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IoT firm the Yield offers predictive sensors for smart farming
 Editor’s Note: AgFunder is an investor in The Yield.

“We put electronics into open bays in one of the world’s roughest marine environments with an objective to protect food safety; it doesn’t get harder than that.”

Ros Harvey, CEO of ag sensor and IoT startup The Yield, is talking about the Australian startup’s oyster-focused aquaculture business line. Founded in 2014 with a mission to “feed the world without wrecking the planet,” The Yield purposefully focused on a specific business problem, in a relatively small market segment, to perfect its technology stack before expanding. The startup now offers an end-to-end microclimate sensing and predictions service for land-based crops as well as aquaculture.

Starting Small

The specific business problem faced by oyster farmers relates to the harvest restrictions placed on them by regulators. Food safety regulators use rainfall as a way to determine when to open and close oyster harvesting because rain causes run-off from fields and surrounding land that could include dangerous contaminants, which will be filtered by the oysters.

Measuring the salinity of the water is a much more accurate way of determining run-off and the presence of these contaminants. By deploying microclimate sensors measuring salinity, The Yield can reduce unnecessary closures by up to 30% by providing this information to both growers and local regulators. This translates into an extra four weeks a year of harvesting time, which is not insignificant for farmers, according to Harvey.

The technology soon progressed to use machine learning and artificial intelligence to offer oyster farmers salinity predictions used by the regulators to open and close harvest with 95% accuracy three days ahead of time.

The end-to-end service, which involves the deployment and management of the sensors as well as the data analytics and user interface, also enables oyster farmers to manage labor scheduling, disease risk, harvest records, and consignment reporting. For example, growers are required to keep track of water temperature and salinity when shipping out oysters as part of food safety standards.

The Yield sells the oyster product to the food authorities in the states of New South Wales and Tasmania, representing over 60% of Australia’s oyster industry, according to Harvey.

“We really learned to do this in some of the most difficult conditions in the world, and to some of the highest standards out there as it relates to food safety, so it was a great place to launch our next product from with all we had learned,” she said. “It’s also a great idea to start small and localized to iron out issues first before you scale.”

Onwards to Agriculture

Sensing+ for Agriculture, which the company launched last month, uses the same concepts of microclimate sensing and machine learning-based predictions, to offer an end-to-end solution for intensively irrigated crop growers.

“Almost every grower we talk to has at least one unused agtech solution sitting in the shed, because they are rarely installed or supported properly, so it’s core to our offering that we take care of the whole package – from installing, supporting and maintaining the sensors, to delivering predictions and insights via mobile apps and on the desktop; all hardware and software is supplied as an ecosystem,” says Harvey.

The Yield built the product alongside growers in Australia over two years to ensure it was solving the specific challenges they face around the five main business decisions they need to make each year: planting, irrigating, feeding, protecting, and harvesting.

Sensing+ now offers farmers informed and intuitive decision support around these five activities by measuring the 12 factors that drive most agricultural models: temperature, rainfall, leaf wetness, humidity, soil temperature and soil moisture, wind speed and direction, photosynthetic active radiation, total solar radiation and air pressure.

Using irrigation decisions as an example, The Yield uses the microclimate data it collects to create a water balance for farmers — including the amount of water lost to evapotranspiration and the growth curve of certain crops –and to predict the soil moisture at any given time. This enables the farmer to adjust their irrigation schedule and optimise the use of costly water resources.

“We’re the only business making 7-day predictions for soil moisture – and microclimate growing conditions generally – wherever we have hardware,” says Harvey.

This information is presented to growers in an app. Growers use the app to learn, act and record activity that generates an auditable train which Harvey describes as a “news feed for each field and crop.”

Timely Decision Support

For spraying decisions, the Sensing+ app gives growers the microclimate insights they need to decide the best time to spray based on the 12 factors such as humidity and wind, which might make agrichemicals less effective with the risk of washing off the plants and getting into the environment. Sensing+ also helps growers track when spraying actions occur — which is particularly relevant for large-scale operations that sometimes struggle to keep up with all the activity on their land. And it does all the relevant spray calculations, records things like withholding periods, and gives a real-time inventory based on the amount of chemicals used. Each spray action creates a date and weather stamped record as part of the field and crop record.

Growers can also choose to receive custom notifications in the app, where they input the conditions they want to know about, and Sensing+ sends them an alert when these have been reached. One example is wind speed and direction, as growers will rarely spray when the wind reaches higher than 20 km per hour, so they can set to receive an alert when the wind is 18 km per hour and then turn off their irrigation system or sprayer at that time. With the 7-day predictions, they can then choose when a more suitable time to perform that task will be, saving time and money if contracting third parties to do the work, argues Harvey.

“The overarching benefits to growers for having a solution like Sensing+ are convenience, time-saving, optimising farm resources such as water, chemicals, and labour, having a digital record at crop and field level to plan for each growing season, the ability to make evidence-backed decisions, and the 7-day microclimate predictions give them an unforeseen level of visibility over what is happening (and coming) on their farm,” says Harvey.

As well as collecting data from its sensor network, The Yield crowdsources some data from the farmers around growth metrics.

“We predict where a crop should be in terms of growth stage and will send farmers alerts to ask “is this where you are now? Yes or No.” Their response feeds back into our analytics to optimize the rest of the system,” says Harvey.

Eight weeks after deploying a sensor in a microclimate, The Yield is able to start offering farmers 7-day predictions based on conditions in their immediate environment. “You need enough of a data stream to reach an acceptable threshold for the system to self-learn and for us, at the moment, that’s eight weeks.”

Working with Bosch

While The Yield uses third party microclimate sensors, it designed the supporting hardware and mesh network needed to maintain connectivity across operations in partnership with Bosch, the German multinational engineering and electronics company. Bosch is also an investor in The Yield.

The Yield owns the IP on this enterprise-grade “farm area network,” which consists of nodes and a communications gateway, but contracted Bosch’s R&D team to help develop the design and manufacture them. The network is essential for the business because it means the startup can control the quality of the data its analytics platform ingests.

“One of our cornerstone customers is a prominent winemaker in Richmond, Tasmania, and they told us that every time a tourist bus goes past, their 4G footprint shrinks, which means they can suddenly lose a whole load of data. That is a big no-no for us; you can’t do predictions and build analytics from localized data if you don’t have a constant, high-quality stream. So, the area network is critical to avoid any gaps in the data stream,” says Harvey.

Later the company plans to build its own microclimate sensors too,

How Did The Yield Get Here?

“I often describe myself as the most unlikely entrepreneur; I’m a woman, I’m not a technologist, and I’m in my 50s.”

Harvey worked in international development for 15 years before founding The Yield, and while that might seem an unlikely beginning for a tech entrepreneur, her experience is very complimentary.

She founded a social enterprise called Better Work in 2002, which was a partnership between the United Nations and World Bank Group, which aimed to bring transparency to the supply chains of large clothing companies including Nike and The Gap. What ended up being a tech-enabled business, Better Work monitored conditions in these supply chains such as safety, child labor, and worker rights, with the earliest iterations of tablet computers and cloud-based data storage “although it wasn’t called the cloud back then,” says Harvey.

The business sold that information to the brands as a knowledge service.

“In international development, the holy grail is sustainable business models, and that’s how we approached using technology, as an enabler and facilitator, and not the end point,” she says. “Too often I’d see examples of people throwing money at problems, then the focus shifts and donors move on, and the initiative collapses. But if you come to technology in reverse, with the intention of solving a business problem first, and then building a platform to support it, it’s a much more sustainable and scalable approach.”

Moving back to Tasmania in the early 2000s, Harvey wanted to apply her thinking and experience to a new business problem and agriculture was a clear choice of a sector with many business problems to address.

Harvey also has great ambitions for The Yield to effect change to the food system and thereby contribute to reducing the impact of agriculture on the environment, and the company is already providing aggregated data to approved research organizations working on public good problems – with the express consent of their customers. But to make it work and scale, “we need to focus on execution; we won’t be able to realize larger ambitions if we don’t help farmers increase their yield through using our technology.”

Output: Australian start-up the Yield has launched Sensing+ for Agriculture, which offers microclimate sensing and machine learning-based predictions to farmers with intensely irrigated crops for up to seven days ahead. Developed over two years and with the involvement of German firm Bosch, the Yield's system measures the 12 elements behind most agricultural models, from wind speed to temperature and rainfall. The data gathered is sent to farmers' smartphones to inform decision-making regarding planting, irrigating, feeding, protecting and harvesting crops. The technology was first deployed in Australian oyster farms to determine if conditions were right to harvest the oysters.


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Snapchat enables promoted, AR-supported ads to retain viewers
 This week, Snapchat debuted two new ad styles meant to engage its users more and encourage less skipping, TechCrunch reports. So far, the app's ads have largely consisted of short videos, which followed the last clip in a Story or were placed throughout Discover content, as well as sponsored Lenses that promoted some sort of product. Now, advertisers will have the option of putting together a Promoted Story or an AR Trial ad.

For Promoted Stories, advertisers will be able to create a more in-depth ad featuring three to 10 photos or videos that will work just like any other Snapchat Story. These ads will appear throughout a country for one day and will be labeled as sponsored content. Today, for example, US users will see an HBO Promoted Story featuring six Snaps that show what series or movies you could be watching on HBO instead of engaging in Black Friday shopping.

The AR Trial ads are like more active versions of Snapchat's sponsored 3D World Lenses. In September, Snapchat released 3D World Lenses that promoted Blade Runner and Bud Light, but they were mostly just fun, not functional. The Bud Light Lens, for example, just featured an AR Bud Light vendor that you could place on whatever surface you liked. But the AR Trial ads are meant to let users get a better look at the product being sold. BMW's new AR Trial ad will let you place its X2 vehicle in the area you're viewing through the camera lens and then allow you to walk around it and even change its color.

Snap Inc. had a less than impressive third quarter, reporting just 4.5 million new users, and the company has said it will focus on attracting more users in the coming year. Those efforts include a redesign of the Android version of its app and some significant tweaks to the app overall. Some of those changes are meant to make it easier to navigate through all of the app's offerings, which is not always intuitive and could help it increase its user base. And that, like these new ad formats, is likely to please Snapchat's partners.

Output: Snapchat is offering advertisers two new ad formats to keep users watching. Promoted Stories are in-depth ads with up to 10 photos or videos and labelled as sponsored content. An HBO Promoted Story reminded users what TV series and films they could be watching instead of shopping on Black Friday. Meanwhile, Augmented Reality (AR) Trial ads work like Snapchat's 3D World Lenses, giving users a good look at a product. BMW's AR Trial ad enabled users to virtually walk around its X2 vehicle.


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Mortgage approvals at 13-month low may bode ill for UK market
 British banks approved the fewest mortgages for house purchases in more than a year in October, with economists warning the decline could signal the start of a downturn in the UK housing market.

Mortgage approvals fell to a 13-month low of 40,488 last month, down from 41,576 in September, according to the industry trade body UK Finance.

Samuel Tombs, the chief UK economist at consultancy Pantheon Macroeconomics, said the Bank of England’s decision earlier this month to raise interest rates for the first time in more than a decade, to 0.5% from 0.25%, would probably exacerbate the downward trend.

“This appears to be just the start of a bigger downturn,” Tombs said. “Housing market activity likely has cooled further in recent weeks, given that mortgage rates have moved swiftly higher and consumer confidence has weakened since the hike by the Bank of England’s monetary policy committee.”

The chancellor’s decision to cut stamp duty for first-time buyers would do little to counter this downturn, primarily because it is expected to push up house prices, Tombs said.

Howard Archer, the chief economic adviser to the forecasting group EY Item Club, said the mortgage approval figures were the latest evidence of “lacklustre housing market activity”, after new buyer enquiries fell in October at their fastest pace since July 2016, according to the Royal Institution of Chartered Surveyors.

He said cash-strapped consumers were reluctant to commit to major purchases at a time when real pay was falling, as shop prices rise faster than wages.

“It is also very possible that the recent Bank of England interest rate hike will weigh down on housing market activity,” Archer added. “While the increase in interest rates was just 0.25% and mortgage rates are still at historically very low levels, it could have a significant effect on housing market psychology.”

EY Item Club is forecasting house price growth of about 2-3% in 2018, underpinned by a shortage of homes for sale, high employment, and mortgage interest rates that remain historically low.

It was a different story for existing homeowners, who rushed to remortgage in October, before the Bank’s highly anticipated rate rise in November. There were 34,036 loans approved for remortgaging last month, according to UK Finance. That was up by 11.6% compared with September, and 37% higher than at the same point last year.

“The anticipated bank rate rise saw a flurry of remortgage activity as many homeowners took advantage of the competitive rates on offer,” said Mohammad Jamei, the trade body’s senior economist.

Annual growth in credit card lending slowed to 5.1% in October from 5.5% in September.

Meanwhile, non-financial businesses repaid a net £1.5bn of debt last month, the largest since February, in a sign that businesses are becoming more cautious about investing when the outcome of Brexit negotiations is far from clear.

“In terms of saving, consumer deposits grew at a slower rate in October, while businesses have continued the trend of bolstering their cash reserves amidst a cautious business landscape due to Brexit uncertainties,” Jamei said.

Output: British mortgage approvals dropped to 40,488 in October, a 13-month low, according to industry trade body UK Finance. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the figures appeared to be "just the start" of a bigger downturn in the UK housing market, which would probably be exacerbated by the recent interest rate rise to 0.5% from 0.25%.


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Surging prices forcing 100,000 households from property market
 Almost 100,000 households in England are being priced out of the property market each year because of a shortage of affordable homes to rent or buy, according to a report.

Research by the estate agent Savills, shared with the Guardian, found the number of priced-out households had risen from its previous projection in 2015 of 70,000 a year. This was in part because of a change in how housing need is assessed, but also due to rising prices and stagnant wage growth.

On Wednesday, the chancellor, Philip Hammond, reiterated a pledge to build 300,000 homes a year by the mid-2020s and unveiled a package of measures to support housebuilding. Savills said one-third of those would need to be offered at below market prices to meet the growing need for affordable homes.

About 96,000 households are unable to afford homes at the market rate, either to buy or rent, Savills said, with the vast majority in London and the south. It said varying approaches were needed to address the shortfall in different parts of the country: low-cost rented homes were needed more in markets in which incomes were smaller, while a mixture of homes, including shared ownership, would help in more expensive areas.

In London, 20% of the households affected have incomes above £35,000, Savills said, while the same proportion earn less than £10,000.

Over the past three years, 55,000 fewer affordable homes have been built each year than were needed, the research found. Although 42,500 households in the capital required below market rate housing, only 8,800 affordable homes a year had been delivered. In the south outside London, 15,500 affordable homes a year were being built while 34,100 were needed.

Meanwhile, in the north of England, low incomes were locking out 9,600 households a year, with 8,900 homes being delivered.

Although the post-budget headlines were dominated by Hammond’s decision to scrap stamp duty for the majority of first-time buyers, his announcement included more money for building and rule changes to help councils provide housing.

A speech by the prime minister, Theresa May, at the Conservative party conference in October made a commitment of £2bn over four years to fund social housing. However, to house 100,000 emerging households over this period would need funding of £7bn a year, Savills said.

Paying for the new homes would reduce the housing benefit bill by £430m a year.

Helen Collins, the head of housing consultancy at Savills, said the budget had offered many positives for the housing sector, but expressed some concerns.

“While the chancellor had plenty of good news, we feel there are still some important issues missing from housing policy,” she said.

These included no changes on building on greenbelt land and no additional funding for homes for social rent. “There was little reference to the importance of social rented homes as a better and cheaper alternative to the private rented sector for very low-income households,” Collins said.

Output: A shortage of affordable homes is pricing 100,000 households out of the market each year, according to a report by estate agent Savills. That's a significant rise from a 2015 projection of 70,000 a year and is due to increasing prices, low wage growth and changes in how housing need is assessed. UK Chancellor Philip Hammond vowed to build 300,000 homes a year by the mid-2020s but Savills said a third of those would need to be below market prices to meet the demand for affordable housing.


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Beijing's Tsinghua to buy 30% stake in Taiwan semiconductor unit
 Tsinghua Unigroup Ltd.'s earlier attempt to buy a piece of Siliconware Precision Industries Co. Ltd. was brought to a swift end when Taiwan leader Tsai Ing-wen described the investment as a "huge threat" to the island’s important semiconductor industry. Photo: Visual China

A company controlled by Tsinghua University has agreed to buy a 30% stake of a Taiwan-owned semiconductor unit.

Tsinghua Unigroup Ltd. will pay 1.03 billion yuan ($155 million) for a stake in Siliconware Precision Industries Co. Ltd.’s Suzhou subsidiary, the Taiwan firm said in a statement on Friday.

The deal comes after Unigroup’s 2016 attempt to buy into the Taiwan parent company failed to pass regulatory scrutiny, under the then-incoming Tsai Ing-wen administration.

The new sale will supply fresh capital to Siliconware, and will help it expand into the fast-growing Chinese mainland market, it said.

Siliconware has struggled in recent years, with its operating profit declining over the past two years. In late 2015, it signed an agreement to sell a quarter stake to Unigroup, but the deal was frozen in April last year until the incoming Taipei government clarified its policy on investment from the mainland, Reuters reported.

Taiwan’s leader, Tsai Ing-wen, who took office in May 2016, threw cold water on Unigroup’s plans when she called investments from the mainland a “huge threat” to the island’s important semiconductor industry.

Unigroup’s two other deals to buy Taiwan chipmakers Powertech Technology Inc. and ChipMOS Technologies Inc. have also collapsed.

Siliconware tried an alternative to fight the financial setback — agreeing to merge with a larger peer, Advanced Semiconductor Engineering Inc. That deal has completed all anti-trust reviews, including on the Chinese mainland, Taiwan and in the U.S., Siliconware said Friday.

Shares of Taiwan-listed Siliconware rose 5.29% on Monday, while Unigroup’s Shenzhen-listed affiliate Unisplendour Corp. Ltd. saw its shares drop 2.1%.

Contact reporter Coco Feng (renkefeng@caixin.com)

Output: Tsinghua Unigroup, controlled by Tsinghua University, is to buy a 30% stake of a subsidiary of Taiwan's Siliconware Precision Industries. This follows Unigroup's attempt in 2016 to buy the Taiwan parent company which failed to pass regulatory approval. This deal will provide extra capital for struggling Siliconware and help it expand in the Chinese market.


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Beijing migrants forcibly evicted to cut city population
 More than a hundred Chinese intellectuals and scholars have decried a “ruthless” campaign to evict thousands of migrant workers from Beijing.

The latest round of evictions began in the wake of a fire on 18 November that killed 19 people in an industrial neighbourhood in south Beijing, and 17 of the victims were migrants. City officials have declared a 40-day campaign against “illegal structures”, which for years have housed the millions of migrant workers who run Beijing’s restaurants, delivery companies, construction sites, retail shops and a host of small factories.

The open letter, which was addressed to the country’s leadership and circulated on Chinese social media, called the evictions “a serious trampling of human rights”. Signatories included professors, researchers, poets and artists and more names continued to be added.

It criticised the lack of due process and rapid speed at which the campaign was being implemented. Videos and photos posted on social media showed streets clogged with clothes and other belongings after migrants were given just minutes to pack up.

Many who had lived in the Chinese capital for years were only allowed to take what they could carry before police sealed entire buildings. Authorities reportedly cut water and electrical service in some cases.

“Any civilised and law abiding society cannot tolerate this, we must clearly condemn and oppose these actions,” the letter said.

The haphazard nature of the mass evictions make it difficult to determine exactly how many people have been displaced. Migrants are being forced from their homes at the start of Beijing’s winter and temperature have hovered around freezing for the past week.

China operated a national “household registration” system designed to control internal movement, meaning migrant workers lack many of the rights compared to native Beijingers. The system has been widely criticised for years and officials have pledged reform but have made little progress.

Beijing officials have targeted a 15% cut in population of the downtown districts from 2014 levels within the next two years. That amounts to a reduction of about two million people, and authorities have also plan to demolish 40m square metres of illegal housing.

International rights groups also condemned the campaign.

“It’s somewhat astounding that the large numbers of migrant workers could be evicted so quickly, but this is in part because the Chinese authorities have systematically eroded all the ways people can protect their rights,” said William Nee, a researcher at Amnesty International in Hong Kong. “And, of course, China maintains the world’s largest censorship apparatus, so that it’s hard to meaningfully debate issues of injustice.”

But Beijing officials denied they were targeting migrant workers at all, and said it was focused on safety.

“It is irresponsible and groundless to say the campaign is to evict the ‘low-end population’,” an official from the Beijing Administration of Work Safety told local media.

Output: Thousands of migrants living in Beijing are being forcibly evicted, sometimes with only minutes' notice, as part of the Chinese authorities' campaign against "illegal" structures and to meet a target of a 15% population reduction in the city centre. These structures house millions of migrant workers who work in the city's shops, factories, delivery companies and restaurants. China's household registration system means migrant workers, some of whom have lived in the capital for years, lack many rights compared with native residents. The evictions began after a fire in south Beijing that killed 19 people, who were mainly immigrants.


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Amazon announces five new AWS Elemental Media Services
 Amazon has announced the new Sumerian service, which allows developers to quickly create virtual reality (VR), augmented reality (AR), and 3D apps suitable for use online.

On Monday, the retail giant and cloud services provider said during the AWS re:Invent kick-off event that Amazon Sumerian can be used to quickly develop these kinds of applications to run on suitable browsers, as well as mobile devices, head-mounted displays, and digital signage.

In a news release, AWS said the new service can be accessed from the AWS Management Console, and there is no further subscription required.

Instead, customers pay for the storage they use when creating and saving apps.

Amazon Sumerian can be used by developers to drag and drop 3D objects into scenes, such as offices or landscapes, to create VR, AR, and 3D environments.

Users can embed their own objects, choose from a pre-loaded library, or use third-party offerings from repositories including Sketchfab and Turbosquid.

Templates are also included, and scenes produced through the software can run in browsers which support WebGL or WebVR graphics rendering, as well as devices including Daydream, HTC Vive, Oculus Rift, and iOS smartphones and tablets.

In addition, Amazon Sumerian includes tools for the creation of animated 3D characters. As Amazon Lex and Amazon Polly are included in the solution, users are able to implement automatic speech recognition (ASR), natural language understanding (NLU), and text-to-speech capabilities.

"Customers across industries see the potential of VR and AR technologies for a wide range of uses -- from educating and training employees to creating new customer experiences," said Marco Argenti, Vice President of Technology at AWS. "But, customers are daunted and overwhelmed by the up-front investment in specialized skills and tools required to even get started building a VR or AR application."

"With Amazon Sumerian, it is now possible for any developer to create a realistic, interactive VR or AR application in a few hours," Argenti added.

Amazon also took the opportunity to announce five new AWS Elemental Media Services at AWS re:Invent.

The five new cloud services, AWS Elemental MediaConvert, Elemental MediaLive, Elemental MediaPackage, Elemental MediaStore, and Elemental MediaTailor, offer solutions for AWS customers for formatting and compressing video, encoding live video, preparing live video streams, delivering media and embedding targeted advertising.

The company says the new video services will "let customers build end-to-end workflows for both live and on-demand video with the professional features, image quality, and reliability needed to deliver premium video experiences to viewers across a multitude of devices."

Last week, Amazon announced the Amazon ML Solutions Lab, a scheme designed to assist AWS customers in learning how to leverage machine learning through training with the firm's ML specialists. Boot camps, workshops, advisory professional services and other forms of programming are all on offer.

Favorite gifts: Top tech, gadgets for under $100

Previous and related coverage

Output: Amazon has unveiled five new cloud tools for its Amazon Web Services (AWS) division. Elemental MediaConvert, Elemental MediaLive, Elemental MediaPackage, Elemental MediaStore, and Elemental MediaTailor allow AWS customers to format and compress video, as well as encode and prepare live feeds. In addition, the suite offers "professional features, image quality and reliability", according to Marco Argenti, VP of Technology at AWS. Amazon also launched its Sumerian service, which allows users to create 3D, virtual and augmented reality apps on several devices.


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Big brands pull ads from YouTube and Google over brand safety fears
 Major brands have begun pulling their ads from YouTube and Google after their ads appeared with content that had become the go-to for sexual predators.

The likes of Mars, Cadbury, Lidl, Deutsche Bank, and Adidas have all removed advertising from YouTube in what is the second mass exodus from the platform this year – following the advertiser boycott when ads were placed against extremist content.

“We are shocked and appalled to see that our adverts have appeared alongside such exploitative and inappropriate content,” a Mars spokesperson told the Guardian. “We have taken the decision to immediately suspend all our online advertising on YouTube and Google globally. Until we have confidence that appropriate safeguards are in place, we will not advertise on YouTube and Google.”

The decision made by the brands comes despite YouTube laying out a plan that will see it taking a tougher stance on predatory behaviour and exploitative videos in order to keep kids safer on the platform in future.

The Google-owned video sharing site was forced to act after a variety of reports surrounding both the type of content kids were seeing on YouTube and the predatory environment they were being subjected to.

Despite the questions raised against YouTube and its policy changes so far, it is believed that could be somewhere in the region of 50,000 to 100,000 predatory accounts still active on the platform.

Output: Major brands such as Mars and Deutsche Bank have removed ads from YouTube and Google over brand safety concerns. Companies, also including Cadbury, Lidl and Adidas, have pulled their ads after some appeared next to content that could be exploited by sexual predators. A Mars spokesperson said the firm was "appalled" to see its ads next to such inappropriate content, adding it would not advertise on either platform until the appropriate safeguards were in place. Advertisers also boycotted YouTube earlier this year, after ads were placed next to extremist content.


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Redrow Liverpool Mutual Homes partners with City Council and Redrow
 Partnerships between local authorities and housing associations were a key theme at the NHF National Development Conference 2017. A panel discussion regarding the development ambitions of these partnerships was held between Chris Bowen from Liverpool Mutual Homes, Manjeet Gill from Solace and Colm Lacey from Brick by Brick. LABM’s Sophie Taylor finds out more from the panel.

Chairing the discussion, NHF Chief Executive David Orr claimed that partnerships between local authorities and housing associations are key to the success of the housebuilding industry. David argued that it was essential to “develop the right kind of strategic and other relationships, and consider how you use these to make the best use of the assets and resources that both partners bring to the table”.

Putting partnerships into practice in Liverpool

Liverpool Mutual Homes have engaged in a strategic partnership with Liverpool City Council and Redrow, with Willmott Dixon as a building contractor. Aiming to build 1,500 new homes by 2020, the partnership is centered around a common ethos of delivery.

How the model works:

Local authority land is offered by Liverpool City Council. Redrow pay market value for the sites, which goes into the council in a ring-fenced programme account for the housing partnership. LMH delivers affordable housing which they subsidise themselves, or is subsidised by the council where necessary.

The council allocates land to offer to the partnership, giving LMH the opportunity for exclusivity. LMH and Redrow then work together on the best solution to bring the sites forward. They have done a lot of work at the market assessment level to ensure that they are delivering outputs that are appropriate to the sites as well as the city’s housing market. Redrow and LMH take the leading role on programme management, the allocation of sites, and working out how cross-subsidy will work. Liverpool City Council put land into the partnership and put subsidy through. The collaboration agreement between Redrow and LMH offers a partnership to the local authority that provides a full range of strategic advice.

Since the contracts were signed in February 2015, 250 units have been delivered. Redrow have generated a land value of over £4m, and the council has agreed to ring-fence over £3m of that money towards the housing partnership’s schemes. At the moment, there are 150 units being developed in the city centre for Rent to Buy and shared ownership. Total investment to date has reached £75m.

Chris Bowen advises that these types of partnerships work best when they involve organisations with similar goals, which are committed to being flexible and pragmatic. Chris commented that in the LMH partnership, all parties are dedicated to “improving housing choice, growth in population in the area, and more regeneration.” He continued: “We are coming from a common standpoint: that we want to make a difference.”

Prosperity and housing

Understanding the different roles of local authorities and housing associations, and the potential that partnerships between them can offer is a key issue for Solace, The Society of Local Authority Chief Executives. As part of their ‘prosperity’ agenda, housing has become a core strategic area.

Manjeet Gill believes that there are many reasons why housing associations and local authorities should work together. They both have a social role: an advocacy role in influencing the Government’s policy direction, and social objectives regarding regeneration and communities.

Local authorities also have an understanding of the planning regime, different types of capabilities, can borrow at cheaper rates, and hold a lot of land. With access to pension funds, public borrowing and the ability to raise bonds, local authorities are able to provide different types of financing. They are also ultimately responsible for overall community wellbeing and the housing strategy of their local area.

“We are coming from a common standpoint: that we want to make a difference.”

In places such as Croydon, Sheffield, Liverpool, and Lincolnshire, local authorities have started to work with housing associations, but performance is mixed. Local authorities have also started to develop housing themselves and establishing companies to do so. However, where these companies exist, there is a need for good strategic partnerships to deliver a large quantity of housing.

Manjeet Gill suggests that housing associations should talk to Solace for advice — large housing associations may not have the time to contact different local authorities, while smaller housing associations can look to Solace for help with capacity building and support within the partnerships, particularly within niche areas such as extra-care.

Brick by Brick

Recent studies have suggested that around 75% of local authorities are either thinking about or have already set up a housing company of some kind. One of these is Brick by Brick, established by Croydon Council.

Croydon is faced with a huge housing need, a growing population (around 20% since the early 80s), a particularly young population, and a changing type of population — with a growth in non-traditional households that change tenure fairly regularly. The borough currently has an oversupply of larger units, and a significant undersupply of smaller units. Furthermore, around 80% of residents cannot afford to buy the lowest value units, and 50% cannot afford to rent the lowest value units.

To address the deepening housing need whilst capturing the advantages of growth in property value, Croydon Council formed Brick by Brick — an independent private company with the council as its sole shareholder. The company purchases land at market rates, borrows at market rates, and purchases legal/financial services from the council — creating an additional income stream for Croydon Council. The company’s main purpose is to engage in development activities, and where a profit is made, this returns to the council, creating a sealed commercial model.

Brick by Brick aims to deliver 50% affordable housing, with a local sales policy to give local residents priority for affordable homes for a discrete period of time. There is a focus and commitment on design and delivery impact, in order to change perceptions of the local area. Most of the sites are suburban infill, and use tenure-blind design.

In the last six months, 30 sites have been given consent, delivering around 1,000 units — 45% of which are affordable (of which 50% will be for affordable rent and 50% for shared ownership). There are another 15 sites in pre-application, delivering around 800 units of which over 50% will be affordable.

Do these partnerships address the housing crisis?

It is clear that different types of partnerships and approaches are more appropriate for different areas. However, David Orr concluded that strategic partnerships will be an important mechanism for truly increasing housing supply, “bringing together the skills, knowledge, resources and expertise that each respectively has, to create something that is greater than the sum of its parts”. Despite many barriers that remain, for the first time in a long time, the political environment is supportive of the housing sector’s objectives, and the National Housing Federation is optimistic about the future.

Pictured above is the recently completed affordable rent scheme in Fazakerley, Liverpool, delivered by LMH under the umbrella of the Liverpool Housing Partnership.

Output: UK house builder Redrow has generated a land value of more than £4m ($5.3m) and agreed to protect £3m of that sum as part its a strategic partnership with Liverpool Mutual Homes and Liverpool City Council. The joint venture aims to build 1,500 new homes by 2020, with the city council offering up local authority land for sale to Redrow. That money is then ring-fenced, while Liverpool Mutual Homes builds affordable housing. Two hundred and fifty units have been delivered since the scheme's launch in February 2015, with another 150 under construction.


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Eastern Europe's closer China ties stoke EU integration concerns
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Hungary in recent months has been associated with a Belt and Road fiasco, as work for the Hungarian stretch of the Belgrade-Budapest railway – China’s most ambitious transport project in Europe – has been halted for allegedly violating EU public procurement laws. But next Monday setbacks will be glossed over by grandiose symbolism as the Hungarian capital prepares itself to welcome the heads of government of China and 16 Central and Eastern European countries (CEEC). In fact, while Beijing has yet to deliver on its promises for infrastructure investment in the region, it has been working full steam on institutionalizing its cooperation with Eastern Europe, shaping the 16+1 initiative into a platform for its Belt and Road Initiative (BRI). This is turning into a stress test for EU cohesion.

Established in Warsaw in 2012, the 16+1 framework for cooperation is China’s most advanced sub-regional diplomatic initiative in Europe, involving 11 Central and Eastern European EU member states and five Balkan states, each in the process of negotiating their accession to the EU. In the aftermath of the financial crisis, Beijing initiated this format with the promise to foster investment, economic and trade cooperation, and to bring connectivity projects to the region. After the launch of Beijing’s signature Belt and Road Initiative (BRI) in 2013, the format has turned into a platform for China to develop infrastructure projects to connect Asia to Europe – with the aim to facilitate Chinese access to the European market, to export China’s excess capital and labor, and to build its global power.

Institution Building Shows Dynamism in 16+1 Political Relations

So far at least, China’s economic engagement in the region lags far behind its promises. Despite last year’s announcement of a 10 billion EUR investment fund for infrastructure projects in Central and Eastern Europe, most Chinese investment in Europe has been mainly directed to Europe’s four largest countries in the West, the United Kingdom, Germany, Italy, and France. Hungary is an exception in Eastern Europe, as it has obtained significant investment. At the same time, the Belgrade-Budapest railway – a landmark BRI project – is still blocked by an EU investigation trying into whether it violated EU laws on public tender processes.

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While China’s promises for increased economic cooperation have yet to materialize, political cooperation and institution building with Eastern European countries have moved ahead at a remarkable pace. The 16+1 format now involves regular ministerial conferences such as the first China-CEEC Ministerial conference on energy cooperation that was held in Bucharest on November 8. A two-day meeting of China-CEEC transport ministers in Warsaw in October led to the creation of a 16+1 Coordinating Secretariat on Maritime Issues.

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With the upcoming summit in mind, governments from the Baltic to Eastern Europe have praised their countries as suitable destinations for Chinese investment under BRI-labelled infrastructure projects. Latvia pledged to strengthen cooperation on transport and logistics, infrastructure investments, trade and tourism. Hungary intends to launch a tender for the Hungarian stretch of the Belgrade-Budapest railway at next week’s summit. Bulgaria hosted a 16+1 forum branding Plovdiv as “the oldest city on the Silk Road.” During the October 16+1 meeting of transport ministers in Warsaw, the Polish prime minister referred to a plan for a new airport hub in Poland, which would be combined with a high-speed railway connecting Europe and Asia, while Slovenia’s infrastructure minister promoted his country as a major logistics hub in Central Europe, with logistics centers in Ljubljana, Maribor, and Koper, and the Port of Koper connecting commercial ports in the Northern Adriatic.

A Stress Test for EU Cohesion

In light of these countries’ high expectations for economic gains, next week’s summit is a stress test for EU cohesion. The EU has viewed the 16+1 format with concerns since 2015. A 2015 European Parliament’s resolution called on EU member states to “speak with one voice to the Chinese government, particularly in view of Beijing’s present diplomatic dynamism.” The text took note of Chinese expanded diplomacy activities in Central and Eastern Europe and stressed that the “16+1 group should not divide the EU or weaken its position vis-à-vis China and should also address human rights issues.”

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China and CEEC countries have presented the format as a positive contribution to EU-China relations. On the sidelines of the recent ASEAN-EU summit, Chinese Premier Li Keqiang reassured European Council President Donald Tusk that, “cooperation between China and CEEC countries is conducive to the comprehensive and balanced development of China-EU relations and to European integration as well.”

But European integration seems very much at stake when Eastern European governments use their relationship with China to gain leverage over Brussels. This became clear when Macedonian President Ivanov claimed that the EU’s neglect of the Balkans was forcing these EU accession candidates states to turn to China for investment.

The importance of next week’s summit goes beyond potential new Chinese promises or announcements of investments in CEEC countries. The 16+1 cooperation is full of symbolism that can threaten the cohesion within the EU if left unaddressed.

Output: China's deepening ties with Eastern Europe under its "One Belt, One Road" initiative is making Brussels nervous. Former soviet states are leveraging closer relations with Beijing against the European Union. Macedonian President Ivanov's recent claim that EU neglect has forced the Balkans to seek Chinese investment is among comments seen driving a wedge into the bloc's integration. This comes as China announces it will provide funding of over $3bn for development and investment projects in Central and Eastern Europe.


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Redrow Plans revealed for over 400 properties in Telford
 Midlands Property Jon Robinson

Credit - Redrow Homes (Midlands)

Plans have been revealed for a major housing development of more than 400 properties that could be built in Shropshire.

Applicant Redrow Homes (Midlands) is seeking permission for the project on land west of Castle Farm Way in the Priorslee area of Telford.

The site already had planning permission for 600 homes which was approved in 2014, which has now lapsed.

Telford and Wrekin Council is set to make a final decision on the plans in the coming months.

A document submitted to the council by the applicant said: "The aim of the proposal is to provide a new high quality residential development that respects and enhances the existing landscape setting of the site, but that also delivers benefits to the wider community through provision of new footpath links, open spaces and much needed market and affordable housing within the area.

"The scheme now proposed, although a full standalone application, is based on the parameters of the formal approval and the access points agreed in 2014.

"The site has been derelict for a number of years, previously housing the former Celestica factory now demolished.

"The majority of the site is now covered with rough grassland and self-set trees amongst the existing mature trees and vegetation."

Output: The Midlands branch of UK housebuilder Redrow is seeking planning permission for a 400-home development in Telford, Shropshire. Based on a scheme which previously gained planning permission in 2014, but since lapsed, the currently derelict site will include market and affordable housing. A decision on the scheme is expected to be made by Telford and Wrekin Council in the coming months.


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San Leon Avobone withdraws winding up petition from High Court
 Oil and gas explorer San Leon has been pulled back from the brink after a petition to have it wound up was withdrawn from the High Court in Dublin. Stock image

Oil and gas explorer San Leon has been pulled back from the brink after a petition to have it wound up was withdrawn from the High Court in Dublin.

The petition was lodged by Avobone, a company with which San Leon has had a long-running battle mainly relating to a loan San Leon had received from Avobone. San Leon, which had partnered up with Avobone on an asset in Poland, maintained the loan was only repayable in certain circumstances which had not been met.

Avobone disputed this and after various arbitration and court hearings San Leon agreed to pay €23.3m plus interest to Avobone.

The schedule for repayments was revised a number of times after San Leon had difficulty making payments - the company has itself been left waiting for loan note repayments due out of a project in Nigeria.

After the withdrawal of the petition, San Leon says it has to pay €3.3m on or before December 19 and €8.3m on or before January 15. A payment of €4.2m due tomorrow at the latest has been made.

"As previously announced, the company is scheduled to be repaid approximately US $19m a quarter on its loan notes from Q4 2017, with the next payment due to be received by the company on or before 1 January 2018. The company has received $5m of the sum due this quarter to date, which was allocated to Avobone."

San Leon - run by former Smart Telecom boss Oisin Fanning - told the market in the summer that a Chinese company had made an indicative takeover offer valuing the company at 67-76p a share.

A formal offer was contingent on the completion of due diligence - with the Chinese expecting to be able to make a their move within 45 days according to San Leon. That period of time elapsed and no offer was forthcoming.

San Leon then said it was still in dialogue with the company, China Great United, which had said the reason for the delay in due diligence was that it was now talking to a potential partner who could add value to the Nigerian project.

Another potential is a merger with Midwestern - a partner in the Nigerian project.

"San Leon remains in discussions with Midwestern, which are at a very early stage and broad-ranging, regarding a potential corporate transaction, which could include an offer by Midwestern for San Leon or an offer by San Leon for certain assets of Midwestern," the company said earlier this month.

Output: Irish oil and gas exploration firm San Leon has laid out a new schedule of payments to Dutch firm Avobone after the latter withdrew a winding-up order from Dublin's High Court. San Leon will now pay €3.3m ($3.93m) on or before 19 December, followed by €8.3m on or before 15 January. The move is the latest chapter in an ongoing battle between the two firms which began over a loan extended to San Leon by Avobone.


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Visible Alpha acquires Alpha Exchange ahead of Mifid II
 Visible Alpha has confirmed its acquisition of Alpha Exchange as it looks to create and end-to-end solution for research management ahead of MiFID II.

The deal will see Visible Alpha’s existing analysis tools and research administration services combine with Alpha Exchange’s research management platform to help clients consume, track, budget, value and pay for content.

“Alpha Exchange brings innovative, cutting-edge technology to the way research can be managed, discovered and shared,” said Scott Rosen, CEO of Visible Alpha.

“With the Alpha Exchange team on board, we will further provide investment professionals with industry-leading tools to streamline and enhance their workflows by focusing on the most relevant and meaningful research content.”

Visible Alpha currently has more than 80 firms with a combined $14 trillion in assets under management using a combination of its tools.

Emma Margetts, co-founder of Alpha Exchange, said the addition of Visible Alpha’s analytics and data will “provide the opportunity to build an even more intelligent research discovery engine”.

Output: Visible Alpha has acquired Alpha Exchange to offer research management capabilites ahead of the introduction of Mifid II. Visible Alpha's analytics and research administration services will be combined with Alpha Exchange's research management platform to help customers track, value and pay for content, as the incoming EU legislation mandates the unbundling of research from trading. More than 80 companies with a combined total of $14tn in assets under management currently use Visible Alpha Tools.


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China becomes Harrods' biggest global market
 Harrods' biggest international market is China, and it is planning to invest in expanding this market.

A £200 million investment into in-store and online sales is being rolled out over the next three years.

This investment will include expanding payment options for Chinese customers using We ibo and WeChat.

It is already possible to buy Harrods goods with Alibab's payment system Alipay.

Harrods, London's famous luxury department store, is planning the biggest revamp in its 180-year history as part of a £200 million (US$265 million) investment which is aimed partly at attracting more Hong Kong and Chinese customers, managing director Michael Ward told the South China Morning Post on Thursday.

He called the project the most ambitious investment and store renovation the iconic shoppers' paradise has undertaken since it first opened its hallowed doors in 1834.

The three-year capital plan includes ploughing more money into its e-commerce offering to ensure the store remains popular for customers from around the world, especially from affluent Asian destinations, led by Hong Kong and China, said Ward.

"Our Hong Kong and Chinese customers are extremely important to Harrods so are considered part of our redevelopment plans," he said in an interview with the Post.

"For us, the future is in the East and we have been focusing on that for a number of years."

At present, the UK itself is the store's largest single market, although sales to overseas customers are rising fast.

China is the largest international market for Harrods, while Hong Kong is its largest Southeast Asian market and fastest growing.

Ward said the region has been a rich long-term source of customers for Harrods, given the relationship between Britain and Hong Kong.

The company claims that research shows one in every £5 spent by Chinese visitors to London is at Harrods.

Ward said Chinese customers are some of the store's most knowledgeable, adding they "do not want to be treated in a different way".

He said the interior of the shop, which has 330 different sections covering a million square feet of retail space, will be "entirely redeveloped."

There will be no changes to the exterior, but all the interiors are being redone. For example, the Food Hall's walls have been knocked down and the fine watch room will be expanded to incorporate a marble staircase leading to new space on the lower ground floor.

Smack in the middle of London's affluent Knightsbridge, Harrods is often described as the most famous shop in the world.

It is now owned by Qatar Holdings, the sovereign wealth fund of the Gulf state, which bought it in 2010 from Mohammed al-Fayed, who had owned it since 1985.

Ward said various options are being considered to attract more Chinese customers, including improving signage to help them navigate their way through the store and more product information on food items – something specifically requested by Chinese customers.

"We have seen a lot of social media activity in China," said Ward, adding it would continue to drive the use of e-payment mechanisms, to help Chinese customers to shop there.

The company will also invest in its official Weibo and WeChat accounts, two of mainland China's most popular social media platforms.

Harrods introduced Alibaba's Alipay digital payments system last year, and plans to follow that with Tencent's WeChat Pay service next year.

Ward said the launch of Alipay has opened the doors for conversation with Alibaba's Tmall, but it has yet to decide whether it would consider selling products on the online shopping platform. Alibaba owns the South China Morning Post.

"The growth of Chinese e-commerce platforms is very impressive and we watch their progress closely," said Ward, who is in Hong Kong this week to launch the first edition of Harrods magazine. "But it would need to be the right customer experience for us to seriously consider it."

Ward said Hong Kong customers are very familiar with Harrods.

"Many of our Hong Kong customers have second homes in London and may have children at boarding schools in the UK. They spend a significant amount of time in London and at Harrods so we don't see them as tourists, even if they do get to benefit from tax-free shopping," he said.

This year the company opened a Harrods Tea Room at The British House in Beijing in a bid to introduce the brand to mainland customers. But it has no plans to open any stores in China.

"There are no plans to recreate the Knightsbridge store anywhere else in the world, as we believe there is only one Harrods," said Ward.

The Knightsbridge store, established in 1849 by Charles Henry Harrod, attracts some 15 million customers annually.

Output: China has become Harrods' biggest international spender, leading London's famous luxury department store to expand into the Chinese market. A £200m ($267m) investment is planned instore and online over the next three years, including increasing its payment options for Chinese customers with Weibo and WeChat. Alibaba's Alipay is already available to Harrods customers. The move is being heralded as Harrods' most ambitious investment since it first opened its doors in 1834.


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Record number of international students apply to UK universities
 Official figures show the number of foreign students was at 70,945 - an increase of 2%

UNIVERSITIES saw a record number of international student admissions this year - despite fears they may be put off by Brexit.

Official figures show the number of foreign students applying to British unis was the highest ever at 70,945 – a two per cent rise on last year.

2 Numbers of people from abroad applying to study at British universities soared, despite our vote to quit the bloc Credit: Alamy

Ucas said there was a five per cent rise in students applying from outside the EU like the US and China and a small decrease in students from countries like Germany France and Italy.

Overall 2,090 more international students – who pay higher fees - applied to start undergraduate courses this autumn, a 2.8 per cent hike on last year.

They more than made up for the number of EU students applying that fell slightly by 650 students to 30,700.

International students pay much more than British and EU students currently - an average of £13,000 a year but the costs of doing a degree like medicine can rise to around £24,000 a year.

2 International students pay higher fees, but EU students pay the same as British ones Credit: PA:Press Association

It comes amid feverish claims Brexit and Britain’s immigration policy may be deterring applicants.

Alan Smithers, professor of education at the University of Buckingham, said the figures underlined British universities’ reputation around the world.

He said: “With more overseas students than ever entering our universities this year it looks as though the fears about tougher immigration rules putting them off are unfounded.

“EU students are down a bit and EU students may have been unsettled by fears the very generous arrangements for them will come to an end with Brexit.

International Trade Secretary Liam Fox says no decision will be made on Northern Ireland future until after trade talks start

“It’s also good news for universities because international students pay much higher fees than British and EU students.”

Sarah Stevens, of the Russell Group, who represent the country’s most elite universities, added: “It is a very positive message that so many talented students from across the globe continue to want to come and study here, attracted by the world-class teaching and research that our universities provide.”

University chiefs have complained they face “disaster within weeks” without a clear plan for Brexit.

Prof Stuart Croft of Warwick University warned of a staff exodus because of uncertainty over their residency status.

Output: The number of international applications to UK universities rose 2% this year to a record total of 70,945, despite the Brexit process. There was also a 5% rise in applications from students outside the EU. The number of students applying from the EU fell slightly, from 31,350 to 30,700 – a 2% decline. International students pay an average of £13,000 a year, compared with the capped fees of £9,000 for British nationals. Alan Smithers, professor of education at the University of Buckingham, said: “It looks as though the fears about tougher immigration rules putting [students] off are unfounded."


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Indian insurer Coverfox unveils sales app for third-party agents
 A panel discussion about the need for the legalisation of same-sex marriages has highlighted the lack of awareness prevailing in Indian society about...

Retired Justice M.R. Shah’s unwavering belief in the theory of deterrence and advocating stricter laws for serious offenders has somehow shaped the...

Mahatta & Co, a photo studio in Srinagar which opened in 1915, has stood the test of time. Everything around has changed except for the studio and...

Output: Indian insurance comparison service Coverfox has launched an app enabling third-party agents to sell their products. While the Coverdrive platform aims to reach as many as 2.6 million independent agents, policies can be sold through the app by anyone who completes insurance training provided by the company. Intermediaries will also be able to track information on potential clients through the app.


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Malaysia's first insurance chatbot is launched
 AIA Bhd has broken new ground with the launch of Malaysia’s first insurance chatbot, “Ask Sara”.

The new artificial intelligence powered enquiry channel is currently available to AIA’s 14,000-strong agency force, also known as Life Planners, as part of the insurer’s continued efforts to enable its distributors to be more effective in their day-to-day business, particularly when it comes to servicing of customers.

Output: Malaysia has seen the introduction of its first insurance-focused chatbot. Dubbed "Ask Sara", the chatbot has been introduced by AIA and will be made available to the firm's agency force. The chatbot is aimed at improving relationships between the company and its customers. It has been programmed to answer up to 700 frequently asked questions the firm regularly fields.


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Only 6% of NZ SMEs have cyber coverage
 Sixty per cent of cyber attacks target small and medium businesses. Photo / 123RF

New Zealand small businesses are lagging behind Australia in their uptake of cyber protection, according to the Insurance Council of New Zealand.

Only 6 per cent of all small businesses in New Zealand have cyber insurance - less than half the amount of Australian small businesses, at 14 per cent.

Without cyber insurance many Kiwi businesses are vulnerable to digital attacks, Insurance Council chief executive Tim Grafton said.

"Big corporates get it, we are seeing a real move to most having a cyber policy or at least a standing item on their board agendas," Grafton said. "The real problem area is small and medium enterprises. We are a nation of small businesses with more than 90 per cent of businesses in New Zealand under 20 employees."

The most common sort of crypto attacks are unsophisticated and low in value, but can be damaging to small businesses, Grafton said.

A recent Norton New Zealand small business security survey found one in five small firms in New Zealand had been targeted by a cyber attack.

Ninety per cent of cyber incidents begin with human error, which makes robust cyber risk management for organisations extremely important, he said.

"The common sorts of crypto attacks are unsophisticated, untargeted and, while low in dollar value – usually sub $5000 - enough to be an annoyance and damaging to a small business."

The average amount of time a breach goes unnoticed is around nine months.

Sixty per cent of all cyber attacks target small and medium businesses, and retail and the financial services sectors are most at risk of a data breach, according to the Insurance Council of New Zealand.

Output: Small and medium-sized businesses in New Zealand are lagging in cyber insurance coverage compared to their Australian counterparts, the Insurance Council of New Zealand has said. More than 90% of New Zealand's businesses fall into this category, with most having less than 20 employees. Only 6% of these businesses have cyber coverage, compared to 14% of small businesses in Australia. One fifth of the country's small businesses have been subject to a cyber attack, according to a recent survey.


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Discarded H&M clothes fuel Swedish power plant
 A Swedish power plant that aims to eliminate the use of fossil fuels by 2020 has taken to burning recycled wood and garbage—including clothes from H&M’s central warehouse, as first reported on Swedish public television.

“For us it’s a burnable material,” said Jens Neren, head of fuel supplies at Malarenergi AB, which owns and operates the plant in Vasteras, about 100 kilometers (62 miles) from Stockholm. “Our goal is to use only renewable and recycled fuels.”

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According to Bloomberg, the plant has burned about 15 tons of discarded clothing from H&M so far in 2017, making it a minuscule percentage of the 400,000 tons of trash it has burned to supply power to about 150,000 households. The clothes, according to H&M’s head of communications, Johanna Dahl, are burned because they’re unsafe for wearing.

“It is our legal obligation to make sure that clothes that contain mold or do not comply with our strict restriction on chemicals are destroyed,” Dahl told Bloomberg.“H&M does not burn any clothes that are safe to use.”

While Sweden is a leader in eliminating the use of fossil fuels, the fast fashion cycle encouraged by brands such as H&M is far from sustainable, as 15 tons of discarded clothing from a single warehouse would indicate.

Beyond the staggering resources required to produce H&M’s hundreds of millions of products globally each year, fast fashion encourages an environmentally catastrophic cycle that sees manufacturers producing ever-increasing quantities to meet rising demands in markets such as Brazil, China, India, Mexico, and Russia. According to a 2016 McKinsey study, clothing production worldwide doubled between 2010 and 2014, and from 2000 to 2011 the average number of annual collections produced by European apparel companies rose from two to five.

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It’s a lot of material for one planet to handle. Plus, when clothes are so cheap, customers value them less, making them even likelier to end up in landfills—if they’re not in an incinerator first.

🌍 Quartz is running a series called The Race to Zero Emissions that addresses the challenges and opportunities of climate action. Sign up here to be the first to know when stories are published.

Output: Swedish firm Malarenergi, which operates the Vasteras power plant near Stockholm, has burned 15 tonnes of clothing supplied by manufacturer H&M in 2017. The plant, which aims to use only renewable and recycled fuels and eliminate the use of fossil fuels by 2020, has also burned 400,000 tonnes of rubbish, generating electricity for around 150,000 households. H&M’s head of communications, Johanna Dahl, said the garments passed on to Vasteras plant were unsafe to wear and said: "Clothes that contain mould or do not comply with our strict restriction on chemicals are destroyed."


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Insurtech Wesurance to launch in Hong Kong next month
 Hong Kong insurtech startup Wesurance will next month launch the city's first insurance app featuring artificial intelligence and electronic know your customer (eKYC) capabilities.

The mobile app for insurance services has been launched in partnership with Allied World Assurance Company and TransUnion.

The app features an AI powered virtual assistant named Amy who can walk customers through the process of taking out a policy. It will be available 24/7 from any location, and will use a frequently asked questions database to answer over 80% of customer queries.

Unsolved questions will be immediately directed to internal representatives, and Amy will send reminders and notifications throughout the customer journey.

Wesurance also incorporates eKYC and facial recognition technology for faster and easier user verification powered by TransUnion’s IDVision solution. Users can take a photo of their HKID card followed by a selfie to accurately verify a user's identity.

Claims can likewise be proceeded through Amy and by taking photos of supporting documents, and Wesurance promises a turnaround time of a few days.

“At Wesurance, we deliver insuretech services that allow insurance providers to offer the same simplicity and customer centricity that Hong Kong residents expect in other areas of their lives,” Wesurance CEO Eddie Chang said.

“Travel insurance policies are our first range of product. We plan to launch other insurance products on this platform at a later stage. We are confident that this mobile platform will transform the way consumers use insurance in Hong Kong.”

Wesurance will be available from the iTunes App Store or Google Play in early December.

First published in Computerworld Hong Kong

Related content

Output: Insurtech Wesurance is launching a virtual assistant app in Hong Kong, making use of artificial intelligence. The virtual assistant, called Amy, will be able to provide support, help customers take out a policy or get a quote and help process claims. The app will also have facial recognition technology and will allow customers to have their claims processed through taking photos of supporting documents. The virtual assistant has been developed in partnership with Allied World Assurance Company and TransUnion.


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Eni partners with Fiat Chrysler on lower-emission fuels
 Italian oil giant Eni S.p.A.E and U.K.-based vehicle company, Fiat Chrysler Automobiles N.V. FCAU have recently signed a Memorandum of Understanding (MoU) to jointly develop research projects and applications that reduce carbon emission from modes of transport. The agreement in the presence of Italian Prime Minister, Paolo Gentiloni is in line with both companies' strategy to focus on carbon emission reduction.

Per Eni, the agreement will enable the companies to research extensively on technologies related to compressed natural gas (CNG) and liquefied natural gas (LNG). These technologies are expected to enable the companies to reduce tank weights and increase mileage. Moreover, Eni announced that it has developed a new kind of petrol, which includes 15% methanol and 5% bioethanol to reduce emissions. Usage of methanol in the fuel enables to significantly reduce emissions. Eni and Fiat Chrysler will together test this new type of petrol in five Fiat 500 Enjoy fleet cars. Eni believes this type of petrol can reduce around 4.3% carbon emissions.

Of the total carbon emissions, road transport vehicles alone are responsible for approximately 23%. The companies are also taking this matter into consideration and testing new types of fuels in existing modes of transport to assess their importance. The companies are testing the use of increased proportion of Hydrotreated Vegetable Oil or HVO in diesel for existing motors, which reduces emissions by 60% during the production process.

About the Company

Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company's major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons. In addition, Eni is involved in offshore and onshore hydrocarbon field construction.

Price Performance

Eni has gained 1.1% year to date compared with 1.2% growth of its industry .

Zacks Rank and Stocks to Consider

Eni carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the oil and energy sector include ConocoPhillips COP and Northern Oil and Gas, Inc. NOG . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Houston, TX-based ConocoPhillips is a major global exploration and production company. The company's sales for 2017 are expected to increase 24.4% year over year. The company delivered an average positive earnings surprise of 152.3% in the last four quarters.

Minnetonka, MN -based Northern Oil and Gas is an independent energy company. The company's sales for the fourth quarter of 2017 are expected to increase 51.9% year over year. The company delivered an average positive earnings surprise of 175% in the last four quarters.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Output: Italian oil company Eni and car manufacturer Fiat Chrysler have signed a memorandum of understanding to develop technology aimed at reducing carbon emissions from road vehicles. The agreement will see Eni work fuel technologies like compressed and liquefied natural gas, as well as hydrotreated vegetable oil in diesel cars, which can reduce emissions by up to 60%. The two firms will also test Eni's latest fuel, a blend of 15% methanol and 5% bioethanol, in Fiat cars. Road vehicles are responsible for around 23% of CO2 emissions.


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Health IQ rewards health-conscious people with cheaper life cover
 Health IQ Insurance Services, a startup focused on providing life insurance for -conscious individuals, said it has secured $34.6 million in Series C funding, led by Andreessen Horowitz.

To date, the company has raised a total of $81 million in funding mostly from its existing investors - Charles River Ventures, Ribbit Capital, Foundation Capital, First Round Capital, Felicis Ventures and Western Technology Investments.

Health IQ says its mission is to improve the health of the world by celebrating the health conscious people through financial rewards.

The company partners with insurance carriers such as SBLI, Ameritas Life Insurance Corp. and Assurity Life Insurance Co., and reinsurer partner Swiss Re to offer health conscious people between 4 percent and 33 percent lower rates on life insurance.

"We believe the best way to change the world's health is to celebrate the health conscious rather than harass the people who aren't. We are doing that celebration today with lower rates and better underwriting in life insurance," Munjal Shah, Co-Founder and CEO of Health IQ said.

Founded in 2013 by a team of health-conscious entrepreneurs, Health IQ is a licensed life insurance company in all 50 states. In 22 months, it has helped customers secure a total of $5.3 billion in insurance coverage.

Health IQ documents which individuals are health conscious and helps them to get lower rates and better coverage from insurance companies, thus rewarding the health conscious.

Health IQ has worked with carriers to develop better underwriting that takes into account unique factors related to the health conscious. For example, Body Mass Index or BMI does not differentiate between muscle and fat, resulting in weight lifters and athletic individuals being overcharged for their muscularity.

Health IQ said it has spent years gathering the science and big data to prove that the health conscious individuals deserve lower rates.

The data showed that persistent runners have a 50 percent lower risk of cardiovascular mortality, vegetarians have a 22 percent lower risk of colorectal cancer incidence, and higher muscular strength is associated with a 30 percent lower risk of cancer mortality.

Health IQ combined this medical research with its own proprietary research gleaned from the over 1 million people who took the Health IQ test launched by the company over three years ago. This research showed that health conscious individuals have a 41 percent lower mortality rate.

For comments and feedback contact: editorial@rttnews.com

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Output: Californian start-up Health IQ Insurance Services aims to persuade more US residents to become health conscious customers by offering tailored insurance coverage boasting lower costs. The company, which recently raised $34.6m in a funding round led by Andreessen Horowitz, is licensed in all 50 states, and has spent years gathering medical data and research to prove to insurers that healthier people deserve reduced rates, securing $5.3bn in coverage over the past 22 months.


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Balderton Capital secures £281m amid uncertainty
 UK venture capital firm Balderton Capital has raised $375 million (£281 million) for its sixth fund to invest in Series A startups in Europe.

The firm has successfully secured backing from the European Investment Fund — a major coup after the fund stopped investing in the UK after the Brexit vote.

Balderton plans to invest more in France and continental Europe with its new fund and has made 10 investments already.

Managing partner Bernard Liautaud said the UK's future as a tech hub remains up in the air.

One of the UK's biggest venture capital firms, Balderton Capital, has raised a sixth fund of $375 million (£281 million) and bucked a post-Brexit trend by landing at least some of the money from an EU fund thought to have pulled out of the UK.

Balderton Capital, founded in 2000, has backed a number of successful startups such as transport app Citymapper, investment platform Nutmeg, and banking startup Revolut.

The firm will continue focusing on Series A startups with its new fund, which is backed by fund-of-funds, pension funds, and other institutional investors. Some backers are US-based but, in a growing trend, two backers are Asian. Balderton has made 10 new investments out of the fund to date, including AI firm Sophia Genetics and Zego, an insurance firm for gig economy workers founded by ex-Deliveroo employees.

"The focus is on European entrepreneurs who have a plan to build a really big company," said Balderton's managing partner, well-known French entrepreneur Bernard Liautaud. "What we mean by early stage is Series A — we want to be the first institutional investor, after seed and friends and family."

A typical first cheque might be between $5 million (£3.8 million) and $10 million (£7.5 million) he added. Startups will need a product market fit and momentum.

It's a "doubling down" on Balderton's previous strategy, Liautaud said, because it's working. He wouldn't disclose returns on Balderton's fifth fund, but pointed to the fact that the company's portfolio startups have managed to raise substantial rounds after raising money from Balderton.

"When we look at our portfolio as a whole, they have raised $850 million (£640 million). That's an enormous amount," he said.

Liautaud added that Balderton will likely invest more in continental Europe with the new fund.

"We are seeing more opportunities in France, and we will see Balderton investing more there than we have [previously]," Liautaud said. "It's likely the relative part between the UK and continential Europe will balance out towards continental Europe than in prior funds."

France has boosted its share of VC money in the last year, thanks to local successes like adtech firm Criteo, ridesharing firm BlaBlaCar, and big data firm Talend. In 2007, Liautaud's own French firm Business Objects was acquired by SAP for €4.8 billion (then £3.3 billion).

Asked if he was confident in a post-Brexit UK, Liautaud replied: "I just don't know. The base is very strong for entrepreneurs, that continues to be very good. Other regions will rise to the challenge, but I don't think suddenly people will leave the UK."

Liautaud added that London still had advantages over other European capitals, such as its strength in finance and as a hub for talent. Its future success, he said, would depend on talent being able to emigrate to the UK once it leaves the EU.

Balderton managed to win funding from the European Investment Fund

Balderton has managed to buck a damaging post-Brexit trend with its new fund, with new funding from the European Investment Fund (EIF).

The EIF is an EU entity which to date has handed billions to UK venture capitalists to encourage investment in European tech startups. It froze investment to the UK after the country voted to leave the EU, with multiple UK-based firms affected by the sudden halt. The EIF consistently denied it had pulled out of the UK, but several fund managers told Business Insider the fund had stopped investing.

Azmat Yusuf, chief executive of Balderton portfolio startup Citymapper. Getty/John Phillips/Stringer

How is it that Balderton subsequently raised money from the EIF?

According to one source, it's likely that the EIF chose to invest in Balderton's latest fund because it had already invested in the firm's $305 million (£228 million) fifth fund back in 2014. According to the source, the EIF will invest in funds where it already has commitments, but not in any firms newly applying for funding after the Brexit vote.

The EIF confirmed to Business Insider it had backed Balderton.

Asked how difficult VCs might find closing funding rounds after Brexit, Liautaud said: "I think it depends for which kinds of fund. Our fund is very clear in its focus, it’s early stage, it’s across Europe, we have invested across Europe for 15 years now. It's well known, we have a track record, we are agnostic to the region.

"I think it’s harder for a fund that is a UK-only fund in terms of raising money from outside, maybe. Because we invest everywhere we haven’t seen an issue."

The EIF's rules mean it will only invest in funds which themselves back companies inside the EU and other designated eligible nations. That means a new fund that focuses on UK startups is unlikely to successfully raise money from the EIF — and it may partly explain why Balderton intends to shift its investment balance towards Europe.

After a summer of shame for US venture capital, Balderton is shouting about ethics

Silicon Valley has had a torrid time in the media this summer, with stories of harassment in venture capital and tech startups, and massively unethical behaviour such as Uber covering up a major data breach.

There have been fewer such stories in Europe, and Liautaud wants Balderton to proactively state its pro-ethics position. To that end, the firm is working on a manifesto as a kind of commitment to integrity and ethical behaviour in business.

"Missteps in ethics have led to enormous problems," he said, pointing outside of tech to VW's emissions scandal, and the Libor rates scandal in finance. "It results in a billion dollar fine, management wipeout, and a reputation built up for years that is completely tarnished.

"We think that ethics is a powerful force to create business."

It sounds a little vague to an insider, but it involves pledging to act with the best behaviours, integrity, not putting pressure on startups and avoiding "all the bad behaviours" we've seen. Balderton separately has a harassment policy in place.

Balderton has also spent a year working on a guide to employee equity in startups, after studying practices in the US and Europe. The guide is available to the public, with startups able to use the document as a basis.

Output: Balderton Capital, a UK-based venture capital company, recently raised a fund worth £281m ($375m) for series A investments in European startups. This is the firm's sixth such fund. Bernard Liautaud, Balderton's managing partner, wouldn't disclose returns on their fifth fund, though he said that after receiving investment from Balderton, their portfolio as a whole had raised $850m. Asked if he was confident in a post-Brexit UK, Liautaud replied: "I just don't know... Other regions will rise to the challenge, but I don't think suddenly people will leave the UK".


Instruction: create a high quality summary of the given input

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Small-scale hydro projects threaten environments in the Balkans
 Hydropower constructions have rocketed by 300% across the western Balkans in the last two years, according to a new analysis, sparking fears of disappearing mountain rivers and biodiversity loss.

About 2,800 new dams are now in the pipeline across a zone stretching from Slovenia to Greece, 37% of which are set to be built in protected areas such as national parks or Natura 2000 sites.

Heavy machinery is already channelling new water flows at 187 construction sites, compared to just 61 in 2015, according to the research by Fluvius, a consultancy for UN and EU-backed projects.

Ulrich Eichelmann, the director of the RiverWatch NGO, which commissioned the paper, said that the small-scale nature of most projects – often in mountainous terrain – was, counterintuitively, having a disastrous impact on nature.

“They divert water through pipelines away from the river and leave behind empty channels where rivers had been,” he told the Guardian. “It is a catastrophe for local people and for the environment. For many species of fish and insects like dragonflies and stoneflies, it is the end.”

This, as yet unnamed fish species, previously unknown to science, is considered threatened by a planned hydropower plant Poçem on the river Vjosa, Albania. Photograph: Wolfram Graf/Save the Blue Heart of Europe

One stonefly species, Isoperla vjosae, was only discovered on Albania’s iconic Vjosa river this year, during an expedition by 25 scientists which also found an unnamed fish previously unknown to science. Like the Danube salmon and the Prespa trout, it is already thought to be at risk from what Eichelmann calls “a dam tsunami”.

The scientists’ report described the Vjosa as a remarkably unique and dynamic eco-haven for scores of aquatic species that have disappeared across Europe. “The majority of these viable communities are expected to irrecoverably go extinct as a result of the projected hydropower dams,” it said.

However, Damian Gjiknuri, Albania’s energy minister, told the Guardian that two planned megadams on the Vjosa would allow “the passage of fish via fish bypass or fish lanes”.

“These designs have been based on the best environmental practices that are being applied today for minimising the effects of high dams on the circulation of aquatic faunas,” he said.

The Vjosa river is home to many aquatic species that are threatened with extinction by planned dams, according to scientists. Photograph: Gregor Šubic/Save the Blue Heart of Europe

Gjiknuri disputed the new report’s findings on the basis that only two “high dams” were being built in Albania, while most others were “run-of-the-river hydropower”.

These generate less than 10MW of energy and so require no environmental impact assessments, conservationists say. But their small scale often precludes budgets for mitigation measures and allows arrays of turbines to be placed at intervals along waterways, causing what WWF calls “severe cumulative impacts”.

Beyond aquatic life, the dam boom may also be threatening humans too.

Since 2012, property conflicts between big energy companies and small farmers have led to one murder and an attempted murder, according to an EU-funded study. The paper logged three work-related deaths, and dozens of arrests linked to Albania’s wave of hydropower projects.

Photograph: Euronatur Foundation/RiverWatch/Save the Blue Heart of Europe

Albania is a regional hotspot with 81 dams under construction but Serbia, Macedonia, and Bosnia and Herzegovina are also installing 71 hydro plants, and Serbia has a further 800 projects on the drawing board.

Gjiknuri said the Albanian government was committed to declaring a national park on a portion of the Vjosa upstream from the planned 50m-high Kalivaçi dam, preventing further hydro construction there.

Output: Hydropower projects in the western Balkans have surged 300% in just two years, according to a paper commissioned by RiverWatch NGO, raising concerns over environmental impacts on mountain rivers and wildlife, and human conflict over property disputes. Many of the current 187 construction sites are smaller-scale, "run-of-the-river" projects that generate less than 10 MW, which are exempt from environmental impact assessments, however, they have a "severe cumulative impact" on waterways, according to WWF, and spell the end for many species of fish and insects, said Ulrich Eichelmann, director of RiverWatch NGO.


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Input:
Swedish house-market crisis may signal declines in other nations
 In Sweden, a combination of low interest rates and rapidly rising house prices has been making the central bank nervous for years. House prices have increased by an average of 9% per year for the past three years, pushing up household indebtedness in lockstep.

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But now it seems cracks are appearing in Sweden’s housing market, after property prices fell 1.5% in September from the month before and a further 3% in October, some of the steepest declines in years.

Sweden’s central bank is trying to put a positive spin on it. This week, policymakers said the slowdown would lead to a more stable market and, most importantly, limit household indebtedness. ”High and rising household indebtedness poses the greatest risk to the Swedish economy,” the Riksbank said (pdf).

Household debts are growing much faster than incomes in Sweden. The average debt-to-income ratio for households with mortgages was 338% in September, up from 326% a year earlier. This makes households vulnerable when interest rates start to rise (the current benchmark rate is below zero, even though economic growth has been relatively strong) or house prices start to fall significantly.

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The Scandinavian country doesn’t take the prospect of a housing shock lightly, because it fears a re-run of the early 1990s, when a real estate crash and banking crisis devastated Nordic economies. The central bank warned this week that banks had “major exposures” to the property sector and would be sensitive to a large fall in prices, exacerbated by the fact that local banks are deeply interconnected. Officials are taking measures to engineer a soft landing, including plans to require borrowers to pay off more of the principal on their mortgages and not just the interest.

Worries about the housing market are also making traders jittery. This week, the Swedish krona briefly surpassed 10 krona a euro, a level reached only one other time since the financial crisis. At the same time, Sweden’s inflation has started to slow, setting back plans by the central bank to raise interest rates.

If Sweden’s housing market has reached an inflection point, marking the end of an era of low interest rates fueling rapidly rising house prices, other countries should take note. What’s happening there could serve as a preview for places where interest rates have also been low for years and experts fear that housing bubbles have inflated to dangerous levels.

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Stockholm and Sydney don’t have that much in common, but as Australia’s housing market balloons to four times the size of GDP, policymakers there should be watching closely to see whether Sweden’s housing market cools in a way that gives over-indebted households time to adjust and the central bank room to raise rates without shocking the system.

Output: Rapid growth in Sweden's housing market went into reverse in the autumn, with values falling 3% in October and 1.5% in September. That follows three years of 9% annual expansion that has stoked household indebtedness. The central bank recently warned that lenders had "major exposures" to the property market and would be hit by a steep fall in prices. Some now fear the Swedish experience is an indicator of the fate of housing markets in other low-interest rate nations with brewing property bubbles.