterministic cyber risk scenario. The catastrophe modeling firm said it aims to release a series of such scenarios over the next 12 months. Used in conjunction with AIR’s data schema, the scenarios will serve as practical examples to help perform deterministic scenario modeling of a (re)insurer’s book of business.

Conveyancing Association partners with underwriting agency

The Conveyancing Association has partnered with underwriting agency DUAL Asset Underwriting to launch an online service allowing conveyancing firms to arrange legal indemnity insurance for residential transactions. The online comparison service provides firms and their clients with an opportunity to search, choose and buy legal indemnity policies in a clear and simple format. Users of the service go initially answer a common set of underwriting questions, move on to obtain and compare at least three quotes from leading insurers after which they can order and receive their policy in seconds.

Markel restructures wholesale business

Markel International has restructured its wholesale business, reducing the number of operating divisions from seven to three, effective from 1 May. The provider stated that Paul Jenks will lead the marine, energy and property division, which will now include the property open market business, led by Dean Pitts, supported by Guy House. Chris Fenn will lead the marine business, while Julian Samuel will lead the energy business.

Latest Industry News – 13 / 04 /2016

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

Utilities

France’s SUEZ wins smart water contract in the US

Global smart water management company SUEZ has been signed by the town of Putnam, in Windham County, Connecticut to manage its water and wastewater systems. Under the US$30m contract, the company will manage the town’s water network consisting of a 7.6 millions of gallons per day (mgd) wastewater treatment facility and its collection system, 10 sewerage pump stations and 88.6 miles of its sewer main. In addition, SUEZ will operate and maintain Putnam’s water system comprising 10 wells providing 1.1 mgd a day to the community, two storage tanks, approximately 250 fire hydrants, 750 valves and 38 miles of its water main. The water management companies are also targeting the deployment of smart water meters within the project’s first 18 months to reduce leaks and ensure accurate water billing. The project falls under the town’s plan to invest more than US$40m to improve its water infrastructure.

German gas company selects Ciena for grid communications

Texas Solar Shoppers Seeing Lowest Prices in the US

Solar customers in Texas were offered the lowest average cost on a per-watt basis compared to other regions in the U.S., according to new data from EnergySage, a comparison-shopping website for solar systems. The average gross cost of a solar energy system was $3.21 per watt, significantly lower than the national average of $3.69 per watt, according to EnergySage’s second Solar Marketplace Intel Report . In the Southwest region, including Texas, Arizona and New Mexico, three-quarters of the quotes were below $3.50 per watt. Despite the low cost of solar in the state, the nine-year payback period in Texas is still slightly higher than the national average of just over eight years, according to EnergySage.

Consumer Products & Retail

Feelunique partners with ITinSell to launch tracking solution

Feelunique has announced the launch of a Delivery Management Centre, which empowers customers to track parcels using their mobile phone. The online beauty retailer has partnered with ITinSell, which will offer consistent tracking information, regardless of the shipping method. The solution is available in seven languages (English, French, Spanish, German, Italian, Portuguese, Dutch and soon in Chinese and Arabic) and will operate in all of Feelunique’s markets. Customers will also be able to provide feedback on the quality and speed of their deliveries through the online portal and Feelunique will use the solution to proactively contact customers who have had a negative delivery experience. Feelunique will also be able to gain insight into their carrier’s performance and ensure customers receive the best experience.

Innovation fund established to develop future in-store technology

Retail property developer Milligan has formed a strategic alliance with technology group Living PlanIT, in a bid to create connected and sustainable future shopping destinations. As part of the alliance the groups are launching a £1m PlanIT Retail innovation fund, for which they plan to raise a further £10m from industry partners and investors. The fund will seek to encourage disruptive technology, showcase new ideas and support the creation of smarter on-site retail technology. The fund will invite entrepreneurial developers and start-ups through a series of hackathons, innovation lab events and competitions. The fund will be overseen by a governing board led by Living PlanIT chairman Ian Taylor.

Automotive

PSA Peugeot Citroën takes a stake in car-sharing company

French car company PSA Peugeot Citroën has become a shareholder in peer-to-peer car-sharing start-up Koolicar, with an investment of US$10.6 million (€18 million), alongside investment fund MAIF Avenir, Koolicar’s partner since 2010.

Now active in around 40 French cities, with over 60,000 registered users, Koolicar started car-sharing operations back in 2012 and claims it offers unique and innovative technology for peer-to-peer car rental in Europe. Based on a connected box that can be fitted on any type of vehicle, enabling keyless transactions, calculation of mileage and lease duration, and geo-location, it makes car-sharing easy. Key advantages of the Koolicar service are its high quality, ease-of-use and range of user options as well as its responsive, customer-focused teams.

Trimble and Hyundai Heavy Industries Agree to Integrate Trimble Ready Factory Fit Machine Control Kits with HHI Excavators

Trimble and Hyundai Heavy Industries (HHI) announced a plan to integrate, engineer and market Trimble Ready® factory fit machine control kits to enable the installation of Trimble® GCS900 Grade Control System components on select HHI excavators in the aftermarket. The fast and simplified installation process eliminates the requirement for drilling, welding, re-painting or disassembly when installing either a Trimble GCS900 2D or GCS900 3D machine guidance solution, which can reduce machine downtime. The announcement was made at bauma 2016, the world’s leading trade fair for construction machinery, building material machines, mining machines, construction vehicles and construction equipment.

Demand for SUVs boosts China auto sales by 10 per cent in March

The China Association of Automobile Manufacturers said that 2.06 million sedans, SUVs and minivans were sold last month in the world’s biggest auto market. That’s 9.8 per cent higher than the same month last year. The group said sales of sport-utility vehicles rose by nearly half and minivan sales increased nearly 18 per cent. Sedan sales, however, dipped 3.3 per cent. Total vehicle sales, including trucks and buses, rose 8.8 per cent to 2.4 million. China’s auto sales growth has been cooling since it peaked at 45 per cent in 2009 but the country remains a key market for global automakers, which are relying on Chinese consumers’ growing appetite for driving to power revenue.

Banking

Canada’s Scotiabank has muscle to make acquisitions: CEO

Bank of Nova Scotia, Canada’s third largest bank by market value, said on Tuesday it has the financial muscle to make acquisitions to supplement organic growth if opportunities arise that fit its strategic objectives. Scotiabank, which already has the biggest international footprint among Canada’s major banks, has indicated it would like to expand its presence in Latin America. “We are in a very good position to grow the bank organically, and we have the balance sheet strength to selectively pursue acquisitions that are on strategy and within our footprint,” Chief Executive Officer Brian Porter told the bank’s annual meeting. Scotiabank’s international operations contributed a record C$505 million to net income in the first quarter, reflecting strong performances in the Pacific Alliance region. Porter also told the meeting the bank was responding to changing consumer behavior by redesigning its branches and focusing on new digital technologies.

BNP Paribas sells Dutch private bank

BNP Paribas has sold its 237-year-old private banking unit, Insinger de Beaufort, to KBL European Private Bankers, a Luxembourg-based network of wealth managers, as consolidation continues in the private banking sector. KBL said it would combine Insinger de Beaufort’s Dutch operations with its Netherlands wealth management brand, Theodoor Gilissen. The combined entity will become the third-largest private bank in the Netherlands, a statement by KBL said on April 12. The enlarged Dutch private bank will have client assets of £15 billion. The two private bank offices are “a canal away” in central Amsterdam, a spokesman said. The deal follows KBL’s purchase of UK wealth manager Hampton Dean in July 2015 and its acquisition of UBS’s Belgian private bank in November 2014. A spokesman for BNP Paribas said the asset sale was “consistent with [its] wealth management’s strategy to focus on countries where its clients can fully benefit from the integrated business model of the group”. The French bank has had a presence in the Netherlands since the mid-19th century and retains a commercial and investment banking, asset management and insurance operation there.

Insurance

Credit Suisse eliminates Aviva from Europe Focus List

Recent underperformance led analysts at Credit Suisse to remove Aviva from their Europe Focus List, but they expected the stock’s price to close the gap versus its peers over the next few years. The decision to remove the stock from that list was triggered by the shares’ breach of the ‘stop loss’ of 10.0% relative to its sector, R.Burden said in a research note sent to clients. However, he expected the company to be able to continue strengthening its balance sheet thanks to steadily improving cash remittances from key subsidiaries to the group.

Axa creates London real estate division

Axa has created a standalone unit for London real estate business citing double-digit year-on-year growth in the line. The portfolio, which is currently managed as part of the wider London branch operation will be led by Ryan Birbeck in the newly created role of London real estate speciality manager. The new division will work alongside but be operationally independent from the London commercial branch with dedicated specialist sales and underwriting resource. Martyn Grime will continue to lead the London office.

Aegon sells £6bn UK annuity portfolio to Rothesay Life

Aegon is selling two thirds of its UK annuity portfolio to Rothesay Life. The transaction is consistent with the company’s ambition to free up capital from non-core businesses. Under the terms of the agreement, Aegon will reinsure £6 billion of liabilities to Rothesay Life, followed by a Part VII transfer. Aegon is exploring options to also divest the remainder of its UK annuity portfolio.

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