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Danish researchers work on modular robot for offshore repairs
 Danish Researchers Developing Modular Offshore Robot

The Technical University of Denmark (DTU) has inaugurated a laboratory for the development of a modular robot for use in offshore wind turbine platforms, the oil and gas industry and fish farming.

The robot will be used for inspection initially, with the long-term vision that it will be able to carry out underwater repairs on foundations and rigs. Currently, a remotely operated vehicle (ROV) with relevant personnel must be hired to perform such tasks. These operations are both costly and weather-dependent.

“We have a vision of creating a modular robot that is simple to operate, without the need for technical experts,” says Associate Professor Roberto Galeazzi, DTU Electrical Engineering. “Initially, it will be able to inspect and monitor, for example, the condition of the foundation of a wind turbine under water, or an ocean fish farming plant. In the long term, the intention is for the modular robot, which comprises several independent robots (modules) that can both work coupled together and individually, to also carry out repairs on the foundation.

“Others are working on similar projects, but our robot differs in one key area. It is modular - which means that each individual part of the robot is able to work alone - or together with other modules. Working in unison, the robots can draw on each other’s functions, thereby becoming fully autonomous. For example, if a robot has problems with his propeller, it can connect with a second module and move using its propeller. The same applies to many other areas—for example in relation to having sufficient battery performance,” says Galeazzi.

It is envisaged that the underwater robot will be permanently installed on an underwater foundation where it can monitor and operate independently of the weather conditions. For example, using just a single module, the modular robot could install and replace sensors in a subsea docking station placed on the foundations of a wind turbine to provide continuous monitoring.

“The trend is moving towards developing small autonomous underwater vehicles (AUVs) to replace the current large and heavy ROVs. This requires the equipment used for underwater inspection and repair to be compressed, but the development is already undergoing. The concurrent development of an autonomous underwater robot therefore holds out enormous potential, both for the oil and gas industry and offshore wind farms,” says Business Area Manager Ole Nørrekaer Mortensen, FORCE Technology. FORCE Technology has more than 20 years’ experience of inspecting subsea oil rigs and pipelines, in particular.

Above the Waterline

Researchers from DTU have also developed a simple method for monitoring wind turbines using the symmetry created by the wind turbine when the blades rotate.

Previously, wind turbine monitoring and fault diagnosis have used detailed models or data-driven methods. This has placed significant demands on the model or data, which had to reflect the normal situation extremely accurately in order to detect irregularities, just as it can be very difficult to use these methods for identifying the location of a possible fault on the wind turbine.

A new method developed by Associate Professor Henrik Niemann’s research team from DTU Electrical Engineering, as well as DTU Compute and DTU Wind Energy makes it possible to both monitor the wind turbine while simultaneously establishing the location of any wear or fault, as well as the nature of the fault.

“We use data from sensors positioned at the point where the wind turbine blade is attached to the axis. There are two torque sensors on each blade. These are sensors which are already found on newer wind turbines in order to monitor the blade load. A wind turbine has three blades, so this provides three sets of measurements in total. We collect the data and then conduct a simple signal analysis. If the turbine is functioning as it should, the picture from the measurements will be completely symmetrical, whereas there will be fluctuations if there is a fault on one of the three blades,” says Niemann.

The measurements not only provide information on whether there is a fault with the wind turbine, but also the location and nature of the fault.

Output: Researchers from the Technical University of Denmark (DTU) are working to develop modular robot technology to replace costly and time-consuming remotely operated vehicles for use in inspecting offshore wind turbines, oil and gas infrastructure, and in fish farming. The modular nature of the DTU's design sets it apart from rival devices, and the researchers' long-term view is that the robots could be permanently installed on an underwater foundation to monitor and operate systems and undertake repairs even during bad weather.


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Barclays highlights the issue of fraud with TV advert
 Having launched a new TV ad promoting fraud awareness, Barclays’ marketing director for personal and corporate banking Claire Hilton says it will be the ‘first of many’ as the bank hopes issue-based marketing can boost trust in its brand.

The new ad, which Barclays claims is an industry first example of a mainstream UK bank raising awareness of fraud via a TV spot, shows a seemingly trustworthy Barclays advisor appealing for personal banking details.

However, a legitimate Barclays employee quickly calls out the imposter and offers advice to consumers on how to protect themselves from online phishing scams. The TV ad is supported by social media activity and a partnership with Get Safe Online.

Hilton told Marketing Week: “We have a responsibility to make our consumers aware of fraud and if they can see we’re trying to do the right thing, that will only build trust in the brand.

“I’m sure this will be just the start as we want to continue the fraud conversation in our advertising throughout the year.”

The banking brand’s focus on upping its trust levels could be wise, with Barclays currently ranked 25th out of the UK’s 30 biggest banking brands when it comes to the reputation brand metric on YouGov’s BrandIndex.

Its Index score, a combination of consumer perception within areas such as quality, value, reputation and brand recommendation, is currently on -4 points; putting it 29th on the list, with only the Royal Bank of Scotland performing worse.

Becoming more responsible

Barclays is also currently advertising its LifeSkills initiative, which aims to help young people gain the necessary skills in the pursuit of employment, on TV.

Over recent years, trust levels have fallen in banking brands after a number of high-profile scandals. Just last year, Barclays was hit with a record fine as it and five other banks pleaded guilty to rigging the $5.3trn-a-day foreign exchange market. HSBC has also seen its brand perception plummet after its involvement in a high-profile tax evasion scheme was made public last February.

However Hilton says Barclays is committed to being a responsible brand.

She added: “We need to both raise and highlight issues as a brand. We’re currently on TV not only with the fraud ad but a LifeSkills one too, and I think it shows we’re not only committed to advertising the quality of our service but also making a societal impact too.”

Last November, Nationwide announced the appointment of Sara Bennison, who was formerly chief marketing officer for Barclays’ personal and corporate bank, as its new CMO. And Hilton expects Bennison’s replacement to be announced shortly.

She concluded: “We are undertaking a thorough internal and external search to replace Sara, that is happening as we speak.

“While that is completed, we already have a strong leadership team in place from a marketing perspective. I cannot comment on timelines but I’d hope we find someone sooner rather than later.”

Output: UK bank Barclays has launched what it claims is the first TV advert in which a mainstream British bank highlights the issue of fraud as it aims to build trust in its brand. The ad, which presents a fake Barclays adviser being called out by a genuine employee who then offers advice on protection from scams, is part of a wider campaign on social media and a partnership with Get Safe Online. Barclays is currently ranked at number 25 of 30 on YouGov's BrandIndex score, which gauges consumers' perceptions of firms' reputations.


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Blackstone takes majority stake in co-working provider TOG
 2017-038

London, UK - Global alternative investment manager The Carlyle Group (NASDAQ: CG) announces its entry into the London flexible office and co-working sector, having completed three initial acquisitions. The first acquisition comprises an operating business and an 18,000 sq ft operational asset in Islington, which is to be rebranded as ‘Uncommon’. Two further properties have also been acquired, a 25,000 sq ft office asset in Borough and a 26,000 sq ft office building in Fulham, which are to be developed into new facilities and will increase the Uncommon platform to c.1300 desks in total. Carlyle is working with a joint venture partner, the Adir Group, on the management of Uncommon business and its facilities. Carlyle is making this investment on behalf of investment funds that it advises.

These acquisitions represent the first phase of a strategy to expand the Uncommon flexible office and co-working platform over the next 18-24 months in locations across London with strong transport connections. Carlyle believes that the current change in working patterns and mind-set, as well as occupiers’ increased requirement for cost-effective space, with high levels of service and a focus on the connection between employee well-being and productivity will continue to drive demand for flexible, collaborative workplaces.

Against this backdrop, Uncommon aims to capitalise on growing demand from both established companies and an increasing1 number of small businesses and start-ups in the capital. Businesses who need flexibility to expand and contract as the size of their operations change and value the working life flexibility of their employees provided by offering space in convenient locations.

Uncommon's approach meets these requirements by offering something new – workspaces where every detail has been fine-tuned to improve productivity while supporting wellbeing. There are quiet spaces that encourage focus, greenery throughout the buildings to purify the air, and everything from the furniture to the music has been chosen to prime people for a successful day.

Peter Stoll, Managing Director at The Carlyle Group, commented: “As an emerging sector, we see the market for new concept working environments continuing to strengthen. An increasing number of businesses favour the flexibility and collaborative nature that this type of space offers. This, coupled with our belief that London will continue be a global centre of business and innovation, gives us confidence in our strategy."

“Being both the owner of the property and owner-operator of the business sets us apart from the flexible office competition. Working with the excellent and highly entrepreneurial team at Adir Group allows us to provide a high quality and competitive product.”

Chris Davies, Director at The Adir Group, added: "Over the last few years there has been a major shift in the office market. Managed office space is no longer the preserve of the unambitious, bland occupier. People demand interesting and versatile space that is flexible enough to adapt as they do. This is appealing to start ups and far larger businesses – our largest occupier currently has 226 employees. The economy is driven by SMEs so we will provide high quality space for our members."

Uncommon goes so much further than any other flexible workspace. We want people to feel better about being at work, so we've applied the very latest thinking in sound design, aroma, ergonomics and the psychology of productivity. We don't believe anyone else in the sector has taken such a close look at wellbeing at work. This isn't just about the occasional yoga class or desk massage – this is a completely different way of looking after your members, and a real breath of fresh air in the industry. We are very excited to be working with the Carlyle Group to grow this platform over the coming years."

*****

For further information, please contact:

FTI Consulting – for The Carlyle Group: +44 (0)20 3727 1000

Richard Sunderland / Richard Gotla

Carlyle@fticonsulting.com

Notes to editors

The UK business base has had a large increase in small and medium sized businesses over the past 15 years and a decline in large businesses - 56% and 22% increases respectively, and a decrease of 3% for large businesses. (ONS)

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $162 billion of assets under management across 287 investment vehicles as of March 31, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.

Web: www.carlyle.com

Videos: www.youtube.com/onecarlyle

Tweets: www.twitter.com/onecarlyle

Podcasts:www.carlyle.com/about-carlyle/market-commentary

About Adir Group

The Adir Group is headed by Gal and Tania Adir, and is focused on disrupting the property and lifestyle sectors with creative innovation. Uncommon is the latest venture in Adir's development as a creator of inventive brands, continuing their commitment to pioneering the most up-to-date advances in technology and design.

The group originally founded an award-winning residential development company over six years ago which has been successfully acquiring and developing residential assets in prime and near prime London since 2011 ranging between high value single dwellings to multiple unit schemes.

Using their expertise in residential redevelopment and interior design, Adir founded co-working brand Net.Works. in 2014 which is to be rebranded as Uncommon. Since then, they have developed the first site in Highbury and Islington, which has been operating successfully since April 2015.

Web

Uncommon: http://uncommon.co.uk/

Adir Group: www.adirgroup.co.uk

###

Output: Blackstone, the largest alternative-asset manager in the world, has acquired a majority stake in The Office Group (TOG) from Lloyd Dorfman in a deal that values the flexible work space provider at about £500m ($638m). Dorfman and co-founders Charlie Green and Olly Olsen will remain shareholders and retain their positions as co-CEOs. TOG clients include British Gas, Dropbox, AOL and Santander. The deal is expected to complete later this month.


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Amazon Wholefoods deal leaves unanswered questions for landlords
 Amazon, the world’s most powerful online retailer, has taken a giant stride into traditional retailing, spending $13.7bn (£10.7bn) to take over organic food chain Whole Foods Market.

The all-cash deal could be game-changing for the traditional supermarket business. Amazon has long had ambitions to move into the grocery business and launched its food delivery service, Fresh, in the US 10 years ago. It introduced the service in the UK last year after signing a wholesale deal with British supermarket Morrisons.

Amazon is the fourth biggest business in the US and accounts for 43% of online sales there. Whole Foods, founded in 1980, has about 460 stores, including nine in the UK where it has operated since 2004.

Supermarket share prices in the US and Europe went into reverse after news of the deal, while Amazon’s stock rose 3.5%, taking it close to $1,000 a share. The online retailer’s founder and chief executive, Jeff Bezos, is close to overtaking Bill Gates as the richest person in the world.

Walmart’s shares dived 6%, wiping about $13bn off the value of the world’s biggest retailer as the deal ramped up pressure on traditional chains already hit by a rapid change in shopping habits. Shares in the UK’s biggest chain, Tesco, and Germany’s Metro were also down about 6% each.

“This deal is potentially terrifying for other grocers,” said Neil Saunders from retail analysis firm GlobalData. “Although Amazon has been a looming threat to the grocery industry, the shadow it has cast has been pale and distant. Today that changed: Amazon has moved squarely onto the turf of traditional supermarkets and poses a much more significant threat.”

Until now, Amazon has had a limited impact on the grocery market. In the US, it still only accounts for less than 0.5% of grocery spending, according to GlobalData.

It only began experimenting with its first bricks and mortar food store in its hometown of Seattle in December last year. Buying Whole Foods will give it a trusted brand and an established network of stores where a basket of goods can be efficiently picked and packed for home delivery in a range of new cities. It will also give shoppers the option of picking up goods ordered online.

Bryan Roberts, an analyst at TCC Global, said the deal with Whole Foods suggested that Amazon could now look to buy supermarket chains in its major markets which include the UK, France and Germany. He said: “This is planting a huge flag that Amazon is incredibly serious about become a significant grocer.”

Analysts at Bernstein suggested Morrisons and Sainsbury’s were possible targets in the UK alongside Ahold Delhaize in the Netherlands and France’s Carrefour.

But Roberts said Amazon already operated partnerships with a number of regional supermarkets in the US as well as Morrisons in the UK and would not necessarily need to buy them out in order to expand. He said the deal was likely to be focused on acquiring access to Whole Foods’ brands, supply chain and distribution network to power the growth of its Amazon Fresh delivery service.

Some analysts expressed surprise at the tie-up between Amazon, which has traditionally focused on cut-price deals, and the upmarket Whole Foods, which is nicknamed Whole Paycheck in the US. Roberts said the two firms’ customer bases were likely to overlap substantially.

Bezos said: “Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy. Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue.”

John Mackey, the Whole Foods co-founder and chief executive, said: “This partnership presents an opportunity to maximise value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers.”

Mackey will remain as chief executive and Whole Foods’ headquarters will stay in Austin, Texas.

Mackey’s 0.03% stake in the business, which is listed on the Nasdaq stock market in the US, is worth just over $41m. He is likely to retain a stake in the business.

Whole Foods has had a huge influence on food retail in the US, bringing organic and health foods to the mainstream. But recently growth has stalled.

In February, it announced it would close nine stores in the US after six quarters of decling sales in a row.

The deal with Amazon comes days after Mackey attacked the hedge fund Jana Partners, which had acquired a 9% stake in the retailer. He described Jana as “greedy bastards” that would have to “knock Daddy out” if it wanted to take over the company.

Mackey said the business had changed because “the more conventional, mainstream supermarkets have upped their game”. He added: “The world is very different today than it was five years ago.”

Amazon’s move into the grocery market will pile on the pressure for traditional supermarkets around the world which have been affected by shoppers switching to online, smaller local stores and discounters such as Aldi and Lidl.

Lidl is opening its first stores in the US this week as part of a plan to open about 100 by the middle of next year, while Aldi is in the middle of a $3bn-plus expansion plan to take its total number of US stores to 2,000 by the end of next year. In the UK, the traditional big four supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – have all lost market share in recent years to the rapidly expanding German chains.

Clive Black, a retail analyst at Shore Capital, said: “Amazon is clearly getting into offline as well as online. It is not going to spend nearly $14bn and then close nearly 500 stores. This is going to cause an awful stir in the US and some of those waves will lap into the UK and beyond.”

A good fit? How they measure up

Amazon

Roots Founded by Jeff Bezos in his Seattle garage in 1994. After spending a year building a website and sourcing stock, Amazon opens its virtual doors the following summer, billing itself as the “Earth’s biggest book store” with 1m books to choose from.

Value $477bn

Annual sales $142.6bn

Profits $2.6bn

Employs 341,400

Head office Seattle

Blue sky thinking Bezos is pouring his billions into his private spaceflight company, Blue Origin, developing rockets capable of shuttling the paying public into space.

Whole Foods

Roots College dropout John Mackey and his then girlfriend, Renee Lawson, scrape together $45,000 to open a natural foods store in Austin, Texas, in 1978. In 1980 they join forces with like-minded entrepreneurs Craig Weller and Mark Skiles to open the first Whole Foods Market.

Value $13.7bn

Annual sales $15.9bn

Profits $402m

Employs 60,000

Head office Austin, Texas

Blue sky thinking Mackey wrote Conscious Capitalism, which espouses a business philosophy that is good for suppliers, staff and communities as well as shareholders. A long-term vegan, he more recently co-wrote The Whole Foods Diet, which promotes the health benefits of veganism.

Output: Amazon has bought US organic food chain Whole Foods Market for $13.7bn in cash. The move is the company’s latest push into the traditional supermarket sector, following the introduction of its Fresh food delivery service a year ago in the UK. Amazon’s stock price increased 3.5% to reach approximately $1,000 per share.


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Redrow Redrow chooses Asite's Adoddle as project management system
 LONDON, June 21, 2017 /PRNewswire/ -- Redrow Homes has selected the award winning, global SaaS platform Adoddle as its enterprise wide CDE solution in the UK. After conducting exclusive research on a number of popular SaaS solutions, Redrow decided that Asite's Adoddle was the perfect tool for all of their project information management needs.

About Redrow

Redrow Homes is a part of Redrow plc, a British housebuilder and construction company based in Flintshire. The company's heritage dates back to 1974, when it was first established by Steve Morgan as a small civil engineering concern in North Wales. Since then, Redrow has grown exponentially and is one of today's leading construction companies in the UK. They are listed on the London Stock Exchange and are currently a constituent of the FTSE 250 index.

Redrow Homes' commitment in the construction field goes beyond the delivery of excellence and quality habitations by performing an extraordinary strategy in environmental sustainability as well. In fact, in 2016, Redrow guaranteed that 93% of their building material was certified and locally sourced.

Redrow Homes continues to deliver a superior, sustainable product to each and every one of their customers. With innovative vision, attention to detail, and strong ethical principles, Redrow Homes maintains its status as industry leaders, never failing to push the envelope.

Project Overview:

Redrow adopted Adoddle's platform in 2014 in the South East Division. Since then Asite has been proudly involved in a multitude of projects such as the development of Colindale Gardens Residential Estate in North-West London; Wandle Riverside Redevelopment in Sutton, Chiswick Apartments in Chiswick – South West London, and many others. Today, Redrow has an Enterprise agreement with Asite. With Asite's powerful and customizable cloud environment, Adoddle, Redrow is able to support and facilitate all phases of project development for current and future projects.

About Asite:

Asite's cloud technology gives everyone access to key information online. It allows for increased collaboration and fewer mistakes, delivering huge time and cost savings. Asite's Adoddle CDE platform allows firms to store and manage all project data in one central and secure repository. It enables customers to fully configure the structure of their content with highly controlled access and rich workflows.

The Adoddle platform is used worldwide by leading architecture, engineering and construction firms, as well as property owners to manage their largest and most demanding capital investment programs. Recently, Asite has expanded in providing services for the Retail industry and the Public Sector.

Asite was founded in 2001 and is headquartered in London's Tech City in the UK, with North American operations based in New York, and regional offices in Australia, India and South Africa.

For more information, please visit: www.asite.com

CONTACT: Tracey Saunders, +447779355815, tsaunders@asite.com

Related Links

http://www.asite.com

SOURCE Asite

Output: Redrow Homes has selected SaaS platform Adoddle as its common data environment software in the UK. The platform allows staff to access information online, increasing collaboration on project management and reducing mistakes and subsequent downtime, according to the cloud technology provider.


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Insurtech pioneer Lemonade beats traditional insurers in New York
 Lemonade, an insurance company powered by artificial intelligence, has published survey results indicating it has overtaken Allstate, GEICO, Farmers, Liberty Mutual, Progressive, State Farm, USAA and all other legacy insurers amongst first-time buyers of renters insurance in New York state. According to Lemonade, the first of two Google surveys compared Lemonade’s market share in renters insurance to that of other legacy insurers, and pegged Lemonade’s overall market share at 4.2% (E: +2.1% / -1.4%).

Lemonade explained that for context: the national average market share amongst the top 10 homeowners insurance companies is 6.3%, and they’ve been in business, on average, for 104 years. Of course, Lemonade is a bit younger having launched in September.

The second Google survey was said to corroborate the 4% overall market share, while breaking it down by when respondents first bought insurance.

About 88% bought their first policy before Lemonade launched, and among them, Lemonade’s share was correspondingly low (0.9%). However, among the 12% who entered the market this year, Lemonade showed a 27.6% share (E:+12.6/-9.8). Lemonade says that 110 million Americans rent their home, including 75% of under 35-year-olds, making this segment one of the largest and fastest growing in the industry.

The Lemonade Insurtech platform is all App based and zero paperwork. Lemonade takes a flat fee and says it gives back unclaimed money to causes policyholders care about with their ‘Giveback’ program. Lemonade seeks to pay claims within minutes.

“Attaining 4% market share in a few months, in such a competitive category, is without precedent,” said Peter Diamandis, founder and executive chairman of the XPRIZE Foundation, and cofounder of Singularity University. “As remarkable as this achievement is, however, it actually understates the Lemonade phenomenon. The vast majority of the ‘market’ bought their policy before Lemonade existed, so the more telling number is the share amongst consumers who entered the market since Lemonade did. Lemonade’s top-ranking amongst first-time-buyers is a wake-up-call for the entire industry.”

Daniel Schreiber, Lemonade CEO and cofounder, added;

Output: Peer-to-peer insurance start-up Lemonade has said that Google surveys show it is the top choice for home insurance among first-time buyers in New York state. The firm, which uses artificial intelligence to sell and price insurance for homeowners in the state, said the polls established that it was chosen by a almost a third of new home owners this year. Another survey puts Lemonade's share of total home insurance at 4%, a figure described as "without precedent" by Peter Diamandis, founder and executive chairman of the XPRIZE Foundation, and co-founder of Singularity University.


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Intel to drop developer IoT modules after Raspberry Pi dominates
 The Galileo board was launched in 2013 under an Intel partnership with Arduino. Image: Intel

Chip giant Intel's spring cleaning efforts have swept out three of its compute modules for the Internet of Things and several Recon Jet smart glasses products.

Affected compute modules include Raspberry Pi challenger developer board, Galileo (PDF), as well as the Joule (PDF) and Edison (PDF) compute modules.

Intel launched the Galileo board in 2013 under a partnership with Arduino, targeting the growing community of developers building systems with ARM-based devices like Raspberry Pi.

Edison launched a year later with the aim of seeing the Intel-based compute modules powering wearables and home-based IoT devices, such as smart speakers.

Only last year it introduced the new high-powered Joule, for more advanced applications like robotics. The higher-end 570x model featured an Atom processor, 4GB RAM, 16GB storage, 4K video, built-in Wi-Fi and integration with Intel's face-tracking and natural-language processing technology.

Together, the lineup of IoT compute modules were designed to help Intel avoid missing the next wave of innovation after it failed to keep pace with smartphone chip rivals and missed the mobile boom.

Not mentioned among the list of discontinued compute modules is Curie, a low-powered model designed for wearables, which powers other boards like the Arduino 101 as well as Oakley's range of Radar Pace fitness-tracker sunglasses that launched last year.

Developers and product makers will have until September 16 to place orders for the affected models, though the orders can't be canceled or refunded. Intel says it will stop shipping the units after December 16.

The other IoT-related product Intel is paring back is its Recon Jet line of ARM-powered smart glasses. Intel invested in Recon in 2013, at the height of curiosity in Google's discontinued Glass experiment, and acquired the Canadian company in 2016.

Discontinued products (PDF) include the Recon Jet Pro Plus eyewear for enterprise, the Recon Jet Pro, and Recon Jet.

Orders for the products must be placed by September 29 with final shipments taking place on December 16.

More on Raspberry Pi, Intel and processors

Output: Intel has ditched the Galileo developer board and the Joule and Edison compute modules in a spring-cleaning move as it aims to stay ahead in the internet of things market. The Galileo board, introduced in 2013 in a partnership with Arduino, was aimed at Rasperry Pi, but it is the latter product that has dominated the market. Developers and product makers will have until 16 September to place orders for the affected models and Intel will stop shipping units after 16 December.


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Transparency tops asset managers' investment considerations
 As alternative investments become more mainstream, information about investment vehicles, underlying assets and other risk management data has become more important to investors, but best practices around transparency requirements are lagging behind the demand, according to a survey released today by Northern Trust.

The independent survey of 200 asset managers and institutional investors, conducted in February 2017 by The Economist Intelligence Unit (EIU) and sponsored by Northern Trust, reveals that transparency leads all investment considerations and has grown in importance since the 2008 financial crisis. Respondents indicated the higher level of scrutiny applies to both traditional and alternative investments, such as hedge funds, private equity, infrastructure, real estate and natural resources.

“Degree of transparency” was cited as very important by 63 per cent for alternative and 62 per cent for traditional investments, leading all other considerations.

Transparency became more significant after the financial crisis, cited as the most important post-investment consideration by 21 per cent for traditional assets and 17 per cent for alternatives, compared to 9 and 3 per cent, respectively, pre-crisis.

Risk management is the most important driver for transparency in traditional or alternative investments: 73 per cent of respondents said portfolio risk management was the most important element, while 53 per cent cited regulatory requirements and 43 per cent cited competitive considerations.

However, there was no consensus around which department within an organisation ensures that existing and potential investments are adequately transparent, with responses pointing most often to either the investment management or risk and compliance functions.

“These results tell us that investment transparency is a growing priority, but asset managers and institutional investors remain unsure of how to best achieve it,” says Pete Cherecwich (pictured), President of Corporate and Institutional Services at Northern Trust. “As alternative investing has reached the mainstream, the industry would benefit from consistent standards and stronger policies around transparency. Working with the world’s most sophisticated investors, we are committed to enabling greater transparency through continued research and technology development.”

The survey showed that asset managers and investors tap a variety of sources for information on both traditional and alternative investments, including specialist databases, media reports and in-person visits. Four out of five respondents rely heavily on internal data management and analytic capabilities to manage their data. Only 6 per cent outsource this function entirely.

“Our clients are seeking the best way to analyse, interpret and present their data,” says Penelope Biggs, Chief Strategy Officer, Corporate and Institutional Services at Northern Trust. “We collaborate with clients to translate data into intuitive and meaningful information, delivered through innovative technology and transparency solutions, to help them focus on their investments.”

The EIU surveyed 200 executives of organisations ranging from private equity firms and hedge funds to corporations, nonprofits and insurance companies. Respondents were dispersed globally, with 60 respondents each from North America, Asia-Pacific and Europe, and the remainder from the Middle East. Half the sample is composed of respondents from organisations with more than USD5 billion in global assets under management.

Output: Transparency has become the main consideration for asset managers when they buy into both traditional and alternative investments, such as hedge funds, private equity and green assets, a survey by the Economist Intelligence Unit and Northern Trust has found. Of 200 asset managers surveyed, 63% cited "degree of transparency" as a very important factor guiding their choices on alternative investments and 62% for traditional investments, an increase since the 2008 financial crisis. “Investment transparency is a growing priority, but asset managers and institutional investors remain unsure of how to best achieve it,” said Pete Cherecwich, the president of corporate and institutional services at Northern Trust.


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Older investors push Vanguard hybrid robo-service to $65bn AUM
 While much of the financial services industry has been fretting for the past few years over how to compete in the age of digital-advice platforms, The Vanguard Group Inc. appears to have cracked the code in a steady climb to more than $65 billion under management on its two-year-old robo.

Vanguard’s Personal Advisor Services, which is four times the size of the next-largest robo-platform, is a hybrid that incorporates human advisers and is starting to look like the blueprint for the way to leverage digital advice.

“The Vanguard model has been a huge success because they are well-positioned to institute the hybrid model,” said Anton Honikman, chief executive of MyVest.

“Going forward, I think digital advice will be dominated by these kinds of incumbent institutions that have the infrastructure they can leverage,” he said. “A great brand is required, but the success of Vanguard has put everyone on notice.”

Launched in May 2015, Vanguard’s current hybrid robo-platform is the next generation of its Asset Management Services platform, which had a higher minimum but was designed to leverage the same existing Vanguard infrastructure, brand and client relationships.

Of the $65 billion on the new platform, $15 billion has been transferred over from the old platform, according to Vanguard spokeswoman Emily Farrell.

The older platform, which is being phased out, had a $500,000 investment minimum and charged an asset-based fee of 70 basis points.

The robo-hybrid platform, which has a $50,000 minimum and has an asset-based fee of 30 basis points, is designed to be largely digital, but also gives investors access to human advisers.

A key factor to the potential of the platform is the minimum investment level, which paves the way for larger accounts and more-established investors.

Ms. Farrell would not disclose how many clients are on the robo-platform, but said at least half are over age 65, about 35% are between 50 and 65, and 14% of are under 50.

After Vanguard, the next three largest robo-platforms all have much lower investment minimums.

Schwab Intelligent Portfolios, a $16 billion platform, has a $5,000 minimum and offers 24-hour customer support.

Betterment, a $9 billion robo-platform, does not have an investment minimum and offers investors human advice for additional fees once the account reaches a certain asset level.

Wealthfront, with $6.5 billion, has a $500 minimum and offers no human financial advice.

United Capital chief executive Joe Duran has already projected that Personal Advisor Services “will likely be the first trillion-dollar AUM wealth management firm providing personal, human-led planning and investments in a consistent, digitally powered and mobile-friendly way.”

The human adviser part of the platform comes from more than 500 salaried Vanguard employees, who either already have or are in the process of getting their certified financial planner designations.

The level of human advice is stepped up once an account reaches the $500,000 mark, at which point investors will be assigned to a specific human adviser, as opposed to being serviced from a larger pool of Vanguard advisers.

“We had a lot of investors coming to us looking for advice,” Ms. Farrell said.

In terms of the robo-hybrid platform competing directly with financial advisers who are part of Vanguard’s $1.1 trillion Financial Advisor Services division, Ms. Farrell said, “We’ve had constructive conversations with advisers that have had concerns about us competing with them.

“We’ve always been a strong advocate of investment advice,” she said. “The advice landscape has been changing, and a lot of that change has been driven by advisers.”

Steve Burkett, an investment adviser at the $200 million firm Palisade Investments, said Vanguard’s platform is a “potential threat, depending on what market they’re serving.

“I think the success of Vanguard as both an investment-product provider and now as an investment advisory service speaks for itself, so it is definitely a disruptive force for both traditional advisers and perhaps even more so for the early-entry robo-advisers,” he said. “But I’m not sure how much personal touch they will be giving clients on that platform.”

Kirk Licata, senior adviser at the $500 million LongView Wealth Management, also believes individual advisers still have a human-touch edge over even such a fine-tuned robo-hybrid as the one Vanguard is operating.

“I don’t know about the idea of calling in to someone you’ve never even met,” he said. “People are coming to us because they want to get to know someone, and technology is great but there will always be people who want the utmost personal touch.”

The advantages of interpersonal relationships notwithstanding, the early performance suggests Vanguard has found its golden goose.

“The beauty of what they’re doing is that they are just tapping into their massive client base without even having to advertise,” said Tim Welsh, president of consulting firm Nexus Strategy.

“If they’re charging 30 basis points, they won’t make much money, but at Vanguard the cost of client acquisition is zero,” he said. “It’s just a matter of communicating with current investors.”

Output: Vanguard's two-year-old hybrid robo-advisory service now has more than $65bn under management, four times as much as the next biggest service of its kind. Personal Advisor Services, which combines algorithm-driven advice with human stock pickers, has succeeded by luring older investors, with more than half its customers above the age of 65, according to Vanguard. The platform now has a minimum $50,000 commitment, which was lowered from $500,000 on a legacy platform.


Instruction: create a high quality summary of the given input

Input:
Australian doctors expect IoT to boost healthcare but also costs
 Misconceptions about the cost of IoT is inhibiting its uptake in Australia's healthcare sector, according to a recent study by Dutch technology company Philips.

Philips' Future Health Index, which surveyed more than 33,000 individuals across 19 countries, found that while 84 percent of Australian healthcare professionals (HCPs) believe "connected care technology" is important in improving treatment and diagnosis of medical conditions, the nation lags behind when it comes to adoption of such technology.

Kevin Barrow, managing director at Philips ANZ, suspects there are two key reasons for this: The first is there is a perception among 55 percent of HCPs and 53 percent of the general population that the integration and adoption of connected care technology will drive up the cost of healthcare in the long term; and the second is because government funding models don't support the delivery of care via IoT technology.

"The reality is the utilisation of healthcare drives up the cost; technology has been reasonably stable," Barrow told ZDNet.

"Often we're spending huge amounts of money flying patients around the state or interstate to deliver their care; and whilst the infrastructure investment in terms of connectivity might be significant, when weighed up against the costs of transportation, it's probably much less so."

He added that around 5 percent of hospital patients account for 40-50 percent of hospital expenditure, because chronically ill patients are being managed "episodically and not continuously".

"I think the problem in the hospital is activity based-funding so they get reimbursed or funded according to the treatments that are taking place within the hospital. So while the hospital can see that keeping these patients out and managed well in their home and not in hospital is better for both of them, for cost, and for the community, the funding system doesn't necessarily support that," Barrow said.

Philips' study found that 59 percent of Australia's healthcare professionals believe the majority of their time and resources should be focused on preventing illness, indicating the need for a shift from reactive to proactive healthcare.

"The way to achieve this is to seek out efficiencies through improved integration and adoption of connected care technologies, to empower people to take more preventive measures, and to proactively manage their health," Barrow said.

"While some of it is clinical, at other times it's just related to lifestyle or the way a house is set up. One example that comes to mind is where a lady in the US frequently revisited hospital with respiratory distress, but when they went out to her house, the carpet was damp and mouldy and that was causing the issues. When you deal with the root cause, it's not always the most scientific ... in a case like this, ripping up the floorboards might work."

Numerous studies by the Commonwealth Scientific and Industrial Research Organisation (CSIRO) have shown connected care technology not only improves patient outcomes, but also reduces healthcare costs by delivering better support mechanisms for continuous -- rather than episodic -- disease management.

A few years ago, CSIRO ran a national telemonitoring trial of patients with chronic illnesses who had two or more unplanned hospitalisations in the prior 12 months.

The 18-month trial was performed across six sites in Tasmania, Victoria, Canberra, Sydney, and Queensland, where more than 280 elderly patients were provided with telehealth devices that measured their heart rate, spirometry, blood pressure, oxygen levels, lung volume, body weight, body temperature, and other biometric information. This was then transferred to care coordinators for assessment and intervention where needed.

The telemonitoring trial showed a 24 percent saving on Medicare Benefits Schedule expenditure over 12 months. This was achieved through reduced GP and specialist visits and procedures carried out -- the mortality rate was also reduced by 40 percent.

"Our research showed the return on investment of a telemonitoring initiative on a national scale would be in the order of five to one by reducing demand on hospital inpatient and outpatient services, reduced visits to GPs, reduced visits from community nurses, and an overall reduced demand on increasingly scarce clinical resources. This could equate to savings in the order of AU$3 billion per annum to Australia's healthcare system," CSIRO stated in its report.

The other problem, according to Barrow, is the lack of interoperability of systems used by HCPs.

"If you look at the individual systems that we have in place in both primary care and from a hospital perspective, the failing appears to be that they're almost systems in silos. They don't necessarily connect the right people with the right information at the right time to manage their care," Barrow said.

"Recently I was trying to get my vaccination records from 10 years ago because I needed to go up to Papua New Guinea. You know I'm sure there was a little book somewhere of some colour that I had everything in, but my GPs couldn't connect to other GPs or the travel medicine doctors with my record. That's crazy."

The idea that interoperability would enable easier communication and collaboration between healthcare practitioners in different jurisdictions is already reflected in the Strategic Review of Telehealth in NSW report [PDF].

"If you look at the concept of secure messaging, how did we end up with seven secure messaging service providers all running on what's effectively different rail gauges? It's a bit like building a railway system, but none of the gauges line up," Dr James Freeman, founder of HCF-backed telehealth startup GP2U, told ZDNet previously.

"Secure messaging is fantastic, but everybody's got to be able to talk to everybody, so we need a standard format."

Barrow believes it will be of "tremendous help" for the advancement and adoption of connected care technology when the National Broadband Network (NBN) has been rolled out across Australia.

When asked whether he considers the execution of the NBN a hindrance -- complaints to the Australian Telecommunications Industry Ombudsman about the NBN have more than doubled -- Barrow said it's more a "frustration".

"A faster rate of change would be good," he added.

Barrow said he sees Philips playing an important role as one of the many stakeholders in a "quite complex healthcare system" by providing evidence to demonstrate that technology will drive costs down in the long run, despite the significant initial monetary outlays.

"We see that we need to play a role in providing evidence so that policymakers can make change -- maybe more visionary change than incremental change because ultimately we all know what people are constrained by on both the political and administrative areas," he added.

Output: More than half of Australian healthcare professionals and the general public believe integrating the internet of things (IoT) into healthcare will increase costs, according to a Future Health Index study by Dutch electronics company Philips. The study revealed that this perception is slowing the adoption of "connected care technology", despite 84% of healthcare professionals in the country believing the technology is important in "improving treatment and diagnosis of medical conditions". A study by the Commonwealth Scientific and Industrial Research Organisation suggested a national telemonitoring initiative could save up to AUD3bn ($2.3bn) a year.


Instruction: create a high quality summary of the given input

Input:
Germany's Union AM set to axe researchers as MiFID II looms
 The upcoming push towards MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term this January will dramatically reshape the financial services industry. However, the shift towards new sweeping regulations will not be without costs, namely in terms of research capabilities –firms to date have been able to undergo this spending without full investor disclosure. In light of the new regulations, Union Asset Management, one of the largest asset managers in the country, will be parting ways with 100 of its research personnel.

The London Summit 2017 is coming, get involved!

Union Asset Management is just one of many investment groups that may be scaling back its research capabilities heading into 2018. New rules will ultimately Yield Yield A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a Read this Term wide ranging influences on how groups allocate research spending, which could winnow the field of analysts at banks and brokerages – while this doesn't necessarily portend a flurry of layoffs, this shift could drive a consolidation, including a premium for top-tier analysts and personnel.

Full Disclosure

Under the new MiFID II laws in January 2018, asset managers and investment fund companies will be obligated to disclose to investors precisely how much they plan to pay for research. Germany’s third-largest asset management company opting to lay off a hundred of its external analysts could develop into a broader trend.

It is likely that there will be a push towards cost reduction amongst many European asset managers in 2018 – this could also result in internalized research plans rather than enlisting external analysts. Union Asset Management currently employs over 200 external research providers, with the cuts representing a full 50 percent reduction of this pool.

Relative to the broader industry, analyst and research roles have been much more resilient than other banking, IT, and back-office jobs over the past few years. This may be changing, as research houses could be next in line to contract. Presently, asset managers benefit from the free analyst research that they receive, given that this service is integrated into trading costs. This was a point of emphasis amongst regulators, which have expressed caution that investor funds were not being optimally spent, necessitating the new law.

Another consequence of the passage of new laws could be a reduction in trading costs, which have been entwined in research spending at several asset management groups. With nearly six months to go until MiFID II comes into force, the research industry has been put on notice.

Output: Union Asset Management, Germany's third-largest money manager, is poised to lay off 100 researchers – more than half of its analytical staff – portending a trend among firms as new regulations on research pricing loom. MiFID II will require firms to clearly detail how much their analytical services will cost, changing the way firms allocate research spending and potentially leading to more job losses at banks and brokerages.


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Benefits and HR SaaS start-up EaseCentral lifts funding to $11.5m
 SAN FRANCISCO, June 20, 2017 /PRNewswire/ -- EaseCentral, an industry-leading SaaS platform solution for benefits & HR, today announced the closing of a $6.5 million Series A funding round led by Propel Venture Partners and followed by existing investors Freestyle Capital, Compound, Upside Partnership, and Transmedia Capital, advancing the company towards its goal to bring benefits and HR online for every small and medium-sized business.

The announcement coincides with EaseCentral's launch of two new offerings for health insurance brokers: an employee-facing mobile app and an integration with ADP enabling seamless payroll functionality. This Series A round brings EaseCentral's total funding to $11.5 million.

Since launching on the West Coast in 2015, the company has enjoyed rapid adoption, with more than 30,000 small businesses and one million employee users onboard after just two years. Headquartered in San Francisco, the company also operates a quickly growing office in Las Vegas.

This latest round of funding will help EaseCentral scale nationally, allowing its service to be accessed by brokers in additional states across the country. A New York City office is slated to open in the fall of 2017. The company is currently hiring sales, engineering, and marketing roles in all three locations to continue building out the company's service offerings. The funds will also help grow the company's core product services including additional HR partnerships and electronic data interchange (EDI) integrations to help brokers streamline their services even further.

"EaseCentral turns every broker into a supercharged digital broker. Even the smallest agency will be able to bring its expertise to a digital platform with accurate, up-to-date information, making open enrollment periods far less stressful for benefits managers and employees," says Ryan Gilbert, partner at Propel Venture Partners. "We're excited to partner with the EaseCentral team. They know insurance and have coupled their first-hand experience in this complex market with the technical strength and vision to rapidly advance the whole industry."

EaseCentral is pleased to announce that brokers can now offer EaseCentral's employee-facing platform on mobile devices. The app will allow full functionality at the employee level. Users can easily access insurance cards and plan coverage information, track PTO days conveniently, and store onboarding paperwork and W9s for later reference. EaseCentral mobile will be available for free download to all of EaseCentral's customers on iOS in the coming weeks.

EaseCentral is also unveiling its latest integration with ADP, which will enable easy employee payroll set up, the ability to sync benefit and payroll systems, and even automatically populate employee's changes in deductions, based on elections made during open enrollment. This integration will simplify additional processes for brokers using the industry-preferred payroll system without having to leave EaseCentral's platform.

"Many companies struggle to integrate core HCM and business applications. ADP Marketplace empowers employers to overcome that challenge so they can focus on boosting their business agility and their employees' success," said Don Weinstein, chief strategy officer, ADP. "EaseCentral's clients can access pre-integrated workforce data in real-time through one intuitive platform while tapping into a growing ecosystem of trusted HCM apps to meet their evolving business needs."

David Reid, CEO and co-founder of EaseCentral, credits the company's progress to passion. A former broker with 30+ years industry experience, David and his co-founder Courtney Guertin created EaseCentral with firsthand understanding of their clients' daily challenges. "Although the space had various names and concepts, the broker community didn't have a single scalable solution that truly met our industry's rapidly evolving needs."

"Our mission is disseminating the very best technology to brokers via the most user-friendly platform. Our team is dedicated to making that happen. Working with Propel Venture Partners will take our already industry-leading offerings to an entirely new level in 2018. Together, we are ready to see unparalleled growth over the next year."

About EaseCentral:

EaseCentral is a cloud-based benefits enrollment software platform built for insurance brokers and employers. EaseCentral makes it simple to set up and manage benefits, onboard new hires, stay compliant, and offer employees one destination for all their human resources information. Started in 2012 in San Francisco by employee benefits veteran, David Reid, and web and engineering architect, Courtney Guertin, EaseCentral works with insurance brokers and small businesses to create seamless HR and benefits processes on a single, easy-to-use platform, and has offices in San Diego and Las Vegas. In 2015, EaseCentral was launched on the West Coast and is now among the most widely adopted, fastest growing solutions for brokers and employers in the area, with over 30,000 employers and nearly 1 million enrollees. For more information, head to: www.easecentral.com.

About Propel:

Propel Venture Partners is a San Francisco-based venture capital firm focused on investment opportunities at the intersection of technology and finance. The Propel team believes the future of financial services will be realized by rethinking and rebuilding, and partners with technology-driven entrepreneurs who are transforming the market with their vision and expertise.

Media Contact:

Emma Martin, North 6th Agency (For EaseCentral)

[email protected]

212-334-9753 ext. 132

SOURCE EaseCentral

Related Links

http://www.easecentral.com

Output: San Francisco-based EaseCentral, which offers benefits and human resources services, has raised $6.5m in a series A round led by Propel Venture Partners, giving it a total of $11.5m of funding. EaseCentral is launching a mobile app for employees and is integrating with payroll outsourcer ADP. The latest funds will be used to expand the company nationally, allowing brokers in additional states to access its services, and expand its core offering to its market of smaller businesses, which currently number 30,000. Other investors in the round included Freestyle Capital, Upside Partnership, Transmedia Capital and Compound.


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Input:
Volvo Cars pitches Polestar as performance EV brand
 Polestar has officially parted ways from parent company Volvo, confirming the news via a picture posted on Instagram. The message simply said 'The End', with no other information to accompany it. It comes just months after Auto Express exclusively revealed the brand would be going it alone with its own range of electric performance cars. We can expect to see the first standalone Polestar model later this year.

According to a senior source inside Geely (Volvo and Polestar’s parent company) the manufacturer wants to create a line-up of brands to take on the VW Group. Volvo’s senior vice president of design, Thomas Ingenlath, will head the re-born Polestar brand alongside Jonathon Goodman, Senior Vice President of Corporate Communication.

• Volvo Polestar everything you need to know

With Volvo cementing its position rivalling premium brands, Geely wants Polestar to take a sportier role within its group. It wants to replicate what Mercedes’ has done in producing its own bespoke AMG cars as well as modified Mercedes-AMG models.

Credit: PolestarCars on Instagram

Thomas Ingenlath, former Senior Vice President Design at Volvo, now Chief Executive Officer at Polestar, said previously: “I am really excited to take up the challenge of establishing this exciting brand, developing a fabulous portfolio of bespoke products and channelling the passion we have throughout the Polestar team. The next chapter in Polestar’s history is just beginning.”

Volvo’s new SPA (Scalable Product Architecture) and CMA (Compact Modular Architecture) platform technology will be used for a new generation of hot Polestars with an electric, SPA-based car likely to break cover first, some time this year. The SPA platform underpins the Volvo XC60 and XC90 SUVs as well as the V90 estate and S90 saloon models.

Polestar will continue to design and deliver performance enhancements for existing Volvo cars, while Polestar is set to become the global face of Geely’s motorsport efforts – the company currently prepares and runs Volvo Polestar models under the Polestar Cyan Racing brand.

With Polestar focussing on electric cars, that’s bound to start rumours of a Geely Polestar involvement in Formula E, which Volvo CEO Håkan Samuelsson has hinted at in the past.

What do you think of the ambitious plans for Polestar’s future? Let us know in the comments…

Output: Volvo Cars is to launch its Polestar Performance business as a standalone brand within the group, focused on premium electric vehicles. Swedish tuning specialist Polestar was bought by Volvo in 2015 and Geely, the parent company of Volvo and Polestar, wants Polestar to make high-performance EVs to challenge Tesla and Mercedes. The idea is for Polestar to have a similar relationship to the main brand to that between Mercedes and AMG.


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Telefónica and Huawei partner on specialist IoT lab in Chile
 Telefónica has teamed up with Huawei to launch a new Open IoT Lab for the continuous technology evolution and to accelerate the commercial deployment of Narrowband IoT (NB-IoT).

Telefónica´s NB-IoT Open Lab to be opened in Chile in the next few months aims to boost the IoT business ecosystem and drive innovation in the IoT space. It will allow IoT players such as equipment vendors, service providers, end-user OEM device makers and application developers, to deploy faster their services & applications over Telefónica´s networks.

They will also have early access to new IoT developments by combining Huawei resources and capabilities with Telefónica´s well established R&D Centre´s facilities, resources and know-how.

This Open LAB will have a permanent showroom in Telefónica´s headquarters in Madrid where the newest IoT solutions coming from Chile will be demoed regularly.

Telefónica Chile’s R&D Centre, is a joint initiative between Telefónica and the Chilean government with the goal of promoting an open and participatory Internet of Things ecosystem.

The NB-IoT Open Lab in Chile IoT Competence Centre will be a meeting point for the IoT community in order to foster the use of the new technologies by organising events such as “plug-fests”, collaborative design and testing, tutorial sessions and co-development programmes for start-ups amongst others It is a fruitful networking space where different players in the delivery chain can work together to boost the adoption of new IoT services.

Telefónica and Huawei jointly deployed the first field NB-IoT smart metering service in Chile during 2016.This initiative enables the roll out of such experiences to many other areas and applications.

Vicente Munoz, Chief IoT Officer, Telefonica

Telefónica NB-IoT Open Lab is an IoT space that aims at building a complete ecosystem of partners, manufacturers, technicians, developers and designers to bring the best solutions to market around Mobile IoT networks. Chile NB-IoT Open Lab will accelerate the development of IoT commercial solutions and ensure they are supported by a broad ecosystem.

Patrick Zhang, Huawei Marketing and Solutions Department

We are proud to be partnering with Telefónica in the creation of the NB-IoT Open Lab. The NB-IoT Open Lab will strengthen the strategic cooperation between Huawei and Telefónica on technology innovation and eco-system maturation relating to NB-IoT.

Output: Spanish telecommunications provider Telefónica has partnered with Chinese firm Huawei to launch an Open internet of things (IoT) Lab in Chile, which will focus on the commercial deployment of Narrowband IoT. The facility, which is set to become an IoT hub, aims to promote innovation and will offer equipment vendors, service providers, end-user OEM device makers and application developers access to Huawei and Telefónica's resources and services.


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Input:
Survey says e-mail is the second most valuable ad format
 by Ray Schultz , Columnist, June 20, 2017

Consumers are fed up with online advertising, and who can blame them? Click on almost any piece of content, and you’re bound to be hit with a pop-up ad blocking the page. And that ad will often be irrelevant or an out-and-out fraud.

People dislike this experience, and they will walk away from brands that deliver it, according to a global study from Rakuten Marketing, conducted by Qualtrics. Worse, of 2,500 people surveyed, two-thirds see online advertising in the same light as fake news and other aggravating content.

Many consumers feel disenfranchised, Rakuten says. And more than eight out of ten say that advertising interrupts their online experience.

But they don’t object to email. When asked to rate the most interruptive formats, the respondents put email near the bottom.

Why did email perform so well? Because it’s less intrusive and more predictable — not in your face. And since you’ve probably subscribed to it, it’s probably about something that interests you.

advertisement advertisement

“The ad formats that consumers label as most interruptive are those that pop-up and cover content, pre-roll video ads, and ads that are delivered through push notification,” Rakuten writes.

Right. The only two formats that came out better than email on this question were blog/social links and coupon links.

But here’s where email really shines. Email came in second when respondents were asked for their most valuable ad formats. The single more popular one was coupon links.

The third most valued form — and it was considerably lower than the top two — was blog/social links.

How did email get into this winner’s circle?

“The ad formats that consumers recognize as most valuable are seamlessly integrated into web content, or let the consumer opt in,” Rakuten writes. “Examples include coupon links, emails and social advertising.”

Of course, this doesn’t get email off the hook, especially when it’s part of an online program. People can click through an engaging email and end up being enraged by the site.

Here’s the proof. Not that they all responded to emails, but 35% have had a bad experience with an online ad. And this can hurt a brand — 45% of consumers will abandon a site when this has happened to them, and 28% will avoid the site altogether. Finally, 26% will “clear their cookies to stop receiving with a brand,” Rakuten writes.

Are you marketing to people by gender? Note that men are more 41% more likely than women to use an ad blocker, 16% more likely to opt out of ads, and 17% more likely to clear their cookies.

As for other irritants: 61% have felt a brand was advertising too frequently, and 79% have noticed getting ads for item they have already purchased. In general, 63% feel online advertising needs to improve, and 80% say “online advertising hasn’t gotten any better on any device or platform.”

Not that it's news, but a 2015 Adobe report shows that ad blocking costs the industry more than $20 billion in revenue. That figure has probably gone up since then.

So how do you avoid being blocked? Above all, respondents demand less ad frequency and more pinpointed personalization from advertisers, so Rakuten recommends the following:

Better personalization — Not easy to achieve. Rakuten writes: "Before ad personalization can improve, we need to stop looking at advertising metrics as if they only exist in-and-of themselves, and start looking in the context of the broader consumer journey. "

— Not easy to achieve. Rakuten writes: "Before ad personalization can improve, we need to stop looking at advertising metrics as if they only exist in-and-of themselves, and start looking in the context of the broader consumer journey. " Transparency — Let people know what you’re doing with whom. Nearly all the people in this survey say that “advertising should clearly disclose e-commerce partners like bloggers and influencers,” Rakuten writes.

— Let people know what you’re doing with whom. Nearly all the people in this survey say that “advertising should clearly disclose e-commerce partners like bloggers and influencers,” Rakuten writes. Actionable data insights — Trip up here, and “ad revenue will continue to be lost to ad blocking and content subscription models,” Rakuten warns.

Finally, you can embrace the slogan offered by Rakuten:

Save the Web.

Output: Some consumers may be resistant to online ads, but when it comes to scoring interruptive experiences, e-mail has ranked among the best formats, according to a survey from Rakuten Marketing. The study, which polled 2,500 web users, revealed that email is the second most valuable ad format, ranked just behind coupons. "The ad formats that consumers recognise as most valuable are seamlessly integrated into web content, or let the consumer opt in," said Rakuten. However, the firm warned that a bad experience on a site from an e-mail link will lead to more than a quarter clearing out their cookies.


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Input:
Pioneering flat-fee primary care provider closes five clinics
 In recent years, a small but growing number of practices embraced a buffet approach to primary care, offering patients unlimited services for a modest flat fee instead of billing them a la carte for every office visit and test. But after a pioneering practice shut its doors earlier this month, some question whether "direct primary care," as it's called, can succeed.

Many doctors and patients say they like the arrangement. Direct primary care practices typically don't accept insurance, which frees physicians from treatment preapprovals and claims paperwork. They say that allows them more time and energy for their patients. Patients can consult with their doctor or a nurse practitioner as often they need to, typically for around $100 a month. (Some employers buy the service for their workers.) Patients need to carry a regular insurance plan for hospitalization, specialists and other services. In the long run, the result should be better patient health and lower health care costs overall.

But some health care experts are concerned that the set-up encourages the "worried well" to get more care than they need. They describe unlimited primary care as a blunt instrument that doesn't necessarily improve the odds that patients will get evidence-based services that improve their health. Others argue it's important to find a way to provide cost-effective primary care within the health insurance context, not outside it.

[Also: FBI issues subpoena to Zoom+ over allegations of fraud]

Although only a sliver of practices do direct primary care, the number is on the rise, said Shawn Martin, a senior vice president at the American Academy of Family Physicians. He puts the figure at about 3 percent.

Seattle-based Qliance, founded in 2007, was an early leader in this type of care. With startup funding from high-profile investors Jeff Bezos and Michael Dell, by 2015 the company was serving 35,000 patients at several clinics in the Seattle area, including individuals, workers at companies like Expedia and Comcast and Medicaid patients through a contract with the state's Medicaid insurer. The company said medical claims for Qliance patients were 20 percent lower than those of other patients because Qliance members went to the emergency room less often, were hospitalized less frequently and saw fewer specialists, among other things.

By early 2017, though, Qliance was faltering. The company had lost some large employer clients, and its patient base had shrunk to 13,000. On June 15, it closed five of its clinics. Dr. Erika Bliss, the company's CEO, said that in general the market is reluctant to pay what it takes for primary care to flourish, and in some cases payers were resistant to rewarding the company, even when Qliance exceeded targets on quality and savings. She will continue to operate one site that provides occupational health for Seattle firefighters.

[Also: Retail healthcare juggernaut ZOOMCare+ expands Seattle footprint with two new clinics]

"The bottom line is it's not for free," she said. "You can't do this for $25 [per person] per month. If we start doing it for $50 to $100 per month then we can start doing serious primary care."

The closure took January Gens by surprise. A Qliance patient for a couple of years, Gens, 45, had worked with her primary care doctor there to manage crippling pain from endometriosis. The $79 monthly fee was worth every penny, she thought. She had been able to reduce the dosage of some of her medications and was awaiting a referral to start physical therapy when she learned that Qliance was shutting down. Now she's not sure what she'll do.

"I had felt very lucky to have found Qliance, to know I had a doctor and could always be seen when needed without causing more damage to the family budget," Gens said. "Now it's just gone."

Patients who have chronic conditions that need ongoing management may benefit from direct primary care, said Dr. A. Mark Fendrick, an internist who directs the University of Michigan's Center for Value-Based Insurance Design.

But for people who are generally healthy and without symptoms that need to be diagnosed, "unlimited primary care is no guarantee that the services that are provided will improve the health of those people," he said.

As an example, Fendrick noted that the annual checkup, one of the most popular primary care services, isn't clinically helpful for most people, according to the Choosing Wisely initiative, a program of the ABIM Foundation that identifies overused and unnecessary medical services.

[Also: Zoom+ clinic network attracts millennials through 'no wait' convenience healthcare model]

An examination of research related to direct primary care practices found that they charged patients an average $77.38 per month. "Concierge" medical practices are similar to direct primary care, but their monthly fees are typically higher -- averaging $182.76 -- and they generally bill insurers for their services, the study found. However, the study, published in the November-December 2015 issue of the Journal of the American Board of Family Medicine, concluded that there was a paucity of data related to the quality of care provided by these practices.

Some analysts say that while they're sympathetic to doctors' frustration with large numbers of patients, insurance companies' intrusion into patient care and billing hassles, the answer isn't to turn their backs on insurance.

"I think absolutely this type of care could be done inside insurance, but it means we have to learn how to pay within the system for the things that doctors should be doing and are doing in direct primary care," said Robert Berenson, a fellow at the Urban Institute.

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As things stand now, the direct-care model can create difficulties for some patients. Take the situation where someone goes to his direct primary care provider for an earache, but antibiotics don't work and he needs to be referred to an ear, nose and throat specialist. That patient, who likely has a high-deductible plan to provide non-primary care services, will probably be on the hook financially for the entire cost of care provided by the specialist rather than insurance paying a share.

Qliance's Bliss scoffs at the idea that patients may get stuck paying more out-of-pocket if they have direct primary care. Most people these days have high-deductible health plans, she said. "The reality is that unless you have Medicaid, you are on the hook no matter what."

Offering unlimited primary care inside the insurance system is no guarantee of success in any case. One such experiment, a subsidiary of UnitedHealthcare called Harken Health with clinics in the Chicago and Atlanta areas, announced it will shut down at the end of the year.

The company confirmed that it would phase out membership at the end of the year but didn't respond to a request for further comment.

Kaiser Health News (KHN) is a national health policy news service. It is an editorially independent program of the Henry J. Kaiser Family Foundation.

Twitter: @HC_Finance

Output: US medical centres' model of offering direct primary care for a modest, monthly flat fee outside the usual insurance payment, is under threat, following the demise of Seattle-based Qliance. Founded in 2007 and backed by Jeff Bezos and Michael Dell, its model reduced costs and hospitalisations. However, by the start of this year, Qliance had lost some major clients, and its patient numbers had dwindled from 35,000 to 13,000. Five of its clinics closed on 15 June. While many doctors complain of insurance companies' intrusion into patient care and billing hassles, some say direct primary care should be paid for within the insurance framework.


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Commercial property data aggregator Datscha joins UK proptech body
 Swedish online proptech platform Datscha has joined the UK Proptech Association (UKPA) as a founding member.

Launched in the UK in March 2016, the company draws together data from bodies such as the UK’s Land Registry, Ordnance Survey and the Valuation Office Agency to provide detailed information on the ultimate owners of the country’s four million commercial properties.

As a member of the UKPA, Datscha’s focus will be on the education of proptech across the commercial property industry.

“The significant investment and growth in proptech in recent years requires education about how the technology can streamline business [and] bring greater transparency and more opportunity to an industry which has largely operated in the same way for generations,” said Mark Bruno, MD of Datscha UK (pictured above).

Poll As a broker, do you currently quote 'green' loan options alongside standard loan quotes for property development finance? Yes No Vote Results

“We’re excited to be a founding member and sharing our expertise.”

Since its UK launch, Datscha has attracted Savills, CBRE and Rightmove as customers, among others.

The company can provide mapped and organised information such as the top-200 owners of commercial property in Cardiff or data on all the car parks in Leicester.

Other users may wish to find out how many properties are owned by H&M across London or the average rent and yields for the industrial sector in High Wycombe.

"We encourage the property industry to think carefully about how their approach to data will affect their business over the coming years,” added Eddie Holmes, chairman of the UKPA.

“Residential property businesses like Zoopla are already empowering themselves and their customers by collecting and sharing data, helping to boost profits as a result.

“Datscha has led from the front on this issue in commercial property."

Output: Datscha, the proptech platform that can provide detailed information on commercial property ownership, locations, rents, yields and the like, has become a founding member of the UK Proptech Association. The Swedish platform launched in the UK last year; it maps and organises data from the Land Registry, Ordnance Survey and the Valuation Office Agency, and counts Savills, CBRE, and Rightmove among its customers. Within the association, Datscha will focus on educating the commercial property industry about proptech.


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Rail system to be powered by animal waste biogas plant
 A new biogas power plant is to be built in the Turkish city of Gaziantep.

Gaziantep Metropolitan Municipality will use the new facility to produce electricity for the city’s rail system, claims Turkish news site Milliyet, who cited Gaziantep’s mayor, Fatima Sahin.

According to Renewables Now, the electricity produced by the facility is estimated to satisfy 60% of the electricity needs of the municipality’s rail system. Construction of the biogas power plant, which will cost TRY 13 million (€3.3 million), is already in progress and expected to be completed in August 2018. Following a trial period of between one and two months, the new facility will start producing electricity.

Biogas will be produced from animal waste, solving two problems in one. Animal waste, in particular from poultry, is proving a problem for local farmers. As such, the new plant will offer a manure “recycling service.” The plant will also produce liquid fertiliser as a by-product of its process, which will be offered to the local farmers.

A tender was held to select the developer of the project, although the name of the successful applicant has not been disclosed. Gaziantep municipality spent over a year researching the project, and signing agreements with local farmers to secure a feedstock supply for the new biogas plant.

The new biogas facility forms part of an initiative to take advantage of the region’s renewable energy potential. This initiative has also seen Gaziantep venture into solar and wind sources.

Output: The Turkish Metropolitan Municipality of Gaziantep has begun construction of a $3.7m animal waste biogas plant with the aim of providing electricity for 60% of the municipality’s rail system when it is completed in August 2018. The new facility will also deal with the problem of excessive poultry waste for farmers whilst providing them with a liquid fertiliser formed as a by-product of the process.


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New catalysts make biodiesel suitable for petrodiesel engines
 A new way of refining biodiesel so that it works in standard diesel car engines could help broaden the use of renewable fuels, according to scientists.

Biodiesel made from plant material could present a more eco-friendly alternative to the fossil-fuel-derived diesel, or petrodiesel, that is currently used. In the European Union (EU), commercial diesel already has to contain at least 7 percent biodiesel.

But the molecular makeup of these fuels means they boil at different temperatures from petrodiesel, which means only specially designed engines can run on pure biodiesel or blends that contain considerable amounts of the fuel. [Top 10 Emerging Environmental Technologies]

Now, scientists in Germany have found a way to transform chemicals derived from plants into a biodiesel that meets the boiling characteristics required by the EN 590 standard, set by the European Committee for Standardization, for commercial diesel sold in the EU.

Lukas Gooßen, a professor of organic chemistry at the Ruhr-Universität Bochum who led the research, said his motivation came during a trip to a biodiesel plant in Rwanda a few years ago. The problem, he said, was that only a single bus had been converted to run on the fuel because of a lack of funds.

"If you're going to use biofuel, you need existing infrastructure you can tap into," he told Live Science. "Anything else will be unaffordable to most countries and societies. This has to be the starting point."

The reason conventional biodiesel doesn't work in standard diesel engines is that about 95 percent of its constituent molecules are the same length and, therefore, boil at roughly the same temperature.

In contrast, petrodiesel is made up of a mixture of hydrocarbons of different lengths and structures that boil at different temperatures, giving petrodiesel a much broader boiling range. Importantly, these are the boiling characteristics for which modern cars have been designed.

"All engines were specifically made to fit this fuel," Gooßen said. "Diesel fuel and diesel engines evolved together."

There are existing processes that can convert plant oils into biofuel suitable for use in standard diesel engines, but a significant proportion of the fuel is burned to carry out the refining. Gooßen and his colleagues decided to find a way to take advantage of catalysts — substances that accelerate chemical reactions — to do the same thing at low temperatures, using very little energy.

In a paper published online today (June 16) in the journal Science Advances, they report that using a combination of three catalysts, they were able to blend rapeseed oil methyl ester (RME) — a common raw material for making biofuels — and ethylene into a fuel with the same boiling profile as petrodiesel. Ethylene is an abundant hydrocarbon that can be generated from plant-derived ethanol or shale gas.

To demonstrate its potential as a motor fuel, the researchers built a model diesel car and used the biodiesel to propel it. The fuel is still a long way from commercialization, though; the first batch cost more than $1,125 per quart to produce. [Hyperloop, Jetpacks & More: 9 Futuristic Transit Ideas]

The main issue with the current process is that it uses expensive, short-lived catalysts aimed at making small amounts of high-value chemical products, Gooßen said. Finding cheaper, more robust alternatives suitable for commercial production will be a huge challenge, he added, as will designing effective high-throughput industrial processes.

But Gooßen said one of the biggest barriers to wider use of biodiesel is its incompatibility with standard engines. But his new study shows that this challenge can be overcome.

"This boiling point seemed to be a completely insurmountable hurdle," he said. "Now, we are saying, 'How can we make a catalyst that just does this cheaper?' which is a completely different question to, 'How can we even come from biodiesel to something we can put in a car?'"

There is a pressing need to find sustainable fuels that are "drop-in replacements" for current fossil fuels, said Duncan Wass, a professor of catalysis at the University of Bristol in the United Kingdom.

Using a cheap and abundant addition such as ethylene to transform biofuels makes good sense, he said, but he agreed with the study authors that the current catalysts are not fit for that purpose and that finding appropriate replacements will be hard.

"[I]t will be difficult to find a simple, cheap, long-lived, heterogeneous catalyst that can achieve the same results as these very sophisticated systems," Wass told Live Science.

It is also too early to label the technology as "sustainable," he added, until a full life-cycle analysis of the process and products is undertaken.

Original article on Live Science.

Output: German scientists have used three unspecified catalysts to make a biofuel with the same boiling characteristics as petrodiesel, meaning it can be used to power traditional diesel engines. The fuel was created through the reaction of rapeseed oil methyl ester (RME) and ethylene, according to a team from Ruhr-Universität Bochum.


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P&G half-way through digital advertising transparency overhaul
 Procter & Gamble’s (P&G) top marketer has said that it is “about 40 – 50%” of the way through a massive review of all of its media agency contracts in the quest for greater transparency.

Marc Pritchard’s comments at the beginning of the year on the “murky at best, fraudulent at worst” media supply chain rang through the industry and put its agencies on alert as the marketer claimed that he would be looking at all contacts as part of a four-point plan to bring clarity to its media buying.

“We’re about 40-50% complete,” he said at the Cannes Lions Festival today (20 June).

Pritchard has also said that as part of this landmark review of its media dealings, it will no longer be reliant on media owners to measure their own inventory, with the FMCG business expecting every media supplier - including publishers and measurement vendors - to adopt MRC-accredited third party verification during 2017.

P&G is now also insisting that any entity touching digital media must become TAG-certified during 2017 to help ensure that it is free from fraud.

“The players in the digital industry have stepped up and they understand this and they’re making progress,” he continued.

“It needs to happen. They’re long overdue. And we need to keep going. So hopefully by the end of this calendar year we’ll be at a place….but then the hard part starts. Once you have transparency across all platforms then you can evaluate more clearly how one medium compares to another.”

However, he was eager to stress that this doesn’t mean P&G is playing it safe with its media buys. Pritchard said it will still experiment with emerging platforms and technologies but simply no longer accepts that he can’t get metrics back on how effective those tests are.

“The mindset that because something is a new technology it doesn’t have to adhere to standards is a head fake. You’re trying to dodge the reality. Of course, we want to have new innovations, and of course do continue to do things, and digital technology brings that. But before [the industry] invests $72bn on digital we need to know what we’re getting and how many people we’re reaching, and where and how they engaged.”

Joining Pritchard on the panel was Avery Baker, chief brand officer at Tommy Hilfiger, who said it was on a similar journey, although lagging P&G.

“We need to benchmark against media in a much more consistent way,” Avery said. “I wish we were at 40% but we’ve still some way to go.”

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

Output: Consumer goods manufacturer Procter & Gamble (P&G) is "about 40% to 50%" through a review of all its media agency contracts as part of a plan to improve the transparency of its media buying process, said chief brand officer Marc Pritchard. The company will require media suppliers to adopt Media Rating Council-accredited third party verification before 2018. Within the same timeframe, P&G is insisting companies in its digital media supply chain become certified by the Trustworthy Accountability Group to prevent fraud. Despite P&G's push for transparency, the company will continue to experiment with buying media on emerging platforms, Pritchard said.


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Organic material makes batteries longer-lasting
 A new class of material that could make batteries safer, longer-lasting and better performing has been found by researchers from the University of Houston.

Even though aqueous rechargeable batteries featuring low cost and nonflammable water-based electrolytes are safe and robust, they have a short lifespan, making them unsuitable for applications where it isn't practical to replace them frequently.

The problem is the anode as existing anode materials are structurally and chemically unstable, meaning the battery is only efficient for a relatively short time.

To resolve this issue, the researchers used quinones – an inexpensive, earth-abundant and recyclable material – to create stable anode composites for any aqueous rechargeable battery.

"This new material is cheap and chemically stable," said associate professor Yan Yao.

According to Yao, the material can be used to create a drop-in replacement for current battery anodes, allowing the new material to be used without changing existing battery manufacturing lines.

Current research offers evidence that the material is an effective anode for both acid batteries and alkaline batteries, such as those used in a car, as well as emerging aqueous metal-ion batteries.

The new material is also said to allow the batteries to work across temperature ranges, unlike some conventional aqueous batteries.

"One of these batteries, as a car battery, could last 10 years," Yao said.

In addition to slowing the deterioration of batteries for vehicles and stationary electricity storage batteries, it also would make battery disposal easier because the material does not contain heavy metals.

Output: The use of quinones in batteries not only slows the deterioration of the battery but also makes the disposal of it easier due to the material not containing heavy metals, according to researchers from Houston University. Quinones were used to make a drop-in replacement for current battery nodes, creating a stable anode composite for any aqueous battery whilst also allowing for the material to be used without changing existing battery manufacturing lines.  Quinones are inexpensive, recyclable, chemically stable and earth-abundant, meaning the process could be commercially viable.


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Innovative Havas fan campaign shows effectiveness of banner ads
 Havas New Zealand and kitchen and bathroom fan brand Manrose have embarked on a digital campaign to prove that banner ads get clicks.

Havas and Manrose smash through industry benchmarks with banner ads

The digital brand campaign aligned the performance of a Manrose fan with sporting Kiwis around the world. The campaign utilises topical and current news of sporting accomplishments on the world stage to draw a parallel of Manrose being the country’s favourite fan.

Output: Bathroom fan maker Manrose has partnered with ad agency Havas's New Zealand office to demonstrate that banner ads can more effectively draw clicks. The campaign, which likens the performance of a Manrose fan to the New Zealand rugby team's success, targets audiences of New Zealand news and sport sites with relevant messages. If New Zealand do not win, the ad will not be featured. The campaign earned four times the click-through rate of past industry averages (0.07%).


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South Delhi proposed as site of 240-acre, $2.3bn smart city
 NEW DELHI: The Centre plans to develop 240 acres of land at Ghitorni district in south Delhi with smart city features worth over Rs 15,000 crore.A proposal in this regard is at an advance stage of consideration at the Ministry of Urban Development (UD), sources said.The 240 acres of land belonging to Central Public Works Department (CPWD), which functions under the UD ministry, has been lying vacant at Ghitorni since 1971.According to sources, the project, estimated to cost over Rs 15,000 crore, is proposed to be jointly developed by CPWD and state-run construction firm NBCC on self-financing basis with no cost to the government.As part of the project, the CPWD will construct about 6,500 residential units for government employees, besides developing office space for public sector firms.On the other hand, NBCC would construct about 500 houses and develop substantial office and commercial space for sale to mobilise resources for financing the project.The proposed 'mini city' would be equipped with urban infrastructure, green sustainable technology and smart solutions as per the Smart City norms, sources said.It will also have water and waste management with dual piping system, rain water harvesting system, solar energy and smart metering, security/surveillance system, Wi-fi, among others.The sources added the project would be completed in five years after necessary approvals.Ghitorni is located in southern Delhi near Gurgaon border.Urban Development Secretary Rajiv Gauba today held discussions with senior officials of CPWD and NBCC regarding the project.

Output: The ministry of urban development is "at an advanced stage of consideration" over an INR150bn ($2.3bn) proposal to develop a smart city on 240 acres of vacant land at Ghitorni district in south Delhi, according to reports. The site, which is owned by the central public works department (CPWD) has been vacant since 1971, would be jointly developed by the CPWD and state-run construction firm National Buildings Construction Corporation on a self-financing basis. It would include around 7,000 houses, as well as "urban infrastructure, green sustainable technology and smart solutions".