Sungevity, the solar sales and customer-acquisition platform company, is going public on the Nasdaq via a merger with Easterly Acquisition Corp., a special-purpose acquisition company, in a deal that values the solar sales and customer-acquisition platform company at $357 million. It’s a way for Sungevity to gain access to public markets and to stay relevant in the volatile residential solar market.

Kentucky utility signs SGS to simplify AMI rollout

Smart grid technologies firm Smart Grid Solutions (SGS) completed an automated metering infrastructure (AMI) project for US power co-operative Kenergy Corporation. SGS deployed its project planning platform ProFieldMETER’s DayToute module to help the western customer-owned utility to implement its smart meters project. The company deployed 52,000 smart meters two months ahead of schedule. Kenergy started its smart meters deployment project in January, 2015.

Itron firm wins smart prepayment deal in Indonesia

Itron has announced that its JV firm Mecoindo has been selected by Indonesian power utility Perusahaan Listrik Negara (PT PLN) for the rollout of a metering project. Mecoindo secured a contract to provide the utility with some 635,000 Itron smart payment meters. The prepaid meters will be installed to help PT PLN’s customers better manage their electricity usage. On the side of the state owned power company, the system is expected to help to simplify customer service, lower operational costs and reduce delinquent account risks, while improving cash flow.

Consumer Products & Retail

Shop Direct’s latest senior hire to focus on data analysis

Shop Direct has continued its investment in data and personalization by hiring Gael Decoudu to head up the company’s data science and digital analytics. With over 10 years’ experience as a leader in analytics and statistics, Decondu will lead a team of over 20 people to uncover insights through data analytics within ecommerce for the UK’s second largest pure play online retailer. According to Shop Direct, which runs Very.co.uk, VeryExclusive.co.uk and Littlewoods.com etail brands, these insights would help improve the end-to-end customer journey –making it more personalized and assisting senior-level decision-making within the company. “[Shop Direct] is using its remote retail heritage as well as new methods in data analytics to understand its customer and improve their experience,” said Decondu, a qualified data scientist.

Whole Foods Market Partners with Analytics Provider on New Tech

Whole Foods Market, Inc. has selected Nielsen as its primary U.S. analytics provider for point-of-sale data, consumer insights and industry metrics. The two companies are working to collaboratively create a customized natural and organic product hierarchy that will provide a comprehensive view of Whole Foods Market’s product categories, including ingredient level attributes. In addition to allowing the company and its supplier partners to make faster and more informed data-decisions to drive growth, the comprehensive and fully integrated hierarchical data will yield a deeper understanding of customer preferences. With this deeper understanding of its customers, Whole Foods Market and its supplier partners hope to excel at new product development.

Nestle Announces New CEO

Nestle S.A. has appointed Ulf Mark Schneider of Fresenius Group as its new CEO. The Board of Directors will propose Paul Bulcke, Nestlé’s current CEO, for election as Chairman at the next Annual General Meeting in April 2017, as Peter Brabeck-Letmathe, Chairman of the Board of Directors will retire and will relinquish all his Board functions, having served Nestlé for 50 years. The new appointments are expected accelerate Nestlé’s journey to become a preeminent player in the Nutrition, Health and Wellness sector. In order to prepare for this future role as active, non-executive Chairman and respect a minimum cooling-off period, Bulcke will resign from his present position as CEO on December 31, 2016. Bulcke was appointed CEO and member of the Board of Directors on 10 April 2008 and, under his successful leadership at the helm of the company for over 8 years, Nestlé has made further progress in its journey to Health and Wellness.

Automotive

Korean researchers unveil sophisticated automobile data protocol

Korean researchers have designed an enhanced electronic automotive transmission protocol that blasts existing technology, bringing the age of self-drive cars a step closer. A Controller Area Network or CAN-bus protocol is an automotive standard developed by Bosch. The new Turbo-CAN protocol transfers data at a momentous 100 Megabyte per second, removing information bottleneck currently holding back the further development of in-car networks. The Turbo Controller Area Network links a range of automotive devices, from engine control, lighting system and brakes to airbags.

Toyota eyes mass robots for cars and home helpers

Toyota had been delving into robotic applications beyond cars before company president Akio Toyoda hired Pratt to run a research institute that it will fund with $1 billion over five years. Toyota has been working on a motorized wheelchair that scales stairs, a wearable device that guides the blind, a helper that retrieves objects for the bedridden, and trainers for patients recovering the ability to walk and stay balanced. The world’s largest auto-maker is forging ahead in robotics just as Google, the technology giant and a challenger in the race to develop driverless cars, shows signs of pulling back. Google’s parent, Alphabet, has put Boston Dynamics up for sale after concluding it isn’t likely to produce a marketable product within the next few years. Toyota Research Institute is thought to be among the potential buyers. Toyota’s institute was in final talks with Google to buy both Boston Dynamics and Schaft, the robot company founded by two Tokyo University engineers.

Intel, Mobileye, BMW to aim at self-driving car deal: Report

German carmaker BMW AG is the latest automobile company to hop onto the driverless bandwagon. Chipmaker Intel Corp. is working with Jerusalem-based Mobileye NV to develop self-driving car technology for BMW AG. Mobileye specializes in autonomous-vehicle technology and software. BMW is an existing client of Mobileye, which also counts General Motors and Tesla on its client list.

Banking & Insurance

Standard Chartered would allow mobile banking through fingerprints only

Standard Chartered Bank launched its ‘Touch ID’ innovation on its mobile banking platform, ‘SC Mobile’, which would allow bank customers to use a touch ID in place of username and password. Now the mobile banking customers of Standard Chartered Bank will be offered the chance to log in to their mobile banking application with a fingerprint verification system. “In our endeavour to be the Digital Main Bank, we are constantly looking at avenues whereby we can strengthen and support our product and service offerings through digital innovations. We are confident that our customers will use this innovation and enjoy the convenience and enhanced user experience that it offers,” said Shyamal Saxena, head, Retail Banking, India at Standard Chartered Bank

ANZ backs private blockchain, but won’t go public

Like all the big banks, ANZ Banking Group is experimenting and investing in blockchain technologies, but don’t expect it to adopt a public ledger any time soon. The recent hack of the Decentralised Autonomous Organization (DAO), a cryptocurrency experiment built on the Ethereum blockchain network that raised more than $US150 million worth of cryptocurrency, served as further proof for the bank that public blockchains were still too risky for adoption, and would likely remain so for the foreseeable future.”The point about who controls a public blockchain is slightly worrying and what happened with Ethereum two weeks ago is a great test case,” ANZ group strategy executive manager Nicholas Groves said at the Blockchain Summit on Wednesday. “Had we been running something on Ethereum that was not the DAO and everything got rolled back, we’d potentially lose two weeks of stuff and for a bank that’s quite risky.”

Bank of America Merrill Lynch retrenches further

Dublin-based Bank of America Merrill Lynch International (BAML) continues to retrench its Irish banking arm, slashing assets and rationalizing its branch network as the bank, Merrill Lynch International Bank, stops accepting new business. The move runs counter to mounting speculation that UK-based investment banks will look to shore up some of their operations in Ireland as the UK readies an exit from the European Union. The bank, which was once Ireland’s largest bank by asset size, according to The Irish Times’s business database, Top1000.ie, has now slipped back to below 40th in a ranking of Ireland’s largest financial institutions. Assets fell from €361 billion in 2010 to just €5 billion as of the end of 2015, as the bank continued to downsize its Irish operations.

AIG creates joint venture with Ascot

AIG Europe has entered into an agreement with Ascot Underwriting and other partners to launch a joint venture to serve UK’s high net worth (HNW) insurance market. The venture, to be known as Azur Underwriting, will operate as a managing general agent (MGA) on behalf of AIG Europe. Azur will be responsible for managing distribution relationships, providing underwriting and claims expertise, and continuing to deliver risk mitigation services to AIG Europe’s existing, as well as any new, HNW clients. According to AIG Europe, Azur will leverage its technology capabilities to provide a market leading user experience for clients and brokers.

First West Brokerage Services Acquired by NFP

NFP, a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement, and individual insurance and wealth management solutions based in New York, has acquired First West Brokerage Services, Inc. (First West). First West is a full service benefits insurance broker and consultant specializing in group health plans with additional offerings in corporate retirement products, ancillary benefits and human resources solutions, as well as individual wealth management.

Fairfax to acquire Asian Alliance General Insurance

Fairfax Financial Holdings Limited has, through its wholly-owned subsidiary, Fairfax Asia Limited entered into an agreement with Asian Alliance Insurance to acquire all of the issued and outstanding shares of Asian Alliance General Insurance Limited (AAGI). AAGI will become a subsidiary of Union Assurance General Limited and part of the Fairfax Asia group. As part of this transaction, Fairfax Asia will also enter into a distribution agreement with Softlogic Holdings PLC, pursuant to which the Softlogic group will exclusively offer general insurance products of Fairfax Asia to its customers.

Allianz reshuffles Corporate & Specialty leadership

Allianz’s corporate insurer Allianz Global Corporate & Specialty (AGCS) has appointed its former head of marine and energy Paul O’Neill as chief underwriting officer, specialty recently. In this new capacity he will also join the subsidiary’s board. He succeeds Bill Scaldaferri, who is moving to take over board responsibility for AGCS North America, as previously announced. Allianz said this reflected the growing strategic importance of the region after the company acquired the Fireman’s Fund Insurance Company.

Latest Industry News – 28 / 06 /2016

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

Energy & Utilities

Landis+Gyr introduces gas module for accurate billing

Smart grid solutions firm Landis+Gyr unveiled its new intelligent gas module, M250, to help utilities to monitor their gas pressure to ensure accurate billing and pressure integrity for industrial applications. The module uses the firm’s RF mesh network to provide utilities with a secure IPv6 standard two way communication. The M250 is part of Landis+Gyr’s Gridstream AMI solution, and also provides four separate channels of register data at the same time and multiple event settings to report tampering or low battery status. The module automatically performs firmware upgrades and consists of user-selectable time increments for data retrieval.

How will Brexit impact UK’s energy sector?

UK would no longer part of the EU regulatory framework for market coupling – an EU initiative to unify electricity trading and harmonize power prices across Europe. Network codes are under development by the European Network of Transmission System Operators for Electricity (ENTSO-E). The UK’s transmission system operator, National Grid, is closely involved with the ENTSO-E discussions, but if the UK left the EU, it would have to negotiate with other member states to remain part of the association. Local equipment suppliers have expressed concerns about losing EU-led energy initiatives that have prompted consumer demand. Meanwhile, UK government has its own legally-binding targets for climate change and energy management.

C3 IoT secures US$25m US State Department contract

Software solutions provider C3 IoT has been selected by the US Department of State to implement energy management and predictive analytics technology. Under the US$25 million multi-year contract, C3 IoT will deploy its IoT enterprise application development platform to assist the US Federal Government to achieve and maintain statutory, executive order, and department energy and sustainability goals. The firm’s platform will give the Department of State access to dynamic, real-time operational insights and efficiencies by analyzing all data from enterprise and sensors across 22,000+ Department facilities in more than 190 countries.

Consumer Products & Retail

Nestlé Taps Ulf Mark Schneider as Next CEO

Nestlé SA on Monday named Ulf Mark Schneider—the head of a European health-care company—to be its new chief executive, in a surprise move that underscores the increasing emphasis on health and nutrition from the owner of Kit Kat candy bars, Perrier mineral water and DiGiorno frozen pizza. Mr. Schneider, chief executive of Germany-based Fresenius SE, will succeed current CEO Paul Bulcke, whom Nestlé’s board proposed as the company’s next chairman after Peter Brabeck-Letmathe retires from that position next year. While Mr. Bulcke—who has been at Nestlé nearly four decades—was widely expected to succeed Mr. Brabeck-Letmathe, the appointment of Mr. Schneider as CEO was unexpected. “It is a big surprise. An insider was expected,” said Jon Cox, head of Swiss equities at Kepler Cheuvreux. Mr. Schneider “has a very strong track record,” Mr. Cox added, but “he doesn’t have a food-and-beverage background.

Amazon’s Alexa May Soon Be Able to Pay Your Bills

Alexa, the Amazon Echo’s virtual assistant, may soon be able to pay your rent. Citigroup is testing Amazon’s voice recognition technology as part of an upgrade to its mobile banking app. Another gee-whiz feature that Citi is planning on adding to it app: the ability to log into your bank account using your face. Biometrics is one part of larger upgrade of its mobile banking app that Citi is planning on releasing in the fourth quarter. At first, though, the bank is only giving access to the new app to its Citigold customers, before rolling it out to the rest of its customers. Heather Cox, who runs Citi Fintech, said the bank also is close to inking partnerships with a number of fintech start-ups in order to add peer-to-peer payments and other functions to its app. Cox said she was not ready to announce what start-ups Citi might partner with.

Tesco Lotus expands online with new services

Ek-chai Distribution System Co, the operator of Tesco Lotus hypermarkets, says it will proceed with its goal of expanding online shopping and doubling internet sales this year. Wanna Swuddigul, the company’s digital and online business director, said today’s consumers are demanding convenient access to information, products and services. thanks to the growth of internet penetration and advance mobile technology in Thailand. As of January, 56% of the Thai population or 38 million people used the internet, 86% were online every day and 45% used the internet via smartphones. With this information, Ek-chai plans four new services to recruit online customers and to encourage customers who shop regularly at Tesco Lotus stores to also shop online.

Automotive

Toyota launches online blog

Toyota Material Handling UK has launched a new online blog to discuss all elements of material handling equipment, from the purchase process to efficient operation. The blog includes a host of articles created by the Toyota team to share their experience and knowledge in the logistics industry. The blog will publish regular articles offering advice and insight covering all elements of materials handling. The new blog, named The Exchange is a source of informal but informative advice on a wide range of subjects including health and safety, buying guidance, plus the benefits and suitability of materials handling equipment in different working environments. It is free for anyone to view and Toyota is confident that it will become a source of knowledge and insight within the materials handling sector.

Ceres Power Holdings plc Ceres Power to Develop SOFC for Electric Vehicles

Ceres Power Holdings plc has announced it has now finalized all agreements to begin its new relationship with Nissan Motor Manufacturing (UK) Ltd and M-Solv, as part of the funding arrangement from Innovate UK and The Office for Low Emission Vehicles (“OLEV”) as previously announced on 22 March 2016. Ceres Power is the leader of this consortium, with Nissan and M-Solv, aimed at developing a compact, on-board solid oxide fuel cell (“SOFC”) stack for range extension of electric vehicles. The SOFC stack is based on Ceres Power’s unique SteelCell technology, which is able to work with a variety of high efficiency fuel types (including biofuels) applicable to the automotive sector. This offers a potential path to significantly accelerate the take up of electric vehicles, reducing CO2 and other emissions, and making significant progress towards the UK’s low carbon energy targets.

Uber does Kiwi car music deal with Pandora

Uber New Zealand has partnered up with music streaming service Pandora to bring ad-free music to its drivers. New Zealand is one of the first countries to sign the deal with Pandora, which will allow drivers to access and play personalized music from Pandora stations for free and without advertisements. The deal will feature in Uber’s Partner app – allowing its drives to connect directly to their Pandora account. The partnership will also launch in the US and Australia, with other cities set to follow.

Banking & Insurance

J.P. Morgan Leads $52.5 Million Investment In This Hot Robotics Company

J.P. Morgan is high on robots. The big bank on Monday led a $52.5 million investment round in a San Francisco robotics startup Anki. Venture capital firms Andreessen Horowitz and Index Ventures and hedge fund Two Sigma also participated in the funding. Anki made a name for itself in 2013 when it released its robotic race cars that received praise from Apple AAPL -1.55% CEO Tim Cook, who invited the startup on stage during Apple’s 2013 developer conference. On Monday, the startup unveiled a new toy robot that former animators from film studios like DreamWorks DWA 0.02% and Pixar helped design. The new robot looks like a mini truck outfitted with a tank tread and forklift. A small screen displays two animated blue eyes that move around and change shape depending on the robot’s reactions.

Jetstar employees face day with no pay after ANZ glitch

Jetstar employees are facing at least a day with no pay due to a glitch at ANZ. The bank has taken responsibility for the problem, according to reports. “Jetstar employees are often living paycheque to paycheque, so a problem like this can cause major issues,” says an aviation union spokesman. Kelvin Ellis of the Et Tu union said many Jetstar staff will be overseas, in the air or otherwise uncontactable today. “They can’t easily rearrange their bill payments and other finances at the drop of a hat just because the bank made a mistake.” The union is working with Jetstar to resolve the issue as soon as possible, Mr Ellis says. ANZ expects the glitch to be resolved by the end of the day.

Standard Chartered Bank invest over RM 100 million in Malaysia

Standard Chartered Bank is looking to pour in approximately RM 123.3 million (US$30million) in Malaysia. According to a report on The Star, the money will be used to run a global technology and operation hub under wholly-owned subsidiary, Scope International. The investment is part of the US$3 billion that the bank set aside to strengthen its tech offering, retail and private banking and wealth management. Quoting StanChart Scope International chief executive officer CEO, Matthew Norris the article said the global shared service in Malaysia provides technology services and support to 54 other nations around the globe. Norris added the investment by the is more than 50% of that was spent last year. Standard Chartered Bank was established in Malaysia in 1875 and incorporated as Standard Chartered Bank Malaysia Berhad in 1984.

Former Treasury man Kingman to chair Legal & General

Legal & General announced the appointment of a new group chairman on Tuesday, confirming former Second Permanent Secretary of HM Treasury Sir John Kingman as taking the up the post.

The 47-year-old comes with no previous experience in operating an insurance firm, but he did play a major role in the bailout of RBS, Lloyds and Northern Rock during the 2008 financial crisis. Kingman is succeeding Rudy Markham, who began the search and appointment process for the new chairman whilst senior independent director, and has served as interim chairman since John Stewart’s retirement from the board on 1 June

Fairfax to buy majority stake in Indonesian insurer AMAG

Fairfax Asia has agreed to acquire 80% stake in Indonesian insurer PT Asuransi Multi Artha Guna Tbk (AMAG) from PT Paninvest Tbk and its affiliates. Subject to customary closing conditions, the deal is expected to complete by the end of the fourth quarter this year. AMAG provides general insurance products for its customers in Indonesia. The company generated about $65m gross written premiums in the last year. As part of the deal, AMAG will also sign a long-term general insurance bancassurance agreement with PT Bank Pan Indonesia Tbk. Once the deal concludes, AMAG will be included in the PT Fairfax Insurance Indonesia and operates under the leadership of Fairfax Asia group CEO Ramaswamy Athappan

6 Insurance Companies Investing in Wearable Technology

Wearable fitness devices are growing in popularity, as per Tech research firm Gartner. Companies are partnering with insurance companies that will provide discounts for participation in wellness programs. Insurance companies are leveraging the popularity of wearable technology to keep customers engaged. Esurance, Phoenix, Oscar Health Insurance, AXA, John Hancock, Progressive are investing in wearable technology such as wristbands and tracking device that transmits geo-location, capture information, link biometric data to health insurance coverage plans, track healthy behaviors, etc.

Latest Industry News – 27 / 06 /2016

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

Energy & Utilities

Exelon plans to build 200 MW wind farm in Ohio

Exelon has filed a notification letter with the Public Utilities Commission of Ohio to build a 200 MW wind farm in Seneca County. The wind farm would be the first in Ohio for Exelon, which is better known as an operator of nuclear power plants. Although the Ohio wind farm would be the first in the state for Exelon, it would add to a portfolio that totals 1,500 MW and has wind farms in 10 states. Most of Exelon’s generation fleet, however, is powered by nuclear power, and that has put Exelon at odds with some wind power advocates.

Lignite miner Sahakol plans IPO to expand

With a stable income flow from 10-year contracts sealed with the Electricity Generating Authority of Thailand (Egat), Sahakol Equipment is gearing up to raise funds from the stock market because it is doubling the size of its business. The lignite-mining contractor plans to float 230 million shares, equivalent to 23 per cent of total outstanding shares after the initial public offering, expecting to raise between Bt700 million and Bt1 billion from the IPO slated for the third quarter.

CNOOC, China Huaneng Group to Work Together in Natural Gas Space

China National Offshore Oil Corporation (CNOOC) and China Huaneng Group have agreed to work together in natural gas sector. The two parties signed a deal on June 24 regarding cooperation in natural gas space as well in the green energy generation segment. CNOOC and Huaneng Group will together promote the transformation and upgrading of China’s energy industry and green development.

Consumer Products & Retail

Wal-Mart expands mobile wallet app to 15 additional states

Wal-Mart Stores Inc. has over the last week expanded its Walmart Pay mobile wallet application to 15 new states—Virginia, Michigan, Indiana, Iowa, Kentucky, Nebraska, Tennessee, Georgia, Louisiana, Mississippi, Alabama, the Carolinas and the Dakotas—according to CNET. Walmart Pay links to the customer’s credit, debit or Wal-Mart gift card: To pay, shoppers scan a unique QR code that pops up at the payment terminal with their smartphone camera. The app can only be used at Wal-Mart stores. More than 20 million Wal-Mart customers use the app monthly, according to the retailer’s press release.

Alibaba plans on following Cosco Pacific into Greece

Chinese online-shopping giant Alibaba is expressing an interest in Greece now that Cosco Pacific’s investment in the port of Piraeus appears to be in the bag. Officials of the world’s biggest online sales corporation will visit Athens this week, and in September Alibaba has arranged for contacts with the Greek government and with members of the local business community. On Wednesday at 1 p.m. a senior Alibaba Group official is scheduled to hold a press conference at the Athens Chamber of Tradesmen (EEA), which is also participating in the effort to bring Alibaba to Greece. The official will present the Chinese company’s plans regarding the expansion of its activities into this country. New York-listed Alibaba enjoys a capitalization of over $200 billion and its sales are growing at an annual rate of between 35 and 45 percent.

Amazon benefitting from growing web fashion sales

Amazon’s assertive moves into apparel and accessories sales is being fueled by the increasing willingness on the part of consumers to buy fashion online, according to research set to be released by 1010data’s e-commerce Insights Panel. Web fashion sales rose 48% from January to April this year compared to the same period in 2014. Those moves also appear to be cannibalizing its Marketplace: While Amazon’s direct fashion sales rose to 13.5% of dollar share in 2016 from 10.3% in 2014, its Marketplace’s dollar share decreased to 21.5% from 26.3%.Meanwhile, Nordstrom appears to be gaining strength in online fashion sales, now sandwiched in second place between Amazon’s Marketplace and Amazon’s direct fashion sales from its previous number three post, while Macy’s dropped to fourth place from second, according to the study.

Automotive

Nissan adds an extra dimension to virtual reality’s Utility Analytics Software Platform

Nissan at Goodwood Festival of Speed 2016 unveiled the world’s biggest garden party for gear heads opened its doors for 2016, the 4D demonstrator, in Nissan’s words, is where real and virtual worlds collide. Allowing 15 people at a time to ‘travel’ in the passenger seat of the new Nissan GT-R with NISMO driver Jann Mardenborough behind the wheel, the visual action is relayed via Samsung Virtual Reality headsets. However, the fourth dimension comes in the form of dynamic seats, which move in synchronization with the action.

UK car sales ‘could slump 25% after Brexit vote’

An expert on the UK’s automotive sector has forecast a slump in UK new car sales following last week’s vote to leave the European Union (EU).With previously divided politicians now calling for calm and unity in the wake of last Thursday’s momentous referendum, the car industry now had to take stock of the situation, according to John Leech, head of automotive at accountants KPMG. Leech said that while some recent estimates put domestic car sales in excess of three million in the coming years, this was now “highly unlikely” and he was expecting 2.5 million unit sales in 2017.

Honda plans battery recycling network as hybrids take off

Honda Motor will soon begin collecting and recycling lithium-ion batteries used in its hybrid vehicles across Japan, tackling a waste problem that is growing with interest in eco-friendly cars. The Japanese automaker plans to obtain by the spring of 2017 a permit from the Environment Ministry for collecting and processing industrial waste — its own used batteries — across prefectural lines, becoming the first among its contemporaries to do so. Honda will tap Tohoku University, known for recycling research, as well as Japan Metals & Chemicals, as its partners to create a prototype plant within three years. The goal is to perfect technologies for removing pure substances from battery waste for less than it would ordinarily cost to incinerate the devices.

Hyundai Heavy eyes medical robot exports

Hyundai Heavy has delivered 10 robots of three different types were delivered to five medical institutions — Asan Medical Center, Ulsan University Hospital, Cheonnam National University Gwangju 2nd Geriatric Hospital and Ulsan Noin Hospital. Medical-use robots developed by Hyundai Heavy includes “Morning Walk” that helps with rehabilitation treatments, and Carrybot used in transporting patients

Banking & Insurance

Deutsche Bank to shut 188 German branches, cut 3,000 staff

Deutsche Bank confirmed that it had struck a deal with its works council to shut a quarter of its German branches, slightly fewer than expected, as it cuts costs and revamps retail banking. Germany’s biggest lender has embarked on a strategic overhaul, announcing in 2015 that it would cut 9,000 staff positions, of which 4,000 would be in Germany. It will first shed almost 3,000 jobs in Germany, with 2,500 in its retail unit, while talks with employee representatives about further cuts continue, Deutsche Bank said in a statement. This will leave Deutsche Bank with 535 branches in Germany, compared to an original target of 500. It will start closing down branches before the end of the year, with the bulk to be shut in the first half of 2017.

Citigroup resolves ‘technical issue’ that left accounts frozen

Citigroup Inc said that it resolved a technical issue that had left customers unable to access their accounts remotely. Customers had taken to social media to complain about the outage, which affected several U.S. states, including New York, Pennsylvania and California, according to Bloomberg.”We experienced a brief technical issue that is now resolved,” Citigroup’s customer service Twitter account said in response. Bloomberg reported the news of the outage first. A Bloomberg reporter spoke with four people at a bank branch on Manhattan’s Upper East Side who said debit cards did not work at the ATM there. Citigroup was not immediately available for further comment.

Barclays and Lloyds: Plan to share bank data could be boon to fraudsters

Plans to share bank customers’ data to improve competition could also increase the risk of fraud and identity theft, Barclays and Lloyds have warned. The Competition and Markets Authority (CMA) wants customers to be able to share their transaction history with other banks and with comparison websites so they can more easily shop around for the best deal on their accounts. Two of the country’s biggest banks expressed support towards the idea, but warned that the initial plan could endanger customers, as the data could fall into the hands of fraudsters. Banks already provide limited data on each account – called Midata – which customers can download and use for comparisons, but the system is clunky and the CMA wants it to be more easily shared.

Zurich launches e-signatures for corporate customers

Insurer Zurich has introduced e-signatures for its UK corporate risk customers in a move that aims to speed up and simplify the process for group income protection claims. Using e-signatures means there is no paperwork to sign. Customers and their employees can speak directly with a dedicated case manager who will provide an e-signature link so their claim can be processed smoothly. A pilot found that in many cases e-signature consent came back on the same day, shortening the whole process by an average of two weeks.

National General to pay $165mn for auto insurer Direct General

National General has agreed a deal to buy Elara Holdings, the parent of Southeast US-focused non-standard auto company Direct General, for around $165mn. The Insurance Insider revealed in January this year that the Nashville, Tennessee carrier had been put up for sale by its private equity owners, TPG Capital and Calera Capital. The price, which is subject to post-closing adjustments, represents a 1.27x multiple of Direct General’s total equity of $130mn as at 31 December 2015.

French AXA Insurance pumps $6.8 million into CIL Egypt’s capital

French insurance group AXA has completed pumping 60 million Egyptian pounds ($6.8 million) into its recently-acquired Commercial International Life Insurance Company (CIL)’s capital. The increase in CIL’s capital to 150 million pounds aims to meet with AXA’s planned expansion scheme involving launch of new insurance products in the coming phase in Egypt. The French insurer acquired earlier in 2015 approval from the Egyptian Financial Supervisory Authority (EFSA) to acquire 100 percent of CIL for €88 million (763 million pounds).

Latest Industry News – 24 / 06 /2016

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

Energy & Utilities

Verdafero Inc. Announces Partnership with Gilleran Energy Management to Use Verdafero’s Utility Analytics Software Platform

Verdafero Inc. announced a partnership with Gilleran Energy Management (GEM), one of the top green building and energy efficiency consulting companies in California, to use Verdafero’s Utility Analytics Platform with new and existing commercial clients. Verdafero’s Utility Analytics Software Platform is a comprehensive utility software application enabling commercial building owners and operators to track, analyze, and report on all utility expenses including energy, water, waste, fuel oil, propane, fleet fuels across multiple locations.

Loan Firm Dividend Solar Merges With PACE Funder Figtree, Raises $200Mn

Dividend Solar and Figtree Financing agreed to merge. Dividend is a solar financing firm offering residential loans that include performance guarantees and warranty management. Figtree provides property-assessed clean energy (PACE) financing for energy-efficiency improvements, including solar power and water conservation upgrades. PACE financing allows home or business owners to access long-term financing that is repaid through their property taxes. The merger represents the first-ever combination of a residential solar lender and PACE financing provider.

Gexa Energy launches DR portfolio for industrial consumers

Texas Retail electricity provider Gexa Energy launched a new portfolio of programmes to help its commercial consumers reduce their energy consumption and bills. The new online demand response (DR) portfolio, ControlComm, uses AutoGrid’s DR Optimization and Management System to assist the utility’s customers in the Electric Reliability Council of Texas (ERCOT). Gexa Energy will pay customers on a fixed price product for reducing their energy consumption during peak demand periods above 1 hour.

Consumer Products & Retail

“World first” Sales Assist app by Apple and IBM rolled out in Boots stores

Health and beauty retail giant Boots has launched a new app to make it easier for staff members to find any product customers want. Created in collaboration with IBM and Apple, the new Sales Assist app is dubbed as a world first and has been rolled out to over 2500 of Boots’ stores, on 3700 iPads used by shop floor assistants. The app allows Boots staff to search any product for a customer, display an image of it on screen, and provide a price – essentially solving those times a shop assistant struggled to know what a product was or whether it was in stock. Sales Assist also shows other related or recommended products and discover if it there is any in stock at the store, or make an order from another location.

Lidl to invest £50m in Scottish portfolio

Discount supermarket chain Lidl has announced it will employ 300 new people as part of a £50m investment in its Scottish property portfolio over the next 12 months. The investment will also see the opening of new concept stores, plus a refurbishment and expansion of 10 out of 91 existing outlets across Scotland. The new “Lidl of the Future” concept stories will utilize sustainable and environmentally-friendly technology and will be located in Hawick, Stirling, Greenock, Partick and Oban, along with three in Edinburgh in Broughton, Craigmillar and Slateford. “Our planned investment over the next 12 months signifies our commitment to Scotland,” Lidl’s Scottish managing director Ross Millar said. “We have also set up a dedicated buying team in Scotland and we are working towards sourcing over 25 per cent of our products from Scottish suppliers.”

Alibaba Invests in AI Startup

Online retail giant Alibaba has invested in an Israeli startup that is using Artificial Intelligence (AI) to evolve ecommerce search technologies to an entirely new level of sophistication. Twiggle, based in Tel Aviv and founded in 2013 by CEO Dr Amir Konigsberg and CTO Dr Adi Avidor, has raised US$14.7 million in its last funding round. The finance Twiggle has been able to secure will be used to expand and accelerate the research and development of the organisations core project. The technologies involved include predictive analytics in the mining of Big Data, machine learning and natural language processing which, in part, is that form of AI concerned with the science of how humans and digital technologies interact. With this as the basic architecture, Twiggle has built a search platform that is unique to ecommerce.

Automotive

ISUZU PUSHES BENEFITS OF TRUCK TELEMATICS

Isuzu Trucks is encouraging truck owners and operators in Australia to take advantage of the technology available. Telematics, such as the Isuzu Connect system, enables truck owners to monitor their trucks, including speed, driver behaviour and real-time location. The technology also helps keep track of servicing and mechanical check requirements. research shows telematics is still being used primarily for vehicle tracking. This technology has enormous capacity to positively impact road safety in Australia.

TOYOTA USES TECH TO PROTECT YOUNG CHILDREN

Toyota is making a change to its virtual crash-test software with a view to helping protect younger car occupants and pedestrians. New virtual crash-test dummies, which replicate the physical characteristics of children aged ten, six and three, are being added to Toyota’s Total Human Model for Safety (THUMS) software. The software was developed by Toyota and maps and simulates the injuries sustained by human bodies in vehicle crashes. Toyota tell us THUMS can forecast the extent of likely injuries throughout the human body and assists in the design of passenger protection devices, such as airbags, and the design of safer vehicles.

Accelerating & Enhancing: Dassault Systèmes Launches Vehicle Program Intelligence Solution for Automotive Industry

Dassault Systèmes will be offering an unprecedented and transformative innovation for automotive groups in the midst of project management. Launching the Vehicle Program Intelligence program, they are offering something entirely new to those responsible for vehicle development programs. Meant to be an ‘industry solution experience,’ the new program will supply automotive companies with analytics applications unlike anything ever seen in terms of functionality and power. Vehicle Program Intelligence is founded on the 3DEXPERIENCE platform, and according to Dassault, this new 3D solution will be responsible for revealing, measuring, and analyzing product and manufacturing data. The goal is to see an acceleration in projects overall, allowing for business decisions to be ‘enhanced,’ with the ultimate result being streamlined projects, changes, and quality management.

Synaptics launches fingerprint kit for automotive industry

Synaptics Incorporated is now offering broad availability of its new Natural ID fingerprint sensor evaluation kit (EVK) specifically targeted at the automotive industry. The Natural ID Automotive EVK enables designers and engineers to quickly and seamlessly integrate fingerprint sensors into prototypes and demo systems inside a vehicle or in the lab. Synaptics’ fingerprint sensors provide biometrics with advanced encryption capabilities, as well as can recognize user input gestures like swipes, taps and long presses. The fingerprint sensors’ combination of biometrics and user input capabilities makes them well-suited for automotive applications such as driver-based personalization, in-car payments and services. In addition, these capabilities enable them to interact with in-vehicle infotainment systems and instrument clusters where minimal physical clutter, intuitiveness of use, and minimization of driver distraction are important requirements.

Banking & Insurance

Bank Of America Adds Michael White as a Director to its Board

Bank of America Corp appointed Michael White as a director to its board, Finance Magnates has learned. White joins after recently retiring as chairman, president and CEO of DirecTV. White is currently an advisory partner for Trian Fund Management, a group that helps the firm identify potential investments, formulate strategy and engage with management teams at public companies. He was the former CEO of PepsiCo International and former vice chairman and director of PepsiCo. He also brings with him additional experience as a management consultant for Bain & Company and Arthur Andersen.

Barclays Android app makes £100 contactless payments

Barclays has upgraded its Android app to allow UK customers to make contactless payments in stores via their handsets. The bank has opted to provide the facility rather than support Google’s Android Pay service. Barclays allows payments of up to £100 via compatible terminals. Android Pay does not have this limit if merchants agree to accept larger sums In both cases, payments over £30 require the use of a Pin code. Barclays says its app also allows customers to carry on spending if they lose one of their physical cards. That is because if a card is cancelled, Barclays can immediately upload the details of its replacement to the app, as soon as it is issued.

Deutsche Bank to shut 188 German branches and cut 3000 staff

Zurich divests Taiwan operation

Zurich Insurance has sold its general insurance operations in Taiwan to automobile distributor Hotai Motor. Hotai Motor became the successful buyer following a rigorous bidding process and it plans to establish a multi-line insurance brand. Zurich plans to reshape its global footprint over the next two years and seeks to build a more sustainable business and improve profits.

BigDecisions.com Partners with Edelweiss Tokio Life Insurance for Critical Illness Insurance Awareness

News Corp owned BigDecisions.com has announced that it has partnered with Edelweiss Tokio Life Insurance for an initiative to create awareness around the need for critical illness insurance in India. The initiative is the result of the findings based on BigDecisions.com’s user data and a survey conducted by Paramount Healthcare Management.

Spice Digital Limited inks partnership with policybazaar.com for exclusive insurance covers

Spice Digital Limited, India’s leading Mobile Value Added Services (MVAS) and Fintech Services Provider, has entered into an exclusive partnership with Policybazaar.com for offering personal accident cover to its customer base. This move is expected to benefit more than five lakh customers. This benefit would also be extended to the company’s 10,000+ channel partners. The policy will be activated through registration process under loyalty program.

Latest Industry News – 23 / 06 /2016

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

Energy & Utilities

US firm unveils new online store for water tech

Water management solutions firm Fathom has launched an online platform to accelerate the adoption of smart water technologies in the US. The online marketplace Fathom Store is designed to simplify the engagement between water utilities and solutions providers toward fast and risk-free adoption of new technologies. The store will allow water utilities to list their technology requirements whilst solutions providers market their innovations.

Tesla offers to buy Solarcity as Elon musk energy empire

Electric car manufacturer Tesla is set to offer renewable energy firm SolarCity up to $2.8 billion as part of a takeover deal that would see entrepreneur Elon Musk consolidate two of his companies into a clean energy powerhouse. Musk would stand to benefit financially from any takeover. The company envisions people’s homes and cars to be powered by the sun, using SolarCity’s renewable energy technology to provide power for Tesla’s vehicles and Powerwall battery packs.

Solarcentury teams up with JinkoSolar in Mexican renewables push

British renewables firm Solarcentury and Chinese photovoltaics maker JinkoSolar have won a joint bid to deliver two solar power projects in Mexico’s first round of energy auctions. The firms will develop two ground mount solar projects in the country: a 100MW project in Viborillas, Jalisco state, and another 70MW development in Cuncunul in Yucatan state. Solarcentury will develop the two solar projects while the Energy Division of JinkoSolar will act as the investor and owner of both sites.

Consumer Products & Retail

Instacart, FreshDirect, Drugstore.com Partner in the Digital Aisle for CPG Brands

Brands will now be able to drive featured placement and increase sales on consumer packaged goods (CPG) retailers Instacart, FreshDirect and Drugstore.com. HookLogic aggregates the digital aisle for CPG brands, providing closed-loop performance marketing opportunities at massive scale. According to Business Insider Intelligence forecasts, the United States online grocery sales are projected to reach $18 billion by 2018, as consumers become more accustomed to buying groceries and consumable goods online. Additionally, a March 2016 Boston Consulting Group report indicated that it takes more than brick and mortar market share to guarantee an advantage in winning the digital shelf. According to the report, “Winners get in early, with strategies and campaigns designed for digital.”

Marketing Investment Planner Tool Improves Campaign Design and Planning

Catalina, the personalized digital media company, announce Catalina Investment Planner, a marketing planning application that allows CPG brands and retailers to identify their profitable growth potential by leveraging insights from 260 million shopper IDs and 16 billion shopper transactions. The Investment Planner is part of Catalina’s ROI Value Creation Initiative. It‘s a highly visual, proprietary iPad application that gives marketers, brand managers and executive decision makers the ability to quickly visualize opportunities for efficient growth. The application is designed to guide the creation of campaigns and strategic plans based on estimated end-of-campaign metrics and sales results. The Investment Planner addresses a critical need in the CPG industry for improved marketing efficiency.

Guinness Sauce to expand retail presence across the UK this year

The Guinness licensed food programme is set to expand, with AB World Foods’ Guinness Sauce set to roll out across the UK later this year. The Sauce first launched exclusively at 583 Tesco stores in April 2015 and is currently distributed as a table top condiment at 36 O’Neill’s pubs and major Irish grocery stores such as Spar & Centra, Supervalu and Dunnes. Elsewhere, Diageo plans to work in collaboration with its exclusive licensing agent, Beanstalk, to further expand both Guinness and Baileys’ presence in food. Desired categories include meats and cheeses for Guinness and desserts for Baileys.

Automotive

Daimler to rev up e-mobility drive

German luxury automaker Daimler, owner of the Mercedes-Benz and Smart brands, plans to speed up its push into electro-mobility in the race against US pioneer Tesla and German rival BMW. Daimler plans to market six new electric models by 2020, starting with an SUV based on the Mercedes GLC, to be presented at the Paris Motor Show in September and hitting the market next year. Daimler plans to launch a new sub-brand of e-cars with a range of over 500 kilometres, to be built in its plants in Germany, the United States and China, the report said. Daimler but confirmed that the group wants to focus more on electric cars in coming years. The strategic shift would be subject to approval by the supervisory board of the company.

Hyundai’s i30 compact Australia’s best-selling car for 3 months in row

Hyundai Motor’s i30 compact maintained it spot as Australia’s best-selling vehicle for the third consecutive month in May, government data showed. The data compiled by Australia’s Federal Chamber of Automotive Industries showed that South Korea’s top automaker sold 3,771 units of its i30 compact in Australia in May, up 126% from a year earlier. Toyota Motor’s Hilux took the second place with sales of 3,675 units. The Toyota Corolla was third with 3,333 sales, followed by the Mazda3 with 3,243 sales, and the Ford Ranger with 3,115 sales. The Federal Chamber of Automotive Industries said Toyota led the market for May with 17,201 sales, followed by Mazda on 9,608 and Hyundai with 9,005 sales.

Acura NSX EV Concept to ‘race to the clouds’

Honda has announced that its American subsidiary NSX will race an all-electric, NSX-inspired concept at the annual Pikes Peak International Hill Climb. Taking the place of the 1.5-litre turbocharged V6 petrol and nine-speed transmission under the NSX body is an all-electric, four-motor Super Handling All-Wheel Drive (SH-AWD) powertrain. Honda says this powertrain is the result of 20 years of research and development aimed at achieving “ideal vehicle handling” The electric concept also looks a bit different from the standard hybrid, sporting a massive rear wing and a front spoiler.

Banking & Insurance

Barclays launches a new NFC payments app for UK customers

Contactless payments represent a paradigm shift in banking. Your checking and savings institution of choice, previously a neutral keeper of your hard-earned cash, now has the power to peek into your spending habits and recommend loans, accounts, and other products accordingly. Wells Fargo was one of the first last month to join the mobile-payments-data fray, and now Barclays has announced a bid of its own: a new NFC service that supports payment terminals in the U.K. The app, Barclays’ Contactless Mobile, isn’t exactly packed to the brim with features, but it checks the basic boxes. You can complete transactions with your smartphone’s NFC chip at supported retailers, plus keep track of your cards and various balances in a unified interface.

BNP Paribas appoints custody and clearing head to lead new innovation lab

BNP Paribas Securities Services has set up a 20-person innovation and digital lab (I&D Lab) staffed by industry veterans to focus on the use of big data and distributed ledger technologies and potential investment oppotunities in the fintech sector. Bank innovation labs have a poor rep among cynical industry-watchers, who tend view them as a PR exercise, staffed by spotty tech geeks with little experience of the nuts and bolts of the business. The French bank is taking a more serious tack, appointing its former head of clearing, settlement and custody products Philippe Ruault to head up the new unit which will be situated at the company’s Paris-based campus.

Citigroup tech executive talks security, cloud, automation in inaugural TAMI talk

Citigroup Inc. faces a potential cyberattack every 20 seconds, according to Don Callahan, the head of global operations and technology at the bank and financial services company. The Citi executive spoke June 20 at Manhattanville College for the inaugural TAMI Talk, an acronym for technology, advertising, media and information. The talks are an initiative of The Business Council of Westchester to bring leaders in those four sectors together for discussions. Callahan has been with Citi since 2007. He’s also a liberal arts graduate of Manhattanville College and on its board of trustees. In a speech that focused mainly on the role technology plays in the financial industry, he described recent innovations in so called FinTech as especially exciting – if not also somewhat scary. He mentioned the cyberattack statistic when asked whether he thought large companies were winning the “war against cybercrime.”

CBL plans to acquire French firm SFS for EUR 94 Mn

Credit and financial risk insurer CBL is planning to acquire France-based Securities and Financial Solutions Europe (SFS) for €94m. The purchase would also include SFS’ claims management operation, IMS Expert Europe. SFS is a managing general agent that underwrites specialist construction-sector insurance products on behalf of insurers in France. The firm also recently opened branches in Spain and Luxembourg.

MOVES-AXA IM appoints UK head of insurance solutions

AXA Investment Managers, the asset management unit of AXA SA, appointed Chris Price UK head of insurance solutions. Price joins from Deutsche Bank, where he was director of insurance asset management and head of industry solutions in the UK. He will be based in London and report to Mathilde Sauvé, head of institutional solutions at AXA IM.

Latest Industry News – 22 / 06 /2016

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

Energy & Utilities

ABB to provide AMI connectivity for US city

Smart grid automation solutions firm ABB has been selected for the rollout of an automated metering infrastructure (AMI) project in the US city of Memphis in Tennessee. Under the project, ABB will provide its wireless network technology to enable connectivity for 1 million smart meters set for deployment under the AMI programme. The firm will also maintain its technology to provide AMI connectivity within 2030 square kilometres.

Island utility to deploy Itron smart water solution

US technology and service company Itron has been selected by Provo Water Company Ltd to upgrade its water metering system. The utility will deploy Itron’s smart water network and analytics, and will be managed using Itron Total Outcomes, the company’s managed services offering. The smart water solution will be leveraged to improve the efficacy of water delivery on the island. According to a company release, Provo Water’s potable water is produced by reverse osmosis desalination, which is a costly process.

Consumer Products & Retail

Walmart developing robotic shopping carts that follow customers, suggest items to buy

The retail giant is collaborating with Five Elements Robotics to develop shopping carts that can follow customers around and also suggest items to purchase. The new robo-scheme was announced by Five Elements CEO Wendy Roberts at the Bloomberg Technology Conference. Five Elements already has a personal robot that can perform similar tasks to the automated shopping cart. The Budgee is a simple robot with a bag that can carry all sorts of items, it’s also capable of traveling through all sorts of terrain.

Costco switch to Visa takes effect

The Costco switched from American Express to Visa opening up the ability for millions more customers to use plastic. After only accepting American Express for the past 16 years, Costco will begin an exclusive credit partnership with Visa and will use Citigroup as its provider. Purchases made with the new Costco Anywhere Visa will earn Costco Cash Rewards. It includes: 4% cash back on eligible gas worldwide, including gas at Costco, for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurant and eligible travel purchases worldwide, 2% cash back on all other purchases from Costco and Costco.com and 1% cash back on all other purchases.

Amazon To March Into Indonesia With $600 Million

Amazon.com plans to expand its e-commerce empire to Indonesia, with a $600 million investment for the first year. Indonesia’s e-commerce space is only about $3.2 billion in sales, a tiny fraction of its $150 billion retail market. Indonesia is also the world’s 4th most populous country with 250 million population. When Amazon moves in it will be competing with start-ups backed by Alibaba Group (BABA) and its buddy SoftBank.

Automotive

Iran Khodro, Peugeot-Citroen open joint firm

The largest automaker in the Middle East, Iran Khodro, and its old partner, France’s Peugeot-Citroen (PSA), have announced the launch of a joint auto company in the Iranian capital. The joint company, IKAP, was inaugurated in Tehran on Tuesday in the presence of the Iranian minister of mine, industry and trade, IRNA reported. The news comes after Peugeot-Citroen signed a €400-million ($450mn) joint venture with Iran Khodro. The new venture aims to produce 200,000 vehicles a year by 2018 The 50-50 joint venture will manufacture three models – the Peugeot 208, the 2008 sport utility vehicle and 301 compact – using parts mostly made in Iran, reports indicate. Quemard also noted that the $450 million will be invested over the next five years. The money will go into building manufacturing capacity in Tehran, as well as research and development. Reports say Iran will export 30 percent of the cars produced by the new venture to the Middle East and beyond. Iran’s car production fell from 1.65 million units in 2011 to 740,000 in 2013, but PSA estimates that it will break the 2-million mark by 2022.

BMW UNVEILS NEW HOME ELECTRICITY SYSTEM

BMW has shown off a new electricity stationary storage system that uses the same batteries found in its electric cars, except in this case they will power your home. It’s called the BMW Intelligent Storage Solution (ISS) and the German car company says it can be integrated into a home or office and is ideal for storing clean energy generated by wind or solar systems. When you need the power that is stored in the systems batteries, such as during electricity peak times or a blackout, the ISS kicks in and supplies your usual home/office power needs for up to 24 hours. It is expected to publically debut at the upcoming EVS29 electric vehicle show in Canada.

Staff and production cuts expected at GMSA

General Motors SA (GMSA) has begun discussions with its workforce to reduce employment at its Struandale vehicle assembly plant in Port Elizabeth, in the face of shrinking local and export demand for its products. The US-owned company confirmed yesterday that “a significant decline” in demand had forced it to cut back on planned production. To minimize the effect on the company’s business and 1,800 employees, the company said it was working with stakeholders to consider all alternatives, with voluntary separations and early retirement preferred options. GMSA is not alone in struggling with new vehicle sales in SA. The local market is expected to shrink up to 12% in 2016, the third successive year of decline. But where most other companies are more than compensating with booming exports, GMSA is almost wholly reliant on SA. Out of 333,802 new vehicles exported from SA in 2015, GMSA contributed just less than 5,000. All those vehicles went to sub-Saharan Africa, where low oil prices and other economic constraints have put a brake on new vehicle sales for all brands. Most local manufacturers, however, have outlets beyond Africa, so while GMSA expects a reduction in exports in 2016, the industry as a whole is forecasting an all-time record of about 370,000.

Banking & Insurance

Core banking software vendor Nymbus makes another acquisition

Acquisitive banking software start-up Nymbus takes over yet another fellow vendor, Sharp BancSystems (SBS). SBS provides an integrated suite of banking software solutions, front-to-back office including core, item processing, online and mobile, ATM/debit card processing, loan and deposit account origination. Nymbus’ own core banking system, Smartcore, will replace the outdated core at SBS.

Bank of England Launches Fintech Accelerator, Partners With PwC on Distributed Ledger Project

Bank of England is launching a fintech accelerator to work in partnership with fintech firms. The accelerator will work with new technology firms to help us harness fintech innovations for central banking. In return, it will offer firms the chance to demonstrate their solutions for real issues facing us as policymakers, together with the valuable ‘first client’ reference that comes with it. With time, the accelerator will build a network of firms working in this space.

YES Bank plans to raise $1 billion from international markets

With plans to raise $1 billion from international markets, private sector lender YES Bank BSE 0.70 % is eying to setup an international branch in Singapore, as a springboard to tap the Asian markets. YES Bank has become the first Indian bank to receive government approval for a fully fungible composite foreign investment limit of 74 per cent. Its Board of Directors has approved to raise an additional $1 billion of Equity Capital following the $500 million raised in May 2014.

Allianz cooperates with simplesurance

Allianz has entered a cooperation and investment partnership with Berlin-based simplesurance. The start-up and e-commerce provider now distributes Allianz insurance products in 28 European countries via customer portals like Schutzklick.de in Germany as well as some 1,500 online shops. Allianz took a minority stake in the insurtech company. Simplesurance complements the international distribution of Allianz’s insurance solutions.

Bank of India sells 18% stake in life insurance venture Star Union Dai-Ichi

PSU lender Bank of India has sold 18% stake in its life insurance venture Star Union Dai-Ichi Life insurance to Japan’s largest life insurer Dai-Ichi, the lender informed in an exchange filing. The value of the transaction was not revealed by the state-run lender. The shareholding of Dai-Ichi in the Indian life insurance venture will now increase from 26% to 44% while Bank of India’s shareholding will decrease from 30% to 48%. Union Bank will continue to hold 26%.

Sylvie Ouziel takes the reins of the Assistance business and the Asia-Pacific

Sylvie Ouziel is appointed a member of the Management Board of Allianz Worldwide Partners and CEO of Assistance, responsible for the Asia-Pacific region. Reporting to Rémi Grenier, President and CEO of Allianz Worldwide Partners, Sylvie joins the B2B2C specialist to support its mission to enable companies to enhance their integrated service offers with travel insurance, assistance, motor insurance and international health solutions. Sylvie Ouziel is responsible for the positioning and expansion of the Assistance activity worldwide. In addition, she oversees the Asia-Pacific Region of Allianz Worldwide Partners.

Latest Industry News – 21 / 06 /2016

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

Energy & Utilities

Marathon Oil to Buy PayRock Energy for $888 Mn

Marathon Oil Corp. would buy PayRock Energy Holdings LLC for $888 Mn. The acquisition adds to Marathon’s position in an area of Oklahoma known as the Stack, where oil producers are finding they can still make money when crude trades at $45 a barrel. Marathon isn’t the only company that has been beefing up its presence and activity in the Stack, which stands for Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties. Wells there are generating between 10% and 30% returns based on an oil price around $45 a barrel.

REA launches ultra-low emission vehicle industry group

The Renewable Energy Association (REA) has strengthened its role in the low carbon transport industry with the launch of its Ultra-Low Emission Vehicle (ULEV) Sector Group this week. ULEV Sector Group will represent members across transport, energy and technology sectors and will sit within the REA’s existing Renewable Transport Group. The ULEV Group will also work closely with the REA’s Energy Storage and Solar Sector Groups.

Tokyo Gas to Buy 25% Stake in US Shale Gas Field

Tokyo Gas is likely to buy 25 percent stake in an American shale gas field as early as this month. The Japanese firm will purchase the interest in an Eagle Ford shale development from a US company for more than 5 billion yen ($48 million). Low energy prices give Tokyo Gas an opportunity to buy the asset at a bargain. The price is about one tenth of what Tokyo Gas spent in 2013 to acquire an interest in another Texas shale gas field, the Barnett basin.

Consumer Products & Retail

NBTY Appoints SVP and Chief Financial Officer

NBTY, Inc., a global manufacturer of vitamins, nutritional supplements and sports and active nutrition, has appointed Stephen J. Conboy as Senior Vice President and Chief Financial Officer of the company. Formerly Chief Financial Officer for the NBTY Consumer Products Group Americas business, Steve joined NBTY in June 2015. Bringing over 30 years of senior level accounting, controls, planning/analysis and operating capabilities to the role, Conboy has both broad CPG and international experience. Prior to joining NBTY, Conboy was with Colgate-Palmolive Company where he served as Vice President, Finance North America Division. He also gained a strong blend of corporate controller and divisional CFO experience leading Colgate’s African/Middle Eastbusiness and additional key regions prior to the North America role. Mr. Conboy began his career with PricewaterhouseCoopers after graduating from Washington and Lee University.

Walmart steps up China e-commerce bet with sale of site to Alibaba rival

Walmart (WMT) said that it is selling its Yihaodian e-commerce portal to one of China’s top online retail companies in a bid to boost sales in the difficult-to-crack market. Walmart will take a 5% stake in the buyer, JD.com (JD), which bills itself as China’s largest e-commerce site when measured by revenue, a sign of how closely the two companies plan to work together. JD.com, a major rival to Chinese online giant Alibaba Group, is issuing 144.9 million new shares as part of the deal. JD.com “has a very complementary business and is an ideal partner that will help us offer compelling new experiences that can reach significantly more customers,” said Walmart CEO Doug McMillon in a statement.

Lidl opens online store in the Netherlands

Lidl has opened an online store in the Netherlands. Dutch consumers are now able to order all kinds of non-food products, such as fashion, tools, home accessories and kitchen tools & gadgets via Lidl-shop.nl. The German discount supermarket wants to expand its online assortment in stages. Lidl’s customers were already able to buy clothing, tools and accessories in the physical stores, but starting today they can order these products via the official online store. Online orders can’t be picked up in a Lidl store, but will be delivered at home, at a different address or can be picked up at a DHL Parcelshop. Delivery in the evening is also possible. The shipping fee is €2.99, regardless of the order amount.

Automotive

Toyota is creating ‘sophisticated’ robots to take care of elderly people

The company is working on developing robots that are incredibly “delicate” and “sophisticated,” capable of safely handling elderly people that are “very frail.” Also noted that machine learning will play an important role in training its robots how to treat elderly people. The automaker’s robotics efforts dovetails with the Toyota Research Institute’s focus on driverless cars. The Toyota Research Institute is closing in on a deal to buy Boston Dynamics, Google’s robotics division, and Schaft robotics – another Google robotics division based in Tokyo.

Domasco develops app for Honda customers

Domasco, the authorized distributor for Honda cars in Qatar, has developed a smartphone application for Honda customers. Honda Qatar app, available for free on both Apple App Store and Google Play, provides access to detailed information about Honda vehicles and other services. The app has up-to-date information with pictures of the latest Honda car models. Users can fill in a contact form for any queries and even book a test drive for any of the car models from within the app itself. The app also features a Find Us option which shows all sales and after sales locations on the Qatar map and users can select any location to be directly opened in any of the navigation apps on their phones.

Toyota Makes a U-Turn on Autonomous Cars

Toyota spends $10 billion a year on research, more than any other automaker except Volkswagen. Toyota is striking up partnerships with Stanford, the University of Michigan, and MIT to rethink cars’ capabilities, even if provocative new approaches might take a decade or longer to show up in dealer showrooms. It’s clear that Toyota, like most established carmakers, isn’t making an all-out bid to match Google’s efforts to build fully autonomous vehicles. Instead, Toyota envisions drivers and software sharing control for years to come. Pratt is championing “guardian angel” technology that could find the best evasive strategies in an instant if trouble looms.

BMW seeks partners in race to build self-driving car’s brain

BMW is accelerating plans to acquire technology expertise in a race with the likes of Apple Inc and Google to make cars smart enough to react like human drivers. The German automaker is pushing to acquire startups, partner with tech companies and hire talent to build an electronic brain for next-generation vehicles. BMW’s cooperation with tech companies will probably focus on startups. One example is the minority stake BMW iVentures took in RideCell, its partner for a ride-booking service getting started in Seattle this year. Some of the key players in the field of sensor-interpreting software for cars include Autoliv AB and Nvidia Corp, and Froehlich noted Mobileye NV’s strong reputation for cameras and software to evaluate visual data. BMW acquired another important piece in the puzzle last year, the real-time maps unit HERE. BMW, Daimler AG and Volkswagen AG’s Audi bought HERE from Nokia Oyj for 2.8 billion euros and are seeking more partners.

Banking & Insurance

Bank of America Starts Offering ATM Withdrawals Using Apple Pay

Bank of America has begun rolling out support for withdrawing cash from its ATMs using Apple Pay. Approximately 650 card-less ATMs were deployed in the San Francisco area in May, and the technology expanded to 2,400 ATMs, including eleven in the Raleigh-Durham region, in early June. The new ability was also spotted by a Reddit user located in Redondo Beach, California, who took a picture of an ATM apparently featuring an NFC reader positioned to the left of the card reader. When a smartphone is placed on the NFC logo, the user is prompted to enter their PIN number, after which they are taken to a typical withdrawal screen, although the option to deposit money is disabled. Bank of America is said to be highlighting the new feature on supported ATMs, but customers should note that the Apple Pay option currently only works with bank cards issued by Bank of America, and not all NFC-equipped ATMs support Apple Pay at present.

Bank of England and PricewaterhouseCoopers partner to explore putting fiat currency on a blockchain

PriceWaterhouseCooper’s (PwC) Digital Technologies team announced a major project with the Bank of England. The partners described a concerted effort to see if they can make fiat currencies like the British Pound Sterling work over a blockchain. The experiment created a proof of concept cryptocurrency that offered a “single shared view of transactions,” explained PwC in a release, “allowing every participant simultaneous access to a shared view of information.” On the same day the Bank of England’s governor, Mark Carney, announced that the Bank is “examining how the technology behind bitcoin can improve central banking services, and is at the early stages of examining a digital currency.” The digital currency aspect is only one of the uses for their experimentation, however, and settlement systems appear to be the main focus of their initial explorations.

Barclays Restructuring Banker Said to Join KKR’s Pillarstone

Jonathan Conway, Barclays Plc’s head of credit restructuring in Europe, the Middle East and Africa, has left to join private-equity firm KKR & Co.’s Pillarstone business, according to a person with knowledge of the matter.

Conway, who managed a team of 12 specialists for the British investment bank, joined Pillarstone in London as a partner on June 16, said the person, who asked not to be named because the move hasn’t been made public yet. He will help to expand the company, which was started last year to advise banks in managing their non-core and underperforming assets, said the person. Private-equity firms such as KKR, which was founded by billionaires Henry Kravis and George Roberts, have expanded into new businesses like lending and advisory over the last decade as some banks pulled back.

Nassau Reinsurance acquires Phoenix for $217m

Nassau Reinsurance Group Holdings has completed the acquisition of US-based The Phoenix Companies, for around $217Mn. The deal has been closed after securing insurance regulatory approvals from the Connecticut Insurance Department and the New York State Department of Financial Services. Under the deal, Nassau Re provided $100m new equity capital to the Phoenix. The company also injected $80m of new equity capital to its reinsurance affiliate related to a reinsurance agreement between this affiliate and PHL Variable Insurance, one of Phoenix’s operating subsidiaries.

NHS to launch illness management apps

Patients will receive devices and apps free on the NHS to help them manage conditions such as diabetes and heart disease. The apps could help prevent patients becoming seriously unwell and needing hospital treatment. The devices can be strapped to the back of a smartphone and will help patients detect and monitor atrial fibrillation. The NHS is already issuing patients in Portsmouth who have life-threatening breathing trouble with an app called MyCOPD. It helps those with chronic obstructive pulmonary disease, such as emphysema and bronchitis, to manage their condition on their smartphone or tablet. A panel of experts will approve the first 10 to 15 such devices and apps later this year. Patients will be able to access them from April 2017.

Aviva partners with Digital Risks

Insurer Aviva has partnered with Digital Risks, a broker for technology and media businesses, to launch a combined commercial offering. The offering, which is designed to meet the needs of fast-growth and digitally focused start-up and SME businesses, is sold as a monthly subscription, rather than an annual commitment. partnership will enable Aviva to expand its reach amongst these digitally focused, fast-growth businesses, offering them an innovative subscription-style product.

Latest Industry News – 21 / 06 /2016 — LINE

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

Energy & Utilities

Marathon Oil to Buy PayRock Energy for $888 Mn

REA launches ultra-low emission vehicle industry group

Tokyo Gas to Buy 25% Stake in US Shale Gas Field

Consumer Products & Retail

NBTY Appoints SVP and Chief Financial Officer

Walmart steps up China e-commerce bet with sale of site to Alibaba rival

Lidl opens online store in the Netherlands

Automotive

Toyota is creating ‘sophisticated’ robots to take care of elderly people

Domasco develops app for Honda customers

Toyota Makes a U-Turn on Autonomous Cars

BMW seeks partners in race to build self-driving car’s brain

Banking & Insurance

Bank of America Starts Offering ATM Withdrawals Using Apple Pay

Bank of England and PricewaterhouseCoopers partner to explore putting fiat currency on a blockchain

Barclays Restructuring Banker Said to Join KKR’s Pillarstone

Nassau Reinsurance acquires Phoenix for $217m

NHS to launch illness management apps

Aviva partners with Digital Risks

Latest Industry News – 20 / 06 /2016

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

Energy & Utilities

Marathon Oil to Buy PayRock Energy for $888 Mn

REA launches ultra-low emission vehicle industry group

Tokyo Gas to Buy 25% Stake in US Shale Gas Field

Consumer Products & Retail

NBTY Appoints SVP and Chief Financial Officer

Walmart steps up China e-commerce bet with sale of site to Alibaba rival

Lidl opens online store in the Netherlands

Automotive

Toyota is creating ‘sophisticated’ robots to take care of elderly people

Domasco develops app for Honda customers

Toyota Makes a U-Turn on Autonomous Cars

BMW seeks partners in race to build self-driving car’s brain

Banking & Insurance

Bank of America Starts Offering ATM Withdrawals Using Apple Pay

Bank of England and PricewaterhouseCoopers partner to explore putting fiat currency on a blockchain

Barclays Restructuring Banker Said to Join KKR’s Pillarstone

Nassau Reinsurance acquires Phoenix for $217m

NHS to launch illness management apps

Aviva partners with Digital Risks

Latest Industry News – 19 / 06 /2016

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

Energy & Utilities

MENA drives US$1tr in GDP through RE innovation

Middle East and North African countries (MENA) are said to be key to realising US$ 1 trillion in global GDP as a result of growth in innovative renewable technologies. According to industry experts at the launch of the 10th World Future Energy Summit (WFES), the projected GDP figure could be realised over the next 15 years. The forecast is based on an International Renewable Energy Authority (IRENA) projection that should the world more than doubles its renewable energy share from 23 per cent in 2016 to over 50 per cent by 2030, then there would be a US$ 1.3 trillion increase in global GDP and 24 million jobs created. As global energy efficiency investments are also set to top nearly US$ 6 billion by 2030, according to IRENA. MENA countries are said to be ‘global innovators’ in driving renewable energy and clean technology, led by Dubai planning to build the world’s largest concentrated solar power plant, and the Kingdom of Saudi Arabia’s Saudi Vision 2030 targeting 9.5 GW in renewable energy.

Utah energy group pursues nuclear power project

Utah energy is pursuing a three-pronged strategy that contemplates nuclear power. The Utah Associated Municipal Power Systems is in the first phase of development for a small nuclear reactor power plant in eastern Idaho to serve its 44 members in Utah and seven other western states. The project, buoyed by about $250 million so far in grants from the U.S. Department of Energy, embraces new generation nuclear power delivery by NuScale Technology and is far different from traditional nuclear power plants.

Causeway Invests in Royal Dutch Shell

Causeway International Value made four new buys in the first quarter, in an oil and gas company and the others in financial services and retail. Causeway’s purchase of a 3,954,497 share stake in Royal Dutch Shell PLC, an oil and gas company with offices in London and The Hague, was its largest of the first quarter. The firm paid an average price of AA15.47 ($22.20 in U.S. currency) per share in a deal that had a 1.86% impact on its portfolio.

Siemens-Gamesa wind energy merger to help Siemens get stronghold in Indian wind market

German capital goods major Siemens will get a stronghold in the Indian wind energy, where it had a late entry, after signing an agreement with Spain’s Gamesa to combine their wind energy business to create the world’s biggest builder of windfarms. Siemens will hive off its wind energy business and merge it with Gamesa. Siemens will hold 59% stake in the merged entity, while Gamesa will hold the balance 41%.

Consumer Products & Retail

Wal-Mart in talks to sell China e-commerce unit to JD.com: WSJ

Wal-Mart Stores Inc is in talks to sell its Chinese e-commerce business, Yihaodian, to JD.com Inc, the Wall Street Journal reported, citing people familiar with the situation. The exact terms of the proposed deal are unclear and discussions remain fluid, but one of the people said it could include a broader partnership between Wal-Mart and JD.com, according to the report. Wal-Mart took full ownership of Yihaodian, a smaller rival to Alibaba Group Holding Ltd and JD.com, last July to boost its presence in China’s fast-growing online market.

Tesco agrees sale of Dobbies Garden Centres

Tesco has today confirmed the sale of its Dobbies Garden Centres business to an investor group led by Midlothian Capital Partners and Hattington Capital. The sale represents the entire share capital of Dobbies Garden Centres Ltd. Tesco will receive £217m in cash, which will be used for general corporate purposes. Tesco bought Dobbies Garden Centres in 2007, and since then it has grown to become the UK’s second largest specialist garden centre retailer, operating 35 garden centres across Scotland, England and Northern Ireland.

Amazon launches Prime Now in Paris

Amazon has launched Prime Now in Paris, providing delivery in one hour on more than 18,000 products. Using the Prime Now app, customers can order products from 26 categories, including fresh and frozen items, seven days a week, from 08:00 – 22:00. Orders can be delivered within one hour for EUR5.90, or within two hours for free; orders must be over EUR20. All will be delivered from Amazon’s new 4,000 sq. m distribution centre in Paris. Some arrondissements (13th, 14th, 15th) and some suburbs will have to settle for a two-hour slot in the short-term, according to reports, but will not be charged.

Apple bolsters mobile wallet with desktop functionality

Consumers shopping online via desktop devices will soon be able to pay for goods using Apple’s mobile wallet. The technology giant announced last night at its global conference that it will be making an Apple Pay button available for retailers to embed on their desktop websites. The button will link to a shopper’s iPhone device and using touch ID fingerprint technology on their mobile, they will be able to authenticate the desktop purchase. Apple bought its Apple Pay digital wallet to the UK last summer, which allows customers to make payments in-store by tapping their mobile device at a contactless POS terminal and verifying with a fingerprint ID. The technology also allows customers to purchase on participating mobile sites with a scan of a thumbprint, removing the cumbersome process of manually typing in card details. But the extension of this technology will now allow customers to use the Apple digital wallet to make purchases from participating eCommerce sites on Safari desktop browsers.

Automotive

Rolls-Royce just made a batmobile, and it’s powered by AI better than Siri

Rolls-Royce customers will be able to specify pretty much every aspect – from the silk of the interior to the size and length of the car. To make such a high-level of customisation possible, Rolls-Royce is embracing modular construction and materials like carbon fibre and 3D-printing – but it won’t do away with the leather mallets and hours of polishing steel it’s become known for. By returning to its coach-building roots, and using cutting-edge technology to do so, the Rolls-Royce Vision Next 100 is a mix of the future and the past. Inside there’s more innovation, and yes, the Rolls-Royce vi is autonomous – which is bad news for chauffeurs like Parker. Rolls Royce has done away with drivers and, in their place there’s a new Siri-rival known as Eleanor. Named after the woman who Rolls-Royce’ Spirit of Ecstasy was modelled on, Eleanor will be an hyper-intelligent AI that can help with everything you can do – whether it’s getting you from A to B, or reserving you a table.

Toyota to build artificial intelligence-based driving systems in five years

Toyota Motor Corp is targeting developing in the next five years driver assistance systems that integrate artificial intelligence (AI) to improve vehicle safety, the head of its advanced research division said. Gill Pratt, CEO of recently set up Toyota Research Institute (TRI), the Japanese automaker’s research and development company that focuses on AI, said it aims to improve car safety by enabling vehicles to anticipate and avoid potential accident situations.Toyota has said the institute will spend $1 billion over the next five years, as competition to develop self-driving cars intensifies.

Volkswagen sets eyes on electic cars, ride-hailing, autonomous driving

Volkswagen will stop producing more than 40 car models in the coming years as part of a new strategy. Volkswagen (VW) said it would invest billions of euros in electric cars, ride-hailing, and automated driving to become a world leader in green transport by 2025 as it reshapes its business following a diesel emissions scandal. Citing company sources, Handelsblatt said the overhaul would also involve ceasing production of more than 40 models. Volkswagen currently makes about 340 car models across its portfolio, which includes brands such as Audi, Skoda and Seat.

Hyundai Motor begins offering iPhone-friendly vehicles

Hyundai Motor is seeking to attract more iPhone users with CarPlay-compatible models of the all-new Grandeur passenger sedan, set to be launched later in the year, and the i30 compact passenger car.Its smaller affiliate Kia Motors Corp. is also on the move, incorporating Apple CarPlay into the 2017 model of its passenger minivan Carnival, globally sold as the Kia Sedona.Both Hyundai and Kia have already incorporated CarPlay into most of their vehicles sold globally, according to company officials. Apple CarPlay is a system that allows drivers to connect their iPhone to their cars’ infotainment system to change the very display of the infotainment system with that of the iPhone, making it easier and safer to use various apps on the phone, including GPS, with one’s voice.

Banking & Insurance

Bank of America enables Apple Pay and Samsung Pay at ATMs

Apple Pay and Samsung Pay can now be used to make withdrawals and transfers at Bank of America ATMs, according to a user on Reddit. “This does not work for deposits, which is weird since you would think withdrawals pose a greater risk for the bank than deposits,” the user writes. Bank of America added support for Android Pay at its ATMs in May when it also announced that the ATMs are capable of working with any NFC mobile wallet.

Bank of Ireland UK joins forces with Tenet

Bank of Ireland for Intermediaries has announced today that it has launched a new partnership with non-investment network TenetLime. This is the latest addition to Bank of Ireland UK’s network of distributers in the UK. Through this partnership, Bank of Ireland for Intermediaries will offer its full range of mortgage products, backed by its extensive mortgage expertise. Bank of Ireland re-entered the UK intermediary mortgage market under its own brand two years ago. Since then it has successfully secured partnerships with a number of key distributors in the sector as it looks to provide more choice and expertise to customers.

Bendigo and Adelaide Bank deploys IBM Bluemix cloud development platform

Bendigo and Adelaide Bank, Australia’s fifth largest retail bank, has deployed IBM’s cloud development platform, Bluemix. It will assist the bank to develop new banking products and services for its 1.6 million customers, says Stella Thredgold, the bank’s business enablement exec. IBM Cloud allows Bendigo and Adelaide Bank to run multiple workloads at varying stages in parallel. “Delivery teams no longer need to manage or be restrained by environment provisioning or limited resources,” according to IBM. The bank is already using the Bluemix platform for its mobile app – redy – which enables customers to make mobile payments via QR code to community groups of their choice and purchase goods/services from redy businesses.

Allianz to acquire African subsidiary of Zurich

Allianz Group is to acquire Zurich Insurance’s Moroccan subsidiary. Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking 7 in the P/C market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated E114m in GWP. The company also has a license for life and health insurance products. The acquisition in Morocco, Africa’s second-largest insurance market after South Africa, marks a major step for Allianz’s future growth in the African region.

Zurich to sell Taiwan general insurance operations to Hotai Motor

Zurich Insurance has agreed to sell its general insurance operations in Taiwan to Hotai Motor Co Ltd. Zurich’s decision to sell its general insurance business in Taiwan follows a comprehensive assessment that found while the market in Taiwan remains attractive, there was limited scope for Zurich’s general insurance business to achieve an operating scale that warranted continued investment.

HDFC Life in talks to buy Max Life in India insurance consolidation

HDFC Standard Life Insurance Co Ltd has begun talks to acquire smaller rival Max Life Insurance Co Ltd in an all-stock deal. As part of the deal, Max Life will be merged into parent Max Financial Services, which in turn will merge with HDFC Life, making it a publicly traded company. HDFC Life is currently the third-biggest private sector life insurer in India, while Max Life is fourth-biggest. The combined entity will have 1 trillion Indian rupees ($15 billion) of assets under management.

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