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Celtra raises $15m investment thanks to Unilever and WPP
 Mobile advertising firm Celtra has today (June 21) announced a $15m funding round with WPP confirming its participation in taking a minority stake alongside CPG giant Unilever.

Celtra has previously generated $10.2m in funding up until the latest round / Celtra

US-based Celtra has established itself as one of the foremost companies in the mobile advertising space, having developed a creative management platform for distributing content across multiple screens since it was founded in 2006.

Celtra makes its AdCreator platform available to both brands and agencies, with the technology used to facilitate the creation, production, and distribution of ads across a variety of devices (both desktop and mobile).

The company will use the latest investment round to continue to expand out business with the world’s largest advertisers, according to a source within Celtra, which claims its client roster includes over two-thirds of the Fortune Global 500; among them: Unilever, Kargo, Netflix and Opera Mediaworks.

A statement from the adtech outfit claims that the latest round will see Unilever and Celtra partner to use Celtra’s market-leading creative technology across Unilever’s global marketing organization and its ecosystem of service providers, technology vendors and media suppliers.

Miha Mikek, Celtra chief executive officer, said his company’s aim was to help advertisers achieve maximum results from their digital advertising by ensuring their messaging is fully optimized for the device it is served on.

“Celtra’s platform helps transform brands, agencies, creative producers and other partners into highly performant, data-driven, effective digital storytellers,” he added.

With mobile ad spend forecast to hit $243.7bn globally by 2022, large advertisers are increasingly challenged by the complexity of the digital advertising ecosystem, due to fragmentation of media consumption.

Keith Weed, Unilever chief marketing officer, added: “People deserve advertising that feels native to each medium and delivers emotional value. Celtra helps us deliver that at global scale.”

Celtra’s Crunchbase profile claims it has previously generated $10.2m in funding up until the latest round, with the company noted as a leading participant in the Google-backed Accelerated Mobile Pages (AMP) project.

The investment continues WPP's strategy of focusing on three key areas which it claims differentiates the group's offering from those of its rivals; ie offering clients technology; data; and content production services, and follows on from the investment in Mic announced earlier today.

Sir Martin Sorrell, WPP, chief executive officer, added: “We believe the market is due for a creative management solution that can deliver real-time data driven creative at scale and tailored for every individual, across media channels. Celtra is a leader in this space. This investment is in line with WPP’s commitment to technology, data and content, which, along with horizontality, new markets and new media, comprise the Group’s four strategic priorities.”

It had earlier been reported that adtech outfits were increasingly finding it difficult to come by investment, although representatives of high profile investment funds spoke recently of their willingness to invest in such ventures at Luma Partners' Digital Media Summit.

Output: Mobile advertiser Celtra has closed a $15m funding round, with WPP joining Unilever in taking a minority stake in the firm, according to an official statement. The American company is a leader in the mobile advertising sector, offering its AdCreator platform to brands and agencies, many of whom are included in the Fortune Global 500 list. The funding will be used to expand its current clientele.


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Google compresses display ads to speed up page loads
 Google is on a quest to make online ads less obnoxious, which makes sense for a company that makes its living on web-based advertising. People hate videos that play automatically, glaring slogans, and ads that suck down bandwidth and slow down the browsing experience, and Google is serious about making a fix.

The company will be officially blocking some kinds of ads in its industry-dominating Chrome browser starting in 2018, and it’s already stopping ads that try to pop up in new tabs. Google is also taking steps to make its own ads less unruly, as ZDNet reports.

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It’s doing all this by applying compression to its display ads using the Brotli compression algorithm. This specific compression scheme promises to reduce the size of Google’s ads by 15 percent compared to gzip compression, with a more than 40 percent reduction in some ads. While not every Google ad will enjoy this level of compression, Google says it’s applying Brotli compression “whenever possible.”

The benefits from putting its ads on a diet can be significant. As Michael Burns, a software engineer on Google’s Publisher Tagging and Ads Latency Team says: “[The use of compression] reduces the amount of data sent to end users by tens of thousands of gigabytes every day.” What that means for individual users is faster page loads, better overall performance, and, ultimately, lower battery consumption.

The Brotli compression algorithm is supported in the top web browsers today, including Chrome, Microsoft’s new Edge browser that’s featured in Windows 10, and Firefox. Only Apple’s Safari browser doesn’t support the new tool, which superseded the earlier Zopfli algorithm and provides up to 26 percent better compression.

In 2018, Google Chrome will start blocking any ads that don’t conform to the new Initial Better Ads Standards defined by the Coalition for Better Ads, including its own display ads. That means that users should gain a tremendous boost in their ability to enjoy the browsing experience without being subjected to the most obnoxious ads. In the meantime, Google will be working to make the ads that do show up just a little more efficient.

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Output: Google has revealed it will use the Brotli compression algorithm to compress the size of its display ads by 15% more than the gzip compression algorithm currently in use, the company said. The size of some ads will be reduced by more than 40% with the introduction of Brotli compression. By reducing the amount of data sent to users, pages load faster, perform better and use less battery, said Michael Burns, a software engineer at Google. In 2018, Google's Chrome browser will block ads that don't conform to the Coalition for Better Ads' Initial Better Ads Standards.


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Twitter shares rise on advertisers' positive feedback
 Twitter shares have surged 6.5% on the back of an uncharacteristically positive outlook for its commercial prospects as advertisers gave the micro-blogging service their ‘best relative feedback’ in more than two years.

Twitter trades 6.5% higher on back of bullish advertiser forecast

Having struggled to gain traction amongst advertisers the service appears to have turned a corner as it rode a wave of renewed investor optimism fueled by user growth, changes to its ad delivery and a renewed focus on live content.

Output: Twitter shares rose by 6.5% after advertisers gave the social network the "best relative feedback" it has received in more than two years. Cleveland Research triggered the uptick in share price by predicting 12% rebound in 2018 revenues following a 15% decline in the current year. Twitter's fundamentals are potentially bottoming-out, with changes to its delivery of ads improving the company's commercial prospects, the research company said. Twitter's shares are down 30% versus its October 2016 highs.


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Bike-sharing firm Mobike to open in Japan after raising $600m
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Chinese bike-sharing behemoth Mobike announced it has moved into a major new market with the launch of a subsidiary company in Japan.

The news comes hot on the heels of a mammoth $600 million raise, which took the startup’s total funding since it was founded out of Shanghai in 2015 to more than $900 million, with backers including Tencent and the Chinese affiliate arm of Silicon Valley’s Sequoia.

Mobike, for the uninitiated, is one of a number of bike-sharing startups to emerge in recent times. The company provides cities with chainless bikes that sport puncture-proof airless tires and an anti-rust aluminium frame for durability. The company also provides the technology platform, including mobile apps and QR codes, which users scan to unlock the GPS-enabled smart-lock with their mobile phones.

Image Credit: Mobike

In its short life so far, Mobike has mostly been available in cities across China, but it arrived in Singapore back in March and earlier this month it revealed plans to enter the U.K. at the end of June, with additional European markets to follow.

The Japan launch represents a major new market for Mobike as it looks to establish a global presence ahead of other companies already operating in the space. Rivals include China-based Ofo, in which Didi Chuxing invested “tens of millions” back in September — Ofo went on to close a whopping $450 million round a few months back. Over in the U.S., LimeBike recently raised $12 million in a round of funding led by Andreessen Horowitz.

Through its subsidiary, Mobike Japan Ltd, Mobike said that it plans to work with local governments to begin rolling out its service in Japan later this year, starting in Fukuoka city.

Output: Chinese bike-sharing giant Mobike has launched a subsidiary company aimed at the Japanese market, following its latest $600m fund raise. The start-up, created in 2015, has so far raised $900m, thanks to backers including Tencent, and recently expanded to Singapore. The Japanese operation is due to begin this year in Fukuoka city, while Mobike is also eyeing an entry into the UK market.


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Wanda HK pays £470m for site at London's Nine Elms
 St Modwen Properties PLC has announced that VINCI St Modwen (VSM) has exchanged contracts for the sale of its interest in the 10-acre Nine Elms Square site in London for £470m.

VSM’s share is to be sold to Wanda Commercial Properties Hong Kong Co Ltd with completion expected to occur later in the summer.

VSM is St Modwen’s 50/50 joint venture with VINCI PLC.

St Modwen expects its share of VSM’s cash proceeds after overage, tax and enabling costs to be £190m.

Some £70m of this will be placed in a restricted development account to fund its share of the completion of 500,000 sq ft of new purpose-built market facilities and associated infrastructure (£140m for VSM).

St Modwen will use the remaining proceeds to reduce group borrowing and fund ongoing development activity.

VSM will remain involved in the wider regeneration of the Nine Elms area over the next 10 years via its development agreement with Covent Garden Market Authority.

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This will see it provide new market facilities for the area and in doing so secure the existing 2,500 market jobs.

As the joint venture progresses with the delivery of the new market, the remaining 10 acres of land will be built into three areas known as Nine Elms Gardens, Nine Elms Grove and Thessaly Road.

These areas will feature a mix of residential, commercial, retail and leisure uses.

Mark Allan, chief executive of St Modwen Properties PLC, said: "The sale of Nine Elms Square is an important milestone, which will realise the capital required to fund the construction of over 500,000 sq ft of new market facilities.

“Together with our joint venture partner VINCI PLC, we remain very much committed to the longer-term regeneration of Nine Elms and are excited about the opportunities ahead."

Output: Hong Kong firm Wanda Commercial Properties has acquired the 10-acre Nine Elms Square site in London from VINCI St Modwen for £470m ($601m), in a deal set to complete later in the summer. "The sale of Nine Elms Square is an important milestone, which will realise the capital required to fund the construction of over 500,000 sq ft of new market facilities," said Mark Allan, CEO of St Modwen Properties.


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Tightening UK whiplash rules will reduce premiums: government
 Following the Queen's Speech, Mohammad Khan, general insurance leader at PwC, comments on the motor insurance market:"Today's news on Whiplash claims is good news for motorists. This will ensure that genuine claimants get paid fairly but exaggerated claims will be reduced. This could save motorists an average of £35 - £40 per motor insurance policy. The savings from this measure will help mitigate some of the recent increases due to the Ogden discount rate change. "Insurers were expecting some further details on the Ogden discount rate consultation, and although there was no explicit mention of it today, it may be included within the Civil Liability bill. We should find this out within the next two weeks. "An update on the Ogden rate is important for motorists as the average motor insurance premium has already increased by between £25 and £50, and by about £100-£200 for younger drivers. "Many insurers have not yet factored the Ogden discount rate change into the price of their premiums as they had assumed that the Government consultation would change the methodology to mitigate the full impact. "The worry for motorists would be if the Government decides not to revisit the Ogden discount rate methodology in this Parliament, meaning premiums will have to continue to rise next year. If we applied the current methodology for estimating the Ogden discount rate , the rate would move to -1.75% next year. This would further increase motor insurance premiums by approximately £50 - £100 and by approximately £200 - £500 for younger drivers." In response to today’s Queen’s Speech regarding legislation to help reduce motor insurance premiums, Mike Brockman, CEO of telematics insurance pioneer, Insure The Box said: “Whiplash reforms are welcome but long overdue. Young drivers in particular have seen disproportionate increases to their premiums due to a range of factors – not least the dramatic change to the Ogden rate – but this is at least a glimmer of hope for the vast majority of honest motorists who are subsiding the dishonesty of a small minority of others. Any changes that lower costs and increase access to insurance for young people must be welcomed – the ability to drive opens up many opportunities, not least employment and education for those in more rural areas.

“We have always taken a hard line on fraud at Insure The Box to protect our law-abiding customers, using telematics data to support claims investigations where we suspect accidents have been staged and claims exaggerated. Insurance Fraud is far from a victimless crime and we see the real damage that can be done by these incidents.”

“We welcome the Government’s appetite for change and would like to see detailed consultation on the nature of fraud and exaggerated claims in the motor insurance industry.”

Output: The government has said it will crack down on what it calls "compensation culture" with a further tightening of rules governing whiplash injury payouts outlined in the Queen's speech to Parliament. The prime minister, Theresa May, said the measures, which include a ban on offers to settle claims unsupported by medical evidence, would help reduce car insurance premiums by about £35 a year. Personal injury lawyers criticised the proposal, with industry groups including the Association of Personal Injury Lawyers saying it was "scandalous", "fanciful", and "predictably bad". PwC also said the move would help reduce premiums, which have been pushed up by a change in payout discount calculations.


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Tightening UK whiplash rules will reduce premiums: government
 New whiplash crackdown was announced by the government at the State Opening of Parliament

The government is to introduce a new Civil Liability Bill to tackle compensation culture around car insurance claims.

The new legislation was announced in the Queen’s Speech at the State Opening of Parliament, launching the new parliamentary session after the general election.

The Queen’s Speech details the government’s plans for the coming year. The Queen announced that the government will introduce new legislation ”to modernise the court system and help reduce motor insurance premiums”.

The government said the new Civil Liability Bill could save motorists an average of about £35 a year on their premiums.

It said the bill will seek to tackle the “continuing high number and cost of whiplash claims”, while at the same time ”ensuring that full and fair compensation is paid to genuinely injured claimants”.

The main elements of the bill will be, ”To tackle the rampant compensation culture and reduce the number and cost ofwhiplash claims”.

It will ban insurers from offering to settle claims without the support of medical evidence.

There will be a tariff of compensation for whiplash injuries that will be fixed for up to two years.

The government pointed out that the volume of road traffic accident related personal injury claims is around 50% higher than ten years ago, despite advances in vehicle safety. 520,000 claims were registered in 2006/07 compared with 780,000 in 2016/17.

The last Parliament saw the introduction of the Prisons and Courts Bill, which was shelved because of the general election.

That legislation sought to tackle soft tissue injury fraud in motor insurance claims by raising the Small Claims Court threshold from £1,000 to £5,000 and included caps on whiplash payouts. The government at the time said the reforms would cut car insurance premiums by £40, and several insurers pledged to pass savings on to their customers.

During the election, the Conservatives manifesto vowed to tackle fraudulent whiplash claims and slash motor premiums.

“We will reduce costs for ordinary motorists by cracking down on exagerrated and fradulent whiplash claims,” the manifesto said.

Output: The government has said it will crack down on what it calls "compensation culture" with a further tightening of rules governing whiplash injury payouts outlined in the Queen's speech to Parliament. The prime minister, Theresa May, said the measures, which include a ban on offers to settle claims unsupported by medical evidence, would help reduce car insurance premiums by about £35 a year. Personal injury lawyers criticised the proposal, with industry groups including the Association of Personal Injury Lawyers saying it was "scandalous", "fanciful", and "predictably bad". PwC also said the move would help reduce premiums, which have been pushed up by a change in payout discount calculations.


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Norwegian snake robots to help space research
 Credit: picture from ISS / NASA. Illustration of snake robot: SINTEF / M. Bjerkeng and O.H. Holhjem

Norwegian researchers are looking into how a snake robot might carry out maintenance work on the International Space Station (ISS), study comets, and explore the possibility of living and working in lava tunnels on the Moon.

Three years ago SINTEF was investigating whether snake robots could help astronauts working on Mars with mobility and access. As part of a project commissioned by the ESA, researchers are to continue with this work and are carrying out a preliminary study to examine the technology and other opportunities for utilising robots in space.

"More ambitious applications include potential activities on comets and the Moon", says Aksel Transeth at SINTEF. Snake robot" that can assist ISS astronauts in maintaining their equipment is perhaps a solution which can be possible to realize on a more short term."

Moon Village

It is almost 50 years since the first men walked on the surface of the moon. The ESA believes that humanity's next great step may be a joint global project aimed at establishing a settlement on the Moon – a "moon village". Such a settlement could provide a permanent base for scientific activity, business, tourism or mining, and the most likely place for such a base will be in lava tubes, or tunnels, where molten rock once flowed.

Building in lava tubes will mean that settlers will be protected from harmful exposure to cosmic radiation and meteorites.

However, such tunnels must be inspected to ensure that it is possible for people to live and work in them, and this is where the snake robots may have a role to play. The force of gravity is weaker on the Moon. Moreover, lava tubes may drop vertically from the surface. So how will it be possible to facilitate access and mobility?

Researching comets

The ESA is also interested in studying comets. Since comets come from the far reaches of outer space, researchers are hoping to uncover some of the mysteries of the solar system, and to obtain help in forming a picture of what it looked like before the planets were formed.

In 2004, the ESA launched the Rosetta space probe, and in 2014 the probe released the Philae lander onto the comet 67P/Tsjurjumov–Gerasimenko. The lander was equipped with a system of harpoons designed to hold it in place on landing. Unfortunately, this failed to work.

"There is pretty much no gravity on a comet", says Transeth. "If you try to walk on the surface, you could be thrown into space", he says. "So we have to find ways in which snake robots can move around on a comet while at the same time keeping themselves fixed on the surface", says Transeth.

Inspection and maintenance on the ISS

But for today's SINTEF researchers, it's the snake robots on the ISS that represent their most natural and realistic project on shorter term. There are no problems with extreme temperatures on the ISS, which is occupied at all times.

Astronauts carry out experiments sent to them in boxes by their colleagues on Earth, and these experiments have to be carried out in a state of weightlessness. For example, what plants can grow in space? How do wounds heal in such surroundings?

These are the astronauts' main tasks, but they also have their work cut out inspecting and maintaining all the equipment needed to keep the space station in operation. Anything that saves them time during their hectic schedule is worth its weight in gold.

"It's possible that a robot could carry out some of the routine inspection and maintenance work", says Transeth. "The experiments are stacked in the shelf sections, behind which corrosion can occur. To find this out, inspections have to be made. A snake robot could creep behind the sections, carry out an inspection, and perhaps even perform small maintenance tasks", he says.

Rolls up, creeps and extends

There is no shortage of challenges facing researchers attempting to develop an inspection and maintenance snake robot system. One important factor is to find out how a snake robot can make its way around the ISS. Since the ISS is in a constant state of freefall around the earth, astronauts "float" around the station, moving around by grabbing onto things and then pushing themselves off.

"We believe that we can design a robot that can hold on, roll itself up and then extend its body in order to reach new contact points", explains Transeth. "Moreover, we believe that it can creep in among equipment components on the ISS and use equipment surfaces to gain traction in order to keep moving forward – much in the same way as real snakes do in the wild", he says.

"We want to find out what specifications a snake robot system requires", he adds. "For example, what kind of sensors does the robot need to obtain an adequate understand its surroundings? What technologies are available to help us meet these needs, and what new technologies will have to be developed? What uncertainties are involved in terms to what it may be possible to achieve?" asks Transeth.

A drone called Astrobee will soon be flying around and making inspections on the ISS. The researchers believe that they can learn a lot from Astrobee because some of its technology will be similar to that which can be applied in a snake robot system.

Provided by SINTEF

Output: Norwegian researchers from SINTEF are testing the use of snake robots for gauging access and mobility in environments such as the International Space Station (ISS) and the moon. The researchers have been commissioned by the European Space Agency to study the use of the robots in space scenarios, including the inspection of the moon's lava tubes or the network of tunnels created with molten rock that could allow for human settlement and scientific activity. The snake robot system could provide useful data on the habitability of the tubes, and also carry out maintenance operations on key equipment required to keep the ISS functioning.


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Uber said to have known about stolen Waymo files since March 2016
 In arguing that a judge should find Uber in contempt, Waymo says that Uber has admitted it knew a former self-driving car executive had documents from his former employer.

According to new court documents filed by Waymo, Uber has acknowledged that Anthony Levandowski told Travis Kalanick and other Uber executives that he had five discs containing files belonging to Waymo. Uber said that during the March 2016 exchange, Kalanick told Leandowski to destroy the documents and not bring them into Uber. Soon after, Levandowski told Kalanick he had destroyed the discs, according to the court papers.

Why it matters: Since Waymo filed its lawsuit against Uber, alleging it was using stolen trade secrets, the ride-hailing company has maintained that it doesn't have any of the 14,000 files Levandowski dowloaded, nor that it had prior knowledge that he had done so. Uber was ordered by the court to return the files or provide documentation showing how and when files were destroyed, neither of which it has done.

More: Waymo also argues that Otto, the company Levandowski sold to Uber, hasn't complied with orders to obtain the stolen files, some of which are also in the possession of Uber's outside lawyers. While Uber eventually, under pressure from the court, threatened Levandowski to fire him if he didn't return the files (and did fire him), Otto has declined to do so, citing his Fifth Amendment rights. Levandowski's assertion of his Fifth Amendment rights has complicated the case for months, making it difficult for both parties to obtain documents and answers from him.

Output: According to new court documents filed by Alphabet's autonomous vehicle division Waymo, Uber admitted that Anthony Levandowski informed senior Uber executives that he had five discs of files belonging to Waymo in March 2016. Uber said its then CEO, Travis Kalanick, told Levandowski to destroy the documents and not to bring them into Uber. Since Waymo filed its lawsuit against Uber and its autonomous-truck driving company, Otto, in February, Uber maintained it had no prior knowledge of the alleged theft of 14,000 files on Waymo's autonomous vehicle technology.


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Twitter to 'double down' on adtech investment: CEO
 Twitter’s co-founder and chief executive Jack Dorsey said he plans to “double down” on adtech investment, saying the company has learned lessons from past mistakes that could see it pivot towards forging partnerships with third parties rather than acquiring or building its own offering.

“Advertising is our business and technology is how we manifest that,” said Dorsey at the Cannes Lions festival today (21 June.) “We’re definitely not out of the adtech investment phase. We’re doubling down. Especially with the hire of Bruce [Falck]. He’s taken right to it.”

After an exhaustive search, Bruce Falck joined the company earlier this year as general manager of revenue product, reporting directly to Dorsey (previously he was the chief executive of adtech outfit Turn). That hire was very much seen as a push by Twitter to bring a advertisers a more targeted and measurable offering as well as stand up against the Google and Facebook, which control in excess of 70% of the market.

Falck joined having spent much of his career working for adtech businesses. Prior to his tenure at Turn, he served as chief operating officer at video ad company BrightRoll and developed display advertising products at Google.

According to reports, not confirmed by Twitter, it has since been reconsidering several of its advertising products, including the direct response business, parts of the Promoted Tweets product, and TellApart, the digital ad platform it acquired in 2015.

Speaking on what has went wrong in the past on the advertising side, Dorsey said that it simply “didn’t always prioritize [it] in the right way.”

“We acquired companies or platforms and didn’t give them the options that they needed or tie it together with everything else that we’re doing,” he said. “And that doesn’t set up the acquisition for success. So, we’re [now] being really deliberate in what we look at and why.”

He went on to say that moving forward it would look to “buy versus build” its adtech offering, although he did add that it may also look to pursue this strategy by partnering with third-party tie-ups.

“We’ve tended to build a lot in the company. When we started it was before there was a public cloud that we could use and that set the DNA of the company. But we need to change that mindset. We don’t need to build everything, but we also don’t need to acquire everything. We can go through third parties and just really focus on what our strengths are,” he said.

Rebuilding from the inside out

At the beginning of the year, Twitter set about on a rebuild of the company to “get back to basics” and redefine itself around one core mission – being “the best and fastest place to see what’s happening in the world and what people are talking about.”

In a three-pronged attack, it set about re-establishing its execution of the product (“we needed a lot more discipline”), better marketing to “tell the story of what Twitter is” and focusing “our energy on our strengths” on the users already had, rather than trying to attract more.

During this reset phase, it was forced to layoff nearly a tenth of its global workforce – around 350 people – which Dorsey said was one of his darkest periods at the company.

“It was heartbreaking,” he explained. “I remember the night before, I hand wrote thank you cards to everyone we were letting go. I was up until 2am although, unfortunately, there was mishap with mailing and we couldn’t get them to everyone on time. But it was really the toughest thing. It’s still so painful to think about and I wasn’t expecting to do anything like that in my life.”

However, he said it’s now seeing results from the changes. Twitter surprised analysts with a strong performance for the first quarter for the year, seeing a spike in both user growth and earning.

“It now gives us breathing room to take bigger steps and do some non-linear things,” he hinted. “We want to bring a whole lot more creativity back into the organization and more playfulness with what we’re focused on. I’m really excited about this year.”

For more news from Cannes Lions follow the dedicated news stream on The Drum website

Output: Twitter has plans to "double down" on advertising technology investment after failing to prioritise it in the past, according to co-founder and CEO Jack Dorsey. Speaking at the Cannes Lions Festival on 21 June, Dorsey said the firm's renewed commitment to adtech follows the appointment of Bruce Falck as general manager of revenue product earlier this year. In the past, Twitter tended to custom build its own adtech offerings, but its new approach will also incorporate technology from third parties. "We don’t need to build everything, but we also don’t need to acquire everything," Dorsey said.


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Publicis, WPP to swerve Cannes Lions in 2018
 Is Cannes Lions getting too big for its own good?

Ad giant Publicis Groupe stunned the marketing world this week after announcing it would pull out of the Cannes Lions event next year, along with other events including SXSW and CES. Following the surprising news, Sir Martin Sorrell, CEO of WPP, told Variety that his company was having second thoughts as well, as he suggested Cannes Lions’ focus has expanded to become too diffuse — and too sprawling.

Cannes Lions, which started in 1954, has centered on awards to recognize the best advertising creative in the world. In recent years, it has attracted a growing flock of ad-tech firms, internet and media companies, and entertainment execs.

Publicis’ decision to drop out of Cannes Lions, set by newly installed chief Arthur Sadoun, was motivated by a desire to cut spending on trade shows and awards competitions. According to a memo sent to Publicis agencies, which include DigitasLBi, Leo Burnett and Saatchi & Saatchi, the moratorium is effective July 1 and will extend for at least one year.

Sadoun — who assumed the CEO spot earlier this month, taking over for Maurice Levy — says the money Publicis saves will be invested into an artificial-intelligence initiative, dubbed Marcel, designed to facilitate better companywide collaboration.

In the wake of Publicis’ exit from Cannes Lions, WPP’s Sorrell left the question open about whether the company’s agencies, which include Grey, J. Walter Thompson, Ogilvy & Mather and Y&R. In the Variety interview Wednesday afternoon here in Cannes, he complained that Cannes Lions has grown beyond its original mission of focusing on creative excellence in advertising.

“This has morphed into a worldwide event, but I think it’s trying to be too many things to too many people,” Sorrell said. “Probably a bit too broad, and it’s probably lost its way.”

Sorrell, 72, and said other locations might be more suitable for a global worldwide advertising conference. The British advertising and media titan suggested that, for example, the $450 million Brooklyn Navy Yard development in New York City would have the space — and access to a major metropolis — for an ad-industry confab. Cannes, he noted, is not a terribly convenient destination for many in the industry.

Asked if WPP was going to potentially pull out of Cannes Lions, Sorrell said, “I think we should take a good, hard look at it.”

“Maybe Cannes in the middle of June is not the best destination,” he said. “You could do what Cannes does but in a different environment, and probably more powerfully.” In addition to New York, he suggested London, Paris or Berlin as possible places for a Cannes Lions-style confab celebrating advertising creative.

The good thing about Cannes Lions’ more expansive scope, including the presence of internet companies like Facebook and Google, is that it has redefined creativity beyond just 30-second TV spots, Sorrell said, “beyond ‘Mad Men’ and that narrow definition.”

Output: Advertising giant Publicis Groupe has said it will not participate in the Cannes Lions Festival of Creativity, which recognises excellence in advertising, next year. The decision comes as the firm aims to cut spending on awards competitions and trade shows, according to an internal memo sent to the group's agencies. Sir Martin Sorrell, CEO of global advertising firm WPP, has also indicated that his firm is having second thoughts about the event. Cannes Lions has grown "a bit too broad, and it’s probably lost its way”, Sorrell said.


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Students use simulation to produce ethylene from algae
 Two students from the Izmir Institute of Technology have used Honeywell’s simulation software to demonstrate how to produce petrochemicals from algae. They have been named the winners of Honeywell Process Solutions’ (HPS) annual UniSim® Design Challenge.

Ozgun Deliismail and Okan Akin, under the supervision of Associate Professor Dr. Erol Seker, used UniSim Design and UniSim Dynamics to create a preliminary conceptual design and simulation of the production of bio-based ethylene from the marine microalgae of Nannochloropsis oculata. Ethylene produced from this renewable source can easily replace petrochemical-based ethylene in conventional production processes.

“The interest in renewable petrochemicals continues due to a combination of environmental concerns and economic uncertainties,” said John Roffel, Director of Honeywell’s Simulation and Operator Competency product lines. “It is great to see that students around the world find new ways to tackle global challenges with the help of the UniSim Design Suite.”

The UniSim Design Challenge allows engineering students to propose solutions to real-world problems facing process manufacturers with Honeywell’s UniSim Design Suite software, which is used to design and model processes in production facilities around the world.

Deliismail and Akin presented the winning entry during the Honeywell Users Group (HUG) Americas Symposium. The preliminary design demonstrates the drastically reduced carbon-foot print of the hybrid process by anaerobic digestion and oxidative coupling versus the traditional process of ethylene production. It also shows that bio-ethylene production from bio-methane is profitable.

“To our knowledge, this is the first reported simulation of bio-based ethylene production using the UniSim Design Suite,” said Dr. Seker. “Its user friendly interface, simplicity and great extensibility provide a great simulation environment to improve the design of the hybrid process.”

UniSim Design Suite provides an interactive process model that allows engineers to create steady-state and dynamic models. UniSim Design models may be leveraged into advanced training and optimisation solutions provided by the UniSim® Optimisation Suite, UniSim® Competency Suite and Honeywell Connected Plant offerings.

Output: Students from the Izmir Institute of Technology in Turkey have developed a conceptual simulation enabling the production of bio-based ethylene from microalgae Nannochloropsis oculata. The project won the Honeywell Process Solutions’ annual UniSim Design Challenge, which tasks engineering students with proposing solutions to real-world problems facing process manufacturers. The winning simulation demonstrated a reduced carbon footprint of the hybrid process by anaerobic digestion and oxidative coupling compared to traditional methods of ethylene production.


Instruction: create a high quality summary of the given input

Input:
Samsung releases Exynos i T200 processor for internet of things
 Samsung Electronics has launched the Exynos i T200, its first processor optimised for Internet of Things (IoT) devices, the company has announced.

The South Korean tech giant said the chip has upped security and supports wireless connections, with hopes of giving it an advantage in the expanding IoT market.

Eynos i is a derivative brand of Eyxnos -- which is used by Samsung for its processors for smartphones -- aimed at IoT devices. Future processors for IoT will continue to carry the brand, a company spokesperson said.

The Exynos i T200 applies Samsung's 28-nanometer High-K Metal Gate process and has multiple cores, with the Cortex-R4 doing the heavy lifting and an independently operating Cortex-M0+ allowing for multifunctionality.

For example, if applied to a refrigerator, Cotext-R4 will run the OS and Cotex-M0+ will power LED displays on the doors.

The new chip also has Security Sub System hardware that allows for passwords and backing up data, and has a Physically Unclonable function that prevents illegal copying.

The Exynos i T200 supports 802.11 b/g/n 2.4GHz Wi-Fi connectivity and has Wi-Fi Alliance certification and Microsoft's Azure IoT certification. It also supports open-source IoT protocol standard IoTivity, suggested by Open Connectivity Foundation.

Samsung is keenly eyeing the IoT market, last month unveiling Tizen 4.0, the latest version of its operating system, which will be applicable to more devices than smartphones.

Last year, it also commercialised the ARTIK brand, which involves its IoT modules and cloud platform.

For the original Exynos brand, Samsung is mass producing the latest 10-nanometer ones for its own smartphones.

Output: South Korean tech giant Samsung has launched its first processor to be optimised for the internet of things (IoT), the company has said. The Exynos i T200 applies Samsung's 28-nanometer High-K Metal Gate process and includes a Cortex-R4, as well as an independently operating Cortex-M0+ that enables multi-functionality. The Exynos i T200 has Wi-Fi Alliance and Microsoft's Azure IoT certification.


Instruction: create a high quality summary of the given input

Input:
US energy secretary dubious about CO2 as cause of climate change
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US Secretary of Energy Rick Perry has said he does not believe carbon dioxide is a primary contributor to global warming, putting him at odds with mainstream scientific opinion.

Mr Perry's statement is in line with Environmental Protection Agency chief Scott Pruitt, but flies in the face of several scientists and studies done on climate change that all say increased carbon emissions creates a greenhouse effect - the atmosphere is clogged and the planet heats up causing melting glaciers, rising sea levels, and natural disasters.

The former governor of Texas said on CNBC that "the most likely the primary control knob [for climate change] is the ocean waters and this environment that we live in."

Recommended Trump energy pick sworn in despite call for department to be abolished

He did not give further explanation on what that meant. Certainly, rising sea levels have been an oft-cited issue by those studying the North and South pole but also American coastal cities like Miami Beach and San Diego.

His view contradicts research done by NASA, the National Oceanic and Atmospheric Administration, the EPA, and his own agency.

Mr Pruitt has said in the past to CNBC that "there's tremendous disagreement about the degree of impact" of carbon dioxide and other greenhouse gases.

Both he and Mr Perry have commented that though human action does have some impact on the climate, neither believes there is proof that regulations or government policies would help.

10 photographs to show to anyone who doesn't believe in climate change Show all 10 1 / 10 10 photographs to show to anyone who doesn't believe in climate change 10 photographs to show to anyone who doesn't believe in climate change A group of emperor penguins face a crack in the sea ice, near McMurdo Station, Antarctica Kira Morris 10 photographs to show to anyone who doesn't believe in climate change Floods destroyed eight bridges and ruined crops such as wheat, maize and peas in the Karimabad valley in northern Pakistan, a mountainous region with many glaciers. In many parts of the world, glaciers have been in retreat, creating dangerously large lakes that can cause devastating flooding when the banks break. Climate change can also increase rainfall in some areas, while bringing drought to others. Hira Ali 10 photographs to show to anyone who doesn't believe in climate change Smoke – filled with the carbon that is driving climate change – drifts across a field in Colombia. Sandra Rondon 10 photographs to show to anyone who doesn't believe in climate change Amid a flood in Islampur, Jamalpur, Bangladesh, a woman on a raft searches for somewhere dry to take shelter. Bangladesh is one of the most vulnerable places in the world to sea level rise, which is expected to make tens of millions of people homeless by 2050. Probal Rashid 10 photographs to show to anyone who doesn't believe in climate change Sindh province in Pakistan has experienced a grim mix of two consequences of climate change. “Because of climate change either we have floods or not enough water to irrigate our crop and feed our animals,” says the photographer. “Picture clearly indicates that the extreme drought makes wide cracks in clay. Crops are very difficult to grow.” Rizwan Dharejo 10 photographs to show to anyone who doesn't believe in climate change Hanna Petursdottir examines a cave inside the Svinafellsjokull glacier in Iceland, which she said had been growing rapidly. Since 2000, the size of glaciers on Iceland has reduced by 12 per cent. Tom Schifanella 10 photographs to show to anyone who doesn't believe in climate change A river once flowed along the depression in the dry earth of this part of Bangladesh, but it has disappeared amid rising temperatures. Abrar Hossain 10 photographs to show to anyone who doesn't believe in climate change A shepherd moves his herd as he looks for green pasture near the village of Sirohi in Rajasthan, northern India. The region has been badly affected by heatwaves and drought, making local people nervous about further predicted increases in temperature. Riddhima Singh Bhati 10 photographs to show to anyone who doesn't believe in climate change A factory in China is shrouded by a haze of air pollution. The World Health Organisation has warned such pollution, much of which is from the fossil fuels that cause climate change, is a “public health emergency”. Leung Ka Wa 10 photographs to show to anyone who doesn't believe in climate change Water levels in reservoirs, like this one in Gers, France, have been getting perilously low in areas across the world affected by drought, forcing authorities to introduce water restrictions. Mahtuf Ikhsan

Mr Perry's comments come just a few weeks after Donald Trump withdrew the US from the Paris Agreement on climate change, which nearly 200 countries signed in December 2015 in an effort to lower greenhouse emissions and adapt to an already changing planet.

The US President said the accord put American workers at an "economic disadvantage". Secretary of State Rex Tillerson and Defence Secretary James Mattis had both advised the President to stay in the agreement.

According to former State Department officials, Mr Trump could have remained in the deal and simply shifted US targets for greenhouse gas emissions reductions.

A recent report by the Organisation for Economic Co-operation and Development (OECD) shows that the world’s economies could boost economic growth by nearly three per cent by 2021 if they institute policies that would lower greenhouse gas emissions. By 2050 that growth could reach up to five per cent.

New investments in renewable energy outpaced new money in the oil and gas sector for the first time in 2015 - to the tune of $350 billion.

Several US cities and major corporations have come out to say that green jobs programmes are what will revitalise economically lagging areas and help businesses thrive.

World leaders were largely critical of the decision and even more so of Mr Trump's idea that the Paris Agreement would need to be renegotiated for the US to be involved, with France, Germany, and Italy all issuing a statement saying that after 20 years of annual negotiations, they are not going to re-open the doors for the US.

Output: Rick Perry, the US Secretary of Energy, has contradicted the international scientific community by saying he does not believe carbon dioxide is a primary contributor to global warming. In an interview with CNBC, Perry said: "The most likely primary control knob [for climate change] is the ocean waters and this environment that we live in." Perry's comments mirror those of Environmental Protection Agency chief, Scott Pruitt, who said in previous interviews with the broadcaster that there was "tremendous disagreement about the degree of impact" of carbon emissions on the world's climate.


Instruction: create a high quality summary of the given input

Input:
High-tech firms urged to stem middle class flight from big cities
 The migration of high-tech startups to cities is less of a reversal and more of a historical correction. In 2006, the venture capital icon Paul Graham said that for all its power, Silicon Valley had a great weakness. The high-tech “paradise” created during the 1950s and 1960s “is now one giant parking lot,” he said. “San Francisco and Berkeley are great, but they’re 40 miles away. Silicon Valley proper is soul-crushing suburban sprawl. It has fabulous weather, which makes it significantly better than the soul-crushing sprawl of most other American cities. But a competitor that managed to avoid sprawl would have real leverage.”

For years, economists and mayors believed that high-tech development would “lift all boats.” The reality is a new phase of winner-take-all urbanism.

And that’s what happened. Urban areas provide the diversity, creative energy, cultural richness, vibrant street life, and openness to new ideas that attract startup talent. Their industrial and warehouse buildings also provide employees with flexible and reconfigurable work spaces. Cities and startups are a natural match.

For years, economists, mayors, and urbanists believed that high-tech development was an unalloyed good thing, and that more high-tech startups and more venture capital investment would “lift all boats.” But the reality is that high-tech development has ushered in a new phase of what I call winner-take-all urbanism, where a relatively small number of metro areas, and a small number of neighborhoods within them, capture most of the benefits.

Middle-class neighborhoods have been hollowed out in the process. In 1970, roughly two-thirds of Americans lived in middle-class neighborhoods; today less than 40 percent of us do. The middle-class share of the population shrank in a whopping 203 out of 229 U.S. metro areas between 2000 and 2014. And places where the middle class is smallest include such superstar cities and tech hubs as New York, San Francisco, Boston, Los Angeles, Houston, and Washington, D.C.

Despite all this, it wouldn’t make any sense to put the brakes on high-tech development. Doing so would only cut off a huge source of innovation and economic development. High-tech industry remains a major driver of economic progress and jobs, and it provides much-needed tax revenues that cities can use to address and mitigate the problems that come with financial success.

The tech startup boom has brought billions of dollars of venture capital into urban areas like San Francisco. It’s also driven out the middle class and caused a wave of resentment.

But if high-tech development causes problems, and stopping it doesn’t solve those problems, what comes next?

High-tech companies should—out of self-interest, if for no other reason—embrace a shift to a kind of urbanism that allows many more people, especially blue-collar and service workers, to share in the gains of urban development. The superstar cities they’ve helped create cannot survive when nurses, EMTs, teachers, police officers, and other service providers can no longer afford to live in them.

Here’s how they can do it. First, they can work with cities to help build more housing, which would reduce housing prices. They can support efforts to liberalize outdated zoning and building codes to enable more housing construction, and invest in the development of more affordable housing for service and blue-collar workers.

Output: US tech firms have migrated from suburbs to cities to tap start-up talent in urban areas, and hollowed out middle-class neighbourhoods in the process, writes Richard Florida in the MIT Technology Review. Florida suggests the tech sector should work with cities to ensure affordable housing, public transport to outlying areas, and upgrading of low-wage service jobs so that "superstar" cities maintain access to the pool of service providers they will need to survive.


Instruction: create a high quality summary of the given input

Input:
Regions most at risk from animal to human pandemics pinpointed
 A new study identifies several regions around the world with the highest number of unknown viruses likely to infect people, and which species are most likely to carry them.

Researchers from New York-based environmental non-profit EcoHealth Alliance published a study Wednesday in the journal Nature they say is the first comprehensive analysis of all viruses known to infect mammals.

The world has seen a rise in the number of zoonotic viruses, or viruses that can be transmitted from animals to humans. The goal of the study is to try to predict where the next pandemic is likely to occur, and which species are most likely to carry it, said the study's senior author, Peter Daszak, who is president of EcoHealth Alliance.

"If you are an organization that is doing surveillance to stop the next Ebola — and we know there are a hundred other Ebola viruses we have not discovered out there on the planet — this paper says where they would be," Daszak said. "And then you can target your programs to go an look for them. And if you find them you can determine whether it is likely something that can infect people.

Geographically, the biggest hotspots are the tropical regions of the world, such as Central and South America, West and Central Africa, and Southeast Asia.

Apart from being some of the most biodiverse places on the planet, they are also the regions that are home to the greatest number of species that have the highest risk of carrying and transmitting viruses to humans.

One of the most striking findings is that bats carry a significantly higher proportion of zoonotic diseases than any other group of mammals.

Output: The first comprehensive analysis of all viruses known to infect mammals has been collated by New York-based EcoHealth Alliance, which shows the most likely hotspots where the next pandemics will occur. There is a rising number of viruses transmitted from animals to humans, known as zoonotic viruses, with the major hotspots in tropical regions, such as Central and South America, west and central Africa and southeast Asia. Bats carry a significantly higher proportion of zoonotic diseases than any other mammal group, including Middle East respiratory syndrome, severe acute respiratory syndrome, Ebola virus and many others. However, scientists have yet to discover why bats are such major carriers.


Instruction: create a high quality summary of the given input

Input:
Insurtech billions need to be directed at risk pricing and claims
 Distribution in terms of i) using technology to identify, attract and convert clients far more effectively than before and ii) in terms of delivering a far better customer experience that more closely matches expectations of convenience, access and transparency formed through people's interactions with leading online brands and services. Look at the rise of peer-to-peer insurance platforms such as Lemonade or Guevara, for example, and the emergence of products based on actual usage rather than an annual policy, such as sold by Trov and Metro Mile. The change in distribution will be marked by an increasing shift from insurance being viewed as a grudge purchase to being truly optional. Underwriting in terms of a revolution in the way that data is used to accurately price risk at the individual level, using not just historic information but a continuous stream of data that enables live pricing based on actual risk and usage. Gone are the days when a risk might be underwritten based on five data points and a couple of tickets to Wimbledon. An MGA I met the other day is using more than 1,000 data points in its rating engine, sourced for free through public information, to make tens of thousands of individual underwriting decisions in milliseconds. Claims in terms of using technology to deliver significant efficiencies in how quickly claims are handled and resolved and through the application of advanced analytics to reduce fraud. And of course if you underwrite better, you will in any case have fewer claims!

On Sept. 20, 1977, Happy Days broadcast its season five premiere. The central characters visited Los Angeles and, having had his bravery questioned, Fonzie took to the water (still wearing his leather jacket, of course) on water skis. And jumped over a shark. Even at the time, the scene was immediately seen for what it was -- a credulity-stretching ratings ploy that revealed the network's desperation to win back an audience for a show that had run out of ideas. Over the years, the concept of "jumping the shark" evolved into an idiom to describe that moment when any idea, brand, design or franchise demonstrably loses its way. Could it be applied to the Insurtech industry today, I wonder? Certainly, the numbers seem to be pointing in the wrong direction. Insurtech investment was down 35% in 2016 vs. 2015, from $2.6 billion to $1.9 billion, according to CB Insights. The trend accelerated in the first quarter of 2017, with insurtech funding down 64% vs. 2016 to $283 million. The market's collective pulse can hardly be said to be racing. For those of us who lived through the dot-com boom (and bust), there is also a depressingly familiar echo between how corporates reacted to the emergence of the internet then and what is happening now. Hardly a day goes by, it seems, without yet another corporate incubator or venture fund being announced or newly minted chief digital officer (whatever they are) being appointed. And while the (often dumb) money continues to pour in to ever more outlandishly named startups, the media is falling over itself to write the incumbents’ obituaries and crown their sneaker-wearing young pretenders. If we haven't reached peak-hype yet, then we surely can't be that far off. Of course, we shouldn't ignore the insurance industry's ability to remain resolutely analog in a digital world, insulated from reality thanks to the formidable barriers to disruption that are regulation, brand, customer base and balance sheet. I am reliably told that two trucks a day still leave Lloyd's for an offsite document storage facility, loaded to the gunwales with paper, while another comes back the other way… Dig a little deeper, however, and a different picture emerges. The 2015 numbers were arguably distorted by two huge one-off investments (totaling $1.4 billion) in Zenefits and Zhong-An. Ignore those, and the underlying growth story remains compelling, with insurtech investments between 2010 and 2016 growing at a CAGR of more than 50%.Importantly, insurtech, for so long fintech's poor relation, is closing the investment gap. Analysis by CB Insights shows that the ratio of total fintech to insurtech investments has more than halved from 9.1 to 1 in 2014 to 4.5 to 1 in 2016 as investors wake up to the opportunities on offer. Also encouraging is where that insurtech investment is being made. While 67% of insurtech investments between 2012 and 2016 have been in the U.S., that proportion shrank to 47% in the first quarter of 2017. A swallow does not a summer make, but other data suggests that this is consistent with a growing diversification of insurtech investment away from the U.S. to other insurance markets, in particular Europe. Of course, investment is only one window on the insurtech story. And if there is a surprise, it is perhaps that the numbers are not much, much larger, given the size of the industry, the opportunities on offer for new entrants and the stakes at play for the incumbents. There is some confusion, however, as to exactly what the nature of the insurtech opportunity is, particularly on the P&C side of the industry, which is arguably where the most immediate focus should be. Some talk of the potential for robotics to drive operational efficiency, particularly in the claims process. This may well be true, but to my mind isn't really insurtech. This is just the insurance industry waking up to the potential of process automation. Most other parts of the financial services industry got there at least 10 years ago. Others talk of the impact of driverless cars and how this will slash motor premiums, as vehicles become inherently less prone to crash and the liability burden shifts to software manufacturers. Or how 3D printing will decimate the trade indemnity market as products are printed locally rather than shipped internationally. This may well be true, but isn't insurtech. This is simply the impact of new technologies on different parts of the global insurance premium pool. Some talk of the rise of cyber risk and drones and how this will create new categories of risk. Again, this may well be true, but isn't insurtech. This is just the emergence of new classes of risk that the market will assess, price and refine over time, as it has always done. To understand what the P&C insurtech opportunity truly represents, you have to strip the insurance industry back to its fundamentals. On this basis, insurance, at its core, could be said to be simply the flow of money and data. Money to pay premiums and pay claims. Data to price risk and analyze claims. Accept this, and the beating heart of the insurtech opportunity lies in three main areas: distribution, underwriting and claims.The interesting thing is how little the industry still appears to have shifted its ways of working in reaction/anticipation, outside of the well-publicized activities of some of the larger players such as Axa, Munich Re, Allianz and Mass Mutual. There are many potential explanations for this corporate heel-dragging: leadership teams who are the wrong side of the digital divide and who therefore simply don't get it, a lack of organizational agility, a fear of upsetting existing distribution channels/cannibalization or upsetting staff, the difficulty in running a traditional model alongside a new one, network dependency (i.e. you can only go at the speed of the slowest), a lack of investment capital and the uncertain ROI of any technology investment. After all, why invest in a speculative digital strategy when you can hire a couple of extra brokers and almost guarantee a few hundred thousand of extra commission? Further, those that are taking action are arguably placing a disproportionate amount of effort into leveraging technology to improve their internal efficiency and reduce costs. The problem is that, while easier and more tangible for them to tackle, internal operations only represent about 10% of the average insurer's cost base. Compare that with 20% to 40% for distribution and 40% to 60% for claims, and companies appear to be fishing in the wrong pond. This observation hasn't been lost on the PE/venture industry, or on the more progressive corporate venture funds. But even here, a disproportionate amount of investment capital appears to have gone toward distribution alone. McKinsey's Panorama Insurtech Database suggests that 17% of P&C startups are focused on distribution, vs. 10% on pricing and only 7% on claims. At one level this is understandable: Data is boring and incremental, while distribution is higher-profile, easier to target and quicker to monetize. But, by the same token, this means that more and more players are trying to disrupt the same, increasingly crowded part of the value chain, in slightly different ways. They can’t, and won’t, all survive. A few big winners will no doubt emerge from this feeding frenzy. However, the vast majority of today's media darlings will fail or find themselves overtaken (or perhaps taken over if they are lucky) by incumbents informed (at their and others' expense) by the success or otherwise of all these live "pilots" and armed with deeper pockets, a balance sheet, a trusted brand and actual customers. Students of history will again see a clear parallel to the winners and losers of the dot com years. Anyone else remember clickmango.com and its pink inflatable boardroom? What conclusions to draw from all this? Well, firstly that the real, lasting disruptive opportunity for the P&C insurance industry is far more likely to be within underwriting and claims. It may be unsexy, but it is where the bulk of the cost is and is the hardest to get at. It is also, therefore, where there is a real opportunity for new entrants to build something of meaningful, differentiated and sustainable value, rather than on the distribution side, where the barriers to entry are far lower and it is far easier for incumbents to simply adapt their offerings and compete away efficiency savings in the form of price reductions. Secondly, if the above is true, then whoever has the most data wins. This favors incumbents, in particular scale players (on both the broking and the insurer side) or medium-sized players willing to work collaboratively with others to pool resources and know-how and access third-party services. But it also creates opportunities for players (hardware (e.g. telematics), software or consulting) that are supplying, enriching or analyzing data on a partnership basis with players who would not otherwise have the resources to go it alone. Those unable or unwilling to be part of these collaborative networks will fail or have to sell out. Thirdly, as a consequence of the above, the real risk to incumbents is perhaps less from disruptive new entrants that in many cases will be more interested in partnering with them than eating their lunch, than it is from their traditional competitors stealing a decisive march on them. In today's kinetic world, being a fast follower may no longer be good enough. Hence the logic of all these corporate incubators and venture funds (as long as they are investing in the right things, of course). Fourthly, much of what we read about in the media in terms of the incubator/venture activities of the major players should be seen for what it is -- noise that more than likely is designed to conceal their real focus: investing in machine learning and advanced analytics that promises to utterly transform their ability to accurately price and distribute risk. This smoke screen is hardly surprising given the potentially seismic implications for their existing broker relationships and staff, not to mention their customers. Indeed, the potential consequences for those no longer able to secure coverage, or only able to do so at rates far beyond what they pay today, are serious and will surely trigger regulation to avoid vast societal imbalances. Finally, partly as a result of the above as well as related technological innovation, the one thing that is absolutely certain is that the size of the overall insurance revenue pool will shrink significantly. Driverless cars and sensor/IoT technology mean that there will simply be far fewer losses than before. McKinsey's base case scenario sees a 30% drop in global motor premiums and as much as a 70% fall under some conditions. What's more, better data doesn't just lead to better underwriting but also enables better risk prevention and avoidance. Wearable tech, for example, drives healthier living, telematics safer driving. This promises to drive further consolidation across every part of the value chain toward truly value-added players, shift fundamentally the role of the broker (and arguably the insurer too) toward risk consultancy and trigger the rise of a range of complementary services, platforms and product offerings to fuel and profit from this trend.For an industry already reeling under the combined impact of increasing regulation, an unrelentingly soft rating cycle, over-capacity, terminally low interest rates and vicious competition, the rise of insurtech could perhaps not come at a worse time. And yet ironically it is precisely this combination of factors that means that the industry has finally come round to the realization that, if it doesn’t change soon, the world will change around it. Or, as Chinese philosopher Lao Tzu said, "If you do not change direction, you may end up where you are heading." Global insurance premiums stood at around $3.6 trillion last year, according to Swiss Re. This is a huge, unreformed global market crying out for change. Forget jumping the shark. Now is the time to grab the insurtech bull by the horns. And hold on if you can.

Output: Insurtech investment has been directed at the wrong places and instead of start-ups undermining established insurers, legacy companies are poised to exploit new technology and transform their businesses. Consultant and former McKinsey entrepreneur James Twining said investment must be directed towards the biggest cost centres of the insurance value chain, risk pricing and claims, rather than distribution, an area that already has too many players in it. So far money has been sunk into streamlining processes and improving customer experiences, which won't lead to change, Twining wrote. Developing and deploying artificial intelligence and improving data extraction will be key to making that transformation, he concluded.


Instruction: create a high quality summary of the given input

Input:
Tesco call centre closure puts 1,100 jobs at risk in Cardiff
 Tesco is to close a call centre in Cardiff, putting 1,100 jobs at risk.

The supermarket chain said that in February it planned to close one of its two call centres which handle customer emails, social media inquiries and phone calls. About 250 jobs will be created in the group’s other call centre, in Dundee, which will handle all customer queries. Workers from Cardiff will be offered work there but few are expected to move.

Nick Ireland, the divisional officer of Usdaw, the shopworkers’ trade union, said workers in Cardiff were “understandably shocked” by the announcement.

“This is clearly devastating news for our members and will have a wider impact on south Wales, as so many jobs are potentially lost to our local economy.

“We will now enter into consultation talks with the company over the coming weeks to look at the business case for the proposed closure. Our priorities are to keep as many members as possible in employment, whether that is with Tesco or other local employers, and to get the best possible deal for our members.”

Andrew RT Davies, leader of the Conservatives in the Welsh Assembly, said: “This could be the biggest single loss of jobs in Wales since 2009, and will be a huge blow for the employees and their families and the South Wales economy.”

Matt Davies, the UK chief executive of Tesco, said: “The retail sector is facing unprecedented challenges and we must ensure we run our business in a sustainable and cost-effective way, while meeting the changing needs of our customers.

“To help us achieve this, we’ve taken the difficult decision to close our customer service operations in Cardiff.

“We realise this will have a significant effect on colleagues in the Cardiff area, and our priority now is to continue to do all we can to support them at this time.”

Retailers are having to rethink their businesses in the face of aggressive online competitors as well as higher costs after a hike in the national living wage from £7.20 to £7.50, recent business rate changes and the introduction of the apprenticeship levy.

Lewis said last year that retailers faced a “potentially lethal cocktail” as profits slump and costs rise.

Rising competition from the discounters Aldi and Lidl has also forced traditional supermarkets to hold down prices at a time of rising costs resulting from the fall in the value of the pound against the euro and the dollar.

The cuts at Tesco are the latest in a string of cutbacks implemented as part of a turnaround plan led by Dave Lewis, the group chief executive, who joined in autumn 2014.

In his first year in charge, Lewis axed nearly 5,000 head office and UK store management jobs as well as more than 4,000 roles overseas and at the group’s banking division. More than 2,500 jobs were lost with the closure of 48 underperforming Tesco stores, while in April 3,000 jobs were put at risk when the chain cut night shifts for shelf stackers in some of its biggest supermarkets.

Tesco is not alone. Sainsbury’s, Morrisons and Waitrose have also closed stores while Asda has cut jobs as all the big grocers try to keep costs down.

But the latest changes are part of a cost-cutting drive designed to improve the efficiency of Tesco before its £3.7bn takeover of Booker, the cash and carry company behind the Londis and Budgens convenience store chains.

The announcement of the job cuts comes during a difficult week for the UK’s biggest supermarket. On Tuesday, call centres were inundated with customer complaints following an IT glitch that hit up to 10% of online grocery orders.

On Wednesday, Tesco Bank customers were unable to access online banking for several hours after another IT issue. Customer queries for the bank are handled by a separate operation from those in Cardiff and Dundee.

Tesco Bank apologised to those affected and said: “Service is now restored and customers can access their account as normal.”

Output: Aggressive online competitors and high costs following a hike in the national living wage have been blamed for Tesco's decision to close a call centre in Cardiff, which deals with customer emails, social media enquiries and phone calls. About 1,100 positions are at risk in what might become the largest single loss of jobs in Wales since 2009. Sainsbury’s, Morrisons and Waitrose have also closed stores while Asda has cut jobs as all the big supermarkets try to keep costs down. Tesco group CEO Dave Lewis had warned last year that retailers faced a "potentially lethal cocktail" as profits slump and costs rise.


Instruction: create a high quality summary of the given input

Input:
Xain wins Porsche blockchain competition
 German luxury sports carmaker Porsche has announced that Xain AG has won its first innovation contest on blockchain technology.

Porsche said that the startup competed against 100 other applicants and won the contest with its unique business idea. The contest was announced in April.

According to the official announcement, Xain will get an opportunity to collaborate with the sports car manufacturer from Stuttgart, along with an award of EUR 25,000. It will also participate in the HHL Leipzig Graduate School of Management’s Accelerator Program.

“The project is a great opportunity. Together with Porsche, we now want to continue our pioneering work on blockchain technology,” says Leif-Nissen Lundbaek, CEO and co-founder of Xain.

Lundbaek and Felix Hahmann founded Xain AG in February 2017. It focuses on the development of blockchain systems and provides solutions in the areas of artificial intelligence, machine learning, and data analysis for industrial production.

“We aim to gain new perspectives on the disruptive potential of the transaction system blockchain from the start-up scene,” says Martin Roth, Manager for Strategy, Finances and Risk Management at Porsche.

The active collaboration between Porsche and Xain will commence in August 2017 with a three-month pilot phase. The pilot phase will aim to develop a concrete prototype of a blockchain-based application.

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Output: Luxury sports car manufacturer Porsche has named start-up Xain as the winner of its innovation contest for blockchain technology. The firm competed against 100 other teams, and will be collaborating with the car manufacturer to utilise blockchain systems for artificial intelligence, machine learning, and data analysis from August 2017. The company also won €25,000 ($27,994).


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Tea clipper Cutty Sark draws record number of Chinese visitors
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LONDON, June 21 (Xinhua) -- A sailing ship built almost 150 years ago to rush consignments of tea from China to Britain has seen record numbers of Chinese tourists catching a glimpse of maritime history.

Figures released Wednesday show the number of visitors from China toasting the famous Cutty Sark at its London home have rocketed in the past year by 200 percent.

Visitors to the ship, part of the Royal Museums at Greenwich (RMG), can discover what life was like on board Cutty Sark, the world's only surviving tea clipper.

She was fastest ship of her time, built in Scotland in 1869, and designed to carry tea from China to England as fast as possible. The record-breaking ship travelled the globe and visited every major world port.

The figures also show Chinese visitors have taken a larger share of the RMG's international market, making up 8.3 percent of all overseas visitors in 2016/17, compared to 4.9 percent in 2015/16.

The greatest percentage increases were seen at the National Maritime Museum and the Cutty Sark, where the Chinese visitor figures grew by 247 percent and 200 percent respectively year-on-year.

RMG includes the National Maritime Museum, the Royal Observatory Greenwich and the 17th-Century Queen's House and the Cutty Sark, forming a key part of the Maritime Greenwich UNESCO World Heritage Site.

Total Chinese visitors across all four museums exceeded 68,000.

Amy O'Donovan, who is responsible for the Chinese market at RMG said: "Our Chinese journey is really starting to bear fruit and we have exceeded all our targets." Enditem

Output: Chinese visitors to the Royal Museums of Greenwich in London have increased by a record 200% in the past year because of their interest in the famous Cutty Sark sailing ship that was built in 1869 to transport consignments of tea from China to the UK. The figures also showed that Chinese tourists have taken a larger share of the royal museums's international market, making up 8.3% of all foreign visitors in 2016/17, compared with 4.9% in 2015/16.


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NGOs score global banks based on financing of fossil fuels
 Some of the world’s top banks are continuing to lend tens of billions for extracting the most carbon-intensive fossil fuels, according to a report of top lenders.

Finance provided for these fossil fuels – tar sands and other unconventional oil and gas, as well as coal and liquefied natural gas – amounted to $87bn for the top 37 banks in 2016. That represented a slump of more than a fifth compared with the $111bn raised the previous year, and was also down on 2014’s total of $92bn.

However, the analysis, carried out by a group of NGOs including the Rainforest Action Network and Sierra Club, showed that multinational banks around the globe, including many household names, were trumpeting their green credentials while continuing to pour money into the dirtiest fuels.

The report, entitled Banking on Climate Change 2017, scored the institutions from A to F on their practices, including the banks’ policies, the nature of the investments, the size and type of transactions, and the impact on climate change.

The highest rating went to a handful of banks who scored a B for having scaled back their support for coal mining and coal-fired power generation, including France’s Credit Agricole and Germany’s Deutsche Bank, but none of those studied fared well across the board, and dozens of Fs were awarded for tar sands exploitation and ultra-deep water drilling for oil.

Banks in Asia tended to fare badly, including China Construction Bank, Bank of China, Agricultural Bank of China and Mizuho. The UK’s HSBC and Barclays scored above average for good practice on coal mining but slipped down to a D and below on unconventional oil and LNG exports.

Big banks were among the most vocal supporters of the Paris climate agreement – which aims to keep warming to below 2C – and many set out supportive policies. For instance, in 2015, ahead of Paris, Citigroup and Bank of America pledged to reduce their financing of coal as a way of limiting their exposure to carbon-intensive fossil fuels.

But the report’s publishers said the finance groups needed to show more commitment in their lending practices, and warned that last year’s sharp fall in financing for carbon-intensive fuels could turn out to be a blip if banks followed the lead of Donald Trump, the US president, who this month rejected the Paris agreement.

Yann Louvel, climate and energy campaign coordinator at BankTrack, said: “There is simply not enough time left for excuse-making, fiddling at the policy edges and more egregious investments in extreme infrastructure projects, [such as] pipelines that transport tar sands oil. We hear of [banks’] revulsion to Trump’s stance on climate change and their support for clean investments, yet their actions of continued investments in extreme fossil fuels demonstrate that they actually side with the Trump approach.”

Lena Moffitt, senior campaign director at the Sierra Club, predicted that individual bank customers would make decisions on where to put their money based on how they performed on climate change. “The people are watching where and what banks sink their funds into, and they will not back down until every last one commits to investing in a future that benefits their communities, their economies, and their health.”

Separately, research from the OECD found that few countries were doing as well as they should on fostering greener economic growth. In a survey of industrialised nations’ performance from 1990 to 2015, only about half had managed to “decouple” their economic growth from carbon emissions, which economists believe is key to maintaining prosperity while tackling climate change.

The OECD named Denmark, Estonia, the UK, Italy and the Slovak Republic as those making the most progress on green growth since 2000.

Simon Upton, environment director at OECD, warned that countries must step up their policies to achieve economic growth sustainably. “While there are signs of greening growth, most countries show progress on just one or two fronts and little on others,” he said. “We need much greater efforts across the board, if we are to safeguard natural assets, reduce our collective environmental footprint, and sever the link between growth and environmental pressure.”

For instance, environment-related taxation has fallen in the last 20 years, and the rate of development of new green technologies has slowed since 2011. Meanwhile, air pollution remains “dangerously high”, with fewer than one in three developed countries meeting World Health Organisation guidelines on fine particulates, and an area the size of the UK has been covered by buildings since 1990, adding to stress on food supplies and water.

Several banks told the Guardian they were actively engaged in a transition away from high-carbon fossil fuels. Bank of America said its coal policy had been on a “trajectory we have had in place for several years, to continue to reduce our credit exposure to the companies focused on coal mining”, and that it would “continue to help energy clients find ways to diversify their portfolio to include cleaner fuel sources”.

Standard Chartered Bank, which is active in the developing world, came 31st in the list of 37 banks in terms of exposure to high-carbon fuel. A spokesman said: “The emerging markets we operate in need reliable and accessible energy to support economic growth. This needs to be balanced by mitigating the environmental impacts of power generation and consistent with the Paris agreement. We have tightened lending criteria to the energy sector.”

Banks also said the rankings and report failed to take account of their activities in boosting the green economy, such as investments in renewable energy and underwriting green bonds for socially and environmentally beneficial projects.

Deutsche Bank said it had revised its approach in December 2016, which would not have been captured in the report’s data. As a result of the revision, Deutsche Bank no longer grants new finance for greenfield thermal coal mining or new coal-fired power plant construction, and is reducing its exposure to the sector.

A spokesman for HSBC said: “Dangerous levels of climate change will only be avoided by society working together, and governments, businesses, communities and civil society share a common goal. The finance sector has an important role and HSBC will play its full part in the critical transition to a low-carbon economy.”

Output: Many major international banks are championing their green credentials, however, $87bn was invested in fossil-fuel extraction businesses in 2016, according to a report by a group of non-governmental organisations, led by Rainforest Action Network and Sierra Club. France’s Crédit Agricole and Germany’s Deutsche Bank were among the few praised for reducing investment in coal-based businesses, although none fared well across the board, and banks in Asia tended to fare badly. A separate study by the Organisation for Economic Co-operation and Development found only about 50% of industrialised economies had decoupled economic growth from carbon emissions.


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Alliance to combat sexism in advertising holds first meeting
 Industry issues

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Nearly 25 industry leaders came together and affirmed their commitment to a global and universal agenda to tackle unhelpful and harmful gender stereotypes in advertising. Participants agreed to develop a roadmap and tools to set standards for content creation and achieve progressive gender portrayals. They further decided to define gender diversity goals for the workforce, in particular in senior and creative positions; and measure change annually, including third-party measurement, for transparency and accountability, with a view for substantive impact by 2020.

More information about the initiative can be found here.

Output: The “Unstereotype Alliance,” which seeks to combat sexism in advertising and is jointly organized by UN Women and Unilever, held its inaugural meeting last week during the 2017 Lions International Festival of Creativity. Almost 25 industry leaders pledged their support of a global agenda designed to tackle gender stereotyping.  Representatives agreed to develop standards for content creation and to develop progressive images of gender. They also committed to developing gender diversity within their workforces, particularly in relation to senior posts. Transparent and accountable third-party measurement is to be carried out annually, with the goal of substantive progress by 2020.


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Tesla in talks with city of Shanghai about building EVs in China
 HONG KONG — Tesla Motors is in discussions to establish a factory in Shanghai, its first in China, a move that could bolster its efforts in one of its major markets even as it further lifts China’s position as a builder of electric cars.

In a statement on Thursday, Tesla said it needed to set up more overseas factories to make cars that customers could afford. Such a strategy is a must in China, which charges steep tariffs for imported cars.

“Tesla is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market,” a company spokesman said. “Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets.”

“While we expect most of our production to remain in the U.S., we do need to establish local factories to ensure affordability for the markets they serve,” the spokesman said.

Output: Tesla and the Chinese government are in talks about the company manufacturing its electric vehicles (EVs) in China, thus eliminating import tax, while reducing labour, manufacturing and shipping costs. The California company has made preliminary agreements with Shanghai officials, allowing Elon Musk's company to build facilities in the city's Lingang development zone. China accounted for about 15% of Tesla’s revenue last year, nearly double 2015's figure. The Chinese government levies an import tax of 50% on Teslas and the retail price for the basic Model S in China is $104,972, compared with $69,500 in the US.


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Tesla in talks with city of Shanghai about building EVs in China
 Tesla is inching ever closer to its China dream.

Yesterday (June 22) the company confirmed that it is “in talks” with the municipal government of Shanghai to manufacture its vehicles in the country. A Tesla spokesperson provided the following statement:

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“Tesla is working with the Shanghai Municipal Government to explore the possibility of establishing a manufacturing facility in the region to serve the Chinese market. As we’ve said before, we expect to more clearly define our plans for production in China by the end of the year. Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets. While we expect most of our production to remain in the US, we do need to establish local factories to ensure affordability for the markets they serve.”

The announcement follows more than a year of speculation that the electric-vehicle maker would set up shop in China, and confirms that Tesla is altering its China strategy away from merely exporting vehicles in order to reach more Chinese consumers.. Earlier this year, Musk made a stealth visit to China to visit Wang Yang, one of the nation’s highest-ranking officials, to discuss Tesla’s plans.

Tesla has been selling vehicles in China since 2014, but to date, its share of the electric vehicle market remains marginal, at just 2% as of June 2016, according to trade blog CleanTechnica. There are several reasons for this, one of which is price. Tesla currently exports its vehicles to China, and the government places an import tax of 25% on Tesla cars. The sticker price for the most simple Model S in China is $104,972, compared to $69,500 in the US.

As a result, Tesla sales primarily go to wealthy, status-conscious consumers. While that’s still a huge group of people in China, price-conscious middle-class buyers have dozens of cheaper, homegrown competitors to choose from—including models from BYD, which only makes electric vehicles, as well electric models from car makers like Geely, Chery, and Zotye.

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The only way to dodge this tax is to manufacture in China, and the only way to manufacture in China is to form a joint venture with a domestic Chinese carmaker (usually one affiliated with a city government), with foreign ownership capped at under 50%.

Tesla has indeed turned a corner in China after years of lackluster sales. Fortune cites data from research firm JL Warren Capital estimating that Tesla tripled its annual sales in China in 2016, selling 10,400 cars—amounting to 13% of its worldwide sales. The jump in demand will likely only heighten the company’s desire to manufacture in China. Meanwhile, thanks to subsidies and incentives, China’s electric-vehicle market is booming—new registrations have far surpassed that of the US.

Tesla did not answer questions about whom it would form a joint venture with (or if it would form one at all), or its expected start date for manufacturing. Earlier this week, Bloomberg reported that the company was considering setting up a plant in the Linggang development zone, one of many fledgling government-backed hubs for manufacturing and technology.

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Investors are seeing dollar signs. On June 22, the day Tesla confirmed its plans, shares of Tesla closed 1.64% higher from the day prior, and 3.65% higher than the close just before Bloomberg first reported Tesla’s ambitions.

Tesla isn’t the only American company to announce plans for manufacturing in China this week. On June 21, Ford confirmed that it would build its new Focus vehicles in China, not Mexico, to sell for export abroad.

Output: Tesla and the Chinese government are in talks about the company manufacturing its electric vehicles (EVs) in China, thus eliminating import tax, while reducing labour, manufacturing and shipping costs. The California company has made preliminary agreements with Shanghai officials, allowing Elon Musk's company to build facilities in the city's Lingang development zone. China accounted for about 15% of Tesla’s revenue last year, nearly double 2015's figure. The Chinese government levies an import tax of 50% on Teslas and the retail price for the basic Model S in China is $104,972, compared with $69,500 in the US.


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Tesla in talks with city of Shanghai about building EVs in China
 Tesla has confirmed it’s in talks with the Chinese government to open a factory in the Shanghai region, as the company aims to fulfill a promise by its CEO Elon Musk to produce 500,000 cars a year by 2018.

The official confirmation, which was provided in an emailed statement, puts to rest months of speculation that Tesla was going to open a factory in the world’s largest automotive market.

The electric automaker and energy storage company said it expects to “more clearly define its plans for producing electric vehicles in China by the end of the year.” The news of the talks was first reported by Reuters.

Tesla says it plans to open a factory in the world’s largest automotive market

“Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets,” the company said in an emailed statement. “While we expect most of our production to remain in the US, we do need to establish local factories to ensure affordability for the markets they serve.”

It isn’t immediately clear if Tesla would take on a local partner as part of a joint venture in China, a long-held requirement for foreign companies wanting to set up shop there.

Today, Tesla produces all of its cars in the US. However, if the company hopes to increase its production to 500,000 vehicles a year — that’s a six-fold increase over 2016 numbers — and reach more consumers in Europe and Asia, it will have to open factories closer to those customers.

A factory in China should theoretically help Tesla sell more cars there. Today, the company has to pay a 25 percent tariff on the cars it imports, which in turn, raises the price tag of the vehicles.

A factory in China should theoretically help Tesla sell more cars there

Rumors of an impending deal with China heated up in April after Musk made an unexpected visit to the country and met with Vice Premier Wang Yang, a high-ranking government official. Just a month before, Tesla disclosed that Chinese internet giant Tencent Holdings bought a 5 percent stake in the company.

Tesla had a rough start in China. Sales fell short in 2014 despite an aggressive effort to open service centers and stores, roll out its fast-charging stations known as Superchargers, and kick off a hiring spree that led to more than 600 staff.

Output: Tesla and the Chinese government are in talks about the company manufacturing its electric vehicles (EVs) in China, thus eliminating import tax, while reducing labour, manufacturing and shipping costs. The California company has made preliminary agreements with Shanghai officials, allowing Elon Musk's company to build facilities in the city's Lingang development zone. China accounted for about 15% of Tesla’s revenue last year, nearly double 2015's figure. The Chinese government levies an import tax of 50% on Teslas and the retail price for the basic Model S in China is $104,972, compared with $69,500 in the US.