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2017 on track to be one of three all-time hottest years: WMO
 WMO report highlights impacts on human safety, well-being and environment

6 November 2017 (WMO) - It is very likely that 2017 will be one of the three hottest years on record, with many high-impact events including catastrophic hurricanes and floods, debilitating heatwaves and drought. Long-term indicators of climate change such as increasing carbon dioxide concentrations, sea level rise and ocean acidification continue unabated. Arctic sea ice coverage remains below average and previously stable Antarctic sea ice extent was at or near a record low.

The World Meteorological Organization’s provisional Statement on the State of the Climate says the average global temperature from January to September 2017 was approximately 1.1°C above the pre-industrial era. As a result of a powerful El Niño, 2016 is likely to remain the warmest year on record, with 2017 and 2015 being second and/or third. 2013-2017 is set to be the warmest five-year period on record.

The WMO statement – which covers January to September - was released on the opening day of the United Nations climate change conference in Bonn. It includes information submitted by a wide range of UN agencies on human, socio-economic and environmental impacts as part of a drive to provide a more comprehensive, UN-wide policy brief for decision makers on the interplay between weather, climate and water and the UN global goals.

“The past three years have all been in the top three years in terms of temperature records. This is part of a long term warming trend,” said WMO Secretary-General Petteri Taalas. “We have witnessed extraordinary weather, including temperatures topping 50 degrees Celsius in Asia, record-breaking hurricanes in rapid succession in the Caribbean and Atlantic reaching as far as Ireland, devastating monsoon flooding affecting many millions of people and a relentless drought in East Africa.

“Many of these events – and detailed scientific studies will determine exactly how many – bear the tell-tale sign of climate change caused by increased greenhouse gas concentrations from human activities,” he said.

Patricia Espinosa, Executive Secretary of UN Climate Change which is hosting the Bonn conference, said: “These findings underline the rising risks to people, economies and the very fabric of life on Earth if we fail to get on track with the aims and ambitions of the Paris Agreement”.

“There is unprecedented and very welcome momentum among governments, but also cities, states, territories, regions, business and civil society. Bonn 2017 needs to be the launch pad towards the next, higher level of ambition by all nations and all sectors of society as we look to de-risk the future and maximize the opportunities from a fresh, forward-looking and sustainable development path, “she added.

Extreme events affect the food security of millions of people, especially the most vulnerable. A review of the Food and Agriculture Organisation (FAO) found that, in developing countries, agriculture (crops, livestock, fisheries, aquaculture and forestry) accounted for 26% of all the damage and loss associated with medium to large-scale storms, floods and drought.

According to the World Health Organisation (WHO), the global health impacts of heatwaves depend not only on the overall warming trend, but on how heatwaves are distributed across where people live. Recent research shows that the overall risk of heat-related illness or death has climbed steadily since 1980, with around 30% of the world’s population now living in climatic conditions that deliver prolonged extreme heatwaves. Between 2000 and 2016, the number of vulnerable people exposed to heatwave events has increased by approximately 125 million.

In 2016, 23.5 million people were displaced during weather-related disasters. Consistent with previous years, the majority of these internal displacements were associated with floods or storms and occurred in the Asia-Pacific region. In Somalia, more than 760 000 internal displacements have been reported, according to the UN High Commissioner for Refugees and International Organisation for Migration (IOM).

The latest International Monetary Fund (IMF) World Economic Outlook indicates that adverse consequences are concentrated in countries with relatively hot climates and which are home to close to 60% of current global population.

Selected Highlights

Global temperatures in 2017

Global mean temperature for the period January to September 2017 was 0.47°±0.08°C warmer than the 1981-2010 average (estimated at 14.31°C). This represents an approximately 1.1°C increase in temperature since the pre-industrial period. Parts of southern Europe, including Italy, North Africa, parts of east and southern Africa and the Asian part of the Russian Federation were record warm and China was the equal warmest. The northwestern USA and western Canada were cooler than the 1981-2010 average.

Temperatures in 2016 and, to an extent, 2015, were boosted by an exceptionally strong El Niño. 2017 is set to be the warmest year on record without an El Niño influence. The five-year average 2013-2017 is provisionally 0.40°C warmer than the 1981-2010 average and approximately 1.03°C above the pre-industrial period and is likely to be the hottest on record.

The WMO statement is based on five independently maintained global temperature data sets. WMO now uses 1981-2010 instead of the previous 1961-1990 baseline as it is more representative of current climatic conditions and allows for more consistent reporting of information from satellite and reanalysis systems (some of which do not extend back to 1960) alongside more traditional data sets based on surface-observations. The change in the baselines has no influence on trend analysis.

Precipitation:

Southern South America (particularly in Argentina), western China, and parts of southeast Asia were wetter than average. January to September was the wettest on record for the contiguous United States. Rainfall was generally close to average in Brazil, and near to above average in northwest South America and Central America, easing droughts associated with the 2015-16 El Niño. The 2017 rainy season saw above-average rainfall over many parts of the Sahel, with flooding in some regions (especially in Niger).

All-India rainfall for the 2017 monsoon season (June to September) was 5% below average. However, above-average rainfall in the northeast, and adjacent countries led to significant flooding.

The Canadian Prairies, the Mediterranean region, Somalia, Mongolia, Gabon and southwestern South Africa all received lower rainfall than average. Italy had its driest January to September on record.

Ice and snow:

Arctic sea-ice extent was well below average throughout 2017 and was at record-low levels for the first four months of the year, according to the National Snow and Ice Data Center and the Copernicus Climate Change Service. The Arctic annual maximum extent in early March was among the five lowest in the 1979-2017 satellite record, and according to the NSIDC’s data was record low. The five lowest maximum extents have occurred since 2006.

A strong and persistent low pressure system over the central Arctic helped to inhibit ice loss during the summer months. The Arctic sea ice extent minimum in mid-September was 25- 31% below the 1981-2010 average, and among the eight smallest minimum extents on record. The ten smallest minimum extents have all occurred since 2007.

Antarctic sea ice extent was also well below average. The annual minimum extent in early March was record low, and the annual maximum extent in mid-October was at or near record low levels. Sea ice conditions in the Antarctic have been highly variable over the past several years with the record large sea ice extents occurring as recently as 2015.

Northern Hemisphere snow cover extent was 10.54 million square km, near the median value in the 1967-2017 satellite record.

The Greenland ice sheet saw an increase of more than 40 billion tons of ice due to above-average snowfall and a short melt season. Despite the gain in overall ice mass this year, it is only a small departure from the declining trend, with the Greenland ice sheet having lost approximately 3,600 billion tons of ice mass since 2002.

Sea level:

The global mean sea level (GMSL) is one of the best climate change indicators. Global mean sea level has been relatively stable in 2017 to date, similar to levels first reached in late 2015. This is because the temporary influence of the 2015-16 El Niño (during which GMSL peaked in early 2016 at around 10 millimeters above the 2004-2015 trend) continues to unwind and GMSL is reverting to values closer to the long-term trend. Preliminary data indicate that a rise in GMSL may have started to resume from July-August 2017 onwards.

Ocean Heat:

Global sea surface temperatures are on track to be among the three highest on record. Global ocean heat content in 2017 to date has been at or near record high levels. Elevated tropical sea surface temperatures which contribute to coral bleaching were not as widespread as during the 2015-16 El Niño. But some significant coral bleaching did still occur, including the Australia’s Great Barrier Reef. UNESCO reported in June that all but three of the 29 coral reefs with World Heritage listing had experienced temperatures consistent with bleaching at some point in the 2014-2017 period.

Ocean Acidification:

According to the Intergovernmental Oceanographic Commission of UNESCO the ocean absorbs up to 30% of the annual emissions of anthropogenic CO2 in the atmosphere, helping to alleviate the impacts of climate change on the planet. However, this comes at a steep ecological cost, as the absorbed CO2 changes acidity levels in the ocean. Since records at Aloha station (north of Hawaii) began in the late 1980s, seawater pH has progressively fallen, from values above 8.10 in the early 1980s to between 8.04 and 8.09 in the last five years.

Ocean acidification is directly influencing the health of coral reefs and the survival and calcification of several key organisms. These have cascading effects within the food web and impact aquaculture and coastal economies.

Greenhouse gases:

The rate of increase in CO 2 from 2015 to 2016 was the highest on record, 3.3 parts per million/year, reaching 403.3 parts per million. Global average figures for 2017 will not be available until late 2018. Real-time data from a number of specific locations indicate that levels of CO 2 , methane and nitrous oxide continued to increase in 2017.

Extreme Events and Impacts

Tropical cyclones

The North Atlantic had a very active season. The Accumulated Cyclone Energy (ACE) index, a measure of the aggregate intensity and duration of cyclones, had its highest monthly value on record in September.

Three major and high-impact hurricanes occurred in the North Atlantic in rapid succession, with Harvey in August followed by Irma and Maria in September. Harvey made landfall in Texas as a category 4 system and remained near the coast for several days, producing extreme rainfall and flooding. Provisional seven-day rainfall totals reached as high as 1539 mm at a gauge near Nederland, Texas, the largest ever recorded for a single event in the mainland United States.

It was the first time two Category 4 hurricanes (Harvey and Irma) made landfall in the same year in the USA. Irma had winds of 300 km/h for 37 hours – the longest on the satellite record at that intensity and spent three consecutive days as a Category 5 hurricane, also the longest on record. Like Irma, Maria also reached category 5 intensity and caused major destruction on a number of Caribbean islands. In mid-October, Ophelia reached major hurricane (category 3) status more than 1 000 kilometers further northeast than any previous North Atlantic hurricane. It caused substantial damage in Ireland, whilst winds associated with its circulation contributed to severe wildfires in Portugal and northwest Spain.

The WMO Expert Team on Climate Impacts on Tropical Cyclones found that, whilst there is no clear evidence that climate change is making the occurrence of slow-moving, land-falling hurricanes such as Harvey more or less frequent, it is likely that human-induced climate change makes rainfall rates more intense, and that ongoing sea-level rise exacerbates storm surge impacts.

Flooding

Exceptionally heavy rain triggered a landslide in Freetown, Sierra Leone in August, killing more than 500 people. Freetown received 1459.2 mm of rain in two weeks, about four times higher than average. Heavy rainfall contributed to a landslide in Mocoa, southern Colombia, in April, with at least 273 deaths reported.

Many parts of the Indian subcontinent were affected by monsoonal flooding, despite overall seasonal rainfall being near average. The most serious flooding occurred in mid-August in eastern Nepal, northern Bangladesh and nearby northern India. Mawsynram (India) received more than 1 400 mm from 9 to 12 August. Rangpur (Bangladesh) received a month’s worth of rain (360 mm) on 11-12 August. More than 1 200 deaths were reported in India, Bangladesh and Nepal, whilst more than 40 million people were displaced or otherwise affected. The World Health Organization indicated that in Bangladesh alone, more than 13 000 cases of waterborne diseases and respiratory infections were reported during three weeks in August, whilst extensive damage was reported to public health facilities in Nepal.

Flooding affected many parts of Peru in March, killing 75 people and making 70,000 homeless. The Food and Agriculture Organization reported that there were significant crop production losses, particularly maize. Flooding of this type typically affects Peru during the late phase of El Niño events. Whilst there was no Pacific-wide El Niño during 2017, sea surface temperatures near the Peruvian coast in March were 2°C or more above average and similar to El Niño values.

Major flooding occurred mid-year in parts of southern China, especially within the Yangtze River basin. Peak totals from 29 June to 2 July topped 250 mm. Fifty-six deaths were reported and economic losses were estimated at more than US$ 5 billion.

Heavy rain affected the western United States in January and February caused substantial flooding, numerous landslides and the evacuation of tens of thousands of people. It was the wettest winter on record for Nevada, and the second-wettest for California.

Drought

Parts of east Africa continued to be seriously affected by drought. Following well-below-average rainfall in 2016, the 2017 “long rains” season (March to May) was also dry in many parts of Somalia, the northern half of Kenya, and southeastern Ethiopia.

FAO reported that in Somalia, as of June 2017, more than half of the cropland was affected by drought, with herds reduced by 40-60% since December 2016. WFP estimates that the number of people on the brink of famine in Somalia has doubled to 800 000 since February 2017, with half the country needing assistance. WFP has confirmed that more than 11 million people are experiencing severe food insecurity in Somalia, Ethiopia and Kenya.

From November 2016 to mid-June 2017, more than 760 000 drought-related internal displacements in Somalia were recorded by the Protection and Return Monitoring Network (PRMN), a United Nations High Commissioner for Refugees (UNHCR) led project.

Kenya declared the 2017 drought a national disaster. Nairobi faced water shortages that compelled city authorities to ration water, whilst cereal prices rose and GDP figures were hit.

An above-average wet summer season eased drought conditions in southern Africa. But localized drought intensified in the Cape Province.

Heavy winter rains in early 2017 eased long-term drought conditions in California, but resulted in some flooding, and contributed to vegetation growth which may have influenced the severity of wildfires later in the year.

Many parts of the Mediterranean experienced dry conditions. The most severe drought was in Italy, hitting agricultural production and causing a 62% drop in olive oil production compared to 2016. Rainfall averaged over Italy for January-August 2017 was 36% below average. It was also Italy’s hottest January-August on record, with temperatures 1.31°C above the 1981-2010 average. Other dry areas included many parts of Spain and Portugal.

The Democratic People’s Republic of Korea was affected by below‑average rains, impacting key staple crops such as paddy and maize. In the Republic of Korea, rainfall from January to June was 51% below average, the lowest since national records began in 1973.

Major heatwaves

An extreme heatwave affected parts of South America in January. In Chile, numerous locations had their highest temperature on record, including Santiago (37.4°C). In Argentina, the temperature reached 43.5°C on 27 January at Puerto Madryn, the highest ever recorded so far south (43°S) anywhere in the world.

Much of eastern Australia experienced extreme heat in January and February, peaking on 11-12 February when temperatures reached 47°C.

Exceptional heat affected parts of southwest Asia in late May. On 28 May, temperatures reached 54.0°C in Turbat, in the far west of Pakistan near the Iranian border, and also exceeded 50°C in Iran and Oman. A temperature of 53.7°C was recorded at Ahwaz, Iran on 29 June, and Bahrain experienced its hottest August on record.

The Chinese city of Shanghai and the Hong Kong Observatory reported new records of 40.9°C and 36.6 °C during summer.

In the Mediterranean, Cordoba in southern Spain experienced 46.9°C on 12 July and Granada 45.7°C on 13 July. An extensive heatwave in early August led to temperature records in northern and central Italy, Croatia and southern France.

California had its hottest summer on record and extreme heat affected other western states. This culminated in a major heatwave at the end of August and early September, which included a record high temperature (41.1°C) at San Francisco.

Wildfires

Extreme heat and drought contributed to many destructive wildfires.

Chile had the most significant forest fires in its history during the 2016-2017 summer, after exceptionally dry conditions during 2016 followed by extreme heat in December and January. 11 deaths were reported, and a total of 614 000 hectares of forest were burnt, easily the highest seasonal total on record and eight times the long-term average. There were also significant fires during the 2016-2017 Southern Hemisphere summer in various parts of eastern Australia and in the Christchurch region of New Zealand, whilst the southern South African town of Knysna was badly affected by fire in June.

It was a very active fire season in the Mediterranean. The worst single incident occurred in central Portugal in June, with 64 deaths. There were further major fire outbreaks in Portugal and northwestern Spain in mid-October, exacerbated by strong winds associated with Hurricane Ophelia.. Other significant fires affected countries including Croatia, Italy and France.

The area burned in the contiguous United States from January to 19 October was 46% above the 2007-2016 average. The area burned in Canada was about 51% above the seasonal average and contributed to heavy smoke pollution. A wet winter, which allowed the heavy growth of ground vegetation, followed by a dry and hot summer, provided ideal conditions for high-intensity fires in northern California in early October. At least 41 deaths were reported, the worst loss of life in a wildfire in the United States since 1918.

Other noteworthy events

Severe cold and snow affected parts of Argentina in July. After heavy snow had fallen the previous day, the temperature reached −25.4°C in Bariloche on 16 July, 4.3°C below the previous lowest temperature on record there. Other regions where record low temperatures occurred in 2017 included some locations in inland southeastern Australia in early July, where Canberra had its lowest temperature (−8.7°C) since 1971, and the Gulf region in the Middle East in early February.

The United States had its most active tornado season since 2011, with a preliminary total of 1 321 tornadoes in the January to August period, including the second-most active January on record.

The World Meteorological Organization is the United Nations System’s authoritative voice on Weather, Climate and Water

Media contacts:

Media Officer, Clare Nullis (from 6 November in Bonn): Tel: +41 22 730 84 78; Mobile: +41 79 709 13 97 email: cnullis@wmo.int

Chief of Communications and Public Affairs, Michael Williams (in Geneva): Tel: +41 22 730 83 15; Mobile: +41 79 406 47 30, email: mwilliams@wmo.int

Notes for Editors:

WMO uses three conventional surface temperature data sets – NOAA’s NOAAGlobalTemp data set, Met Office Hadley Centre and Climatic Research Unit HadCRUT.4.6.0.0 data set and NASA GISS’s GISTEMP data set. They use measurements of air temperature over land and sea-water temperature measurements over oceans to estimate temperatures around the globe.

WMO also uses two reanalyses with a much wider range of input data, including measurements from satellites. The input data are combined using a weather forecasting system, which provides a globally complete, physically consistent estimate of surface temperatures for each day. They provide better coverage of regions, such as polar regions, where observations are historically sparse. The two reanalyses used in the statement are the ERA-Interim of the European Centre for Medium Weather Forecast and the JRA-55 of the Japan Meteorological Agency. Despite the very different approach, the estimates of global average temperature produced by these reanalyses are in good agreement with the conventional surface temperature datasets

The provisional statement now uses 1981-2010 as a baseline. This takes the place of the 1961-1990 baseline used in previous reports. The 1981-2010 period is recommended by WMO to compute the climatological standard normal for climate monitoring purposes as it is more representative of current climatic conditions. It allows a consistent reporting of information from satellite and reanalysis systems, some of which do not extend back to 1960, alongside with traditional data sets based on surface-observations. For global average temperatures, the 1981-2010 period is approximately 0.31±0.02°C warmer than that of 1961-1990. The change in the baselines has no influence on trend analysis.

In this WMO statement, the period 1880-1900 has been used as a reference period for pre-industrial conditions allowing early instrumental observations to be used for estimating pre-industrial temperature conditions.

Information used in this report is sourced from a large number of National Meteorological and Hydrological Services (NMHSs) and associated institutions, as well as the World Climate Research Programme (WCRP) and the Global Atmosphere Watch (GAW). Information has also been supplied by a number of other UN agencies, including the Food and Agriculture Organization (FAO), the World Food Program (WFP), the World Health Organization (WHO), the UN High Commissioner for Refugees (UNHCR), the International Organization for Migration (IOM), the International Monetary Fund (IMF), the UN International Strategy for Disaster Reduction (UNISDR) and the Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO).

Output: This year is set to become one of the three hottest ever recorded, says the World Meteorological Organization (WMO). Though temperatures in 2017's first nine months were unlikely to have exceeded those in 2016, since the latter year featured an El Niño weather phenomenon, the WMO warns they will probably be higher than anything recorded prior to 2015. WMO's Petteri Taalas says the trend towards warming appeared to be indicative of climate change resulting from human activities, including burning fossil fuels and deforestation. The Met Office's Richard Betts adds that developing countries to be hit the hardest with flooding being a significant threat in south Asia.


Instruction: create a high quality summary of the given input

Input:
2017 on track to be one of three all-time hottest years: WMO
 2017 is set to be one of the hottest three years on record, provisional data suggests, confirming yet again a warming trend that scientists say bears the fingerprints of human actions.

The World Meteorological Organization (WMO) said temperatures in the first nine months of this year were unlikely to have been higher than 2016, when there was a strong El Niño weather system, but higher than anything before 2015.

Petteri Taalas, secretary general of the WMO, said: “The past three years have all been in the top three years in terms of temperature records. This is part of a long term warming trend. We have witnessed extraordinary weather, including temperatures topping 50C in Asia, record-breaking hurricanes in rapid succession in the Caribbean and Atlantic reaching as far as Ireland, devastating monsoon flooding affecting many millions of people and a relentless drought in East Africa.”

He said further detailed scientific studies would be carried out, but that it was already possible to say many “bear the tell-tale sign of climate change” caused by increased greenhouse gas concentrations from human activities, such as burning fossil fuel and deforestation.

This recent increase in average global temperatures confirms a renewed warming trend in recent years, which had slowed its pace slightly in the previous decade, leading some climate sceptics to claim global warming had “paused”.

The results were revealed to delegates at the UN’s global climate talks being held in Bonn, Germany, this week and next. The COP23 talks, a follow-up to the landmark Paris agreement of 2015, will focus on a new process by which countries’ pledges to cut greenhouse gas emissions can be toughened, in line with scientific advice.

Current pledges would, according to estimates, leave the world 3C warmer than in pre-industrial times. At that level, sea levels would rise, heatwaves and droughts would become more common in large swathes of the globe, and fiercer storms and floods would become more likely.

Patricia Espinosa, the UN’s climate chief, said the talks showed “unprecedented momentum”, but warned of the consequences of failure.

Recent research also found that the levels of carbon dioxide in the atmosphere are now higher than they have been for 800,000 years.

Scientists reacted with concern to the WMO’s findings, which are still provisional and only cover January to September. Martin Siegert, co-director of the Grantham Institute at Imperial College, London, said: “The state of our climate is being reset by humans. What were once one-in-a-hundred-year events are now turning into regular events. We see this in terms of extreme weather impacts, with examples from the south of the US this year. For the future we can expect more of the same.”

Richard Betts, professor of climate impacts at the Met Office Hadley Centre, said: “We expect developing countries to be hit the hardest in terms of human impact. Flooding will be a particular threat in south Asia, particularly due to increased rainfall and rising sea levels, and partly because of the large and growing numbers of people who have little choice about being in harm’s way.”

Petteri Taalas, secretary-general of WMO, said at the Bonn conference that he saw little likelihood of the warming trend being reversed in the short term. “This trend can be expected to continue for the coming 50 years. In this system, once you reach a certain level it does not drop soon.”

Output: This year is set to become one of the three hottest ever recorded, says the World Meteorological Organization (WMO). Though temperatures in 2017's first nine months were unlikely to have exceeded those in 2016, since the latter year featured an El Niño weather phenomenon, the WMO warns they will probably be higher than anything recorded prior to 2015. WMO's Petteri Taalas says the trend towards warming appeared to be indicative of climate change resulting from human activities, including burning fossil fuels and deforestation. The Met Office's Richard Betts adds that developing countries to be hit the hardest with flooding being a significant threat in south Asia.


Instruction: create a high quality summary of the given input

Input:
WeWork's housing bet struggles as tenants dub homes crash-pads
 WeWork’s expansion plans for its housing communities, known as WeLive buildings, haven’t met the company’s expectations, perhaps due to the fact that some tenants view it as a temporary crash pad, not a long term home.

Known for renting co-working space around the world, WeWork has been striking big deals, buying Blackstone Group’s London offices for $785 million and buying Lord & Taylor’s Manhattan flagship for $850 million, amid questions about the company’s profits and valuation, as The Real Deal reported.

Its expansion into offering housing and hotel rooms started several years ago with WeWork’s projections in 2014 forecasting that the company would operate 36 WeLive housing communities by the end of 2017. Fast forward to the present, and the company only has two such buildings: in New York and Washington, D.C., and the experience leaves something to be desired, according to Bloomberg who interviewed some former residents.

“It’s a great place to be if you’re just moving to the city, and you want to meet people, or you need a place for a couple months before you find your real apartment,” a former tenant told Bloomberg.

Sign Up for the undefined Newsletter SIGN UP By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The main issue seems to be rents aren’t competitive enough considering the services, or lack thereof. A New York WeLive studio goes for about $3,000 and some disgruntled previous tenants say hot water shortages and inconsistent mail deliveries caused them to move out.

Yet, other residents love their life in the buildings, which have been compared to scaled up college dorms: “I get this amazing quality of life. The only thing I lack is a door and a wall,” said New York WeLive tenant Raviv Nadav to Bloomberg.

Jim Woods, head of WeLive, told Bloomberg WeWork is still pursuing the housing developments; there are plans for a new WeLive building to open in Seattle in 2020.

[Bloomberg] — E.K. Hudson

Output: WeWork's flagship WeLive housing communities are not thriving as well as the flexible office space provider had hoped, with just two operating out of a predicted 36. While Jim Woods, head of WeLive, said a new space would be opening in Seattle in 2020, tenants in New York and Washington DC aren't all thrilled. Some have complained the $3,000-month rents don't square with hot water shortages and inconsistent mail deliveries. However, others have raved about the quality of life offered in a WeLive building.


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Input:
The Guardian makes more money from readers than from advertising
 The Guardian is now making more money from reader revenue including paid memberships and subscriptions, than advertising revenue. Since February, it has grown paying members from 200,000 to 500,000, while one-off contributions have gone from 100,000 to 300,000 equating to £7 million ($9 million) during the same time period. Half of those 300,000 contributions come from the U.S., according to the publisher.

Building consumer revenue has been a cross-departmental effort involving around 50 people across editorial, marketing, commercial, product, engineering and user experience. Now, with a year’s worth of data under its belt, it’s easier to spot patterns of behavior and preferences across different markets — information it will use to help with attracting more paying members, retaining existing ones and preventing churn, according to Natalie Hanman, executive editor of Guardian Membership.

Like many other publishers, the Guardian has seen a traffic windfall (and subscriber uplift) from its coverage of Trump, Brexit and other divisive political news. Sustaining that momentum will likely get harder. To offset that, the Guardian plans to create its own editorial, investigative series called “moments,” around which it will market membership sign-ups. A mix of editorial gut instinct and reader data will inform the topics and themes for these editorial series.

Data showing what topics people were reading about directly before signing up to either donate or become a member is aggregated to help pinpoint where to increase editorial efforts. The Guardian believes its coverage of the environment and climate change has driven paid sign-ups. Seeking to draw in new subscribers and retain existing ones, its editorial team will pursue stories it believes are underreported within those areas.

In June, it ran a Kickstarter-style campaign called “This Land is Your Land,” an editorial series on the U.S. government’s giveaway of America’s public lands. The campaign generated $100,000 (£77,000) over two months. Some of the proceeds went to beefing up its environment reporters, according to Hanman.

In the U.S., people have leaned more toward the one-off donations than in the U.K. The publisher has recently launched a monthly contributor sign-up option.

The Guardian has also introduced products that give readers added access. One of these is a monthly podcast called “We Need to Talk About,” featuring readers’ and members’ email-submitted questions on topical political, cultural and environmental news issues. Guardian journalists and external experts weigh in on big news issues, as well as topics members or readers have asked for more coverage on. They will sometimes call the reader or member who has submitted questions and involve them in the discussion.

“Initially, a lot of people across the organization, especially on the commercial side, would just say, ‘Why don’t we put up a paywall? Everyone else is,’” said Hanman. “They didn’t quite understand the scope of this, but having journalists involved was important, and it’s nice to see that people have gone from being skeptical [about this approach] to seeing that it makes sense.”

Output: The Guardian newspaper has revealed it is making more money from its readers than from advertisers. Although it opted not to introduce a paywall for its online content, the UK title has introduced a system of paid memberships and subscriptions, along with requests for readers to make individual donations. This has proved successful, with paying members rising from 200,000 to 500,000 since February and donations totalling £7m ($9m) over the same period. Half of those contributions were from the United States, and web traffic appears to have been boosted by coverage of Donald Trump.


Instruction: create a high quality summary of the given input

Input:
Fake ad agency Thrive+ sought to inveigle its way onto whitelists
 In a bold attempt to circumvent the IAB's latest crackdown on ad fraud, a phony 'cowboy' agency called Thrive+ has begun approaching publishers to get onto whitelists - which are designed to weed out fraudsters.

Publishers have whitelists designating which advertisers they will accept on their site and which they will block. When used correctly, white and blacklists can yield positive outcomes, but if the wrong advertisers are on the wrong list it can result in major brand and publisher backlash.

Thrive+, which describes itself as “a revolutionary video media agency” and has skiing videos on is homepage, made an unsolicited approach to publisher McClatchy, which owns newspapers Miami Herald and El Nuevo Herald. On Tuesday it asked both Miami Herald and El Nuevo Herald to add Thrive's ads.txt ID to its list of "trusted" resellers.

The email, shared with AdNews, said it would no longer be able to purchase the newspapers' inventory on behalf of its clients and if the newspapers did not add Thrive's ads.txt ID 'you will be adversely impacted' before later suggesting 'we are generously rewarding those sites who we work directly with'.

Charles Stafford, who works in McClatchy's ad tech and martech division, told AdNews the national newspaper group only deals solely with reputable supply-side platforms (SSPs) for its programmatic inventory and negotiates service agreements with each partner.

“Getting an unsolicited request from an agency with whom we've never had dealings is definitely a red flag for us, especially given the ads.txt info they sent,” Stafford said.

“The key indicators here (see below) are those that indicate we have 'DIRECT' control over each account listed. Obviously we do not. If this were legitimate, we might have direct control over the first account with Thrive+ and everything else would be listed as 'RESELLER'.”

Stafford said the springserve and lkqd and aol and spotx domains (above) provide clues to the type or reselling operation this 'agency' runs (see Thrive's email below).

“Most of the exchanges listed handle video,” he says. “The way this works is that they'll buy display inventory on our site, load a player and then make requests of the video exchanges for video ads instead.”

“Whenever we spot an ad like that, we have to do some research to figure out how it's getting on to our site, via which partner, etc. We always see springserve and lkqd and aol and spotx domains.'

AdNews approached Thrive+ for clarification through a form on its website that doesn't include a contact name or phone number, which is unusual for small operators in the media and advertising industry.

AdNews also couldn't find any LinkedIn listings of the 'Fiona Walsh' that emailed the McClatchy's newspapers.

Thrive+ is staffed by questionable footwear choices.

A timely reminder

The approach is a warning shot to publishers that dodgy resellers and fraudsters aren't going to take changes that cut them out of the ecosystem lightly.

In Australia, about 300 publishers have either implemented or committed to the IAB's ads.txt programme, which helps media buyers and DSPs identify legitimate resellers and inventory.

Major publishers, including The Guardian Australia, News Corp Australia, Fairfax Media and Mamamia, are now all on board after a slow adoption rate. The IAB's aim is to reach 1,000 to ensure there is a critical mass of inventory.

The initiative is designed to identify and remove shady resellers as well as eradicate the practice of domain spoofing, where fraudsters use a hoax websites that appear like reputable newsbrands to trick programmatic buyers on the open exchange.

It has received support from media buyers and DSPs, with Google's DoubleClick Ad Exchange and Ad Sense filtering unauthorised inventory from auction at the end of the year.

IAB Australia's ad tech expert Jonas Jaanimagi says mass adoption of ads.txt will benefit the entire digital advertising eco system.

“Sellers will be protected from spoofing and buyers can buy programmatically with greater confidence from domains with this simple solution in place. The wide-scale adoption of ads.txt will give major brands peace of mind that their marketing messages will only appear on verified domains, significantly improving brand safety and eliminating any risk of ad fraud related to domain spoofing.”

The Guardian Australia is an earlier adopter of ads.txt in this market. National sales director Tony Bell tells AdNews the initiative will help the publisher regain control of its supply chain.

“About 18 months ago there was a realisation that we had really lost control of our supply chain. Other vendors were making decisions on our pricing and where the inventory was going.”

Bell says The Guardian has a list of about 10 SSPs it works with who are bound by strict conditions.

Unlicensed vendors that buy cheap inventory, insert video units and charge advertisers for more expensive video formats do a lot of damage to the broader ecosystem by robbing and tarnishing publishers and conning advertisers.

“The other problem is that the buyer might not have any idea if it is legitimate and if it underperforms that affects the reputation of the Guardian," Bell adds.

IAB Australia has urged all Australian publishers to adopt ads.txt. Visit their website for more details.

AdNews would like to hear from any publishers that have received unsolicited approaches or have information about unscrupulous operators. Please contact: arvindhickman@yaffa.com.au.

Thrive's email in full

Hi,

Thrive+ has been purchasing a substantial amount of your ad inventory through various ad exchanges over the past year on behalf of our advertising clients and needs your assistance to continue.

On Thursday 11/2, we will no longer be able to purchase inventory on your domain without a Thrive.Plus Ads.txt file in place.

We will only be allocating budget to sites we can work directly with that have our seller ID located in your 'ads.txt' server file. This change and requirement is due to advertisers' concerns of growing fraud and transparency issues on ad exchanges. Our advertisers have collectively agreed to require the ads.txt IDs to insure continued purchasing on your site. If you do not add the IDs you will be adversely impacted.

To resolve this issue, simply add our Ads.txt IDs below to your Ads.txt file on your site so that we can stay an active buyer. In addition, please respond promptly to me so I can answer any questions you may have and we can work with you directly to increase your rates and earnings beyond the current level. We are generously rewarding those sites who we work with directly.

Simply paste the following ID list as is into your 'ads.txt' file to resolve this:

thrive.plus, 190, DIRECT, thrive.plus, 190, DIRECT

google.com, pub-6373315980741255, DIRECT, f08c47fec0942fa0

spotxchange.com, 156078, DIRECT, 7842df1d2fe2db34

spotx.tv, 156078, DIRECT, 7842df1d2fe2db34

contextweb.com, 560800, DIRECT, 89ff185a4c4e857c

springserve.com, 190, DIRECT

lkqd.net, 295, DIRECT, 59c49fa9598a0117

lkqd.com, 295, DIRECT, 59c49fa9598a0117

aol.com, 6202, DIRECT

aol.com, 17744, DIRECT

advertising.com, 6202, DIRECT

advertising.com, 17744, DIRECT

Thank you for your time and I'm happy to answer any questions you may have.

Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au

Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.

Output: Fake ad agency Thrive+ has reportedly tried to con publishers into adding it to their lists of trusted resellers. Publishers have so-called whitelists determining which advertisers they will let on their sites and which will be blocked. Thrive+ made an unsolicited approach to Miami Herald and El Nuevo Herald publisher McClatchy, asking both publications to add its name to their whitelists so it can buy the newspapers' inventory for its clients. But McClatchy said the approach was a "red flag", adding it only deals with reputable supply-side platforms.


Instruction: create a high quality summary of the given input

Input:
French solar company Coruscant bought by Obton
 Denmark-based renewables investor and asset manager Obton has signed an agreement to fully acquire French solar power developer and producer Coruscant SA.

Obton will take over a portfolio of 30 MWp of solar power plants under operation and another 20 MWp under construction, along with promising pipeline of project rights, as part of its strategy to "build its position in the highly competitive market for solar energy in France."

The Danish firm entered the French market nearly four years ago and following this acquisition, it now manages more than 110 MWp of solar projects in France with a combined value of more than EUR 350 million.

Earlier this month, Obon said it had agreed to acquire a stake of an undisclosed size in a 50-MWp solar portfolio in Italy.

Obton is an investment and management company which represents retail investors and manages a PV-portfolio of more than 300 MW with an enterprise value of EUR 720 million, the company says. The plants are primarily located in France, Italy, Germany, Belgium and the Netherlands.

Choose your newsletter by Renewables Now. Join for free!

Output: Renewables focused asset manager Obton has acquired the French solar developer Coruscant. Obton will take control of 50 MW of solar power, 30 MW of which is currently operating, with the remaining 20 MW under construction.


Instruction: create a high quality summary of the given input

Input:
Vinci buys two power grid companies to extend European reach
 Vinci, Europe’s largest construction group, has made two purchases to bolster its presence in the northern European power grid and electric vehicle charging market and extend its coverage to the Nordic countries.

One of the deals was for Oslo-based Infratek, a supplier of grid, rail and electric charging stations. Vinci bought all the shares in the company from Triton Funds, a German-Swedish private equity group that acquired them in 2013. It employs about 1,350 people and generated revenue of more than €300m in 2016.

Â

Lars Bangen, the chief executive of Infratek, commented: "Vinci Energies wants to expand its business to the Nordic region and it has chosen Infratek to achieve its goals. The acquisition shows that it trusts us and our people, our expertise and what we have achieved, especially in recent years under Triton."

The other takeover was of Horlemann, a family-owned company based in the Ruhr and Berlin. It had an annual turnover €100m in 2016 and employs 570 people. It specialises in the engineering, construction and maintenance of grids. Its clients are mostly German local authorities and local operators.

Yves Meignié, Vinci Energies’ chief executive, said: "With this acquisition, we continue to expand and consolidate our operations in northern Europe, especially in Norway and Finland where we have previously had no business. We continue to develop expertise in new markets for renewable energy."

Image: Vinci Energies will help to keep Scandinavia warm (Swedish Blonde Design)

Further Reading:

Output: Vinci, Europe's largest construction group, has acquired Infratek, the Oslo-based supplier of grid, rail and electric charging stations, and Horlemann, a Berlin-based company with specialities in grid engineering, construction and maintenance. Infratek generated revenue of $300m in 2016, while Horlemann saw an annual turnover of $100m last year.


Instruction: create a high quality summary of the given input

Input:
Canadian Solar acquires 13 Japanese solar projects for $267m
 Canadian Solar has successfully connected to the grid 52.5 MWp of solar PV plants across Japan, including the 47.7 MWp Mashiki plant, the 2.4 MWp Yamagata Asahimachi plant, the 1.3 MWp Shizuoka Tashiro plant and the 1.1 MWp Saitama Shiroishi plant.

Canadian Solar listed the Canadian Solar Infrastructure Fund (CSIF) on the Tokyo Stock Exchange’s (TSE) infrastructure investment fund securities market earlier this week. CSIF priced its initial public offering of 177,800 investment units at JPY 100,000 per unit. Canadian Solar bought 25,395 units.

The fund will act as a vehicle through the group that can make long-term investments in solar projects. The 72.7 MW of solar capacity that CSIF picked up across 13 locations this week has been assembled to serve as its initial portfolio.

The projects that CSIF has purchased are scattered throughout the country, including installations in Ibaraki and Shizuoka prefectures on the eastern side of the island of Honshu, according to a statement to the TSE. However, many of the plants are located on the southwestern island of Kyushu, in Kumamoto, Nagasaki, Oita and Kagoshima prefectures. Although most of the acquired assets are below 2 MW in size, the portfolio includes a 34 MW solar plant in Kumamoto.

Popular content

Canadian Solar Projects K.K., a wholly owned subsidiary of Canadian Solar, is the sole sponsor of CSIF. Canadian Solar Asset Management K.K., a wholly owned unit of Canadian Solar Projects, will manage all of the purchased assets on behalf of CSIF.

Output: Following its recent trading debut in Tokyo, Canadian Solar's photovoltaic investment vehicle has successfully acquired 13 Japanese solar projects for $267 million, representing 72.7 MW of solar capacity. The projects are spread across Japan, with plants located in Kyushu, Kumamoto, Nagasaki and others. The Canadian Solar Infrastructure Fund (CSIF) was listed on the Tokyo Stock Exchange at JPY100,000 ($879) per unit. Canadian Solar bought about 14% of the 177,800 issued units and now looks set to use the fund to finance long-term investments in solar projects.


Instruction: create a high quality summary of the given input

Input:
Derby University stops advertising on Mail Online after criticism
 The University of Derby has pulled its advertising from Mail Online.

The University of Derby has pulled ads from Mail Online

Adverts for the university appeared beside a column from Sarah Vine headlined “If this hysterical Westminster witch hunt is what a world run by women looks like, count me out”, prompting Twitter users to complain.

@DerbyUni Your ads are next to this awful column in the Daily Mail. Please don't fund their hate by placing ads with them. @StopFundingHate pic.twitter.com/d3j8vAoAZA — Rufus Westwood (@BiggusDiggus) November 2, 2017

Pointing at “programmatic advertising” as the cause, the University of Derby responded to complaints tweeting: “While we pay careful attention to the publishers used, occasionally our ads get displayed alongside articles that we would not have chosen.

“Having spoken with our supplier, we’re unable to satisfactorily exclude out ads from all webpages containing content which contradicts our values. “To ensure that one possible conflict is eliminated, we will be stopping our ads from appearing on Mail Online.”

Campaign group Stop Funding Hate has welcomed the university’s move, tweeting a congratulatory message.

*Confirmed*: Congratulations to @DerbyUni, who are now blocking Mail Online from their advertising programme https://t.co/AvkHzVLCez — Stop Funding Hate (@StopFundingHate) November 2, 2017

The Mail Online boasts 27.2 million monthly unique visitors making it the world’s most visited English-language newspaper website.

Over the years, Stop Funding Hate has made moves to encourage brands such as Waitrose, Iceland, Marks and Spencer and John Lewis to pull their advertising from the site.

In November 2016, Lego publicly “finished its agreement with the Daily Mail”.

Output: The University of Derby has withdrawn its ads from the Mail Online after one appeared next to a column by Sarah Vine, headlined: "If this hysterical Westminster witch hunt is what a world run by women looks like, count me out". Following complaints on Twitter, a university statement said "programmatic advertising" was to blame and added: "We’re unable to satisfactorily exclude out ads from all web pages containing content which contradicts our values. To ensure that one possible conflict is eliminated, we will be stopping our ads from appearing on Mail Online."


Instruction: create a high quality summary of the given input

Input:
Centrica buys demand response start-up REstore for €70m
 REstore, the Belgian startup that’s taken a leading role in Europe’s emerging demand response markets, has been acquired by U.K.-based utility and energy provider Centrica for €70 million ($81.4 million) in cash. It’s the latest acquisition in a year busy with European utilities shopping for startups to help them compete in a distributed energy future.

Friday’s deal will give Centrica control of REstore’s portfolio of 1.7 gigawatts and counting of peak load across the U.K., France, Belgium and Germany. Since its 2010 founding, REstore has grown from a few megawatts of industrial load to more than 150 industrial and commercial customers including ArcelorMittal, Praxair, Sappi and Barclays.

Centrica will integrate REstore into the Distributed Energy & Power unit of its Centrica Business Solutions business, one of many utility-owned energy services companies competing for commercial and industrial market share in deregulated energy markets in Europe and around the globe.

Centrica has centered its acquisition strategy around these opportunities, ranging from its purchase of building sensor startup Panoramic Power for $60 million in 2015, to buying Danish energy trading platform Neas Energy for $249 million and combined heat and power provider ENER-G Cogen for $212 million last year.

With the REstore acquisition, “demand response aggregation will become a core part of the offer to customers and is expected to represent a significant growth opportunity for Centrica as global electricity markets evolve,” the company wrote.

The deal would appear to provide a comfortable return to REstore investors, which include LRM, Axe Investments and Ark-Angels Fund and “prominent industrial families and entrepreneurs,” according to the company’s website. The company, founded in 2010, has raised about €11 million ($12.5 million) in three rounds of venture capital investment, most recently with a €7 million ($7.5 million) Series C round in 2015.

REstore’s growth from megawatt- to gigawatt-scale somewhat matches the rate of growth for European demand response, a term that means something quite different from what it has traditionally meant in the United States. Here, demand response has meant turning down large energy-using loads and industrial processes to help reduce demand during summer days when air conditioner energy use is peaking, or perhaps, doing the same thing in winter to deal with heating energy use.

But in Europe, the bigger drivers for demand-side peak load management are the systemwide effects of the continent’s growing share of intermittent wind and solar power, combined with the closure of large coal and nuclear power plants, as REstore co-founder Pieter-Jan Mermans explained back in 2015. This makes for a demand-supply balancing equation that’s a lot more complex than shaving a single, predictable peak, and requires careful balancing of multiple economic drivers to ensure a return for both customers and aggregators, he said.

These needs have pushed the continent’s grid operators to create ways for demand-side control technologies to participate alongside generators, both in capacity markets and in real-time ancillary services markets, or as they’re known in Europe, primary and secondary reserves markets. We’ve been tracking the developments in these markets, as has the Smart Energy Demand Coalition industry group, which tracks regulatory progress from country to country.

REstore’s solution is a software suite, called FlexPond, for both big industrial and commercial customers, and the utilities that are controlling them for their grid needs. In simple terms, it’s a combination of on-site sensors and controls and a cloud-based software stack to manage their capabilities to serve both market and customer-side needs, all in real time.

GTM Research grid edge analyst Elta Kolo noted that REstore’s technology differs slightly from the majority of demand-side management vendors. “REstore has a hybrid patented approach to demand response, putting its intelligence centrally and locally, whereas most vendors just choose one,” she said. This allows it to participate not only in capacity markets, but in high-value reserve markets requiring fast response: “REstore has the capability to provide sub-second response,” she noted.

The startup is also one of the few demand response aggregators participating in the markets of multiple European transmission system operators, including Amprion in Germany, Elia in Belgium, National Grid in the U.K. and RTE in France.

While the startup has been exclusively focused on commercial and industrial customers for most of its life, it’s starting to make headway in the residential sector as well, Kolo noted. That has been helped along by a partnership with a European heat-pump and boiler manufacturer that’s installing REstore’s control chip in their products, she said.

Other companies with this kind of approach to demand response include Enbala Power Networks, a Vancouver, Canada-based startup with customers serving flexible load into frequency regulation and ancillary services markets, as well as utility and energy services partners putting its software to use. AutoGrid, a Silicon Valley startup, also has demand response optimization software being used by utilities in North America, and in Europe, by Dutch energy company Eneco to create a virtual power plant from aggregations of customer-sited energy generation and flexible loads. Many others are out there.

Buildings represent a huge untapped opportunity not just for saving wasted energy, but for shaping and shifting energy use to help manage an increasingly unpredictable grid. Controlling energy use in offices, factories, warehouses and other buildings is a complicated task, with each site and each customer requiring a tailored approach. But technology advances are driving down the cost and complexity of networking and controlling HVAC systems, lighting, pumps, freezers, and other key energy loads, giving energy companies more inroads into controlling them.

Centrica’s push to create a distributed energy services arm matches the efforts underway by other European utilities to diversify outside the challenging power generation and transmission sectors. German utilities RWE and E.ON have both spun out their distributed energy and retail energy businesses from their struggling core businesses. RWE has bought solar developer Belectric, rolled out home energy services from Silicon Valley startup Bidgely, and created a $144 million venture capital fund.

Italy’s Enel acquired New York-based distributed energy systems aggregator Demand Energy in January, U.S. demand response giant EnerNOC in June, and Silicon Valley electric-vehicle charging management startup eMotorWerks last month. Engie, the services arm of GDF Suez, has bought an 80 percent stake in U.S. behind-the-meter battery startup Green Charge Networks, and has acquired Dutch startup EV-Box and the European solar business of bankrupt Sungevity. French mega-utility EDF bought Groom Energy Solutions through a subsidiary last year, and launched a C&I distributed energy business in January.

Output: UK utility Centrica has acquired demand response start-up REstore, which has a portfolio of more than 1.7 GW of peak load across the UK, France and Belgium. The €70m ($81.4m) acquisition aligns with Centrica's focus on commercial customers and "is expected to represent a significant growth opportunity for Centrica as global electricity markets evolve”, it said. REstore's software solution, FlexPond, is used by clients that include Praxair, Sappi and Barclays.


Instruction: create a high quality summary of the given input

Input:
Duke Energy to spend $1.3bn burying South Carolina power lines
 Ice storms and hurricanes have been duly noted by the power giant serving most of South Carolina, and it could mean rate hikes in the near future.

As a part of a wide-ranging plan to defend the state's power grid from falling limbs and other storm damage, Duke Energy announced Friday that it plans to bury a fifth of its lines over the next 10 years — at a cost of $1.3 billion.

"I would never use the words 'hurricane' and 'help' in the same sentence, but we have certainly learned with recent experience from Irma and Matthew," said Ryan Mosier, a Greenville-based Duke Energy spokesman. "They helped add more information to what we were already planning — areas where we need to look at things differently."

The line-burial announcement came Friday as part of a larger $3 billion Power/Forward Carolina initiative to make the state's grid "smarter, more reliable and more secure," the company said.

Along with a broad outline of its plans for the state, Duke released an independent economic impact analysis Friday that suggests Power/Forward Carolina would require rate increases of an additional $530 million a year by 2026 to offset costs.

That same analysis, conducted by University of South Carolina Moore School of Business research economist Joey Von Nessen, shows the state's businesses and households would realize a potential return on investment at least equal to rate increases, if not more, as Duke Energy's plan to invest billions of dollars — and hire thousands of people for the decade-long project — goes forward.

Von Nessen likened the Duke investment to that of multiple major auto announcements packed into one, pointing out that auto manufacturing investments in South Carolina have ranged recently from $500 million to $1.5 billion

"This is one of the largest capital investments we've seen in South Carolina in recent years," the research economist said. "This is a major stepping stone for new economic activity in the state, particularly when you look at its impact in rural areas."

Duke invests hundreds of millions of dollars in its grid infrastructure annually, but that maintains it, Mosier said.

"It doesn't advance it," he said. "We have a 20th Century grid that has served us well but is not equipped to deal with the challenges and customer demand going into the 21st Century."

Duke Energy has not yet sought approval for a rate increase in South Carolina, Mosier said, and would have to appear before the South Carolina Public Service Commission and hear input from customers before anything happens.

The South Carolina plan comes on the heels of a $13 billion plan for North Carolina, announced in April also under the umbrella of Power/Forward Carolina. In August, Duke Energy requested a rate increase from the North Carolina Utilities Commission of 16.7 percent for residential customers and 10.9 percent for commercial and industrial customers.

Rate increases in South Carolina would "partially offset" the plan's costs and could start with an additional $84 million to be collected starting in 2018, according to Van Nessen's analysis. Rates would need to gradually increase until leveling off at the end of 10 years and remain "relatively constant moving forward," meaning they would not be scaled back once the work is done.

Although when and how much rates might in fact rise remains uncertain — especially as state regulators grapple with rate increases attached to S.C. Electric and Gas Co.'s failed V.C. Summer nuclear plant expansion — hiring for the power-grid improvements has already begun, Mosier said.

"We are in extensive planning stages," Mosier said. "We are beginning initial hires in some categories of work. Not just Duke Energy jobs but associated support jobs, companies helping us with the work."

The goal is to "underground" 20 percent of the "least reliable vegetated overhead lines" on the grid, according to a statement from the company.

Mosier said line burials would happen "all over" and explained that Duke is running analyses to find spots around the state where outages have been frequent and longest in duration.

"We are planning to have an interactive tool that will be out on the website that customers can see what kind of work is going on in their backyard," Mosier said. "That will be out pretty soon."

Over the course of the project, Duke will employ an average of 3,300 additional people annually, with salaries and wages amounting to $315 million in peak years of the project. Additional line workers and engineers will be among the jobs critical to carrying out the plan, according to Von Nessen's 31-page study.

The biggest beneficiaries will be Oconee and York counties, where Duke operates nuclear power plants and already has the state's largest numbers of Duke workers.

More than 3,200 Duke employees work in Oconee County today, and the company plans to add 1,352 workers there by 2025. Similarly about 3,000 Duke employees work in York, and Duke plans to add nearly 1,200 jobs there. Greenville also stands to benefit: its current Duke workforce of 1,766 stands to grow by 585. In Anderson, where Duke has 469 workers, 163 jobs will be added.

Because the Oconee County population cannot support such an increase in highly skilled technical positions, Nessen said, the company plans to focus on energy career awareness, strategic partnerships and education pathways for careers in energy.

In addition to burying lines, the Power/Forward plan includes:

$704 million to retrofit 49,000 transformers, replace 2,300 miles of deteriorating cable and to enhance physical and cyber security throughout the system.

$533 million to improve substations and transmission lines, mitigate flooding and add system intelligence

$385 million to "self-optimize" 80 percent of the state's the grid for efficient energy delivery and reliability; this would include the ability to isolate problem areas automatically and reroute power around them

$107 million to install smart meters

$74 million to upgrade the company's communications network to 4G LTE

Duke Energy serves 740,000 customers in 30 of South Carolina's 46 counties through its companies Duke Energy Carolinas and Duke Energy Progress and has employees in 42 counties.

Headquartered in Charlotte, N.C., Duke Energy is an S&P 100 Stock Index company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available at duke-energy.com.

Anna B. Mitchell covers business across the Upstate. Follow her on Facebook or on Twitter @AnnaBard2U.

Output: US utility Duke Energy plans to spend $1.3bn to bury 20% of South Carolina's electricity lines following the destruction caused by hurricanes Irma and Matthew. The decade-long project is part of a $3bn initiative to upgrade the state's grid that includes retrofitting transformers, installing smart meters and self-optimising 80% of the grid. The move follows a $13bn plan for North Carolina, which carries an estimated rate increase of $530m a year to 2026 to offset costs.


Instruction: create a high quality summary of the given input

Input:
UK to invest $97m in world's largest solar park in Egypt
 CDC is part of an IFC-led syndicate providing the Nubian Suns project with a $653 million debt package that will fund the construction of 13 solar power plants near the Southern Egyptian city of Aswan. The plants are part of the larger Benban Solar Park, which, when complete, will be the largest solar power installation in the world with up to 1.8GW capacity and 32 solar plants.

The 800MW Nubian Suns project is backed by a syndicate of nine international lenders and is expected to provide clean, cost-effective power to over 350,000 residential customers and generate up to 6,000 jobs during construction. The lenders are IFC, CDC, Africa Development Bank, Asian Infrastructure Investment Bank, Arab Bank (Bahrain), Europe Arab Bank, Finance in Motion, FinnFund, ICBC, and OeEB of Austria. Their financing will support six groups of private power companies, which together will build and operate the 13 plants.

Nubian Suns plays a central part of round 2 of the Egypt Feed-In Tariff solar power programme which is introducing a large number of international investors and banks to Egypt at a crucial time for the country. The initiative is aimed at lowering Egypt’s cost of electricity generation, reducing the dependence on imported fossil fuels, and providing essential energy harnessed from an abundant clean and renewable resource.

The solar photo-voltaic plants are being developed as part of Egypt’s national program to attract private sector capital and expertise to support the country’s target to generate 20 percent of its electricity from renewable resources by 2022. The Benban Solar Park, which will include 32 power plants in all, will be an important part of the initiative.

Specifically, CDC’s $97 million investment spans across 9 of the 13 Nubian Suns projects for a total capacity close to 400 MW. CDC’s capital is supporting four of the six project teams.

CDC’s Managing Director for Debt, Holger Rothenbusch said:

“Egypt has abundant sun all year round but often struggles with power shortages that limit the country’s economic potential. Developing solar energy makes economic and social sense and our investment demonstrates our strong commitment to Egypt’s economic growth and a cleaner environment.”

CDC’s Head of Project Finance, Iain Macaulay said:

“This is an important investment for CDC and the largest project finance deal in Africa this year. We’ve worked closely with our partners, led by the IFC, to provide the right type of long-term finance to support the Nubian Suns project and bring power and jobs to the country.”

Estimates suggest that 18 per cent of Egypt’s power capacity is inaccessible due to poor maintenance and during the summer months, the country faces electricity shortages due to increased demand and shortage of fuel and generating capacity. In 2015 and 2016, the state diverted nearly all fuel to electricity generation to meet peak summer power demand supplying to household consumers at the expense of heavy industry.

Output: UK government-owned development finance institution, CDC, has pledged $97m to the Nubian Suns solar projects in southern Egypt as part of a $653m syndicate led by International Finance Corporation. The 13 Nubian Suns solar projects near Aswan will have a capacity of almost 400 MW, and will form part of the 1.8 GW Benban Solar Park, set to be the world's biggest solar installation in the world.


Instruction: create a high quality summary of the given input

Input:
Regus Regus expands to three more cities in South Africa
 Regus, the global specialist in serviced office space, are expanding their flexible offering to three more South African cities in December 2017, growing to 3000 plus locations worldwide with over 55 centres in South Africa. The opening of the new centres in Bloemfontein, Paarl and Pietermaritzburg, are part of a strategic focus to provide world-class workspaces and infrastructure, that will accelerate growth in small businesses and corporates in oft-forgotten, but booming areas.

Since its expansion into South Africa, Regus has provided over 55 locations with co-working and meeting spaces to accommodate the increasing demand for flexible, technologically advanced, professional work areas. The centres support corporates, start-ups, entrepreneurs, students, freelancers, business tourists and creatives with an all-inclusive package at an affordable rate.

The new centres will provide cutting-edge business solutions for cities with lucrative business interests and tourism, the size of which, place a strain on local infrastructure. The timing of the opening provides start-ups and businesses the opportunity to commence 2018 with a fully equipped, professional working environment.

Bloemfontein, Free State

Hailed as legislative capital of the country, three major national highways converge in Bloemfontein, with economic hub Gauteng being the closest destination for travel by car or plane. The city’s relaxed atmosphere, bustling economy, busy university culture and lack of major corporates, place a strain on the local infrastructure. The new centre provides meeting spaces, catering, fast internet, networking and knowledge-sharing opportunities of global standards. Served by two airports, this centre is also an ideal location for business travellers.

Paarl, Western Cape

This culture-rich, picturesque area in the Winelands, through no inclement of its own, has been identified as an area requiring support as a result of the local and international business travel born from the wine export industry. The new Regus centre will provide local businesses and international travellers with state of the art, professional, co-working spaces and impressive offices for corporates wishing to relocate from the busy mid-city or those implementing a flexible work policy.

Pietermaritzburg, Kwazulu Natal

The unsung capital of Kwazulu Natal, Pietermaritzburg is a hub to the aluminium, agricultural, manufacturing and tourism sectors. Its proximity to Durban, one of the busiest ports in Africa, results in promising local business growth while maintaining some of its sleepy charm. This made it an obvious choice for Regus, who identified the need for professional, world-class working spaces that will support business growth in the area.

According to Joanne Bushell, Country Manager Regus South Africa, “The three new Regus locations were strategically chosen to support areas in our country integral to the agricultural, manufacturing and services growth, but which often don’t have commensurate support of much-needed technological infrastructure and services. We have seen our business centres boost economic growth in all the locations where we put down our footprint. ”

With more centres set to open in South Africa in 2018, this footprint is steadily growing to include centres nationwide, after establishing their current business centres in the main economic hubs such as Cape Town, Durban, Pretoria and Johannesburg.

For further information on Regus business centres, to find a global working environment near you:

CLICK HERE to submit your press release to MyPR.co.za.

Output: Flexible office space supplier Regus has expanded its South African portfolio to more than 55 locations with the addition of sites in Bloemfontein, Paarl and Pietermaritzburg, which are due to open in December. Joanne Bushell, the country manager of Regus South Africa, said the locations were specifically chosen to "support areas in our country integral to agricultural, manufacturing and services growth", but which also sometimes missed out on other technological infrastructure and services investment. Regus plans to open more centres in South Africa in 2018 and already has more than 55.


Instruction: create a high quality summary of the given input

Input:
Redrow West Country division celebrates completion of £70m development
 South West Property Stephen Farrell

The West Country division of housebuilder Redrow has celebrated the topping out of Vision, its £70m development in Plymouth.

Construction started in 2007 on a mix of one- and two-bedroom apartments alongside two-, three- and four-bedroom houses to Devonport. Shops, offices and a market hall have also been created.

The site was the formerly Ministry of Defence land and has now been transformed into a new city centre community. Vision is home to 1,000 residents with 464 homes and a 42-flat extra care housing block for older people.

Vision has also contributed to the South West economy with 50 contractors employed at any one time and, on average, 80 jobs were sustained and supported on a daily basis by Redrow. Section 106 contributions provided more than £3.7m towards education, transport and roads.

The housebuilder also invested £700,000 to support the restoration of the Market Hall and Clock Tower which is now a digital hub.

Redrow West Country managing director Nigel Palmer said: "Redrow is delighted to be celebrating the topping out of Vision and to have played a part a part in the regeneration of the city. Redrow has an ambitious growth strategy to strengthen our presence in the region. We're keen to find a follow-on scheme and there are opportunities we're actively looking at currently."

Output: UK housebuilder Redrow has marked the completion of its £70m ($92m) city centre Vision development in Plymouth. Overseen by the company's West Country division, the scheme was built on land formerly owned by the Ministry of Defence, and boasts 464 homes and 42 flats for older people. The development also contributed £3.7m to local infrastructure.


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Shenhua Group buys 75% share in Greek wind farms
 China’s state-owned coal and power giant Shenhua Group is entering the Greek green-energy market, investing in several wind farms developed by a major local player.

Shenhua bought 75% of the shares of four wind parks developed by Greek investment firm Copelouzos Group. The parks are either in operation or under construction, Copelouzos said in a statement.

Shenhua, which signed the agreement through its renewable-energy resources subsidiary Shenhua Renewable Co. Ltd., is the first Chinese company to invest in wind power in Greece.

The amount of the investment wasn’t disclosed. But the two sides vowed to collaborate on a number of investments in green energy and on upgrades to power plants, at a total estimated value of 3 billion euros ($3.5 billion).

Shenhua also plans to acquire some shares in solar firm PPC Solar Solutions, co-founded by Copelouzos and Greece’s Public Power Corp.

The investment in the wind-power parks marks the Chinese company’s first solid project in Greece since it inked partnership with Copelouzos in May. The Greek company owns the country’s third-largest wind-power firm, Elica Group.

Since 2016, Chinese companies have made several acquisitions in Greece. China COSCO Shipping Corp. Ltd. purchased 67% shares in Piraeus port for 700 million euros and State Grid Corp. of China acquired a 24% stake in Greece's power-grid operator, ADMIE, for 330 million euros.

Contact reporter Coco Feng (renkefeng@caixin.com)

Output: State-owned Shenhua Group has become the first Chinese firm to invest in Greece's wind power sector, after it acquired a 75% stake in four wind parks. The projects are owned by Greek investment firm Copelouzos Group, owner of Elica Group, the country's third biggest wind power firm. No financial details were given. The Chinese firm also plans to acquire shares in PPC Solar Solutions.


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Dutch pension fund ABP invests €330m in US solar projects
 Stichting Pensioenfonds ABP (ABP), a pension fund for government and education employees in the Netherlands, has agreed to invest approximately €330 million ($383.8 million) in three utility-scale PV projects in the United States. All of the projects are owned by the Swiss-based asset management company Capital Dynamics.

One of the three project is the 250 MW (AC) Moapa Southern Paiute Solar Project in Nevada, which Capital Dynamics acquired from U.S. solar manufacturer First Solar for an unspecified sum in March. GE Energy Financial Services is also sharing minority tax equity interests in the project. First Solar commissioned the facility in March. The solar plant is the first utility-scale solar project completed on tribal land in the United States. The project can power 11,000 homes and will provide electricity to the Los Angeles Department of Water and Power (LADWP), through a 25-year power purchase agreement (PPA).

Another of the three project is the 280 MW (AC) California Flats Solar Project in Monterey County, California that Capital Dynamics also bought from First Solar in August. The first 130 MW section of the project is expected to be connected to the grid in the fourth quarter of this year, while the second 150 MW phase, currently under construction, is planned to come online by the end of 2018. Both sections are contracted under a long-term PPA with an unidentified offtaker.

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The third project is the 328 MW (DC) Mount Signal 3 project, which Capital Dynamics acquired from 8minutenergy in July. At the time, the Swiss asset manager said it was arranging tax equity and debt financing for the project, with financial close expected in late July 2017. The project is located in the city of Calexico in California’s Imperial Valley, and is the third phase of the 800 MW Mount Signal Solar Farm. First Solar was selected as the panel supplier, providing 2.8 million Series 4 thin film panels. 8minutenergy secured a long-term PPA for the project with local utility Southern California Edison (SCE) in 2014.

“This investment is in line with our ambition to increase the number of investments in solar and renewables by 2020. All three solar parks have concluded long-term contracts with energy companies. This gives them a long-term and stable return for our members”, said ABP president Corien Wortmann–Kool.

Output: Dutch public-sector pension fund Stichting Pensioenfonds ABP (ABP) has invested €330m ($384m) across three solar PV projects owned by Swiss asset manager Capital Dynamics in California and Nevada. The projects have a combined capacity of 858 MW.


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India's PolicyBazaar to sell plans without commissions
 (This story originally appeared in on Nov 04, 2017)

MUMBAI: PolicyBazaar , which recently raised Rs 500 crore from international investors, plans to disrupt the insurance market by selling low-cost unit-linked insurance plans, or ULIPs, without any commissions. These ULIPs are being tailor-made for direct sales by Edelweiss Tokio Marine Life Insurance.PolicyBazaar has also brought the concept of cash-back type incentives by offering additional allocation of units of 1% for the first five years, which increases every five years to 3%, 5% and 7% respectively.Speaking to TOI, PolicyBazaar founder and CEO Yashish Dahiya said that the objective of the online aggregator was to increase engagement with insurance buyers. "The charges on the Wealth Plus policy are lower than what investors would pay on a direct purchase of a mutual fund," said Dahiya.For a 30-year old policyholder investing Rs 10,000 every month, the absence of charges could make a difference of Rs 2 lakh on the returns over a 20-year term. Assuming an 8% return, the fund value would be Rs 49.69 lakh in Wealth Plus in 20 years as against 47.74 lakh on apolicy with charges.According to Edelweiss Tokio Life Insurance MD & CEO Deepak Mittal, the insurer will not make any money in the initial year. It will make money only after the customer continues to renew the policy for several years.

Output: India's insurance comparison website PolicyBazaar is planning to sell low-cost unit-linked insurance plans (ULIPs) on a commission-free basis. The policies are being developed in partnership with insurer Edelweiss Tokio Marine Life Insurance. The insurer reportedly won't make any money from the policies for the first year of coverage, but will if consumers renew after 12 months. PolicyBazaar says the goal of offering commission-free products is to increase engagement with its client base.


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Driving with pets can lead to loss of auto insurance
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Output: UK drivers who don't appropriately restrain their pets in their cars could face a loss of insurance coverage if the animal causes distractions and subsequent accidents. More than three-quarters of UK pet owners reportedly travel with their pets in the car. If an animal is not properly restrained it can carry a fine of up to £5,000.


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Insurtech accelerator launches in Australia
 A new insurtech accelerator has launched in Australia, intended to grow the country’s footprint in a booming sector of the insurance industry.

The startup hub, Insurtech Australia, will operate as a standalone division of Fintech Australia, a local incubator founded in 2015. The new venture will reportedly aid insurers, reinsurers and brokers by tapping into emerging technologies startups are developing. These disciplines include wearables, machine learning, IoT and telematics, according to the company.

"We want to make Australia one of the world’s leading markets for insurance innovation,” said Brenton Charnley, lead & co-founder of Insurtech Australia, in a statement. “Insurtech is a rapidly growing sector worldwide, and Australia has the ideas and skills to compete.”

Members work on laptop computers in a common room at the Embarcadero WeWork Cos Inc. offices in San Francisco, California on Thursday, Oct. 19, 2017. Mike Short/Bloomberg

Founding insurance industry members include the likes of QBE, MunichRe, Ernst & Young, RAC Insurance and Oliver Wyman. Insurtech startup partners of parent company Fintech Australia will also be granted immediate membership into the incubator. Established corporate partners can join at their discretion.

“Insurance is a multi-billion dollar industry, with massive potential for new ideas and technologies,” said Danielle Szetho, CEO of Fintech Australia. “By creating a clear focus point for insurtech policy and bringing together people from the startup and corporate sectors to collaborate, Insurtech Australia will play a vital role in creating the insurance industry of tomorrow.”

Output: An insurtech accelerator has been launched in Australia. Insurtech Australia will work with incumbent insurers to help identify developments in areas such as wearables, machine learning, internet of things and telematic technology. The accelerator was established in partnership with QBE, MunichRe, Ernst & Young, RAC Insurance and Oliver Wyman.


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China's financial system is increasingly vulnerable: PBoC chief
 China's financial system is getting significantly more vulnerable due to high leverage, according to central bank governor Zhou Xiaochuan , who also flagged the need for deeper reforms in the world's second-biggest economy Latent risks are accumulating, including some that are “hidden, complex, sudden, contagious and hazardous,“ even as the overall health of the financial system remains good, Zhou wrote in a lengthy article published on the People's Bank of China 's website late Saturday . The nation should toughen regulation and let markets serve the real economy better, according to Zhou.The government should also open up financial markets by relaxing capital controls and reducing restrictions on nonChinese financial institutions that want to operate on the mainland, he wrote.“High leverage is the ultimate origin of macro financial vulnerability,“ wrote Zhou, 69, who is widely expected to retire soon after a record 15-year tenure. “In sectors of the real economy, this is reflected as excessive debt, and in the financial system, this is reflected as credit that has been expanding too quickly .“Zhou's comments are the latest in a series of blunt warnings, and signal that policy makers remain committed to a campaign to reduce borrowing levels across the economy.Concern that regulators may intensify the deleveraging drive after the twice-a-decade Communist Party Congress has helped push yields on 10year government bonds to a three-year high.Still, measures of credit continue to show expansion, with aggregate financing surging to a six-month high of 1.82 trillion yuan ($274 billion) in September. China's corporate debt surged to 159% of the economy in 2016, compared with 104% 10 years ago, while overall borrowing climbed to 260%.

Output: People's Bank of China's governor Zhou Xiaochuan has said that China's financial system is becoming more and more vulnerable on account of high leverage, calling for reforms and tighter regulations as a countermeasure. Despite the current overall strength of China's financial system, Xiaochuan said that latent risks are rising, including those that are "hidden, complex, sudden, contagions and hazardous".


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UAE 'low-income' insurtech Democrance raises $800,000
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Output: Democrance, a UAE-based start-up which provides microinsurance to low-income consumers in the Middle East and North Africa, has raised $800,000 in funding from both domestic and international investors. Democrance allows people without a bank account to purchase coverage on mobile devices. The firm is planning to provide 15 million consumers with policies by 2020. Less than 20% of people in the Middle East and North Africa region currently have a bank account.


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Amazon domain-name purchases deepen bitcoin payment speculation
 On October 31, Amazon registered three domains related to cryptocurrency, sparking speculation that Amazon may soon begin accepting cryptocurrency. The domains are amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. Amazon already owns the “amazonbitcoin.com” domain name.

This is not the first time a rumor has circulated that Amazon will accept digital currency. A few weeks ago, there was news based on sources in Silicon Valley reporting that Amazon could soon integrate Bitcoin as a payment option. Any move to do so by Amazon, one of the most innovative and influential tech companies in the world, would have enormous consequences.

No plans to accept cryptocurrency

However, during an interview, Amazon Pay’s VP Patrick Gauthier stated that Amazon does not plan to accept cryptocurrency since there is little demand. Considering that the majority of online payments are done via debit and credit cards, Gauthier’s statement sounds reasonable and convincing. It’s possible that Amazon bought the domain names simply for defensive purposes and has no plans to accept digital currency.

Amazon’s attitude matters

Amazon may have no plan to accept cryptocurrency now, but Amazon’s attitude matters greatly. It’s reasonable to assume that if Amazon eventually accepts cryptocurrency, the entire market could be lifted.

Output: Amazon has bought three cryptocurrency-related domain names, adding to rumours it may soon start accepting payment in digital currencies. The e-commerce giant registered amazonethereum.com, amazoncryptocurrencies.com and amazoncryptocurrency.com on 31 October. The move follows news based on Silicon Valley sources that Amazon may soon integrate bitcoin as a payment option. Amazon Pay VP Patrick Gauthier denied the rumours, saying there was little demand for cryptocurrency.


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Fall in Tesla solar installations offset by higher battery storage sales
 Elon Musk has a lot going on these days. The start of mass production of Tesla’s low-cost Model 3 electric vehicle (EV) has experienced major hiccups, resulting only 222 rolling off the production lines during Q3. Additionally, Tesla is busy supplying hospitals in Puerto Rico with power, building what is perhaps the world’s largest battery system in Australia, and preparing to roll out an electric semi later this month.

What appears to not be a priority for Tesla is growing or even maintaining its market share in the distributed solar space. The company deployed only 109 MW of PV systems during Q3 2017, its lowest level in many years.

In its quarterly letter to investors Tesla excused this decline by noting that it was pulling away from lower-margin commercial and industrial solar deals. However such a low level indicates a fall in residential solar deployment as well and can also be seen in light of the contraction of the national residential solar market beginning in late 2016.

Both Tesla/SolarCity and Vivint pulled back from ambitious growth paths last year, which was followed by a decline in the overall residential solar market, with more business going to the “long tail” of local installers. Of the big three residential solar companies only Sunrun continues to grow, and while the company has not released quarterly results for Q3, it is now in competition with Tesla to be the largest residential solar provider.

Tesla’s approach to sales may be a major factor, and the company has moved away from the door-to-door model previously popular with SolarCity and other large installers. And while Tesla says that increasing numbers of its EV customers buying PV and battery storage systems in its stores “validates its strategy”, this must be seen in the context of dramatically reduced sales volumes.

Tesla is also continuing the shift from third-party solar to direct sales, in line with national trends. The company estimates that direct purchases represented 46% of its sales during the quarter, and forecasts that this will represent more than 50% of its solar business next quarter.

Tesla gave scant information on the progress of its Solar Roof, which Elon Musk characterizes as going through the validation process. To date the Solar Roof has only been deployed on a pilot basis, mainly on the homes of Tesla executives.

And while it has more to do with the company’s automotive business, Tesla’s financial metrics were likewise not promising. The company reported a -26% operating margin and a net loss of $671 million against just under $3 billion in revenues. And while Tesla remains well funded, the company burned through $301 million in cash during the quarter.

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Energy storage on the rise

But as Tesla’s solar business flounders, its energy storage business is on the rise. During the quarter the company deployed 110 megawatt-hours (MWh) of batteries and has installed the first 80% of the world’s largest battery system, a 100 MW plant in South Australia. Tesla says that it is “on track” to meet a 100-day deadline for hte project.

Tesla also states that it has deployed “hundreds” of battery systems to Puerto Rico, and announced restoration of power at a hospital through rapid deployment of a PV and battery storage system.

In terms of manufacturing, Tesla reports that battery cell production at its Gigafactory 1 in Reno is continuing to ramp, and that the solar Gigafactory 2 is on track to begin production of the Solar Roof “at the end of this year”.

Hopefully there will not be the sorts of manufacturing delays that have plagued the Tesla Model 3. However, in the company’s results call Elon Musk stressed how far his company has come, recently producing its 250,000th EV as opposed to only 2,500 five years ago.

“So consider your assumptions for the future and whether they’re valid or perhaps pessimistic,” quipped Musk.

Output: Tesla has recorded its lowest number of solar PV installations for "many years", with just 109 MW of new distributed solar systems in the latest quarter. The company says it is reducing the number of low-margin commercial and industrial deals it is involved in, but residential solar installation is also thought to have fallen. Meanwhile, Tesla's energy storage business has increased, with 110 MWh of batteries installed during the same quarter, along with 80% of the 100 MW plant in South Australia, which will be the world's largest battery storage system.


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FCA warns robo-advice poses 'systemic mis-selling' risk
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Output: Bob Ferguson, head of strategy and competition at the FCA, has warned that robo-advice may lead to "systemtic mis-selling" if portfolio models are badly designed, reported Damian Fantato in the Financial Times.


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French robo-adviser Birdee partners with Germany's Sutor
 Source: Birdee

Birdee has become the Sutor banking platform’s first international robo-advisor.

Birdee has a Luxembourg asset management license and offers clients in Belgium and Luxembourg investment opportunities in ETF portfolios. Clients can define their financial goals and go through a risk profile evaluation, after which Birdee will propose an investment strategy from one or several of its 17 model portfolios which include thematic investment in areas such as biotechnology, property or sustainable businesses.

Sutor Bank is taking on the administration of Birdee’s customer portfolios as well as the trading of the ETFs. The communication between Birdee’s fully digitalised investment platform and the bank’s portfolio and management system is fully automated and carried out using an interface (API). The onboarding of the clients, as well as the ordering of funds and transmission of the up-to-date portfolio data, is done via the API.

The decision to work with Sutor Bank rather than a domestic bank

Birdee was developed using technology and algorithms from financial software house Gambit. Recently the major French bank BNP Paribas acquired a majority share in the Gambit company (Gambit Financial Solutions), which therefore created new potential for the recently launched robo-advisor. The market for robo-advisors in the Benelux countries and France is less developed and is spread more thinly than the German or British markets.

“We underwent an intensive search in 9 European countries for a bank that was able to offer us what we needed for the implementation of our business model: the digital interfaces on the one hand, and the necessary investment technology on the other. We didn’t find what we were looking for and we therefore decided to choose Sutor Bank as our banking partner,” explains Geoffroy Linard, general manager of Birdee.

“We are already cooperating with numerous foreign banks through our collaboration with our partner Zinspilot, and our API accounts are used by businesses in Austria and the Netherlands. We are pleased to have carefully taken the next step towards internationalisation through our cooperation with Birdee. We see a significant potential in cooperating with partners within the European Union,” says Robert Freitag, general manager of Sutor Bank.

Output: French robo-adviser Birdee has partnered with Germany's Sutor Bank. The robo-adviser's platform will be integrated with the bank's portfolio and management system, while Sutor will take over the administration of Birdee's clients' portfolios and take responsibility for trading Birdee's ETFs. Birdee offers clients 17 model portfolios based on their risk tolerance, financial goals and profile. The firm also offers thematic investments, allowing clients to focus on areas such as biotechnology or sustainability.


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Chinese robo-adviser Polaris plans Asian expansion
 Mainland Chinese start-up Polaris to roll out robo-advisory systems with more banks and other traditional financial institutions

Output: China's Polaris is planning to expand its robo-advice platform, both domestically and into other Asian markets. The robo-adviser recently launched a venture in Singapore, dubbed Pivot Fintech, and is planning to offer its white-label robo-advice solutions to a number of banks with interest in the technology. The firm is seeing particular demand from provincial banks as they come under increasing pressure from the entry of tech companies like Alibaba and Tencent Holdings into the finance sector.