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Commonwealth Bank of Australia to add Android Pay, Garmin watches
 Commonwealth Bank has teamed with Google to offer Android Pay and will also enable payments on the go with Garmin smartwatches.

Android Pay allows customers to make convenient and secure payments on their Android compatible devices. Android Pay is available at almost 800,000 stores across Australia, wherever contactless payments are accepted.

Garmin has recently launched a smartwatch and CommBank customers will be able to make payments with a tap of their smartwatch. These smartwatch payments will be available across Android and iOS phones.

Michael Baumann, General Manager Everyday Banking & Payments, Commonwealth Bank said CommBank's 4.4 million app users now have more ways than ever to pay.

'In June this year we saw weekly transactions across the CommBank app hit $6.1 billion so we know customers love using their phones to make payments and do their banking. Since 2013 our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Android Pay and with their Garmin smartwatches we are combining choice and convenience.'

Android Pay complements the CommBank app's Tap & Pay functionality allowing customers to make contactless payments using an Android smartphone of their choice. The CommBank app digital wallet also allows customers to store and use their favourite store loyalty cards and simply and easily transfer money to family and friends.

For customers who use an iOS device, CommBank has offered contactless payments via an optional PayTag sticker for more than three years. Customers can use the PayTag sticker to make contactless payments up to $100 by simply tapping their phone.

Recent changes to CommBank's Tap & Pay will allow customers to choose their preferred way of making payments with their mobile phone. Customers can set up Tap & Pay in the CommBank mobile app, and select between the convenience of simply powering up the phone to tap at the POS, using the smartphones device security such as Touch ID to tap, or opening up the CommBank app to tap.

Android Pay will be available to Commonwealth Bank customers before the end of the year.

Garmin smartwatches have been launched globally and CommBank customers will be able to use these when they hit the market in early October.

Output: The Commonwealth Bank of Australia has announced it is teaming up with Google to allow the bank's customers to complete transactions via Android Pay and make on-the-go payments with Garmin smartwatches. Michael Baumann, the general manager of everyday banking and payments, said the partnership will give app users "more ways than ever to pay", with transactions up to AUD100 ($80) available via contactless payments using the bank's PayTag system. Android Pay will be available to the bank's users before the end of the year.


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Drone services provider Measure opens franchise in Illinois
 Measure, a U.S. provider of drone services for enterprise customers, announced its first franchise location with the grand opening of Measure Springfield in Illinois. The new office provides local, face-to-face service for businesses in Central Illinois that are interested in using aerial data collection to improve productivity, control costs, and increase workplace safety.

Measure Springfield offers turnkey, industry-specific solutions that combine best-in-class drone technology with professional drone pilots, data collection, data processing and easy-to-understand reporting

The franchise’s primary focus is on the construction, energy, and telecommunications sectors. Capabilities range from include inspecting wind and solar farm infrastructure, as well as surveying construction sites.

All services enable customers to take advantage of the efficiencies and insights of drone technology without the time, expense, and experienced personnel required to manage their own drone programs.

“Our franchising program is designed to build a nationwide drone services network that can provide efficient, quality aerial data collection to clients anywhere in the country while also ensuring adherence to strict operations, maintenance and safety criteria,” said Dan Rothfeld, Measure Senior VP of Franchising. “With the Reisers’ aviation and business backgrounds as well as Bryan’s commercial drone credentials, Measure Springfield will be a strong link in the chain we’re building to advance the use of drone technology in the business world.”

Output: US drone services provider Measure is opening its first franchise location at a store in Illinois. The Springfield store will allow Measure to provide a face-to-face service aimed at customers who need aerial data collection. Capabilities of the drones range from inspecting wind and solar farms to surveying construction sites to supporting telecoms firms. Dan Rothfeld, Measure's senior vice-president of franchising, said: "Our franchising programme is designed to build a nationwide drone services network that can provide efficient, quality aerial data collection to clients anywhere in the country."


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Dubai concentrated solar project goes to Chinese-Arabian group
 Dubai Electricity and Water Authority (DEWA) awarded the 700MW parabolic trough concentrated solar power (CSP) fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in a Saudi Arabia- China consortium with a record bid of $7.3 cents per KWh.

Dubai Electricity and Water Authority (DEWA) awarded the 700MW parabolic trough concentrated solar power (CSP) fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in a Saudi Arabia- China consortium with a record bid of $7.3 cents per KWh.

The project is considered the largest concentrated solar power (CSP) project in the world, and was awarded to a consortium comprising Saudi Arabia’s ACWA Power and China’s Shanghai Electric.

The mega project will cost $3.9 billion, and is expected to be commissioned in stages, with the first one scheduled for the fourth quarter of 2020.

Financial closure has not been achieved yet, although it is known that $850 million will come from ACWA equity.

The project will comprise the world’s tallest solar tower of 260 meters, and is said to be as tall as Emirates Towers in Dubai.

The solar power plant will cover 3,750 hectares- i.e. equivalent to 4,500 football fields.

It will feature a combination of a tower and a field of troughs, which will all collect heat and store that heat in molten salt medium to supply electricity on demand at all hours.

Paddy Padmanathan, President & CEO of ACWA Power, said: “This project is a game changer in our quest to decarbonize electricity generation by making available renewable energy at a price that competes with fossil fuel generated electricity without subsidy not just when the sun is shining but at any time of the day and night”.

“This project at this scale and cost level is a cause celebration not just for the renewable energy industry but for each and every person in the world who is concerned about preserving the planet for future generations”.

Dubai has long expressed its intentions to promote sustainability and become a global centre for clean energy, as it is declared in Dubai Clean Energy Strategy 2050.

According to the 2050 plan, Dubai aims to increase the share of renewable energy in the city’s total power output to 7 percent by 2020, 25 percent by 2030 and 75 percent by 2050.

HE Saeed Mohammed Al Tayer, Managing Director &CEO of DEWA said: “Our focus on renewable energy generation has led to a drop in prices worldwide and has lowered the price of solar power bids in Europe and the Middle East”.

“This was evident today when we received the lowest CSP project cost in the world”.

The Mohammed bin Rashid Al Maktoum Solar Park is one of Dubai’s energy diversification initiatives to increase the share of renewable resources and aims to have a total capacity of 5GW.

The first phase was a 13MW Solar PV power plant which was commissioned in 2013; the second phase will add 200MW of Solar PV started construction in March 2017 and the 800MW third phase will add 800MW of Solar PV and is set to be operational by 2020.

Future phases have not been announced yet.

Output: The Dubai Electricity and Water Authority has awarded the contract for the fourth phase of its 700 MW concentrated solar power (CSP) project in Dubai to a Chinese-Arabian consortium. The project is thought to be the largest CSP project in the world and was awarded to Saudi Arabia’s ACWA Power and China’s Shanghai Electric after a bid of 7.3 US cents per KWh. The project will feature the world’s tallest solar tower at 260 metres and the power plant will cover 14.5 square miles. The project will cost $3.9bn and will be commissioned in stages, with the first scheduled for the fourth quarter of 2020.


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Tesla files patent for 'Battery Swapping System and Techniques'
 Credit: US Patent 20170259675

(Tech Xplore)—Tesla has filed a patent with the US Patent and Trademark Office, titled "Battery Swapping System and Techniques."

The patent describes a mobile battery-swapping rig.

Stories about the patent were posted in TechCrunch and a number of other sites. They have been talking about what was filed and what it could mean in the bigger scheme of all-things-Tesla.

Business Insider said the patent application "shows how the machine could elevate a vehicle and then replace its battery pack with a new one."

CleanTechnica described the technology as a "quick-swap Electric Energy Storage System (EESS)." It said figure details included a "2 pillar vehicle lift system" and battery lift Gas2 said the patent discussed a system raising a vehicle in the air "with one set of hydraulic lifts while another inboard lift would drop the battery pack and replace it with a fully charged unit."

The machine proposed could make it quick to replace a battery in an electric vehicle. Matt Burns, managing editor, TechCrunch, explained a scenario for the system, as described in the patent, where the system "could be installed in a service station or integrated into a mobile rig. A Model S or X would either drive onto ramps or a lift where technicians would then assist the machine in swapping the packs."

The patent discussion suggested either the EESS operating autonomously, or operated by technicians.

The patent document discussed both systems and techniques for swapping an EESS. "In some implementations, a system can be used to exchange the battery pack of a Model S or Model X vehicle from Tesla Motors, Inc., for another (e.g., fully charged) battery pack. For example, this can provide a more rapid way of replenishing the electric energy for the electric vehicle and can enable electric vehicles to travel essentially nonstop on long road trips."

Also from the patent discussion: "In some implementations, the battery swap system is configured for use by one or more technicians, who will monitor certain aspects of the system's operation and make necessary inputs when appropriate. For example, the battery-swapping system can be installed at a remote location (e.g., along a highway between two cities) and one or more technicians can be stationed at the location for operating the system."

Brett Williams in Mashable: "The system described in the filing, which was first spotted by Electrek, would make it possible for technicians to swap out Tesla vehicle battery packs in less that 15 minutes—making it feasible for Tesla owners to use a battery exchange rather than constantly having to charge up."

"Tesla writes in the patent that at least one technician could monitor the lift," said Business Insider, " which could be installed in remote locations, such as a highway between cities."

Why is the patent drawing interest? That is not hard to figure out, since there is general range anxiety and concern over just how convenient or inconvenient electric cars might turn out to be vis a vis charging points.

"One of the biggest drawbacks for electric car drivers is the time it takes to charge their vehicles," said Rob Stumpf, The Drive.

A battery swap solution could come in handy, as Tesla continues its effort to play its part in the transition to electric mobility.

A number of reports linked this patent topic to Tesla's entry into the truck space some time in the future.

The system being used for trucks could make sense as a truck driver would especially be mindful of cutting down on charging times—and getting back on the road quickly.

Yoni Heisler, BGR: "Elon Musk has been pretty blunt about Tesla's plans to further expand its vehicular lineup." When might Tesla unveil a pickup truck? Heisler said, "Musk this past April put a two year timeline on the project." Heisler added that "if Musk's initial projection pans out, we should see a Tesla pickup truck event by April of 2019 at the absolute latest. Suffice it to say, it's certainly on Tesla's radar."

More information: Battery Swapping System And Techniques, United States Patent Application, 20170259675. Abstract

A system for exchanging an electrical energy storage system (EESS) of an electric vehicle includes. An EESS station is configured to position an electric vehicle in x and y directions. A vehicle lift raises the electric vehicle to a predetermined height. An EESS lift supports and lowers the EESS and replaces the EESS with a differing EESS. The vehicle lift may be an inboard lift and the EESS lift may be an outboard lift. The system may also include one or more rollers configured to guide the electric vehicle. The system may include a horizontal door having at least one tube positioned thereon for guiding the electric vehicle and/or at least one vehicle chock for positioning the electric vehicle in at least one of the x and y directions. The vehicle lift may include lifting arms to engage jack pads of the electric vehicle.

© 2017 Tech Xplore

Output: Tesla has filed a patent with the title Battery Swapping System and Techniques, which relates to creating a rig that is able to swap electric vehicles' battery packs quickly. The patent suggests that the technology could be installed in service stations, or alternatively a mobile rig, where the vehicle would be lifted and the battery packs removed by technicians. The technology would be particularly useful for electric lorries in the future, which would have larger battery packs that require longer charging, as it would reduce downtime caused by recharging.


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Redrow Redrow prepares to launch new homes near Huddersfield
 Highburton homes set to launch soon

Redrow is preparing to launch its latest new homes at Springfields, off Burton Acres Lane, in Highburton, near Huddersfield.

An on-site sales centre is due to open by the end of October to take off-plan reservations, with a fully furnished show home set to open early next year.

Redrow’s development will feature 60 three and four-bedroom family homes for private sale, mostly detached, and there will also be 13 affordable properties.

Designs will be from Redrow’s popular Arts & Crafts inspired Heritage Collection, with traditional looking exteriors and bright, modern interiors with convivial open plan living spaces.

Alongside the affordable housing – designed to help people who live and work in the area to ‘stay local’ - there are a number of other community benefits attached to the 6.5 acre development, including contributions totalling more than £350,000 towards improving local amenities.

The lion’s share of £233,115 is earmarked for local education provision, with a further £89,000 towards off-site public open space, £10,000 for a new bus stop and £23,820 towards public transport in the area.

Building the homes will also provide work for Yorkshire trades and encourage spending in local shops and businesses.

Redrow Homes (Yorkshire) sales director Patsy Aicken, said: “We’ve had lots of interest in Springfields already, not least because it enjoys a village location, 10 miles from the Peak District National Park and only five miles from the amenities of Huddersfield.”

Redrow’s new development is adjacent to Gregory Playing Fields, which includes grassed sports pitches, a children’s play area and the local tennis club. There’s a village stores in Highburton, a small selection of local shops in nearby Kirkburton and the development is within walking distance of local schools.

Would-be home owners can register their interest by visiting redrow.co.uk/springfields.

Output: UK housebuilder Redrow Homes will open the sales centre at its development in Springfields in Highburton, near Huddersfield towards the end of October, which will begin taking off-plan reservations. The plot includes 60 three and four-bedroom houses, as well as 13 affordable properties. Redrow said the development will include at least £350,000 of spending on improving local amenities, with £233,000 going on education provision and off-site public open space and a new bus stop also planned.


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Hedge fund buys taxi medallions in search for distressed assets
 An auction at a Queens hotel on Monday gave a stark indication of how beaten-up the once mighty taxi industry is, as 46 medallions sold for $186,000 apiece, according to two people familiar with the matter. A 6% premium that's owed to the auction house pushed the price to around $198,000 per medallion, or $9.1 million in total.

Taxi medallion prices topped $1 million in 2013 and reached $965,000 at an auction held by the city in early 2014. They have been falling at an escalating rate ever since Uber and other ride-hail companies began taking business away from yellow cabs in late 2014.

Medallions auctioned for under $200,000 in the mid 1990s. Among the most prolific buyers in the 2000s was Evgeny "Gene" Freidman, who owned the 46 auctioned medallions until they were foreclosed upon by Citibank.

The winning bidder was MGPE, Inc., which had been identified in court papers last week as the stalking-horse bidder for the sale. MGPE, an out-of-state hedge fund, according to one person familiar with the matter, had set a floor for Monday's auction of $167,000 per medallion.

Hedge funds and private equity firms have been circling the medallion market for months, on the hunt for a distressed asset. Monday's sale marks the first time a hedge fund has taken a position in the industry.

A spokeswoman for Maltz Auctions, which conducted the sale, declined to comment.

Freidman, who once managed 800 medallions and has been accused of bidding up prices on medallions to increase the value of his own assets, filed for Chapter 11 bankruptcy in 2015 to keep Citibank from foreclosing on his holdings. He was ordered to turn over the 46 medallions in 2016 to pay off creditors.

The auction was closed to the press, but one observer described the bidding as proceeding in small increments between two parties. The $186,000-per medallion bid was for all 46 of the placards, which prevented the auction house from accepting one-off bids that would have priced a single medallion north of $200,000, according to two sources.

The winning bidder is expected to lease the medallions to a fleet operator.

Andrew Murstein, president of taxi lender Medallion Financial, said this sale "could be the tip of the iceberg." For much of the past year he has been advising hedge funds and private equity firms on how to approach the taxi industry, though he did not take part in Monday's auction.

Murstein said he knew of fleets that would pay anywhere from $1,200 to $1,400 a month per medallion, providing investors with as much as an 8% annual return on a $200,000 purchase. He said some operators would pay around $2,000 a month if a cab were furnished along with the medallion.

Some long-time medallion owners are still being paid $1,500 a month, which until recently was a fairly typical rate. Two fleet managers who asked not to be identified said the going rate these days is around $1,000 a month.

Output: Hedge fund MGPE is said to have purchased 46 New York City taxi medallions at a price of $186,000 per medallion. In 2013, New York City taxi medallions sold for as much as $1m, however, prices have been cheapened by the onset of ride-sharing services like Uber and Lyft. Hedge funds searching for distressed assets have shown an interest in the medallions, which can be leased to fleet operators for roughly $1,000 per month.


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Berkeley Lab produces ethanol fuels directly from CO2
 Scientists at the Department of Energy’s Lawrence Berkeley National Laboratory (Berkeley Lab) have harnessed the power of photosynthesis to convert carbon dioxide into fuels and alcohols at efficiencies far greater than plants. The achievement marks a significant milestone in the effort to move toward sustainable sources of fuel.

Many systems have successfully reduced carbon dioxide to chemical and fuel precursors, such as carbon monoxide or a mix of carbon monoxide and hydrogen known as syngas. This new work, described in a study published in the journal Energy and Environmental Science, is the first to successfully demonstrate the approach of going from carbon dioxide directly to target products, namely ethanol and ethylene, at energy conversion efficiencies rivaling natural counterparts.

The researchers did this by optimizing each component of a photovoltaic-electrochemical system to reduce voltage loss, and creating new materials when existing ones did not suffice.

“This is an exciting development,” said study principal investigator Joel Ager, a Berkeley Lab scientist with joint appointments in the Materials Sciences and the Chemical Sciences divisions. “As rising atmospheric CO2 levels change Earth’s climate, the need to develop sustainable sources of power has become increasingly urgent. Our work here shows that we have a plausible path to making fuels directly from sunlight.”

That sun-to-fuel path is among the key goals of the Joint Center for Artificial Photosynthesis (JCAP), a DOE Energy Innovation Hub established in 2010 to advance solar fuel research. The study was conducted at JCAP’s Berkeley Lab campus.

The initial focus of JCAP research was tackling the efficient splitting of water in the photosynthesis process. Having largely achieved that task using several types of devices, JCAP scientists doing solar-driven carbon dioxide reduction began setting their sights on achieving efficiencies similar to those demonstrated for water splitting, considered by many to be the next big challenge in artificial photosynthesis.

Another research group at Berkeley Lab is tackling this challenge by focusing on a specific component in a photovoltaic-electrochemical system. In a study published today, they describe a new catalyst that can achieve carbon dioxide to multicarbon conversion using record-low inputs of energy.

Not just for noon

For this JCAP study, researchers engineered a complete system to work at different times of day, not just at a light energy level of 1-sun illumination, which is equivalent to the peak of brightness at high noon on a sunny day. They varied the brightness of the light source to show that the system remained efficient even in low light conditions.

When the researchers coupled the electrodes to silicon photovoltaic cells, they achieved solar conversion efficiencies of 3 to 4 percent for 0.35 to 1-sun illumination. Changing the configuration to a high-performance, tandem solar cell connected in tandem yielded a conversion efficiency to hydrocarbons and oxygenates exceeding 5 percent at 1-sun illumination.

“We did a little dance in the lab when we reached 5 percent,” said Ager, who also holds an appointment as an adjunct professor at UC Berkeley’s Materials Science and Engineering Department.

Among the new components developed by the researchers are a copper-silver nanocoral cathode, which reduces the carbon dioxide to hydrocarbons and oxygenates, and an iridium oxide nanotube anode, which oxidizes the water and creates oxygen.

“The nice feature of the nanocoral is that, like plants, it can make the target products over a wide range of conditions, and it is very stable,” said Ager.

The researchers characterized the materials at the National Center for Electron Microscopy at the Molecular Foundry, a DOE Office of Science User Facility at Berkeley Lab. The results helped them understand how the metals functioned in the bimetallic cathode. Specifically, they learned that silver aids in the reduction of carbon dioxide to carbon monoxide, while the copper picks up from there to reduce carbon monoxide further to hydrocarbons and alcohols.

Seeking better, low-energy breakups

Because carbon dioxide is a stubbornly stable molecule, breaking it up typically involves a significant input of energy.

“Reducing CO2 to a hydrocarbon end product like ethanol or ethylene can take up to 5 volts, start to finish,” said study lead author Gurudayal, postdoctoral fellow at Berkeley Lab. “Our system reduced that by half while maintaining the selectivity of products.”

Notably, the electrodes operated well in water, a neutral pH environment.

“Research groups working on anodes mostly do so using alkaline conditions since anodes typically require a high pH environment, which is not ideal for the solubility of CO2,” said Gurudayal. “It is very difficult to find an anode that works in neutral conditions.”

The researchers customized the anode by growing the iridium oxide nanotubes on a zinc oxide surface to create a more uniform surface area to better support chemical reactions.

“By working through each step so carefully, these researchers demonstrated a level of performance and efficiency that people did not think was possible at this point,” said Berkeley Lab chemist Frances Houle, JCAP deputy director for Science and Research Integration, who was not part of the study. “This is a big step forward in the design of devices for efficient CO2 reduction and testing of new materials, and it provides a clear framework for the future advancement of fully integrated solar-driven CO2-reduction devices.”

Other co-authors on the study include James Bullock, a Berkeley Lab postdoctoral researcher in materials sciences, who was instrumental in engineering the system’s photovoltaic and electrolysis cell pairing. Bullock works in the lab of study co-author Ali Javey, Berkeley Lab senior faculty scientist and a UC Berkeley professor of electrical engineering and computer sciences.

This work is supported by the DOE Office of Science.

###

Lawrence Berkeley National Laboratory addresses the world’s most urgent scientific challenges by advancing sustainable energy, protecting human health, creating new materials, and revealing the origin and fate of the universe. Founded in 1931, Berkeley Lab’s scientific expertise has been recognized with 13 Nobel Prizes. The University of California manages Berkeley Lab for the U.S. Department of Energy’s Office of Science. For more, visit www.lbl.gov.

DOE’s Office of Science is the single largest supporter of basic research in the physical sciences in the United States, and is working to address some of the most pressing challenges of our time. For more information, please visit science.energy.gov.

Output: Scientists in the US have developed a new way to produce fuels from carbon dioxide (CO2). The Department of Energy's Berkeley Lab replicated the solar-driven photosynthesis process used by plants to produce energy, but much more efficiently. The researchers say it's the first time CO2 has been turned directly into target materials, such as ethanol and ethylene, rather than fuel precursor materials. Their method reduced by half the energy required to drive the process, and it is hoped the work could open the way to generating fuel directly from sunlight and carbon dioxide.


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USAT deal with Premier Food Service adds mobile payment to kiosks
 USA Technologies (USAT), a payment technology firm, has entered into a strategic partnership with Kansas-based food service provider Premier Food Service for cashless payments.

The partnership enables Premier Food Service to improve its machines to ePort Connect cashless payment system which allows the company to track the acceptance of cash, credit/debit cards, and contactless payments, including mobile wallet payments such as Android Pay and Apple Pay.

Furthermore, Premier Food Service has also worked with USAT to connect more than 300 Vendors Exchange (VE) Kiosks with a consumer engagement and loyalty programme.

Premier Food Service COO Gary Kurth said: “As personalization becomes more common in the marketplace, we wanted to be one step ahead of the trend with customer loyalty and reward programs being at the center of our go to market strategy.

“By partnering with best-in-class providers like USA Technologies and Vendors Exchange, we are able to utilize innovative hardware like the VE Kiosk and ePort G-10S and layer on the consumer services that allow us to delight our customers, whether it be by simply allowing them to pay the way they want (via cash, swipe or tap) or by rewarding them at the point of sale for their patronage.

“We are a service industry that relies on technology to deliver on our commitment to excellence and we understand the importance of having the right partners to help execute our vision. USAT has made it easy for companies like ours to quickly deploy innovative cashless payment technologies across our business so that we can better engage consumers at the point-of-sale and build in customer loyalty programs.”

Output: Kansas-based vending machines provider Premier Food Service has partnered with payment technology company USA Technologies to offer cashless payments at its self-service kiosks. The move enables Premier Food to offer the ePort Connect cashless payment system, allowing the company to monitor cash and credit and debit card usage and accept contactless payments, including via Apple Pay and Android Pay. The two companies previously worked together to link more than 300 Vendors Exchange snack and drink kiosks with a consumer engagement and loyalty initiative.


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Propy raises $15m in ICO to bring real estate onto a blockchain
 Propy, a property store and decentralized title registry, announced today that it raised $15 million from 6,597 participants in its PRO Token Sale to put the international real estate market on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

Learn how to buy Bitcoin and Ethereum safely with our simple guide!

Prior to the start of the public sale, Propy had already secured $2 million in pre-sale commitments. “By recording real estate transactions in the blockchain, Propy brings the transparency and accountability buyers and sellers of real estate need,” said Scott D. Hughes, one of the pre-sale participants in Propy, a lawyer and an avid real estate investor.

“It was an easy decision to invest,” said Debbie Chiu, another pre-sale participant in Propy. “Prospective homeowners and sellers need a simple, secure way to transact without middlemen, and Propy’s solution offers that.”

The public sale got a large investment in the first hour from RenGen, an investment company, and CrunchFund, an early stage investment firm based in San Francisco.

Additional developments

Propy also announced the appointment of Vasilious Vutsadaskis Ph.D., an MIT graduate, scientist, and patent author with experience in computational physics, programming, and legislative research. Vasilios has experience in dealing with real estate transactions in both the EU and Russia.

Propy has partnered with Leju Holdings Limited, the leading online-to-offline real estate services provider in China, to facilitate online real estate purchases by foreign investors.

As we previously reported, Propy partnered with the government of Ukraine to allow online purchases of Ukrainian real estate by foreign investors. It now reports that the first real estate transaction is underway by Michael Arrington, the founder of TechCrunch. Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout next year.

Output: US firm Propy, which operates a decentralised title registry and property store, has raised $15m from its initial coin offering from investors including RenGen and CrunchFund. Prior to the PRO token sale, the company had already raised $2m, as it plans to put the international real estate market on the blockchain. Propy recently partnered with the government of Ukraine to enable online purchases of the country's real estate by foreign investors.


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Redrow Redrow opens show apartment at Summerhill Park in Liverpool
 New show apartment opening at Summerhill Park, Liverpool

Buyers looking for apartment living outside the city centre – yet within reach of everything Liverpool offers - will be able to view Redrow’s latest designs at Summerhill Park later this month.

The award winning homebuilder is set to unveil a chic new show apartment at Kings Court on Saturday, September 23, so it’s definitely a date to put in the diary.

The Kings Court apartments are the newest phase of Summerhill Park, a development of two, three and four-bedroom homes, which boasts something for everyone and enjoys a great location within walking distance of Broadgreen station and close to the end of the M62.

Kings Court comprises two three-storey apartment buildings, each containing 15 two-bedroom apartments and offering a choice of three different layouts.

“Summerhill Park is proving to be a very popular development and one we are really proud of,” says Claire Jarvis, sales director for Redrow Homes (Lancashire).

“A double award winner - it was highly commended in the UK Property Awards, which held it up as a prime residential development, and has previously been given the title of Housing Development of the Year by Knowsley Business and Regeneration Awards - it has clearly been given the seal of approval by buyers too, with sales soaring.

“And we are delighted to mark the start of this new phase with the show apartment opening, which gives people a chance to see inside one of the latest properties, which are ideal for first time buyers, downsizers and buy-to-let investors.”

And Claire added: “These light and airy, modern apartments make the most of every bit of space, offering contemporary open-plan living at its very best.”

The new show apartment is a C-type, which offers a spacious kitchen, lounge and dining area (20’9” x 11’2”), two double bedrooms and a bathroom with a separate bath and shower cubicle. All the rooms are accessed from a central hallway and there’s a handy storage cupboard and laundry area.

Whichever apartment style home owners choose, all boast fully-fitted kitchens with integrated appliances including a ceramic hob, single oven and microwave, as well as a fridge and freezer, with prices expected to start in the region of £125,000.

Each apartment has a dedicated parking space, with further visitor places provided, and there’s a bike store to encourage greener travel.

Already competitively priced, the apartments will also be available with the government-backed Help to Buy equity loan, which can reduce the initial outlay by up to 20% and means purchasers may only need a 5% deposit.

While situated in a quiet neighbourhood within the borough of Knowsley, Summerhill Park, off Thomas Lane, is close enough to Liverpool city centre so residents can take advantage of all that it has to offer. Broadgreen train station is a short walk away – with a footpath leading to the station from Kings Court – and offers frequent journeys to Liverpool Lime Street in less than 15 minutes.

The end of the M62 is also within easy reach, linking to the heart of Manchester in around 40 minutes and the M6 in under half an hour.

For more information about the Kings Court apartment, as well as three and four-bedroom family homes from Redrow’s hugely popular Heritage Collection at Summerhill Park, go along to the show apartment opening on Saturday, September 23 between 10am and 5.30pm, visit redrow.co.uk/summerhill.

Output: UK housebuilder Redrow Homes will unveil a show apartment at Kings Court, part of its Summerhill Park development in Liverpool, on 23 September. The flats, which Redrow said are "ideal for first time buyers, downsizers and buy-to-let investors" can be purchased using the government-backed help to buy equity loan. Prices at the development are expected to start at about £125,000. Summerhill Park is in the borough of Knowsley, near the end of the M62.


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Hair transplant robot firm Restoration Robotics seek $25m in IPO
 Restoration Robotics filed for an initial public offering that would raise $25 million at the median to fund the development of its ARTAS System, robot-assisted hair restoration system.

The medical technology company plans to sell more than 3.1 million shares at a range of $7 to $9 a piece; at the high end of the range the flotation would fetch more than $28.1 million.

The IPO is expected to price during the week of October 9, 2017. If successful, it would establish a market value of $225 million for the company.

The ARTAS System is a physician-assisted robotic system that carries out follicular unit extraction surgery by identifying and dissecting the hair follicular units at the scalp and creating implant sites. It also comes with the ARTAS Hair Studio application, a 3D consultant tool for creating hair transplant models with patients.

The system includes a patient chair and a cart that supports the robotic arm, vision system and a series of sensors and devices.

“We believe the ARTAS System addresses many of the shortcomings of other hair restoration procedures,” Restoration Robotics said in an SEC filing. “The ARTAS System is capable of robotically assisting a physician through many of the most challenging steps of the hair restoration process, including the dissection of hair follicles, site planning and recipient site making.”

To continue growing the business, the company hopes to expand its physician customer base to dermatology and plastic surgery specialists, increase international sales with more distributors and sales staff, develop new features and capabilities and encourage greater use of the system for hair restoration surgeries.

Restoration Robotics posted losses of -$21.8 million, or -$13.54 per share, on sales of $15.6 million last year, paring its losses by -4.9% despite a -9.5% top-line slide.

Output: Restoration Robotics, whose robots carry our hair transplant procedures, aims to raise about $25m during an initial public offering (IPO). The sale is expected to price during the week of 9 October, and if plans to sell more than 3.1 million shares at between $7 and $9 are successful, it would give the firm a market value of about $225m. Restoration Robotics will use the proceeds to develop its ARTAS System, a doctor-assisted hair restoration robotic system that carries out follicular unit extraction surgery. The firm aims to expand its customer base of physicians to include dermatology and plastic surgery specialists.


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University Cribs raises £450k for student rental platform
 Cardiff-based University Cribs has received £450,000 in Seed funding, hitting a £2m valuation.

The startup, an online platform for student property rentals, received the funds from a range of angel investors including Raffaelle Russo, director of Loc8Me; Dave Harvey and Tom Paine, co-founders of TeamLove; and the co-founders of Thor Companies.

University Cribs will use the funds to expand its geographic reach, while continuing to invest in its proprietary technology platform.

Jack Jenkins, co-founder of University Cribs, said: “Dan, Christian and I are thrilled to have the backing of established entrepreneurs and business leaders within relevant industries – ranging from UK property to student leisure. As the university term starts across the UK, we want to offer students the easiest and most hassle-free route to rental.

“Today’s investment allows us to push ahead with our plans, and make the most of the forthcoming academic year when over 2million students will be considering their accommodation options for the years ahead.”

Tom Paine, investor and co-founder of TeamLove, commented on how the student property market was ripe for disruption.

“University Cribs is bringing much-needed transparency to the market, and the three founders have taken a smart approach to thinking about what value-added services they can bring to the student market. They have built a nifty technology platform, and have built a trusted brand for the marketplace to allow them to offer more services in the future. I’m thrilled to be on board as an investor – it’s going to be an exciting journey from here,” he added.

Chris Singleton, co-founder of Thor Companies, added: “As three co-founders who started up a business several years ago, we encountered similar challenges and opportunities to the ones facing Christian, Jack and Dan. Having a solid management team will see them achieve great successes as they expand, innovate and grow University Cribs.

“We’ve invested in them as much as the business – they’ve engaged the student population in their brand and their product, and we see potential to support that loyal user base in a few years as they look beyond university towards full-time employment. The obvious synergies with our business, and others in the graduate market, make University Cribs a compelling investment.”

Output: Cardiff-based start-up University Cribs, an online platform for student rentals, has received £450,000 in seed funding from a range of angel investors, at a valuation of £2m. The company will use the funds to expand its geographic reach and invest in its proprietary technology platform. Tom Paine, investor and co-founder of TeamLove, said that the student property market was ripe for disruption and that the founders of University Cribs have “taken a smart approach to thinking about what value-added services they can bring to the student market. They have built a nifty technology platform, and have built a trusted brand.”


Instruction: create a high quality summary of the given input

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Surging Chinese sharing economy employs 5.5% of workforce
 Around 5.5 percent of China's labor force work in the rapidly expanding sharing economy, according to a report from the top economic planner Monday.

The market value of the Internet-based sharing economy exceeded 2 trillion yuan (about 305.8 billion U.S. dollars) in 2016, with more than 50 million people working in the sector, said a report released by the National Development and Reform Commission.

The success of business models such as bike-sharing platforms, including Mobike and ofo, has inspired an increasing number of sharing enterprises eager to ride the wave.

Meanwhile, on the back of strong government support for innovation and entrepreneurship, industries such as car-sharing, education, entertainment and healthcare have prospered, seeing double-digit growth in demand for labor force last year, the report said.

"Mass Innovation and entrepreneurship have played an important role in increasing employment," the report said, citing rapid expansion in emerging industries such as cloud computing, industrial robots and new energy vehicles.

With the traditional industries losing steam, China is seeking to foster new growth from innovative business models, which have proved to be key forces underpinning economic growth.

The latest Global Innovation Index showed China rose three places to 22nd on the list of the world's most innovative nations in 2017, the only middle-income country to join the top 25 innovative economies.

Output: More than 50 million people are employed in China's sharing economy, about 5.5% of the country's workforce, according to the National Development and Reform Commission. The growth of enterprises such as bike-sharing platforms Mobike and Ofo pushed the market value of China's internet-based sharing economy beyond CNY2tn ($303.7bn) last year.


Instruction: create a high quality summary of the given input

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Redrow Redrow graduates complete project with Help Bristol's Homeless
 A group of 12 Redrow graduate trainees has completed a project in partnership with Help Bristol’s Homeless to convert an empty shipping container into a habitable space. This is part of the local charity’s wider goal to help members of the city’s homeless population by providing a roof over their heads whilst they receive help finding permanent accommodation.

The graduates received no funding, resources or help from seniors and instead relied on the skills acquired during their first year with Redrow. This meant they had to utilise contacts and relationships they had built up within the industry to source essential materials, deploy their project management and problem-solving skills and work closely together as a team. They acquired and fitted a kitchen and sanitaryware that was unable to be sold, but still worked perfectly, and ensured the whole container was finished to an exceptionally high standard.

The end result is a shipping container that has been transformed into a well-furnished living quarters complete with a kitchen and wet room bathroom as well as fitting windows and skylights. Most importantly it will provide the perfect fresh start to those in the local community that need it most.

Clare Horton, New Entrants Programmes Manager at Redrow, comments: “A career in housebuilding can be both rewarding and challenging, requiring a broad range of skills from strong communication, problem-solving, negotiation and excellent time management. These graduates had to demonstrate these qualities in bucket-loads to get the job done and we hope this project captures the imagination of young people considering their career options.

“These graduates come from a variety of areas within the business and had to work together to make a success of this task in a very short space of time. As well as the practical element of fitting out the container, they deployed the skills they have been building over the last year to gather materials and solve problems along the way. It’s great to see how much progress they have made during their first year with Redrow and even better that it’s helping such a brilliant cause.”

Manjeeta Pathak, now an Assistant Site Manager, who helped lead the project, said: “It was incredibly challenging, but so enjoyable, to work as a team to complete the project and empowering to be trusted to make sure we finished on time and to a high standard. I still can’t believe we managed to get it all finished in only five days and that included sourcing all the materials we used. It feels really special knowing that our handiwork will now be used to make a difference to people’s lives.”

Every year Redrow’s newest batch of graduates take part in a community challenge which aims to support a good cause whilst putting them through their paces.

Before the container becomes a temporary home for a homeless person, it will be transported to the South Downs Festival at the end of September to raise awareness of, and additional funds for, the charity.

Output: A dozen Redrow Homes graduate trainees have transformed an old shipping container into a fully furnished living space, using the skills they acquired during their first year with the UK housebuilder. In five days, the team located and sourced materials and fitted out the container, which will be sent to the South Downs Festival at the end of September to raise awareness of homelessness, and funds for charity, before being used as temporary accommodation.


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Pollution, obesity, poverty affect London's poorest children
 Tens of thousands of the poorest children in London are facing a cocktail of health risks including air pollution, obesity and poverty that will leave them with lifelong health problems, according to a new report.

The study found that schools in the capital worst affected by the UK’s air pollution crisis were also disproportionately poor, with high levels of obesity.

Saul Billingsley, from the FIA Foundation, an international environmental and road safety charity which carried out the study, said: “Children from some of London’s most socially deprived areas are not only affected by unacceptable levels of air pollution around their schools, they also face compounding health risks.”

The report found:

85% of the schools most affected by air pollution have pupils that come from deprived neighbourhoods

Almost nine in 10 of the secondary schools most affected had levels of obesity higher than the London average

86% of worst affected primary schools were in catchment areas with lower than average car ownership

Jonathan Grigg, professor of paediatric respiratory and environmental medicine at Queen Mary University of London, said the health consequences for these children could be “very serious”.

“This is going to have major consequences not just in childhood but over the whole of the life course.”

Professor Grigg, a founding member of the Doctors Against Diesel campaign group, said children from disadvantaged backgrounds often did have access to green spaces but when they did go outside, they were more likely to be breathing dangerously polluted air.

“This is a dangerous combination of factors … childhood is a critical time in terms of health. Children should have the right to breathe air that does not cause them harm.”

Doctors Against Diesel said ‘children should have the right to breathe air that does not cause them harm’. Photograph: Guy Bell/Rex/Shutterstock

Earlier this year the Guardian revealed that children at more than 800 schools, nurseries and colleges in London, and more than 2,000 across England and Wales, are being exposed to illegal levels of air pollution.

The analysis of government data revealed how dangerous levels of nitrogen dioxide (NO 2 ) pollution from diesel traffic are not limited to large metropolitan centres, but threaten the health of children and young people in towns and cities from Newcastle to Plymouth.

Pollution from diesel traffic causes 23,500 of the 40,000 premature deaths each year attributed to air pollution, with young people particularly vulnerable, according to figures from the Department for Environment, Food and Rural Affairs.

Last week London mayor Sadiq Khan described air pollution as “the biggest public health emergency of a generation”.

Output: Poor children in London are at risk from polluted air, obesity and poverty, often resulting in lifelong health problems, according to a study by the FIA Foundation. Of the city schools most affected by pollution, 85% had pupils from deprived areas, while 90% also showed higher than average levels of obesity, according to the research. Of the worst affected primary schools, 86% had catchment areas with below average car ownership. Toxic air is “the biggest public health emergency of a generation”, said London mayor Sadiq Khan.


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Over 40 million people in slavery: UN
 An estimated 40.3 million people were victims of modern slavery in 2016, a quarter of them children, according to new global slavery statistics released today.

The figures, from the UN’s International Labour Organisation (ILO) and the Walk Free Foundation, show 24.9 million people across the world were trapped in forced labour and 15.4 million in forced marriage last year. Children account for 10 million of the overall 40.3m total. The 2017 Estimates of Modern Slavery report calculates that of 24.9 million victims of forced labour, 16 million are thought to be in the private economy, 4.8 million in forced sexual exploitation and 4.1 million in state-sponsored forced labour including mandatory military conscription and agricultural work.

“What is startling about these new estimates is the sheer scale of the modern slave trade and the fact that we have 40 million people across the world in some form of modern slavery is simply not acceptable,” said Fiona David, executive director of global research at the Walk Free Foundation.

“When you have 24.9 million people working under threat or coercion in farming, fishing and construction or in the sex industry and yet according to the United Nations only 63,000 victims of slavery were reported to the authorities last year, the gulf between the problem and the insufficient global response becomes very clear.”

The research also indicates that while many forced labourers reported violence or threat, the majority of them are exploited through debt bondage and non-payment of wages.

“We found that 50% of the 24.9m people in forced labour are in debt bondage, often arriving at a job with high recruitment debts to pay off or forced to take a job to pay off debt and with 7% of forced labourers saying their employers are forcing them to pay fines while at work,” said Michaëlle de Cock, senior statistician at the ILO.

“How forced labour affects the whole family is also very clear with 18% of male forced labourers surveyed saying that their employers directly threatened their families or children.”

The new global estimate also deals with forced marriage, the first time it has been included in any reporting of modern slavery figures.

“It isn’t clear why forced marriage has often been overlooked as a form of slavery in data reporting,” said David. “If you have a situation where someone is sold into marriage and is providing free domestic labour and has no sexual autonomy, then when you take the label of marriage away from this situation it’s often nothing less than slavery and we need to shine a light on this so that people can see it for what it is.”

According to the new global estimates, modern slavery is most prevalent in Africa, followed by Asia and the Pacific, although the ILO and Walk Free say that these results should be interpreted “cautiously”, due to a lack of available data from the Arab states and the Americas.

“We believe that the global estimate of 40.3 million is the most reliable data to date, although we believe it to be a conservative estimate as there were millions of people we couldn’t reach in conflict zones or on the refugee trail and places where we couldn’t be sure of collecting robust data such as the Gulf states, where access and language barriers prevented us from reaching the migrant worker communities,” said de Cock.

Researchers found that more than 70% of the 4.8 million victims of sex trafficking were in the Asia and Pacific region, while forced marriage was found to be the most prevalent across African countries. The global estimates were calculated by drawing on a range of data over a five-year period, including interviews with more than 71,000 people across 48 countries. The ILO and Walk Free Foundation also used figures from the UN’s International Office for migration (IOM) and other UN agencies.

These figures are a marked increase from the ILO’s previous estimates of 21 million people in forced labour worldwide. The ILO and Walk Free attribute the rise to better reporting and research methodologies and the inclusion of forced marriage as a form of modern slavery.

The research was carried out as part of the drive to meet the sustainable development goal on slavery, which calls for the eradication of all forms of slavery, human trafficking and child labour.

Output: An estimated 40.3 million people were victims of slavery last year, with children comprising 25% of this total, according to global slavery statistics released on Tuesday by the United Nations’ International Labour Organisation (ILO) and campaign group the Walk Free Foundation. The figures, which show a marked increase on previous ILO estimates of 21 million, include cases of forced marriage, which was found to affect 15.4 million people, for the first time. The remaining 24.9 million people were trapped in forced labour. Of these, 50% were in debt bondage. Slavery was most prevalent in Africa, followed by Asia and the Pacific.


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Global warming may be happening less quickly than predicted
 Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice Thanks for signing up to the

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Computer modelling used a decade ago to predict how quickly global average temperatures would rise may have forecast too much warming, a study has found.

The Earth warmed more slowly than the models forecast, meaning the planet has a slightly better chance of meeting the goals set out in the Paris climate agreement, including limiting global warming to 1.5C above pre-industrial levels.

Scientists said previous models may have been “on the hot side”.

The study, published this week in the journal Nature Geoscience, does not play down the threat which climate change has to the environment, and maintains that major reductions in emissions must be attained.

But the findings indicate the danger may not be as acute as was previously thought.

Myles Allen, professor of geosystem science at the University of Oxford and one of the study’s authors told The Times: “We haven’t seen that rapid acceleration in warming after 2000 that we see in the models. We haven’t seen that in the observations.”

The original forecasts were based on twelve separate computer models made by universities and government institutes around the world, and were put together ten years ago, “so it’s not that surprising that it’s starting to divert a little bit from observations”, Professor Allen added.

According to The Times, another of the paper’s authors, Michael Grubb, a professor of international energy and climate change at University College London, admitted his earlier forecasting models had overplayed how temperatures would rise.

Recommended Correction to satellite data shows 140 per cent faster warming

At the Paris climate summit in 2015, Professor Grubb said: “All the evidence from the past 15 years leads me to conclude that actually delivering 1.5C is simply incompatible with democracy.”

But speaking to The Times he said: “When the facts change, I change my mind, as [John Maynard] Keynes said.

“It’s still likely to be very difficult to achieve these kind of changes quickly enough but we are in a better place than I thought.”

Professor Grubb said the reassessment of the situation was good news for low-lying countries and island states in the Pacific, which would be swamped by sea-level rises if average temperatures rose by more than 1.5C.

The previous scenario allowed for the planet to emit a total of 70 billion tonnes of Carbon after 2015, in order to keep temperature rises to just 1.5C above pre-industrial levels.

But the reassessment allows for a “carbon budget” of another 240bn tonnes of emissions before catastrophic damage is done.

“That’s about 20 years of emissions before temperatures are likely to cross 1.5C,” Professor Allen said.

“It’s the difference between being not doable and being just doable.”

Output: Global warming may be occurring more slowly than previously estimated, according to new research. The study found that the earth's warming has been slower than models used a decade ago predicted, meaning that the chance of limiting temperature increases to 1.5C above pre-industrial levels, as set out in the Paris Climate Accord, is slightly better than feared. The previous scenario allowed for the planet to emit a total of 70 billion tonnes of carbon after 2015 to keep temperature rises within this range. The new models permit an additional 240 billion tonnes.


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Insurers challenged by New York State over role in opioid crisis
 Insurers say they have been addressing the issue on many fronts, including monitoring patients’ opioid prescriptions, as well as doctors’ prescribing patterns. “We have a very comprehensive approach toward identifying in advance who might be getting into trouble, and who may be on that trajectory toward becoming dependent on opioids,” said Dr. Mark Friedlander, the chief medical officer of Aetna Behavioral Health, who participates on its opioid task force.

Aetna and other insurers say they have seen marked declines in monthly opioid prescriptions in the past year or so. At least two large pharmacy benefit managers announced this year that they would limit coverage of new prescriptions for pain pills to a seven- or 10-day supply. And bowing to public pressure — not to mention government investigations — several insurers have removed barriers that had made it difficult to get coverage for drugs that treat addiction, like Suboxone.

Experts in addiction note that the opioid epidemic has been changing and that the problem now appears to be rooted more in the illicit trade of heroin and fentanyl. But the potential for addiction to prescribed opioids is real: 20 percent of patients who receive an initial 10-day prescription for opioids will still be using the drugs after a year, according to a recent study conducted by researchers at the University of Arkansas for Medical Sciences.

Several patients said in interviews that they were terrified of becoming dependent on opioid medications and were unwilling to take them, despite their pain.

In 2009, Amanda Jantzi weaned herself off opioids by switching to the more expensive Lyrica to treat the pain associated with interstitial cystitis, a chronic bladder condition.

Output: Health insurance providers are being questioned over their role in the proliferation of opioid abuse associated with prescription drugs. The New York State attorney general's office has sent letters to three major pharmacy benefit managers asking how they are addressing the growth of opioid abuse among patients. According to an investigation conducted by the New York Times and ProPublica, patients have been denied access to less risky drugs due to their higher cost compared with opoids, which are more addictive.


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Resolute completes shift to Delaware-only driller with Aneth sale
 Resolute Energy Corp. (NYSE: REN) entered into a definitive agreement to sell its subsidiary, which holds interests in Aneth Field, for total potential consideration of $195 million to an affiliate of Elk Petroleum Ltd, on Sept. 14.

UPDATE: Resolute’s Paradox Sale Creates Newest Delaware Basin Pure Play

Resolute will receive cash consideration of $160 million at closing and additional cash consideration of up to $35 million if oil prices exceed certain levels in the next three years.

The Aneth Field is located in the Paradox Basin of Southeastern Utah.

“This sale is the final step in our previously announced strategy to transform Resolute into a pure-play Delaware Basin company. Closing this transaction will significantly improve our cost structure, strengthen our balance sheet and position the company to accelerate the development of our prolific Delaware Basin property and continue our strong growth profile,” Rick Betz, Resolute’s CEO, said.

Resolute's current 2017 production guidance is 24,000 barrels of oil equivalent per day (boe/d) to 28,000 boe/d. Assuming the closing of the divestiture occurs by Nov. 1, its 2017 production will be reduced by about 1,000 boe/d.

As previously disclosed, actual July production was 23,600 boe/d in the Permian Basin and 29,500 boe/d for Resolute as a whole.

Under the terms of the definitive agreement, the buyer will fund a performance deposit of $10 million creditable against the purchase price.

Pursuant to the contingent consideration provisions of the agreement, the buyer will pay Resolute $40,000 for each day in the twelve months after closing that the WTI spot oil price exceeds $52.50 per barrel (up to $10 million), $50,000 for each day in the twelve months following the first anniversary of closing that the oil price exceeds $55.00 per barrel (up to $10 million) and $60,000 for each day in the twelve months following the second anniversary of closing that the oil price exceeds $60.00 per barrel (up to $15 million).

The transaction is expected to close in late October and become effective as of Oct. 1. The transaction is subject to customary covenants, closing conditions and purchase price adjustments.

Petrie Partners LLC and Barclays Capital Inc. (NYSE: BCS) acted as financial advisors to Resolute on the Aneth Field sale transaction. Resolute was represented by Arnold & Porter Kaye Scholer LLP.

Output: Resolute Energy has agreed to sell a unit that holds interests in Aneth Field for $195m to an affiliate of Elk Petroleum. Resolute will receive cash consideration of $160 million at closing and additional cash consideration of up to $35 million if oil prices exceed certain levels in the next three years. "This sale is the final step in our previously announced strategy to transform Resolute into a pure-play Delaware Basin company", said Resolute CEO Rick Betz.


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Reserve Bank of India examines issuing digital currency
 It seems demonetisation is not India's last experiment with currency. The Reserve Bank of India ( RBI ) is now looking at the brave new world of cryptocurrency The success of Bitcoin , a popular cryptocurrency, may have encouraged the central bank to consider its own cryptocurrency since it is not comfortable with this non-fiat cryptocurrency, as stated by RBI executive director Sudarshan Sen a few days ago.Despite RBI's call for caution to people against the use of virtual currencies, a domestic Bitcoin exchange said it was adding over 2,500 users a day and had reached five lakh downloads. The company, launched in 2015, said the increasing downloads highlighted the "growing acceptance of Bitcoins as one of the most popular emerging asset class."A group of experts at RBI is examining the possibility of a fiat cryptocurrency which would become an alternative to the Indian rupee for digital transactions.According to a media report, RBI's own Bitcoin can be named Lakshmi, after the Hindu goddess of wealth.RBI's cryptocurrency could be a part of creating its own Blockchain , a distributed digital ledger and technology that supports cryptocurrencies.State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks' loan book. The SBI's initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks.Blockchain, the technology behind cyber currency Bitcoin, follows the concept of a centralised registry that can be accessed by all members, and every event is registered as an unalterable 'block'.Despite a distrust of non-fiat cryptocurrencies, central banks all over the world have taken note of their effectiveness and popularity.The People’s Bank of China has done trial runs of its prototype cryptocurrency, taking it a step closer to being the first major central bank to issue digital money, according to a Bloomberg report. The Bank of Japan and the European Central Bank have launched a joint research project which studies the possible use of Blockchain.The Dutch central bank has created its own cryptocurrency for internal circulation just to better understand how it works, says the report. Ben Bernanke, the former chairman of the US Federal Reserve who has said digital currencies show "long term promise," will be the keynote speaker at a blockchain and banking conference in October hosted by Ripple, the startup behind the fourth largest digital currency.

Output: The Reserve Bank of India (RBI) is examining the possibility of issuing a fiat cryptocurrency that could become an alternative to the Indian rupee for digital transactions. RBI's bitcoin would be named “Lakshmi” after the Hindu goddess of wealth. The State Bank of India has already taken the lead with its “Bankchain” initiative, which brings lenders and tech companies together to collaborate on blockchain technology.


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JLL calls on Sri Lanka to allow REIT investments
 Sept 18, 2017 (LBO) – Jones Lang LaSalle (JLL) has called for a re-evaluation of the regulatory and legal mechanisms around Real Estate Investment Trusts (REITs) as a vital first step towards their introduction into the Sri Lankan market.

“In a global context, REITs have become an integral part of the investment landscape, accepted by individual and institutional investors, alike, as providing greater access to commercial real estate projects,” JLL said.

In Sri Lanka too, the potential benefits to the domestic economy from the introduction of REITs are significant, the real estate consultancy said.

“Their introduction will likely signal stronger economic growth and job creation, but, moreover, REITs provide a platform for much needed foreign direct investment in Sri Lanka without transferring the ownership of the real estate asset to the foreign investor,”

“Given the current regulations around foreign ownership, we believe that REITs are one of the most viable mechanisms for attracting investment into Sri Lanka’s commercial real estate sector.” JLL observed.

However, they say that prior to the introduction of REITs to the domestic market, significant reforms would be necessary in relation to Sri Lanka’s legal and regulatory frameworks in order to ensure sufficiently robust safeguards and procedural mechanisms to enable a secure foundation for REITs to flourish.

“Establishing REITs in a new market depends heavily upon support from local regulatory bodies and authorities including the implementation of a Unit Trust Code, but there also needs to be an efficient and stable tax regime in place to instill confidence in investors,”

“In addition to transparent taxation policies, that are required to be applied in an equitable fashion, there is a need for certain limited tax concessions to stimulate yields and make REITs more attractive.”

Several studies have shown that the socio economic benefits provided by REITS outweigh any losses in tax revenue, and supportive policies, along with international standards of corporate governance are essential to entice foreign investors who are, in turn, the lifeblood to the longer term prosperity of REITs in the country.

Current restrictions on foreigners owning land in Sri Lanka have been a significant hurdle to foreign capital inflows in Sri Lanka, however JLL noted that if regulations were enacted to help mitigate these challenges while still ensuring that the title of a given property is not directly transferred to a foreign investor, then a significant obstacle to the establishment of REITs in Sri Lanka would have been cleared.

First established in the USA in 1960, REITs are widely regarded as investment vehicles that democratize real estate ownership, enabling retail investors to take a diversified stake in real estate, something that they, in all probability, could not achieve as individual investors.

Output: Real estate consultancy Jones Lang LaSalle (JLL) has called on Sri Lanka to review the regulatory framework for Real Estate Investment Trusts (REITs). Current restrictions on foreign ownership of property are a significant barrier to investment in the country, but JLL has said REITs could provide a solution, allowing property investment without transferring the title of an asset to foreign investors. The trusts were created in the USA in the 1960s, and allow investors to take a diversified stake in real estate.