Instruction: create a high quality summary of the given input

Input:
AdColony cuts 20% of workforce in shift to programmatic business
 AdColony will lay off more than 20% of its workforce and exit the mediation and ad-serving game in a bid to focus its business on programmatic.

The mobile video ad company said Monday that it will shutter most of AdMarvel, the mobile ad tech company it acquired in 2010. The ad exchange portion of AdMarvel will remain, however, and be integrated into the AdColony platform.

Roughly 125 people will lose their jobs in addition to the 100 people AdColony let go in July as the company slims down on the path to programmatic. The new headcount will be just over 400 people.

AdMarvel will continue to operate until May as AdColony works with its publisher partners to migrate off of the legacy tech.

The process is painful but necessary, said AdColony CEO Will Kassoy.

“My aim was to have a softer transition and bring everyone into our new business over time rather than having to let people go,” he said. “But advertisers aren’t looking to us for ad serving and mediation anymore, and as those areas have dried up, we haven’t been able to grow the core areas as fast as we’ve wanted to.”

Those core areas include a focus on performance advertising, scaling the company’s programmatic business and opening up more mobile video inventory.

One reason growth has been slow is that it’s still early days for programmatic video in mobile, in-app in particular. And that’s where AdColony sees opportunity, Kassoy said.

AdColony’s SDK is integrated into most of the top 1,000 apps, according to data from Metamarkets. That footprint acts as a conduit to a lot of direct video supply, including vertical video and proprietary AdColony video formats.

But it wasn’t easy making that inventory available programmatically. AdColony products weren’t designed with programmatic in mind, Kassoy said.

“Now we’re putting all of our resources into areas of future growth, into places where we can add value, and that’s video and the app-install market,” he said. “Programmatic is clearly how more and more advertisers want to do these transactions.”

Today, programmatic represents about 20% of AdColony’s revenue, but Kassoy is hoping the changes the company is making will help that number approach 50%.

It’s been a long and circuitous road for AdColony, which started life as a mobile ad network back in 2008.

Six years later, Norwegian software company Opera bought AdColony to support its mobile ad subsidiary, Opera Mediaworks. In February, a Chinese consortium almost bought Opera Mediaworks as part of a larger acquisition of the overall Opera business, but the deal fell apart and Opera Mediaworks was spun off into a separate independent company that, full-circle style, changed its name back to AdColony.

Over the years, Opera Mediaworks had acquired a hodgepodge of mobile ad tech, including AdMarvel, Mobile Theory, Apprupt, 4th Screen, Hunt Mobile Ads and Handster, and it became the newly incorporated AdColony’s plan under Kassoy to bring the disparate pieces together into one integrated platform.

But it became clear that jamming bits of technology together wasn’t the way forward.

“We realized while working on these integrations that some of these platforms were becoming less viable,” said Kassoy. Although AdMarvel was bringing in revenue, the overall business wasn’t positioned for growth.

And that meant making some tough decisions.

The need for mobile mediation “will start to go away” over the next few years as publishers demand more transparency in their transactions, he said, and ad serving is becoming a commodity. A lot of publishers are also taking their ad serving in-house.

“These are lines of business that were viable a few years ago and were profitable even in the last year,” Kassoy said. “But the technology just didn’t make sense to maintain.”

In Q2, AdColony revenue was down year over year, but up quarter over quarter. With its new playbook in place, it’s the company’s aim is to generate profitable quarters going forward and “start clean in 2018,” Kassoy said.

“We want to be the largest independent in-app mobile marketplace outside of social with high-quality demand and supply,” he said. “You can’t just be arbitraging media anymore.”

Opera Software reports its Q3 earnings on Nov. 23.

Output: Mobile video ad firm AdColony will shed more than 20% of its staff in a "painful but necessary" round of job cuts as it shifts focus to performance advertising, programmatic and mobile video inventory. The cuts follow the loss of 100 jobs in July and CEO Will Kassoy said a lack of customers meant the company couldn't grow its core areas as fast as he would have liked, leading to more layoffs. Kassoy said he aims to increase AdColony's revenue from programmatic to 50% from 20% and added the firm was focusing its efforts on "video and the app-install market".


Instruction: create a high quality summary of the given input

Input:
GBP dips below 1.31 USD, but analysts are optimistic: Bloomberg
 The pound has fallen amid market jitters over increasing pressure facing Theresa May's leadership.

Sterling dropped by more than a cent against the US dollar to $1.3062 in early European trade and was also down by a cent against the euro.

It was put down to reports that 40 Conservative MPs are prepared to sign a letter of no confidence in the Prime Minister.

Mrs May also faced weekend claims that she was being held "hostage" by Boris Johnson and Michael Gove about how to deliver Brexit.

Joshua Mahony, market analyst at IG, said: "The potential for yet another political upheaval in the UK has no doubt grabbed market attention."

Kit Juckes, global fixed income strategist at Societe Generale, said: "Sterling is priced for soggy (economic) growth and difficult (political) negotiations."

The pound later recovered some poise back above $1.31 but its latest wobble comes as the time frame for trying to reach the next stage of Brexit negotiations comes into sharp focus.

EU chief negotiator Michel Barnier said on Friday that the UK must clarify or concede more in the next two weeks if it wants to move on to trade talks in December.

Please use Chrome browser for a more accessible video player 3:06 EU gives UK a deadline on Brexit bill

The CBI and its counterparts from Europe's largest economies used a meeting with the Prime Minister on Monday to urge her to fight for an immediate transition deal.

Advertisement

The value of the pound collapsed after the vote to leave the European Union in June last year and was as low as $1.20 against the dollar earlier in 2017.

Since then it has partially recovered but the pound is still around 13% lower than just before the referendum result emerged.

A weak pound makes imports more expensive, driving up prices for consumers as well as squeezing retailers as they try to absorb some of the higher costs.

But it has a positive impact for some manufacturers as cheaper sterling means UK-made goods are more competitively priced.

Sterling's fall has also been positive for the FTSE 100, since many of the index's constituent companies earn much of their revenue in foreign currencies.

The top-flight index was ahead on Monday after the pound's latest slip but closed 17 points lower at 7415, reflecting wider market fears about stocks being over-valued.

Output: Following announcements of rebellion amongst Conservatives MPs, the value of the GBP dipped below 1.31 USD. However, a survey of seven banks by Bloomberg put the odds of the UK and EU reaching a deal in December at 68%. This follows Davis' reported odds of 50-50, a statement his spokeman has since denied he said. The probabilities amongst the banks surveyed range from 35 to 80%.


Instruction: create a high quality summary of the given input

Input:
Facebook requests FEC flexibility on political ad disclaimers
 by Wendy Davis @wendyndavis, November 13, 2017

Facebook is urging the Federal Election Commission to craft flexible rules for political ad disclaimers, arguing that advertisers should be able to make disclaimers via an icon or other "obvious indicator."

"An approach that prescribes both precisely what information must be disclosed and the transparency goals that must be achieved, but that maintains flexibility as to the specific interface elements by which that information is displayed, would ensure that the Commission’s rules will be relevant and viable for the technology that exists today and the technology that will be developed in the future," Facebook general counsel Colin Stretch says in comments filed Monday with the FEC.

The comments come in response to an FEC request for comments regarding online political ads. The agency recently opened a proceeding to explore whether online political ads must carry the same disclaimers as TV and newspaper ads, which must state the identity of whoever paid for the ad.

advertisement advertisement

In 2011, Facebook argued to the FEC that the "character-limited ads" on the social-networking service were so physically small that disclaimers should not be required.

Stretch says Facebook ads have evolved since 2011. The company still offers small ads, as well as formats. "Ads can now include videos, can include scrolling carousels of images, and can even cover the entire screen of a mobile device," he writes.

"Allowing ads to include an icon or other obvious indicator that more information about an ad is available via quick navigation (like a single click) would give clear guidance on how to include disclaimers in new technologies as they are developed," Stretch says in his letter.

Facebook also says the FEC's definition of "ad" should be broadened to include any "digital or online communications that mention federal candidates" that are run 30 days before a primary or 60 days before a general election.

Currently, disclaimer rules apply to "electioneering" ads that explicitly ask people to vote for or against a particular candidate or to donate money.

Facebook's filing comes two weeks after the company told lawmakers that material created by Russian agents, including at least 3,000 ads, may have reached 146 million users -- 126 million on Facebook and an additional 20 million on Instagram.

Some of the ads that ran before the election clearly favored President Donald Trump. One on Facebook called Hillary Clinton "a Satan," while another blamed Clinton and former President Barack Obama for illegal border crossings by "rapists, drug dealers, human traffickers, and others."

Facebook also says it plans to require more information from advertisers who run ads related to federal elections, and will create a searchable archive of those ads.

Output: Facebook's legal team has requested that the Federal Election Commission's (FEC) eventual proposals for political advertising disclaimers be transparent but flexible enough to allow for future technological developments. In response to the FEC's request for comments on such ads, the social media site's general counsel, Colin Stretch, also argued that character-limited ads were so small as to not require disclaimers, and asked that recognisable icons or other "obvious indicators" be included instead. Facebook urged that the definition of "ad" be broadened to include "digital or online communications that mention federal candidates".


Instruction: create a high quality summary of the given input

Input:
Standard Chartered launches client-facing chatbot AI
 Standard Chartered is to launch an AI-powered chatbot to provide clients with natural language assistance in managing money, making payments and analysing their spending.

The bank is to roll out the chatbot across its call centres and mobile and online channels in a phased deployment beginning next year in Hong Kong.

The new virtual assistant will use technology provided by Kasisto's KAI Banking product to engage clients in 'human like' conversations and is currently undergoing training to deliver answers to questions on the bank's suite of products and services.

Kasisto has already found success in deploying its chatbot at some of the largest banks in the world, including DBS Bank, Mastercard, TD Bank, and Wells Fargo.

Zor Gorelov, Kasisto co-foundr and CEO, says: “KAI is already a banking expert and once it’s trained on Standard Chartered products and services, it will serve as a powerful AI brain ready to meet their clients in the channel they prefer. It has the know-how to fulfil client requests, make recommendations and solve problems - while delivering banking with a human touch. When there is a need to talk to a human, the bot can seamlessly hand off to a Standard Chartered banking professional.”

Output: UK bank Standard Chartered is training an artificial intelligence-powered chatbot to offer customers support with financial services. While it should be able to handle simple problems, the bot can escalate issues to human advisers if required. The system is based on the Kasisto KAI Banking product, which has been adopted by global institutions including MasterCard, DBS Bank and Wells Fargo. Standard Chartered will begin a phased roll-out in Hong Kong next year.


Instruction: create a high quality summary of the given input

Input:
YouTube to remove in-video promotional pop-ups
 Have you ever clicked a YouTube creator's suggested video link when it pops up mid-clip? No? You're far from alone. YouTube has revealed that it's removing the ability to promote videos, playlists or livestreams through in-video notifications as of December 14th. The streaming service isn't shy about the reason why: few people were actually interested in these links. Only 1 in 20 people actually clicked on them, and many of those people were taken to a dead livestream. Users said it felt like spam, according to YouTube.

The company doesn't think this will cause too many problems. Cards and end screen video links are more effective, YouTube said. For third-party links, it wants you to use video descriptions, channel pages or even your channel artwork.

YouTube told us this will remove existing in-video notifications, which could lead to some awkward moments in videos where presenters point to pop-ups that no longer exist. On the balance, though, this appears to be positive news if you're a YouTube fan. It should mean fewer intrusions while you're viewing on the web, and fewer creators going out of their way to plug one video while you're watching another.

Output: YouTube is to remove video links that pop up during clips to promote other content. Until now, creators could plug other videos, playlists or live streams with in-video links, but figures show very few users actually click on them, and most regard them as spam. The links will be removed from new and existing videos from 14 December, resulting in instances where presenters point to links that no longer appear. YouTube says that end-screen links and video descriptions are a more effective way of promoting other videos.


Instruction: create a high quality summary of the given input

Input:
Losing skilled EU labour could cost UK economy up to £22bn: PWC
 One of the biggest issues for Brexit’s “leave” voters was a fear of immigration. Now the UK government is aiming to reduce EU migration into Britain—drastically.

Brexit talks have yet to include whether the UK will still take part in the Freedom of Movement act, which allows EU citizens free and easy passage between member states. Net migration is already falling, but the lack of clarity over what a post-Brexit UK immigration policy looks like is causing a huge level of uncertainty for people, industries, and the economy.

Advertisement

In its latest UK Economic Outlook, consulting giant PwC used economic modeling to predict the impact of a sharp reduction in EU migration. It found that a 50% reduction in future EU migration to the UK could reduce the level of UK GDP by around 1.1% in 2030, or £22 billion ($29 billion) at 2017 GDP values.

“EU migrants have played an increasingly important role in the UK economy since 2004, with particularly large impacts on London and certain sectors such as food manufacturing, hotels and restaurants, warehousing, and construction,” PwC wrote. (Quartz has also noted the role played by lower-skilled EU migrants in Britain’s services sector, which accounts for around 80% of total GDP.)

In 2016, according to PwC, workers from the European Economic Area accounted for 31% of the UK’s food-manufacturing workforce, while also accounting for a large chunk of other service-industry sectors: accommodation (18%), warehousing (17%), food and beverage services (13%), and construction (10%). Overall, EEA workers account for 7% of total UK employment, though some regions (like London) account for much larger portions, and could be all the more affected by a workforce gulf.

Advertisement

Region % workers EEA born in 2004 % workers EEA born in 2016 London 7% 14% Scotland 3% 8% Northern Ireland 1% 7% Wales 1% 3% Rest of England (ex. London) 2% 6% UK average 2% 7%

“If migration from the EU is significantly reduced after Brexit, then government and businesses will need to work together to try and fill the gaps,” says Julia Onslow-Cole, global head of immigration at PwC and a member of the Mayor of London’s Brexit expert advisory panel. “While enhanced training of UK nationals and automation might be a solution in certain sectors if we look 10-20 years ahead, realistically they’re unlikely to make up fully for any large reduction in EU migrant workers over the next 5-10 years.

“Businesses from all sectors have voiced concern over restrictions to EU migration, but healthcare, hospitality, retail, and construction are particularly dependent on EU workers. It’s important that not only do we take steps to retain the EU migrants already living in the UK, but make special provisions for them in the new immigration system post 2021.”

Output: A 50% reduction in EU migration to the UK after Brexit could cut UK GDP by around 1.1% in 2030, or £22bn at 2017 GDP values. This is according to PwC's most recent UK Economic Outlook, which notes that the industry most likely to lose out from EU labour shortage is the food-manufacturing sector (31% of workforce from European Economic Area), followed by accommodation (18%), warehousing (17%), food and beverage services (13%), and construction (10%). Overall EEA workers make up 7% of the UK's workforce, and 14% of London's.


Instruction: create a high quality summary of the given input

Input:
Internet Media Services acquires majority stake in Httpool
 Internet Media Services (IMS), a subsidiary of Sony Pictures Television Networks, would acquire a majority stake in Httpool, a cross-channel ad network with a presence in Central and Eastern Europe and Asia.Subject to regulatory approval, the deal will create a digital marketing and ad sales company with a combined operation supporting more than 6,000 agencies and brands worldwide, and exclusively representing Twitter, LinkedIn, Spotify and more than 5,000 global and local publishers across 30 countries in Latin America, Central and Eastern Europe, and the Asia Pacific regions.In Hong Kong, the firm is led by Charlene Ree (right) and Angie Chung. Revenue for Httpool Asia is ranked second globally in the group, the company said. The closing acquisition is a global Httpool action that Httpool Asia, based in Hong Kong, played a critical role in.Established in 2009, the Httpool Asia completes some 1,500 campaigns annually, which amounts to working with on average 200 brands annually.Httpool Asia clients include Sun Hung Kai, AXA, Standard Chartered, Lenovo, Hong Kong Tourism Board and Fortress."Bringing together IMS and Httpool will create a one-stop solution for advertisers launching local or international campaigns, as well as networks and publishers looking to monetise content across many of the world's fastest-growing emerging markets," said Andy Kaplan, president, worldwide networks, Sony Pictures Television."IMS and Httpool share the same vision, so we couldn't imagine a more appropriate partner. This deal represents a major milestone for Httpool and an important recognition for all our past achievements. Teaming with IMS will fuel our increasing growth, and enable us to expand our proprietary solutions on a global scale," said Aljosa Jenko, CEO and founder of Httpool.Httpool Asia managing director Angie Chung and managing partner Charlene Ree said: "We welcome the news of the IMS majority stake acquisition of Httpool and we expect that this development will see new business avenues come to fruition for our business in Asia."

Output: Sony Pictures-owned firm Internet Media Services is set to acquire a majority stake in cross-channel ad network Httpool, pending regulatory approval. The deal would result in an agency boasting more than 6,000 international agencies and brands, with clients including Twitter, Spotify and LinkedIn. Andy Kaplan, president of worldwide networks at Sony Pictures Television, said that the acquisition would create a "one-stop solution for advertisers across many of the world’s fastest-growing emerging markets".


Instruction: create a high quality summary of the given input

Input:
EON and Clever to build EV charging network from Norway to Italy
 One More (EV Charger) for the Road

To facilitate the adoption of electric vehicles (EVs), consumers need to know it's just as easy to recharge EVs as it is to pump gas into a petrol or diesel car. We've seen companies like Tesla install hundreds of supercharger stations around the world — from the United States, to Australia and Europe, and even China. Automakers like BMW, Ford, and Volkswagen have come together for the pan-European charging network called IONITY, to install 400 charging stations in Germany, Norway, and Austria by 2020. In both cases, the stations are deliberately placed on highways or within populated urban areas to provide a convenient and reliable way for EV owners to charge up and get back on the road.

Now, two more companies — international energy and e-mobility company E.ON and Denmark e-mobility provider CLEVER — are partnering to build yet another network of charging stations. Over the next three years, their network will provide 180 "ultra-fast" charging stations across 7 countries between Norway and Italy. Each station has a capacity of 150 kW, putting it almost on par with Tesla's 145 kW stations, but behind IONITY's 350 kW capacity.

CLEVER isn't the only company E.ON has partnered with; in fact, their team-up only accounts for 160 of the 180 charging stations. The final 20 will come as part of a deal with Norwegian service station chain YX. Based on how well construction goes on the initial 180 stations, E.ON and CLEVER are open to expanding to 400 stations spread throughout Europe.

"Together with strong partners we are taking a joint step towards establishing a comprehensive ultra-fast charging infrastructure in Europe," said Frank Meyer, Head of Innovation and B2C at E.ON, in a statement. "We see a reliable ultra-fast charging network in combination with our home and destination solutions as main prerequisites for a mass market adoption of electric mobility."

Fully Charged in 30 Electric Minutes or Less

The initiative has already received €10 million (nearly $12 million) in funding from the European Commission, and is only 1 of 4 projects chosen to be explored. The first series of stations will be located in Germany and Denmark, with each station containing 2-6 chargers. According to E.ON, each charger will be capable of fully charging a 400-km (248-mile) range battery in about 20-30 minutes. Of course, that's only a rough estimate, and the actual charging time will vary by car and battery capacity.

"We believe that the combination of being able to cater for almost any car brand, securing the right locations, and offering customers well thought through solutions will be part of convincing people that EVs are a real alternative to conventional cars,” said CLEVER CEO Casper Kirketerp-Møller.

We'll have to wait and see how successful and reliable their charging network will truly be, but consider their partnership to be another step forward to worldwide adoption of electric vehicles. Simply being a better alternative that diesel may be enough for some consumers to make the change, but convenience and availability of necessary resources goes a long way to winning people over. Hopefully we'll see other companies and car manufacturers make similar moves to further entice people away from traditional vehicles.

Output: EON and Danish e-mobility provider Clever are partnering to develop a charging network between Italy and Norway. In total, the partnership will install 160 charging stations between the two countries, with EON working with Norwegian service station chain YX to complete another 20. Each station will have a capacity of 150 kW, charging a 250-mile-range battery to full capacity in 20 to 30 minutes. The initiative has received almost $12m in funding from the European Commission.


Instruction: create a high quality summary of the given input

Input:
Amazon denies it is planning free version of Prime with ad breaks
 Amazon is acquiring a taste for ads.

The e-commerce giant, which is already becoming a force to be reckoned with in digital advertising and is seemingly intent on taking over every industry on the planet, began selling short windows of commercial time this year during its live Thursday night streams of NFL games on its Prime Video subscription service.

Advertisement

Now, it’s developing a free version of Prime Video—with commercials like those that air on regular TV. Amazon is in talks with TV networks, movie studios, and other media companies about creating programming for the platform, Advertising Age reported (paywall).

It’s reportedly looking for back catalogs of children’s programming from TV and movie studios, as well as lifestyle, travel, cooking, and other shows that fit well within Amazon’s e-commerce ecosystem, the publication reported. There, customers can already buy everything they need for a Thanksgiving dinner, for example, from the table to the turkey. A cooking show on Amazon Prime Video’s ad-supported channel could show how best to prepare the meal (or build that table).

A freemium model could also help Amazon breakout from the bevy of subscription-video offerings out there, including rivals Netflix and Hulu, by offering TV shows and movies free alongside ads instead of for a monthly fee. And it could drive new sign-ups to the service, a la Spotify.

Prime Video—which features Amazon original movies like Manchester by the Sea and TV shows like Transparent and Man in the High Castle, the live NFL games, and a rich back catalog of movies and TV shows from other networks and studios—is currently only available with a $99-a-year Prime shipping subscription or through an $8.99-a-month standalone subscription in the US.

Advertisement

But more subscription services are popping up daily, for everything from music and video to food and clothing, and people can only justify spending on so many. From Netflix to HBO to SlingTV, how many subscription-video services does one need, after all? Legacy players like Disney and CBS are launching services of their own, too. More than half of US millennials say there are too many already, and 42% say they think they are paying too much for them, according to a survey published in August from Morning Consult.

Rival Netflix has shied away from advertisements, preferring its members to binge video uninterrupted. And Hulu, which runs ads in all of its packages, did away with its free package last year. But others have embraced ads, even snagging dollars from traditional TV. YouTube, where almost anyone can upload and share videos, thrives on ads. And Facebook, which recently launched a hub for original video, airs ads as well.

Amazon’s massive ecosystem is a big selling point for advertisers, too. It offers a peak at data that’s never been available to them before. During the two minutes or so of ad time Amazon reportedly sells in each NFL game, it tracks how many people purchased or looked up products after seeing ads. It could tell an advertiser like Gillette, for example, how many people bought its razors and blades during and immediately after a game where its ad aired, Yahoo Finance reported. (The other ads that air in the game are national spots that also air on TV broadcasts; they are not sold by Amazon.)

The additional advertising revenue could also support the influx of content coming to the streaming service. Amazon is expected to spend $4.5 billion on video content this year.

Advertisement

Update (Nov 14): Amazon told Quartz no plans to create a free, ad-supported version of Prime Video.

Output: Amazon has begun selling advertising during its live streaming of American Football games on its Prime Video service. The move has prompted speculation that it is developing a free version of the subscription service that would be supported by advertising, although the company denies it has any plans to do so. The number of subscription video services has increased in recent years, with a number of broadcasters launching their own platforms. Surveys suggest many younger customers think they are too expensive. While Netflix has no adverts, free platforms like YouTube and Facebook rely on them.


Instruction: create a high quality summary of the given input

Input:
Airbus aims to test electric 'flying car' by close of 2017
 Airbus is making progress on its new electric-powered vertical take-off and landing aircraft — colloquially (and incorrectly) known as a “flying car.” The European aerospace giant posted a series of photos today from its Vahana project, showing its team working on a pair of single-seat, tilt-rotor vehicles with a paint job that would make a Stormtrooper envious.

Airbus has said it wants to build a fleet of electric, autonomous, multirotor VTOL aircraft that can be used to fly from rooftop to rooftop in dense cities where traffic is often at a standstill. The project launched in early 2016 as one of the first pursuits of A³ (pronounced A-cubed), its Silicon Valley subsidiary. (Vahana is a Sanskrit word that refers to the vehicle or mount of a god.) Since then, the company has reported regular updates, including a concept video of the user experience.

In its post, the company says that a full-scale demonstrator is currently under production, with the goal of taking flight by the end of the year. The prototype was recently moved from California to a new flight test center in Pendleton, Oregon, where it will conduct its first demonstration. A³ has said it plans to have a production-ready version by 2020.

Airbus, which competes with the US-based Boeing, is best known for large jetliners like the double-decker A380. However, the flying car project shows that the Toulouse, France-based company is not above dabbling in some high-concept, and perhaps unrealistic, aviation ideas.

Output: Airbus aims to test its flying-car project, called Vahana, by the close of 2017. Revealing the project in a series of images, Airbus showed a number of engineers working on its vertical take-off and landing electric vehicle. The European aerospace company wants to develop an autonomous, electric tilt-multirotor vehicle to overcome congestion in urban environments.


Instruction: create a high quality summary of the given input

Input:
Lark's AI 'coach' aims to help with weight loss and diabetes
 A new study reveals that artificial intelligence could be a useful tool to help patients prevent Type 2 diabetes. The study, published in the Journal of Medical Internet Research, showed that patients at risk of Type 2 diabetes who used the Lark Weight Loss Health Coach AI, dropped 2.38 percent of their baseline weight and increase the percentage of healthful meals they ate by 31 percent.

“I’m really excited,” Lark CEO and cofounder Julia Hu told MobiHealthNews. “I think stepping back and looking at pre-diabetes, it really is such a crushing and chronic condition. Eighty-six million people in the US have pre-diabetes and it costs the health industry billions of dollars a year.”

The longitudinal observational study was a partnership between six primary care offices in Nevada and southern California and Lark Technologies. The study examined 239 overweight and obese patients at risk of Type 2 diabetes. Participants were offered the app free of charge by their primary care physician. No further physician support was given to the patients, according to the study. The retrospective study looked at users from July 2016 to January 2017.

The app is personalized to meet patients’ needs and goals. The user can enter their age, gender, weight, height, and goals.

“This is really AI coaching and mimicking healthcare at its best, but the cool thing about AI is that it is infinitely scalable,” said Hu.

The study, noted that one of its limitations was the fact that it did not have a control group to directly compare the results to. In addition, the study was observational and not experimental, which meant it was not able to determine causality.

Lark’s HCAI has been on the market since 2015 and currently has about a million users, according to Hu. It provides weight loss coaching through modules on an array of topics in unlimited text-based counseling sessions. The modules take about 16 weeks depending on whether users miss a week of the classes or decide to rewatch a module.

According to the study, the design takes a holistic approach to weight loss and management. It allows users to report feelings, such as guilt, and then gives the user encouraging advice based on that situation.

“I grew up with a chronic disease all my life,” said Hu. “I had an amazing care team, my pediatrician and my dad. They were there for me not just medically but emotionally … so that made a huge impact on me, people struggling with chronic conditions could really use a friend and someone who is there for them when they need it. We wanted to scale that sense of compassion and relationship.”

The company has a healthcare committee of 15 members, including several Harvard and Stanford faculty members that specialize in psychology of some kind.

Lark Technologies debuted in 2011 and was originally focused on sleep technologies, but have pivoted, or as Hu says, evolved. Now there are no longer field devices but the technologies sit on top of 70 different health monitors.

“The idea was, can we create an AI coach that coaches on several different aspects of your health,” said Hu. “We started with sleep then, went to exercise, then went to nutrition and that helped us really build for chronic conditions. They are diseases that require lifestyle changes, behavioral health change, and self efficacy.”

Currently, Lark has four products on the marketing including a wellness, diabetes prevention, diabetes management, and hypertension management platforms.

“This study demonstrates AI’s potential to provide compassionate care that is associated with weight loss, increased healthy lifestyle behaviors, and user trust that can reduce diabetes risk,” the study reads.

Output: Artificial intelligence systems have the ability to provide compassionate care to sufferers of chronic condition Type 2 diabetes, according to a year-long study by Californian firm Lark Technologies. It handed out its personalised Lark Weight Loss Health Coach AI (HCAI) app to 239 overweight and obese patients at risk of the condition, resulting in users dropping 2.38% of their weight and increasing healthy meals by almost one third. Lark said its HCAI, which takes a "holistic approach to weight loss and management", already has around one million users.


Instruction: create a high quality summary of the given input

Input:
HTC reveals Vive Focus, all-in-one VR headset
 HTC has officially revealed the Vive Focus, its all-in-one VR headset. As previously announced, the Vive Focus runs on a Qualcomm Snapdragon 835 chip and uses inside-out positional tracking. It should be the first standalone six-degrees-of-freedom VR headset to see release, though HTC isn't saying exactly when it'll be available.

The Vive Focus uses a somewhat simple-looking three-degrees-of-freedom controller with a similar trackpad to the larger Vive devices. The headset's design is unusual, taking cues from both PlayStation VR and HTC's own Vive Deluxe Audio Strap, and it comes in a bright shade of blue. HTC hasn't given a lot more away about the Focus' other specs, like its screen resolution.

HTC has only announced plans for the Vive Focus in China just yet, and even then there aren't any details on pricing or a release date. If you were holding out for that Vive-branded standalone Google Daydream headset, meanwhile, there's bad news — HTC and Google have cancelled their plans to bring it to the US.

Output: Taiwanese consumer electronics firm HTC has unveiled the Vive Focus, the first standalone six-degrees-of-freedom headset to hit the market. However, HTC's announcement only covered the release of the Vive Focus in China, and gave no details on pricing or launch date. In addition, the company also confirmed it had cancelled its project with Google on a Vive-branded Daydream headset.


Instruction: create a high quality summary of the given input

Input:
AI-enhanced device conducts ultrasound with help of a smartphone
 A Bit of AI and iQ

Entrepreneurial engineer Jonathan Rothberg suddenly became popular and rich after he made the world's first DNA sequencer on a chip called the Ion Torrent back in 2011. In the years since then, Rothberg founded and led a new startup called Butterfly Network, which recently unveiled a new device called the iQ, which is equipped with an artificial intelligence (AI) that allows you to perform an ultrasound with a smartphone.

Essentially, the iQ is a lab-on-a-chip medical imaging tool that make ultrasounds accessible to all. You don't need to be a lab technician to figure out how to operate the iQ. It simply attaches to an iPhone's lightning jack, and its machine learning algorithms help the user find what he or she is looking for.

Image Credit: Screen shot from Butterfly Network, Inc.

The iQ is also revolutionizing a more than 40-year-old technology. Almost all regular ultrasounds use compressed charged crystals or ceramics to send out a sound, pick up an echo, and calculate distance to form an image — pretty much like how bats navigate.

For the iQ, Butterfly's engineers replaced these crystals with capacitive micromachine ultrasound transducers (CMUTs). These are rows of incredibly tiny drums that vibrate at a range of frequencies when a current is run through them, depending on the electrical power.

Butterly combined this technology with algorithms originally designed for bundling data from thousands of telescopes together to image the cosmos, developed by physicist Max Tegmark and Nevada Sanchez. The latter co-founded the Butterfly Network with Rothberg.

To keep the iQ's final design as compact as possible, the engineers bonded CMUTs directly onto a semiconductor layer, doing away with wiring. These layers contain all the needed signal processors and amplifiers that convert sound into images, according to a report by Wired.

A Radical Diagnostic Tool

A number of people assume that getting an ultrasound is only for pregnant women, as it remains the most popular method of checking the health of unborn babies. So, why bother with a pocket ultrasound, right? In reality, this is hardly the case. Aside from checking on fetuses, ultrasound is an effective imaging tool for examining internal organs in the body — hence Butterfly's slogan, "Whole body imaging. Under $2k."

Granted, the images it produces are not as clear as those from higher intensity imaging machines like an MRI or a CT scan. Nevertheless, an ultrasound can be useful, especially if getting one doesn't require you to visit the nearest medical lab.

According to the Butterly Network's official website, the iQ has received clearance from the U.S. Food and Drug Administration to be used for diagnostic imaging covering 13 clinical applications, which include heart scans for both adults and children, pregnancy exams, musculo-skeletal tests, and even for urinary tract checks.

While we may be accustomed to these kinds of procedures being relegated exclusively to the domain of doctors and technicians, Butterfly's chief medical officer John Martin argues that giving people the ability to perform an ultrasound with a smartphone is simply taking us one step further in our journey towards self-directed health monitoring. “Thermometers once lived only inside hospitals. And blood pressure cuffs, and defibrillators,” Martin told WIRED. Martin was able to use the iQ to spot a growing cancer mass under his own throat, which has since been removed.

While, for now, the iQ can only be preordered by licensed healthcare providers, Martin hopes that it can soon be available to all. “The sooner we can put smart technologies in the hands of people at home, the sooner the right diagnosis can be made. I’ve yet to find a disease state where earlier detection didn’t lead to better outcomes. And I’m living proof of that," Martin added.

Output: New York and Connecticut-based start-up Butterfly Network has been granted clearance by the US Food and Drug Administration for its hand-held iQ ultrasound device, which can be used in 13 applications, such as heart and pregnancy scans. The lab-on-a-chip medical imaging tool uses machine learning and artificial intelligence to offer ultrasounds to users via their smartphones. Butterfly's chief medical officer, John Martin, used it to identify and diagnose a cancerous growth in his own throat. Currently, iQ can only be pre-ordered by licensed healthcare providers, but the company hopes it will be available to the wider public soon.


Instruction: create a high quality summary of the given input

Input:
Automation enables Alibaba's record breaking Singles Day sales
 The Singles’ Day Shopping Festival held each year on November 11th is just like Black Friday, Mothers’ Day or any other sales-oriented psuedo-holiday, but bigger and more extravagant. Starting in 2009 in China as a university campus event, Singles Day has now reached all over China and to more than 180 countries.

After 24 hours of non-stop online marketing, including a star-studded Gala with film star Nicole Kidman and American rapper Pharrell Williams, the day (also known as Bachelors Day or 11/11 because the number “1” is symbolic of an individual that is alone) concluded with a sales total of ¥168 billion ($25.3 billion) on the Tmall and Taobao e-commerce networks (both belong to the Alibaba Group (NASDAQ:BABA)). Other e-commerce platforms including Amazon’s Chinese site Amazon.cn, JD.com, VIP.com and Netease’s shopping site you.163.com also participated in the 11/11 holiday with additional sales.

Singles Day sales reported by Alibaba were $5.8 billion in 2013, $9.3 billion in 2014, $14.3 billion in 2015, $17.8 billion in 2016, and $25.3 billion for 2017.

In a story reported by DealStreetAsia, JD.com said that their sales for Singles’ Day – and its 10-day run-up – reached ¥127.1 billion ($19.1 billion), a 50% jump from a year ago. JD started its sales event on Nov. 1st to reduce delivery bottlenecks and to give users more time to make their purchasing decisions.

Muyuan Li, a researcher for The Robot Report, said: “Chinese people love shopping on e-commerce websites because sellers offer merchandise 20% – 60% cheaper than in the stores, particularly on 11/11. Sites and consumer items are marketed as a game and people love to play. For example, if you deposit or purchase coupons in advance, you can get a better deal. Customers compare prices on manmanbuy.com or smzdm.com and paste product page urls into xitie.com to see the historical prices for those products. There are lotteries to win Red Envelope “cash” which are really credits that can be applied to your Singles Day shopping carts, and contests to beat other shoppers to the check out.”

Robotics-related products sold in great quantities on Singles Day. ECOVACS and other brands of robot vacuum cleaners were big sellers as were DJI and other camera drones and all sorts of robotic toys and home assistants.

The process:

Although 11/11 was a great day for people buying robotic products, it was also a significant day for the new technologies of handling those products: 1.5 billion Alibaba parcels will transverse China over the next week delivering those purchases to Chinese consumers while all those packed and shipped items will have been manufactured, boxed, cased, temporarily stored and then unskidded, unboxed, picked and packed, sorted for shipment and shipped in all manner of ways.

New technology is part of how this phenomenal day is possible: robots, automation, vision systems, navigation systems, transportation systems and 100,000 upgraded smart stores (where people viewed items but then bought online) – all were part of the mechanical underside of this day – and foretell how this is going to play forward. There were also hundreds of thousands of human workers involved in the process.

Material handling:

Here are a few of the robotics-related Chinese warehousing systems vendors that are helping move the massive volume of 11/11’s 1.5 billion packages:

Alibaba and Jack Ma:

Output: Robotic devices were among the most popular items bought during this year's record-breaking Singles Day, which resulted in total sales for Alibaba of $25.3bn, compared to $17.8bn in 2016. The e-commerce event, which takes in all of China and more than 180 other countries, also relies heavily on automated systems to select and deliver 1.5 billion Alibaba parcels. Alibaba had specialist warehouses, 100,000 upgraded smart stores using vision, navigation and transport systems, and an army of human workers were on hand during the period, according to therobotreport.com.


Instruction: create a high quality summary of the given input

Input:
Geely completes acquisition of flying-car start-up Terrafugia
 In another huge confidence boost for the nascent “flying car” industry, Volvo’s Chinese parent company announced today that it has completed its acquisition of Terrafugia, a startup founded by MIT engineers and MBA students.

News of the purchase first leaked back in July, when the South China Morning Post reported that China’s Zhejiang Geely Holding Group Co. was considering adding the 11-year-old Terrafugia to its portfolio. Neither company confirmed the acquisition until today, when they issued a joint statement announcing their intention of making flying cars “a reality.” At the time, the idea of Volvo’s parent company trying to build and sell flying cars had many people scratching their heads. And I have no doubt the number of itchy scalps will grow tenfold now that the deal is done.

hitting that retro-futuristic sweet spot

That’s because flying cars, while hitting that retro-futuristic sweet spot, are widely considered to be hugely difficult, if not outright unworkable, from a mobility perspective. The idea of filling the skies above our cities with aerial taxis has many urbanists and city planners clutching their pearls in fear. And many of the companies, Terrafugia included, that are working on the technology have been known to over-promise and underperform.

However, Terrafugia is not some latecomer to the flying car business like Google’s Larry Page or Uber. The Woburn, Massachusetts-based team has been flying its prototypes since 2009. The Transition, a road-ready prop plane with retractable wings, received approval from the US National Highway Traffic Safety Administration in 2012 that essentially made it street legal. And the startup even managed to sell a handful at a price of $279,000 each. To be sure, the Transition was more of a drivable plane than a flying car, but it supposedly fits into a one-car garage, so why split hairs?

Its TF-X prototype is even more ambitious. If the Transition could be considered the product of literally mashing together a car and a plane, the TF-X more closely resembles the pop culture vision of a flying car. “Think Blade Runner or Back to the Future,” Terrafugia says on its website. The retractable wings of the TF-X feature a pair of tilt rotors that would allow the aircraft to take off and land vertically like a helicopter. This type of VTOL (pronounced vee-tol) technology is seen as fundamental to the creation of an aerial taxi service, as envisioned by Uber and others. The aircraft would be electric powered, avoiding all the noise and pollution typically associated with helicopters.

“The team at Terrafugia have been at the forefront of believing in and realizing the vision for a flying car and creating the ultimate mobility solution,” Geely’s founder and chairman Li Shufu said in a statement. “This is a tremendously exciting sector and we believe that Terrafugia is ideally positioned to change mobility as we currently understand it and herald the development of a new industry in doing so.”

“herald the development of a new industry”

As part of the acquisition, Terrafugia’s founder Carl Dietrich will transition to the role of chief technology officer, allowing Geely to appoint Chris Jaran, former managing director of Bell Helicopters, as CEO. Geely’s vice president for international business Nathan Yu Ning will become chairman of Terrafugia, and three other Geely executives will join the company’s board. In the run-up to the purchase, Terrafugia tripled its number of US-based engineers, and Geely says it plans on making even more hires now that the deal is completed.

Terrafugia will also benefit from Geely’s largesse, which was able to transform Volvo from a distressed property purchased from Ford in 2010 to one of the world’s leading automakers. The Hangzhou, China-based company also owns The London Taxi Company, which operates that city’s iconic black cabs, and large chunks of Malaysia’s Proton and the UK’s Lotus.

Output: Volvo's Chinese parent company, Zhejiang Geely, has completed the purchase of Terrafugia, a flying-car start-up. Terrafugia is developing a prototype electric vertical take-off and landing vehicle with tilt rotors.


Instruction: create a high quality summary of the given input

Input:
EMoov suspends raffle sale listing on property portals
 Post navigation

Online agent eMoov pulled a potential portal listing last night after it appeared to be attempting to show a property on Rightmove and Zoopla that is being sold privately as a raffle prize.

The agent sent out a press release championing its service yesterday, promoting an upcoming listing from a seller who was due to raffle his property as a competition prize at £5 a ticket, but there was no indication of what service eMoov was actually providing.

The press release was then recalled.

The agent had said the seller had chosen eMoov due to its low fees and the ability to get his property shown on Rightmove and Zoopla.

An eMoov spokesman initially said: “We are acting as the agent inasmuch as he has listed with us, but he doesn’t require any viewings or offer progressions service so our involvement is limited to listing the property for him.”

EYE questioned whether this is technically a private sale, which is not allowed on the portals, as it was being run on a separate raffle website.

Another eMoov spokesman then thanked us for raising the issue, and said the property would be held back while clarification was sought from the portals.

The spokesman said: “Rightmove wants to run it past their data team but we are hoping there is no issue as they do occasionally allow listings of this nature, and as this is for a very good cause and not personal gain they are hoping they are able to help.

“We are also looking to put the listing up but the mechanics at the moment mean it pushes automatically to the portals.”

It is unclear what previous listings of this nature Rightmove has allowed.

EYE also queried if the seller would have his fee refunded if the listing isn’t allowed, but it later transpired that eMoov was planning to refund it anyway as the raffle was for charity.

Some house raffles are only legal if they are raising money for charity.

A Zoopla spokesman confirmed EYE’s suspicions that such a listing wouldn’t be allowed on the portal, and Rightmove has said the same.

Late yesterday, eMoov sent out another message saying the listing had been suspended as the vendor “has encountered some issues with the pay function on the destination site and so is unable to launch the competition as planned”.

There was no mention of the portal issue.

Output: Online agent eMoov has removed a listing from the Zoopla and Rightmove portals after it appeared to be trying to market a property that is being offered as a raffle prize. EMoov initially said the property would be held back until clarification had been sought from both portals but later announced that the listing had been suspended because portals such as Zoopla and Rightmove do not allow homes to be privately sold on their sites. In any case, the vendor said he was unable to launch the competition as planned, due to technical issues on the raffle website.


Instruction: create a high quality summary of the given input

Input:
Plentific partners with Web.com to put tradespeople online
 Plentific & Web.com are launching a new partnership to help trade professionals realise their full potential online.

Starting this month, tradespeople signing up to Plentific or Web.com will enjoy features provided by both companies in a single offering. As well as lead generation and domain creation with Web.com, users will also have access to Plentific’s centralised and evolving platform, allowing them to message customers, send quotes and collect payments in one secure location.

Plentific is dedicated to providing a marketplace that makes it simple for the trade to manage their work and find new leads. All jobs booked on Plentific are covered by the ‘Plentific Guarantee’, a policy that can cover a customer’s project and give them much more confidence in hiring a tradesperson. ‘Verified Pros’ can also offer two-year insurance-backed protection for their jobs.

“Plentific and Web.com share the goal of making it much easier for everyday tradesmen to manage their businesses online,” said Plentific’s Director of Business Development Kevin North. “This partnership will allow us to add real value to our product offering by giving tradespeople more of a presence in an increasingly competitive online world. With this, they will be able to find the work they need while also building trust in the services that they offer.

“Too many of us have the impression that getting online is expensive and time consuming. The fact is that customers are far more likely to trust a business with its own domain, especially when compared to tradespeople with free-domain email addresses which look unprofessional.”

Web.com’s UK Company Director Alastair Thornton said: “Our partnership with Plentific will be a huge help to small trade businesses looking to market themselves on the internet. This kind of web presence does not need to be the sole domain of huge nationwide brands; we want to show that any business with a drive to succeed can reap the benefits of having an online audience.”

Output: Custom website design firm Web.com and Plentific, an online marketplace for tradespeople, are partnering to offer a combined service. Customers of both will have access to each of the sites' features. Plentific’s director of business development Kevin North said customers were "far more likely" to have faith in a company with its own domain, and working with Web.com would enable more tradespeople to compete online and expand their businesses.


Instruction: create a high quality summary of the given input

Input:
Facebook ad suite leverages 1.2 billion users linked to companies
 Facebook Tuesday introduced four new features to help ensure that borders are not barriers to advertising on the social network.

Facebook said in a blog post that more than 1.2 billion of its users are connected to small businesses in other countries.

FacebookCrossBorderSolutionsNovember2017 from SocialTimes on Vimeo.

The four new features revealed by Facebook Tuesday are:

Output: With more than 1.2 billion Facebook users connected to small businesses abroad, the social media giant has released four features to help companies advertise across borders. Dynamic Language Optimisation enables Facebook to can match ad set languages to respective users. Multi-country Lookalike Audiences lets companies find the best potential customers in a combination of countries, while Multi-city Targeting helps them reach users in groups of cities based on population size. Finally, Cross-border Business Insights Finder lets advertisers access comparative country data based on performance across Facebook and Instagram.


Instruction: create a high quality summary of the given input

Input:
Bupa pulls out from Northern Ireland NHS hospitals
 One of the UK's biggest private health insurance companies has withdrawn from all hospitals in Northern Ireland, it can be revealed today

One of the UK's biggest private health insurance companies has withdrawn from all NHS hospitals in Northern Ireland, it can be revealed today.

Northern Ireland people paying Bupa upwards of £3,500 a year for cover may now have to travel outside the province even for routine operations, such as hip and knee replacements.

Last month it was revealed that Bupa stopped sending patients to the Belfast Health Trust in April this year as the trust did not have the medical negligence cover required.

However, it has now emerged that Bupa is not sending any patients to any of Northern Ireland's NHS hospitals. The health insurance company said it stopped referring patients to the remaining four trusts as they did not offer the level of service wanted by its customers.

James Sherwood, Bupa's director of health and benefits management, said: "The vast majority of our customers in Northern Ireland have always chosen to receive treatment at private facilities, so very few were using any of the NHS trust hospitals."

As a result of the situation, any Bupa customer who may require an intensive care bed after surgery will no longer be able to have their procedure done here, as none of the private hospitals have an ICU.

This means anyone having routine cardiac surgery, such as cardiac catheterisation, will have to travel to England for the diagnostic procedure.

Scans to grade cancer are no longer available to patients living in Northern Ireland.

Meanwhile, Bupa customers who are deemed to be obese cannot have any operations here, as they are more likely to suffer complications as a result of having a general anaesthetic.

It is a devastating blow for Bupa customers, coming at a time when hospital waiting times are spiralling out of control and an increasing number of people are using private health insurance to pay for procedures, such as hip and knee replacements.

NHS waiting times for these procedures can be as long as five years from the time a patient goes to their GP and finally goes under the knife.

At the same time, official statistics released last month revealed the startling number of people in Northern Ireland who are overweight or obese.

According to statistics from the Department of Health, 36% of people here are now classed as obese - which increases the likelihood of suffering from joint conditions that will require surgery.

Bupa patients classed as obese by private hospitals here will now have to lose weight or travel to England for such operations.

It is understood that all five health trusts continue to treat patients using other private health insurance companies.

Private healthcare companies such as Bupa only pay for treatments if customers attend approved hospitals and see approved consultants.

In order to be approved, a hospital must fulfil a number of requirements, including meeting hygiene standards and having indemnity insurance in place.

They normally ask clients to choose from a list of approved doctors and hospitals ahead of any treatment being carried out.

Speaking last month, Bupa said the decision to withdraw approval from the Belfast Trust was a temporary measure and it was working to ensure the necessary medical negligence insurance - believed to be in the region of £20m - was put in place once more.

However, it is now six months since approval was removed and the trust has not said whether it intends to acquire the necessary cover.

In the meantime Bupa said it paid the travel costs of any people travelling to England for surgery.

However, it is not known whether it covers additional costs, such as accommodation or travel costs of a family member to accompany a patient during their treatment.

Output: Private health insurer Bupa has suspended referring policyholders to National Health Service (NHS) hospitals in Northern Ireland. The firm says the hospitals do not offer the level of service wanted by its customers. Patients will reportedly now have to travel to England for a number of procedures. Cardiac surgery, scans to grade cancers and operations performed among people deemed to be obese are among these surgeries.


Instruction: create a high quality summary of the given input

Input:
Lionsgate releases Chrome extension to promote movie
 Lionsgate’s movie Wonder (which premieres on Friday) tells the story of August Pullman, a boy who was born with facial differences and looks different from his classmates. Classmates bully him as he enters fifth grade at his first mainstream school. T0 make that message relatable online, the film studio created a clever way to filter content and show how much better the world would be without hurtful comments.

Output: Entertainment company Lionsgate has released a Chrome extension that replaces negative online comments with messages of kindness. The introduction of the Choose Kindness Chrome extension marks the release of its movie Wonder, a film about a boy bullied for facial differences. The tool, developed with Jigsaw's Perspective technology, uses machine learning to find abusive content and has three levels of moderation: kind, kinder and kindest. It then places a banner with a statement like "Kindness is contagious" over the offending material, giving users the choice to reveal the text or keep it hidden.


Instruction: create a high quality summary of the given input

Input:
Max Bupa introduces health insurance machines in India
 New Delhi [India]: Among India’s leading health insurance players, Max Bupa, on Monday announced the launch of Max Bupa AnyTimeHealth (ATH) machines to propel health insurance penetration in the country.

The ATH is Max Bupa’s innovative new technology-based solution that will allow customers to run instant health assessment and buy health insurance cover, in just 180 seconds.

Revolutionizing the way people buy health insurance in India by simplifying the insurance purchase journey, Max Bupa ATH machines will let customers initiate their health assessment, choose the right health insurance plan for themselves, and walk away with the policy document all in three minutes.

“Health insurance has almost become a necessity in India with the growing incidence of lifestyle diseases but the overall penetration is still quite low with close to 80 percent of the Indian population still not covered under any form of health insurance. The Indian health insurance industry needed something disruptive to ensure health cover reaches every Indian,” said MD & CEO, Max Bupa, Ashish Mehrotra.

“With the Max Bupa ATH machines we aim to democratize health by addressing the key issues and challenges faced by Indians on their buying journey. While we anticipate greater penetration for health insurance overall with the innovation, we also expect the Max Bupa ATH machines to increase our Bancassurance throughput by 2.5X and become an independent sales channel in the next three to five years, comprising 15 percent – 20 percent of our total digital sales,” added Mehrotra.

Looking at the severe under-penetration of health insurance in India, the ATH machines have been designed for customers who find health insurance buying either too complicated, or do not find the time or motivation to insure something as important as their health.

Max Bupa’s AnyTimeHealth is a completely automated, technology-based model with a simple interface that offers a comprehensive awareness-to-purchase journey, overcoming the procrastination hurdle experienced by many Indians.

The five simple steps a first-time user needs to follow include registration using their email ID and phone number, followed by non-intrusive health assessment, automated health insurance policy recommendation based on details entered and test output, instant payment, and instant policy issuance.

At this stage, customers will be able to perform non-intrusive health assessment covering Body Mass Index, Blood Pressure, Body Type and Fat percent, Muscle percent, Bone Mass, Body Temperature, Hydration level and Blood Oxygen percent; and buy the policy instantly.

ATHs are built on a scalable technology platform, and the future versions of ATHs will be reimagined as end-to-end customer service systems based on Max Bupa’s product and servicing requirements.

The upgraded versions of the ATHs will service retail customers 24×7 and will be online to offer more customized and personalized health insurance plans. These machines may also offer Artificial Intelligence (AI) based interventions.

As per the Max Bupa Pulse survey conducted in early 2017, people are moving towards digital mediums and platforms for buying and renewing health insurance.

While 47 percent of the respondents confirmed opting for online platforms for renewing health insurance, 13 percent said they would go to online platforms for purchasing health insurance.

Max Bupa’s is a much needed technology application that simplifies health tracking and decision making for customers.

It is a result of thorough analysis of the obstacles towards health insurance penetration in India and aim to address the challenges of awareness (of one’s health and the need for health insurance), accessibility (of a genuine advisor and policy issuer), and serviceability (end-to-end experience) among Indians through technology.

The ATH machines will be introduced in the market through the company’s Bancassurance partners – such as Bank of Baroda, giving Max Bupa access to potentially 20 percent of the banked Indians.

In the first phase, 20 ATH machines will be installed at partner banks’ branches, across multiple cities.

Through the next few months, Max Bupa will focus on gathering customer inputs, feedback, and performance data to enhance services/offerings through the systems.

In the next 12-15 months, Max Bupa has plans to install multiple ATH machines across retail locations such as malls, societies/ RWAs, airport lounges, hotels etc.

Max Bupa expects its ATH machines to drive the next phase of growth for the health insurance industry.

The ATH machines have been designed by Max Bupa, in partnership with Yolo Health, a health tech startup. (ANI)

Output: Max Bupa has introduced "AnyTimeHealth" (ATH) machines across India with the goal of increasing the adoption of health insurance. The machines allow customers to assess their health, choose an insurance policy and obtain the relevant policy documents in as little as three minutes. The machines measure metrics such as blood pressure, body mass index and temperature in order to recommend a policy. Roughly 80% of the Indian population is without health insurance.


Instruction: create a high quality summary of the given input

Input:
Insurance blockchain start-up ChainThat gains funding
 LONDON--(BUSINESS WIRE)--Xceedance, a global provider of insurance consulting, managed services, technology and data sciences, today announced a multi-million dollar “Series A” equity investment in ChainThat, a London-based blockchain specialist organisation serving the re/insurance industry.

Using a proprietary insurance blockchain framework (CT-IBF), ChainThat supports re/insurance contract management and transactional processes in key areas of the insurance lifecycle including claims, accounting and settlement, billing and collections, and credit control. The ChainThat framework includes integrated business intelligence and reporting for real-time management and operational information.

As a pioneering startup in blockchain and distributed ledger technologies, ChainThat develops products for the commercial, specialty, and reinsurance markets. The ChainThat team provides secure online transactional services specifically tailored for re/insurance operations. Its partnership with Xceedance enables the two companies to drive the adoption of blockchain in re/insurance by developing and applying decentralised technology, data/analytics, and industry-expert services to strengthen the business practices and policyholder services of a wide range of insurance organisations.

“This is a strategic alliance of two progressive companies that believe specialised services and new technologies can transform the re/insurance industry,” said Arun Balakrishnan, chief executive officer at Xceedance. “Our scale will help to accelerate the growth of ChainThat, and our clients will benefit from the blockchain, distributed ledger technology and smart contract expertise of our partnership. The deep industry knowledge and technology credentials of ChainThat complement our own. Our investment in the power and potential of ChainThat is an advantageous step in the expansion of both companies.”

In addition to the investment by Xceedance, ChainThat will have access Xceedance global resources, including insurance-expert business and technology consultants, industry-knowledgeable IT professionals, business development and support services.

“We are thrilled with the strategic investment from Xceedance to help scale our company,” said David Edwards, ChainThat founder and chief executive officer. “Key to this investment stage was finding the right partner with industry knowledge and a passion for the future of re/insurance collaboration. With the support of Xceedance we can now focus on enhancing products to enrich a wide range of customer-centric applications. Together with Xceedance, we look forward to delivering the transformative benefits of practically deployable, decentralised blockchain technology in the insurance ecosystem.”

About Xceedance

Xceedance is a global provider of consulting and managed services, technology and data sciences to insurance organisations. With offices in the U.S., U.K., Poland and India, Xceedance partners with insurers to launch new products, drive operations, implement technology, and deliver advanced analytics capabilities and process optimisation.

About ChainThat

ChainThat was formed in 2015 by a group of London-based insurance technology experts, with the aim of transforming insurance markets using blockchain, distributed ledger technology and smart contracts. The solutions of ChainThat cover placing, contract management, facilities, accounting and settlement and claims agreement, all utilising industry standards such as ACORD.

# # #

Output: ChainThat, an insurance start-up focusing on blockchain technology, has gained "multi-million" dollar financing from insurance consultancy Xceedance. The exact amount of the investment was not disclosed. ChainThat provides blockchain technology to help with the management of insurance contracts. The firm predominantly operates in the commercial, specialty and reinsurance spaces.


Instruction: create a high quality summary of the given input

Input:
Redrow Council asked to scrap housing partnership with Redrow
 In a surprising motion to Wednesday’s Council Liverpool’s Lib Dem Group are asking Council to back Jeremy Corbyn’s housing policy of “for the many – not the few” and have asked them ditch the housing “partnership” with Redrow Homes.

In moving the motion Lib Dem Cllr for Allerton & Hunts Cross Mirna Juarez will say, “the current partnership with Redrow Homes is failing to deliver the housing that Liverpool needs. Instead of a handful of high priced homes the South Liverpool area where Redrow likes to build needs more 3 bed semis and two bed flats.

In the council’s own figures in Woolton, Church, Allerton, Cressington and Mossley Hill wards there are 4,459 people living alone, many of them in substantial houses. They need two bedroomed flats to move to in the areas where they live. This would release big homes to young families. At the same time the starting price of £300,000 up to £650,000 on the Redrow Homes is way beyond the reach of young families who are continuing to leave our City.

The motions’ seconder Cllr Andrew Makinson will add, “this is not a good financial deal either. The latest figures are that the cash received from Redrow to date has only assisted with the provision of 96 social homes. This is no more than would have been received in land sales and section 106 planning agreements than from any other developer and we would probably have got more for the land if separately tendered. Because so few houses are built on the land our council tax take is a lot less than if we had agreed a larger number of smaller homes”.

Leaving aside the Redrow Partnership the motion also addresses the problems highlighted in local media of the sale of the freeholds of properties to greedy speculators who then hold residents to ransom with a string of charges. The motion asks for an agreement on the sale of any land by the Council that it be subject to the sale of the freehold of the land to the resident being included in the initial sale. If that is not possible the freeholds should be held by specific companies owned by the freeholders of the estate. Liberal Democrats believe that the council should not support a system whereby unsuspecting home-owners are held to ransom by greedy profiteers.

Output: Liverpool City Council is being urged to drop its housing partnership with Redrow Homes. Liberal Democrat councillors claim the housebuilder is failing to meet the city's housing requirements, saying that more two and three bedroom homes are needed, rather than a handful of high-priced homes. The motion adds that the starting prices of £300,000 ($355,000) to £650,000 for properties are beyond the means of many young families.


Instruction: create a high quality summary of the given input

Input:
Speedy Hire Speedy Hire announces profits before tax up 58.8 per cent
 Something went wrong, please try again later.

Invalid email Something went wrong, please try again later.

Sign up for our daily newsletter to get the day's biggest stories sent direct to your inbox

Speedy Hire

The tools and plant hire company, has reported a strong first half performance in its latest results.

The Newton-le-Willows headquartered business announced profits before tax was up 58.8 per cent to £10.8m for the six months to September 30.

Revenues increased by 6.9 per cent to £183.2m during the period.

Speedy Hire, which endured a tumultuous 2016, saw its debts reduced to £63.1m, down from the £71.4m reported in March.

Investors will be happy with the increase to their dividend up 51.5 per cent to 50p per share.

The results have been attributed to a restructure of the business and operational efficiencies.

The company also reported growing revenue from value added services businesses; testing, inspection and certification (TIC), training and consumables.

Russell Down, chief executive, said:"These results are confirmation of the sustainable progress we continue to make following implementation of our customer focussed strategy and a rigorous approach to capital allocation and cost control.

"Our end markets are diverse and remain competitive. The improvements we have made to our operations have enabled us to more effectively manage the business and meet market challenges.

"We are confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it."

Renold

The supplier of industrial chains and power transmission products, has announced a mixed set of trading results as it focusses on strategic goals.

The company has its international HQ in Wythenshawe and two other parts of the business: Torque Transmission and Chain.

The group saw revenue increase by eight per cent to £95.4m, for the half year to September 30.

However, operating profit was down from £7.6m to £6m compared to the same period in 2016.

This was down to the Chain division which saw orders grow by 15.7 per cent, but also saw an increase in raw material costs and machine break-downs.

Torque Transmission saw revenue up 6.1 per cent and adjusted operating profit increase.

While Renold admitted overall profits were 'disappointing', progress is being made in its STEP 2020 strategic plan to make the business more efficient.

Robert Purcell, chief executive, said: "Whilst the first half of the year was a disappointing period for profit delivery, the issues in Chain are being resolved, and we are seeing distinct signs of improvement in our end markets.

"During the period we have continued to build the commercial and operational platform from which to deliver improved performance. Our efforts are starting to bear fruit: our order intake demonstrates significant progress, and we are also seeing the benefits of our actions in the enhanced results of Torque Transmission.

"We continue to believe that our STEP 2020 strategy is the right path to deliver a more robust, higher margin business. We are confident of delivering improved performance in the second half."

ITV

Shares in broadcasting giant ITV slipped this morning after its revenue declined.

The group, home to shows such as The X Factor and Broadchurch, said it was confident in the strength of the business ahead of new chief executive Carolyn McCall’s arrival.

In the nine months to 30 September, total external revenue was down one per cent to £2.1bn, based on a mixed performance across different areas

While broadcast and online revenues sank four per cent to £1.45bn, online, pay and interactive revenues jumped eight per cent, while ITV studios revenue was up nine per cent at just over £1bn.

Shares were down 1.75 per cent to 151.3p in early trading.

Sir Peter Bazalgette, ITV executive chairman, said: “ITV’s performance in the first nine months of 2017 is very much as we anticipated.

"We’ve seen improving trends in all our key revenue lines in the quarter and we’re on track to deliver on the commitments we set out at the start of the year.”

He added: “We will enter 2018 in good shape with a strong operating performance underpinned by a robust balance sheet, and we look forward to the arrival of our new CEO, Carolyn McCall, early in the New Year.”

Output: Tool and plant hire company Speedy Hire has reported H1 2017 pre-tax profits of £10.8m ($14.2m), almost 60% higher than in 2016. The company also said that first-half revenues grew 6.9% to £183.2m, while company dividend rose by 51.5% to 50p per share. CEO Russell Down said the financial results were down to a "rigorous approach to capital allocation and cost control".


Instruction: create a high quality summary of the given input

Input:
AWS scales back cloud assets in China to comply with law
 Beijing Sinnet Technology said Tuesday it would buy parts of Amazon's cloud business in China for up to 2 billion Chinese yuan ($301 million), but the U.S. e-commerce giant said it was not exiting the world's second-largest economy.

In August 2016, Amazon signed a deal to let Chinese tech firm Sinnet operate services provided by Amazon Web Services (AWS) in China.

Sinnet said in a regulatory filing on Monday that the purchase, which is still pending, would help it "comply with China's laws to further improve the company's AWS cloud services" in terms of quality and security.

But Amazon said that it is only selling "certain physical assets" and still owns the intellectual property for AWS worldwide.

"No, AWS did not sell its business in China and remains fully committed to ensuring Chinese customers continue to receive AWS's industry leading cloud services. Chinese law forbids non-Chinese companies from owning or operating certain technology for the provision of cloud services. As a result, in order to comply with Chinese law, AWS sold certain physical infrastructure assets to Sinnet, its longtime Chinese partner and AWS seller-of-record for its AWS China (Beijing) Region," Amazon told CNBC's Deirdre Bosa.

"AWS continues to own the intellectual property for AWS Services worldwide. We're excited about the significant business we have in China and its growth potential over the next number of years."

The deal could be linked to increasing regulatory scrutiny from the Chinese government who is trying to tighten their grip on the internet in the country. Sinnet asked its customers earlier this year to stop using virtual private networks (VPNs), which are able to circumvent China's Great Firewall.

Other U.S. firms have also faced a challenging situation in China. In July, Apple removed VPNs from its app store in China, amid the crackdown on such services by the government.

AWS has been a jewel in the crown for Amazon's earnings in recent times and a big reason why the company's shares are up over 50 percent year-to-date.

Output: Amazon Web Services (AWS) is to sell certain physical assets from its cloud business in China to its partner Beijing Sinnet Technology for CNY2bn ($301m). Amazon said the sale of assets would help AWS to comply with Chinese law that forbids non-Chinese firms from running or owning certain technology for the provision of cloud services; it does not mean the company is leaving the world's second largest economy, and AWS will retain the intellectual property for its cloud services worldwide.


Instruction: create a high quality summary of the given input

Input:
BNY Mellon merges three buy-side firms
 BNY Mellon Investment Management is to launch a new specialist, multi-asset investment management business by combining its three largest US buy-side firms.

Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management will merge to form the new company and offer clients single and multi-asset, active and passive investment strategies.

The combined entity will have over $560 billion in assets under management, employing more than 300 individuals globally.

It will be headquartered in Boston and will be led by the current CEO of US asset management at BNY Mellon Investment Management, Des Mac Intyre.

“Each business already has in-depth investment expertise in their respective areas. By combining them we will be able to increase our investment in their collective capabilities and add new investment solutions for the benefit of clients,” he commented.

BNY Mellon explained the companies’ teams, processes and core strategies will largely remain the same, but as they collaborate more closely over time the processes and philosophies will be improve and optimised.

Mitchell Harris, CEO of BNY Mellon Investment Management, added clients are increasingly seeking specialist managers with differentiated investment strategies and competitive pricing.

“This combined US business will give clients unified access to our intellectual capital in multi-asset strategies, alongside a strengthened investment process and an optimised platform with increased resources to deliver innovative and competitively priced solutions,” he added.

The merger of the businesses is expected to be completed within 12 months and will launch officially under a unified brand later in 2018.

Output: BNY Mellon Investment Management is merging three of its boutiques together into one entity. The three units in question are Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management. The merged entity will have approximately $560bn in assets under management. The firm says the merger will take roughly 12 months to conclude, with the new entity launching some time during 2018.


Instruction: create a high quality summary of the given input

Input:
German robo-adviser Scalable Capital grows assets to €500m
 Source: Scalable Capital

Just 22 months after its launch in Germany and 16 months after the launch in the UK, digital wealth manager Scalable Capital manages over 500 million euros of investments for more than 15,000 clients.

The Fintech is expanding its position as the clear market leader in Germany and is one of the fastest growing robo-advisors worldwide.

"In the past ten months, we have been able to grow our assets under management fivefold to over half a billion euros. This shows that private investors value the benefits of a technology-driven investment model, cost-effective ETFs and digital usability, " said Adam French, Founder and CEO of Scalable Capital.

The cooperation with ING-DiBa exceeds expectations

Scalable Capital's partnership with ING-DiBa, Germany's third-largest bank by number of customers, provided a particular boost to growth: in the first two months of the cooperation, almost 7,000 ING-DiBa customers have already invested more than 150 million euros. So far, no other online wealth manager in Germany has reached 150 million euros in such a short amount of time.

While ING-DiBa is in charge of custody, Scalable Capital manages client investments with its proprietary risk management technology. It is the first fully integrated partnership between a major German bank and a digital wealth manager. The cooperation is likely to be rolled-out to other European markets.

Over a third of investors are over 55

As assets under management increase, so does the age of Scalable Capital’s clients. The average age currently stands at 50 years whereas a year ago it was just 42 years. Over a third of investors are over 55; testament to the fact that digital wealth management is by no means only embraced by Millennials. Rather, it attracts audiences with wealth to invest and previous investment expertise that can appreciate its benefits. Particularly welcome is the growing share of female investors, which rose to more than 20 percent within the past 12 months. Regardless of age and gender, Scalable Capital's clients continue to have one thing in common: they are well educated. Over 90 percent of clients have a university degree. Their most common professions are bankers, economists, computer scientists and engineers.

On average, clients have currently invested £28,000 with Scalable Capital, with new clients significantly increasing their initial investment within the first six months. Nearly half of the clients also use a free savings plan, which is on average at £350 per month. The company also manages many large portfolios. Portfolios with more than £100,000 represent almost a third of assets under management.

Output: German robo-adviser Scalable Capital has grown its assets under management to €500m ($589m). The platform launched 22 months ago and the firm says a partnership with German bank ING-DiBa has helped it garner €150m in assets, with 7,000 of the lender's customers signing up. The robo-adviser isn't just targeting young investors: more than a third of its clients are reportedly over 55.


Instruction: create a high quality summary of the given input

Input:
Audi looks to develop pilot e-diesel factory in Switzerland
 e-tron

e-tron

e-tron

Experience a century of adrenaline-fueled excitement as we honor the Le Mans 100-year anniversary. With Audi's racing heritage deeply ingrained in our DNA, we pay tribute to the iconic race that has shaped motorsport history. Join us as "Mister Le Mans" himself, Tom Kristensen, reminisces about the legendary race while taking a ride in the Audi RSGT*. Step into the journey of Le Mans, remembering the past and embracing the future of motorsport. #Audi #PerformanceIsAnAttitude #RSGT #LeMans24 -------------------- *Audi RSGT: Power consumption combined in kWh/100 km: 22.1-19.8; CO₂ emissions combined: 0 g/km. Only consumption and emission values according to WLTP and not according to NEDC are available for the vehicle. Further information: www.audi.com/dat. The vehicles shown are intended for professional use on closed circuits only and are not available as production models. Closed circuit, professional driver. Do not attempt.

Output: Audi is planning to build a pilot "e-diesel" production facility in Switzerland. The proposed unit in Laufenburg will use energy supplied from a hydroelectric power station to synthesise carbon dioxide and hydrogen to produce the fuel. The plant is intended to have capacity to produce about 400,000 litres of the fuel a year. Audi and its partners Ineratec and Energiedienst will submit planning applications for the site shortly, with construction expected to start early next year.


Instruction: create a high quality summary of the given input

Input:
Compliance costs create uneven playing field on buy-side
 Several senior fixed income market participants have highlighted the cost of compliance has created a less competitive environment in the asset management industry.

Buy-side experts explained they have started to ‘defensively merge’ with one another, in a bid to fight off growing costs often seen through compliance technology and a squeeze on profits.

“This is something we will see more of moving forward and the larger powerhouses will have that bandwidth to cover costs of compliance. Smaller asset managers will need to be more creative when looking at how to comply with legislation,” said Carl James, global head of fixed income trading at Pictet Asset Management.

The burden of compliance has been particularly felt by smaller asset managers unable to keep up with the costs, according to Andrew Falco, head of fixed income trading at Fidelity International.

“The regulatory landscape has made the environment less competitive because if you can’t afford compliance costs being put in front of you, you could be driven out of the market place.

“Costs are definitely increasing and I look more like a compliance officer these days, signing reports and best execution files on a daily basis, but we are in a place at Fidelity where we have the means to do this. It makes how you engage with markets much more difficult for smaller asset managers,” Falco explained.

This year has seen several major buy-side mergers, including Standard Life Aberdeen, Janus Henderson and Amundi Pioneer. A squeeze on profits and rising costs are often cited as being reasons for mergers.

Paul Reynolds, fixed income product manager at TradingScreen, added larger houses also have more ability to build technology for compliance in-house, whereas smaller asset managers simply don’t have the resources.

He said: “Building in-house for some is not in scope these days due to the complexities around integration, connectivity and resources. That puts onus on vendors like us to keep developing these products to supply them to those who can’t build the technology themselves.”

Output: Smaller asset managers are feeling the pinch as increased regulations have created a less competitive marketplace and forced "defensive" buy-side mergers, such as Standard Life Aberdeen, Janus Henderson and Amundi Pioneer, according to industry insiders. The harsh environment has also put pressure on technology providers who are developing solutions for smaller houses lacking in-house resources.


Instruction: create a high quality summary of the given input

Input:
Richest 1% of global population owns 50.1% of all wealth
 The globe’s richest 1% own half the world’s wealth, according to a new report highlighting the growing gap between the super-rich and everyone else.

The world’s richest people have seen their share of the globe’s total wealth increase from 42.5% at the height of the 2008 financial crisis to 50.1% in 2017, or $140tn (£106tn), according to Credit Suisse’s global wealth report published on Tuesday.

“The share of the top 1% has been on an upward path ever since [the crisis], passing the 2000 level in 2013 and achieving new peaks every year thereafter,” the annual report said. The bank said “global wealth inequality has certainly been high and rising in the post-crisis period”.

The increase in wealth among the already very rich led to the creation of 2.3 million new dollar millionaires over the past year, taking the total to 36 million. “The number of millionaires, which fell in 2008, recovered fast after the financial crisis, and is now nearly three times the 2000 figure,” Credit Suisse said.

These millionaires – who account for 0.7% of the world’s adult population – control 46% of total global wealth that now stands at $280tn.

At the other end of the spectrum, the world’s 3.5 billion poorest adults each have assets of less than $10,000 (£7,600). Collectively these people, who account for 70% of the world’s working age population, account for just 2.7% of global wealth.

The report said the poor are mostly found in developing countries, with more than 90% of adults in India and Africa having less than $10,000. “In some low-income countries in Africa, the percentage of the population in this wealth group is close to 100%,” the report said. “For many residents of low-income countries, life membership of the base tier is the norm rather than the exception.”

Meanwhile at the top of what Credit Suisse calls the “global wealth pyramid”, the 36 million people with at least $1m of wealth are collectively worth $128.7tn. More than two-fifths of the world’s millionaires live in the US, followed by Japan with 7% and the UK with 6%.

However, the collapse in the value of the pound since the Brexit vote meant the total number of dollar millionaires in the UK fell by 34,000 to 2.19 million. Just over half of the UK’s 51 million adults have wealth in excess of $100,000. The mean average wealth of a UK adult is $278,038, but the median is $102,641.

While the global population of millionaires has grown considerably, the number of ultra-high net worth individuals (UHNWIs) – those with a net worth of $50m or more – has increased even faster. “The number of millionaires has increased by 170% [since 2000], while the number of UHNWIs has risen five-fold, making them by far the fastest-growing group of wealth-holders,” the report said.

Most of the new UHNWIs have been created in the US, but 22% come from emerging economies, notably China.

The biggest losers, the report says, are young people who should not expect to become as rich as their parents. “Those with low wealth tend to be disproportionately found among the younger age groups, who have had little chance to accumulate assets,” Urs Rohner, Credit Suisse’s chairman, said. “But we find that millennials face particularly challenging circumstances.”

Rohner, who is paid SFr4m (£3m), said millennials have been dealt a series of blows including high unemployment, tighter mortgage rules, increased income inequality and reduced pensions. “With baby boomers occupying most of the top jobs and much of the housing, millennials are doing less well than their parents at the same age, especially in relation to income, home ownership and other dimensions of well-being assessed in this report.”

He said that millennials are much more educated than their parents. But he added: “We expect only a minority of high achievers and those in high demand sectors such a s technology or finance to effectively overcome the ‘millennial disadvantage’.”

Oxfam said Credit Suisse’s research showed that politicians need to do more to tackle the “huge gulf between the haves and the have-nots”.

“In the UK, the wealthiest 1% have seen their share increase to nearly a quarter of all the country’s wealth, while the poorest half have less than 5%,” Oxfam’s head of advocacy, Katy Chakrabortty, said. “This divide matters hugely at a time when millions of people across the UK face a daily struggle to make ends meet and the numbers living in poverty are the highest for almost 20 years.

“The recent Paradise Papers revelations laid bare one of the main drivers of inequality – tax-dodging by rich individuals and multinationals. Governments should act to tackle extreme inequality that is undermining economies around the world, dividing societies and making it harder than ever for the poorest to improve their lives.

“In the UK, the chancellor should use next week’s budget to prioritise tough action to tackle tax avoidance to help provide funds to fight poverty in both the UK and developing countries.”

Output: The richest 1% of people on the planet own half of the world’s wealth, according to Credit Suisse’s global wealth report, published on Tuesday. The exact amount owned by the 1% has increased from 42.5% in 2008 to 50.1%, or $140tn (£106tn), this year. 2017 has seen the creation of 2.3 million new dollar millionaires, to a total of 36 million. Such millionaires comprise just 0.7% of the adult population, but control 46% of the total $280tn of global wealth. The poorest 3.5 billion adults, or 70% of the working population, own just 2.7% of global wealth.


Instruction: create a high quality summary of the given input

Input:
Richest 1% of global population owns 50.1% of all wealth
 Change location

You are about to change the origin location from where you are visiting Credit-suisse.com.

*The location of origin is defined in your browser settings and may not be identical with your citizenship and/or your domicile.

Output: The richest 1% of people on the planet own half of the world’s wealth, according to Credit Suisse’s global wealth report, published on Tuesday. The exact amount owned by the 1% has increased from 42.5% in 2008 to 50.1%, or $140tn (£106tn), this year. 2017 has seen the creation of 2.3 million new dollar millionaires, to a total of 36 million. Such millionaires comprise just 0.7% of the adult population, but control 46% of the total $280tn of global wealth. The poorest 3.5 billion adults, or 70% of the working population, own just 2.7% of global wealth.