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Montreal Institute awarded $2.4m grant to explore risks of AI
 Published: July 2017

MILA staff reviewed this page prior to publication.

The Open Philanthropy Project recommended a grant of $2.4 million over four years to the Montreal Institute for Learning Algorithms (MILA) to support technical research on potential risks from advanced artificial intelligence (AI).

$1.6 million of this grant will support Professor Yoshua Bengio and his co-investigators at the Université de Montréal, and $800,000 will support Professors Joelle Pineau and Doina Precup at McGill University. We see Professor Bengio’s research group as one of the world’s preeminent deep learning labs and are excited to provide support for it to undertake AI safety research.

Background

This grant falls within our work on potential risks from advanced AI, one of our focus areas within global catastrophic risks. Currently, two of our primary aims in this area are (1) to increase the amount of high-quality technical AI safety research being done, and (2) to increase the number of people who are deeply knowledgeable about both machine learning and potential risks from advanced AI. We believe we can pursue these aims both directly (by supporting this type of work) and indirectly (by supporting programs that can attract talented students to this area, can provide positive examples of AI safety work that draws on machine learning expertise, and can provide leadership for the broader machine learning community).

The organization

The Montreal Institute for Learning Algorithms (MILA) is a machine learning research group based at the Université de Montréal, led by Professors Yoshua Bengio, Pascal Vincent, Christopher Pal, Aaron Courville, Laurent Charlin, Simon Lacoste-Julien, and Jian Tang. We see MILA as one of the very top deep learning labs in academia, and among the top machine learning labs. Professors Joelle Pineau, Doina Precup, Hugo Larochelle, Alain Tapp, and Jackie Cheung are associate members of MILA.

About the grant

Proposed activities

Professor Bengio has presented several potential AI safety research directions to us, along with some initial ideas about how he might work on them. However, we intend for Professor Bengio to have the flexibility to use our grant for whichever AI safety research projects may seem most promising in the future, rather than be restricted to projects that he has already proposed. In particular, we think it will be valuable for Professor Bengio’s students to be free to explore new ideas that they have and to talk to others in the AI safety community (such as Open Philanthropy’s technical advisors, or other grantees of ours) about which kinds of safety work may be most effective. Given that AI safety research is a relatively new area, we think it is particularly valuable to keep potential research options flexible.

Based on discussion with our technical advisors, some portions of Professor Bengio’s currently proposed agenda appear to us quite likely to be valuable, while we have reservations about some others (see “Risks and reservations” below). However, we expect that we would consider this grant worthwhile even if Professor Bengio were to use it to pursue exactly the projects that he has already proposed.

Case for the grant

Among potential grantees in the field, we believe that Professor Bengio is one of the best positioned to help build the talent pipeline in AI safety research. Our understanding, based on conversations with our technical advisors and our general impressions from the field, is that many of the most talented machine learning researchers spend some time in Professor Bengio’s lab before joining other universities or industry groups. This is an important contributing factor to our expectations for the impact of this grant, both because it increases our confidence in the quality of the research that this grant will support and because of the potential benefits for pipeline building.

In our conversations with Professor Bengio, we’ve found significant overlap between his perspective on AI safety and ours, and Professor Bengio was excited to be part of our overall funding activities in this area. We think that Professor Bengio is likely to serve as a valuable member of the AI safety research community, and that he will encourage his lab to be involved in that community as well. We believe that members of his lab could likely be valuable participants at future workshops on AI safety.

Budget and room for more funding

Our impression is that MILA is already fairly well-funded, and that its ability to use additional marginal funding is somewhat limited. Professor Bengio told us that the amount of additional yearly funding that he would be able to use productively for AI safety research is $400,000; we have decided to grant this full amount for four years ($1.6 million total). We have also granted two of Professor Bengio’s co-investigators at MILA who are also interested in working on this agenda, Professors Pineau and Precup, $200,000 per year ($800,000 total), which they estimated as the amount of funding they would be able to use productively.

Risks and reservations

Some of our technical advisors expressed some reservations about and offered significant feedback on Professor Bengio’s proposed research plan. We are not especially concerned about this; because AI safety is a relatively new field, we think it is reasonable to expect disagreements among researchers as to which research directions are most promising. We plan to continue having discussions with Professor Bengio and his team over the next few years in order to reach a greater degree of mutual understanding about his research agenda by the time we decide whether to renew our support in 2020.

Follow-up expectations

We expect to have a conversation with Professor Bengio six months after the start of the grant, and annually after that, to discuss his projects and results, with public notes if the conversation warrants it. In the first few months of the grant, we plan to visit Montreal for several days to meet Professor Bengio’s co-investigators and discuss the project with them.

At the conclusion of this grant in 2020, we will decide whether to renew our support. If Professor Bengio’s research is going well (based on our technical advisors’ assessment and the impressions of others in the field), and if we have achieved a better mutual understanding with Professor Bengio about how his research is likely to be valuable, it is likely that we will decide to provide renewed funding. If Professor Bengio is using half or more of our funding to pursue research directions that we do not find particularly promising, it is likely that we would choose not to renew.

Our process

We spoke with Professor Bengio and several of his students during our recent outreach to machine learning researchers and formed a positive impression of him and his work. Our technical advisors spoke highly of Professor Bengio’s capabilities, reputation, and goals.

Output: The Montreal Institute for Learning Algorithms (MILA) has been awarded a $2.4m grant by the Open Philanthropy Project to carry out technical research into potential risks from artificial intelligence (AI). Leading AI researcher Professor Yoshua Bengio and his team at the University of Montreal will receive $1.6m of the grant and the remaining $800,000 will go to Professors Joelle Pineau and Doina Precup at McGill University. The grant is intended to increase the amount of high-quality technical AI safety research being done and increase the number of people who are deeply knowledgeable about both machine learning and potential risks from advanced AI.


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Facebook posts $9.3bn revenue in Q2 as focus on video continues
 Facebook is pretty much minting money at this point.

Despite concerns over ad load maxing out in the news feed, Facebook posted revenue of $9.32 billion for the second quarter, up 45% year over year from $6.43 billion.

Mobile ad revenue at $8 billion was responsible for the vast majority of Facebook’s overall revenue in Q2, and it’s still growing. Mobile ads represented 87% of revenue for the quarter, up from 84% at this time last year.

Although CFO David Wehner reiterated that core Facebook is the primary driver of business, there’s inventory waiting in the wings.

Facebook doesn’t disclose revenue numbers for Instagram, but the platform reached 700 million monthly active users in April. Of those, around 200 million people are using Instagram Stories every day.

Monetization is too new on Messenger for Facebook to break out revenue numbers – Facebook rolled out ads in its messaging app in early July – but with 1.2 billion monthly active users, the scale speaks to the revenue potential.

And WhatsApp, Facebook’s other messaging property, is a green field that Facebook has hardly even begun to tap from a monetization perspective.

But doubling down on monetization in Messenger, and then perhaps WhatsApp down the line, will be the last phase in a three-step process, Wehner said.

“We’re focused on growing the user base, first and foremost, and then, secondly, it’s about building organic connections between businesses and consumers,” Wehner said. “Third, it’s about how do we build monetization around those relationships. We’re further along with Messenger than we are with WhatsApp.”

Wehner was emphatic that early efforts in Messenger monetization will not offset the expected revenue slowdown in the latter half of the year due to Facebook’s plan to stop blocking ad blockers on desktop and its increased investment in video, where there are fewer impressions to be had.

Messaging is “not a near-term overall Facebook growth driver,” he said. “Much like Instagram in the early days, we’re going to be cautious, but unlike Instagram, this is not a feed-based product, so there are more unknowns here.”

Although investors barraged Facebook with questions about how it’s going to monetize its messaging platforms, CEO Mark Zuckerberg called attention to video as the bigger – and nearer-term – fish the company plans to fry.

“Over the next couple of years, the much bigger driver of the business and determinant of how we do is going to be video and not Messenger,” Zuckerberg said.

But regardless of how Facebook decides to tap into video or move forward with mining its ecosystem of apps, user engagement continues to grow on the main platform.

Daily active users clocked in at around 1.32 billion in June, up 17% YoY, while monthly active users nudged past the 2 billion mark to 2.1 billion as of the end of June.

Average revenue per user was also on the uptick in the US and Canada, increasing from $14.23 to $19.38.

Output: Social media giant Facebook is set to focus on video in the coming years, according to Mark Zuckerberg. Speaking during the company's Q2 earnings call, in which the company revealed revenue of $9.32bn (up 45% since last year), he deflected questions about the monetisation of Messenger. "Over the next couple of years, the much bigger driver of the business and determinant of how we do is going to be video and not Messenger", he said.


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BlackFin attracts $100m to fintech fund, seeks another $50m
 BlackFin Capital Partners has held the first close of its regtech, insurtech and fintech-focused venture capital fund, at over €100m.

Backers in BlackFin Tech Fund 1 included European institutional investors such as Bpifrance – on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – Vaudoise Assurances Group, Groupama Group, Sogecap (Société Générale Insurance), Natixis Assurances, Swiss Life as well as several banks and family-offices.

BlackFin, which plans to close the fund at €150m, will partner with European entrepreneurs to lead their Seed to Series C rounds and providing them with access to its network of more than 25 Venture Partners – former entrepreneurs and top executives of the industry – offering support regarding strategy and growth, commercial access and credibility and regulatory guidance.

The network will also help the investment team source and qualify investment opportunities and will provide insights and commercial accesses to portfolio companies.

The fund will invest in companies which are trying to redesign the value chains in the financial services industry, which is today shaken by profound changes in customer expectations, technologies and regulation, team up with them to develop leading Fintech, Insurtech and Regtech companies. All aspects of retail and investment banking, payments, wealth and asset-management, insurance, insurance distribution, financial software as well as technology related to regulatory requirements are targeted.

The vehicle will be deployed across continental Europe by a dedicated investment team led by Julien Creuzé while Maxime Mandin covers German-speaking countries. Three additional investment professionals will join the team in the coming months.

Founded in 2009 by Laurent Bouyoux, Paul Mizrahi, Eric May and Bruno Rostain, BlackFin raised a first buy-out fund of €220m in 2011 and a second buy-out fund of €400m in 2016. The firm now employs more than 20 investment professionals in Paris, Brussels and Frankfurt.

FinSMEs

26/07/2017

Output: A insurtech, fintech and fintech regtech-focused venture capital fund run by BlackFin Capital Partners has raised $100m. Investors in BlackFin Tech Fund 1 include Bpifrance, Vaudoise Assurances Group, Groupama Group, Société Générale Insurance, Natixis Assurances and Swiss Life. The fund manager hopes to close out the vehicle at $150m and link with European entrepreneurs to give access to venture partners.


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New York police consider technology to detect texting drivers
 FILE - In this May 31, 2013 file photo, New York Gov. Andrew Cuomo speaks during a news conference to announce the increase in penalties for texting while driving in New York. New York state is set to study the use of a device known as the “textalyzer” that would allow police to determine whether a motorist involved in a serious crash was texting while driving. Cuomo announced Wednesday, July 26, 2017, that he would direct the Governor’s Traffic Safety Committee to examine the technology, as well as the privacy and constitutional questions it could raise. (AP Photo/Frank Franklin II, File)

FILE - In this May 31, 2013 file photo, New York Gov. Andrew Cuomo speaks during a news conference to announce the increase in penalties for texting while driving in New York. New York state is set to study the use of a device known as the “textalyzer” that would allow police to determine whether a motorist involved in a serious crash was texting while driving. Cuomo announced Wednesday, July 26, 2017, that he would direct the Governor’s Traffic Safety Committee to examine the technology, as well as the privacy and constitutional questions it could raise. (AP Photo/Frank Franklin II, File)

ALBANY, N.Y. (AP) — Police in New York state may soon have a high-tech way of catching texting drivers: a device known as a textalyzer that allows an officer to quickly check if a cellphone has been in use before a crash.

Democratic Gov. Andrew Cuomo on Wednesday directed the Governor’s Traffic Safety Committee to examine the technology and the questions about privacy and civil liberties its use would raise.

“Despite laws to ban cellphone use while driving, some motorists still continue to insist on texting behind the wheel — placing themselves and others at substantial risk,” Cuomo said in a statement first reported by The Associated Press. “This review will examine the effectiveness of using this new emerging technology to crack down on this reckless behavior and thoroughly evaluate its implications to ensure we protect the safety and privacy of New Yorkers.”

The device is called the textalyzer because of its similarity to the Breathalyzer, which is used to identify drunken drivers. Once plugged into a person’s phone for about a minute, it will indicate whether a motorist was texting, emailing, surfing the web or otherwise using his or her cellphone before a serious crash.

Supporters of the technology say the officer would not be able to access personal information on the phone, such as pictures, emails or web browsing history.

The technology is still some months away from being ready, according to Cellebrite, the Israel-based tech company developing the device.

Digital privacy and civil liberties groups already have questioned whether the technology’s use would violate personal privacy, noting that police can already obtain search warrants if they believe information on a private phone could be useful in a prosecution.

Many security experts are skeptical when it comes to promises that the textalyzer would only access information about phone usage, and not personal material, according to Rainey Reitman, of the Electronic Frontier Foundation, a nonprofit organization that advocates for civil liberties when it comes to digital technology.

“I am extremely nervous about handing a cellphone to a law enforcement officer and allowing them in any way to forensically analyze it,” she said. “This is a technology that is incredibly problematic and at the same time is unnecessary. There are already legal avenues for a police officer.”

Westchester County resident Ben Lieberman lost his 19-year-old son Evan Lieberman to a fatal car crash in 2011 and later discovered the driver of the car his son was in had been texting while driving. He’s now a leading advocate for the textalyzer and has worked with Cellebrite on the project. He said he understands concerns about privacy but they’re unfounded, noting the device would only tell police whether a driver had been breaking the law.

“A Breathalyzer doesn’t tell you where you were drinking, or whether it was vodka or Jack Daniels, just that you were drinking,” he said. “This is the right balance between public safety and privacy.”

Count Emily Boedigheimer as a supporter of the idea. The Albany area resident said she’s fine with police using a textalyzer, as long as there are rules about what police would be able to see.

“If you’re texting and driving you’re breaking the law and you’re risking people’s lives,” she said during a lunchtime walk in downtown Albany on Wednesday. “Why can’t you wait, or pull over, to make that one call or read your texts?”

The committee will hear from supporters and opponents of the technology, law enforcement officials and legal experts before issuing a report, Cuomo’s office said. Particular areas of focus will include the effectiveness of the technology, constitutional and legal issues and how the device would be used in practice.

Sen. Terrence Murphy, a Westchester County Republican, this year sponsored legislation that would have set out rules for the use of the textalyzer. The bill didn’t get a full vote, but Murphy said he believes it’s only a matter of time before New York and other states adopt the technology.

“It’s not if, it’s when,” he said. “This will literally save lives.”

Under Murphy’s bill, motorists who refuse to hand over their phones to officers could have their licenses suspended.

Twelve people were killed and 2,784 were injured in cellphone-related crashes in New York state from 2011 to 2015, according to figures from the Institute for Traffic Safety Management and Research. State statistics show 1.2 million tickets for cellphone violations were issued in that period.

Output: Police across New York state could soon be equipped with a device known as a textalyser, which will let officers determine whether a phone has been used before a vehicular crash. Governor Andrew Cuomo has instructed the Traffic Safety Committee to look into possible applications of the technology. The textalyser is plugged into the driver's phone for a minute, and will show if they were emailing, texting or using the internet in the moments before the crash.


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HTC brings self-contained VR headset to China
 HTC is partnering with Qualcomm for a self-contained Vive virtual reality headset exclusive to the Chinese market. The headset, called the Vive Standalone, is billed as a “premium” device and will run apps from HTC’s Viveport platform. It’s powered by a Snapdragon 835 chip and is based on Qualcomm’s all-in-one reference design, which includes inside-out positional tracking that would put it in the company of high-end tethered headsets.

We don’t know how much the Vive Standalone will cost, its exact technical specs, how people will interact with it, or when it’s coming out. HTC will supposedly be releasing that information in the coming months, after today’s reveal at the ChinaJoy entertainment expo. It’s a separate product from the standalone HTC Google Daydream headset that was announced this spring, although its silhouette looks very similar to that of the Vive standalone Daydream headset. The biggest difference may simply be that unlike Daydream, it’s not reliant on the Google Play Store, which is only sporadically available in China.

Output: HTC has joined forces with Qualcomm to create an all-in-one virtual reality (VR) headset, exclusively for the Chinese market. The Vive Standalone, as it will be called, is based on Qualcomm's self-contained design, a primary feature of which is inside-out positional tracking, and will be powered by a Snapdragon 835 chip. This comes as rumours circulate that Oculus is teaming up with Xiaomi to develop a similar all-in-one headset specifically for China.


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Amazon drones could be used to scan property and collect data
 One of Amazon's prototype drones, making a trial delivery. Amazon

Amazon's ambitions to build a fleet of self-flying delivery drones will have an interesting side-effect: They will create unimaginable quantities of data.

Aerial footage, mapping data, flight patterns, number-crunching analysis, and more — autonomous vehicles produce vast reams of data, and drones are no different. And Amazon is already thinking about how it can turn that to its advantage.

In a filing for a patent granted on Tuesday, the Seattle-based online retail giant lays out how "captured data may be received by a computer system and properties about a destination for the delivery may be identified by analyzing the data. A recommendation may be generated based at least in part on the identified properties."

In plain English? Amazon's drones could analyse customers' homes as they make deliveries, and then try and sell them products and services based on what they "see."

One example Amazon gives is that it could recommend a roof-repair service if a customer's roof looks faulty:

"For example, the one or more service provider computers may analyze the data and identify that the roof of the location is in disrepair and in need of service. Subsequently, the one or more service provider computers may generate and provide a recommendation to the customer informing them of the identified property and offering an item or service that is appropriate for the identified property (e.g., a roof repair service recommendation)."

In another, it suggests it could recognise if a customers' trees are dying, and then recommend them an arborist or fertiliser:

"The unmanned aerial vehicle may capture video data that includes brown and dying trees located near the user's home. The service provider computers may utilize image and/or video recognition techniques and software to identify that the trees require service (e.g., services that can be provided by an arborist). The service provider computers may, in response to identifying that the trees near the user's home are dying, generate and provide a recommendation to the user that includes information about arborist services or items such as fertilizers that can help the user's trees."

These recommendations — or adverts, depending on how you look at them — could be delivered by email, text message, or a notification on Amazon, the patent suggests.

A diagram from the patent filing showing how the adverts might work. Amazon

There are clear privacy concerns about Amazon analysing your backyard for potential retail opportunities — though the patent suggests it would be opt-in, and only capture and analyse this data with the consent of the customer. "It may capture data such as video data or audio data as requested by the property owner associated with the delivery location," it says.

Amazon's plans for drone deliveries are still a long way from commercial reality. It is testing the tech in the UK, and has conducted some very early trials, but it will be years until ordinary people can order a product and get it delivered by drone.

But the patent serves as a reminder that convenience sometimes comes at the expense of privacy, and drone-powered future may offer unprecedented opportunities for surveillance.

Output: Retail giant Amazon has been granted a patent to use its delivery drones to capture data and sell customers products based on what the drone 'sees'. Recipients of Amazon deliveries with broken roof tiles or dying trees, for example, could receive e-mail notifications offering services to fix the problems, according to the patent. While critics have warned of the privacy issues surrounding this use of data, Amazon insisted the service was opt-in only.


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Chemical exposure blamed for 60% sperm count drop in rich nations
 Enough for the job? Science Photo Library

An analysis of research into male fertility suggests that there has been a steep decline in sperm counts for men living in richer nations.

The review pooled data from 185 different studies, and found a 59.3 per cent drop between 1973 and 2011 in the average amount of sperm produced by men from North America, Europe, Australia and New Zealand. No similar pattern was seen in South America, Asia and Africa, although fewer studies had been conducted in these countries.

“Given the importance of sperm counts for male fertility and human health, this study is an urgent wake-up call for researchers and health authorities around the world to investigate the causes of the sharp, ongoing drop in sperm count,” says Hagai Levine, of the Hebrew University of Jerusalem, who worked on the analysis.

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“The fact that the decline is seen in Western countries strongly suggests that chemicals in commerce are playing a causal role in this trend,” says team-member Shanna Swan, of the Icahn School of Medicine at Mount Sinai, New York.

Confirmation

Exposure to chemicals in the womb, adult exposure to pesticides, smoking, stress and obesity have all previously been linked to lower sperm counts. But previous studies reporting falling sperm counts have been challenged by some for being unreliable.

“Previous smaller studies have suffered from confounding factors, including the fact that methods of counting sperm in the laboratory might have changed over the years, or that the populations of men being studied might have changed,” says Daniel Brison, at the University of Manchester, UK.

“This new analysis overcomes those problems by including a large number of studies of varying design and location around the world, to confirm that the decline in sperm counts is likely to be real,” says Brison.

Allan Pacey, of the University of Sheffield, UK, says that, despite the decline found in the study, average sperm counts still remain in the normal range.

The work appears in Human Reproduction Update

Read more: Are your sperm up to scratch? Phone microscope lets you check

Output: Sperm counts are plunging in wealthy countries, with scientists blaming exposure to chemicals as one of the causes of the 60% drop over the past four decades, according to a report in Human Reproduction Update. “Given the importance of sperm counts for male fertility and human health, this study is an urgent wake-up call for researchers and health authorities around the world to investigate the causes of the sharp, ongoing drop in sperm count,” said Hagai Levine of the Hebrew University of Jerusalem, who worked on the research.


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China closes part of Yellow Sea for large-scale war games
 Story highlights July has been busy for the People's Liberation Army (PLA) The PLA will celebrate its 90th birthday on August 1

Hong Kong CNN —

The Chinese navy is closing off a large portion of the Yellow Sea for two days of large-scale military activities beginning Thursday, according to a state-run newspaper.

The People’s Liberation Army (PLA) announced that ships will be forbidden from entering a 40,000-square-kilometer (15,444-square-mile) block of ocean off the coastal city of Qingdao, according to the Weihai Evening Post newspaper, which is run by the Weihai city government.

The paper’s report was repeated by the state-sanctioned Global Times.

The move comes just days before the 90th anniversary of the founding of the PLA, which will be celebrated on August 1.

Beijing is expected to mark the date with some sort of celebration, though it has not announced its plans yet.

But the month leading up to the occasion has been busy for the PLA. A Chinese naval flotilla sailed to Europe to join Russian forces for war games in the Baltic Sea that began last week. Before that, Beijing deployed troops to its first-ever permanent overseas military base in Djibouti on the Horn of Africa. In late June, the PLA navy launched its most-advanced destroyer ever.

And the country is currently involved in a border standoff with India and Bhutan.

Though the summer is usually a busy time when it comes to Chinese military drills, the global nature of the PLA’s operations is indicative of Beijing’s hope to develop a so-called “blue water navy” that can operate across the planet.

“China’s blue-water navy is in the development stage,” said an editorial in China’s Global Times, a provocative but state-sanctioned tabloid that often takes hawkish foreign policy positions.

The piece was written largely in response to a claim by the United States military that a Chinese fighter jet recently performed an “unsafe” intercept of an American plane, but stressed the need for Beijing to strengthen its navy to get on equal footing with the US.

“If Chinese warships can always catch attention from US allies, when US naval vessels stir up troubles in the South China Sea again, Chinese society can react more confidently. The US doesn’t respect restraints and rationality, but strength and strong will. Therefore, perhaps it is time for China to change the way it responds, and starts making some troubles for the US,” the editorial said.

Meanwhile, the PLA posted on its official website an opinion article by the state-run Xinhua news agency saying that foreign powers should “take a chill pill” when it comes to Chinese naval drills like the one currently running in the Baltic.

“It is surely time for hotheads in the West to simmer down and take a chill pill on the China-Russia maneuvers, to recognize them for what they are – a routine exercise similar to the many carried out by navies from across the world,” the Xinhua article said.

Output: China has closed off part of the Yellow Sea for military manoeuvres, holding large-scale war games for two days in an area off the coast of the city of Qingdao. The manoeuvres followed the naval flotilla that sailed to Europe to join Russian forces for war games in the Baltic Sea, and comes before next week's 90th anniversary of the founding of the People's Liberation Army. These activities are all part of Beijing's plan to develop a so-called blue-water navy that can operate across the world.


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China builds robot friends for its ageing population
 Qing Zhang was born in central China in 1929 in a village that didn’t have a single light bulb. Now, at the age of 88, she lives in a nursing home that’s using robots to help care for her.

The privately-owned Long Shan Nursing Home is one of a few dozen early testing sites for caregiving robots in China. The home has been experimenting with three robots since August 2016.

Doctors and nurses use two smaller robots, a bit like person-shaped rolling smartphones. They can track blood pressure and other basic health data, but also help residents video chat with their family or look at photos. The third robot is something completely different: a pink and white child-sized bot whose sole purpose is to keep residents company.

Output: China is building an army of robot friends for its increasingly elderly population. The nation has over a quarter of the world's elderly and it is turning to artificial intelligence in what could be the world's largest experiment in robot companionship.


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Oman launches mobile payment clearing system
 Muscat: A unique system for mobile payment clearing and switching (MpClear) was launched on Sunday, said the Central Bank of Oman (CBO) in a statement. This will enhance the payment infrastructure of the country.

With the launch of this system, Oman is the first country within the GCC countries to implement such system under the Central Bank leadership.

It will also help attain one more milestone in providing a safe and secure fund transfer mechanism through the medium of mobile by just using a mobile number to complete the payment transfer instantly. This is expected to provide ease of use, convenience and further promote electronic payments in the Sultanate of Oman.

The MpClear system promises interoperability and a unified switching and clearing services between various mobile banking systems operated by banks thereby promoting enhanced efficiency and security of payments effected through the medium of mobile. Given the ubiquity of the mobile, such mobile based payments aim at addressing financial inclusion in the Sultanate of Oman and support the National E-government Strategy thus progressing to a less cash economy at the National level. Apart from its role as a switching and clearing platform, MpClear facilitates providing a collection of reporting and monitoring services at the fingertips of central bank which aids in informed decision making.

The uniqueness of MpClear lies in its functionality to conduct a fund transfer with the use of just a mobile number and accommodation of the unbanked sector, thereby giving an impetus to financial inclusion in the Sultanate. With MpClear, users can conduct a wide range of payments such as, Person-to-Person (P2P), Person to Business (P2B), Person to Government (P2G), Person to Merchant (P2M), Business to Person (B2P), Government to Person (G2P) and Business-to-Business (B2B).

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Hamood bin Sangour Al Zadjali, executive president of the Central Bank of Oman, hailed the banking community in the country and the implementing company ProgressSoft, for the unstinted support extended and enormous efforts taken by them for fulfilling the national objective of CBO in providing a safe, sound and secure payment infrastructure in the country.

Ali Al Jabri, In-Charge Payment Systems Department at CBO, said “Being ahead of the curve in payment systems has been the goal of CBO, with the ultimate aim of providing convenience, safe and ease of operations for fund transfers. MpClear System offers fund transfer via mobile an easier and fast payment channel with just a mobile number. The benefits of the same will be evidenced by the stakeholders/customers soon”.

AbdulRazak Ali Issa, Chief Executive, Bank Muscat said; “Bank Muscat is delighted to welcome the Mobile payment clearing and switching MpClear System introducing yet another innovative and advanced digital payment channel in Oman. We thank the CBO for all measures to align the banking sector in line with the government’s ambitious e-Government project. In conformity with international standards, the MpClear Project provides security and convenience for transactions through mobile phones as Bank Muscat remains committed to promoting the new facility as a preferred mode of payment.”

Khalid Al Kayed, CEO of Bank Nizwa, said, “We are proud to join hands with the Central Bank of Oman to do our part in helping realize the ambitions of the Sultanate’s e-government strategy. By adopting this highly efficient and world-class solution, our customers will enjoy instant payment services, greater efficiency when shopping online and the highest levels of security. With the introduction of the Bank Nizwa e-wallet application, even non-customers will have the opportunity to experience the comprehensive end-to-end payment services of MpClear System.”

Andrew Long, CEO, HSBC Bank Oman said, “At HSBC Bank Oman technology has always played a pivotal role in strengthening our customer service and providing a safer banking experience for our customers. Implementing the MpClear System is yet another step towards meeting our customers' evolving expectations.”

Commenting on launching the initiative Abdul Hakeem Omar Al Ojaili – CEO of BankDhofar noted: “We are delighted to be part of the Central Bank of Oman’s initiative of the mobile clearing system within our mobile banking application. This is a new system for money transfer between banks providing a safe, secure and efficient payment infrastructure in the Sultanate. This will save time and guarantee safe and fast payment between individuals and business customers as it reiterates BankDhofar’s commitment to excel and grow in all business areas, contribute to the development of the country’s economy and meet the aspirations of all internal and external stakeholders. This initiative is a significant addition to our multi award winning mobile banking application which also offers a diverse range of instant banking services including the flagship instant card-less cash transaction, instant money transfer to customer of any bank in Oman, instant mobile top-up, instant phone bill payment, as well as instant card activation and blocking through BankDhofar’s call center or mobile application.”

Sasi Kumar, Acting CEO of Bank Sohar said: “We congratulate the Central Bank of Oman for introducing Oman's banking sector to progressive technology and innovation. The CBO has been raising the industry's standard with constant updates and service efficiencies to provide better banking excellence. This project further sets Oman on an evolutionary path by redefining the way customers experience banking. It offers them alacrity, convenience and ease of access to banking solutions anytime, anywhere. We at Bank Sohar believe in developing products and services that directly address our customers’ needs when it comes to reliability, alacrity and convenience, in an era when digitization is the norm. Given our history for pursuing innovative technology and cutting-edge financial solutions, we bring a strong suite of efficiencies to the project, which will help give it sustainability, better market reach and, ultimately, turn it into a success.”

Ahmed Al-Musalmi CEO of NBO said: “The MpClear is an excellent initiative lead by CBO that will help the Sultanate’s economy become more cashless while empowering the unbanked segment through financial inclusion. The National Bank of Oman is proud to be part of this initiative and supports CBO and the government across this new phase of digital transformation.”

Output: The Central Bank of Oman (CBO) has launched MpClear, a system for payment clearing and switching. MpClear enables customers from a range of banks to complete a transfer with only their their mobile number. Transfers can take place between people, businesses, merchants, and the government. Oman is the first of the Gulf Cooperation Council countries to introduce a payment system under central bank leadership.


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CIMB payments business and Ant Financial enter mobile payments JV
 KUALA LUMPUR: CIMB Group Holdings Bhd ’s subsidiary Touch ‘n Go Sdn Bhd (TNG) will enter into an equity joint venture (JV) with Ant Financial Services Group, the parent company of Alipay.

The JV will leverage the respective partners’ local market insights, technology capabilities, market experience, and brands to introduce a world-class mobile platform for payments and other financial services, directly supplementing Malaysia’s efforts in accelerating the creation of a robust and secure digital payment infrastructure.

TNG and Ant Financial had on Monday signed definitive agreements towards the formation of a JV, in which TNG will be the majority shareholder and Ant Financial a minority shareholder, CIMB Group said in a statement.

The capital injected by both parties will go towards the creation of a world-class online and offline payments provider, delivering superior mobile wallet solutions and other related financial services.

This is Ant Financial’s first investment in Malaysia. The JV transaction is subject to closing conditions and the required regulatory approvals.

Currently, millions of users across Malaysia use Touch ‘n Go cards daily for electronic payment purposes at toll roads, public transportation systems, parking and retail outlets.

The new e-wallet will give current and new TNG users access to more services conveniently, on their mobile phones, including for ecommerce.

Ant Financial provides a wide range of digital financial services to over 520 million users in China and beyond.

Through its flagship lifestyle super-app Alipay, users can enjoy a cashless daily life in and outside China. Over 10 million brick and-mortar merchants now accept Alipay across China.

Ant Financial is enabling local partners in India, South Korea and South-East Asia to provide digital payment and innovative financial services to local users.

Commenting on the collaboration, CIMB group chief executive Tengku Datuk Seri Zafrul Aziz said, “This is a landmark deal, premised on a clearly synergistic partnership.

“TNG’s leading position combined with Ant Financial’s Alipay capabilities will allow all Malaysians to participate and access secure payments and digital financial services for the long term.

“This fits nicely with CIMB’s digital aspirations and our FinTech agenda, as we move towards a more inclusive and digitized Malaysia.”

Malaysia is the first country to join the Electronic World Trade Platform (eWTP), a programme initiated by Alibaba Group executive chairman and founder Jack Ma to help small to medium-sized enterprises (SMEs) expand their trading capabilities worldwide more easily, directly demonstrating the nation’s enthusiasm in embracing technological innovation.

“Along with the launch of the JV, individuals as well as SMEs will be able to benefit from the development of technology. They will be able to purchase or do business in a more convenient and efficient way in both domestic and international markets, enjoying a broader range of services.

To bring digital financial inclusion to more people across the world, Ant Financial takes an approach of collaborating with strategic partners

overseas and enabling them with its innovative solutions.

“Given TNG’s leading position in the market and vast customer base, we believe that we can help it to offer exciting and innovative products to

Malaysian consumers,” said Ant Financial CEO Eric Jing

Meanwhile, TNG CEO Syahrunizam Samsudin noted: “The work starts now and I look forward to collaborating closely with Ant Financial and the joint venture as it rolls out a set of leading edge payments services to consumers and businesses across the country.”

Output: Payment provider Touch 'n Go, a subsidiary of Malaysian bank CIMB, has agreed to form an equity joint venture with Ant Financial Services, the parent company of Chinese payment company Alipay. The companies will create a payments platform for online and offline mobile transactions. Touch 'n Go will be the majority shareholder in the joint venture, and Ant Financial a minority shareholder, CIMB said. Although Ant Financial has partnered with firms in India, South Korea and South-East Asia, the joint venture is the company's first investment in Malaysia.


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Xpress Money and TerraPay partner on mobile wallets in Africa
 Muscat: Xpress Money, one of the world’s most dependable money transfer brands, has partnered with TerraPay to enable real-time international money transfers to mobile wallets in Africa.

Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for Xpress Money consumers to send money to mobile accounts, in real time.

Through Xpress Money’s extensive network of over 200,000 agent locations in 165 countries, migrants across the globe will be able to send remittances safely and instantly to widely used Mobile Money services in Africa. In the initial rollout, customers can send remittances to any mobile number or bank account in Nigeria, as well as directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania, by visiting the nearest Xpress money outlet across 165 countries.

“TerraPay has brought mobile wallets mainstream by interconnecting them with an extensive global network of Xpress Money for cross border money transfer. Our partnership will play a pivotal role in expanding our footprint into new markets and help friends and families of migrant workers receive small value remittances frequently through a cost-effective and convenient service,” said Ambar Sur, founder and chief executive officer of TerraPay.

“The convenience of mobile wallets is slowly changing our customers’ remittance patterns.”

Its advantages are not just restricted to convenience, but also extend to offering customers lower fees and financial inclusion. In Africa today, Mobile Wallets are seen as a virtual bank account that enable customers to pay bills and transact, just like using a physical bank account; they work exceptionally well in places where the physical network of banks is limited. Xpress Money is therefore constantly investing in the mobile services space—either through in-house innovations or by partnering with existing providers with proven technologies, such as TerraPay to bring convenient remittance solutions to a wider audience,” said Sudhesh Giriyan, chief operating officer, Xpress Money.

TerraPay has also partnered with Paga, Nigeria’s pioneering payments and financial services company and Selcom, a leading mobile money aggregator in Tanzania to launch cross border remittances to mobile money accounts in Nigeria and Tanzania, respectively.

Output: Mobile payments wallet TerraPay will partner with Xpress Money to enable real-time international money transfers to African mobile wallets beginning in Nigeria, before a wider roll-out. As well as helping migrant workers send money securely to friends and family, the deal is also set to lower costs for customers and increase inclusion, according to Ambar Sur, CEO of TerraPay. She said: "In Africa today, mobile wallets are seen as a virtual bank account that enable customers to pay bills and transact. They work exceptionally well in places where the physical network of banks is limited."


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UniCredit to begin testing instant payments
 UniCredit is preparing for the roll out of instant payment services to customers in Italy and Germany as it commences testing of EBA Clearing's RT1 real-time platform.

The Italian bank plans to complete testing and introduce the first wave of services in November, in line with deadlines stipulated by the European Payments Council's Sepa Instant Credit Transfer ("SCT Inst") Scheme.

Jan Kupfer, global co-head of transaction banking at UniCredit, comments: "By providing our customers with payments facilities 24 hours a day, 365 days a year, with payers notified of a successful transaction within seconds, we will greatly enhance the effectiveness of our services and increase customer trust. Widespread adoption and new, value-added services that optimise the customer experience will only serve to increase the benefits."

UniCredit is among the 39 funding institutions enabling the development of the new EBA Clearing infrastructure, which will provide a pan-European, real-time payment processing engine working 24 hours a day, every day of the year.

Hays Littlejohn, CEO of EBA Clearing, says: "At present, close to 30 financial institutions are planning to connect to RT1 in November while another 70 banks are preparing to join in 2018."

For UniCredit the go-live is seen as an important element in its internal digital transformation programme. The distressed lender is cutting thousands of jobs and closing hundreds of branches in a bid to realise EUR1.1 billion in savings. As part of this, EUR1.6 billion is being pumped into IT investments, including "digitalisation activities" and core system updates designed to smooth the transition to online and mobile-centric services.

Says Kupfer: "UniCredit's ongoing digital transformation programme will be a further beneficiary of our connection to the new instant payments infrastructure."

Output: Italian bank UniCredit is preparing to test EBA Clearing's RT1 clearing platform, which enables pan-European instant payment services to customers, 24/7, ahead of full roll-out in November. UniCredit is one of 30 financial institutions taking on the EBA platform, with another 70 set to join next year. The test is a crucial part of UniCredit's digitalisation process as it seeks to make €1.1bn ($1.3bn) savings.


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Private equity consortium bids again for payments processor Paysafe
 The scramble to capitalise on the growing trend to shop online is continuing after the payments processor Paysafe received a near-£3bn bid from a private equity consortium eager to gain access to the fast-growing sector.

Shares in Paysafe shot to record highs after the announcement of the 590p-a-share offer from the private equity houses Blackstone and CVC, a consortium that has made four approaches for the company since May.

The offer for Paysafe, a constituent of the FTSE 250 index, comes just weeks after a £7.7bn offer for Worldpay helped to illustrate the consolidation taking place among companies that process online transactions.

The sector is growing rapidly as people shift from using cash to paying by card and shopping online, which requires card and digital methods of payment. Recent data from the British Retail Consortium found cash was used for fewer than half of all UK retail transactions for the first time in 2015.

Based in the Isle of Man, Paysafe generates around half its business from processing payments for online gambling sites and also operates pre-paid payment cards. It only became large enough to join the FTSE 250 last year, after changing its name from Optimal Payments in 2015.

The multibillion-pound all-cash bid was announced alongside its own takeover of a Texan processing company, Merchants’ Choice Payment Solutions, which will give Paysafe access to point-of-sale processing. Paysafe is paying $470m for the business.

As well as Worldpay, which has agreed terms about an offer from its US rival Vantiv, other companies have also been targeted. For instance, a Danish processing company, Nets, has received offers while the French company Worldline is taking over a Swedish rival. Private equity houses are also interested, not only Blackstone and CVC but also Permira, which is taking a stake in a the Swedish business Klarna.

Paysafe said there was no certainty that a formal offer would be made but its largest shareholder, Old Mutual, which owns 10% of its shares, was backing the offer.

CVC would be buying back into a business it had previously sold as it used to own the payments system Skrill, which is now part of Paysafe. Blackstone has less experience in the payments sector although the two investors have worked together in the past, including in Merlin Entertainments, owner of Legoland and the London Eye, which was floated in 2013.

“Private equity firms like Blackstone and CVC Partners recognise that businesses like Paysafe have a stronger value proposition than conventional payment cards. They give users a clear overview and control of spending with the convenience and security of a single pin or password. Once customers have been won, additional features and services can be integrated,” said Angus Grierson, head of corporate finance at the financial advisory business LGB.

The price is a 34% premium to the average price for the six months to 30 June, Paysafe said. Analysts at UBS said the the deal made sense but that in terms of multiples to earnings – around 14 times – it was “not a particularly high multiple in the context of payments”. Paysafe’s shares were trading at around 580p, just below the offer price.

Output: Isle of Man-based payments processing firm Paysafe has received a bid for almost £3bn ($3.9bn) from private equity houses Blackstone and CVC, the fourth approach from the consortium since May. FTSE 250  firm Paysafe, which recently acquired Texam firm Merchants’ Choice Payment Solutions for $470m, said its largest shareholder, Old Mutual, had approved the proposal, but said there was no certainty a deal would be made.


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Banning polluting engines is important but not enough: academic
 Credit: University of the West of England

Following the announcement yesterday that the government plans to ban petrol and diesel cars from 2040 Professor Graham Parkhurst, Director of the Centre for Transport and Society at the University of the West of England (UWE Bristol), says that this announcement is symbolically important.

Professor Parkhurst comments, "Given the severe nature of the air quality problem here and now, this announcement is largely symbolic in that respect.

"The symbolism is important, however, as it confirms that the UK Government has finally accepted the seriousness of the situation, having previously failed to meet its own statutory responsibilities and having fought the need for significant action on air quality though the courts.

"It will need to be the other measures in the air quality action plan that actually improve urban air quality.

"Electric vehicles as currently designed would make an important contribution to improving air quality, but they will not completely remove the problem, as vehicle brake linings and tyres also make a significant contribution to particulate matter pollution, which also causes health problems.

"The UK announcement only affects pure diesel and petrol internal combustion engine-vehicles. Hybrids are excluded.

"As the Swedish manufacturer Volvo has committed to produce only electric and hybrid vehicles from as soon as 2019 - the first major manufacturer to make such a commitment - then it shows that at least part of the industry could achieve such a switch for new vehicles much more quickly.

"China is considering tough limits on the share of petrol and diesel sales which could strongly promote alternative fuel cars, as happened in the past in California.

"As well as hybrid vehicles, sales of internal combustion engine vehicles using gas fuels (natural gas, hydrogen) could continue, although there are barriers to take-up of these fuels that make electric vehicles a better option.

"The main reason for the cautious approach would appear to be concern about potential increases in the consumer prices of new cars. It is true that battery electric and hybrid vehicles remain considerably more expensive than conventional vehicles. In the case of hybrids this is due to the complexities of having two power systems and the need for further technology to integrate them.

"Battery electric vehicles are actually simpler than diesel and petrol cars; it is just the battery cost and the scale of production that makes them expensive.

"With or without this announcement, the days of governments across Europe relying on Fuel Excise Duty as a key source of taxation are ending; a decline that I first observed in a publication in 2002. As electricity for domestic use is the same as for road use, it would not be straightforward to charge tax on it at different rates for different purposes. The most likely alternative is a pay-as-you-drive road user charge, not limited to cities.

"It would not make sense only to charge for road use in cities or just in places with high congestion. First, the charge would have to be very high if it were only applied in congested places. Second, road use would be so cheap given the current price of electricity that car use would increase sharply if no charge were applied to uncongested roads.

"It is most likely that road charges will be applied in the context of roads become more of a 'mobility service', with charges being made for allowing travellers to use their vehicles in 'driverless' mode on motorways, possibly in reserved lanes, and/or for charging on the move; trials are underway on the possibility for motorway lanes which allow inductive charging, such as is currently available on a much smaller scale for some battery-powered items such as smartphones and electric toothbrushes."

More information: Parkhurst, G., (2002). The top of the escalator? In Lyons, G., Chatterjee, K., (Eds). Transport Lessons from The Fuel Tax Protests of 2000. Ashgate, Aldershot, 299-321.

Output: Professor Graham Parkhurst, the director of the Centre for Transport and Society at the University of the West of England (UWE Bristol), has said: "Given the severe nature of the air quality problem here and now, this announcement is largely symbolic. It will need to be the other measures in the air quality action plan that actually improve urban air quality." He added: "The UK announcement only affects pure diesel and petrol internal combustion engine vehicles. Hybrids are excluded."


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Regus Spaces opens 5 co-working spaces in LA
 Spaces wants to be the biggest co-working company in Los Angeles.

If the Dutch brand continues its leasing streak at the same clip, it will succeed. The Regus’ sister company owned by IWG inked five L.A. leases totaling more than 172,033 square feet in the past 12 months — and a sixth lease in Irvine.

By the first quarter of 2018, Spaces hopes to have eight outposts in the L.A. area, said Michael Berretta, Spaces’ head of development in North America. The ultimate goal? To have up to 20 spread out across the region.

Owned by IWG, Spaces is an affiliate of Regus, which now has 48 locations in L.A., according to Berretta.

Spaces’ L.A. County leases include 30,000 square feet at the Fairfax Business Center at 145 S. Fairfax Avenue; 27,000 square feet at 730 Arizona Avenue in Santa Monica; 51,000 square feet at The Row in the Arts District; 17,300 square feet at the Park Calabasas at 4500 Park Granada; and 47,000 square feet at a loft office at 10100 Venice Boulevard in Culver City. The Fairfax location is the only one already open.

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Spaces worked with CBRE’s Danny Rainer, John Zanetos, and Matt Heyn on the leases.

All the leases have at least 10-year terms, Berretta said. Spaces declined to disclose the value of the leases, but sources told TRD that its Culver City location — the biggest site — is valued at about $22 million based on a $3.85 asking rent.

“Nobody has the amount of overall locations as we do,” he told The Real Deal, referring to Spaces- and Regus-branded offices combined.

WeWork, which just inked a fresh lease of its own in Charles Cohen’s Pacific Design Center campus, now has more than 15 locations in L.A.

The Spaces-Regus brands have one competitive edge over WeWork, Berretta said, and it’s the two niches that they offer clients: While Spaces features open plans and a myriad of collaboration zones, Regus is more office-intensive and feels more corporate.

Output: Regus' sister company, Spaces, is looking to become the biggest co-working company in Los Angeles. In the past 12 months, IWG owned Spaces has leased five LA facilities, totaling more than 172,033 square feet. By early 2018, Spaces is looking to have 8 locations in Los Angeles, and aim to spread up to 20 across the region.


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P&G adds MediaMath to demand-side platform roster
 Procter & Gamble has anointed MediaMath as the next demand-side platform in its growing DSP roster.

P&G is also working with The Trade Desk, and with Neustar as its global data management platform.

On Tuesday, MediaMath revealed that it had received a $175 million credit facility led by Goldman Sachs with participation from Santander Bank. MediaMath will use the money to refinance old debt and fund growth goals.

The fresh credit line undoubtedly will come in handy as MediaMath begins to service its new demanding client and pushes forward with its own product innovation road map.

When P&G parted ways with AudienceScience in May after seven years, it planned to embrace a multiplatform programmatic strategy that decentralizes buying responsibilities across multiple DSPs.

It didn’t take long for P&G’s new programmatic vision to have an impact on AudienceScience.

The DSP-cum-DMP, which powered P&G’s in-house trading desk, Hawkeye, was forced to shut up shop last week, less than a month after its largest client walked away from their longtime relationship.

Although AudienceScience’s contract wasn’t supposed to end until June 30, the company confirmed to AdExchanger on June 1 that it had gone into receivership and suspended worldwide operations.

When the news first broke that the CPG giant was taking its programmatic buying business elsewhere and ending its contract with AudienceScience, P&G spokeswoman Tressie Rose explained the move as a way to bring “flexibility” to the organization.

Although Neustar will act as P&G’s “multiregion” DMP, embracing multiple demand-side platforms such as MediaMath and The Trade Desk enables marketing managers in the 50-plus countries where P&G buys programmatically to make their own decisions.

It’s unclear exactly what role MediaMath will play, but it appears that it will be another buying option for P&G marketing folks in local markets who can choose to use either it, The Trade Desk or perhaps other DSPs P&G might decide to bring into the fold.

AudienceScience was hamstrung by P&G’s need to make global tech decisions that applied across all local markets. The bureaucracy slowed down innovation.

But it’s unclear if P&G’s new strategy will actually streamline its programmatic media buying process.

“The notion of trying to manipulate this diverse array of vendors gives the agency something to do, which is great,” a former AudienceScience employee told AdExchanger. “But it’s missing the point of what programmatic is supposed to be about, which is taking away having to make minuscule decisions so you can focus on more core and elemental things, like getting a consistent measurement strategy across global markets and executing in a localized capability.”

P&G did not respond to a request for confirmation in time for publication.

Update: Both P&G and MediaMath confirmed their new relationship on Thursday.

Output: Procter & Gamble has added programmatic marketing firm MediaMath to its demand-side platform (DSP) roster, after AudienceScience went into receivership in June. Separately, Goldman Sachs and Santander Bank have provided a $175m credit facility to MediaMath, which plans to use the funding to refinance its older debt and expand. The addition of MediaMath to P&G’s operations is part of P&G’s multiplatform programmatic strategy, which focuses on decentralising buying responsibilities.


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Trump announces ban on transgender people serving in US military
 Story highlights The decision reversed a policy approved by the Obama administration Trump made his announcement in a series of tweets Wednesday morning

Washington CNN —

President Donald Trump announced Wednesday that he plans to reinstate a ban on transgender individuals from serving “in any capacity” in the US armed forces.

The decision reversed a policy initially approved by the Defense Department under President Barack Obama, which was still under final review, that would allow transgender individuals to openly serve in the military. Defense Secretary James Mattis announced last month that he was delaying enactment of the plan to begin allowing transgender individuals to join the US military.

After consultation with my Generals and military experts, please be advised that the United States Government will not accept or allow...... — Donald J. Trump (@realDonaldTrump) July 26, 2017

....Transgender individuals to serve in any capacity in the U.S. Military. Our military must be focused on decisive and overwhelming..... — Donald J. Trump (@realDonaldTrump) July 26, 2017

....victory and cannot be burdened with the tremendous medical costs and disruption that transgender in the military would entail. Thank you — Donald J. Trump (@realDonaldTrump) July 26, 2017

“After consultation with my Generals and military experts, please be advised that the United States Government will not accept or allow Transgender individuals to serve in any capacity in the U.S. Military,” Trump said in a series of tweets Wednesday morning. “Our military must be focused on decisive and overwhelming victory and cannot be burdened with the tremendous medical costs and disruption that transgender in the military would entail.”

“Thank you,” he added.

But Trump’s decision came without a plan in place to implement it.

White House press secretary Sarah Huckabee Sanders did not have an answer on what would happen to active transgender military members but said the White House and the Defense Department would work together “as implementation takes place and is done so lawfully.”

Sanders said transgender service “erodes military readiness and unit cohesion” citing health costs. She said the move was based on a “military decision” and is “not meant to be anything more than” that.

Sanders said the decision was made based “on what was best for the military” and was made in council with the President’s national security team.

Ash Carter, the Defense secretary under Obama, ended the ban on transgender people serving openly in the military in 2016, but allowed for a year-long review process to allow the Pentagon to determine how it would accept new transgender recruits into the military.

On the eve of that one-year deadline, Mattis announced that he was delaying the implementation of the new policy, saying he needed more time.

“Since becoming the Secretary of Defense, I have emphasized that the Department of Defense must measure each policy decision against one critical standard: will the decision affect the readiness and lethality of the force?” Mattis said in a memo late last month. “Put another way, how will the decision affect the ability of America’s military to defend the nation? It is against this standard that I provide the following guidance on the way forward in accessing transgender individuals into the military Services.”

A 2016 Rand Corp. study commissioned by the Defense Department concluded that letting transgender people serve openly would have a “minimal impact” on readiness and health care costs, largely because there are so few in the military’s 1.3 million-member force.

The study put the number of transgender people in the military between 1,320 and 6,630. Gender-change surgery is rare in the general population, and the RAND study estimated the possibility of 30 to 140 new hormone treatments a year in the military, with 25 to 130 gender transition-related surgeries among active service members. The cost could range from $2.4 million and $8.4 million, an amount that would represent an “exceedingly small proportion” of total health care expenditures, the study found.

Trump’s decision marks a setback for LGBT rights groups who have expressed concerns that the Trump administration could chip away at progress the community has seen in recent years on the backs of a series of landmark decisions in recent years that have included the legalization of same-sex marriage nationwide and a repeal of the ban on gay people openly serving in the military.

Trump’s decision is also another setback for the transgender community following his decision several months ago to reverse an Obama administration policy allowing transgender students to use the bathroom of their choice.

The announcement was immediately criticized by LGBT leaders and civil rights groups.

The American Civil Liberties Union called the decision “outrageous and desperate” and said it was exploring ways to fight the policy shift.

“Let us be clear. This has been studied extensively, and the consensus is clear: There are no cost or military readiness drawbacks associated with allowing trans people to fight for their country. The President is trying to score cheap political points on the backs of military personnel who have put their lives on the line for their country,” said Joshua Block, the senior staff attorney with the ACLU’s LGBT & HIV Project.

Rep. Dan Kildee, D-Michigan, the vice chair of the congressional LGBT caucus, called Trump’s decision a “slap in the face to the thousands of transgender Americans already serving in the military” and said it “undermines our military’s readiness.”

“Anyone who is willing to put on the uniform of the United States and risk their life in service to our country should be celebrated as patriots, regardless of their gender identity. This short-sighted and discriminatory policy will make America less safe,” said Kildee.

The Obama administration faced heated criticism from conservatives last year when it announced the repeal of the ban, and several Republican members of Congress have urged the Trump administration to reverse the decision, saying that the decision does not serve the US’ defense interests.

The President’s decision flies in the face of his 2016 campaign rhetoric, when he said he would be a strong defender of the LGBT community – and even claimed he would be a better president for LGBT Americans than his opponent, Hillary Clinton.

Trump seized on the terrorist attack at a gay nightclub in Orlando, Florida, as an opportunity to reach out to the LGBT community and promised he would be a better friend to the community than Clinton.

“I will tell you who the better friend is and some day I believe that will be proven out big league,” Trump said.

Output: President Donald Trump announced on Wednesday his intention to reinstate a ban on transgender individuals serving “in any capacity” in the US military. The decision would reverse a policy approved under President Obama but still under review that would enable such individuals to serve openly. The move marks a further setback for the US transgender community following President Trump’s earlier decision to reverse another Obama policy allowing transgender students to use the toilets of the opposite sex.


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Carbon majors including Exxon and Shell sued over sea level rises
 Three Californian communities have launched legal action against some of the world’s biggest oil, gas and coal companies, seeking compensation for the current and future costs of adapting to sea level rises linked to climate change.

San Mateo and Marin Counties, coastal communities in northern California, and Imperial Beach, a city in San Diego County, have filed complaints against 37 “carbon majors”, including Shell, Chevron, Statoil, Exxon and Total.

They claim greenhouse gas emissions from the fossil fuel companies’ activities over the last 50 years have locked in substantial sea level rises, which will cause billions of dollars’ worth of damage to properties and businesses, as well as endangering lives.

According to the complaint, the defendants “have known for nearly 50 years years that greenhouse gas pollution from their fossil fuel products has a significant impact on the Earth’s climate and sea levels”. Rather than working to reduce impacts, the complaint claims the companies engaged in a “co-ordinated, multi-front effort to conceal and deny their knowledge of these threats”.

Map of California Map of California.

A spokeswoman for Shell said “we believe climate change is a complex societal challenge that should be addressed through sound government policy and cultural change to drive low-carbon choices for businesses and consumers, not by the courts.” A spokesman for Statoil said this lawsuit was not the first against the industry and that “previous cases have been dismissed as [providing energy while meeting climate commitments] is a political, not a judicial, issue”.

Exxon and Chevron declined to comment specifically on the litigation. BP and Total did not respond to the Guardian’s request for comment.

Climate change litigation

“This an unprecedented moment for climate change litigation,” says Sophie Marjanac of campaigning lawyers Client Earth, which is monitoring the case.

Coastal California is already experiencing the effects of rising sea levels, says Deborah Halberstadt, executive director of the state’s Ocean Protection Council which recently released a study (pdf) about the threat of rising seas. “The rate of ice loss from the Greenland and Antarctic ice sheets could rapidly accelerate, leading to extreme sea-level rise, [...] with potentially catastrophic impacts for California,” she says.

Serge Dedina, the mayor of Imperial Beach, a low income coastal community in San Diego County, says that up to 30% of the city could be affected by climate change. “As the lowest-income, highest poverty-rate city in San Diego County, we have no capacity to pay for the extensive adaptation measures.”

It’s a similar story for Marin County. Within 15 years, says county supervisor Kate Sears, flooding could affect tens of thousands of residents and cause upwards of $15.5bn (£11.9bn) in property damage. “This lawsuit is intended to shift those costs back where they belong – on the fossil fuel companies,” she says.

“We are at the point of no return in fighting climate change,” says San Mateo supervisor Dave Pine, “and if we don’t reduce emissions there will be catastrophic impacts.” Potential property damage in the county is estimated to be in the region of $39bn, with sea level rises set to affect more than 100,000 residents (pdf).

This isn’t the first time fossil fuel companies have found themselves facing legal action over climate change. Kivalina – an Alaskan barrier island community of fewer than 400 people – filed a lawsuit in 2008 against oil companies including BP and Chevron demanding up to $400m for relocating their village in the face of rising sea levels. They were ultimately unsuccessful, with their case dismissed on the basis that it was a political question, not one for the courts.

The island village of Kivalina. Photograph: Jonathan Ernst / Reuters/Reuters

“This claim has a better chance,” says Marjanac, “we have better climate science now.” She also believes the “vacuum in the US at a federal level” when it comes to climate change, may make the state court more willing to step in.

She does, however, acknowledge there are significant hurdles to success. These include the “utility argument”: that companies are providing energy to the world, something that is demanded and sanctioned.

Pressure heating up on carbon majors

While all parties acknowledge the claim is likely to be prolonged, awareness raising is an important element. “This kind of litigation is a vital tool in the spreading effort to force oil companies to change their business models,” says Jeremy Leggett, founder of solar energy company Solarcentury.

Exxon, Total, Shell and Statoil are among those already making some shifts away from fossil fuels.

Shell’s CEO, Ben van Beurden, announced earlier this month that the company would invest up to $1bn per year in its New Energies division to explore alternative energy. But the energy transition will be “change that will take place over generations”, he said, not a revolution.

Exxon told the Guardian “oil and natural gas will remain prominent in meeting global energy”, but a spokesman said the firm is working on alternatives and “invests about $1bn a year to support a broad portfolio of R&D projects ranging from advanced biofuels to carbon capture.”

Total has made significant investments including the purchase last year of battery company Saft for $1bn. And Statoil has established Statoil Energy Ventures with $200m in investment capital for four to seven years.

However, many campaigners and analysts remain sceptical. “These investments amount to lip service,” says Kelly Mitchell, climate and energy director for Greenpeace USA, “while [fossil fuel companies] dump resources into more fossil fuel projects around the world, lobby politicians and lock us into decades of fossil-fuel infrastructure.”

Leggett sees varying levels of seriousness among the big players. “No company has admitted the game is up yet. Some have taken out substantial hedged bets in the form of significant investments in clean energy, notably Total and Statoil. Others have dug in, seemingly for a fight to the death,” he says.

“The bottom line,” says Mitchell, “is that these companies are clinging to an outdated business model that is not compatible with a safe climate and liveable communities.”

Output: Major oil, gas and coal companies including Chevron, Exxon, Shell, Statoil and Total are facing legal action from three Californian communities seeking compensation for costs caused by adaptation to rising sea levels linked to climate change. The communities, who are filing complaints against 37 “carbon majors,” argue that the emissions caused by the fossil fuel companies will cause significant rises in sea levels, resulting in billions of dollars’ worth of damage and threats to life. The complainants argue that the companies have been aware of the risk for almost 50 years, but have sought “to conceal and deny” this awareness.


Instruction: create a high quality summary of the given input

Input:
SAERTEX develops world's largest spar cap for wind turbine blade
 Our Philosophy We are committed to helping our customers seize the opportunities presented by the growth of the global composites sector. To achieve this we will be responsive to challenges and dedicated to delivery. Our goal is to be your trusted partner through the development of a dynamic, collaborative, lasting relationship.

Output: High-performance material developer SAERTEX has aided in the creation of a wind turbine blade prototype that features what may be the thickest, longest carbon fibre spar cap ever made with vacuum infusion technology. Designed by WINDnovation, the spar cap was manufactured to be lighter and stiffer for optimised performance. SAERTEX provided an infusion-optimised carbon fibre with elevated z-permeability. The end result was nearly fault-free, which is essential for supporting the mechanical load of large wind turbine blades.


Instruction: create a high quality summary of the given input

Input:
California quake-broker says it will pay out even if no damage
 A California broker is promising to bring a “first-of-its-kind financial resource” that pays homeowners after an earthquake for a low monthly premium whether there’s damage to the home or not.

A Berkeley, Calif.-based firm called Jumpstart Insurance Solutions Inc. recently made known its plans to launch the new product in late August on its website.

The Jumpstart site touts that the coming product provides “Revolutionary Coverage with No Deductible, No Exclusions, and No Paperwork.” It also has a disclaimer that the product does not yet exist.

Under what appears to be a parametric product, which does not indemnify the pure loss but makes a payment upon the occurrence of a triggering event, policyholders pay a monthly amount and are promised they will get paid a set amount automatically if there is an earthquake in their area, even if they do not suffer damage. The payment would be enough to help pay for minor repairs but not be sufficient for a major loss or rebuild.

A spokesperson declined to discuss the firm, its product or what the premium or payout would be prior the launch.

About Jumpstart

Jumpstart is registered with the California Secretary of State as a benefits corporation. According to the articles of incorporation filed on Nov. 4, 2015, the purpose of this particular benefits corporation is “to generate a general public benefit including, but not limited to, the specific public benefit of increasing economic stimulus after a natural disaster.”

Jumpstart is licensed with the California Department of Insurance as a property insurance broker-agent, casualty broker-agent and surplus lines broker. All licenses were issued in 2016 and are still active.

Nancy Kincaid, a CDI spokeswoman, couldn’t offer much detail on the broker or the product the firm may be offering.

“They are properly licensed as a surplus lines broker, but we don’t have any products filed from them with the Department of Insurance,” Kincaid said.

According to the Surplus Lines Association of California, Jumpstart received its license on Dec. 7, 2016, but it has not yet submitted any filings to the SLA.

Jumpstart and Recoup

Jumpstart is headed by Kate Stillwell, who is the founder and CEO. Stillwell is a former structural engineer and earthquake risk consultant. From 2010 to 2012, she was an earthquake products manager for EQECAT Inc., a catastrophe risk modeling firm acquired by California-based data and analytics firm Corelogic in late 2013.

Another co-founder and advisor on the team is Alan Hampton, who is also the founder and CEO of Recoup Financial, a catastrophe emergency funds startup, which was reportedly acquired by Jumpstart. The Recoup Financial website is currently previewing a product similar to what Jumpstart is promising that gives “cash the day after an earthquake.” Consumers can choose from $1,000 up to $30,000 in coverage as well as select the quake intensity at which they want the funds paid — all for a small monthly payment that is calculated on the site.

Stillwell’s team also includes others with a background in data and risk analysis. Joseph Kim, listed as Jumpstart’s head of technology, was formerly the vice president of software development with RMS, while Michael Shilman, the lead developer, was the former chief technical officer of Lab80.

According to Crunchbase, which tracks venture capital activity, Jumpstart received $400,000 in angel funding on Sept. 1, 2016. The investors are listed as Berkeley Angel Network and an undisclosed investor. The Berkeley Angel Network is a group of angel investors who are alumni, faculty and former faculty of U.C. Berkeley. The group has invested in a craft beer company, a business in the healthcare industry, a biotech company and an environmentally friendly product maker.

Stillwell’s LinkedIn profile lists her as a graduate of U.C. Berkeley’s Walter A. Haas School of Business.

Financial Product

Tom Larsen, a product architect for Irvine, Calif.-based CoreLogic, which owns EQECAT, is intrigued by what Jumpstart is planning to offer, which he called “purely a financial product.”

However, he emphasized that buyers must be made to realize the risk they are taking by accepting a fixed payout in lieu of compensation for the rebuild value on their homes.

It’s one thing for a sophisticated buyer, such as a large company, to purchase a parametric product because they often buy a wrap-around type of insurance product to cover their loss from a given peril, he said.

A consumer buying only the parametric product for earthquake is relying on luck, he added.

He drove home his point about the randomness of damage that occurs from an earthquake and the difficulty knowing just how much coverage will be enough in the event a temblor strikes.

Not all earthquake damage is total, he noted.

“As a scientist I go to an area after an earthquake has hit and when I see a block of homes, I do not see rubble, rubble, rubble. I see no damage, no damage, oops,” he said. “It’s that uncertainty that your accepting as a buyer for this Jumpstart product.”

Quake Coverage Competitor

The executive who is the face of the state’s earthquake insurance business has heard about what Jumpstart is trying to do, and he has no problem with it.

“We’ve heard of companies like Jumpstart that are exploring offering some sort of parametric product,” said Glenn Pomeroy, CEO of the California Earthquake Authority (CEA).

He said the product may have a few regulatory hurdles to clear but he welcomes it.

While the CEA board has not taken an official stance on parametric products, Pomeroy’s attitude is that the more people in California who are covered for earthquake loss, the better.

“There’s huge uninsured exposure for earthquake in California,” he said. “That’s why we as the CEA have not tended to view other companies that are out there as competitors. Whether someone buys a policy from us or coverage from someone else, we think that’s a good thing.”

A little over 10 percent of California homes have earthquake insurance, according to the California Department of Insurance. This makes California’s market ripe for firms like Jumpstart, Pomeroy said.

“Uninsured risk invites innovation,” he said.

Both Larsen and Pomeroy see the upside in Jumpstart’s business model being that the firm can offer products cheaply because of low overhead.

“They can put a fair amount of coverage out there cheaply because they don’t have all the cost of underwriting or claims adjusting,” Pomeroy said.

Topics California Catastrophe Agencies Earthquake

Output: California start-up Jumpstart Insurance Solutions has offered an insurance product to homeowners in the state that would guarantee a fixed payout in the event of an earthquake for a low monthly premium. According to Jumpstart's website, the yet-to-be-launched parametric product will pay out even if there is no damage to a homeowner's property. While some are sceptical about offering fixed payouts instead of full rebuild compensation, Glenn Pomeroy, the CEO of the California Earthquake Authority, welcomes the idea of more homes having some form of cover as currently only just over 10% of California homes have earthquake insurance.


Instruction: create a high quality summary of the given input

Input:
New funding round values robo-adviser Betterment at $800m
 Jon Stein, Betterment CEO. Betterment

Betterment, the largest independent roboadviser, announced Friday morning a new round of funding that would bring the firm's valuation to $800 million.

The $70 million funding round was led by Kinnevik, a Swedish investment company. Other investors in this round included Menlo Ventures, a California-based venture capital firm, and Francisco Partners, a California-based private equity firm.

Betterment was previously valued at $700 million during a capital raise in March 2016, according to a news release.

Since then, the firm has grown its assets under management by $6 billion, expanded its offerings to included human financial advisers, and has taken its first step towards offering a sustainable investment portfolio.

"Our business has changed a lot, in one sense," Stein said in a recent interview with Business Insider. "But in another sense, we are doing the same thing we have always been doing — that is, thinking about the customer and what the customer wants, and then building financial services in a way that actually responds to customer demands, which I think is not the way the old guard has done things."

Betterment provides financial advice online and via a smartphone app. Rather than using human managers to build portfolios, roboadvisers like Betterment use algorithms to determine where to invest.

Betterment's growth has been impressive, but it still faces steep competition. The wealth-management space has caught on that roboadvisers are hot, and many big firms have rolled out their own robo offerings. Charles Schwab and Vanguard are two such giants with trillions of dollars in assets under management.

Output: Independent robo-adviser Betterment has raised $70m in a funding round led by Swedish investment company Kinnevik and featuring participation from Menlo Ventures and PE firm Francisco Partners. The latest round takes Betterment's value to $800m, up from its previous valuation of $700m in March last year, with assets under management of $6bn. The company offers financial advice online and via a smartphone app, while also employing human financial advisers.


Instruction: create a high quality summary of the given input

Input:
Compulsory travel insurance in Middle East set to boost sector
 Growth is expected to spike in the Middle East travel insurance market, as more countries in the region are imposing compulsory travel insurance requirements on visitors to mitigate the risk of health related expenses.

Output: The rise in the number of governments insisting upon mandatory travel insurance is expected to give the sector a boost, especially in the Middle East, where countries including Turkey and Saudi Arabia have followed the global trend. "An uninsured visitor or tourist can be a major liability for state health care systems,” said Mahesh Anchan, the COO of travel services company Vasco Worldwide, who added that traditional cover provided by holiday companies was not as effective as full travel insurance policies.


Instruction: create a high quality summary of the given input

Input:
Brokers group unveils app it says will cut claims times by 90%
 Trade body teams up with Insure Apps on new InsurTech offering with aim to reduce claims reporting time and costs.

The British Insurance Brokers’ Association (Biba) has launched a smartphone app facility with Insure Apps which it said can reduce the average claims reporting time of 23 days by up to 90 percent.

The trade body noted that the app, called Claims Made Easy, would also significantly reduce claims costs, adding that it is available to Biba members at discounted rates.

According to Biba the app utilises technology to speed up, standardise and streamline the claims process, and provides an

Output: The British Insurance Brokers’ Association (Biba) has launched an app called Claims Made Easy, which it said can reduce the average claims reporting time of 23 days by 90%. The app streamlines and standardises the claims process, and enables users to record GPS information, police, witness, and third party details, photographs and any other information required when making a claim. It also helps brokers deal with late and inaccurate reporting of commercial motor and fleet claims. Claims Made Easy is available at a discount price to Biba members.


Instruction: create a high quality summary of the given input

Input:
Halliburton begins Radian geosteering service
 Sperry Drilling, a Halliburton business, has released its RadianTM azimuthal gamma ray and inclination service – a geosteering solution that provides real time, high quality borehole images and continuous inclination measurements. This information helps operators accurately place the wellbore in the sweet spot for increased production and lower costs per BOE in unconventional plays.

The Radian service uses four highly sensitive gamma ray detectors that are arranged evenly around the circumference of the tool to generate real time azimuthal images, whether rotating or not, for greater reservoir insight. This provides operators with enhanced data to assist in real time geosteering decision making for optimal well placement and better reservoir contact, even when drilling with a mud motor. The optional inclinometer package continuously monitors the orientation of the well and helps minimise wellbore tortuosity.

The Radian tool design is compatible with all drilling systems, including high torque motors and rotary steerable systems. For maximum flexibility, the tool can run standalone or positioned anywhere in the bottom hole assembly in combination with any Sperry Drilling M/LWD service. Applications include high pressure, high temperature environments up to 20 000 psi (138 MPa) and 347°F (175°C).

In the Bakken shale play, where there is little gamma ray contrast between formation layers, an operator recently deployed the Radian service and gained greater insight into the stratigraphic movement of the wellbore. Unlike conventional gamma ray tools, the superior borehole images from the Radian service revealed previously unseen features, giving the operator a clearer understanding of the geological structure and position of the well. This resulted in cost savings by avoiding more expensive LWD options.

“We developed the Radian service to provide operators with greater reservoir insight compared to traditional gamma ray tools,” said Lamar Duhon, vice president of Sperry Drilling. “In collaboration with our customers, we engineered this solution to deliver real time, high quality gamma ray images to help our customers make better geosteering decisions for optimal wellbore placement and maximum reservoir contact. It is aimed at helping operators achieve greater production and lower costs especially in unconventional reservoirs.”

Output: Oilfield service provider Halliburton’s subsidiary, Sperry Drilling, has launched a Radian geosteering service that uses gamma ray detection to provide real-time azimuthal borehole images and continuous inclination measurements. The service will allow operators to place wellbores more accurately for reservoir contact and to reduce costs per BOE. The Radian tool, which uses four gamma ray detectors, is compatible with all drilling systems, and can be used alone or positioned in bottom holes alongside other Sperry Drilling services.


Instruction: create a high quality summary of the given input

Input:
Online agents take 5% share of UK residential sales in Q2
 Post navigation

There has been a “significant shift” towards using online agents, a new report on the housing market claims.

It says that in the second quarter of this year, they increased their market share by 57% compared with the same period last year.

But despite the dramatic uplift, they nevertheless had only 5% of the overall market between April and June.

And despite oft-repeated claims by online firms to sell homes more quickly than the average, the report says they actually take longer in terms of the time between ‘selling’ and completion.

It says that in the second quarter of this year, high street agents exchanged on 265,192 homes, compared with 12,583 exchanges by online agents.

The new report is from customer intelligence firm TwentyCi, and is the first in what is intended to be a quarterly series.

The company claims to have a 99.6% view of both the property sales and rental markets, and compares each quarter’s performance with the same timespan a year ago.

It says its reports are driven by data, and not by survey or sentiment.

Its first report says that the UK housing market is “surprisingly buoyant”, with the number of exchanges up 6.3% year on year, and up 28% on the first quarter of the year.

Altogether, it says there were some 278,000 exchanges in the second quarter.

The report includes some interesting maps, showing the overall number of moves – into both purchased properties and rental accommodation – per region.

In most regions the numbers were up, but in London, the east midlands and East Anglia the numbers were down.

The report is here – and seems more interesting than most:

http://insight.twentyci.co.uk/twentyci-national-homemover-audit-q2-2017

Output: Online estate agents increased their market share of UK residential sales by 57% YoY in Q2 2017, but still commanded just 5% of the overall market for the period, according to a report by customer intelligence firm TwentyCi. It said high street agents exchanged on 265,192 homes during Q2, compared with 12,583 online exchanges, and disputed the idea that online completions were quicker.