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YouTube TV expands options for original content viewing
 After launching in the “largest US markets” earlier this year, YouTube TV, the $35-a-month service that allows users to stream live TV from ABC, CBS, FOX, NBC, ESPN and cable networks and record without storage limits, is expanding to ten US markets in a few weeks. These markets include: Dallas-Fort Worth, Washington DC, Houston, Atlanta, Phoenix, Detroit, Minneapolis-St. Paul, Miami-Fort Lauderdale, Orlando-Daytona Beach-Melbourne and Charlotte.

YouTube chief executive Susan Wojcicki made the announcement at online video conference VidCon.

Wojcicki also unveiled 12 new original projects coming to YouTube Red, the ad-free subscription-based service that launched in October 2015.

In 2016, YouTube Red began rolling out original content and Wojcicki said YouTube has since launched 37 original series and movies that have generated nearly 250m views.

In fact, Wojcicki said 1.5 billion logged-in viewers visit YouTube every month and, on average, those viewers spend over an hour a day watching YouTube on mobile devices alone.

What’s more, Wojcicki said in the coming weeks, the YouTube app will dynamically adapt to whatever size these users choose to watch it in.

“That means if you’re watching a vertical, square or horizontal video, the YouTube player will seamlessly adapt itself, filling the screen exactly the way [it] should,” she added.

Wojcicki said YouTube is also expanding a feature that lets users share videos from the YouTube app. It was announced last year and will be available in Latin America in a few weeks and throughout the US shortly thereafter.

In addition, Wojcicki said YouTube wants to make VR more accessible and affordable, which is why it teamed up with Google’s VR platform Daydream on a new video format, VR180, which she said YouTube believes will make VR content easier to create. That’s because VR180 video focuses on what’s in front of the viewer and transitions seamlessly to a VR experience when viewed with Cardboard, Daydream and PSVR devices. VR180 also supports livestreaming.

“This format delivers 3D video while capturing 180 degrees around you. Creators only have to worry about recording what’s in front of them while viewers get an awesome, immersive experience with a VR headset or a video that looks just as great on a phone as any other video,” Wojcicki said. “Best of all, we’re working with camera manufacturers like LG, Yi and Lenovo to build new VR180 cameras for as little as a couple hundred dollars – comparable to what you’d pay for a point-and-shoot.”

Output: YouTube's subscription service, YouTube TV, plans to expand into 10 US markets, including Atlanta, Dallas and Orlando, according to the site's CEO, Susan Wojcicki. She told an audience at online video conference VidCon that the company was also expanding the ability to share videos from the YouTube app and announced a partnership with Google’s virtual reality (VR) platform Daydream on a new video format, VR180. Aimed at making VR more accessible, it offers a point-and-shoot experience that is compatible with Cardboard, Daydream and PSVR devices.


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Facebook's ad viewability figures may be as low as 20%
 Facebook’s metrics woes may be far from over.

After fessing up to a string of measurement errors over the past six months, the social media company has bowed to pressure from ad buyers and started letting third-party auditors check its numbers.

Some agencies started using the new auditing capabilities a few months ago and have been stunned to see viewability rates on Facebook video campaigns as low as 20 percent, going up to 30 percent, according to interviews with nine agency execs. That’s way below the average viewability rate for video ads on sites, which is approximately 50 percent, according to Integral Ad Science.

Media agency execs, who spoke under condition of anonymity for fear of jeopardizing their relationships with Facebook, expressed concerns about the figures, with some saying they would need to revisit their budgets for branding campaigns. “We will definitely look at cost per viewable impression for branding campaigns and amend our planning appropriately,” said one media agency executive.

Some agency execs suspect the figure is even lower than 20 percent, and that verification companies like Moat and Integral Ad Science aren’t getting access to the platform fast enough to guarantee their numbers are correct. “This is a big issue. It’s money being taken off advertisers that they’re not getting their fair whack on,” said another media agency executive.

Others said the video findings reflected a lack of consistency in the numbers they have seen for ads in general. “Sometimes the figure Facebook reports is five times higher than the [Media Rating Council] standard, but sometimes it’s five times lower, with no clear pattern for under- or over-reporting. It’s a concern in general that there is no consistency,” said a third agency executive.

Facebook declined to comment on the record for this story.

The industry standard for video viewability, as laid out by the MRC, says a minimum of 50 percent of a video ad’s pixels must be in view for two continuous seconds. Unilever and GroupM have stricter demands for their partners, requiring that 100 percent of the video player be in-view and that half of the ad is viewed with the sound on, with no autoplay.

Viewability has two components: whether an ad is seen by a human and whether the ad has the ability to be seen on a website or app. Facebook scores high (99 percent) for ads that are viewed by humans. The issue is the percentage of video played in view. One media agency exec said only 22 percent of its videos were played in view, troubling execs across the agency.

Questions about Facebook’s display ad viewability surfaced in December, when Drew Huening, director of Omnicom’s digital ad buying trading desk Accuen, said at a Nomura conference that the agency’s own tests showed Facebook display ads failed to reach the minimum industry standard that calls for 50 percent of an ad’s pixels to be visible in the browser window for one second. Huening said while Facebook has done a good job of building a system in which everything is viewed by human eyes, people scroll through the News Feed so fast, especially on mobile.

Now, evidence points to the same problem with video, raising questions for advertisers about whether they’re allocating the right amount of spend to platforms like Facebook. More than two-thirds of U.S. marketers now run video ads on Facebook, according to eMarketer.

Agency executives and observers varied in their responses to the viewability shortfalls. One exec said advertisers will need to combine as a collective force to successfully challenge Facebook on these metrics.

“There are numerous and often-confusing messages advertisers can be presented with on the merits of different types of media,” said Alex Tait, founder of Entropy Consulting and former Unilever director. “To make informed and fact-based planning decisions, third-party verification is essential. It stops media owners from marking their own homework but also allows a logical approach to audiovisual-neutral planning for video.”

Others expressed resignation. One agency exec said they haven’t dug into Facebook’s viewability rates because clients either haven’t requested it or don’t want to pay the additional cost for the auditing. “Even with third-party ad viewability, what can be done about it?” said a different agency exec. “The only option is to not invest in Facebook or social. But social plays such a huge role in digital strategy that it would be a massive step for brands to make that kind of decision.”

Still others said it’s naive to expect viewability to be high on a platform like Facebook and that viewability isn’t necessarily the best way to measure a campaign’s success.

“The numbers can be low but actually just reflect how Facebook works as a platform,” said an agency exec. “The best way to use it is to reach large audiences with something. If you’re obsessed with viewability, you can buy it in a way where you’re getting guaranteed views, which improves those numbers, though it ends up costing more and driving worse business results. If you just buy on the basis of maximizing impressions, you may well get 15 to 20 to 30 percent sort-of viewability. Looks awful on paper. Still works well in reality.”

Update: Facebook has since issued the following statement: “We believe that the value of an ad is not binary but is generated the moment an ad comes on screen. According to independent Fors Marsh Group research, people can recall mobile news feed content at a statistically significant rate after only 0.25 seconds of exposure. And a recent Nielsen study showed that 38 percent of brand recall, 23 percent of brand awareness, and 25 percent of purchase intent are driven by video impressions that are under two seconds. This is because people consume content differently on mobile devices and in News Feed. As people scroll quickly through their News Feed, they get exposed to ads, meaning duration can be short while still delivering value.” said Facebook spokesman Tom Channick.

Output: Anonymous media agencies execs using new auditing capabilities to assess viewability on Facebook ad campaigns have expressed concerns after seeing rates as low as 20% and 30%. Some suspect figures may be even lower, and that third-party verification firms like Moat and Integral Ad Science aren't getting access to the social media site fast enough to ensure measurements are correct. While some complained of a lack of consistency in figures reported by Facebook others said viewability wasn't necessarily the best way to measure an ad campaign's success. Facebook declined to comment.


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Speedy Hire Travis Perkins appoints Stuart Chambers as chairman
 The builders' merchant Travis Perkins will this week name the former head of British technology superstar ARM Holdings as its next chairman.

Sky News has learnt that Stuart Chambers has been picked to replace Robert Walker, who has chaired the FTSE-250 company for the last seven years.

An announcement is expected to be made confirming Mr Chambers' appointment on Tuesday, according to insiders.

If confirmed, it will complete the replenishment of his boardroom roles, following the takeovers of microchip designer ARM and Rexam, the packaging manufacturer which was also chaired by Mr Chambers.

A former chief executive of glassmaker Pilkington, Mr Chambers has also sat on the boards of blue-chip companies including Tesco.

Last month, he was named the new chairman of Anglo American, the FTSE 100 miner which has seen a recovery in its fortunes following a rebound in commodity prices.

His arrival at Travis Perkins will be announced nearly four months after the company struck a cautious note about the UK's economic prospects.

The owner of Wickes, the home improvement retailer, Travis Perkins has seen strong growth in its consumer business in recent trading periods, although its shares have slipped by almost 10% over the last year.

The company is due to announce its interim results in early August.

Advertisement

A Travis Perkins spokesman declined to comment on Monday.

Output: Builder's merchant and supplier Travis Perkins has appointed Stuart Chambers, the former head of semiconductor giant ARM, as its next chairman, according to reports from Sky News. Formal confirmation of the appointment is expected on 27 June. Chambers was also named chairman of mining firm Anglo American last month.


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Up to 50% of Porsche production could be EVs 2023: CEO
 It wasn’t long ago that Porsche claimed all-electric powertrains didn’t offer enough performance to reach the level that their customers expect from the premium German brand.

As their work on their first all-electric vehicle progresses, they are now changing their view on the technology and CEO Oliver Blume now says that he expects half of Porsche’s production to be electric by 2023.

The Mission E will be Porsche’s first all-electric vehicle and it is planned to enter production in 2019.

Last year, Blume said that they were planning for an annual production of 20,000 units for the new vehicle. It’s a significant volume for the German automaker considering they delivered just over 230,000 vehicles worldwide last year across its entire lineup.

But now they are ready to crank it up with a second all-electric vehicle based on the Macan.

In a surprising move, The CEO now says that between the two vehicles, Porsche is preparing for a capacity of 60,000 cars per year at its Zuffenhausen plant. Blume made the comment to Germany’s business magazine Manager Magazin last week.

The capacity would quickly make electric vehicles an important part of its overall production and it explains why the CEO now sees them reaching 50% of its total production as soon as 2023, which is much sooner than any established automaker.

It wouldn’t be too surprising for the company to achieve its goal if it can truly deliver on the expectations for the Mission E.

First of all, the design of the concept is simply stunning:

And the specs that Porsche has released are somewhat arguably competitive with the performance version of the Tesla Model S, which would likely be its main competitor.

The Mission E is to have “over 310 miles of range” (500 km) on a single charge, but being based in Germany, Porsche is likely talking about the New European Driving Cycle (NEDC), which is much more forgiving than the EPA rating and doesn’t really reflect real-world range. It’s should still have a more than decent range around 250 miles.

Porsche is also aiming for a 0 to 60 mph acceleration in 3.5 seconds. The automaker also claims that the Mission E will be equipped with a 800-volt charging system able to charge up to 80% in about 15 minutes.

We still don’t have a good idea of the pricing, which will, of course, be an important factor. But if Porsche can deliver on the specs, it could be sitting on a great performance electric car.

Output: The CEO of German sports car manufacturer Porsche, Oliver Blume, has said up to 50% of its production output could be electric vehicles (EVs) by 2023. The company had been looking to produce 20,000 units of its first all-electric vehicle, the Mission E, each year, with production set to begin in 2019. Now it plans to add a second EV, based on the Macan, and is targeting capacity for 60,000 units a year across the two models at its Zuffenhausen plant. No prices for either vehicle have been released.


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Artificial leaf named top 10 technology to watch by Scientific American
 The notion of an artificial leaf makes so much sense. Leaves, of course, harness energy from the sun to turn carbon dioxide into the carbohydrates that power a plant's cellular activities.

For decades scientists have been working to devise a process similar to photosynthesis to generate a fuel that could be stored for later use. This could solve a major challenge of solar and wind power—providing a way to stow the energy when the sun is not shining and the air is still.

Many, many investigators have contributed over the years to the development of a form of artificial photosynthesis in which sunlight-activated catalysts split water molecules to yield oxygen and hydrogen—the latter being a valuable chemical for a wide range of sustainable technologies. A step closer to actual photosynthesis would be to employ this hydrogen in a reduction reaction that converts CO 2 into hydrocarbons. Like a real leaf, this system would use only CO 2 , water and sunlight to produce fuels. The achievement could be revolutionary, enabling creation of a closed system in which carbon dioxide emitted by combustion was transformed back into fuel instead of adding to the greenhouse gases in the atmosphere.

Several researchers are pursuing this goal. One group has demonstrated that it is possible to combine water splitting and CO 2 conversion into fuels in one system with high efficiency. In a June 2016 issue of Science, Daniel G. Nocera and Pamela A. Silver, both at Harvard University, and their colleagues reported on an approach to making liquid fuel (specifically fusel alcohols) that far exceeds a natural leaf's conversion of carbon dioxide to carbohydrates. A plant uses just 1 percent of the energy it receives from the sun to make glucose, whereas the artificial system achieved roughly 10 percent efficiency in converting carbon dioxide to fuel, the equivalent of pulling 180 grams of carbon dioxide from the air per kilowatt-hour of electricity generated.

The investigators paired inorganic, solar water-splitting technology (designed to use only biocompatible materials and to avoid creating toxic compounds) with microbes specially engineered to produce fuel, all in a single container. Remarkably, these metabolically engineered bacteria generated a wide variety of fuels and other chemical products even at low CO 2 concentrations. The approach is ready for scaling up to the extent that the catalysts already contain cheap, readily obtainable metals. But investigators still need to greatly increase fuel production. Nocera says the team is working on prototyping the technology and is in partnership discussions with several companies.

Nocera has an even bigger vision for the basic technology. Beyond producing hydrogen- and carbon-rich fuels in a sustainable way, he has demonstrated that equipping the system with a different metabolically altered bacterium can produce nitrogen-based fertilizer right in the soil, an approach that would increase crop yields in areas where conventional fertilizers are not readily available. The bacterium uses the hydrogen and CO 2 to form a biological plastic that serves as a fuel supply. Once the microbe contains enough plastic, it no longer needs sunshine, so it can be buried in the soil. After drawing nitrogen from the air, it exploits the energy and hydrogen in the plastic to make the fertilizer. Radishes grown in soil containing the microbes ended up weighing 150 percent more than control radishes.

Nocera admits that he initially ran the fertilizer test just to see if the idea would work. He envisions a time, however, when bacteria will “breathe in hydrogen” produced by water splitting and ultimately use the hydrogen to produce products ranging from fuels to fertilizers, plastics and drugs, depending on the specific metabolic alterations designed for the bugs.

A significant breakthrough now solves one of the main limitations of current technologies: a group at the University of Illinois at Chicago managed to directly convert CO 2 into carbon monoxide without the need to use pressurized CO 2 ; rather it pulls it directly from the air. These scientists employed a transparent capsule, made up of a semipermeable resin membrane and filled with water, to capture CO 2 and then transform it into CO thanks to a light absorber coated with catalysts. They then used the CO to produce a wide range of synthetic fuels, including methanol and gasoline.

This and other innovations in the field of artificial photosynthesis have caught the attention of a new generation of entrepreneurs who are taking these discoveries from the lab to the market, driven by the opportunity to produce fuels from renewable sources. Such is the case for Solistra, a company using patented photocatalysts to produce liquid fuels from CO 2 that deliver more energy than they take to make. Synhelion is using solar concentrators to drive the thermochemical conversion of CO 2 into syngas as a precursor to hydrocarbon fuels. A different approach developed by a young company called Dimensional Energy manufactures environmentally responsible polymers and chemical intermediaries using CO 2 as raw material.

Output: Scientific American has named electrofuel-producing artificial leaves in its top 10 technologies to watch. It points to research out of Harvard University last year that blended inorganic, solar water-splitting technology with microbes engineered to turn hydrogen and carbon dioxide into a fuel in a single container. The system, which is around 10 times more efficient at creating fuels than a natural leaf is at converting CO2 to carbohydrates, has also been used to demonstrate production of a nitrogen-based fertiliser, suggesting a broader application for the technology.


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HCL Difficulty of language test 'worsens nurse crisis' for NHS
 Language tests introduced by the government to restrict immigration are stopping the NHS from recruiting foreign nurses – including highly qualified native English speakers.

Growing nursing shortages mean that the NHS has major gaps in its workforce, but this is being added to by Australians and other English-speaking nurses being turned down because they cannot pass the English tests.

The high language requirements are reflected in a sharp drop in the number of nurses registering in the UK, according to medical recruiters, who believe that many British nurses would also fail the International English Language Testing System test (IELTS).

Only 46 nurses from the EU registered at the Nursing and Midwifery Council (NMC) in April, compared with 1,304 in July 2016. Nursing recruiters blame this on the test but Stephen Burke, chief executive of HCL Workforce Solutions, said there had been no slowdown in the number of EU nurses looking for work through his company. “HCL has registered more European nurses in the year following the EU referendum than the year before,” he said.

However others, including Unison’s head of health Sara Gorton, say the drop is the result of nurses from the EU being reluctant to come to the UK because of the uncertainty over Brexit. Both sides agree that the NHS would falter without foreign nurses.

“[Foreign nurses] have been a vital supply route for us, and the tap’s being turned off,” Gorton said. “There is a ticking time bomb because the training bursary for nurses has been scrapped in England. We are going to be ever more reliant on filling gaps and this problem is only going to get worse.”

The NMC said its English test standards were in line with nursing bodies in other countries and other medical bodies in the UK and had been introduced to safeguard patient safety.

Nurse vacancies have nearly doubled in the last three years from 6% in 2013 to 11.1% in 2016, and almost a quarter of NHS trusts have vacancy levels above 15%. Last week more than 6,900 nursing positions were advertised by NHS Jobs, with some of the jobs still unfilled eight months after they were posted.

Hayley Purcell wants to fill one of those posts. Born in Adelaide, she has worked as a nurse in South Australia for the last 11 years, her career spanning mental health, intensive care, paediatrics, surgical procedures and orthopaedics. She narrowly failed the written language exam, even though she has a bachelor’s degree in nursing.

Purcell had no problems expressing herself in a phone call from Adelaide. “After being schooled here in Australia my whole life, passing high school with very good scores, including English, then passing university and graduate studies with no issues in English writing – now to ‘fail’ IELTS is baffling,” she told the Observer. “So when I failed I just went numb. Then I got angry. Everything rides on the result.”

IELTS has four elements: speaking, listening, reading and writing. To qualify to work in the NHS, candidates need to score at least seven out of nine in each section. Purcell, who spent AU$650 (£386) on the test, managed 6.5 in writing and seven in reading.

“The essay test was to discuss whether TV was good or bad for children. They’re looking for how you structure the essay,” she said. “I wrote essays all the time when I was doing my bachelor of nursing. I didn’t think I’d have to do another one. I don’t even know why I failed.”

Her case is echoed by Jorja McDonald, a nurse with three years’ experience from Springfield in Queensland, who reached 6.5 in reading and 6.5 in writing despite being a native English speaker. Afroditi Mavromyti, from Patras in Greece, has a master’s degree in psychology and 10 years’ nursing experience. She has taken the test three times and narrowly failed with a 6.5 in writing.

The test was introduced in January 2016 after David Cameron’s cabinet office minister, Matthew Hancock, brought in regulations requiring all foreign nationals in customer-facing public sector roles to speak a high standard of English because the government was “controlling immigration for the benefit of all hard-working people”.

HCL, the recruitment agency which has been attempting to place Purcell, said that only 176 of 949 candidates they have put forward have achieved at least seven out of nine in the test. Native English speakers average just 6.3 in writing and 6.7 in reading, according to the British Council, a joint owner of the test. HCL says foreign nurses who come to the UK to study only need to reach 6.0 to get a place on a nursing degree at universities including Warwick and Gloucester.

“While we have no doubt that language testing is an essential part of recruiting overseas nurses, we firmly believe the current IELTS standard is not fit for this purpose,” Burke of HCL said. “The NMC should look at switching to an average required score.”

Jackie Smith, NMC chief executive, said: “We do not believe it is in the interests of public safety to lower the standard of English competence required without clear evidence. While we are aware of concerns, we do not have any hard evidence on which to base a change.”

Output: The standard for the International English Language Testing System used to assess the fluency of immigrants is "not fit for purpose" and is preventing the NHS from recruiting foreign nurses, according to Stephen Burke, CEO of HCL Workforce Solutions. He said Australian and qualified native English speakers were narrowly failing the test, results that had a devastating impact on staff numbers, with only 46 EU nurses registering with the Nursing and Midwifery Council in April, compared with 1,304 in July 2016. However, some, including Unison’s head of health, Sara Gorton, have said the drop in numbers is down to nurses' fears over Brexit.


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Price of palladium hits 16-year high at just under $900
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Output: Prices for the precious metal palladium have hit a 16-year high at just under $900 per troy ounce, up 90% from January 2016. Low oil prices have seen a surge in demand for fossil-fuel vehicles in US and China. While the UK and Switzerland had large reserves of palladium, output from Russia, which produces almost half the world's supply, is expected to drop by 3%. International demand for palladium, a component of catalytic converters in cars, is predicted to exceed supply by 24.4 tons this year.


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France to stop granting licences for oil and gas exploration
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France is to stop granting licences for oil and gas exploration as part of a transition towards environmentally-friendly energy being driven by Emmanuel Macron’s government.

Nicolas Hulot, the “ecological transition” minister said a law would be passed in the autumn.

“There will be no new exploration licences for hydrocarbons,” he told BFMTV.

French Minister of Ecological and Social Transition Nicolas Hulot leaves the weekly cabinet meeting at the Elysee Palace in Paris, France, June 22, 2017. (Reuters)

The minister, previously famed in France for his environmental activism and nature documentaries, also outlined proposals to increase the taxation on diesel and to “make decisions faster” to curtail pollution.

Mr Macron said he was opposed to exploration for gas and favoured a ban on fracking during his election campaign, particularly in the overseas territory of French Guiana.

But Mr Hulot was among those warning that any ban would trigger lawsuits from energy companies and saying change must be imposed gradually.

Around 75 per cent of France’s electricity is currently provided by nuclear power stations, with the industry employing around 200,000 people and led by state-owned EDF.

A law was passed last year to reduce the nuclear proportion to 50 per cent by 2025, sparking controversy over potential job losses and the closure of up to 20 reactors.

Mr Macron reinstated his commitment to the law last month but has evaded concrete targets for the ultimate aim of making France run completely on renewable energy.

The President is also planning a huge renovation programme for French homes to reduce energy consumption, cut carbon dioxide emissions, reduce energy poverty and create jobs.

He and Mr Hulot discussed renewable energy schemes and global warming with Arnold Schwarzenegger, the actor and former Governor of California, as part of his trip to France on Friday.

Mr Schwarzenegger said he was honoured to speak to Mr Macron and ministers about “how we can work together for a clean energy future” and was seen posing with a T-shirt reading “Make Our Planet Great Again” with Mr Hulot.

The Hollywood star has publicly sparred with Donald Trump, a fellow Republican and Apprentice host over climate change and the President’s decision to withdraw the US from the historic Paris accords.

France was among the countries heavily criticising the decision, with the government posting an annotated White House video on social media refuting the President’s claims that the agreement was a “bad deal” for the US.

Output: France has announced plans to prohibit exploration licences for hydrocarbons, and will focus on working towards more renewable energy, with new legislation set to be passed in the autumn, according to Minister of Ecological and Social Transition, Nicolas Hulot. During his election campaign, French President Emmanuel Macron supported a fracking ban, while Hulot, who is well-known in France for his environmental activism and nature documentaries, proposed gradually raising taxation on diesel. Around three-quarters of French electricity is generated by nuclear power, a figure set to be reduced to 50% by 2025.


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UK motor insurance premiums surge £90 this year
 The price we pay to insure our cars has been rising fast in the past year - with some regions seeing an 18.9% jump in costs - this is where's worst and what you can do about it

Car insurance premiums soar £90 in a year - where it's worst and what you can do

The average car insurance premium has surged by £90 over the last year, according to analysis.

At £666, the typical annual premium across Britain is now just over 15% higher than a year ago, a hike of more than five times the Consumer Prices Index rate of inflation at 2.9% in May, Consumer Intelligence said.

Nearly half of this increase was found to have taken place during the three months to May.

Drivers aged between 21 and 24 pay the highest prices on average, at £1,202, but have seen slightly lower annual premium increases at 13.1%. Over-50s motorists are experiencing the biggest rises at 17.9% but pay premiums of £418 typically, the research found.

Average premium increases over the past year Source: Consumer Intelligence

Motorists in London typically pay the highest average premiums of £1,000 across the country, more than double the £474 average bill in Scotland and the South West of England.

John Blevins, a pricing expert at Consumer Intelligence said the full impact of a recent hike in the rate of insurance premium tax (IPT) was yet to show up in the figures, so drivers would need to shop around to limit the hikes to their premiums.

But he continued: "There is some relief from plans to push ahead with whiplash reforms announced in the Queen's Speech."

Premiums were calculated by comparing the prices offered for 3,250 people by major price comparison websites and direct insurers.

Output: The average car insurance premium in the UK has risen by £90 ($115) over the last year, according to analysis from Consumer Intelligence. The typical annual premium across Britain is £666, more than 15% higher than a year ago, the research group said. While drivers between 21 and 24 pay an average £1,202, this group has seen slightly lower-than-average premium increases of 13.1%. Meanwhile, over-50s typically pay premiums of £418, but have experienced a premium increase of 17.9%.


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Bond trades may suffer in last-minute rush to meet ID code rules
 Fixed income traders may face a last minute rush to attain vital trade identifiers in order to meet MiFID II’s transaction reporting rules.

Stricter reporting rules will require bonds and derivatives trades to have a legal entity identifier (LEI), a concept that is completely new to the fixed income industry.

The regulation states buy-side firms subject to the transaction reporting rules should not execute a trade on behalf of their clients who do not have a LEI in place.

This could mean a lot of failed fixed income trades if they do not have a LEI, according to panellists at The TRADE’s and ICE Data Services “Overcoming MiFID II Data Challenges” event.

One panellist highlighted that around 90% of sovereign issue bonds and between 50-75% of all corporate bonds do not have an LEI.

“These are not insignificant numbers, and it is about the creation of them [LEIs]. It is a massive implementation problem, and some people have to go out and create them, and clearly apply them to the fixed income world,” said David Bullen, founder, Bullen Management.

“There has never been a requirement to have the LEI at the time of the trade, but after January 2018, you need to know it exists before executing a trade. Otherwise you will be unable to report that transaction and you may well be penalised.”

The LEI mandate is a global one, applying to all market participants carrying out business with European counterparties. However, the LEI regime is absent in Asia, where only 3% of global LEIs have been issued.

This could mean a large portion of Asian investors will not be able to trade in Europe, another panellist explained.

“A key challenge for those firms that have not used LEIs beyond derivatives, is that there are many entities that must have an LEI for MiFID II such as the executing entity, the buyer and seller decision makers, order receiver, entity which submitted the order, the counterparty, the fund manager etc.” said Chris Johnson, senior product manager, market data, HSBC Securities Services.

However, the impending rules have forced buy-side firms to look more closely at their data and the information they have to provide to the regulator.

“What is clear is that there is a lot of scrutiny coming back on the transaction eligibility indicator that we provide because everybody is trying to ascertain what in their portfolio’s is transaction reportable,” said Hubert Deroubaix, business development director, ICE Data Services.

“There are fairly complex criteria surrounding that as it is not just what is directly listed in Europe, there are ramifications through the underlines.”

The ‘no LEI no trade’ concept is an unavoidable one that investment firms will just have to accept and prepare for sooner rather than later. The panel agreed that there is no excuse for market participants not to prepare, however the industry can collectively work together to bring about solutions and ease implementation for everyone.

Output: New regulations requiring bonds and derivatives trades to have a legal entity identifier number (LEI) for the first time may result in failed transactions, experts have warned. The new rule contained within Mifid II regulations that come into force in January may cause a last-minute rush by firms to get their securities a unique 20-character LEI. Until now, the vast majority of bonds have not needed to comply with the standard. "It is a massive implementation problem,” said David Bullen, founder of Bullen Management. Asia does not conform to the LEI standard so investors there may have difficulties trading in Europe.


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McAfee's cybersecurity firm MGT Capital to begin ether mining
 DURHAM, N.C., June 23, 2017 /PRNewswire/ -- MGT Capital Investments, Inc. (OTC: MGTI) announced today an agreement with Bit5ive LLC to purchase up to 60 graphics processor-based mining computers. These machines will utilize the highest quality GPU cards and Intel CPU's with a design to divide the hash rate between Ethereum (ETH) and Ethereum Classic (ETC).

The utility of smart contract technology has gained the interest of many on and off Wall Street in recent months. For example, Grayscale investments, led by Barry Silbert, announced plans to launch the "Classic Ether Trust," with Bloomberg adding Grayscale's Ethereum Classic ticker symbol and investment thesis to its research base. We also believe the formation of the Enterprise Ethereum Alliance -- comprised of many of the world's leading technology companies -- will lead to new and exciting applications and verticals utilizing the Ethereum blockchain, all requiring more robust mining power in order to execute transactions.

John McAfee, MGT's Executive Chairman, stated, "We are more convinced each day of the growth and value of digital currencies, and our Company is uniquely positioned to be a leading provider of processing power to relevant blockchains. The addition of Ethereum and Ethereum Classic to our crypto mining strategies is expected to be very profitable for us."

About MGT Capital Investments, Inc.

MGT Capital Investments, Inc. (OTC: MGTI) is in the process of acquiring and developing a diverse portfolio of cyber security technologies. With industry pioneer John McAfee at its helm, MGT is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, as well as corporate networks. The Company's first product, Sentinel, an enterprise class network intrusion detector, is scheduled to be released by the end of June 2017. The Company also has entered into a joint venture with Nordic IT to develop and market a mobile phone with extensive privacy and anti-hacking features. The Privacy Phone has a tentative release date of February 2018.

Also as part of its corporate efforts in secure technologies, MGT is growing its capacity in mining Bitcoin and other cryptocurrencies. With 18.0 PH/s of computing power at the Company's facilities in WA state, MGT ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues in active discussions with financial partners to grow Bitcoin output materially.

Lastly, MGT stockholders have voted to change the corporate name of MGT to "John McAfee Global Technologies, Inc." Following a dispute over ownership and permitted usage of the name McAfee, The Company and Intel have agreed to a mediation process to avoid unnecessary legal costs.

For more information on the Company, please visit: http://ir.stockpr.com/mgtci

Forward–looking Statements

This press release contains forward–looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward–looking statements." All information set forth in this news release, except historical and factual information, represents forward–looking statements. This includes all statements about the Company's plans, beliefs, estimates and expectations. These statements are based on current estimates and projections, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include issues related to: rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate; the ability to obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new business, license and sign new agreements; the unpredictable nature of consumer preferences; and other factors set forth in the Company's most recently filed annual report and registration statement. Readers are cautioned not to place undue reliance on these forward–looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risks and uncertainties described in other documents that the Company files from time to time with the U.S. Securities and Exchange Commission.

Investor and Media Contact

Tiffany Madison

Director of Corporate Communications

MGT Capital Investments, Inc.

[email protected]

469.730.6703

SOURCE MGT Capital Investments, Inc.

Related Links

http://www.mgtci.com

Output: John McAfee's cybersecurity technology company MGT Capital Investments is set to expand its mining operations to include Ethereum and Ethereum Classic, following an agreement with Bit5ive to purchase up to 60 graphics processor-based mining computers. "We are more convinced each day of the growth and value of digital currencies, and the addition of Ethereum and Ethereum Classic to our crypto mining strategies is expected to be very profitable for us," said McAfee.


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Insurers must prepare for 'tsunami of technology': RSA
 RSA global connected insurance director Kenny Leitch states InsurTech will stop claims from happening.

InsurTech is set to shrink the insurance market, according to Kenny Leitch, global connected insurance director at RSA.

“There is an opportunity to use data and technology to create fewer collisions, fewer injuries and fewer claims,” Leitch explained.

He added that by doing this insurers and brokers could lower their prices “in a very competitive market”.

“Technology will shrink the insurance market because it will stop things from happening in the first place,” Leitch continued.

Investment

Output: The insurance market has come under significant threat from insurtech firms, which will use data to ensure fewer accidents happen to begin with, according to Kenny Leitch, global connected insurance director at London-based firm RSA. Leitch said the use of data and technology to reduce collisions and create fewer claims would create a competitive market, as insurers and brokers lower prices. He also warned of the "tsunami of technology" that would follow massive early-stage investment in insurtech firms.


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Distributed ledger backed to fight fraud, terror funding: IMF
 Working Together to Fight Money Laundering & Terrorist Financing

Ladies and Gentlemen—good morning.

Dear President Vega-Serrano, thank you for your kind invitation and all of you for your warm welcome.

It is wonderful to be in Valencia—a city that combines ancient roots with modern architecture, 21st-century commerce, and some of the world’s best food. This is a community that values innovation and creativity.

I can see that Valencian spirit of innovation here in this room today. Both FATF and the IMF are forward-thinking organizations designed to help our members address some of the most pressing global issues of our time.

We both are deeply committed to supporting countries in building defenses against money laundering and the financing of terrorism through the AML/CFT standards. We both know that these global challenges cannot be resolved by countries working alone.

I am therefore very proud of the close relationship that the IMF and FATF have forged over nearly two decades. This partnership is more important than ever.

There is no doubt that money laundering and terrorist financing can threaten a country’s economic stability, which is why the IMF has become increasingly active in supporting and promoting the AML/CFT efforts of our member countries, based on the FATF standard.

What started as a small endeavor some 20 years ago has become part of our core work—from analysis and policy advice, to assessing the health and integrity of financial sectors, to providing financial assistance when needed, to helping countries build institutions and increase operational effectiveness.

Together we have come a long way, and together we can build on the progress made so far. Let me highlight three priorities:

Fighting corruption and tax evasion;

Combating the financing of terrorism; and

Maintaining correspondent banking relationships.

1. Fighting corruption and tax evasion

First, we need to intensify our fight against corruption and tax evasion. We will soon release new analysis that shows how systemic corruption can seriously undermine a country’s ability to deliver sustainable and inclusive growth.

Large-scale tax evasion is a key factor, because it typically means lower government revenue, higher public debt, and less investment in health, education, and other public services. It means higher economic inequality because the most vulnerable are most affected by a sharp drop in social spending. That, in turn, can trigger popular discontent and economic instability.

The good news is that we can use the AML/CFT framework to help break this vicious economic cycle.

A good example is Greece, where the strengthening of the AML framework facilitated the seizure of hundreds of millions of euros in proceeds from tax crimes.

We helped the central bank strengthen its financial sector supervision, which led to a sharp increase in reporting to the financial intelligence unit. That unit itself froze more than €200 million in assets between 2012 and 2014. The financial intelligence unit also referred more than 400 cases to the prosecutor’s office and more than 2,500 cases to the tax authorities.

Another area where the FATF standard is immensely helpful is in promoting transparency. The Panama Papers, for example, were a stark reminder of the need to do more in this area—something that you had already long recognized.

2. Combating the financing of terrorism.

Another policy priority is to combat the financing of terrorism. As terrorism is becoming more pervasive in our societies, it is our collective responsibility to choke off the financial flows—both large and small—that enable terrorists to inflict unspeakable suffering on individuals, families, and communities.

Over the past 16 years, we have been involved in this joint effort through our technical assistance and capacity building work.

In 2014, for example, we called on Sudan to strengthen its CFT framework—and we have since worked with the government there to develop targeted financial sanctions that are consistent with the FATF standard. We are working on a practical guidance for all our members on how to implement such sanctions, which should be available by 2019.

Combating the financing of terrorism increasingly requires harnessing the power of financial technology, or fintech.

Of course, fintech is a double-edged sword. It can be used to promote and fund terrorism, including through the anonymity of virtual currencies. But it can also be a powerful tool to strengthen our defenses against the financing of terrorism.

We can use fintech to identify terrorist financial flows, including in the case of very small transactions. Machine learning and other artificial intelligence tools can help identify patterns of activity that would otherwise be very difficult to detect.

Fintech can also help protect financial systems against cyber-terrorism. A good example is the “distributed ledger” technology that underpins virtual currencies and other applications. This technology is less vulnerable to a single point of failure and could prove resilient to cyberattacks because the ledger—or record of transactions—exists in multiple copies.

I would like to commend President Vega-Serrano—and the FATF more generally—for addressing both the opportunities and the new issues raised by technology, including through your recent roundtables with the private sector.

It is important that regulatory frameworks remain adequate to the task. We have also just published a paper that provides a framework for assessing the impact of technological innovation within the financial sector. [1]

3. Maintaining correspondent banking relationships

The third and final policy priority is to support countries that are at risk of losing vital banking services that keep them connected to the global financial system.

These correspondent banking relationships are especially important for small countries with small financial systems—in Africa, the Caribbean, in Central Asia, and in the Pacific, to name a few. Recent surveys in our member countries underline the high degree of concern about the situation in these economies. [2]

To be clear, this issue has many dimensions, involving regulators, the financial industry, and the affected countries themselves.

The good news is that FATF has been working hard to ensure that the application of a robust AML/CFT framework does not lead to an indiscriminate withdrawal of correspondent banking relationships. I commend your decision to clarify the regulatory expectations under the FATF standard, including the customer due diligence requirements.

Greater regulatory certainty means that global banks are more likely to maintain their correspondent banking business. This, in turn, will help support economic and financial stability in the affected countries.

But the threat to growth and jobs means that more needs to be done by everybody. [3]

One of our contributions has been to bring together local banks, global banks, and other key stakeholders to discuss possible solutions.

For instance, a recent workshop in the Caribbean focused on improving the capacity of small banks to manage risks with the help of regional development banks, and how to enhance communication between the local and correspondent banks.

We will also continue to help our smaller member countries build capacity. For example, we have been working with Costa Rica, Peru, and Uruguay to create national AML/CFT strategies. And we recently helped Ukraine, Mongolia and Qatar strengthen the governance and capacity of their financial intelligence units.

Altogether, we have provided technical assistance on AML/CFT to 120 countries. And I am proud that our assistance was instrumental for countries such as Myanmar, Nepal, and Sudan to exit FATF monitoring and reconnect to the global financial system.

Conclusion

Let me conclude by saying that I would like us to continue our close cooperation—building on the progress made so far, for example, on the standard and assessment methodology.

As you know, we are very supportive of the risk-based approach—and the emphasis on effectiveness—under the revised FATF standard. We look forward to the targeted follow-up assessments that will focus on countries’ main risks.

As a final thought, Winston Churchill often encouraged his staff to “level with events”—by which he meant that they should tell the unvarnished truth—no sugar-coating of the facts.

Corruption, tax evasion, the financing of terrorism, and financial exclusion: these are big challenges for our member countries today—and they need to be addressed head-on.

By standing together as one, and by “leveling with events”, we will have the opportunity to promote financial integrity and inclusive growth for the benefit of all.

Thank you.

[1] IMF Staff Discussion Note: “Fintech and Financial Services: Initial Considerations”, June 2017. [2] Surveys by the World Bank (2015); Caribbean Association of Banks and the Association of Supervisors of Banks of the Americas (2016); Arab Monetary Fund, IMF, and Word Bank survey of Arab banks (2016), and an IMF and Union of Arab Banks survey (2015). [3] See IMF Policy Paper : “Recent Trends in Correspondent Banking Relationships: Further Considerations”, April 2017.

Output: Distributed ledger technology (DLT) should be used to tackle corruption and tax evasion and the funding of terrorism, according to International Monetary Fund director Christine Lagarde. In a speech to the plenary meeting of the Financial Action Task Force on Money Laundering in Valencia, Lagarde said DLT was "less vulnerable to a single point of failure" and its decentralised nature meant the technology could be more resilient to cyber attacks. She also stressed the need for task force members to work together to combat financial crime.


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Regus IWG's Mark Dixon explains how he fought off WeWork
 C atching up with Mark Dixon is tricky. The founder of the serviced office empire Regus, who’s already clocked up more air miles than he cares to remember this year, is running half an hour late for our meeting after struggling over from Heathrow.

In a couple of hours he’s off again, hopping on a plane to San Francisco.

Travelling is one of life’s unavoidable chores when your company — now formally known as IWG — has 3000 centres across more 900 cities.

These days, at 57, he’s toned things down and he’s only on the road for two weeks a month.

He’s been running Regus for nearly 30 years and now he’s got a new challenge on his plate, fending off the likes of WeWork and The Office Group, sold this week to Blackstone for £500 million, trying to eat his lunch in London and elsewhere.

Dixon himself, who now owns 25% of the £3.3 billion business after selling £94 million in shares days ago, is probably the most unassuming multi-millionaire you’re likely to meet.

Sitting in Regus’s airy glass-walled Berkeley Square centre tieless in a suit and check shirt, the Essex man could easily pass for any one of the millions of businesspeople on the move he caters for year after year.

He’s softly spoken, stocky with a bit of a paunch and a gammy knee keeping him off the tennis court. There’s none of the big “I am” about him.

Still, anybody who left a Chelmsford comprehensive at 16 to set up half a dozen businesses over a lifetime can’t be underestimated.

His parents divorced when he was nine, and early on Dixon wanted money and independence — doing paper rounds and even digging up and selling peat from the forest near his council estate (“highly illegal, of course”). At school he was a star performer but found education “extremely slow and not challenging enough”.

His father — a Ford engineer who encouraged his son’s academic progress — was “mortified” by his decision to pack in formal education, Dixon recalls.

“I had superb results, and could have done whatever I wanted. But education had nothing for me. It would have been torturous.”

So while Dixon Sr was lamenting his son’s university snub, he was hard at work on his first venture, Dial-A-Snack: selling sandwiches and learning lessons that weren’t on the syllabus at Rainsford comp.

The fledgling venture soon foundered. “My customers were very happy customers — the reason I didn’t make any money is because I put too much filling in the sandwiches.”

Besides, Dixon himself was itching to get on the road. An avid newspaper reader, he saw a story about French sex siren Brigitte Bardot and Saint-Tropez, which from mid-Seventies Chelmsford looked impossibly glamorous. “On a cold winter’s morning you imagine these places where life is better. I caught a train to Paris from London and then I hitchhiked to the south of France.”

It took the teenager two days and he was completely exhausted. But he had a lucky break; the first person he met asking directions to the campsite was a relation of the wealthy Senequier family who owned most of the centre of Saint-Tropez, including the famous eponymous cafe.

The benefactor gave him a hut in his garden to sleep in, and managed to get him work.

Within a couple of months he was the assistant barman in Le Papagayo restaurant, and from reading about Bardot in the papers, Dixon found himself serving her drinks along with Barbarella director Roger Vadim and James Bond producer Cubby Broccoli.

“In life you’ve got to go for it, but you need some luck,” he says.

But he was soon moving on, travelling and reading, worried that his university-educated friends would end up being smarter than he was.

He went to Australia and travelled around, doing a host of jobs then moving on, from flogging encyclopaedias to working as a logger in Victoria.

Finally back in the UK with his business head on, Dixon spent £600 on a hotdog van and bought six more in the heyday before McDonald’s conquered the UK, “but you’re out every night if you want to make money — you smell like an onion and it’s bad for your love life”.

He sold on the vans and set up a bread roll firm, making 500,000 a month. But he was always on the lookout for new ideas so he sold up again and moved to the Continent in the late Eighties, where Regus was born.

Again, it was a newspaper story that sparked the idea: he read that in Washington recessions don’t hurt as much because there are so many government buildings.

So he headed to Europe’s government hub of Brussels, also encouraged by the fact that there was “less competition for good ideas” than in the UK.

By this time he had three children, and was married to his now-ex wife with whom he had two more before a high-profile £28.7 million divorce settlement in 2005. “Life is not always what you plan it to be. I have five wonderful children but it was not well planned,” he says.

Spotting businessmen having meetings around hotel coffee tables soon gave him the idea, and Regus flew as Dixon scaled up as quickly as McDonalds, the company he most admires.

“They’ve got 36,000 restaurants and they haven’t done the world yet. And work is more common than hamburger eaters.”

By the time the business floated in 2000 it was worth £1.5 billion, shooting him into the top 10 of the UK Rich List. But the dotcom crash forced the US arm into Chapter 11 bankruptcy protection for 10 months. Dixon also sold a majority stake in the UK business to Jon Moulton’s Alchemy Partners to raise cash, eventually buying it back in 2006 as the group’s recovery gathered pace.

Dixon lives in Monaco for tax reasons but Regus itself moved its head office from Luxembourg to Switzerland last year to take advantage of a non-EU base. Aside from the London listing, the new IWG holding company is based in Jersey.

The staunch Remainer is defensive over its financial affairs: “If you look at our accounts our tax rate is a normal tax rate [20%]. It’s not as if we’re not paying tax. You have to run your business efficiently. We started off in Benelux in the beginning and moved many times. But the management team now is in Zurich so that is where we plant it.”

He also has a job on his hands fighting off new rivals. Regus launched its Spaces “co-working” brand in 2015, targeting creative workers put off by the more corporate Regus centres. Private equity houses Blackstone and Carlyle are pumping money into the sector and the US giant WeWork has just snapped up a mammoth 280,000 sq ft site on the South Bank — the biggest co-working site in the world. One industry insider says: “WeWork has completely outmanoeuvred Regus. They are planning to double in size in London by the end of 2018 and Regus simply can’t keep up.”

If Dixon is worried about the competition, he is not letting on. He has bold plans for 20,000 outlets worldwide. “We have in London over 100 centres so we are more broadly spread, we are opening more outlets large and small. It’s a growing market, so it’s not just them and us.”

In the City the shares have jumped almost 50% this year and rumours of a private equity bid occasionally surface but Dixon isn’t quite ready to let go yet, despite nearing 60. “Stepping back is a relative thing. When you don’t spring out of bed, you’ve got to bring younger people in, and that is what we’ve done.”

That said, the billionaire has a growing sideline in wine, buying the Château de Berne vineyard in Provence nearly a decade ago after falling in love with it. He’s also snapped up an English vineyard at Kingscote in Sussex, and hopes to forge a “new frontier” in English wine. It sounds very much like his retirement business, and he admits to “an early dream where I wanted to live in the countryside on a farm. It suits me, it’s global, and I like to create things.” But that will have to wait for now. With a shake of my hand, he’s off again: the cab is waiting and there’s another flight to be caught.

Output: Mark Dixon, founder of global workplace provider Regus – now known as IWG – has talked about how the launch of its Spaces co-working brand in 2015 helped keep rivals such as US giant We Work at bay. The service, aimed at creative workers who were put off by corporate Regus centres, is part of a broader plan for the firm, which is aiming for 20,000 outlets worldwide. "We have in London over 100 centres so we are more broadly spread, we are opening more outlets large and small. It’s a growing market," said Dixon.


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AI guru Yoshua Bengio signs up as a strategic advisor to Microsoft
 Yoshua Bengio has never been one to take sides. As one of the three intellects who shaped the deep learning that now dominates artificial intelligence, he has been catapulted to stardom. It’s a field so new the people who can advance it fit into one room together, and everyone—from tech startups to multinational conglomerates and the department of defense—wants a share of their minds.

But while his peer scientists Yann LeCun and Geoffrey Hinton have signed on to Facebook and Google, respectively, Bengio, 53, has chosen to continue working from his small third-floor office on the hilltop campus of the University of Montreal. “I want to remain a neutral agent,” he says as he sips rust-colored licorice water, which he pours from a carafe that acts as a weight for the mess of papers cluttering his desk.

Jessi Hempel is head of editorial at Backchannel. Sign up to get Backchannel's weekly newsletter.

Like the nuclear scientists of the last century, Bengio understands that the tools he's invented are powerful beyond measure and must be cultivated with great forethought and widespread consideration. “We don’t want one or two companies, which I will not name, to be the only big players in town for AI,” he says, raising his eyebrows to indicate that we both know which companies he means. One eyebrow is in Menlo Park; the other is in Mountain View. “It’s not good for the community. It’s not good for people in general.”

That’s why Bengio has recently chosen to sign on with Microsoft.

Yes, Microsoft. His bet is that the former kingdom of Windows alone has the capability to establish itself as AI’s third giant. It's a company that has the resources, the data, the talent, and—most critically—the vision and culture to not only realize the spoils of the science, but also push the field forward. In January, in a move noted throughout the industry, Bengio agreed to be a strategic advisor to the company. This gives Microsoft a direct line to one of AI’s top resources for ideas, talent, and direction. And it’s a strong sign that Microsoft actually has a shot at making the ruling AI duo into a trio.

The guy who signed Bengio, wooing him over many months with all the finesse of an agent to the star athletes, is a computer scientist with a shock of gray hair and wireframe glasses named Harry Shum. “He was just here actually, in this very room,” Shum tells me, with a brief smile that suggests he knows that an outsider might find it odd to be star struck by a tall Canadian with dramatic eyebrows and 69,616 citations in Google Scholar.

We’re seated on a gray couch in a sweeping conference room on the fifth floor of Building 34, just beyond the security guard who keeps watch over Microsoft’s executive suite. Shum, who is in charge of all of AI and research at Microsoft, has just finished a dress rehearsal for next week’s Build developers conference, and he wants to show me demos. I trail him down a hallway, half-skipping to keep up. There’s just so much happening! In one lab, the Skype team’s automatic translator app allows me to chat with a German speaker via text in realtime. In another, I watch an app that surveys a construction site for safety violations or unauthorized visitors, which it can detect through computer vision. In yet another, Cortana, the AI diva of the Microsoft empire, scans my inbox for promises I’ve made to people, and prompts me to fulfill them.

Output: Yoshua Bengio, one of the world's leading artificial intelligence (AI) researchers with nearly 70,000 citations on Google Scholar, has become a strategic advisor to Microsoft. Based at the University of Montreal, Bengio will help the tech giant as it aims to become the third leading player in AI, behind Facebook and Google. Though he is formally associated with Microsoft, Bengio told Wired that he still considers himself a neutral actor in the corporate development of AI and continues to advise other firms.


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Number of CEOs fired for ethical reasons increasing: PwC
 Companies have become much more likely to dismiss their chief executives over the last several years because of a scandal or improper conduct by the CEO or other employees – including fraud, bribery, insider trading, inflated resumes and sexual indiscretions.

Larger companies are more at risk than smaller ones, as are companies where the CEO has been in office for a long time and companies where the CEO is also the board chairman, according to a recent study by PwC.

From 2007 to 2011, forced turnovers due to ethical lapses represented 3.9 per cent of all successions at the world's 2,500 largest public companies. From 2012 to 2016, that figure rose to 5.3 per cent. While that might sound small, it's a 36 per cent increase.

On a regional basis, the share of all successions attributable to ethical lapses rose most sharply in the United States and Canada, in western Europe, and in the BRICS countries (Brazil, Russia, India, China and South Africa).

READ MORE

We see five reasons for the rise of ethics-based dismissals.

First, the public has become more critical and less forgiving of corporate misbehaviour.

Second, governance and regulation in many countries have become both more proactive and more punitive.

Emerging markets

Third, more companies are pursuing growth in emerging markets in which ethical risks are heightened due to higher levels of corruption and less mature governance structures. More extended global supply chains also increase these counterparty risks.

Fourth, the rise of digital communications has exposed companies and the executives who oversee them to more risk, both from whistleblowers seeking to expose wrongdoing and from hackers attempting to access customer data.

Finally, the 24/7 news cycle and the proliferation of media in the 21st century publicises and amplifies negative information in real time.

The data also identified three factors that can increase risk for companies:

– Large size: From 2012 to 2016, CEOs at the companies in the top quartile (by market capitalisation) were significantly more likely to be dismissed for ethical lapses – 7.8 per cent, compared with an average of 3 per cent for smaller companies.

– Long-serving CEOs: We also found that CEOs forced out of office for ethical lapses had a median tenure of 6½ years, compared with 4.8 years for CEOs forced out for other reasons.

– Combined CEO-chairman roles: We found that 24 per cent of ousted CEOs with joint titles were dismissed for ethical lapses, compared with 17 per cent of those with the CEO title only – a 44 per cent difference.

For all CEOs, and especially those who oversee large organisations, the responsibility for preventing or minimising wrongdoing is daunting. The best way to prevent ethical lapses in the current environment of strict scrutiny and instant scandal, is to build a culture of integrity – and to put in place effective governance structures, processes and controls that discourage wrongdoing.

– Copyright Harvard Business Review

Kristin Rivera leads PwC's fraud risk and controls team and serves as the global forensics clients and markets leader. Per-Ola Karlsson leads the organisation, change and leadership practice in the Middle East for Strategy & PwC's strategy consulting business.

Output: The number of CEOs dismissed for ethical lapses has increased by 36% over the past four years, according to a study by PwC.  Whilst such dismissals constituted just 3.9% of forced turnovers at the largest 2,500 public companies in the world between 2007 and 2011, this figure rose to 5.3% between 2012 and 2016. The regions that saw the sharpest rise in such dismissals were the BRICS countries, Canada, the US, and western Europe. Larger companies and those with long-serving CEOs and CEOs who were also board chairmen were particularly vulnerable to turnovers as a result of ethical difficulties.


Instruction: create a high quality summary of the given input

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Number of CEOs fired for ethical reasons increasing: PwC
 What happens after a legendary CEO departs?

Find out in our latest CEO Success study

For 19 years, Strategy& has been analyzing CEO succession at the world’s 2,500 largest public companies.

In this year’s report, we look into what happens at companies experiencing transitions from long-serving CEOs.

In addition, we share our annual analysis of CEO turnover and the 2018 incoming class of CEOs.

Output: The number of CEOs dismissed for ethical lapses has increased by 36% over the past four years, according to a study by PwC.  Whilst such dismissals constituted just 3.9% of forced turnovers at the largest 2,500 public companies in the world between 2007 and 2011, this figure rose to 5.3% between 2012 and 2016. The regions that saw the sharpest rise in such dismissals were the BRICS countries, Canada, the US, and western Europe. Larger companies and those with long-serving CEOs and CEOs who were also board chairmen were particularly vulnerable to turnovers as a result of ethical difficulties.


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Researchers create synthetic fuel to give diesel engines a future
 Professor Christian Beidl with the world’s first oxymethylene ether powered research vehicle. Credit: Katrin Binner

Synthetic fuels, such as oxymethylene ether, could prepare Diesel vehicles to play a major role in the drive train mix of tomorrow. Scientists at the TU Darmstadt are carrying out research into the practical viability of alternative fuels.

Professor Christian Beidl, Head of the Institute for Internal Combustion Engines and Powertrain Systems at the TU Darmstadt, does not consider the current debate on internal combustion engines and electric motors as competing drive train systems to be particularly expedient. Instead, the expert favours an open contest between technologies, which considers the system as a whole, because, he believes, the Diesel engine will continue to play a crucial role in the drive scenarios of tomorrow – particularly in long-distance transport.

"It is not the engines as energy converters that are the problem", Beidl emphasises, "but rather the fuels". For many years, his team has been conducting research into new non-fossil-based fuels for Diesel engines, designed not only to reduce nitrogen oxide and particulate matter pollution levels, but also as a sustainable solution to the CO2 problem. The main challenge that this entails is to resolve a conflict that is typical for Diesel engines, namely that engines with a high degree of efficiency tend to generate high temperatures which, in turn, results in a high nitrogen oxide output. The established way to reduce temperature peaks within the combustion chambers is to include a return feed of virtually anoxic exhaust gases. However, the lower the oxygen levels, the more soot particles are formed there. "Therefore", Beidl explains, "to resolve this conundrum we need to inhibit the formation of soot." Experiments conducted on industrial drive system and car engines as well as on a single-cylinder research engine have already shown that the use of oxymethylene ether is the ideal way to achieve this objective. The researchers have performed basic experiments and carried out realistic driving simulations for various operating modes and driver profiles under differing environmental conditions, in the course of which they focused on emissions, process controls and various exhaust gas aftertreatment concepts. They have been able to demonstrate that oxymethylene ether enables soot-free combustion whilst increasing the efficiency level of the motor, but that it also reduces energy density due to its high oxygen content.

Outstanding Properties

Thus, the optimum adaptation of Diesel engines to this synthetic fuel, according to Beidl, will require more in-depth research in combination with technological progress. However, the basic engine technology will not change. "We now know that oxymethylene ether fuels have some outstanding properties", says Beidl, who is also excited about the technical process chain involved in the production of the new fuel. As oxymethylene ether consists, among other things, of hydrogen, which can be synthesised from surplus electrical energy, one can imagine possible solutions which would both absorb peak loads and help to improve the distribution and storage of electricity from regenerative power sources.

In terms of introducing oxymethylene ether, Beidl currently imagines two possible scenarios. In one scenario, the oxymethylene ether would be deployed as a fuel supplement – comparable with ethanol – such that it would penetrate the entire market via existing infrastructure. Another scenario would involve its niche application in ships, locomotives and agricultural vehicles. However, for a long time to come, crude-oil-based fuels and their production is likely to remain significantly more cost effective than synthetic fuels, which are currently only available at the laboratory scale. Yet, Beidl views attempts to resolve the CO2 issue by means of electric drive systems alone as short sighted: "We want to show that oxymethylene ether represents a socially relevant parallel development path."

Output: Researchers at the Technical University of Darmstadt in Germany has been working with oxymethylene ether to create synthetic fuels that can run in existing diesel engines but create less CO2 and particulate matter. The main challenge is that diesel engines tend to generate high temperatures which, in turn, results in a high nitrogen oxide output. While oxymethylene ether enables soot-free combustion whilst increasing the efficiency level of the motor, it also reduces energy density due to its high oxygen content, so more research is needed.


Instruction: create a high quality summary of the given input

Input:
Soros partnership Vibe creates hothouse for insurance agents
 Vibe targeting start-ups and developing firms.

The Vibe group of companies has launched Vibe MGA Management, an MGA incubator business.

The firm noted that principal investors Quantum Strategic Partners – which is managed by Soros Fund Management founded by George Soros – and Pine Brook Partners provide it with capital security and financial strength.

They latest offering is set to target “insurance entrepreneurs who want to make a difference and stand out from the crowd”.

It further detailed that the incubator service would deliver an

Output: The Vibe group of firms backed by George Soros's Quantum Strategic Partners has launched an incubator business for managing general agents (MGAs). Called Vibe MGA Management, the business will offer an operational platform and specialist services for early-stage MGAs. The business intends to build a global offering from the diverse MGA clients it has secured on its platform. Vibe MGA Management has appointed Terry Wheatley to lead the board, develop strategy and monitor performance, risk and compliance.


Instruction: create a high quality summary of the given input

Input:
Study seeks to improve screening for falls in emergency departments
 When individuals visit the emergency department after falling, they may receive a diagnosis reflecting the injury sustained—such as fractures, contusions, etc.—without mention of how the injury came about. A new study found that classifying emergency department visits based not only on diagnosis codes but also chief complaint can help to identify falls.

The study included 23,880 visits of older adults to an academic medical center's emergency department between 2013 and 2015.

The findings are important because falls are associated with significant morbidity, mortality, and cost (over $19 billion annually in the United States), and screening for fall risk remains inconsistent.

"This study demonstrates the value of extracting text-based elements from the medical record for research. By using the patient's chief complaint, we were able to identify an important subset of patients who would be missed when looking only at diagnosis codes," said Dr. Brian Patterson, lead author of the Journal of the American Geriatrics Society study. "This type of analysis is especially useful in the emergency department, where we often are interested in grouping patients for studies based on presenting complaint, as opposed to a diagnosis assigned at the end of their stay."

Output: Classifying emergency department visits by the main health complaint as well as by diagnosis codes may help to identify falls, a study for the Journal of the American Geriatrics Society has found. The study, which took data from 23,880 visits by older adults to an emergency department between 2013 and 2015, found that diagnoses were often given that reflected the injury, rather than the cause of the injury. Falls are a factor often associated with morbidity, cost, and mortality, but are rarely screened consistently. The study found that by solely using diagnosis codes, falls were often missed.


Instruction: create a high quality summary of the given input

Input:
Tech start-ups led by women have 48% female staff on average
 A new study takes a look at gender diversity among U.S. tech start-ups.

Start-ups with at least one female founder wind up building companies where nearly half the staff are women, a new study finds.

With an average of 48% female workers, women-led firms have nearly twice the industry average and outpace some of the nation’s largest tech companies in gender diversity including Google (31%), Facebook (33%) and Uber (36%), according to the study by online start-up investing platform FundersClub that surveyed 85 U.S.-based tech start-ups.

Alex Mittal, co-founder and chief executive of FundersClub, said start-ups are key to addressing gender diversity in the workplace because the ones that succeed may someday be massive companies. (The majority of start-ups surveyed had fewer than 20 employees).

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They “have the potential to become huge — they’re great agents for change,” said Mittal, a coauthor of the study.

The study also examined the effect of female tech founders on leadership and engineering teams. Women made up 38% of executives at firms with at least one female founder — 2.4 times the average at start-ups with no female founders. At women-led firms, females made up 23% of the engineering teams — 2.3 times the average at firms led by men.

The findings come on the heels of a months-long investigation into allegations of sexual harassment and discrimination at Uber, which has elevated awareness of what has long been one of the tech industry’s biggest deficiencies.

Mittal said the timing was simply a coincidence. Women in the industry say the survey’s findings are no surprise.

“Top female talent is more attracted to work on a team where they can see themselves in leadership and know that is respected in the company,” said KJ Erickson, the CEO of Simbi, a service exchange platform.

Natalia Oberti Noguera, founder and CEO of Pipeline Angels, a network of women investors, said the survey failed to address the elephant in the room — race.

“How many of those women founders are white women,” she asked. “It would’ve been even more exciting if this report had included race and gender together.”

Indeed, one 2016 study found that only 0.2% of venture deals from 2012 to 2014 went to start’ups led by black women. Lauren Schulte, founder of Flex Co., agrees gender is just one part of the diversity equation.

She recalls attending a Los Angeles gathering for women founders that attracted more than 200 women, but few of color.

“There were only two black women and maybe four Asian women, the rest of women were predominantly blonde and very attractive,” Schulte said. “This is not representative of the people that are out there.”

Diversity — gender, race, age, among others — is crucial to being competitive in the start-up world, Schulte said. It “can bring a richness to problem solving that you can’t get if you have 10 people who are clones.”

makeda.easter@latimes.com

@makedaeaster

Output: Start-ups founded by at least one woman tend to create firms where almost half of the workforce are female, according to a study by online start-up investing platform FundersClub. "Start-ups are key to addressing gender diversity in the workplace," said Alex Mittal, co-founder and chief executive of FundersClub. The study showed that firms led by women outpace some of the largest tech companies in terms of gender diversity, with women comprising 48% of staff on average at female-led start-ups. By contrast, 31% of Google's workforce is female, Facebook's staff is 33% women and Uber's is 36%.


Instruction: create a high quality summary of the given input

Input:
Server room in Luxembourg declared as Estonian territory
 Estonia will back up its government in a 'digital embassy' Which could point to the future of how countries deal with critical data.

The rules on what governments can, and can't, do with your personal data is based entirely on where the information is stored. Since tech companies shunt your stuff to servers across the globe, there's a risk that an oppressive regime can use its rights to start peeking at your stuff. That's why it's interesting that Estonia has signed a deal to open what it's calling the world's first "data embassy" in Luxembourg.

Rather than trust a foreign country with its data, Estonia has essentially signed a deal to declare a server room in Luxembourg as Estonian soil. As a consequence, the same rights and protections afforded in the country proper should extend to the information stored in the "digital embassy."

Following the collapse of the Soviet Union in 1991, Estonia was left as a dirt-poor nation with zero technological infrastructure. It decided to skip decades of legacy technology -- including turning down an offer from Finland for its soon-to-be-discarded analog telephone network -- and start fresh. Within 20 years, Estonia had become a digital paradise, with most of the government managed online.

That's caused a huge technology boom in the country, which counts Skype, TransferWise, Kazaa, Fitsme and Playtech, amongst others, as local heroes. But it also means the country is highly vulnerable to cyberattacks from its neighbors in Russia. Which happened in 2007, when a Russian-led cyberattack crippled Estonia's government and infrastructure in response to the moving of a contentious war memorial.

By signing a deal to essentially back up Estonia's government in a foreign country, it should help bolster the land's digital resilience. Not to mention that it could represent a different way of storing people's data that respects domestic rights of its citizens.

Output: Estonia has opened what its government is calling the world's first data embassy by signing a deal to ensure its server room in Luxembourg is treated as Estonian soil. The eastern European nation, which has enjoyed a technology boom since the collapse of the Soviet Union, said the information stored in the "digital embassy" would be subject to the same rights and protections as it would be on home soil. The move is seen as a safeguard against Russia, whose 2007 cyber attack crippled Estonia's government and infrastructure.


Instruction: create a high quality summary of the given input

Input:
Battersea Power Station developer scraps affordable homes
 H undreds of first-time buyers promised cut-price homes at Battersea Power Station will no longer be able to buy into London’s most-hyped regeneration zone, we can reveal.

Originally, 636 homes were earmarked by the Battersea Power Station Development Company for first time-buyers and renters unable to afford the mega prices asked for the 4,239 luxury homes on the power station site.

Now the development company says the entire project may become financially unviable if it is forced to stick to the 2011 promise to include so many affordable homes. It says it made the undertaking when London’s new-build market was booming and construction costs were lower.

Instead it wants to offer 386 affordable homes — or nine per cent of the total. The remaining 250 affordable homes would only be provided following an “end of scheme review”, a complex financial assessment of the profits the development company will make.

Battersea Power Station - in pictures 1 / 33 Battersea Power Station - in pictures 12th February 1937: Smoke belches from the famous chimneys of London's Battersea Power Station. Getty Images Getty Images for Battersea Power Handout PA Battersea People throwing brightly coloured powder in the air during the Holi One Festival, at Battersea Power Station in London. PA Battersea A giant inflatable pig flies above Battersea Power Station on the banks of the river Thames in central London, during a recreation of the cover of the Pink Floyd album 'Animals' PA Battersea 27th July 1932: Construction workers take a lunch break with the 300 ft high chimney of Battersea Power station, which is nearing completion, in the background Getty Images Battersea 10th July 1933: The control room of Battersea Power Station, from which the feeders supply various regions of London with electricity. Getty Images Battersea circa 1934: Battersea Power Station under construction in London. The building was designed by leading architect Giles Scott in the Gothic style. Getty Images Battersea A general view of the new heliport site under construction in London. PA Battersea 9th July 1981: A crane fitted with a huge magnet clears metallic debris from the 'A' turbine hall of Battersea Power Station, London. The landmark building, designed by Sir Giles Gilbert Scott is gradually being closed down and gutted. (Photo by Ian Tyas/Keystone Features/Getty Images) Getty Images Battersea The London 2012 bid logo is displayed on Battersea Power Station, central London. PA Battersea PA Battersea A snowboarder on the ski slope at Battersea power station in London for the Freeze Snow and Music Festival. PA Battersea Battersea Power Station in south west London, where preparations are underway to dismantle and rebuild the four chimneys as part of the redevelopment of the 1930s power station. PA Battersea PA Battersea PA Battersea PA Battersea The World's first amphibious Ice Cream Van, called the 'HMS Flake 99', as it passes Battersea Power Station by the River Thames in London, to mark National Ice Cream Week. PA Battersea Helen Skelton walks on a tightrope between two of the chimneys at Battersea Power Station, London. PA Battersea Models on the catwalk during a rehearsal for the Matthew Williamson Spring/summer London Fashion Week show, at Battersea Power Station in London. PA Battersea Around 500 actors for The National Youth Theatre of Great Britain perform S'Warm at Battersea Power Station in London to raise awareness of the alleged global environmental crisis caused by dwindling bee populations. PA Battersea A competitor takes part in a practice session ahead of the London leg of the Red Bull X-Fighters freestyle motocross tournament, which takes place at Battersea Power Station, London, on Saturday August 14. PA Battersea A general view from the north side of the embankment. PA Battersea Getty Images

HOW MUCH PROFIT IS 'VIABLE'?

Exactly how much profit the development needs to be deemed “viable” has yet to be decided, but a report by council planning officer Dan Taylor, to be considered by Wandsworth’s planning committee, suggests between 15 and 20 per cent. The proposals are expected to be rubber stamped by the council.

“The applicant considers that the introduction of a review mechanism would ensure that the maximum reasonable amount of affordable housing is determined at a point in the project when actual costs and values are known, and many of the uncertainties currently facing the project have been settled,” explains Taylor.

NO PUBLIC CONSULTATION

Because the change has not been submitted as a new planning application but as a “deed of variation” to the existing planning consent, there has been no public consultation on the proposal – though “notices were put up around the site”.

Wandsworth council alerted the Greater London Authority to the proposal. The GLA chose not to intervene.

If the housing market improves the homes could be saved, and possibly extra funding offered towards more affordable housing elsewhere in London. However, financial advice given to the council by consultants BNP Paribas warns that it is “very unlikely” the 250 homes will be provided, let alone added to.

BENEFITS FOR WANDSWORTH?

Recommending the changes be allowed, planning officer Dan Taylor points out that the power station scheme will have benefits for the borough beyond affordable housing.

“Officers appreciate the level of stress a scheme of this size and complexity has,” he says. “The main priorities of the scheme have been the conservation and redevelopment of the listed power station building, the delivery of the Northern line extension and new Underground station and the jobs to be created as part of the new town centre.”

Reuben Young, head of policy & communications at PricedOut, the campaign for affordable house prices, says: “Just because there is a stall in house price inflation does not mean that developers should be allowed to scale back the affordable housing commitments they negotiated during planning.”

A spokeswoman for Battersea Power Station says “technical issues” around renovating the Grade II* building and the weakening pound have pushed building costs up on the site, adding that sales of commercial property remain strong, and the company is hopeful that the 250 homes will still be provided later in the project.

Government policy allows for “flexibility”, she says. “Policy requires developers to provide the maximum reasonable amount of affordable housing. This is what the Battersea Power Station scheme is delivering, as well as restoring a decaying national monument … contributing £211 million to the Northern line extension, opening up 18 acres of public realm, creating 20,000 new jobs and enabling £20 billion of investment into the UK economy.”

Output: First-time buyers promised reduced-price homes at London's Battersea Power Station have been let down by the site's developer, which has cut the number of affordable homes it will make available, according to the Evening Standard newspaper. The Battersea Power Station Development Company had originally said that 636 of the site's 4,239 homes would be made affordable for first-time buyers or renters. However, it has now said it will provide 386 affordable homes because the original offer may lead the project to become financially unviable.


Instruction: create a high quality summary of the given input

Input:
Coptersafe software bypasses restrictions on drones
 A Russian software company, ironically named Coptersafe, is selling modifications to help consumers get past government- and military-enforced no-fly zones.

With mad flying

In recent years, the US government has cracked down on unauthorized drone flights. As a response to the warnings and fines imposed by the law, drone maker DJI has put a number of safety measures in place, including geofencing and setting limits on speed. A statement on the Federal Aviation Administration website encourages people to report drone sightings around planes and other aircraft.

Coptersafe’s mods are made specifically for DJI drones, according to a report by Motherboard. Coptersafe offers modifications to those limits. You can confuse your drone’s GPS into thinking it’s okay to fly in no-fly zones and in absolutely restricted areas, and you can remove the 500-meter height limit, among other customizations. Each mod goes for an average price of $350, and the company offers both physical modification circuits and software mods that can be downloaded.

Some of these actually get to be quite humorous, despite the dangerous implications. “Mod greatly improves Phantom 4 Pro sport mode. It becomes mad racing drone,” reads one product description on Coptersafe. “Don’t overload it with mad flying.” The company recommends flying DJI’s Phantom 4 Pro in mountainous terrain with strong winds following modification.

Just a few days ago, I saw a small crowd gather outside my house, attracted by a loud buzzing sound. As I walked closer to the source of the noise, I observed a small drone flying a few dozen feet from the ground. Had it traveled any further from my home in deep Queens, it would have reached LaGuardia Airport’s no-fly zone. With these hacks easily available to consumers, it remains to be seen how the government will react to more unmanned aerial vehicles illegally taking to the skies.

Output: Russian software company Coptersafe is offering modifications for drones to help users fly them into government and military no-fly zones. There are legal limits on drones' speed and height and fly zones, but these can be bypassed with physical and software modifications for GPS systems made by drone firm DJI. The modifications cost an average of $350 each.


Instruction: create a high quality summary of the given input

Input:
Insurtech flourishes despite reports of its demise: XL Catlin
 Insurtech is firmly entering a "bandwagon phase" with lots of venture capitalists and legacy companies looking high and low for investment opportunities. And, says Martha Notaras, partner at XL Catlin’s investment arm XL Innovate, there's no sign of the industry losing interest any time soon.

There are two key reasons that insurtech is so hot right now, Notaras explains. First, venture capital companies and insurers alike have lots of cash available to support startups. And, with the industry facing intense disruption from changing consumer preferences and advancing technology, insurers are more than willing to cooperate with startups on proof of concepts to spur innovation and gain a market advantage.

The pressure is so great, Notaras says, that some insurers aren't even bothering to set up dedicated venture funds. Instead, many companies are making investments straight out of the main business fund as desired.

“A number of insurance companies have a venture fund,” she says. “But some funds are so big, they can’t be funds... [those carriers] must be investing off the balance sheet.”

XL innovate has made eight venture capital investments in insurtech companies since launching in March 2015, Notaras says. The most recent one, announced last week, is GeoQuant, which applies artificial intelligence to big data in order to map and anticipate geopolitical risk. Other recipients include Lemonade, Slice Labs, Cape Analytics and Notion.

“We’re not done yet,” she says. “We’ve got a couple of companies we’re looking at right now and a long runway in this business.”

However, Notaras declined to comment on the companies XL Innovate is eyeing, or a timeline for the next announcement. But did say she expects to liquidate all investments over time and reinvest in the insurtech sector.

“We do like cutting-edge tech, but on the other hand we also see that thoughtful application of technology that exists in other industries can really bring economic benefits to incumbent insurers,” Notaras said.

Startups with new business models and that are focused on data & analytics are of particular interest to XL Innovate. The flexibility to pivot on tech strategy when required and the acceptance of guidance from board members are also important to the firm.

Output: Reports of insurtech's demise are greatly exaggerated, according to insurer XL Catlin's innovation unit, with investors and insurance companies keener than ever to put their money behind new ventures. The pressure on insurance firms to cooperate with insurtechs is so great that some are investing directly from their main business funds, said XL Innovate partner Martha Notaras, as legacy insurers look to gain an edge in a changing market.