A new report by global technology research firm Technavio predicts the global M2M and Connected Devices market to record a 30% growth in 2016 to 33% in 2020. According to the study, the rise in the use of 3G technology and the introduction of Long Term Evolution (LTE) services will drive market growth. However, the market’s M2M platform integration sector in which service providers use to manage multiple services and solutions using a single app will rise significantly. The growth of the sector will leverage the development of new cellular M2M connections and services.

California utility approves AMI project to address drought

US utility East Valley Water District (EVWD) entered into a US$2m deal with water works equipment supplier Equarius Waterworks of Torrance to deploy an AMI project. The five-year contract allows the California state water utility to replace existing water meters with smart meters to ensure accurate billing as well as to help customers to reduce their water usage and costs. According to a local source, the installation of the system is also expected to help reduce the operational costs of the water department by enabling quick detection of water leakages and remote meter reads.

Residential IoT market to reach US$117.3bn in 2026

A new report by Navigant Research states that the residential Internet of Things (IoT) market is expected to grow from US$26.5bn in 2016 to US$117.3bn in 2026. The residential Internet of Things market includes connected devices that help automate their homes and boost energy efficiency, enhance comfort and security. Navigant Research expects this IoT trend to grow in the next several years as industry stakeholders meet demand for integrating disparate devices and in-home systems. According to a company release, the market research and consulting firm notes that overall revenue from residential IoT device shipments is expected to grow four times in the next 10 years. Smart thermostats and electric vehicle (EV) charging systems are touted to be among the numerous products consumers are looking to connect to their homes. Navigant notes that while there are many devices being connected in the home, consumers face the challenge of how to integrate devices.

Consumer Products & Retail

Watsons Thailand to open 50 new stores every year

Central Watson, the operator of Watsons Thailand, has allocated B1 bn (US28 mn) to open 250 new stores over the next five years. Central Watson will increase its investment budget to 480 million baht to expand its retail business this year. About 200 million baht will be used to open new stores in Bangkok, key tourist destinations, and other major provinces. 280 million baht will be used to renovate stores, develop its e-commerce platform, improve digital communications and develop private label products.”We have confidence in the retail growth potential in Thailand. Though the retail market remains competitive due to the entry of new players and price competition, we will continue to invest more here,” managing director Rod Routley said. “With a positive outlook, we are looking forward to 2016 being another year of great performance”

Amazon built a tool that puts Alexa in your browser

Amazon’s Alexa personal assistant is super useful in the Echo and lot of fun to use. But if you don’t have an Echo or can’t buy one because you’re outside of the US, it can be hard to appreciate Alexa’s skill set. In light of this, Amazon has created a web app that lets you play with Alexa right in your browser. You can access the web app at echosim.io and it lets you ask Alexa all kinds of questions. What it doesn’t let you experience is the always listening nature of the Echo device and its far field microphone array — you have to click and hold a button on the site before you speak to it. (That makes it closer to the experience you get with the Amazon Tap than the Echo itself.) The real purpose of this simulator is to let international devs see what Alexa is capable of, since Amazon doesn’t yet the Echo or other Alexa devices outside of the US. Amazon says it was inspired by a project from a hackathon last year. Still, it’s open to anyone with an Amazon account, so fire it up and start pelting Alexa with questions.

APIC’s Siniora Food partners with EIP to acquire Diamond Meat Processing for $17m

Diamond Meat Processing (DMP) has been acquired by a consortium led by Siniora Food Industries, a subsidiary of Arab Palestinian Investment Company’s (APIC), for $17m. The other members of the consortium include a regional meat processing company and Guernsey private equity fund Emerging Investment Partners (EIP). Before the acquisition, DMP was part of Emirates Trading Agency (ETA) Star House Group formed as a result of a joint venture with UAE’s Al Ghurair Group. According to APIC and Siniora chairman Tarek Aggad, the acquisition is part of Siniora’s expansion plans to grow its local market share, with increased focus on the GCC region. Aggad said that the move also aligns with APIC’s expansion and development strategy to focus on new markets while improving products and services of its subsidiaries.

Automotive

Daimler invests €3bil in clean diesel technology

Daimler said it will spend €3Bn to curtail diesel exhaust pollution levels by modifying its engines and exhaust treatment systems including through a software update for some Mercedes-Benz passenger cars. Daimler Mercedes-Benz will equip its entire range of diesel cars in Europe with selective catalytic reduction technology and roll out particulate filters for gasoline engines. Daimler said improvements in engine technology include optimizations of turbo charging, fuel injection and intercooling, as well as the application of new materials which help extend exhaust-gas recirculation treatments at lower operating

Volvo’s first self-driving car has a big edge over the competition — and it’s coming sooner than you think

The company’s first self-driving car won’t require a human to supervise it at all while the car is in control. The driver will be able to do another activity while the car does all the driving. To help Volvo reach this ambitious goal, Volvo is launching its DriveMe program next year in Gothenburg, Sweden, London, and in select cities in China. The research program will place 100 normal customers in each city behind the wheel of its self-driving cars.

Europa adopts Masternaut Connect to create ‘connected workforce’

Europa Worldwide has implemented Masternaut Connect to create a ‘connected fleet workforce’. The technology has been used in 200+ trailers across Europe, ensuring Europa can share live information with its sub-contractors. It allows improved fleet visibility and management and provides customers with better service information. Masternaut Connect offers an advanced API solution that allows simple integration with any system, meaning Europa can link Connect with its overall transport management suite.

VW to spend up to $15 billion on battery plant, say reports

Volkswagen is reportedly to invest up to €10 billion ($15.5 billion) in a major new battery factory as it attempts to reposition itself as a leader in the electric car market. The move is part of a bid by VW to reinvent itself in the wake of the damaging emissions-rigging scandal. The company had already announced ambitious plans to sell one million electric and hybrid vehicles a year by 2025 and to invest more in batteries.

Banking & Insurance

Bank of England set to unveil new plastic £5 note featuring Winston Churchill

The Bank of England is set to unveil the design for the latest £5 note on Thursday at Blenheim Palace, the birthplace of Sir Winston Churchill – who features on the new notes. The notes will be the first to be printed on a polymer – a thin plastic that is much more durable than the current paper notes. The new design will feature Sir Winston Churchill instead of Elizabeth Fry, the 19th century prison reformer, who is currently on the notes. The new notes will also be about 15% smaller than the current ones and their new material means that they will repel dirt and moisture. The plastic notes will be able to survive a 90C cycle in a washing machine. Around 440m of the notes will be introduced into circulation in September, with polymer versions of other notes coming soon after.

ANZ Bank eyes bigger role in financial advice

ANZ Bank is eyeing a bigger slice of the financial advice market after it “lost traction” in this segment in recent years, says the bank’s managing director of wealth in Australia, Alexis George. As Ms George leads a review of ANZ’s wealth arm – parts of which may be sold – she said financial advice was a key focus for the bank, though it had not devoted enough energy to all parts of this business. Despite the intense political pressure on banks’ wealth management businesses after a series of scandals involving customers being shamefully treated, she also maintained that conflicts of interest were being well managed by the sector. Ms George was appointed to run ANZ’s Australian wealth arm in a March restructure that saw former wealth boss Joyce Phillips depart the bank, and also resulted in parts of the previous wealth business moved to other divisions of ANZ.

Royal Bank of Scotland to cut 450 more jobs in UK

Royal Bank of Scotland is to announce more job cuts across its services and support divisions as it refocuses its UK operations, reports said on 29 May. At least another 450 job cuts will be made in the UK on top of the 600 announced last month, according to the Financial Times newspaper. Some of the axed positions will be shifted to India to reduce costs. In February, RBS reported a loss of £2bn (€2.6bn; $2.9bn) for 2015 – its eighth consecutive year of annual Continuing efforts to restructure the business, which is 73% owned by the UK government after it was bailed out during the financial crisis, are expected to lead to more losses in the coming months.

Phoenix to acquire Axa’s pensions and protection business

Phoenix Group’s subsidiary Pearl Life Holdings has agreed to acquire AXA Wealth’s pensions and protection business for £375m. Under the deal, Pearl Life will acquire Embassy pensions and investments business, as well as SunLife that operates in 50s protection sector. Axa has reportedly sold the vast majority of its UK investment, pensions and insurance divisions to Phoenix. As part of the deal, Axa will transfer around £12.3 billion in assets under management, as well as some 910,000 policies, over to Phoenix. Axa has wrapped up all of its existing business in the UK, having recently sold Elevate to Standard Life and an Isle of Man bonds company to Life Company Consolidation Group.

Ergo enters Thailand through acquisition of Thaisri stake

Munich Re’s primary subsidiary Ergo has acquired a 40% stake in the Bangkok based property/casualty insurer ‘Thaisri Insurance’. Thaisri focuses on motor and property insurance. Ergo believes there are attractive non-life growth opportunities in Thailand and considers this deal a part of the firm’s international growth strategy in the region. Ergo said it expects premiums to grow around 7% each year in Thailand’s non-life market until 2020.

Trov partners with Suncorp Group to launch on-demand insurance

San Francisco-based fintech startup Trov has partnered with Suncorp Group to globally launch its on-demand insurance platform in Australia. Trov Protection, available via the Trov app based on Suncorp Group’s insurance products, will initially provide protection for consumer electronics. It will give customers the option to selectively turn on or off insurance using their smartphone by swiping right or left, as well as make claims via the platform’s automated live chat. This will mark Suncorp Group’s first partnership with a fintech to roll out an application as part of its core business. Trov is expected to launch in the UK later this year in partnership with AXA, and in the US in 2017.

Latest Industry News – 28 / 05 /2016

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

Energy & Utilities

Honeywell develops big data app for utilities

Global energy management technology firm Honeywell launched a new solution to help utilities better manage their grid data. In a press statement, the US headquartered technology firm said it partnered with its subsidy, metering solutions company Elster for the development of the multi-purpose solution Connexo MultiSense. Honeywell claims its new version of the solution allows utilities to capture, communicate and process gas, water and electric network data from smart grid devices and sensors in a more simplified and secure manner using a single platform. The smart grid technology is said to optimise utilities’ operations in line with business, regulatory and customer expectations by providing features such as the provision of advanced security models and management of device configurations in the field.

Norwegian utility and NIB sign €47m smart meter deal

The Nordic Investment Bank (NIB) and Norwegian electricity producer Eidsiva Energi AS have signed an agreement to install smart meters in Hedmark and Oppland counties. The 15 year loan agreement is worth NOK 440 million (EUR 47 million) and includes the installation of smart meters and steering systems. According to The Financial, the project forms part of Norway’s nation-wide programme to deploy smart meters and install advanced metering systems to provide a more efficient electricity network. The Norwegian electricity producer plans to replace the meters of approximately 150,000 customers as well as install 2,500 central master meters. The smart meters are expected to enhance network monitoring and introduce a unified and more accurate invoicing system.

ComEd incorporates Green Button energy management tools

US power utility ComEd launched its new energy efficiency programme to help customers to improve their energy management, reduce usage and costs. ComEd is utilising Green Button Download My App to help customers with smart meters to download, authorise and share their energy consumption data with registered third party energy efficiency solution providers for provision of measures to streamline energy management. The launch of the project which will allow consumers to use a variety of energy efficiency software and smartphone apps.

BYD & SkyPower Partner To Bid On Solar + Storage Developments In India

Chinese battery maker BYD and Canada-based project developer SkyPower Global have entered an agreement to bid for solar power projects in India. While the two companies have not categorically stated which tender they will be jointly bidding for, media reports suggest that it could be the 750 MW tender for the 1.5 GW Ananthapuram solar park in the state of Andhra Pradesh. The Solar Energy Corporation of India, earlier this year, announced that a 750 MW tender for the Ananthapuram solar power would be launched. The tender will also include the installation of 100 MW of energy storage capacity. The first phase of the solar park consists of 250 MW of capacity. Of this, 200 MW was commissioned a few weeks back, while the balance of 50 MW is expected to be commissioned by October 2016.

Consumer Products & Retail

Toys R Us Hires First Global Chief Technology Officer

Toys“R”Us, Inc., has hired Lance Wills as its first Executive Vice President, Global Chief Technology Officer (CTO), effective June 13. The company is also seeking to fill the position of Omnichannel Performance Analytics Manager. Wills comes to Toys“R”Us from American Eagle Outfitters (AEO) where he served as Vice President, Global Head of Digital Technology, leading the company’s online and in-store technology groups, as well as those of the AEO subsidiary brands. Previously, he served as Vice President, Direct and Omni Channel Technologies at Macy’s, Inc. Prior to that, he held various consulting and technology roles within Thomson Reuters (previously Thomson Publishing) in London and San Francisco. Wills received a Diploma in Information Technology from the Central Institute of Technology in Wellington, New Zealand.

Amazon fashion boss Sergio Bucher named as new Debenhams chief executive

Department store chain Debenhams has named Amazon Fashion boss Sergio Bucher as its new chief executive. Mr Bucher will join in October from Amazon, where he has acted as vice president of its fashion arm in Europe since 2013. Current Debenhams chief executive Michael Sharp will step down on June 24 after nearly five years at the helm, although he will be available to help Mr Bucher with the handover if needed. Sir Ian Cheshire, who recently joined Debenhams as chairman, said Mr Bucher’s appointment follows a “rigorous recruitment process with some exceptional quality candidates”. “Sergio’s wealth of e-commerce expertise, international experience and clear leadership qualities stood out,” he said. He added Mr Bucher was the “best person” to take Debenhams forward.

Debenhams looks on to a brighter future with new CEO

Bitish department store Debenhams has announced the appointment of Amazon’s European Fashion Vice President Sergio Bucher as its new Chief Executive. Following three years in his current role at Amazon, Bucher will take on the new role in October. Prior to this Debenhams’ new CEO held roles including General Manager of Retail and Ecommerce Worldwide at Puma and roles at Nike and Inditex. The chain’s current CEO Michael Sharp reported his resignation in October and confirmed in April that he will depart from the board on 24 June. “Following a rigorous recruitment process with some exceptional quality candidates, Sergio’s wealth of e-commerce expertise, international experience and clear leadership qualities stood out” said Chairman Sir Ian Cheshire.

Automotive

Intel buys computer vision startup Itseez to improve navigation in self-driving cars

Intel has acquired computer vision and machine learning startup Itseez to develop better navigation for self-driving cars. Itseez makes computer vision algorithms and software and its products include a suite of algorithms for automobiles which is known as “advanced driver assistance systems” that allows car hardware to recognize pedestrians and traffic signs and warn about potential collisions. Recently Intel also announced the purchase of Yogitech, an Internet of Things-related company, based in Italy. Yogitech works on functional safety for semiconductors (which means its tech makes sure the chips powering autonomous vehicles are working properly).

VW mulls e-battery factory of its own

German carmaker Volkswagen is considering building its own battery production facility to foster e-mobility. Such a facility could cost up to 10 billion Euros ($11.2 billion). VW’s management is apparently inclined to take the production of e-car batteries in its own hand with a view to becoming independent of Asian producers. The carmaker indicated that great emphasis would be placed on the production of more efficient battery cells, which it said were key to the breakthrough of electric vehicles. The assumption is that improved batteries would change the picture dramatically and spur the sale of such cars.

Indian Automotive Industry in the e-commerce era

The e-Commerce industry in India is expected to reach USD 38 billion by 2016, a jump of 67% from 2015 revenues of USD 23 billion, as per the industry lobby ASSOCHAM . Gross merchandize value of the top three e-commerce companies (Flipkart, Snapdeal and Amazon) has already exceeded that of the top 10 offline retailers in the country. India is the fourth largest market and the seventh largest producer of automobiles in the world. In the financial year 2014-15, 2.6 million new passenger cars and 3.0 million used cars were estimated sold in India. This translates into new car sales to used car sales ratio of 1:1.2 compared to 1:3 in the developed markets. Consumers are accessing real-time information available on the internet to research and purchase new or used vehicles. Online car reviews on websites is becoming the most important source that influences car purchases. Reason behind greater traction on online portals is more and better availability of information.

Banking & Insurance

Barclays Nabs New CIO from J.P. Morgan

J.P Morgan Chase & Co.’s chief information officer for corporate and investment banking is moving over to the top IT post at Barclays PLC, a spokeswoman for the U.K. bank confirmed Thursday. Mark Ashton-Rigby, a veteran IT manager in the financial services sector, takes over the bank’s London-based Group CIO post at the end of August, Barclays’ Joanne Walia told CIO Journal. J.P. Morgan declined to comment on the move. Mr. Ashton-Rigby leaves J.P. Morgan after working there for three years, initially as head of banking technology. He became investment banking CIO last September. Previously, he led technology at UBS Group AG for nearly a year, after 14 years in various IT positions at Deutsche Bank AG, according to his LinkedIn profile.

Ormsby Street partners Deutsche Bank to launch credit checking tool in Germany

British startup Ormsby Street has launched its small business credit-checking tool in Germany through a partnership with Deutsche Bank. Ormsby Street’s CreditHQ will be on offer to Deutsche Bank’s SME clients, helping them to check the financial health and credit status of customers and partners. The British startup is hoping to win business in a country with more than four million SMEs and, despite the recent introduction of new regulations, a problem with late payments. Martin Campbell, MD, Ormsby Street, says: “There is a growing need in Germany for an easy way of checking the credit status and payment performance of customers and CreditHQ meets that requirement head-on. “Partnering with a bank in Germany is a great way of bringing CreditHQ to the German market and we are confident it will mirror our success in the UK.”

Data analytics insights assist ANZ Bank’s customer focus

The ANZ Bank has ramped up the use of data analytics in an intensive focus on customer service and what analysis reveals of “customer experiences” in dealing with the bank. The bank’s initiatives up and down the ‘Data Value Chain’ are part of what the bank’s general manager technology data, Darren Abbruzzese, says are moves to differentiate itself from competitors with enhanced customer services. Abbruzzese, speaking at global analytics and data management software giant SAS’s Analytics Insights event in Melbourne on ‘Banking on Data in a Digital World, outlined how the ANZ has underpinned its heightened focus on the use of data and analytics by establishing a dedicated data office and a repository and resource for all things data – a so-called data lake.

Allianz and State Street invest in 200MW E.ON wind farm in Texas, US

Allianz and State Street are providing tax equity financing in return for a partial stake in EC&RNA’s (E.ON Climate & Renewables North America) 200.48MW Colbeck’s Corner wind farm in Texas, US. This project is capable of generating enough electricity to power about 64,000 homes. The executive heads of Allianz Capital Partners (Renewables) and EC&RNA encourage this partnership and both the companies look forward to working together on other investments in future.

Berkshire Hathaway Insurance Group Invests in Technology

Berkshire Hathaway Travel Protection which was launched in 2014 by the group, continues to invest in mobile technology and will be releasing a new version of its mobile app in the coming weeks. Some of the new features of the app include self-service flight rebooking and omni-channel support. The users will be able to start a claim on the web and every interaction will be available to the BHTP agents, whatever path the customer is on. The company is also upgrading its travel agent portal this summer, to make it easier for travel agencies to sell and service customers. The new feature called “ aggregated itinerary information” will assist the agent in offering the right insurance products, and getting quotes more quickly. Another new feature will allow agents to e-mail insurance notifications directly to travelers.

Coverfox announces tie up with Oriental Insurance Company

Online insurance platform Coverfox.com, has partnered with public sector undertaking, The Oriental Insurance Company to facilitate the public sector undertaking’s comprehensive motor insurance product for both four and two wheelers, online. online insurance industry in India has got significant traction in last few years. Purchase of policies online has increased from 2% to 200% in just two years in the country. Meanwhile a Boston Consulting Group report has claimed that digital insurance will skyrocket to Rs. 15,000 crore by the year 2020 from Rs. 700 crore in 2015. With the eCommerce growth in India, PSU Insurance Companies have been waking up to the potential of online distribution for some time now.

Latest Industry News – 27 / 05 /2016

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

Energy & Utilities

National Grid and RES launch frequency response service

National Grid and renewable energy company RES have launched Britain’s first sub-second frequency response service using battery storage. According to National Grid’s website, system frequency is a continuously changing variable that is determined and controlled by the second-by-second (real time) balance between system demand and total generation. The British multinational electricity and gas utility company and RES have signed a four year contract that will see RES provide 20MW of frequency response from Battery storage. A company release states that the new service will assist National Grid in performing its system balancing role. The company release adds that services delivered by RES’ battery storage systems will provide cost effective frequency response to the grid within effective frequency response to the grid within one. The battery storage systems are expected to be fully operational within 18 months.

Meralco receives approval for grid expansion plans

Philippines Energy Regulatory Commission (ERC) approved P15.466 billion (US$838.6m) in capital expenditure for Meralco’s 2016 grid expansion projects. According to a local publication, the capital will fund the utility’s projects aiming to expand its power generation portfolio and digitisation of networks and facilities. The projects will include the replacements of transformers, expansion of substations, installation of prepaid meters and deployment of an AMI project for commercial customers. Meralco said that it plans to invest in an advanced distribution management system project that will be implemented in stages of several years.

Vivint Solar Closes $75 Million Investment For 45 MW Of Residential Solar

US residential solar provider Vivint Solar has closed a $75 million tax equity investment fund for the creation of more than 45 MW of residential solar capacity. Vivint Solar has been steadily signing new financing deals, including a $200 million financing effort to fund US residential solar projects back in March. The company has followed this up this week with a new tax equity investment fund created with an unnamed investor. The fund, worth $75 million, will enable Vivint Solar to install more than 45 MW of residential solar energy systems, or approximately 7,200 new residential customers.

AGL Eyes Power Storage in 1,000 Australian Homes as Solar Surges

AGL Energy Ltd. plans to announce a program within a few months to roll out about 1,000 power-storage systems for Australian homes with rooftop solar panels amid forecasts that falling prices will stimulate demand. The electricity retailer signed a partnership agreement earlier this year with California-based storage developer Sunverge Energy Inc. AGL in February unveiled a $20 million investment in Sunverge, a provider of energy-storage and management systems, as part of its effort to accelerate the introduction of the technology.

Consumer Products & Retail

In $400 Million Deal, Salesforce to Piggyback on Amazon’s Growing Cloud

Salesforce.com Inc. is pinning its international expansion plans on Amazon.com Inc.’s cloud-computing services, a deal that will be worth $400 million over four years to Amazon, according to a person familiar with the matter.The deal highlights the increasingly tight relationship between the two companies. Earlier this year, Amazon agreed to expand its use of Salesforce’s customer-relationship service. On Wednesday, the two companies said Salesforce plans to use Amazon’s computers to deliver more of its services, part of a strategic shift for Salesforce. For most of its 17-year history, Salesforce offered its Internet-delivered software from servers in its own data centers. But it has increasingly leaned on Amazon Web Services as it has acquired new companies and built new services.

Walmart is axing a popular ad-matching tool at 500 stores – and its a brilliant move

Walmart is ending its in-store ad-matching program at hundreds of stores. The ad-matching program promises to match lower prices advertised by Walmart’s competitors. In order to get the discounts, customers must present a competitor’s printed ad displaying the lower price while checking out. Walmart is axing the program at 500 stores on June 9, the company confirmed to Business Insider. Walmart says it is implementing long-term price rollbacks – the term the company uses for discounts – on thousands of items across the affected stores to offset the policy change. The ad-matching program is popular, so the company may face some backlash for killing it. But it’s a brilliant way to encourage more customers to join Walmart’s app.

Coca-Cola Makes Management Changes; Asia, Africa Chiefs Eased Out

Coca-Cola Co. shook up its management Tuesday, replacing the heads of its Asia and Africa businesses, in the first major move by President and Chief Operating Officer James Quincey to put his stamp on the beverage giant. Mr. Quincey, who now looks more likely than ever to succeed Coke Chief Executive Muhtar Kent, also is realigning the international structure. The company is creating a consolidated Europe, Middle East and Africa group in the latest attempt to boost profit and revenue amid sluggish soda sales. As part of the change, Brian Smith, the company’s 60-year-old Latin America president, will be transferred to head the expanded operating group in August. Nathan Kalumbu, 52, and current president of Eurasia and Africa, will focus on projects in Africa before retiring from the company at the end of December. John Murphy, the 54-year-old head of the South Latin division, will become president of Asia Pacific, succeeding Atul Singh. Mr. Singh, 56, will transition to chairman of Asia Pacific before retiring from the company in March.

Automotive

BMW invests in mobile carpooling app

BMW said its BMW iVentures venture capital arm has invested an undisclosed amount in California-based Scoop Technologies, which offers a smartphone-powered carpooling service called Scoop. BMW’s move is the latest in a flurry of investments by automakers in technology industry startups that appear to be aimed at convincing consumers to do without owning their own cars, or driving vehicles as often.

PSA announces hybrid, EV platform pair

FRANCE’S PSA Group has revealed a new global modular vehicle platform that will provide the basis for compact Peugeot, Citroen and DS models from 2019, alongside the EMP2 platform that is already rolling out under models such as the 308 small car and 3008 SUV. In an announcement at an Innovation Day event in Paris this week, the French parent company confirmed that both the EMP2 and new smaller CMP platforms would support a variety of powertrains including electric and PHEV power, in addition to conventional combustion engines. The CMP or Common Modular Platform was developed with PSA’s Chinese partner Dongfeng Motors and will provide the basis for a range of small B and C segment vehicles, including an e-CMP pure electric model.

Google to open self-driving R&D center near Detroit, will focus on Chrysler partnership

Google announced on Google+ that it will open a self-driving car technology development center in Novi, Michigan, which is about 30 miles outside of Detroit. Google has had teams working from Detroit for the past few years, but this marks the company’s first physical presence in the area. Google will open a 53,000-square-feet development center in Novi that’s first goal will be to “ready” the self-driving Chrysler Pacifica hybrid minivans. Google will work with local partners to do this, it says.

Volkswagen and Toyota buy into ridesharing

Toyota and Volkswagen announced separate partnerships with rideshare companies Uber and Gett, in the latest such moves by major carmakers. The partnership will create new leasing options enabling car buyers to lease their vehicles from Toyota Financial Services and cover their payments with what they make as Uber drivers.Toyota and Uber are also exploring collaboration on developing in-car apps and setting up a program to sell Toyota and Lexus vehicles to Uber.

Separately, German auto giant Volkswagen said it had made a US$300 million strategic investment in Uber competitor Gett, which has a presence in more than 60 countries worldwide including London, Moscow and New York.

Banking & Insurance

HSBC To Appoint New Boardroom Pay Chief

HSBC is to seek a new chair for its boardroom pay committee as the incumbent prepares to step down after nearly a decade as a director. Sky News has learnt that Sam Laidlaw, the former boss of Centrica, is likely to leave the board of HSBC Holdings during the course of 2017, nine years after his appointment. The timing of Mr Laidlaw’s exit is not yet fixed, and insiders pointed out that he continues to enjoy the overwhelming support of HSBC shareholders, having been re-elected with a 99.33% vote in favour of his re-election at last month’s annual meeting. The appointment of a new remuneration committee chair will make Mr Laidlaw’s replacement the third person to hold the role in as many years.

BNP Paribas to close Cayman Islands business

French bank BNP Paribas plans to close its remaining business in the Cayman Islands, campaign group Attac reported on its website on Tuesday, in the wake of the Panama Papers revelations about tax havens. Attac – the Association for the Taxation of financial Transactions and Aid to Citizens – cited the minutes of a May 3 meeting of the finance committee of the French bank’s central works council. BNP Paribas had no immediate comment. The report comes a day before BNP Paribas Deputy Chief Operating Officer Jacques d’Estais is due to appear at a French Senate hearing relating to the Panama Papers, a collection of leaked data from Panama-based law firm Mossack Fonseca that put the spotlight on how the world’s rich use offshore tax regimes.

Android Pay Coming to Bank of America ATMs

Earlier this year, Bank of America jumped onto the cardless ATM technology bandwagon announcing the introduction of the state-of-the-art ATMs that would allow customers to withdraw or complete other tasks using their smartphones instead of their bank cards. This week, they took that ambition a step further announcing that they would now allow customers to perform those tasks though Android Pay. “Android Pay will soon be available at your Cardless ATMs,” said Google execs that showcased the cardless ATM technology at the search giant’s developer conference (Google IO conference) recently. Android Pay first debuted in the country in September 2015, allowing shoppers to pay for goods or services at the checkout counters by simply waving their Android smartphones over a wireless reader. Using near-field communications (or NFC) technology, the reader is able to read the Shoppers credit or debit card information..

Delta Insurance Partners with Antares

Specialist liability provider, Delta Insurance New Zealand Limited, announced a new capacity partnership with Antares, an independent Managing Agent at Lloyd’s, doubling its liability cover to $30 million. From 30th May, 2016 onwards brokers and insurers will have access to policies with increased capacity and existing clients will have the ability to review policies for greater coverage. Delta will be the first local New Zealand provider to offer $30 million limits for some specialist liability lines of business in which it already provides market leading coverage: Cyber Insurance; Technology Liability; and Environmental Insurance.

Allianz Life adds convertible term rider, interest bonus to FIUL insurance policy

Allianz Life Insurance Company of North America announced new innovative enhancements to the Allianz Life Pro+ Fixed Index Universal Life Insurance (FIUL) policy.

In addition to helping agents provide income-tax-free death benefit protection for beneficiaries, Allianz Life Pro+ now offers a Convertible Term Rider that helps clients add additional coverage that can adapt as their needs and lifestyle change, and a multiplier interest bonus to accelerate the accumulation potential of the policy.

TeleWare partners with Cisilion

A new partnership between TeleWare and global system integrator Cisilion will initially focus on offering added value to Microsoft Office 365 and Skype for Business users with a range of enhancements, targeting finance, legal and insurance businesses. The enhancements include Intelligent Number, a single number that users can access on any device anywhere in the world, regardless of mobile signal or Wi-Fi connection. Users will also be able to add enterprise class voicemail, audio conferencing, IVR and voice recording to Skype for Business.

Latest Industry News – 25 / 05 /2016

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

Energy & Utilities

Centrica Buys ENER-G Cogen for $212 Million

British energy group Centrica is continuing its buying spree and the build-out of a new type of distributed energy services business. Its most recent acquisition is combined heat and power provider ENER-G Cogen International — a subsidy of ENER-G Holdings. Last fall, Centrica launched its distributed power business to help large commercial and industrial customers manage and optimize their energy use. It also launched a dedicated connected homes division. Centrica owns British Gas and U.S.-based energy retailer Direct Energy. ENER-G Cogen has operations in five countries, including the U.K. and U.S., but will have a much larger reach as part of Centrica. For Centrica, bringing a combined heat and power (CHP) solution in-house made sense given the level of operations and maintenance required for CHP facilities.

Dong Energy acquires 1000MW in wind energy projects

Danish based energy management company Dong Energy acquired US renewable energy firm RES Americas Developments’ wind power projects in the US state of New Jersey. In a press statement, the utility and energy management firm said it will continue the construction of the 1000MW off shore wind projects in the area. Once completed, the projects will be able to produce electricity to power more than 500,000 New Jersey homes. The lease is Dong Energy’s second in the US following the acquisition of a contract to develop wind energy in the coast of Massachusetts in June 2015.

Telit partners with US firm on smart meter comms

Wireless M2M tech firm Telit partnered with smart grid communication solutions provider M2M Engineering to provide utilities with an enhanced wireless communications tech. In a combined statement, the US headquartered M2M Engineering said it will use Telit’s end-to-end solution comprising of IoT modules and communications platforms to come up with a cost-effective and secure wireless technology for the smart grid industry. The smart grid communications firm believes the technology based on Telit’s deviceWISE application will allow it to integrate intelligence in smart meters to enhance the real time data communications in line with domestic and global requirements under its smart meters communication technology Genesis Advanced Metering Platform.

World Bank Approves $750 Million For Indian Solar Power Projects

The World Bank recently announced that it approved $625 million to facilitate the implementation of rooftop solar power projects in India. The funding will be provided by the International Bank for Reconstruction and Development (IBRD). Additional funding worth $120 million has also been approved at a concessional rate, while a $5 million grant will be issued by Climate Investment Fund’s (CIF) Clean Technology Fund.This funding is expected to finance the installation of 400 MW of rooftop solar power projects. The funding will primarily be available to the industrial and commercial sector, to which the Indian government does not offer any capital subsidies. The funding will be disbursed by the largest bank in India, the State Bank of India.

Consumer Products & Retail

Alibaba to set up India data centre to take on Amazon

Chinese e-commerce giant Alibaba Group is poised to announce its India entry with a data centre. The Hangzhou-headquartered company, which is planning to enter the fledgling e-commerce market in India this year, probably through an acquisition, wants to set up a local data centre to better compete with its rivals. A similar strategy is being followed by other tech majors such as Microsoft and Amazon. Cloud computing is one of Alibaba’s most important verticals as it plans to expand its revenues beyond e-commerce. The company’s annual report states that the cloud computing business is growing at an annual rate of over 100 per cent, year-on-year. Alibaba already has an indirect presence in the Indian market through investments in e-commerce marketplace Snapdeal and mobile wallet company Paytm. According to sources, Alibaba could open a data centre even before Amazon does. Earlier reports suggest that Amazon is building multiple data centres while Microsoft has already launched data centres in Mumbai, Pune and Chennai to improve the performance of Azure services for Indian customers.

Hormel Foods Acquires Justin’s Nut Butter Brand

Hormel Foods Corporation has entered into a definitive agreement to acquire Justin’s, LLC, owner of the Justin’s brand of nut butter-based snacking products. Justin’s markets four nut butter-based snack lines – spreads, squeeze packs, peanut butter cups and snack packs. The company was established in 2004 in the home kitchen of Justin Gold and was the first brand to market nut butters in single-serve squeeze packs. Hormel Foods expects Justin’s products to align with its goal of complementing its existing brands with new offerings that resonate with younger, on-the-go and more health-conscious consumers. Justin’s will continue operating out of their office in Boulder, Colo., as a subsidiary in the company’s Grocery Products segment. Gold will continue to work with the Hormel Foods team.

Walmart is underperforming in this one key area

Walmart is an undisputed retail titan, but it continues to struggle in one crucial area. The company’s online sales growth continued to slow in the first quarter of 2016, as Walmart continues to underperform the rest of the e-commerce industry. Walmart’s online sales in the U.S. climbed 7% year-over-year in Q1 2016, compared to a 17% YoY growth in Q1 2015. For context, the U.S. e-commerce industry as a whole grew 15% YoY in the first quarter of this year, which indicates that Walmart is significantly underperforming compared to its competition. The retail giant has invested heavily in its e-commerce business in the last few years, and in 2015 it announced a plan to funnel $2 billion into e-commerce fulfillment centers around the U.S.

Automotive

BMW Introduces Refreshed BMW 4 Series

BMW has launched a refreshed version of the BMW 4 Series and buyers are the winners with prices shaved off the entire range. The Coupe, Convertible and Gran Coupe offering is now priced from $68,900 ($2,200 reduction) and it introduces new models such as 430i and 440i which replace the previous 428i and 435i. The biggest change in this upgrade is the inclusion of adaptive m suspension, head-up display, lane change, warning and surround view with top and side views as standard. The engine tweaks have helped reduce fuel consumption from the turbo-petrol engine in the 420i.

New Peugeot 3008 revealed

Peugeot revitalizes its overlooked small SUV with added tech and new engines. Peugeot has unveiled its new compact 3008 SUV in an attempt to claw some market share away from its popular Japanese rivals. The new look interior is highlighted by the adoption of the car maker’s new i-Cockpit technology. The new care will replace the conventional analogue instrument cluster and replace it with a 12.3-inch digital interface, similar to that first seen the Audi TT. It will also be come with Apple CarPlay and Android Auto, which is accessible through an eight-inch touch screen in the centre console. Peugeot is also offering a range of safety equipment in its new SUV including auto braking, anti-collision warning, lane departure warning, driver warning function , auto high beam, blind spot monitoring, park assist and adaptive cruise control. The new Peugeot 3008 will make its official public debut at the 2016 Paris motor show in September.

Renault reveals new Grand Scenic

Renault has revealed details of its new ‘Grand Scenic’ people carrier, which will go on sale later this year and be available with five or seven seats. The Grand Scenic is a bigger version as it is 24cm longer than the version which was launched earlier this year in the ’Geneva Motor Show’. The wheels are narrower compared to most people carriers, allowing “lower energy consumption and enhanced aerodynamic efficiency”. Other useful features include one-touch folding rear seats, a hybrid assist system for one of the diesel engines and an 8.7in portrait touch screen. Safety features include automatic emergency braking with pedestrian detection (fitted to all models), lane keeping assist and fatigue detection warning, which monitors the car’s course when travelling above 37mph and warns the driver if any anomalies are detected.

Banking & Insurance

HSBC to Close 24 Indian Branches to Expand Digital Banking

In a bid to boost digital banking to develop its consumer business in the South Asian nation, HSBC Holdings plc is planning to close almost half its branches in India. The downsizing of India operations will help HSBC focus more on digital banking channels to expand its urban customer base. The London-based bank will shut 24 of its 50 branches to achieve “the right mix of digital versus physical branch distribution,” according to an e-mailed statement on Thursday. The branches to be shuttered account for less than 10% of HSBC’s retail customer base in India. Moreover, the bank’s action will impact 300 of its employees, 1% of its 33,000 employees in the country. HSBC plans to consolidate from 50 branches across 29 cities to 26 branches across 14 cities in a phased manner.

Barclays opens sandbox for gamification challenge

Barclays Bank is opening its sandbox banking APIs and mobile apps to coders and startups to explore the use of gamification techniques to improve its online and mobile services. “We have 16 million customers worldwide – and five million of those use our mobile banking app,” says the bank in its invite to startups. “If you had access to sandbox banking data, could you work with us to create something amazing that will improve the digital experience for real people?” The bank is using its Launchpad scheme – which gives Barclays customers the opportunity to try out and give feedback on new features and ideas – as the backdrop for the initiative, inviting startups to pitch their ideas for further development.

Goldman hires investment banker Kamo from Credit Suisse

Goldman Sachs Group Inc hired investment banker David Kamo from Credit Suisse Group AG as it seeks to grow its business working with private equity firms, according to people familiar with the matter. Kamo, who helped lead a new sell-side M&A effort at Credit Suisse, will join the New York-based bank in June, the people said. Kamo will join the Financial Sponsors M&A group and report to global head of sponsors M&A Stephanie Cohen, one of the people said. The sources asked not to be identified because the hires have not been publicly announced. Goldman Sachs (NYSE: GS-PB – news) and Credit Suisse declined to comment. Kamo, a managing director who left the bank in March, is the latest Credit Suisse banker to join Goldman. In March, Goldman hired Sarah-Marie Martin as a partner in its Financial Sponsors group.

Allianz launches online marine cargo proposition

Allianz Insurance has launched an online marine cargo proposition designed for SMEs and mid corporate businesses. The new offering ‘Complete Cargo’ provides cover for loss or damage to goods whilst in transit within the UK and to or from countries worldwide, as well as the option to include UK storage cover. This offering is available on the provider’s e-trading platform QuoteSME. Allianz highlighted that it is supported by a new team of dedicated marine underwriters. The policy can be fully managed online and brokers have access to a dedicated certificate management system. Complete Cargo can also be packaged with a range of other SME and mid corporate products.

RSA launches risk management service for mid market business

RSA, has designed a bespoke risk management service specifically with mid-market businesses in mind, to help protect the UK’s smaller companies. The product is easy-to-manage product and can be tailored to the individual needs of customers. It includes face to face, over the telephone and online risk consultancy services, online risk management learning modules for customers via RSA E Learn;

First Twitter-based insurance platform launched, how it works

Bajaj Allianz General Insurance has launched a Twitter-based insurance platform called #TweetInsurance. The user needs to tweet @BajajAllianz #TweetInsurance. This will provide the user a list of services that can be availed on Twitter and the replies and updates would go via Direct Message (DM) to the user’s Twitter handle. The services that one can avail include getting premium quotes on various products, getting instant information about branch and network hospital locations, getting a status update about a claim or policy, knowing claims procedure details, getting your policy soft copy, buying insurance online.

Latest Industry News – 24 / 05 /2016

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

Energy & Utilities

DEWA pens MoU with Tata for R&D in sustainability

The Dubai Electricity and Water Authority has signed a MoU with Tata Consulting Services to support its R&D activities to further promote its sustainability. Research and Development activities will also be concentrated toward developing its energy mix as well as supporting innovation in energy. Dewa and TCS will work together on an innovation programme network called “Co-Innovation” where the two organisations will collaborate and suggest ideas. According to a release, the primary focus areas of the “Co-Innovation” programme are solar power generation, smart grid initiatives, energy efficiency and water which falls in line with the key research areas of Dewa’s R&D centre.

Opower & Eversource Energy Expand Agreement For New Suite Of Demand-Side-Management & Customer-Engagement Tools

Cloud-based software provider for the utility industry Opower has greatly expanded its agreement with Eversource Energy for the delivery of a new suite of demand-side-management and customer-engagement tools, according to a new press release. The new software suite will reportedly include elements of Agile EE, Opower’s next-generation Energy Efficiency solution. The program expansion pertains to the inclusion of 250,000 more households (in Massachusetts, New Hampshire, Connecticut) than previously agreed upon. The program now encompasses around 1 million regional homes. According to the release “Opower will deliver Home Energy Reports to give customers more control over their energy use and provide data-rich insights and recommendations on how to save money on monthly bills. These Agile EE solutions leverage the largest residential energy dataset on earth and provide unparalleled personalization and targeting for utility energy efficiency programs. Eversource will also send Opower’s High Bill Alerts to customers, a key component of Agile EE”.

French Utility Engie Enters Battery Storage Business With Acquisition Of 80% Stake In Green Charge Networks

The French utility company Engie has acquired an 80% stake in the Californian firm Green Charge Networks, according to recent reports — marking the company’s entrance into the battery storage sector. The majority acquisition of the Californian company follows a similar move made recently by Engie’s fellow French utility company Total — a $1.1 billion purchase of shares of the lithium-ion battery technology company Saft. While the specifics of the recent deal between Engie and Green Charge Networks haven’t been publicly revealed, it seems likely that Engie will be putting some of its considerable resources at the disposal of the American firm. Green Charge Networks currently maintains offices in San Diego, Santa Clara, and New York. The current Green Charge Networks portfolio consists of 48 megawatt-hours (MWh) of energy storage projects deployed or under construction — at 150 different sites around the US. Most of this project capacity pertains to industrial and commercial clients — in particular as a means of load management for those to whom such an approach can lead to notable savings.

UK bank helps Kenyan smart metering firm improve operations

Kenyan smart metering software provider SteamaCo secured GBP640,000 in funding from UK based investment bank ClearlySo to improve its operations. In a combined statement, the Kenya based metering solutions firm said it will use the capital to expand access to its smart metering and data analytics solutions especially in Africa. The solutions developer serving 70% of Kenya’s off-grid microgrid market, said it targets to use the money to contribute towards improving access to electricity to some 1.3 billion people living beyond the grid globally by increasing the use of its solutions in mini-grids and agricultural irrigation businesses.

WGL Energy improves energy management with Innowatts app

The US utility company partnered with energy technology company Innowatts to help its customers in Pennsylvania to reduce power consumption and bills. The partnership allowed the Washington DC based utility to launch Innowatts’ energy management app as a service to help its consumers in Pennsylvania’s PPL Electric Utilities territory to manage their power usage effectively. In a press statement, the utility said the app powered by the solutions providers’ Power EASE platform will be used free of charge by consumers who subscribe to WGL Energy’s residential offerings. Innowatts claims its app is the first of its kind in the power sector using predictive technology to allow consumers to access their power usage historical trends, current usage and forward looking information, notifications and alerts to help them to be more energy efficient. The app is said communicates with a consumer’s smart meter to automatically update individual’s power usage information.

Consumer Products & Retail

Morrisons diversifies its retail offering

Big four grocer Morrisons will be partnering with shoe repair and key cutting firm Timpson to increase the number of services available to customers in its stores. With competition continually increasing among Britain’s top grocers and value retailers, additional services are essential to keep in the race.Timpson will run Morrisons’ dry cleaning service at 116 stores in addition to its own operations and phone, tablet and watch repairs. The concessions will be branded as “Timpson at Morrisons” and will continue to be rolled out following store revamps. “This partnership will mean that customers will find more popular and useful services at Morrisons stores. This is a way of growing our offer that is both capital-light and simpler for our colleagues” said Roger Fogg, Director of popular and useful Services at Morrisons.

Bayer Makes $62 Billion Bid for Monsanto

German pharmaceutical and chemicals giant Bayer AG on Monday said it made an all-cash offer to acquire Monsanto Co. for $62 billion, valuing the U.S. company at a substantial premium in a deal that would create the world’s largest agrochemicals company. Bayer, which confirmed last week that it had approached Monsanto about a takeover, said the $122-a-share bid values Monsanto at 37% over the company’s closing share price of $89.03 on May 9, the day before it made a written proposal to the U.S. company. “This transaction represents a compelling opportunity for Monsanto’s shareholders,” Bayer Chief Executive Werner Baumann said on a conference call with reporters Monday. The deal would provide investors “immediate and certain value,” Mr. Baumann added

General Mills Invests in Kite Hill Cheese

General Mills is the largest investor in the vegan cheese company’s latest round of funding. Northern California-based vegan cheese company Kite Hill—under parent company Lyrical Foods—received $18 million in venture capital this week in its most recent round of funding. Amongst other investors, 301 Inc.—the venture capital arm of multinational corporation General Mills (GM)—led the funding round with an undisclosed sum. News of the investment was quickly reported on by the New York Times, who said that the move by GM is an effort to tap into consumers seeking local, sustainable, chemical-free, and minimally processed food. “Plant-based used to be more synonymous with sacrifice than with taste,” 301 Inc.’s president John Haugen told the Times. “Now, companies like Kite Hill are able to deliver plant-based products that taste good.” General Mills acquired vegetarian companies Larabar and Annie’s Homegrown for $56 million and $820 million, respectively, and Kite Hill specializes in producing vegan cheese, yogurt, and ravioli using non-GMO California almonds.

Automotive

GM plans stop-start fleetwide by 2020

By 2020, nearly every GM light vehicle produced globally will have at least one powertrain combination available with the fuel-saving feature, which turns off the engine when the vehicle isn’t moving. Stop-start systems can boost fuel economy as much as 6 percent in city or high-traffic situations. Starting in the 2017 model year, the EPA will award credits toward compliance with corporate average fuel economy standards to automakers whose vehicles have such systems, which add around $300 to a vehicle’s cost.

BMW launches solar power initiative in SA

BMW South Africa has launched an initiative it hopes will kick-start a revolution in solar power in the country. Tim Abbott, the chief executive of BMW SA and sub-Saharan Africa, said it wanted to roll out another three solar carports at sites around the country, probably in Cape Town, Durban and Gauteng.

Toyota ties with Segway to develop advanced wheelchairs

Toyota Motor Corp will work with Dean Kamen, inventor of the Segway human transporter, to develop advanced wheelchairs for disabled people and aging populations worldwide. The agreement gives the world’s largest automaker a licence to use balancing technology that Kamen has installed in prior generations of wheelchairs for medical rehabilitative therapy and other purposes.

Daimler invests in new Polish plant

German luxury car maker Daimler AG is to invest around 500 million euros in a new engine production facility in Poland. Situated in Jawor, around 70km west of Wroclaw, this will be the first facility in Poland to produce engines for Daimler’s Mercedes-Benz Cars division. It will manufacture both four-cylinder petrol and diesel engines, with production at the site expected to start in 2019.

BMW partners with Garage Italia Customs through amazing i8

BMW has teamed up with Garage Italia Customs to create this – the Futurism Edition i8. Built to celebrate the German carmaker’s 50th anniversary of its history in Italy, the Futurism Edition has been used to display Giacomo Balla’s “Lampada ad Arco” painting – the original of which is currently on display in the Museum of Modern Art in New York.

Banking & Insurance

HSBC to Close Half of India Branches in Digital Banking Push

HSBC Holdings Plc plans to shut almost half its branches in India and rely more on digital banking to expand its consumer business in the South Asian nation. The London-based bank will cut 24 of its 50 branches as it seeks “the right mix of digital versus physical branch distribution,” according to an e-mailed statement on Thursday. The outlets to be closed account for less than 10 percent of HSBC’s retail customer base in India, the lender said in the statement. “This move suits HSBC as their target retail customers are mostly in urban centers and are affluent with access to digital-banking channels,” Rethish Varma, head of research at Bengaluru-based Aditya Trading Solutions Ltd., said by phone. “Most of the banks in India will need to continue to scale up their branch network” because many customers have limited access to electronic banking, he said.

Citibank to implement voice biometrics for customers in Asia Pacific

CITIBANK is expected to roll out the use of voice biometrics authentication for its customers in the Asia Pacific region, starting with Taiwan, they have announced. The initiative, which was announced in 2015, will allow customers to access the bank’s support centers without having to remember multiple passwords. Taiwan is first in line to use the new feature, followed by Australia, New Zealand and Singapore in the next few weeks. Citibank is expected to implement the capability to the rest of their Asia Pacific consumer banking markets before the end of 2017, and will be the first financial service to deploy voice biometrics to the region.

ANZ Bank appoints Michelle Jablko as chief financial officer

ANZ Bank has hired investment banker Michelle Jablko as its next chief financial officer, completing a round of senior appointments from chief executive Shayne Elliott. Ms Jablko will join ANZ after working as the managing director for Australia of investment bank Greenhill and Co, and before that she worked as an executive at UBS The appointment makes ANZ the only big four bank with a female CFO, and it remains rare for women to be appointed to this position across corporate Australia. Research published in March found there were just 13 women employed as CFOs in the ASX 200, and that big Australian businesses employed fewer female CFOs than big businesses overseas. While working at Greenhill and UBS, Ms Jablko has acted as an adviser to major Australian businesses – including AMP, interests of retail magnate Solomon Lew, and Slater & Gordon – on strategy, mergers and acquisitions, and capital markets.

World Bank launches $500 mln insurance fund to fight pandemics

The World Bank in conjunction with the World Health Organization and reinsurers Swiss Re and Munich Re, which are acting as insurance providers, has launched a $500 million, fast-disbursing insurance fund to combat deadly pandemics in poor countries, creating the world’s first insurance market for pandemic risk. Japan has committed the first $50 million towards the facility, which will combine funding from reinsurance markets with the proceeds of a new type of World Bank-issued high-yield pandemic “catastrophe” bond. The funding will be used for diseases caused by new Orthomyxoviruses (influenza pandemic virus A, B and C), Coronavirida (SARS, MERS) and Filoviridae ( Ebola, Marburg).

AXA to sell €1.8bn of tobacco assets over ‘public health’

French insurer AXA plans to stop investing in the tobacco industry, citing the impact of smoking on public health, and has said it plans to sell its €1.8 billion ($2.02 billion) of assets in the sector. AXA said it would divest its €200 million of equity holdings in tobacco companies immediately. It also plans to stop all new investments in tobacco industry corporate bonds and run off its existing holdings worth about €1.6 billion.

Latest Industry News – 23 / 05 /2016

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

Energy & Utilities

South Australia Launches Largest Trial Of Rooftop Solar & Energy Storage

SA Power Networks has announced the biggest trial of rooftop solar and energy storage of its type in Australia, in a bid to prove that the new “distributed generation” technologies can avoid the need to build additional network infrastructure, and so save customers money. The trial by SAPN – the monopoly network provider in the state – will install around 100 Tesla Energy and Samsung batteries at deep discounts and install software from Canberra-based Reposit Power. It will be located in the northern Adelaide suburb of Salisbury and is believed to be Australia’s largest trial of combined solar and energy storage in an established suburb.

US city plans to deploy smart water meters

The US city of Berea in Ohio partnered with metering solutions company Badger Meter and metering firm NECO for the rollout of a smart water meters project. Under the programme, the city will install some 4,000 Badger water meters with assistance from NECO to reduce non-revenue water through accurate water billing and leak detections. The new system will allow the city water department to communicate with its consumers remotely on a daily basis unlike in the existing system whereby the city carried out meter reads on a quarterly basis. According to a local publication, the city will begin installing the smart meters together with the communications infrastructure as from next week.

US solar consulting firm wins DOE funding

In the US, the North American Board of Certified Energy Practitioners secured a US$1.1m funding from the Department of Energy (DoE) to accelerate adoption of solar. The capital will be channelled to the organisation through the DoE’s SunShot Initiative which aims to accelerate the adoption of solar energy in a cost-effective manner. In a combined statement, NABCEP, a renewable energy consulting and accreditation company said it will use the money to improve its existing certification programmes in line with trends taking shape in the solar industry.

Consumer Products & Retail

Burberry suffers from slowdown after putting “all its trench coats in one basket”

Burberry has announced that it will be overhauling its retail operations and simplifying its product ranges after disappointing preliminary results. Adjusted profit before tax fell by 10%, losing £35m to £421m. Last month, total revenue decreased by an underlying 1% to £2.5bn. Profits before tax dropped significantly year on year from £445m to £416m. The British retailer has been affected by a weakening demand in Hong Kong and a slowdown in Chinese tourists visiting its European stores.Burberry has devised a three year plan to revive sales and improve productivity, as well as aiming to save at least £100m of costs by the end of 2019. After relaunching its trench coats and scarves, the luxury brand will be focusing on the improvement on key products such as its bags, retail productivity and ecommerce initiative.

Tesco to shut down F&F clothing site

Tesco has chosen to close down its dedicated F&F clothing website. Tesco’s clothing site ‘clothingattesco.com’ first launched in 2009. Sainsbury’s and Morrisons launched sites of their own, while Morrisons has always sold its own brand clothing through its general website. In June Tesco will start doing the same, integrating F&F onto the Tesco Direct platform. “To serve shoppers better, we want to make shopping at Tesco as simple and easy as possible,” a Tesco spokesperson said. “To provide customers with a comprehensive view of all the non-food products we offer, we will be bringing our F&F online store together with Tesco Direct.

Bayer makes move for Monsanto in global agrichemicals shakeout

German drug and chemicals giant Bayer AG has made an unsolicited takeover offer for Monsanto Co, the world’s biggest seed company, as high inventories and low commodity prices spur consolidation in the global agrichemicals industry. Monsanto disclosed the approach on Wednesday before Bayer confirmed its move, though neither released proposed deal terms. With Monsanto worth $42 billion by market capitalization, an acquisition would likely be bigger than ChemChina’s February deal to buy Swiss agrichemicals firm Syngenta AG for $43 billion – a target Monsanto itself pursued last year – and could face U.S. antitrust hurdles. Monsanto said in a statement its board is reviewing the proposal, which is subject to due diligence, regulatory approvals and other conditions. There is no assurance that any transaction will take place, it said.

Automotive

MyHyundai could be the first carmaker-specific Android Auto app

Hyundai will debut the MyHyundai application at the event, which could be the first automaker-specific Android Auto app to hit the market. While still in its concept stages, the system includes a variety of exclusive features including Hyundai Roadside Assistance, monthly vehicle reports, maintenance alerts, and a Valet Mode that notifies the driver if their vehicle exits a pre-determined boundary. More importantly, however, MyHyundai may signify a huge shift in the world of automotive infotainment. Typically, carmakers have their own dedicated user interface and offer Android Auto or Apple CarPlay connectivity over the top of it, however in many cases people opt for the mobile option and bypass the factory offering altogether. MyHyundai does not require the driver to exit the Android Auto interface to use other vehicle functions, and while you won’t be able to access climate control or other core functions just yet, it could represent a whole new chapter in how motorists interact with their cars

Germany sets out major cash incentive for electric car buyers

The German government is offering buyers up to 4,000 euros to buy an electric car as part of a scheme to subsidize electromobility. But critics on both sides have their doubts about the new incentive. Chancellor Angela Merkel’s cabinet agreed Wednesday to set aside some 600 million euros ($675 million) of taxpayers’ money to encourage people to buy electric cars – via an “environmental bonus.” The costs of the scheme will be shared with the auto industry, which is also putting up 600 million euros. New car-buyers stand to get a 4,000-euro ($4,500) subsidy if they buy a purely electric car, and 3,000 euros if they opt for a hybrid car, which combines a battery and a small combustion engine. Not only that, electric cars will be exempt from motor vehicle taxes for 10 years.

Nissan spells out autonomous drive timeline

Nissan says its refreshed Nissan Qashqai will be the first Nissan car in Europe – and the first UK-manufactured car – equipped with autonomous technology in 2017 with ProPilot. It has also reiterated the timeline for the rollout of more advanced autonomous driving technologies. ProPilot is described as Nissan’s stage one autonomous drive technology. It enables the car to drive autonomously and safely in a single lane in heavy traffic conditions on highways.The introduction of ProPilot in Europe next year is the first step in Nissan’s longer-term commitment to launch a range of vehicles with autonomous drive capabilities by 2020.

Banking & Insurance

Android Pay can be used to withdraw cash from Bank of America ATMs

Android Pay finally launched in the UK. At an I/O session, Google announced new features for its contactless payment solution and the ability to use a phone to withdraw money from Bank of America ATMs. Bank of America has been testing this feature in select Boston, Charlotte, New York, San Francisco, and SIlicon Valley ATMs since earlier this year. As part of the initial rollout, 2,400 ATMs will get support for the cardless technology this month. Most ATMs in the San Francisco Bay and Silicon Valley areas will be upgraded with BofA targeting 5,000 ATMs by the end of the year. Customers will be able to identify cardless-enabled ATMs by the contactless symbol near the card reader.

Former Barclays Tanzania MD to Head I&M Bank Kenya

Financial services firm I&M Holdings has appointed Kihara Maina as the CEO of I&M Bank Limited Kenya effective immediately. His appointment is part of the lender’s strategic effort to attain a tier one bank status. Maina takes over from the outgoing CEO Arun Mathur who is retiring from a long career with the bank. Mathur will assume an advisory role within the I&M group. “The bank continues to pursue an aggressive growth agenda spearheaded by a dynamic team of professional managers and robust staffers,” said Sarit Raja- Shah, Executive Director, I&M Bank Limited while announcing the appointment. The bank’s move is also aimed at strengthening its corporate governance and deepening its human resource capacity. Maina is the immediate Managing Director of Barclays Bank in Tanzania.

RBS set to close Cambuslang branch in August

Royal Bank of Scotland are closing down their branch in Cambuslang . It was announced yesterday, Tuesday, that the doors to the Main Street premises will shut on August 18 this year in the wake of a 20 per cent drop in transactions since 2011.It is unclear if any jobs will be lost or if staff will be redeployed. Customers will have to go to the nearest branch in Burnside which is 1.7 miles away. However, RBS intend to retain their ATM in the local community. They have also reached an agreement with the local Post Office, which is close to the branch. This will result in customers being able to pay money in, take money out, check balances and business customers can get coinage. A spokesman for RBS said: “We’re closing this branch because the number of transactions at the branch has reduced by 20 per cent since 2011, and only 79 customers use the branch on a regular weekly basis.

Aviva signs “multi-million” deal to find the UK’s next fintech start-up disruptors

Aviva Ventures, the venture capital arm of insurance firm Aviva, has made a “multi-million” investor into digital accelerator and incubator programme Founders Factory in a move to support up-and-coming financial technology (fintech) start-ups. As part of the deal, Aviva will work with Founders Factory to develop five fintech start-ups and help to create two new fintech ‘disruptors’ – seven businesses in total. Businesses chosen for the accelerator will get to work with Aviva’s technical, commercial and create teams to test and develop new ideas and services aimed at making insurance and financial services more accessible.

Standard Life invests in IBM analytics to provide personalised investment service

Standard Life is working with IBM to personalise financial services for its UK customer base. The investment company has plans to work in real-time in order to better support the needs of its customers as they plan and invest by using analytics. The analytics technology, which is being provided by IBM, will enable the bank to accurately track a person’s interactions across different screens and devices by examining both structured and unstructured data.

UK plans new insurance laws to help driverless cars onto the road

Britain announced plans on Wednesday for new motor insurance laws designed to encourage investment in driverless cars, as the government looks to capture a leading role in the nascent industry. The market for autonomous driving is worth 900 billion pounds worldwide, according to the government, but needs to overcome legal obstacles including determining who would be responsible in the event of an accident. Queen Elizabeth, setting out the government’s legislative agenda for the next 12 months, said there would be new laws designed to keep the country at the forefront of technology for new forms of transport, including autonomous vehicles.

Latest Industry News – 20 / 05 /2016

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

Energy & Utilities

Japanese firms collaborate on grid management

Japanese electric meter manufacturer Osaki Electric partnered with global semiconductor provider MegaChips to assist Japanese utilities to better manage grid loads. In a press statement, the manufacturer said it has adopted the MegaChips BlueChip Multi-hop PLC controller to include in its new generation of smart meters. Commenting on the partnership, Masahiro Konishi, General Manager of Development at MegaChips said the “BlueChip PLC Multi-hop” provides high-speed PLC communications and enables the construction of a 1,000-scale network with the function of max 10 hopping and the optimal protocol (ITU-T G.9905).

Utility exec expands on Nigerian meter rollout at AUW

According to John, Ibadan Electricity Distribution Company has developed a 10-year metering plan, spanning through 2015 to 2024, with a projected total investment of N47.18 billion (US$237,026,186). This metering plan is expected to have 80 per cent of the utility’s customers metered by the end of 2018. In order to achieve this, the electricity distribution company is planning to install over 300,000 smart meters annually, beginning from 2016 to 2024. Ayodele mentioned that the rollout would help the utility to address the severe challenges faced in matching consumption with the responsible households. Huge amounts of electricity was being consumed and not accounted for according to Ayodele.

US allocates US$37.5bn for energy and smart water projects

The US government announced it will allocate US$37.5bn to fund energy and water programmes in 2017. The funding will be channelled to accelerate the growth of the two sectors through the department of energy, the US Army Corps of Engineers and the Bereau of Reclamation as from the last quarter of 2016. According to a local publication, the capital is expected to increase the country’s energy and water security as well as improve flood control projects. Some of the projects the money will finance include a pilot programme to allow safe storage of nuclear waste at private facilities in western Texas.

Shenhua Group & SolarReserve Announce 1 GW Solar Thermal + Storage Deal In China

China’s Shenhua Group has made a major announcement with regard to the development of solar thermal energy projects in China. Shenhua Group will work with US-based SolarReserve to set up 1 GW of solar thermal energy plus storage projects. The agreement is aimed at supplying the grid with a 100% renewable energy baseload. Storage solutions for renewable energy projects in China are critical, as the capacity is being added at a much faster pace compared to the growth in transmission capacity infrastructure.

Consumer Products & Retail

Walmart launches smartphone pay system in Texas

Walmart is banking that a new way to pay will speed up and simplify the checkout line. The retailer this week launched Walmart Pay, a smartphone-based payment system, at stores across Texas and Arkansas. . Walmart says the new system adds convenience that shaves time from the checkout process, something retailers constantly work to improve upon. Walmart Pay allows customers to pay by using the Walmart app to scan a code at any checkout register even while employees scan and bag items. The system charges the customers’ credit, debit, prepaid or company gift card that is linked to their Walmart Pay account. It then provides an electronic receipt. Walmart Pay works with both Apple and Android phones and doesn’t require any additional downloads besides the company’s app, Hatfield said. Information is stored on the company’s own servers.

Johnson & Johnson and HP Inc. Subsidiary Team Up to Create Health Care Solutions with 3D Printing Technologies

Johnson & Johnson announces a collaboration between Johnson & Johnson Services, Inc. and a subsidiary of HP Inc. The collaboration is focused on using 3D printing technologies to create better health care outcomes at reduced costs.Working together, the companies plan to combine their scientific, clinical, material science and technological expertise, and deep insights to develop products and solutions which can be manufactured quickly and customized to the needs of an individual patient or consumer. In the near-term, the collaboration will focus on personalization of instrumentation and software for patient-specific healthcare devices. It is anticipated that 3D printing technology will lead to innovation in areas such as consumer products, orthopaedics, and eye health, among others.

Amazon Plans More Stores, Bulked-Up Prime Services

Amazon.com Inc. Chief Executive Jeff Bezos on Tuesday promised more retail stores as well as new services for the company’s Prime unlimited shipping membership. Mr. Bezos, who was speaking at Amazon’s annual meeting for shareholders, held court over a mostly friendly crowd of about 100 that also included employees and news media. Several shareholders thanked Mr. Bezos for Amazon’s rising stock price, which has reached new highs in recent days. Mr. Bezos said he wants the $99 Prime membership to offer so many benefits that consumers will feel they “are being irresponsible” if they aren’t members. He didn’t, however, indicate exactly how Amazon plans to continue bulking up the service. The Wall Street Journal reported Sunday that the company is introducing several lines of private-label food, cleaning products and baby goods available only to Prime members

Automotive

Sales of electric cars rise by 120% in a year: More than 45,000 plug-in and hybrid vehicles are now on the road

The number of electric cars on Britain’s roads has more than doubled in the last year, according to new government data. There were 45,326 plug-in and hybrid cars on the streets at the end of last year compared to just 20,522 the year before – a 120 per cent increase. This compares to just a two per cent rise in the sales of traditional cars over the same period.

Nissan lands world’s largest electric taxi fleet deal

Nissan and La Ciudad del Taxi have announced the world’s largest 100 percent electric taxi fleet deal that will see 110 Nissan LEAF 30 kWh providing zero emission taxi services in Madrid. The Nissan LEAF is the best-selling EV in the world with more than 220,000 units sold globally. The new LEAF 30 kWh offers a range of up to 250 km on a single charge, making it an ideal taxi vehicle and its size, comfort and performance are well-suited to urban environments. The electric taxi market in Europe is growing quickly as taxi operators switch on the benefits of zero emission mobility. Nissan has sold almost 800 electric vehicles (LEAF and e-NV200) to taxi owners and operators across Europe and the top three markets for Nissan electric taxis include Netherlands, UK and Spain.

Banking

HSBC launches OTC clearing collateral service

HSBC Securities Services, part of HSBC’s Global Banking and Markets business, has launched its Over-the-Counter (OTC) Clearing Collateral Service. The service is designed to support clients in meeting the requirements of the G20 swap clearing reforms now extending into Europe and Asia, which place greater demand on buy-side firms to better manage and mobilise their collateral. In Europe, the European Market Infrastructure Regulation places new obligations to clear OTC derivatives trades through a central counterparty. These obligations are due to come into effect for most investment management firms in December 2016. In Asia, similar obligations apply or are due to be implemented by local regulators.

BNP Paribas in m-payment partnership with Carrefour

BNP Paribas and Carrefour are testing a mobile payment/loyalty application. The two have developed a technology platform, operational since 2015. A mobile app called Wa! has been created for the trial, set to take place over the next few months in the Greater Paris region at a dozen Carrefour outlets. Using their PIN code, customers will be able to pay for purchases both at physical retail outlets and online, whilst being able to claim their usual loyalty benefits. Other retailers are being invited to take part in the initiative. “BNP Paribas and Carrefour are delighted to be able to offer the market this disruptive innovation, which is fully secure and based on customers’ new needs and expectations,” says BNP Paribas CEO Jean-Laurent Bonnafé, adding: “The technology platform is already operational. Based on a solid foundation, it has been designed to enable tech startups to work hand-in-hand with us in order to build forward-looking services.

Citibank launches voice biometric authentication

Citibank Taiwan yesterday introduced voice recognition technology into its call center, making it the first bank to launch the service on the market. The bank’s voice biometrics authentication project enables a voice print to work as an authentication code. Customers who call into the bank’s call center will have their voice identities automatically verified within 15 seconds or less. This is a huge reduction from the current average time of around 45 seconds or 66 percent less time than is currently spent verifying their details. The voice biometrics authentication will provide customers with an easy, fast and secure banking experience, and also functions as a new option for identity verification. Customer calls into the bank’s call center in Taiwan exceed 4.5 million each year.

Insurance

InsurTech Futures: Aviva teams with digital accelerator in multi-million pound deal

Aviva has announced a partnership with Founders Factory, a multi-sector digital accelerator and incubator. The insurer will be its exclusive financial services partner, working with seven start-ups, each year, over this period. the partnership will support Aviva’s broader digital strategy, creating opportunities for technical specialists, creative designers and commercial teams to test and develop new ideas and services aimed at making insurance and financial services more tailored and accessible to Aviva’s customers. The in-house team of experts at Founders Factory will provide hands-on support and advice to participating startups, as well as working with its corporate partners to build and launch new products and services.

Standard Life invests in IBM analytics to provide personalised investment service

Standard Life is working with IBM to personalise financial services for its UK customer base. The analytics technology, which is being provided by IBM, will enable the bank to accurately track a person’s interactions across different screens and devices by examining both structured and unstructured data. In addition to the real-time nature of the support, Standard Life will be able to provide this personalisation across mobile devices, online, and live from the contact centre. In addition to the analytics tools, Standard Life is using IBM Campaign and Interact, these help the investment company to turn analytic insights into customer snapshots that help to identify what exactly a person’s financial needs are and what their long-term aspirations may be.

Latest Industry News – 19 / 05 /2016

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

Energy & Utilities

California utility partners with local IPP on solar energy

US Independent Power Producer (IPP) EDF Renewable Energy signed a Power Purchase Agreement (PPA) with power utility MCE Clean Energy. Under the 25 year PPA, the IPP will provide the utility with power generated from its recently launched 1.11MWp solar energy plant located Novato, California. The agreement falls under MCE Clean Energy’s motive to accelerate its provision of renewable energy to reduce carbon emissions. The news follows the announcement by global renewable energy investment companies Vision Ridge Partners and GSSG solar on their partnership to fund a solar energy programme in the Japanese region of Nagano.

US state signs EnergyCAP to enhance energy management

The US state of Tennessee partnered with energy management software company EnergyCAP to reduce power consumption and costs in state-owned facilities. Under the three-year contract, the solutions provider will supply the state with a utility bill management software, Bill CAPture, to track the state’s water, gas, electricity, waste water, fuel oil and propane consumption costs since 2012. In a press statement, the US based EnergyCap claims its solution will improve the accuracy and reduce the processing time and costs of managing the bills. Integrated with the state’s various accounts systems, the software will be used to develop a dashboard with multiple log-in users functionality for the management of over 7,000 utility bills.

E.ON UK begins energy storage pilot for industrial customers

E.ON has kickstarted a pilot project to understand how its commercial and industrial customers can benefit from solar generation and battery storage. According to a UK publication, the utility company partnered with energy storage company RedT Energy for the rollout of the project in Somerset in South West England. The London headquartered energy storage solutions provider supplied E.ON with its battery storage technology. The 4.0 kilowatt battery storage system will be used to store power generated from its on-site 3.5MW solar panel during the day and from the grid during off-peak demand periods for use during on-peak demand periods.The system is said will improve the company’s efficiency on energy usage by minimising the costs of power purchased from the grid.

Consumer Products & Retail

M&S digital team establishes new agile model

UK retailer Marks and Spencer (M&S) says it is now taking a more agile approach to optimising its online operation, having established a new operating model for its digital team. Working alongside website measurement business, Webtrends, the high street retailer has put in place a programme of continuous short-term testing that was developed by the in-house team in association with consultants from the vendor partner. Members of both teams went through what they have described as “agile process training”, which reportedly helped participants gain a greater understanding of each company’s respective competencies and therefore allowed M&S to align best practices accordingly. Following the development initiative, the digital team is now focusing on a variety of data-driven personalisation tests which it hopes will increase conversions and boost online sales.

Newell Brands Appoints Tiffany Exec CFO, Plans New Global Headquarters

Newell Brands Inc. has appointed Ralph Nicoletti executive vice president and chief financial officer, effective June 8, 2016. The announcement follows the recent combination of Newell Rubbermaid and Jarden Corporation, which closed on April 15, 2016, forming a new $16 billion consumer goods company. With the appointment of Nicoletti, current CFO John Stipancich will leave the company to pursue other interests. LeFevre, former CFO of Jarden Corporation, left the company upon the closing of the Jarden transaction. Nicoletti has served as CFO of global, publicly-traded corporations for almost ten years. He joins Newell Brands from specialty retailer and manufacturer Tiffany & Company, where he led the worldwide financial and information technology functions as the executive vice president and CFO.

New N Brown partner to oversee “digital-first” transformation

N Brown has hired Sopra Steria to lead its transition into a digital-first retailer. The plus sized fashion retailer has been transitioning into a “digital-first” business for a while now. In last month’s full year financial results CEO Angela Spindler said the business was “mid-way” through its transition, and the results have shown. In January ecommerce accounted for 66% of N Brown’s overall sales. After a competitive process, digital transformation company Sopra Steria was chosen to oversee its ongoing change. IT sub-contractors, data centres, servers, mainframes and technical support at several N Brown locations will all be overseen by this new partner. “Sopra Steria was a natural partner with an impressive track record in delivering similar projects at scale, and whose culture and approach nearly matched our own,” said N Brown COO Andy Haywood.

Automotive

Nissan under investigation for emissions cheating software

It has been claimed that British-built Nissan cars have been fitted with ‘cheat devices’ to beat emissions tests, after the software was allegedly uncovered during examinations in South Korea. This has prompted the South Korean government to say that it will fine the car maker £195,000, and order it to recall 814 vehicles. The results were found after economy emissions tests were run on the award-winning Qashqai SUV.

Autoglass structure change adds focus to digital customer experience

Autoglass has appointed Nick Cleary and Sarah Ringrose to the newly created roles of customer and digital director and head of customer experience. As Head of Customer Experience, Ringrose will work alongside Cleary with a dedicated focus on further improving the customer journey at Autoglass through digital, operational and process enhancements.

Banking

RBS to exit retail operations in India; 10 branches to be shut

Britain’s largest State-run lender Royal Bank of Scotland (RBS) has decided to exit retail operations in India and will close down its 10 branches in a phased manner. “After examining a number of options for our banking business in India, we decided to wind up our corporate, institutional and retail banking businesses in India. We sold the onshore loans portfolio and initiated the corporate and institutional business exit earlier this year,” a spokesperson from the bank said. In 2015, RBS sold its private banking business in India to Sanctum Wealth Management and diamond and jewellery financing business to IndusInd Bank. In 2013, it sold its business banking, credit cards and mortgage portfolio to Ratnakar Bank, a small, old generation private sector lender.

ICBC Standard Bank buys London precious vault from Barclays

ICBC Standard Bank Plc had agreed to buy Barclays’ London precious metals vaulting business and associated contracts, it said. The transaction is expected to complete in July, the bank said in a release on Monday. “This is another important step in the bank expanding and enhancing its commodities capabilities. It will see the bank join a limited number of banks operating their own vault in the UK, and is the only Chinese bank to do so,” ICBC SB said. The vault, one of the largest in Europe, is used to store gold, silver, platinum and palladium in support of the London markets. “We’ve continued to grow our capabilities over the past year with a number of strategic hires and developments, and the acquisition of a precious metals vault allows us to expand our services in clearing and processing, to serve the growing needs of our clients,” ICBC SB head of commodities Mark Buncombe said

Citigroup appoints Carson as GSG head in EMEA

Citigroup has appointed Grant Carson as the head of its global subsidiaries group (GSG) in Europe, the Middle East and Africa, which deals with many of the bank’s biggest clients. The GSG business deals with the subsidiaries of Citigroup’s big multinational clients around the world. Carson will be based in London and will take up his new role at the start of July, subject to visa and regulatory approvals, according to a memo to staff on Monday. He will join the GSG executive committee and report to GSG head Marc Merlino. Carson has been with Citigroup for 17 years in EMEA and Asia and is currently deputy president of Citibank Japan, overseeing the running down of its non-core operations in the country. From 2011-14 he was Citigroup’s country officer for Greece and Cyprus.

Insurance

State National announces agreement to acquire United National Specialty Insurance Company

State National Companies (SNC), a leading specialty provider of property and casualty insurance, today announced that its subsidiary, State National Insurance Company, has entered into an agreement to acquire United National Specialty Insurance Company (UNSIC) from Diamond State Insurance Company for $7.35 million, excluding capital and surplus. UNSIC is an admitted shell company with licenses in 49 states (all but Pennsylvania). The purchase price will be capitalized as an intangible asset.

Liberty International Underwriters launches new design and data insure policy

Liberty International Underwriters (LIU) has introduced a new design and data insure policy for architects and engineers.The new enhanced architects and engineers (A&E) policy offers insurance and risk management services to help protect design firms from wrongful acts incurred, and provide professional services. It also delivers protection from the consequences of a data breach or liability arising from the disclosure of private information as well as design-related information. The policy gives insureds access to training, a customer website that provides risk management guidance, contract review as well as a data breach first responder who can provide initial support, and assessment following a breach.

Dr Now rebrands to Now GP

Now Healthcare Group (NHG) has announced that its flagship product Dr Now is to be rebranded as Now GP in the United Kingdom. A new logo accompanies the rebrand, as well as the adoption of tagline “Tomorrow’s healthcare now.” NHG has recently partnered with a number of high-profile business and insurance clients. The name and trademark ‘Dr Now’ will be retained and used for the growing international mHealth market, now worth $59bn globally. NHG has ambitions to penetrate several international markets in 2016-17, including Asia and the Middle East.

Latest Industry News – 18 / 05 /2016

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

Energy & Utilities

Viridity Energy Raises $8.5M to Expand its Virtual Power Plant Software

Viridity Energy has a portfolio of projects and partners using its software to turn batteries and controllable energy loads into “virtual power plants.” The Philadelphia-based startup has raised $8.5 million from one of its original investors, to expand its work in an increasingly competitive field. The new round from AltEnergy, which first invested in Viridity in 2009, comes on top of a $15 million investment in 2012, a $14 million round in January 2011 and about $10 million previously raised in state grants and investments. Previous investors include Mitsui, Intel Capital and Braemar Ventures. Since its 2009 founding, Viridity’s software has been put to use managing assets ranging from commercial buildings and university campuses to large-scale battery projects at train system and solar installations. The startup’s focuses on providing intelligence to match that flexibility to financial opportunities in customers’ utility bills or grid energy markets.

Solar panels installed on 30 Dubai buildings, says DEWA

Solar panels have been installed on 30 buildings in Dubai as part of government plans to increase national power output from renewable energy to 75 percent by 2050. Dubai Electricity and Water Authority (DEWA)’s ‘Shams Dubai’ initiative, launched last year, is designed to help Dubai residents to fit photovoltaic panels on their rooftops to generate electricity from solar power. The energy is used on site and any surplus is exported to DEWA’s national grid. DEWA said it was working with 18 government organisations to connect 37 projects under Shams Dubai, with a total capacity of 279 kilowatts. The initiative is yet to be implemented in the residential sector.

Smart grid, storage and energy efficiency firms raise US$375m

Mercom Capital Group reports that smart grid, battery storage, and efficiency companies raised a combined US$375 million in venture capital in the first quarter of 2016. The figures are based on the market intelligence firm’s published first quarter funding and Merger & Acquisition (M&A) numbers. According to a company release, smart grid companies US$110 million; battery storage companies raised US$54 million; and efficiency companies raised US$211 million. The company explains that Venture Capital (VC) funding for smart grid companies including private equity and corporate venture capital, increased twofold for the first quarter, with US$110 million raised over 14 deals.

Consumer Products & Retail

Dean Foods to Buy Friendly’s Ice Cream

Food and beverage business Dean Foods Company has agreed to acquire the manufacturing and retail ice cream business Friendly’s Ice Cream for $155 million in cash.from an affiliate of Friendly’s Ice Cream, LLC. Friendly’s Ice Cream, with $166 million in net sales in 2015, produces packaged ice cream and other frozen dessert products, including single-serve sundae cups, novelty items, cakes and rolls. Friendly’s distributes these products in over 8,000 retail outlets. Founded in 1935, the brand has a long history. Coupled with the momentum of Dean Foods’ current regional brands, Mayfield and Dean’s, the Friendly’s brand will be a catalyst in Dean Foods’ strategy to grow its existing ice cream business and branded portfolio. Friendly’s ice cream strongly resonates with consumers throughout the Northeast.

China’s tourism investment to hit $306 billion by 2020

Chinese investment in tourism will double to around 2 trillion yuan ($306 billion) by 2020, the China National Tourism Administration said in a report late on Sunday, as the country looks to support its service sectors and tap consumer spending. Tourism investment will hit 1.25 trillion yuan this year, the tourism body forecast in an annual report. Investment in the sector rose 42 percent to top 1 trillion yuan in 2015, it said. China is pining hopes on areas like travel to propel growth amid signs of weaknesses in many key areas of the economy. Overall investment, factory output and retail sales all grew more slowly than expected in April. Fast growth promises rewards for firms like travel agent Ctrip.com International Ltd (CTRP.O), hotelier Shanghai Jinjiang International Travel (900929.SS), e-commerce giant Alibaba Group Holding Ltd and developer Dalian Wanda Group.

Greggs refreshes its payment app

British bakery chain Greggs has relaunched its ‘Greggs Rewards’ mobile payment app to be used across its 1,700 store estate. The rewards system will allow customers to shorten the buying process when finalising their purchase. The app now has a simpler registration process which enables customers to download and use straight away. Users will be able to pay for Greggs products via a smartphone with PayPal or Apple Pay. Greggs Rewards will offer incentives such as a free Greggs breakfast the first time customers top up their account with £10, a free hot drink on the eighth purchase, a birthday sweet treat as well as seasonal offers through the year. There will also be a prize draw every month which will result in five people winning £50.

Automotive

BMW targets 2021 for its electric, self-driving car

BMW will launch its iNext electric, self-driving car in 2021, CEO Harald Krueger said. The new flagship for BMW’s i subbrand lineup will be based on the Vision Next 100 concept unveiled in March. The subbrand now consists of the i3 EV and i8 plug-in hybrid. Krueger said the iNext will be able to drive itself in many situations and will have a new interior and offer a cutting-edge electric powertrain. The new sedan is the centerpiece of BMW’s effort to defend its position in the luxury-car market from challengers such as Tesla.

Nissan, Mitsubishi, Renault trio jockey for space

Nissan Motor and Mitsubishi Motors have announced a far-reaching alliance, together with French partner Renault. Under tie-up they announced on Thursday, Nissan will bring Mitsubishi Motors under its umbrella by buying a 34% stake in its troubled peer for 237 billion yen ($2.18 billion). The new alliance will seek greater economies of scale to compete with rivals such as Japan’s Toyota Motor and Germany’s Volkswagen, which has also been embroiled in a debilitating car emissions-rigging scandal in recent months. It remains to be seen whether coming together will help the three companies compete more effectively against their larger rivals. Automaker BMW is beginning to embrace clean transportation, and much of the company’s focus is being placed on hydrogen fuel cells. The automaker has been moving toward electrification for some time, but fuel cells, and not batteries, may be the automaker’s favored way to power clean vehicles. According to Harald Krueger, CEO of the BMW Group, the automaker believes that clean transportation is the future of the auto industry. Krueger suggests that using clean technology is both a duty and obligation for the company.

BMW to begin focusing more heavily on hydrogen fuel cells

Automaker BMW is beginning to embrace clean transportation, and much of the company’s focus is being placed on hydrogen fuel cells. The automaker has been moving toward electrification for some time, but fuel cells, and not batteries, may be the automaker’s favored way to power clean vehicles. According to Harald Krueger, CEO of the BMW Group, the automaker believes that clean transportation is the future of the auto industry. Krueger suggests that using clean technology is both a duty and obligation for the company.

Banking

Royal Bank of Scotland Extends Staff Reductions in UK to Reduce Costs

Royal Bank of Scotland plans to eliminate 200 jobs and 20 branches in Scotland and NatWest branches in southwest England and Wales in an effort to reduce costs as online banking becomes more popular, Sky News reported Friday. “That is the harsh reality that we have to live with. The use of transactions at counters is a bygone day in most cases,” said RBS CEO Ross McEwan. These latest job cuts means RBS has eliminated 10% of its positions in the UK branch network in just the past two months, closing more branches that any other lender in the last two years. ADRs were flat in recent trade at $6.13, near the low of its 52-week range of $5.79 to $11.63.

Citigroup’s head of corporate bond syndicate leaves bank

Sarwat Faruqui, head of European corporate bond syndicate at Citigroup, has left the bank, according to two market sources. Faruqui joined the bank in October 1996, according to her LinkedIn profile. She reported to Peter Charles, head of EMEA fixed income syndicate. This is the second departure from Citigroup’s corporate bond syndicate. Sameer Patel left the bank last year and joined Mizuho in August 2015. Faruqui will be replaced by Janusz Nelson, who has been working on Citigroup’s financial institutions syndicate desk and will now take the lead on the US bank’s European corporate syndicate. Nelson’s previous role will be filled by Melodie Mair, who is moving from UK financials debt capital markets coverage to syndicate.

Australian banks ANZ and Westpac preparing to support Android Pay

The Sydney Morning Herald has reported that Australian banks ANZ and Westpac are preparing to launch Android Pay in the next couple of months. Google’s contactless payment system has seen a slower international release compared to competitors. According to ANZ’s head of retail and commercial banking, Android Pay will be turned on “mid this calendar year”. The first half of 2016 time frame is in line with earlier announcements from other Australian partners. ANZ and Westpac, including subsidiaries St George, Bank of Melbourne, and Bank of South Australia, join Bendigo and Adelaide Bank, ING Direct, Macquarie Bank, and Cuscal in supporting Google’s take on contactless payments.

Insurance

Lark acquires UK’s Euromarine Insurance Services

Lark (Group) has acquired the UK-based Euromarine Insurance Services for an undisclosed sum. Based in Broadstairs of Kent, Euromarine is a specialist marine insurance intermediary and underwriting agent for UK Insurers. The company provides specialist marine insurance products to private individuals. With the acquisition, Lark is expected to generate around annual revenues of about £28.5 with 350 employees in eight offices across London, the South East and East Anglia. The acquisition will expand Lark’s presence in the marine sector.

· Hanover Insurance names new CEO

· · Joseph M. Zubretsky, a veteran executive with experience across several insurance sectors, has been tapped to lead the Hanover Insurance Group Inc., ending an eight-month search for a successor to retiring president and chief executive Frederick H. Eppinger. Hanover sells property and casualty insurance and Mr. Zubretsky has some exposure to that sector in his early days at Coopers & Lybrand. But for the past 20 years he has worked in other insurance lines, something that was attractive to directors, who hired the search firm Heidrick & Struggles to recruit and screen candidates.

Latest Industry News – 17 / 05 /2016

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

Energy & Utilities

Groningen creates city-wide smart grid serving 100,000 homes

The City of Groningen in the Netherlands has launched a project which it claims will be the ‘world’s largest smart grid’ serving up 100,000 households. The project reportedly builds upon the Dutch city’s PowerMatching City field trial of 42 houses which took place in 2011-2013. According to its website, PowerMatching City is a European field trial to connect supply and demand of electricity and heat in an intelligent way (smart grids). The purpose of the ongoing project is to fully profit of characteristics of both centralised and renewable energy systems.

PSE&G to invest $275M in new solar farms on brownfield and landfill sites

Public Service Electric and Gas (PSE&G) filed an application to to invest $275 million in ten solar installations on landfills and brownfields over the next five years, Courier News reports. The proposal is part of PSE&G’s Solar 4 All program, which funds utility installation of solar on rooftops, parking lots, utility poles, landfills and brownfields. Extending it would allow the utility to triple its installed solar generation on the “dozens” of landfills and brownfields identified in its service territory. Currently under the program, PSE&G has installed over 150,000 solar panels on 170 acres, with 8 solar farms on landfills and brownfields while expecting bring a ninth one online by the end of the year.

Memphis Light, Gas And Water To Deploy Smart Grid Technology

Honeywell has been selected by Memphis Light, Gas and Water for a five-year project worth more than $200 million to fully deploy Honeywell’s Elster EnergyAxis AMI advanced metering technology throughout MLGW’s service territory. MLGW is the largest three-service public utility in the United States, with more than 1 million utility meters. Under the project, which expands on an earlier, smaller smart meter installation project for the utility by Elster, Honeywell will install a fully integrated smart energy solution that includes about 1 million electric, gas and water smart meters. The project includes communications modules to facilitate automated meter reading and software solutions to analyze and manage the data. The rollout is expected to be completed by the end of 2020. Elster was acquired by Honeywell in December 2015.

NY invests in $220 million in clean energy projects

New York is partnering with several private companies to invest up to $220 million in new clean energy and energy efficiency projects. The move, announced by Gov. Andrew Cuomo on Thursday, is part of the state’s effort to generate half of its electricity from renewable sources by the year 2030. Overall, the state plans to set aside $5 billion over 10 years to ease the transition to clean energy. The projects announced Thursday include programs to make residential and commercial solar power more affordable for consumers, as well as a program to provide energy efficiency upgrades to as many as 400 New York state homes.

Argentina’s Pampa Energia aims to invest $400 mln in renewable energy

Argentina’s Pampa Energia SA said it planned to invest $400 million in thermal and wind energy projects if it wins a tender process for renewable power projects that the government will hold next week. In April, the government of business-friendly President Mauricio Macri implemented a law mandating that renewable energy as a share of power consumption rise to 8 percent by 2018 from 1.8 percent currently. The energy projects are expected to total 320 megawatts in installed capacity. Pampa Energia plans to invest between $100 million and $120 million in a thermal energy project in the Neuquen province and a total of $300 million in two wind energy projects in the south of the Buenos Aires province.

Consumer Products & Retail

Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing

Apple Inc said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market. The tech giant’s rare investment gives it a stake in two burgeoning waves of technology – the sharing economy and car technology – as the iPhone business that propelled it to record profitability shows signs of maturing. Apple is trying to reinvigorate sales in China, where it has come under greater pressure from regulators, and Cook is traveling to the country this month. The move aligns Apple with Uber Technologies Inc’s chief rival in China, as automakers and technology companies forge new alliances and make cross investments.

M&S boss aims to bring the chain closer to its customers

Marks and Spencer has made a number of changes to its management structure to increase the pace of the business and tighten the relationship between the retailer and its customers. Amendments have been made to a number of Executive roles and their responsibilities. Chief Finance Officer Helen Weir will be accountable for the chain’s strategy implementation. Patrick Bousqeut-Chavanne has taken on a position as Executive Director of Customer, Marketing & M&S.com. M&S’s international business will now be managed by the CEO Steve Rowe. In addition M&S has also introduced a new Operating Committee that will be responsible for the running of the day-to-day business and its development strategy.

Alibaba, SoftBank Team Up for Cloud Computing Service in Japan

Alibaba Group Holding Ltd. teamed with its largest shareholder SoftBank Group Corp. to form a cloud computing service venture targeting Japanese customers, as the Chinese e-commerce giant expands one of its fastest growing businesses. The venture known as SB Cloud Corp. will open a new data center in Japan to tap SoftBank’s customers ranging from startups to global organizations, extending a battle for customers with Amazon.com Inc. Alibaba will provide services including data storage and processing services, the companies said in a joint statement. Alibaba’s cloud unit almost tripled revenue to more than 1 billion yuan ($153 million) in the March quarter. The business could account for more than $1 billion of Alibaba’s revenue by 2018 and the public cloud presents a $120 billion global market opportunity, according to research by SunTrust Robinson Humphrey Inc.

Automotive

BMW to launch radical new autonomous car in 2021

BMW will launch an autonomous car with an entirely new interior to take the 100-year-old company into the next generation of electric private transport. As part of the company’s ongoing centenary celebrations, chief executive Harald Krueger said BMW will launch an updated version of its i8 hybrid-electric sports car in 2018, then an all-new car called the i Next in 2021. This car, Krueger says, will be a “new innovation driver with autonomous driving, digital connectivity, intelligent lightweight design, a totally new interior and [will] ultimately bring the next generation of electro-mobility to the road.” The new car could compete against one of Tesla’s existing small, medium and large car line-up, but it seems BMW is interested in something more futuristic than this. The Vision Next 100 suggests a car that can fully drive itself when the owner doesn’t want to, but hands back control and offers an engaging and sporty ride when they want it.

SUV sales continue to surge

Sales of SUVs have quadrupled in Europe since 2005 and are expected to keep rising thanks to growing popularity with an unusually diverse group of buyers, according to a new survey. Sports utility vehicles (SUVs) have been embraced by ‘Modern Mums’, mothers with young kids, Millennials, 17- to 34-years-olds, and ‘Quintastics’, for active and youthful 50-somethings. Nearly one in three ‘Modern Mums’ are considering an SUV for their next car, as are one in four Millennials; and one in five ‘Quintastics’, according to a new Ford Motor Company-sponsored survey of 5,000 people in the UK, France, Germany, Italy and Spain who own a car or who intend to buy one in the next 12 months.

Artificial intelligence framework now powers Toyota websites

An innovation in artificial intelligence that was described in a 2001 paper by a UCLA computer science professor has found a somewhat unexpected application: helping car buyers customize their vehicles online. The websites for Toyota and its Lexus division both offer shoppers the opportunity to tailor their vehicle from among a range of models, colors and accessories. The software that powers the sites, called a “product configurator,” is based on a logical form of artificial intelligence that was devised by Professor Adnan Darwiche. The websites use artificial intelligence to perform sophisticated, real-time reasoning to ensure that if a consumer wants a specific vehicle—for example, a red Camry with a tan interior and a performance package—that exact combination of options could be manufactured by the company or is available in its inventory. The websites can also reason about features that are co-dependent, such as removing a minimum number of features when a combination is not feasible or determining which features must be bought together.

Nissan Motor and Nissan Arc Develop New Analysis Method to Boost Lithium-ion Battery Capacity

Nissan Motor Co., Ltd. and Nissan Arc Ltd. announced today joint development of an atomic analysis methodology that will aid in boosting the performance of lithium-ion batteries, and ultimately extend the driving range of zero-emission electric vehicles. The breakthrough was the result of a combined R&D effort between Nissan Arc Ltd., a Nissan subsidiary, Tohoku University, the National Institute for Materials Science (NIMS), the Japan Synchrotron Radiation Research Institute (JASRI), and Japan Science and Technology Agency (JST). The analysis examines the structure of amorphous silicon monoxide (SiO), widely seen as key to boosting next-generation lithium-ion battery (Li-ion) capacity, allowing researchers to better understand electrode structure during charging cycles.

Banking

Barclays to roll out HCE mobile payments across the UK in June

Barclays is to begin rolling out a host card emulation (HCE) based mobile payment feature to its mobile banking app in June, the UK bank has confirmed to NFC World. The service will enable customers to make transactions at any contactless terminal and pay for services across Transport for London (TfL) with a tap of their Android device using either a debit or credit card. The service will coexist alongside the Contactless Mobile HCE payment function that was added to the Barclaycard app in January 2016, Barclays explained. Customers will be able to decide which mobile app they want to use as only one payment app can be set as the default app for contactless payments on an Android handset.

IAM central to Deutsche Bank’s digital transformation

Deutsche Bank is using a centralised identity and access management (IAM) system and an application program interface (API) architecture for digital transformation. Centralised identity and access management (IAM) is a key enabler for Deutsche Bank’s digital transformation, the European Identity & Cloud Conference 2016 in Munich heard. This approach – along with an application program interface (API) architecture – is enabling the bank to integrate up-to-date and legacy systems to meet the expectations of the Google generation, according to Berthold Kerl, the bank’s European chief information security officer.

Standard Chartered Bank to Increase Operations in Kenya

Standard Chartered Bank Group CEO Bill Winters has revealed the bank’s plans to increase its operations in Kenya as the country’s economy continues to sustain its upward trajectory.“We are looking for bright spots in the world and Kenya is one of them,” he said, adding that the bank is also targeting other countries in its expansion efforts. Winters also said that Standard Chartered will support the government’s plan to raise the bar for the banking sector. He was speaking at a meeting with President Uhuru Kenyatta; National Treasury Cabinet Secretary Henry Rotich; Standard Chartered Regional CEO for Africa and Middle East Sunil Kaushal; Standard Chartered Bank Kenya Board Chair Anne Mutahi; and the bank’s Kenya MD Lamin Manjang.

Insurance

Alternative capital to continue disruption of reinsurance: Nelson, Lloyd’s

Alternative capital and insurance-linked securities (ILS) are set to continue to disrupt the insurance and reinsurance market, according to Chairman of Lloyd’s of London John Nelson, reshaping the industry and continuing to pressure catastrophe lines of business. Speaking at an Insurance Institute of London lecture at Lloyd’s on April 28th, Nelson explained that innovation is key for the Lloyd’s market right now, as it seeks to remain relevant in the same way that other traditional players do and the market’s efforts to engage with alternative capital are a key example of this. Lloyd’s continues to work hard on the development of the market Index, Nelson later explained, but he said that the delivery of the Lloyd’s Index is taking longer than expected. Given Lloyd’s had hoped to launch the Index in the middle of this year that admission does suggest that its delivery may slip.

W. R. Berkley forms Berkley Insurance Asia

R. Berkley Corporation (WRB) announced the formation of Berkley Insurance Asia. Shasi Gangadharan has been named chief executive officer and Aaron Yip has been appointed chief operating officer. The appointments are effective immediately. This new operating unit will begin offering specialty commercial insurance coverages to clients in North Asia and Southeast Asia through offices in Hong Kong and Singapore, respectively, subject to relevant regulatory approvals.

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