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Reporter’s Notebook: In Health Care, A Good Price (Or Any Price) Is Hard To Find | A recent story about why Northern California is the most expensive place in the country to have a baby began as a tip from an obstetrician. Dr. Sarah Azad told me that insurers were paying her just a third of what they pay doctors employed by large hospital systems in her town of Mountain View, Calif.
| http://khn.org/news/reporters-notebook-in-health-care-a-good-price-is-hard-to-find/ | 2017-09-15 09:42:23.517000 | A recent story about why Northern California is the most expensive place in the country to have a baby began as a tip from an obstetrician. Dr. Sarah Azad told me that insurers were paying her just a third of what they pay doctors employed by large hospital systems in her town of Mountain View, Calif.
Unfortunately, she explained, she could speak only in general terms. She couldn’t share her actual payment rates with me because she was barred from doing so by a gag clause in her contracts with insurers.
So, I called the insurers who pay her, and the hospital systems that employ most of the other obstetricians in Mountain View. They all had the same answer: It would be illegal for them to tell me the dollars and cents.
Use Our Content This KHN story can be republished for free ( details ).
As it turns out, the vast majority of contracts between doctors or hospitals and insurance companies are subject to a gag clause, which prohibits either party from disclosing negotiated rates. That means it’s almost impossible for consumers, researchers or journalists to find actual, accurate numbers, despite the fact that cost differentials among doctors can be so stark. And it’s particularly problematic for the growing number of people who have insurance plans with deductibles that can run more than $10,000 for a family.
The underlying problem of our health care system — beyond the corrosive partisan politics — is its high cost. I have long understood that the lack of price transparency is one reason our system stays so expensive. It was a surprise, though, to find out that this opacity is cemented by legally binding contracts.
Think about what this would look like for a mundane purchase, say, a gallon of milk. Advertisements and price tags would disappear, so you couldn’t compare prices at different stores. And you wouldn’t even know how much you had paid for the milk until you got a bill in the mail weeks or months later. On top of that, the store and the dairy farmer would be barred from telling a journalist or an economist what you had paid.
It’s absurd, but I wasn’t going to let the absurdity kill my story.
I started by asking all of the health policy analysts, researchers and economists I could find, “How can I find these rates, by physician, for an uncomplicated vaginal delivery?” Everyone told me the same thing: You can’t get that.
I searched online, but most of the websites claiming to offer health price transparency offered only “average costs” for specific services in your area. Not much help if you’re trying to compare the costs of individual doctors.
Next, I asked Castlight, a “transparency tool” that gathers payment data and allows employees of certain companies to estimate the costs of their medical care. But Castlight told me that as a journalist, I wasn’t allowed to have access to the exact pricing information of individual providers. It, too, was subject to the gag clause.
So I turned to the consumers who might have access to those tools. I asked friends and colleagues, and put out social media requests: Would anyone be willing to share the information from the cost estimators they got from their employers or insurers? I found a few willing sources and was able to mine the results of their inquiries to find out the basic cost differentials between independent doctors and those employed by large systems, including Sutter Health.
Unfortunately, these estimators are difficult to use and often provide incomplete data. And when I tried to confirm that information, I ran up against the gag clauses again.
Finally, I found out about a health data company called Amino that was willing to send me the claims data it had been gathering. At last! The Holy Grail! It had hundreds of claims for vaginal births performed by obstetricians in the Bay Area. KHN data correspondent Sydney Lupkin helped me decipher a Medicare provider database to determine where each doctor worked. In cases where the doctor’s employment status was unclear, I called the health system or physician directly. We then calculated the median billing amount, on average, for a routine vaginal birth for each health system.
Weeks of digging and data analysis confirmed the imbalance Dr. Azad had told me about at the start of my quest. The few independent doctors left in the Bay Area receive a median amount of $2,408.45 for a routine vaginal delivery, which includes prenatal and postnatal visits. That compares with $5,238.13 for the same bundle of services provided by Stanford physicians and $8,049.84 when the doctors are employed by University of California-San Francisco — a fourfold difference.
Hard data, hard won.
The database we built gave us a strong sense of the cost variation between doctors who work at other health systems and those who have remained independent. But it did not include enough claims from the largest hospital system in the region, Sutter Health. For Sutter, I used the data from the online cost estimators, and found that obstetricians employed by the system are reimbursed about $6,452 for a vaginal delivery.
It’s no accident that data on physician costs are so hard to find. Its inaccessibility allows hospitals to keep raising their prices. It’s simply not in their interest for the public to know how much they’re charging. And insurers don’t want other doctors or hospitals to see the high prices they’ve agreed to pay, for fear they would demand the same.
In the end, all of us — through our insurance premiums and our taxes — pay a price for non-transparency. |
It’s now time for Medicare for all | Senator Bernie Sanders, Elizabeth Warren, Cory Booker, and Jeff Merkley, are introducing a Medicare For All bill in the Senate. It’s a model for where this nation needs to be headed.
| http://www.salon.com/2017/09/14/it-is-now-time-for-medicare-for-all_partner/ | 2017-09-15 09:40:39.637000 | Senator Bernie Sanders, Elizabeth Warren, Cory Booker, and Jeff Merkley, are introducing a Medicare For All bill in the Senate. It’s a model for where this nation needs to be headed.
Some background: American spending on health care per person is more than twice the average in the world’s 35 advanced economies. Yet Americans are sicker, our lives are shorter, and we have more chronic illnesses than in any other advanced nation.
That’s because medical care is so expensive for the typical American that many put off seeing a doctor until their health has seriously deteriorated.
Why is health care so much cheaper in other nations? Partly because their governments negotiate lower rates with health care providers. In France, the average cost of a magnetic resonance imaging exam is $363. In the United States, it’s $1,121. There, an appendectomy costs $4,463. Here, it’s $13,851.
The French can get lower rates because they cover everyone — which gives them lots of bargaining power.
Other nations also don’t have to pay the costs of private insurers shelling out billions of dollars a year for advertising and marketing — much of it intended to attract healthier and younger people and avoid the sicker and older.
Nor do other nations have to pay boatloads of money to the shareholders and executives of big for-profit insurance companies.
Finally, they don’t have to bear the high administrative costs of private insurers — requiring endless paperwork to keep track of every procedure by every provider.
According to the Kaiser Family Foundation, Medicare’s administrative costs are about 2 percent of its operating expenses. That’s less than one-sixth the administrative costs of America’s private insurers.
To make matters worse for Americans, the nation’s private health insurers are merging like mad to suck in even more money from consumers and taxpayers by reducing competition.
At the same time, their focus on attracting healthy people and avoiding sick people is creating a vicious circle. Insurers that take in sicker and costlier patients lose money, which forces them to raise premiums, co-payments and deductibles. This, in turn, makes it harder for people most in need of health insurance to afford it.
This phenomenon has even plagued health exchanges under the Affordable Care Act.
Medicare for all would avoid all these problems and get lower prices and better care.
Ideally, it would be financed the same way Medicare and Social Security are financed, through the payroll tax. Wealthy Americans should pay a higher payroll tax rate and contribute more than lower-income people. But everyone would come out ahead because total health care costs would be far lower, and outcomes far better.
A Gallup poll conducted in May found that a majority of Americans would support such a system. A poll by the Pew Research Center shows that such support is growing, with 60 percent of Americans now saying government should be responsible for ensuring health care coverage for all Americans — up from 51 percent last year.
Democrats are wise to seize the moment. The time has come for Medicare for all. |
Health Care Next Steps: Listen, Learn, and Strengthen Today’s Marketplace | As I listen intently to members of Congress, thought leaders and members of the Trump administration, I am encouraged by how Congress and President Donald Trump came together in the last week to supply urgently needed aid to the victims of Hurricane Harvey. They responded to the emergency with overwhelming bipartisan support, and they may need to do so again rapidly for storm victims in Florida.
| https://morningconsult.com/opinions/next-steps-health-care-listen-learn-strengthen-todays-marketplace/ | 2017-09-15 09:40:01.187000 | As I listen intently to members of Congress, thought leaders and members of the Trump administration, I am encouraged by how Congress and President Donald Trump came together in the last week to supply urgently needed aid to the victims of Hurricane Harvey. They responded to the emergency with overwhelming bipartisan support, and they may need to do so again rapidly for storm victims in Florida.
I am also heartened by what could be an emerging, bipartisan health policy direction to respond to struggling individual insurance markets — at least in the near term. While we must engage over the long term about how to restructure the health care marketplace, we need to increase the chances right now for the existing marketplace to succeed. This means policymakers should consider immediate legislation to appropriate funds for cost-sharing reductions that help the most vulnerable afford insurance and provide states more flexibility to demonstrate different ways to achieve the goal of increasing coverage and decreasing costs.
I applaud Chairman Lamar Alexander and ranking member Patty Murray of the Health, Education, Labor and Pensions Committee in the Senate for scheduling four committee hearings this month on short- and long-term health care reform. One of the witnesses at the second hearing was Gov. John Hickenlooper of Colorado. He joined with Ohio Gov. John Kasich and a bipartisan group of six other governors on Aug. 30 to outline a commonsense, short-term approach to strengthen the existing markets, jump start state innovation and more effectively control costs.
Their recipe for achieving these goals includes funding the CSRs through 2019; creating a temporary state stability fund; keeping the individual mandate for now; and adding flexibility and a fast track process to the state waiver process, among a number of other thought-provoking ideas.
Others are coalescing around similar bipartisan proposals. The Bipartisan Policy Center’s Future of Health Care expert panel called for a two-stage approach to health care reform. First, the panel advocates for stabilizing the individual insurance market and then taking on the more challenging task of addressing the more fundamental structural challenges in our health care system. The BPC’s recommendations are similar in scope and content to the eight governors’ letter. The BPC recommends a two-year extension of the CSRs, a health insurance stability fund, greater use of health savings accounts and a study of alternatives to the individual mandate.
While details will differ and must be worked out, Ascension applauds the efforts of each of these groups of thought leaders in driving consensus around a short-term bill that will strengthen the health care marketplace. Ascension supports continued funding of the CSRs. We believe that the parties should engage on ways to increase flexibility for states so that they can unleash innovation and creativity on expanding coverage and decreasing costs. We hope that the federal government and states will do more to hasten the transformation of our health care system to one that rewards value rather than volume. The kind of flexibility that allows more proactive experimentation with value-based financing should be applauded.
Strengthening the health care marketplace is an issue that unites policymakers, thought leaders, consumers, providers and insurers, and there is a spark of agreement forming across the political parties. All of us want a strong marketplace, and it is essential we get the right premium rates, care delivery networks and care management programs in place to stabilize the marketplace. While thought leaders and policymakers differ markedly on how that marketplace should be constructed for the long term, all of us agree that the marketplace that we have right now should be as strong as possible in the near term to serve all of us, especially those most vulnerable. Congress should act now to take the steps needed to strengthen today’s health care marketplace. For those without access to affordable insurance, it is an emergency. Every health care consumer will benefit, and it would provide us the opportunity to then re-engage in the fundamentally important debate about how to structure the marketplace for the long term.
Anthony R. Tersigni, EdD, FACHE, is president and CEO of Ascension, the nation’s largest nonprofit health system.
Morning Consult welcomes op-ed submissions on policy, politics and business strategy in our coverage areas. Updated submission guidelines can be found here. |
Some Democrats Willing to Replace Obamacare’s Individual Mandate | As a Senate panel tries to agree on a bipartisan fix to stabilize the Affordable Care Act, some Democrats appear willing to part with the law’s controversial individual mandate — as long as there is an adequate replacement.
| https://morningconsult.com/2017/09/14/some-democrats-willing-to-replace-obamacares-individual-mandate/ | 2017-09-15 09:39:27.780000 | As a Senate panel tries to agree on a bipartisan fix to stabilize the Affordable Care Act, some Democrats appear willing to part with the law’s controversial individual mandate — as long as there is an adequate replacement.
Now that debate on Capitol Hill has started to shift from repealing Obamacare to broader issues in the health care system, some Democrats say they are willing to look at alternatives to the mandate that requires most Americans to obtain health insurance or pay a penalty. And those alternatives have some Republican support.
At least two Democratic senators — Claire McCaskill of Missouri and Tim Kaine of Virginia — have expressed interest in automatically enrolling uninsured Americans in a low-cost insurance plan, a proposal that was included in one Republican plan to repeal Obamacare earlier this year. And 10 moderate House Democrats raised auto-enrollment as a potential tool to increase coverage and stabilize the Obamacare exchanges in a health care proposal released in July.
“Maybe auto-enroll would be a more effective way to get more healthy people in the pool,” McCaskill said Wednesday in a brief interview on Capitol Hill. “But we got to stay focused on getting healthy people in the pool, either with a stick or with a carrot.”
Even some Democrats who are more supportive of the mandate say they are willing to have a discussion about alternatives, as long as it’s through the committee process.
“For those who don’t want to see the individual mandate maintained, let’s figure out what would be at least as good as a substitute – maybe it’s some combination of approaches,” Sen. Tom Carper (D-Del.), who favors the mandate, said in an interview Tuesday.
The Senate Health, Education, Labor and Pensions Committee is working to shore up the ACA’s individual marketplaces.
Most, if not all, congressional Democrats want to keep the mandate unless they can find a better option. But even ardent supporters of Obamacare acknowledge the mandate hasn’t met their expectations for encouraging young, healthy people to enroll for coverage to balance the risk pool.
The provision has also been unpopular with many voters. A plurality of 49 percent said in a recent Morning Consult/POLITICO poll of registered voters that they oppose the mandate. The national poll surveyed 1,976 voters from Sept. 7 through Sept. 11.
Several former Obama administration officials who helped implement the ACA also say auto-enrollment could be an effective replacement. In a policy paper from the Bipartisan Policy Center published Aug. 30, Obama administration veterans Andy Slavitt, Chris Jennings and Cindy Mann were among health care experts who recommended that Congress study whether auto-enrollment could replace the mandate without reducing coverage rates, increasing premiums or adding to the federal deficit.
“The individual mandate plays an important role in keeping premiums low but is also unpopular with the American public,” Slavitt, who served as acting administrator of the Centers for Medicare and Medicaid Services from 2015 to 2017, co-wrote in a Washington Post opinion piece on Monday with former Senate Republican Leader Bill Frist, a fellow contributor to the BPC policy paper. “Congress should direct the administration to explore an option similar to one used in Medicare — automatically enrolling consumers in low-cost coverage and providing incentives to enroll on time.”
All of the proposals on this front would allow individuals the ability to opt out of auto-enrollment, but proponents expect few would do so, citing research showing that companies with auto-enrollment for 401(k) retirement plans have higher employee participation rates compared to employers that don’t.
“We know from the experience with 401(k) plans that if you auto-enroll employees they stay in the plan overwhelmingly, whereas if you hand them a packet of information they never get around to signing up,” Sen. Susan Collins (R-Maine), who co-sponsored a GOP bill in January that includes an auto-enroll option for states, said at a hearing last week.
But some experts are skeptical that auto-enrollment could work on its own; they recommend pairing it with policies, such as late-enrollment penalties, to encourage people to obtain health insurance.
That’s partly because auto-enroll plans would help uninsured Americans who get Obamacare subsidies to cover their monthly premiums. People with higher incomes, and therefore lower subsidies or no subsidy at all, would need other policies to encourage them to sign up.
Jennings, who served as a senior health care adviser to former President Barack Obama, said replacing the individual mandate with a system based on auto-enrollment would be complicated. But given its controversy and unpopularity with many voters, Jennings said it’s probably more likely that Congress would replace the mandate than try to fix it.
“We don’t see a lot of Democrats and Republicans lining up to increase the enforcement or the size of the penalty on the individual mandate,” Jennings, founder and president of Washington-based Jennings Policy Strategies Inc., said in an interview last week. |
More and more older Americans are slipping into poverty | There was good news in the Census Bureau's poverty report for most age groups in America. The data revealed one concerning trend, however: rising poverty among older Americans.
| http://uk.businessinsider.com/americans-65-and-up-slipping-into-poverty-2017-9?r=US&IR=T | 2017-09-15 09:34:42.490000 | There was good news in the Census Bureau's poverty report for most age groups in America. The data revealed one concerning trend, however: rising poverty among older Americans.
"Individuals ages 65 and older had the unique distinction of being the only population segment to experience a significant increase in the number of individuals in poverty, with 367,000 more older Americans in poverty in 2016," Ashley Edwards, Adam Bee, and Liana Fox of the Census' Social, Economic and Housing Statistics Division wrote in an analysis of the latest Census report.
The national poverty rate declined by 0.8 percentage points to 12.7%, the broader survey showed. Poverty rates, while still the highest among wealthy nations, fell across the board for groups including whites, blacks, Hispanics, males, females, children, American citizens, and immigrants.
Why the reversal of fortunes for the elderly?
Part of the trend "could be explained by the aging of the baby boom generation, which contributed to faster population growth in the population ages 65 and over in 2016 compared with the overall population," the experts suggest. "Population growth alone would lead to increases in the number of older Americans both in and out of poverty."
But that doesn't tell the whole story. Issues like inadequate safety nets, elevated healthcare costs, and longer lifespans are also playing a role.
"Among older Americans living alone (or with nonrelatives), increases in the number of individuals in poverty outpaced their population growth, leading to statistically significant increases in their poverty rate from 16.0% in 2015 to 18.1% in 2016," the Census analysis found.
In addition, Americans 65 and older were the only demographic group in which the proportion of people with income below 50% of their poverty threshold — another key measure known as the supplemental poverty rate — increased, to 3.3% in 2016 from 2.8% the year prior.
"While the change in the official poverty rate among those ages 65 and older was not statistically significant, the supplemental poverty rate for older adults increased by 0.8 percentage points in 2016," the report said. The share of people ages 65 and older with resources below half their supplemental poverty threshold also spiked, from 4.5% in 2015 to 5.2% in 2016. |
As Telemedicine Expands, Quality Measures Try to Keep Pace | Data is thin, but the search is on for the best ways to measure the quality of healthcare that is being delivered via telehealth to remote patients.
| http://www.healthleadersmedia.com/quality/telemedicine-expands-quality-measures-try-keep-pace | 2017-09-15 09:33:16.020000 | Data is thin, but the search is on for the best ways to measure the quality of healthcare that is being delivered via telehealth to remote patients.
Remember when you had to go to the video store to catch up on (and return) the movies you wanted to see?
Fast and cheap digital bandwidth enabled the digital streaming that essentially put video stores out of business. Now broadband is changing the way healthcare is delivered.
It is now even cheaper and faster to move large data files than it was only a few years ago. But how good is the quality of care that is delivered via a video screen?
Providers say that for many consults, telemedicine is just as good as in-person care delivered in a clinic or exam room. But the evidence to support these assertions is thin.
Now comes the National Quality Forum's attempt to start the discussion on quality measures for telemedicine. The 80-page report does not endorse any measures – although it suggests some candidates. The report instead offers "a framework to support the development of measures."
A Step Forward
"It's another example of how the field is maturing," says Joseph Kvedar, MD, the vice-president for connected health at Partners Healthcare. His operation has been holding annual Connected Health meetings for 12 years. The next one is next month in Boston.
Telemedicine was initially seen as a way to extend access to care to rural communities. That was a couple of decades ago. Now "anything that has to do with connectivity seems be moving at the speed of light," Kvedar says.
Quality remains a hurdle, however.
One fast-growing area is teledermatology and other direct-to-consumer services. Walgreens got in the game this past summer with its "Dermatologist on Call" program. A company called First Derm invites customers to send in a selfie for a diagnosis.
Speaking in industry-wide terms, there is concern about the lack of internal policing of direct-to-consumer sites, says Kvedar, a dermatologist by training.
Right now, telemedicine is governed by and subject to some federal rules and a patchwork of policies and regulations that vary from state to state.
Many state laws call for parity in payment, but coverage varies from payer to payer. Still, US hospitals are plugged in. More than 80% report using at least one "connected health tool" according a 2016 survey from The Healthcare Information and Management Systems Society (HIMSS).
The survey also found that 67% of hospitals report deploying multiple tools from a list that includes telemedicine, phone apps, patient portals, text messaging, and patient monitoring.
Divergent Standards for Telemedicine
Brian Wayling notes that standards of care and practice models diverge widely across the broader practice of medicine. He is the assistant vice president for telemedicine services at Intermountain Healthcare, a 22-hospital health system based in Salt Lake City, UT.
"We are seeing evidence of the same thing in telehealth, which should be no surprise, simply because the standards of care are not well established," he says.
Intermountain is considered a leader in telemedicine, offering services for seven different specialties including cancer and mental health. It has 1,200 access points, which are either rooms or mobile carts equipped with cameras to serve remote patients.
Wayling knows telemedicine has limitations, both in the type of care it can deliver and the quality of information it can return to providers. With that in mind, if a provider in his program isn't comfortable with a video visit, the patient gets a face-to-face appointment.
Steps are being taken to address quality concerns. For example, the use of antibiotics in the system's telemedicine program is in line with the hospital's guidelines.
"Some of the direct-to-consumer provider groups are readier to prescribe," Wayling says. "We take a more cautious approach."
Intermountain also uses the system to validate the use of clinical practice models. Wayling thinks adherence to the models is going up because of the telemedicine validation.
Sabrina Smith of the American Telemedicine Association says she sees the NQF report which as an "important first step" in the discussion of quality issues for telemedicine.
ATA reports that it represents 10,000 industry leaders and is promoting quality care through practice guidelines, she says. The group has also brought in a third-party partner to boost its accreditation efforts.
ATA wants telemedicine to be governed by the same health quality measures that apply to in-person exams, Smith says. |
Telemedicine visits save families time and money | Patients and families who use telemedicine for sports medicine appointments saved an average of $50 in travel costs and 51 minutes in waiting and visit time, according to a new study by Nemours Children's Health System.
| https://medicalxpress.com/news/2017-09-telemedicine-families-money.html | 2017-09-15 09:32:30.400000 | Patients and families who use telemedicine for sports medicine appointments saved an average of $50 in travel costs and 51 minutes in waiting and visit time, according to a new study by Nemours Children's Health System. Each telemedicine visit also saved the health system an average of $24 per patient, researchers reported at the American Academy of Pediatrics National Conference & Exhibition.
"There's a constant need to innovate care delivery to demonstrate value to patients and families," said Alfred Atanda Jr., MD, an orthopedic surgeon at the Nemours/Alfred I. duPont Hospital for Children and author of the study. "Nemours' tech-savvy care environment provides another way to get patients the care they need—where and when they need it. We were able to do so while saving families time and money."
In a cohort study of 120 patients younger than 18 who had at least one telemedicine visit between September, 2015 and August, 2016, the Nemours researchers compared total time of clinical visit, percentage of time spent with attending surgeon, and wait time, to data from in-person visits in the department. Data were collected for postoperative evaluations, surgical/imaging discussions, and follow-up visits. Demographic data and diagnosis were recorded from the electronic medical record.
The findings support the use of telemedicine to reduce costs for both the patient and hospital system, while maintaining high levels of patient satisfaction, researchers said. After each visit, parents were asked to complete a five-item satisfaction survey. Ninety-one percent of parents found the application easy to download, 98 percent would be interested in future telemedicine visits, and 99 percent would recommend telemedicine to other families.
The study, which was conducted in a pediatric sports medicine practice, also found that the percentage of time spent with the provider was significantly greater for telemedicine than for in-person visits (88% vs. 15% of visit time). Families also saved significant travel time and expense, avoiding an average of 85 miles of driving, resulting in $50 of savings in transportation cost per telemedicine visit.
Researchers said the study demonstrates that telemedicine can successfully be used in pediatric subspecialties to maximize healthcare resources and stretch the availability and expertise of the limited number of pediatric subspecialty providers.
"We know that telemedicine is often looked to for common childhood ailments, like cold and flu, or skin rashes. But we wanted to look at how telemedicine could benefit patients within a particular specialty such as sports medicine," said Atanda. "As the healthcare landscape continues to evolve and the emphasis on value and satisfaction continues to grow, telemedicine may be utilized by providers as a mechanism to keep costs and resource utilization low, and to comply with payor requirements."
Nemours has implemented telemedicine throughout its health system with direct-to-consumer care for acute, chronic, and post-surgical appointments, as well as through its partner hospitals, schools, and even cruise ships. Nemours CareConnect is a 24/7 on-demand pediatric telehealth program which provides families access to Nemours pediatricians through a smartphone, tablet, or computer—whether they are at home, school, or even on the sports field. If necessary, the physician may order a prescription, using geo-location service on the smartphone or tablet, and send it to the nearest pharmacy.
Provided by Nemours Children's Health System |
US energy department to invest $62m in concentrated solar | The US Department of Energy will invest $62m in concentrated solar power, a technically challenging and more expensive form of renewable energy compared with photovoltaics, but which is capable of storing as well as generating energy. Concentrated solar uses mirrors to focus sunlight, converting liquid into steam to drive turbines, with excess energy stored in molten-salt tanks. While some experts have questioned the Trump administration's move, which appears to diminish support for photovoltaics, others have praised the decision to back an underdeveloped technology. | https://www.technologyreview.com/s/608861/making-sense-of-trumps-surprising-investment-in-solar/ | 2017-09-15 09:31:37.180000 | Concentrated solar is at the top of the reshuffled list of research priorities, suggesting DOE officials think the technology can do more to improve grid stability over the long term. That’s because, while the energy it produces has been far more expensive than photovoltaics, it can store some of it in the form of heat. That means it can continue to generate electricity even when the sun isn’t shining, helping to balance supply-and-demand loads on the grid.
Given past behavior, the announcement raises at least some suspicions that the department, under Energy Secretary Rick Perry, may be seeking additional ways to diminish support for photovoltaics, potentially slowing progress behind the solar technology that’s done the most so far to threaten fossil fuels. After all, it follows the Trump Administration’s 2018 budget proposal to cut funding for the Office of Energy Efficiency and Renewable Energy, which oversees the SunShot program, by nearly 70 percent. (So far, Congress has pushed back on most of the proposed cuts to DOE research programs.)
But with that all said, energy researchers are quick to stress that the storage issue is a very real problem for photovoltaics—and a very real advantage for concentrated solar.
“[Concentrated solar power] today hasn’t been able to compete with photovoltaics, but there are some promising research areas,” says Dan Reicher, executive director of the Steyer-Taylor Center for Energy Policy and Finance at Stanford. “Given the climate challenge, we need to put eggs in many, many zero-carbon baskets.”
Concentrated solar generally relies on mirrors to concentrate sunlight, which converts liquid into turbine-driving steam. Some of that heat can also be stored using molten-salt tanks, allowing the plants to continue supplying electricity when the sun isn’t shining.
In contrast, photovoltaic power plants only work when the sun is out, unless they’re coupled with expensive batteries or other forms of external storage. The same goes for wind.
The downside to concentrated solar, however, is that it’s proven to be more expensive and technically challenging. Notably, the $2.2 billion Ivanpah plant in California’s Mojave Desert has struggled to meet production goals and produce electricity at competitive prices. The facility has been relying on increasing amounts of natural gas, the local Press-Enterprise newspaper reported earlier this year.
But there are some promising research avenues that could improve efficiency and costs. In 2015, the DOE’s moonshot ARPA-E division provided $24 million in funding to 11 projects focused on essentially combining the two approaches into what’s known as “concentrated photovoltaic technologies,” using lenses and mirrors to concentrate sunlight onto small photovoltaic cells (see “DOE Attempts to Jump-Start Concentrated Solar”). |
Too many older diabetes patients are being overtreated | Up to 11 percent of older Americans insured through Medicare are receiving too much medication to control their diabetes, and around 7 percent are being undertreated. This is according to a study in the Journal of General Internal Medicine which is published by Springer.
| https://medicalxpress.com/news/2017-09-older-diabetes-patients-overtreated.html | 2017-09-15 09:31:36.083000 | Anyone with diabetes who takes blood sugar medication knows their doctor prescribed it to help them. After all, the long-term effects of elevated blood sugar can harm everything from the heart and kidneys to the eyes and feet.
But what if stopping, or at least cutting back on, such drugs could help even more in some patients?
In some older people, such "deintensification" of diabetes treatment may be the safer route, because of the risks of falls and other issues that come with too-low blood sugar.
But a new study in the Journal of General Internal Medicine suggests more doctors and such patients should work together to dial back diabetes treatment.
Who's over-treated?
Almost 11 percent of Medicare participants with diabetes had very low blood sugar levels that suggested they were being over-treated, the new study finds. But only 14 percent of these patients had a reduction in blood sugar medication refills in the next six months.
Patients over age 75, and those who qualified for both Medicare and Medicaid because of low incomes or serious disability, were most likely to be over-treated. Those who lived in urban areas or were of Hispanic origin were less likely to be over-treated.
Patients over age 75 were less likely than others to have their treatment dialed back, as measured by prescription doses and refills.
But patients who had more than six chronic conditions, or who lived in urban areas or had frequent outpatient visits, were more likely to experience a deintensification.
The results were compiled by a team of researchers from Duke University, the University of Michigan and the VA hospitals in Durham, North Carolina and Ann Arbor, Michigan. They studied detailed records from 78,792 Medicare participants over age 65 in ten states, all of whom had diabetes.
The authors, led by Duke/Durham researcher Matthew Maciejewski, Ph.D., warn against a one-size-fits-all approach when treating diabetes in older patients. They call for greater personalized care that takes account of the risks and benefits that such treatment holds for individual patients.
Jeremy Sussman, M.D., M.S., a co-author of the new study and U-M/VA researcher, suggests that older patients with diabetes - and the adult children who often assist with their care - should talk to their care teams about whether de-intensification is right for them.
The risk of too-aggressive treatment
In people in their 70s and older, very low blood sugar levels - called hypoglycemia—can actually raise the risk of dizzy spells, confusion, falls and even death.
In recent years, experts have started to suggest that doctors ease up on how aggressively they treat such patients for high blood pressure or diabetes—especially if they have other conditions that limit their life expectancy.
It can be hard for an older person to recognize the signs of too-low blood sugar, such as confusion and combativeness, or of too-low blood pressure, such as dizziness.
Meanwhile, keeping up with taking multiple medications, and checking blood sugar daily or even more often, can be a struggle for the oldest patients. De-intensifying their treatment can often be a relief.
A previous study by Sussman and his U-M/VA colleagues showed that only one in four of nearly 400,000 older patients in the VA system who could have been eligible to ease up on their blood sugar medicines actually had their dosage changed.
Even those with the lowest readings, or the fewest years left to live, had only a slightly greater chance as other patients of having their treatment de-intensified.
The VA system is actively trying to encourage de-intensification of blood sugar-reducing treatment in its oldest patients nationwide. The U-M/Ann Arbor VA team, led by Eve Kerr, M.D., M.S., is studying the effects of that effort.
More about the new study
For the new study, the team looked at prescription refills among those whose blood sugar levels - represented by a measure called HbA1c - were already well below recommended levels.
They focused on those who had an A1c at or below 6.5 percent, at a single point in time in 2011 - as well as those with an A1c over 9, which is considered very high.
The patients under 6.5 A1c levels would be eligible to ease up on their blood sugar medication dosages, to lower their risk of the consequences of hypoglycemia.
In fact, the American Geriatrics Society recommends that the only medication an older person with diabetes should be on if they have an A1c level below 7.5 percent is metformin.
While 10.9 percent of all the Medicare participants in the study were being over-treated to the point of an ultra-low A1c level, only 6.9 percent were being under-treated and had A1c levels over 9.
"The oldest Medicare beneficiaries are the least likely to benefit from tight glycemic control and most likely to be harmed, so it is troubling that they were more likely to be overtreated and less likely to have their medication regimens de-intensified," explains Sussman, who is a member of the VA Center for Clinical Management Research and the U-M Institute for Healthcare Policy and Innovation.
"By focusing on both overtreatment and undertreatment ends of the diabetes quality spectrum, we can best begin to improve the quality of diabetes care in all respects, ensuring that patients get needed care while avoiding unnecessary potential harm," he adds.
Long-term gain, short-term pain
Sussman notes that the reasons why doctors prescribe medication to help people get their diabetes under control mostly focus on the long term.
Controlling these factors for years can help people cut their risk of problems that result from too-high sugar levels, like stroke, heart attack, blindness, nerve damage, amputation and kidney failure.
"Every guideline for physicians has detailed guidance for prescribing and stepping up or adding drugs to control these risk factors, and somewhere toward the end it says 'personalize treatment for older people'," says Sussman, a U-M assistant professor of general internal medicine and VA Ann Arbor researcher. "But nowhere do they say actually stop medication in the oldest patients to avoid hypoglycemia or too-low blood pressure."
If a patient has been on medication for diabetes for many years, and is now in their late 70s or older, they may have gotten many long-term benefits from keeping their levels in control.
But because their chance of a dangerous blood sugar or blood pressure dip goes up with age, the short-term risk starts to balance out any long-term gain they could still get.
Sussman and his colleagues write that effective treatment of diabetes requires a major shift in approach towards greater personalization of treatments based on potential for individual risk and benefit.
More information: Matthew L. Maciejewski et al, Overtreatment and Deintensification of Diabetic Therapy among Medicare Beneficiaries, Journal of General Internal Medicine (2017). DOI: 10.1007/s11606-017-4167-y Journal information: Journal of General Internal Medicine
Provided by University of Michigan |
Alcohol Abuse Is Rising Among Older Adults | In the summer, Henry Wrenn-Meleck likes to sit on the stoop of his building on the Upper West Side of Manhattan, observing the passing urban parade.
| https://www.nytimes.com/2017/09/14/health/alcohol-abuse-elderly.html | 2017-09-15 09:28:56.603000 | In the summer, Henry Wrenn-Meleck likes to sit on the stoop of his building on the Upper West Side of Manhattan, observing the passing urban parade.
One day in late July, “one of my neighbors could see something was wrong,” he recently recalled. “I was sort of rolling around, obviously in a lot of pain. He said, ‘I have to call 911,’ and he did.”
Mr. Wrenn-Meleck, 63, an independent music publisher and dealer in rare guitars, spent three weeks in a hospital, being treated for trauma from a fall he does not recall. But the underlying problem was “40 years of being a very serious alcoholic,” he said. “My body finally said no more.”
Discharged from the hospital after detoxing, Mr. Wrenn-Meleck went to the New Jewish Home in Manhattan for physical therapy. He also entered its geriatric substance abuse recovery program where, he found, he was one of the younger participants. |
Five Tips for Choosing a Reliable Nursing Home | The news that eight Florida nursing home residents died in the aftermath of Hurricane Irma has prompted a criminal investigation and spurred widespread outrage.
| https://www.nytimes.com/2017/09/14/health/nursing-home-safety.html | 2017-09-15 09:28:14.157000 | Hospitals may have an incentive to save money by discharging patients, putting pressure on families to make a decision quickly, but consumers should know they can ask for more time. “I tell people this may be one of the most important decisions you ever make regarding this person’s life,” Mr. Chicotel said. “Don’t feel pressure to go to a place that you haven’t vetted.”
Do your homework.
Investigate the track record of the facilities you are considering. A federal website, Nursing Home Compare, is the most comprehensive source of data on nursing homes and allows consumers to sort and compare facilities based on geography and other factors. The site includes information about a home’s staffing levels, recent inspection reports and measurements of the quality of residents’ care. Another website, Nursing Home Inspect — run by ProPublica, the nonprofit investigative journalism group — allows visitors to dig more deeply into facilities’ inspection reports and any citations they have received from regulators.
The federal website is not perfect — some key information, like staffing data, is reported by the nursing homes themselves, for example — but changes in recent years have improved the site. Nursing Home Compare also does not always include state-level reports or penalties. To view those, families must search the websites of individual states, such as the one run by the state of Florida.
Taken as a whole, the websites can provide an overview of a nursing home’s quality and identify potential red flags. A facility that has been given only one or two stars on the federal website, for example, should likely be ruled out, advocates said.
Florida officials are still sorting out who is to blame for the death of residents this week when the facility’s air conditioning stopped working, but the nursing home in question — the Rehabilitation Center at Hollywood Hills — had a federal rating of two stars (out of a possible five). Inspection reports show that in 2016 and 2014, it was cited for problems with maintaining its emergency generators, though this year, a follow-up inspection concluded that the issues had been corrected. |
AXA adopts blockchain technology for insurance product | French insurance company Axa is testing Fizzy, a platform for flight-delay insurance relying on smart contracts, powered by the ethereum blockchain. The platform, which automatically triggers a payment if a delay of more than two hours is registered on the ledger, is aimed at streamlining the claims process and increasing transparency and trust between clients and insurers. Compensation will be paid in fiat currencies, though Axa plans to issue ether payments in the future. The company did not indicate a date for the full launch of the platform.
| http://uk.businessinsider.com/axa-turns-to-smart-contracts-for-flight-delay-insurance-2017-9?utm_source=feedburner&utm_medium=referral&r=US&IR=T | 2017-09-15 09:00:25.887000 | BI Intelligence
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French insurance giant AXA has rolled out a new flight-delay insurance product, Fizzy, which will store and process payouts via "smart contracts" — self-executing contracts triggered automatically once pre-determined parameters are met in the real world — based on Ethereum's public blockchain.
For now, payouts will be issued in fiat currencies, though AXA aims to use Ether eventually. Fizzy is currently in a testing phase, and AXA hasn't yet specified a date for a full launch.
AXA says using smart contracts stands to deliver two major benefits:
Streamlining the compensation process for both providers and claimants. When an AXA customer buys flight-delay insurance on the Fizzy platform, the purchase is automatically recorded on an Ethereum-based immutable ledger, and a smart contract is created on the blockchain. The smart contract is linked to global air traffic databases, which means that as soon as a delay of over two hours is registered on the ledger, compensation is automatically triggered. Moreover, the customer is told how much they will receive when they first buy the coverage.
When an AXA customer buys flight-delay insurance on the Fizzy platform, the purchase is automatically recorded on an Ethereum-based immutable ledger, and a smart contract is created on the blockchain. The smart contract is linked to global air traffic databases, which means that as soon as a delay of over two hours is registered on the ledger, compensation is automatically triggered. Moreover, the customer is told how much they will receive when they first buy the coverage. Improving the insurer-customer relationship. This process means the need for a customer to file a claim is removed, and the compensation decision is delegated entirely to an automated arbitrator — the smart contract — which eliminates potential disputes between insurer and client. In turn, the company says, this brings greater transparency to the claims processing procedure, which should build up trust between customers and their insurance providers, whose interests are often seen as being at odds.
Smart contracts promise particularly large benefits for insurers, but legal dilemmas are likely to stand in the way of widespread use for some time. The insurance industry is particularly well positioned to benefit from implementing the technology, as it promises to reduce friction between the many disparate parties typically involved in an insurance payout, thereby reducing costs and conflicts between carriers and end customers. As such, incumbents will likely be keeping a close watch on how well Fizzy does in its test phase. However, even if the solution does well, we might not see smart contracts take off for some time: This is because, beyond the success of individual solutions like Fizzy, unresolved questions remain about the enforceability and legality of smart contracts, which might take a longer time to solve than technical hurdles.
The global insurance industry is worth nearly $5 trillion, and insurance companies are at risk of losing a share of this valuable market to new entrants. That's because these legacy players have been even slower to modernize than their counterparts in other financial services industries.
This has created an opportunity for a group of firms known as insurtechs. These startups are leveraging new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. Some are helping incumbents deliver better end products, while others are directly competing with legacy players.
Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on insurtechs that:
Explains the structure and current state of the insurance market.
Highlights areas where insurtechs can help legacy players modernize.
Describes where insurtechs are competing with incumbents and how their models compare.
Provides case studies of insurtechs.
Outlines the legacy response.
And much more.
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Nvidia and Avitas partner to improve drone inspections | Automated inspection firm Avitas Systems has partnered with chip manufacturer Nvidia to develop software that can assess and analyse heavy industry facilities. Using Nvidia’s DGX-1 and DGX Station AI computers, drones, robotic crawlers, and autonomous underwater vehicles are deployed to collect imaging data which is then put into the Avitas Systems cloud-based platform. Advanced analytics track the components in the images, discovering defects not visible to the human eye and enabling customers to repair or replace them, reducing disruption and cost.
| https://venturebeat.com/2017/09/07/avitas-and-nvidia-use-ai-drones-and-robots-to-improve-inspections/ | 2017-09-15 08:35:44.983000 | Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More
Avitas Systems has partnered with Nvidia to use artificial intelligence, drones, and analytics to improve inspections of heavy industry facilities, such as oil rigs.
The deal marries Nvidia’s DGX-1 and DGX Station AI computers with the inspection services of Avitas Systems, which is a spinout from GE Venture, the investment arm of General Electric. AI has become a huge priority at Nvidia, the largest stand-alone maker of graphics chips.
Avitas has been working on its AI software for about a year and is optimizing systems such as robots or drones so they can fly around industrial assets and record everything with video. The AI computers will then analyze the video to automatically detect defects and other problems.
The whole system is meant to enhance the capabilities of human inspectors. It also keeps them out of harm’s way, as drones and robots can go into places that are dangerous for human inspectors. Right now, inspectors have to do dangerous things like hang on ropes on ocean rigs.
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“Oil and gas companies spend hundreds of millions of dollars on maintenance and inspection each year,” said Alex Tepper, founder and head of corporate and business development at Avitas Systems, in an interview with VentureBeat. “They make decisions based on people walking around with sensors, helicopters looking down at sites, people in harnesses in precarious positions.”
Image Credit: Nvidia
Avitas Systems is targeting specific points of inspection and developing paths to collect data in the form of images and video for a variety of robotics, including drones, robotic crawlers, and autonomous underwater vehicles (AUV). These paths, driven by 3D models, can be repeated from the same angles and locations. The paths’ repeatability means a wide variety of images captured over time can be put into the Avitas Systems cloud-based platform. So advanced image analytics can detect changes and measure exact defects on an industrial asset, such as cracks and corrosion.
The platform can also rate the severity of defects, which are often not visible to the human eye, allowing customers to determine when equipment needs to be replaced and enabling earlier resolution of potential issues.
Avitas is using the Nvidia DGX-1 and DGX Station systems for AI training to enable automated defect recognition. Avitas Systems data scientists build convolutional neural networks for image classification and generative adversarial neural networks to minimize the amount of work involved in labeling captured images. The result is that the defects can be discovered without a massive amount of computing power.
Image Credit: Nvidia
“Avitas has the experts on things like corrosion, and they tap what we have,” said Jim McHugh, general manager of DGX Systems for Nvidia, in an interview. “They’re using the raw compute power of our hardware as we had intended it to be used.”
“Using our latest DGX systems to help train robots and better predict industrial defects increases worker safety, protects the environment, and leads to substantial cost savings for companies,” McHugh added.
The companies have been working on a solution for the past six to nine months, and they believe that the cost of inspections can be cut 25 percent over other methods. The robots will be used in harsh conditions, as will trucks that carry the computers, from the North Sea to the desert.
“We can dramatically reduce turnaround time or time an asset has to be taken down,” Tepper said. “A refinery that is not in production costs a lot of revenue. We partnered with Nvidia around the DGX platform because they were the obvious choice for us as a partner.” |
'Lipidcane' could replace 65% of US jet fuel consumption | Sugarcane specially engineered to produce oil, called lipdc-ane, can be converted into jet fuel, in place of sugar that is currently used for ethanol production, according to a research project - Plants Engineered to Replace Oil in Sugarcane and Sweet Sorghum (PETROSS) - funded by the Advanced Research Projects Agency - Energy (ARPA-E). Lipid-cane with 20% oil (the theoretical maximum) produces more than 15 times more jet fuel per hectare than soybeans. PETROSS sugarcane is also being engineered to be more cold tolerant. If it could be grown on an estimated 23 million acres of marginal land in the Southeastern US, it could replace about 65% of national jet fuel consumption.
| https://abe.illinois.edu/news/airline-industry-could-fly-thousands-miles-biofuel-new-promising-feedstock | 2017-09-15 07:44:53.663000 | URBANA, Ill. – A Boeing 747 burns one gallon of jet fuel each second. A recent analysis from researchers at the University of Illinois estimate that this aircraft could fly for 10 hours on bio-jet fuel produced on 54 acres of specially enagineered sugarcane.
Plants Engineered to Replace Oil in Sugarcane and Sweet Sorghum (PETROSS), funded by the Advanced Research Projects Agency - Energy (ARPA-E), has developed sugarcane that produces oil, called lipidcane, that can be converted into biodiesel or jet fuel in place of sugar that is currently used for ethanol production. With 20 percent oil - the theoretical limit - all the sugar in the plant would be replaced by oil.
"Oil-to-Jet is one of the direct and efficient routes to convert bio-based feedstocks to jet fuel," said Vijay Singh, Director of the Integrated Bioprocessing Research Laboratory and Professor in the Department of Agricultural and Biological Engineering at U of I. "Reducing the feedstock cost is critical to improving process economics of producing bio-jet fuel. Lipidcane allows us to reduce feedstock cost."
This research analyzed the economic viability of crops with different levels of oil. Lipidcane with 5 percent oil produces four times more jet fuel (1,577 liters, or 416 gallons) per hectare than soybeans. Sugarcane with 20 percent oil produces more than 15 times more jet fuel (6,307 liters, or 1,666 gallons) per hectare than soybeans.
"PETROSS sugarcane is also being engineered to be more cold tolerant, potentially enabling it to be grown on an estimated 23 million acres of marginal land in the Southeastern U.S.," said PETROSS Director Stephen Long, Gutgsell Endowed Professor of Plant Biology and Crop Sciences at the Carl R. Woese Institute for Genomic Biology at U of I. "If all of this acreage was used to produce renewable jet fuel from lipid-cane, it could replace about 65 percent of national jet fuel consumption."
"We estimate that this biofuel would cost the airline industry $5.31 per gallon, which is less than most of the reported prices of renewable jet fuel produced from other oil crops or algae," said Deepak Kumar, postdoctoral researcher in the Department of Agricultural and Biological Engineering at U of I and lead analyst on the study.
This crop also produces profitable co-products: A hydrocarbon fuel is produced along with bio-jet fuel or biodiesel that can be used to produce various bioproducts. The remaining sugar (for plants with less than 20 percent oil) could be sold or used to produce ethanol. In addition, biorefineries could use lipidcane bagasse to produce steam and electricity to become self-sustainable for their energy needs and provide surplus electricity, providing environmental benefits by displacing electricity produced with fossil fuels.
The paper "Biorefinery for combined production of jet fuel and ethanol from lipid-producing sugarcane: a techno-economic evaluation" is published by Global Change Biology Bioenergy (10.1111/gcbb.12478).
PETROSS (Plants Engineered to Replace Oil in Sugarcane and Sorghum) is a research project transforming sugarcane and sweet sorghum to naturally produce large amounts of oil, a sustainable source of biofuel. PETROSS is supported by the Advanced Research Projects Agency-Energy (ARPA-E), which funds initial research for high-impact energy technologies to show proof of concept before private-sector investment. |
GSAM ETF pricing could harm asset management industry: Moody's | A new smart-beta exchange-traded fund from Goldman Sachs Asset Management may permanently lower the pricing bar for similar products, damaging the industry, according to credit agency Moody's. The ETF has an expense ratio of nine basis points, substantially below the average of 24 to 39 usually charged for similar smart-beta offerings investing in factor-based indices. Offering prices below 10 basis points on more complex equity ETFs is likely bad news for traditional active managers seeking to enter the ETF space with quantitative products, according to Moody's. | https://www.businessinsider.com.au/goldman-sachs-new-etf-is-fueling-a-wall-street-price-war-2017-9 | 2017-09-15 07:41:41.927000 | A new exchange traded fund from Goldman Sachs' asset management arm is fueling a Wall Street price war that could hurt the industry, credit agency Moody's says.
The new "smart-beta" product, which tracks an equal weight index of roughly 500 large cap equities, was announced Thursday and is set to be one of the lowest priced ETFs out there. It will trade under the ticker GSEW and has an expense ratio of 0.09%.
Most smart-beta products, like GSEW, have an expense ratio between 0.24% and 0.39% while traditional mutual funds are generally more expensive, near 0.63%, according to Moody’s.
"The ETF price war beyond vanilla ETFs is credit negative for traditional active equity players entering the smart-beta realm," wrote Moody’s analyst Stephen Tu in a note Thursday morning.
"GSAM has a long history in quantitative investing on behalf of institutions in both traditional and alternative strategies and had earlier forays launching competitively priced products. With this recent move, GSAM is now solidifying a price point below 10 basis points for simple smart-beta strategies."
Here’s a breakdown of other similarly priced ETFs, from Moody’s:
Moody's
ETFs are some for the hottest investment products on the market, and outnumber individual securities in the United States. GSEW will be Goldman’s 11th ETF since it started offering the products in 2015. Today, Goldman manages $5.6 billion in ETF assets.
"GSEW seeks to help investors looking for a low cost way to avoid market cap biases, by allocating evenly to the largest U.S. companies, independent of their relative size," Michael Crinieri, GSAM’s chief ETF strategist, said in a press release. |
US added 2.4 GW solar capacity in Q2 with 12 GW expected in 2017 | The US added 2.4 GW of solar-energy capacity in 2Q 2017, a surge of 8% on the same quarter last year. The increase is the largest for any 2Q and brings total installed solar capacity for the US to 47.1 GW, or enough to power more than nine million homes. The figures were published by the Solar Energy Industries Association and GTM Research, which predict the industry will have installed 12 GW of solar capacity by the end of the year.
| https://www.seia.org/us-solar-market-insight | 2017-09-15 07:27:46.637000 | Updated June 8, 2023
The US solar industry installed 6.1 gigawatts-direct current (GWdc) of capacity in the first quarter of 2023, a 47% increase from Q1 2022 and a 19% decrease from Q4 2022. This was the best first quarter in the industry’s history, led by delayed utility-scale solar projects coming online.
Each segment had a record-setting first quarter, except for community solar, which faced interconnection and siting challenges in several key state markets. The residential segment set a first quarter record and would have likely set another overall quarterly record had it not been for intense rainstorms that hampered installation crews. Utility-scale solar installations were up 66% compared to the first quarter of 2022. The industry is still operating in a supply-constrained environment, but conditions are improving as module shipments are finally making their way through ports.
Overall, photovoltaic solar (PV) accounted for 54% of all new electricity-generating capacity additions in the first quarter of 2023.
Click here to read the Executive Summary of the latest Solar Market Insight Report. The full report includes all the data and analysis from our Executive Summary plus incisive, state-level breakdowns of installations, costs, manufacturing and demand projections. To learn more about the Solar Market Insight Report series, click here.
WASHINGTON D.C. — The U.S. solar industry installed 6.1 gigawatts (GW) of solar capacity and had its best first quarter in history, according to the US Solar Market Insight Q2 2023 report released today by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.
The record quarter was driven in large part by supply chain challenges abating and delayed solar projects moving forward. Due in part to the strong first quarter numbers and a surge in demand from the Inflation Reduction Act (IRA), Wood Mackenzie expects the solar market to triple in size over the next five years, bringing total installed solar capacity to 378 GW by 2028. (Keep Reading)
For more facts and figures about the U.S. solar industry, including historical data and future projections, click here.
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PE firm Waud Capital ties up with TrustCommerce | Chicago-based private equity firm Waud Capital Partners has formed a strategic partnership with payment security software and technology provider TrustCommerce. The deal offers TrustCommerce "additional capital and operating experience to extend its product capabilities, expand its relationships with clients and enterprise software providers, and accelerate the growth of the company", according to Andrew Rueff, executive chairman of Sphere Payments, which is facilitating the deal. | https://paymentweek.com/waud-capital-forms-partnership-trustcommerce/ | 2017-09-15 07:13:49.720000 | Waud Capital Forms Partnership with TrustCommerce
September 14, 2017 By: Payment Week
CHICAGO and SANTA ANA, Calif. September 14, 2017 – Waud Capital Partners, a leading growth-oriented middle market private equity firm, today announced a strategic partnership with TrustCommerce, a premier provider of payment security software and technology that allows clients to process highly secure and compliant payments that are deeply integrated within their core business software.
Waud Capital and Andrew Rueff formed Sphere Payments LLC to facilitate the investment in TrustCommerce. A seasoned executive with more than 20 years of payments technology experience, Mr. Rueff will serve as Executive Chairman of Sphere Payments to guide the company in its next phase of growth. Mr. Rueff and Waud Capital partnered in January 2017 to identify attractive investments in the payments and software industries. Mr. Rueff was previously one of the original founders and architects of TransFirst Holdings, Inc., a leading private equity-backed U.S. merchant solutions provider that was acquired by TSYS (NYSE: TSS) in January 2016 for $2.35 billion.
“TrustCommerce has long been at the forefront of two of the most important trends in payments technology: integrating payments capabilities within mission-critical enterprise software, and providing security and compliance technology necessary to protect all constituents in the payments value chain.” said Mr. Rueff, Executive Chairman of Sphere Payments. “The management team of TrustCommerce has established a strong technology platform with deep vertical market expertise in healthcare and other attractive market segments. This partnership provides TrustCommerce with additional capital and operating experience to extend its product capabilities, expand its relationships with clients and enterprise software providers, and accelerate the growth of the company.”
Founded in 2000 by Rob Caulfield, TrustCommerce was an early innovator in developing tokenization to protect sensitive payment data and has been a leading provider of highly-secure, integrated payments software ever since. TrustCommerce delivers a full suite of payment acceptance solutions, allowing clients to accept payments securely within an omnichannel environment. At closing, Mr. Caulfield and other key executives of TrustCommerce will maintain their current roles with the company and will participate in ownership through Sphere Payments.
Added Justin DuPere, Principal at Waud Capital, “Our partnership with Andrew and TrustCommerce is the result of our careful diligence of the payments technology market. TrustCommerce is a rapidly growing software provider and an innovator within the financial technology landscape. Andrew brings an unprecedented level of expertise in building businesses and delivering strong returns for shareholders over time. We look forward to continuing our partnership and executing on this multi-year growth opportunity.”
Matt Clary, Partner at Waud Capital, added, “This transaction highlights Waud Capital’s disciplined approach of matching experienced industry leaders with the best platforms for growth. Our investment team leveraged its experience in financial technology markets to identify key growth drivers within the payments technology sector. We then developed a relationship with Andrew which resulted in him becoming an Operating Partner in January 2017. Within six months of formalizing our relationship, using our collective network and operating expertise, the Waud Capital team together with Andrew found an attractive platform for growth and completed the transaction with TrustCommerce.”
About TrustCommerce
An innovator and veteran in the payment security software and technology industry, TrustCommerce offers a comprehensive suite of payment software and solutions with a focus on security, data protection, and risk mitigation. Featuring Point-to-Point Encryption (P2PE), tokenization, EMV, and seamless redirects, TrustCommerce solutions assist partners and clients with reducing the cost and complexity of PCI DSS compliance. Whether accepting payments in a card-present or card-not-present environment, TrustCommerce solutions protect transactions and reduce risk. TrustCommerce is a focused provider of integrated solutions to the healthcare sector, as well as other specialized verticals focused on providing a high level of security to their clients. To learn more about TrustCommerce, and its full breadth of products and solutions, visit www.TrustCommerce.com.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $2.1 billion since its founding in 1993. Waud Capital partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 210 investments, including platform companies and follow-on opportunities. For additional information on Waud Capital, visit www.waudcapital.com. |
Incumbents unwilling to change business models to adopt fintech | Incumbent banks and financial service companies, who are loath to change their business models or culture to accommodate fintech innovations, are preventing customers from enjoying the potential financial benefits, according to a panel of pensions and technology experts. It found start-ups have difficulty dealing with the incentives structure of some innovation departments, while "behemoth" firms have little incentive to change their models as they have already cornered particular markets. Established companies also fear diluting a brand's strength in an unknown market.
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Korean city puts robot street cleaners to the test | Authorities in the South Korean city of Gwangju have deployed street-cleaning robots in a trial scheme to crack down on fly-tipping. The 1.3m-tall robo-dustbins, which also can be operated remotely, sweep up rubbish using brushes or a hose, and have been programmed to identify pedestrians and other obstacles. They will operate at a minimum distance from human street cleaners to ensure worker safety. If the trial in Gwangju's Seo District is successful, the robots could be sent to other areas of the city. | http://koreabizwire.com/gwangju-deploys-cleaning-robots/95437 | 2017-09-15 06:27:25.457000 | GWANGJU, Sept. 15 (Korea Bizwire) — Seo District in the city of Gwangju announced on Thursday it has introduced street cleaning robots in the community that can also be operated by remote control.
The move by district officials to trial street-sweeping robots comes with the community seeking ways to effectively deal with the issue of illegal trash dumping.
Seo District’s newly deployed cleaning robots, which are 1.75 meters long, 0.94 meters wide, and 1.3 meters tall, are capable of collecting garbage on the street using their brushes, or cleaning flower beds with a hose.
With a floating population of tens of thousands traveling in and out of the neighborhood, the cleaning robots’ waste collection capacity of 100 liters and their accessibility to areas difficult to reach, such as narrow alleyways, are expected to come in handy.
The robots can detect pedestrians and other obstacles and are designed to remain a certain distance from human street cleaners to secure a safe working environment.
Including an autonomous parking system, the prevention of workplace accidents also figured prominently during the robots’ development process.
“After a trial run in Sangmu District, we will decide whether to increase the number of street cleaning robots in other neighborhoods,” said an official from Seo District Office.
“We hope this move will improve working conditions for street cleaners.”
Ashley Song ([email protected]) |
Reactive Robotics wins funding to develop physical therapy robot | German firm Reactive Robotics has secured significant funding in a round led by new investor Dr Doll Holding and featuring participation from existing backers MTIP MedTech Innovation Partners, High-Tech Gründerfonds, Bayern Kapital and TQ-Group. Reactive Robotics provides very early mobilisation (VEM) therapy to intensive care patients and is developing an intelligent physical and occupational therapy robotic device that will replace manual VEM therapy. The new funds will be used to expand at home and abroad.
| https://www.therobotreport.com/reactive-robotics-receives-second-round-funding/ | 2017-09-15 06:20:40.323000 | Munich-based company Reactive Robotics GmbH secured a second seven-digit funding round to continue its work in rehabilitation robotics development.
Investors included new lead investor Dr. Doll Holding GmbH and existing investors MTIP MedTech Innovation Partners AG, High-Tech Gründerfonds, Bayern Kapital and TQ-Group.
Reactive Robotics intends to use the funds to further market entry in Germany as well as in other countries.
CEO Dr. Alexander Koenig founded the company in 2015 to provide quality Very Early Mobilization, which improves patient recovery times, to intensive care patients in their beds within 24 hours of their hospital admission.
The team is working on an intelligent therapy device that replaces the manual VEM therapy with a robotic option. The solution would help critically ill patients recover quicker, reduce the work and strain on caretakers and would bring the therapy directly to patients instead of requiring them to go to therapy.
So far the company has developed a prototype, established a quality management system and cooperated with business partners and suppliers.
Previously, the company was able to secure approximately $1.5 million in funding. |
Indian insurance chatbot AskArvi gains investment | Indian insurance aggregation platform AskArvi.com, operated by Mumbai-based Haida Technologies, has received an investment of an undisclosed sum in a round led by US investment fund Jang Capital. AskArvi.com is developing a virtual assistant, capable of answering product and policy-related questions, which has already helped more than 15,000 customers despite still being in beta testing. The additional funding will be used to build the AI platform and on-board the first 1,000 travel and health insurance customers.
| https://www.vccircle.com/jang-capital-backs-insurance-chatbot-askarvi/ | 2017-09-15 05:35:18.007000 | Jang Capital backs insurance chatbot AskArvi
Credit: Thinkstock
Mumbai-based Haida Technologies Pvt. Ltd, which operates insurance aggregating platform AskArvi.com, has raised an undisclosed amount from a clutch of investors led by US-based early-stage investment fund Jang Capital LLC.
A few American angel investors also participated in the round, AskArvi founder CEO Sushant Reddy told VCCircle.
Shardul Amarchand Mangaldas and Co. advised Jang Capital on the acquisition of a minority stake in Haida Technologies by way of primary share subscription. The transaction closed on 21 August.
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AskArvi, which aims to provide a more personalised experience to customers, has built an artificial intelligence-powered virtual assistant to answer questions on various products and policy-related information, besides helping the user raise claims.
Though it is still at a beta stage, the company has already helped over 15,000 customers with products and claim-support information, he claimed. “We are planning to use the money to build our AI platform and acquire the first 1,000 customers for travel and health insurance.”
The startup aims to build a fully-automated platform, which can intelligently help customers in pre- and post-sale support across health, travel, motor and life insurance segments.
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AskArvi was launched in January by Reddy, Alok Tiwari, Ashwin Narkhede and Mandar Zope. Reddy is a former CEO of Mumbai-based financial technology company Quantum Phinance; Tiwari had earlier co-founded two other startups, Aptivaa and Xplanr Analytics; Zope is a former CTO of Omnikart; and Narkhede had stints in Quantum Phinance and Omnikart.
On his plans about the next round of funding, Reddy said: “This was our first round of investment. Based on the projected cash burn rates, the capital gives us an 18-month runway.”
Reddy said that the Indian insurance industry has a huge outgo in terms of paying commissions to intermediaries, to the tune of about Rs 45,000 crore, or $7 billion. “If there ever was one industry where we could eliminate the dependence on agents, this has to be it.”
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Several startups in the AI space have also raised funds recently. In July, chatbot creation tool Bottr.me had raised an undisclosed amount from 500 Startups, Purvi Capital, Google India’s managing director Rajan Anandan, and Abhishek Gupta from TLabs.
Bangalore-based Niki.ai had raised $2 million in a Series A round from San Francisco-based fund SAP.iO and existing investor Unilazer Ventures.
AirCTO, a human- and artificial intelligence-powered recruitment platform that helps companies hire technical talent, had raised an undisclosed amount in angel investment from former Nokia director Francesco Cara.
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In June, Bangalore-based Boxx.ai had raised $500,000 from Mumbai-based venture capital firm Unicorn India Ventures, besides a clutch of investors.
In May, Vernacular.ai, which offers a multilingual AI platform for businesses, had raised an undisclosed amount from KStart Capital, the seed programme run by venture capital firm Kalaari Capital.
In February, Botworx.ai, a conversational commerce platform, had raised $3 million in seed round led by California-based venture capital firm Costanoa Ventures with support from San Francisco-based angel investment firm S V Angel.
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Solar power could greatly benefit the US military | The US military needs 17 GW of solar capacity by 2025 to guarantee functionality in the event of a catastrophic cyber attack on the US grid, according to Professor Joshua Pearce, academic engineer at Michigan Tech. As reliance on remotely piloted vehicles grows, distributed power generation and microgrids, comprising solar panels and energy storage facilities, are crucial to the country's military infrastructure, said Pearce. Lockheed Martin has developed a demonstration system at Fort Bliss in Texas, capable of producing reliable clean energy and reducing costs.
| https://phys.org/news/2017-09-solar-power-military-threats-electric.html | 2017-09-15 05:19:02.373000 | Using solar power could give the U.S. military some advantages – and more security. Credit: Diane Durden/U.S. Marine Corps
As the U.S. military increases its use of drones in surveillance and combat overseas, the danger posed by a threat back at home grows. Many drone flights are piloted by soldiers located in the U.S., even when the drones are flying over Yemen or Iraq or Syria. Those pilots and their control systems depend on the American electricity grid – large, complex, interconnected and very vulnerable to attack.
Without electricity from civilian power plants, the most advanced military in world history could be crippled. The U.S. Department of Energy has begged for new authority to defend against weaknesses in the grid in a nearly 500-page comprehensive study issued in January 2017 warning that it's only a matter of time before the grid fails, due to disaster or attack. A new study by a team I led reveals the three ways American military bases' electrical power sources are threatened, and shows how the U.S. military could take advantage of solar power to significantly improve national security.
A triple threat
The first threat to the electricity grid comes from nature. Severe weather disasters resulting in power outages cause between US$25 billion and $70 billion in the U.S. each year – and that's average years, not those including increasingly frequent major storms, like Hurricanes Harvey and Irma.
The second type of threat is from traditional acts of crime or terrorism, such as bombing or sabotage. For example, a 2013 sniper attack on a Pacific Gas and Electric substation in California disabled 17 transformers supplying power to Silicon Valley. In what the head of the Federal Energy Regulatory Commission called "the most significant incident of domestic terrorism involving the grid that has ever occurred," the attacker – who may have been an insider – fired about 100 rounds of .30-caliber rifle ammunition into the radiators of 17 electricity transformers over the course of 19 minutes. The electronics overheated and shut down. Fortunately, power company engineers managed to keep the lights on in Silicon Valley by routing power from other sources.
The third threat is from cyberspace. In 2012, the U.S. Department of Homeland Security responded to approximately 200 "cyber incidents" across critical infrastructure sectors, nearly half of which attacked the electrical grid. A major breach in the electric system could cost as much as $1 trillion. And China, Russia and North Korea are all trying to break into the grid, potentially to disrupt the U.S. electricity supply the way Russia has in Ukraine in recent years. The security firm Symantec recently warned that hackers have already gained direct access to the electric grid.
A major grid failure, thanks to nature or malicious humans, could easily outstrip the ability of generators and fuel supplies to fill the gaps. Rebuilding or replacing large numbers of damaged transformers could take months or even years: Fixing just 17 of them after the 2013 attack in California cost roughly $100 million and took 27 days.
It wouldn't just be homes and businesses waiting for the lights to come back on: Military bases, too, would be in the dark.
Remote overseas bases already use solar power to sustain themselves. Credit: Maj. Paul Greenberg, U.S. Marine Corps
Securing the ability to fight
U.S. national security requires that the military have electricity even during a long-term blackout for other parts of society or the country. Fortunately, there is a solution that addresses all three types of threat to the electric grid at once: distributed power generation.
In a sense, stationing diesel-fueled generators outside key buildings to provide emergency power is a start down this path. But fuel supply lines can be disrupted too, so renewable energy is best for a long-lasting solution. Solar photovoltaic systems, which generate electricity directly from sunlight, are best because they are easy to maintain, can be located almost anywhere and don't need to be refueled.
The U.S. military is already working toward this goal. Congress has decided that military facilities must get 25 percent of their energy from renewable sources by 2025. To meet that requirement, also by 2025, the department wants to be able to generate 3 gigawatts of renewable power every year. (A nuclear power plant operating at peak capacity produces about 1 gigawatt.)
Much more to be done
These steps are in the right direction but are not enough to relieve the threat. Only a few military bases have installed solar panel systems, which generally cover only part of their loads. Most military bases remain unprotected against long-term interruption of electrical power.
In our study, we found that the 3 GW goal by 2025 is far short of the real need: About 17 GW of solar-generating capacity would be enough to fortify the U.S. military domestically. And more is needed to protect overseas bases, which are vulnerable because other countries' civilian electricity grids are as vulnerable as those in the U.S.
This is an enormous need for solar capacity: Only in 2015, after years of effort and investment, did the U.S. as a whole reach 20 GW of solar-generating capacity. And while our study found that the work will cost around $42 billion, it will save as much as $2 billion a year in electricity bills the military now pays to civilian suppliers.
Companies already serving the military are ready and able to do the work. For example, Lockheed Martin, a major defense contractor, has built a demonstration system at Fort Bliss in Texas with a 120-kilowatt solar array and a 300-kilowatt energy storage system. The equipment is connected together – and to buildings it serves – in what is called a "microgrid," which is normally connected to the regular commercial power grid but can be disconnected and become self-sustaining when disaster strikes.
To truly secure the U.S. military, every base will need this kind of system – supersized, including both rooftop and ground-based solar arrays. The costs are manageable – and the solar panels are largely one-time costs. In fact, we found that the military could generate all of its electricity from distributed renewable sources by 2025 using these types of microgrids – which would provide energy reliability and decrease costs. And it would largely eliminate a major group of very real threats to national security.
This article was originally published on The Conversation. Read the original article. |
GMO Internet unveils $89.5m cryptocurrency-mining plan | GMO Internet said it will enter the cryptocurrency mining business with a data centre run on energy-efficient hardware it's developing with partners. The Japanese web-hosting firm has budgeted JPY10bn ($89.5m) for the project, including the opening this year of the data centre in northern Europe. It'll use semiconductors that are being developed especially for solving mining algorithms. The system will be able to operate on almost half the power requirements of other energy-hungry mining setups, which will give GMO an edge when combined with the company's expertise in data processing and artificial intelligence, it said.
| https://techwave.jp/archives/revealed-gmo-cryptcurrency-mining-center.html | 2017-09-15 05:18:05.510000 | GMOインターネットは本日2017年9月13日、先日9月7日に発表した仮想通貨のマイニング（採掘）事業について説明会を開催しました（参考「GMOインターネットが仮想通貨採掘に参入 最新チップ採用」）。
発表されたのは高性能でありながら低消費電力を実現する次世代7nmプロセスの半導体と使用電力削減を実現するデータセンターの存在で、GMOインターネット代表取締役会長兼社長・グループ代表 熊谷正寿 氏は「圧倒的な競争優位である確証を得られた」として、すでに半導体の論理設計は終了しており共同開発パートナーとも契約済み。北欧に設置するとしているデータセンターは2017年12月にも既存半導体を使った試験稼働がスタートする予定だといいます。
投資総額は、半導体の研究開発およびデータセンターの設営、運用まで含めおよそ総額100億円となる見込みで、GMOインターネットグループ企業でどう分配するか今後検討しながら事業を進めていく考えだといいます。
なぜGMOは仮想通貨マイニング事業に参入するのか？
代表取締役会長兼社長・グループ代表 熊谷正寿 氏
GMOインターネット代表取締役会長兼社長・グループ代表 熊谷正寿 氏は「インターネットの登場によって情報の壁が取り払われました。一部の人にコントロールされてきた情報が、今や世界に瞬時に伝わるようになったわけです。それにより企業活動にしても営業力よりもプロダクトやサービスが勝るところのほうが選ばれるようになりました。
仮想通貨はお金における境界線を無くす。これはインターネットが登場し、我々が事業を始めたときのような興奮を感じています。私たちは、インターネットの普及を支援し広めることを目的に1995年に創業し、今や上場企業9社・世界5000名を超える総合インターネットグループに成長しましたが、そのときと同じような気持ちに仮想通貨事業に参入します」と話します。
GMOインターネットグループは、サーバーのホスティングから金融サービスまで幅広く展開していますが、仮想通貨のマイニングには膨大な量の計算機を使い、大量の電力を消耗、かつ消費者保護の仕組みが不可欠であり、それらの全ての要素がGMOインターネットグループにあるとしています。
また、熊谷氏は「日本の旧財閥グループは自ら鉱山を掘ることで莫大な財を得ました。一方で、アメリカのゴールドラッシュではリーバイスを筆頭とする周辺事業者が利益を獲得しました。私たちが今回提供するクラウドマイニングセンター」事業は、自社でマイニングをする以外に、誰でもマイニングに参画できる「クラウドマイニングセンター」や共同開発するチップを搭載したマイニング用のボードを一般に向け販売も計画しており、まさにその両輪を一気に手がけたい」と述べ、収益面のみならず周辺事業をも盛り上げることで、仮想通貨マイニングおよび仮想通貨そのものの価値を高めていきたい考えであることを明らかにしました。
ビットコインマイニング事業の核心
マイニング事業責任者 奥村真史 氏
GMOインターネットは2年に渡り仮想通貨の知見をグループ社内に浸透させつつ検討を進めており、今回以下「3つのポイントをクリアした上で、仮想通貨マイニング事業参入を決めた」とマイニング事業責任者 の奥村真史 氏いいます。
・高性能・大量の計算機を使えるか
・消費電力をおさえられるか
・以下に電気代を安く調達できるか
パートナーとの独占契約によって開発が進められる次世代半導体は、同等性能の従来比約56％の電力で動作するものになっており、2018年明けにもテスト版が完成する見込みです。
このチップをモジュールカードに搭載。
さらにそのカードをシステームボードに複数挿入。
システムボードはサーバー運用で使われるブレードに収納されます。
ブレードを8台搭載できるタワーラック。
これをマイニングセンターと呼ばれるデータセンターに設置し運用するということになります。
設置予定のデータセンターは、消費電力＆コスト削減メリットを出すために日本の約3分の1の価格で利用できる北欧に設立を決めたと言います。実際の運用は2018年春を予定。
ハードウェア仕様（概算） 単体スペック ：計算性能 10TH/s
消費電力 500W以下（同一性能で56％以上削減）
投入マイニングチップ： 50000チップから段階的に増強
計算総パワー： 500PH/s（当初見込み・順次拡大予定）
設備：ラック、冷房、配電、消防、セキュリティ
電力： 再生可能エネルギー（地熱、水力）
対応仮想通貨：ビットコインおよびビットコインSHA256方式に対応した代表的なアルトコインの採掘を計画中 設置場所：北欧某所・再生可能エネルギーを一時エネルギーとする。寒冷な気候、冷房設備や冷房稼働電力が削減可能
100億の投資にはこれら全ての機材と、7nmプロセスで開発される次世代チップのさらに技術的高度化を狙った5nmや3.5nmプロセスの開発も含まれます。
また、このチップはPCIeという一般のPC向けのボードに搭載して販売する予定です。
PCIeインターフェイス、Win・Linux
1ボードあたり、8TH/s、300W
競合をみながらリーズナブルな設定を計画
事業の勝算は
常務取締役 次世代システム研究室室長 堀内敏明 氏
熊谷代表は「技術的な圧倒的優位性」を主張しましたが、果たしてマイニング事業の勝算はあるのでしょうか？2年にわたり同社常務取締役 次世代システム研究室室長として調査研究やノウハウの社内共有などの事業を展開してきた堀内敏明 氏は急成長を続けるビットコインマーケットの推移を挙げた上で「次世代チップや効率よく使える電力、そして十数年間数万台手がけてきたサーバー事業、FXなど金融サービスやそれで活用するビッグデータ処理や人工知能のノウハウ、これらを総動員できるGMOインターネットグループの優位性は世界で通用する」と言います。
GMOインターネットは今後、マイニングセンターの実験後の2018年春にも次世代チップでの運用をスタートする計画。規模としては世界的な影響力を持つことも想定されるが「あくまで新参者、仮想通貨コミュニティに学ばせてもらいながら事業を展開したい」と熊谷氏は語ります。
将来的には、マイニングしたビットコインをGMOコイン事業（仮想通貨の交換・取引事業）に提供し、流動性供給により取引機会を確保しつつ、取引できる通貨ペアや対応アルトコインの拡充、クロス円、クロスドル、クロス仮想通貨取引などへと拡大したい考えです。
【関連URL】
・GMOインターネットグループ
https://www.gmo.jp
・GMOインターネットが仮想通貨採掘に参入 最新チップ採用
http://techwave.jp/archives/gmo-internet-enters-into-cryptcurrency-mining.html |
Samsung eyes autonomous driving market with Harman deal | South Korean conglomerate Samsung is set to follow IBM and Qualcomm and enter the self-driving car sector, following its $8bn acquisition of audio and auto parts supplier Harman. A formal announcement at the Frankfurt motor show is expected to reveal that it has set up an autonomous and advanced driver assistance services (ADAS) unit. "Samsung has been incubating this business for quite a while," said company president Young Sohn. The firm expects to have a viable autonomous strategy by 2020, and recently secured licences for pilot projects in South Korea and California.
| http://www.business-standard.com/article/international/samsung-ties-robotic-car-dreams-to-harman-deal-117091500040_1.html | 2017-09-15 05:17:22.007000 | “It’s time to communicate our intent to enter the autonomous driving market,” Young Sohn, the company’s president and chief strategy officer, told Reuters. “Samsung has been incubating this business for quite a while.”
Samsung is set to announce on Thursday at the Frankfurt Motor Show that it has set up an automotive strategic business unit for autonomous and advanced driver assistance services (ADAS), together with a $300-million fund to invest in automotive start-ups and technology. |
Beijing bike-sharing providers required to supply insurance | Beijing's 11 governmental departments have collaborated to issue guidelines to providers of publicly shared bikes, including the mandatory purchasing of life accident insurance and the prohibition of use by children under the age of 12. In addition, all bikes must have GPS, meet minimum safety standards and may not carry advertising. The regulations were based on studies of bicycle-sharing start-ups Mobike and Ofo, as well as rules laid down in Shanghai, Shenzhen and Chengdu. | http://www.ecns.cn/cns-wire/2017/09-15/273825.shtml | 2017-09-15 04:28:23.193000 | Shared bikes clutter a street in Xicheng District, Beijing, Sept. 15, 2017. (Photo/ Ecns.cn）
(ECNS) -- Beijing is requiring providers of public shared bikes to purchase life accident insurance while banning children under 12 from using them and prohibiting commercial advertisements on the two-wheelers, according to a new guideline.
Jointly issued by Beijing's 11 governmental departments, the guideline aims to regulate the booming bike-sharing industry while acknowledging that it's a green solution to traffic congestion and flexible mobility.
The rules require all bikes to have GPS and meet safety standards. Users must register with their IDs and companies providing the bikes have the responsibility to remind them of safety information and provide accident insurance. The companies also need to open special accounts to save user deposits.
Beijing Municipal Commission of Transport said the guideline was based on studies of Mobike, Ofo and other startups as well as administration practices in Shanghai, Shenzhen and Chengdu.
Beijing's 15 bike-sharing companies have altogether placed 2.35 million bikes across the city. New additions were banned in the city.
The guideline also made it clear that electric bikes will not be encouraged here.
Beijing is still working on more specific technical standards and parking requirements to be released later under the newly introduced guideline. |
Asian fintech more complementary than challenging to incumbants | Fintech firms in the Asia-Pacific region are working with established banks and financial institutions to implement technologies such as blockchain, artificial intelligence and biometrics, according to a report by LexisNexis Risk Solutions. In Hong Kong, Singapore and Australia the active development of tech "sandboxes" has been allowing financial firms to test technology without violating regulations. The dynamic contrasts with the way fintech firms in Europe position themselves as challengers to incumbent institutions.
| http://www.thinkadvisor.com/2017/09/14/in-asia-fintech-not-a-challenger-to-banks-lexisnex?ref=rss&slreturn=1505467140 | 2017-09-15 03:44:02.723000 | The Asia-Pacific region has established itself as a leader in fintech, but established banks there are unlikely to be replaced anytime soon, according to a white paper by LexisNexis Risk Solutions.
“In Asia-Pacific, we have seen an ecosystem of fintech companies emerge that are focusing on the applicability of technology like blockchain, artificial intelligence and biometrics has emerged with the aim of working with conventional financial institutions, rather than replacing them,” Chris Foye, manager of financial crime compliance at LexisNexis Risk Solutions, said in the paper.
The paper referred to a report by IDC Financial Insights finding that of fintech vendors that gain more than a third of their revenue from financial institutions, four of the top nine are in Asia.
“‘Challenger banks’ have emerged in the U.K. and elsewhere to disrupt big banking institutions, including crowdfunding/P2P platforms, payment processors and lenders,” Foye said. “Yet in recent years there have been no signs — and no instances — of banks disappearing due to tech interlopers.”
The key is finding ways to “encourage and regulate digital disruption at the same time,” according to John Price, fintech commissioner at the Australia Securities and Investments Commission.
(Related: International Regulatory Shift Could Tame Cryptocurrency Market)
Banks are ideally suited to that purpose, Foye said, being intimately familiar with regulation and compliance obligations, and many have established innovation labs to experiment with ways to bring innovation to consumers. |
DOE shifts focus to solar thermal after surpassing PV cost target | The US Department of Energy has announced it will expand its SunShot programme after the project hit its goal of reducing utility-scale solar costs to under $1 per watt three years early. The project has now set new goals, aiming to cut the installed price of various solar technologies by half by 2030. The department's Office of Energy Efficiency and Renewable Energy has also announced $62m of funding for concentrated solar power technology and $20m for early-stage power projects to help grid operators detect problems and defend against physical and cyber attacks. | http://www.utilitydive.com/news/doe-expands-sunshot-program-after-hitting-original-cost-goal-3-years-early/504846/ | 2017-09-15 02:08:57.050000 | Dive Brief:
The U.S. Department of Energy announced plans to expand the SunShot program after hitting its 2020 goals to trim utility-scale solar costs to $0.06/kWh — or under $1 per watt — three years early.
or under $1 per watt three years early. Under the new goals, the popular program plans to cut utility-scale solar costs in half to $0.03/kWh by 2030. The agency also plans to trim commercial solar costs to $0.04/kWh and residential solar to $0.05/kWh in the same timeframe.
The Office of Energy Efficiency and Renewable Energy (EERE), which houses SunShot, also announced $82 million in funding for early-stage research in concentrating solar power and power electronics.
Dive Insight:
Despite the Trump administration's efforts to cut funding from DOE research efforts, the agency is forging ahead with new programs to expand solar development. But the agency now frames these efforts as opportunities to boost grid reliability and resiliency — key priorities of Secretary Rick Perry and his recently-published grid study.
"Secretary Perry is certainly focused on improving the resiliency of the grid," Becca Jones-Albertus, acting deputy director for the SunShot initiative, told Utility Dive. "We’re continuing to focus innovation that can drive cost reductions to meet the 2030 goal, so that includes focusing on the hardware side; on longer lifetimes and better durability."
Jones-Albertus said focusing on durability and longer lifetimes would help drive down so-called "soft" costs associated with installations — interconnection and permitting. And they underscore the agency's efforts to use solar as a way to boost resiliency, she added.
As part of the SunShot expansion, DOE allocated $62 million for concentrated solar power technologies and $20 million for early-stage power electronic projects that would help grid operators better detect problems, while also shoring up against cyber and physical attacks. Those types of electronics will also better enable integration of variable solar power, DOE said.
Winners will have to pony up 20% of the funds to their overall project budget, which could yield a total of private and public spending of $100 million.
The expanded SunShot program still targets cost cuts, aiming to cut the installed price of various solar technologies by more than half by 2030. Current tax incentives, such as the federal investment tax credit, do not factor into these cost forecasts, Jones-Albertus said.
Currently, commercial-scale solar prices rest around $0.11/kWh and residential solar is roughly $0.16/kWh. The agency uses an average cost found in Kansas City, Missouri to model its projections. In sunnier states, the costs could fall to nearly $0.02/kWh for large-scale solar.
These prices are a stark contrast to 2011, when the program first began. At that time, utility-scale solar cost $0.28/kWh, while residential and commercial-scale solar was $0.52/kWh and $0.40/kWh respectively. Lower module prices helped drive these costs down, according to a new report from the National Renewable Energy Laboratory, also released with the funding announcements.
The new funding opportunities arrived amid a heated debate between solar companies over a request to impose a tariff and floor price on imported crystalline silicon photovoltaic solar panels. Two companies proposed a tariff of $0.40/watt and a floor price of $0.78/watt.
If enacted, these tariffs could endanger 88,000 jobs from the solar sector next year, the Solar Energy Industries Association warned, and threaten two-thirds of utility-scale solar projects expected to come online in the next five years. The tariffs could also hamper any DOE efforts to reduce costs. |
Anti-glare coating enables first Scandinavian airport solar PV | Finnish solar company FInnwind Oy has installed a 312 kW solar power system at Helsinki-Vantaa Airport, the first such installation at a Scandinavian airport. The company used PV modules from Vikram Solar for the project, which are expected to supply an average of 280,000 kWh of energy per year. To reduce the risk of glare to aircraft, the modules were given an anti-reflection coating, which absorbs 94% of incident light. They can also withstand cyclic pressure loads from wind and snow, common weather conditions in the area. The project was carried out for Finnair Cargo, which operates from the airport. | https://www.pv-magazine.com/2017/09/15/finnair-completes-first-pv-installation-at-scandinavian-airport/ | 2017-09-14 21:00:00 | Finnwind Oy has installed a 312 kW solar PV system at Finnair cargo center, Helsinki-Vantaa Airport, Finland.
The company, one of the most experienced PV installers in Finland, used Vikram Solar’s modules for the project. It is the first ever PV installation at an airport in Scandinavia and the system is expected to supply on an average 280,000 kWh of energy per year, said a press release.
Commenting on the completion, Davide Marro, Head-Sales (Europe), Modules, Vikram Solar, said: “The modules used for these types of projects must meet exceptional quality standards. We are pleased that a renowned airline like Finnair turned to our partner Finnwind Oy and chose Vikram Solar modules.”
“Sustainability is important for Finnair Cargo customers, as well as their clients,” said Janne Tarvainen, Managing Director of Finnair Cargo, on the milestone. “Our new cargo hub features advanced automation technology and has temperature-controlled areas for pharmaceuticals and other perishable products, and the solar plants support the energy efficiency of the terminal.
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“Quality, performance, and durability of the solar panels were key criteria for choosing Vikram Solar and Finnwind for this project,” Tarvainen added.
The airport authority was cognizant of the safety constraints of the aviation industry in relation to PV installations at airports. To reduce the risk of glare for air traffic at and around the airport, Vikram Solar’s modules were equipped with an anti-reflection coating (ARC) glass, absorbing 94% of incident light.
Additionally, the weather conditions played a significant role in the project. The modules can withstand the cyclic pressure loads caused by factors such as wind and snow, which are common in Finland. Vikram Solar's modules passed similar testing conditions, and were credited among the “top performer” list for 2017, released by the Norway-based DNV GL. |
Prudential finds four million over-55s want to downsize homes | More than 3.9 million homeowners over the age of 55 plan to downsize their properties for a cheaper home, according to insurance and financial services company Prudential. Almost half of homeowners in the age group sought to sell up in later life and could expect to raise as much as £200,000 in equity, Prudential said, citing the findings of a nationwide survey of 1,092 homeowners. The company found that funding was not the main reason for downsizing, with 74% stating that convenience was the driving factor, rather than releasing money for a pension fund.
| http://developmentfinancetoday.co.uk/article-desc-5741_Nearly%204%20million%20homeowners%20over%2055%20plan%20to%20downsize | 2017-09-14 14:13:48.957000 | More than 3.9 million over-55s are planning to downsize to a cheaper property, according to new research from Prudential.
The nationwide study found that 47% of homeowners aged over 55 were planning to sell and move to cheaper homes later in life, and on average they expected to raise around £112,000 in equity, with 11% expecting to make more than £200,000.
However, Prudential found that money wasn’t the key driver for downsizing, with 74% citing convenience as the main reason, compared with 28% who claimed they were doing so mainly to release cash for retirement.
“It is interesting to see that these figures challenge the common theory that ‘my house is my pension’,” said Vince Smith-Hughes, a retirement income expert at Prudential.
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“Although we see a large proportion of those taking equity from their homes to boost their retirement incomes, most people have accepted that the main reason they need to move home in later life is for convenience.
“With the average amount of equity raised likely to be just over £100,000, and with many other demands on this cash – such as helping children, paying off debts and putting money aside to pay for care in the future – it is clear that for most people the best way to fund retirement is through saving as much into a pension as early as possible in their working lives.”
However, a lack of suitable, available housing was the main reason why over-55s felt downsizing wasn’t more popular, with 24% blaming the cost of moving and 17% citing high house prices. |
Bank of America and FitPay partner for wearabale payment tech | The Bank of America and contactless payment provider FitPay are working together to offer contactless payment options across a range of devices, encouraging adoption of the technology. Customers will be able to make secure contactless transactions through integrated devices at approved point-of-sale locations and across 9,000 Bank of America ATMs. 15 Internet of Things and wearable device manufacturers are working on integration with the FitPay platform to enable further payment options.
| https://www.finextra.com/pressarticle/70608/bofa-and-fitpay-team-on-wearable-contactless-payments | 2017-09-14 14:04:21.887000 | Source: Bank of America
Bank of America (NYSE: BAC ) and FitPay, Inc., a wholly-owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced an agreement to extend contactless payment capabilities to a range of new devices, giving Bank of America customers more payment options and accelerating the adoption of new payment devices.
This collaborative effort enables Bank of America customers to use their credit or debit cards to make secure contactless payments directly from devices that are integrated with the FitPay[TM] payment platform at NFC-enabled point-of-sale locations and more than 9,000 Bank of America ATMs.
"As digital payments evolve, our goal is to give Bank of America customers access to payment options that are easy to use and highly secure," said Mark Monaco, Head of Enterprise Payments at Bank of America. "Working with FitPay will allow our customers to use a range of new contactless payment devices to improve the payment experience, provide a high level of security, and fit seamlessly into any lifestyle."
Under the agreement, Bank of America will participate in FitPay's Digital Wallet Program, which enables manufacturers of Internet of Things (IoT) and wearable devices to add contactless payment capabilities to their product, making it possible for consumers to pay for goods and services at near-field communication-enabled (NFC) point-of-sale terminals with a simple tap. The platform uses tokenization, a payment security technology that replaces cardholders' account information with a unique digital identifier (a 'token'), to transact highly secure contactless payments.
"We are very pleased to be working with Bank of America to give their customers access to the latest payment technology," said Michael Orlando, COO of NXT-ID and President of FitPay, Inc. "Broad adoption of digital payments requires fundamentally changing the payment experience and making new payments methods widely available. Our work with device manufacturers and Bank of America is driving both of these goals."
Manufacturers of 15 IoT and wearable devices are currently integrating with the FitPay payment platform. Bank of America and FitPay are working together to enable Bank of America customers to use their credit or debit cards to make contactless payments or use NFC-enabled Bank of America ATMs with these devices. This collaboration includes ensuring that the devices meet Bank of America's technical, usage, security, branding, and consumer experience requirements. Product announcements from the manufacturers of these devices are anticipated in 2017 and 2018. |
Indian online learning platform Unacademy raises further $11.5m | Indian online education provider Unacademy has raised $11.5m in a series B funding round, which it will use to help develop and scale its products. The investment round, led by Sequoia India and SAIF Partners, was also joined by existing backers, including Nexus Venture Partners and Blume Ventures. The funding will be used to begin producing Unacademy's own content on its platform and add more than 10,000 educators in the next 18 months. The start-up's learning platform has more than 50,000 lessons online and in excess of 1.3 million registered users, with its YouTube channel one of the largest in India.
| https://inc42.com/buzz/edtech-unacademy-funding/ | 2017-09-14 12:59:20.190000 | Unacademy Plans To Onboard More Than 10,000 Educators Globally In 18 Months
Bengaluru-based edtech startup Unacademy has raised $11.5 Mn in its Series B round of funding led by Sequoia India and SAIF Partners. Existing investors and angels including Nexus Venture Partners and Blume Ventures also participated in the round.
The startup will use the proceeds to accelerate its product and technology as well as scale to other categories including personality development, new languages and job interviews. It will also invest in producing its own knowledge based content with its top educators on the platform. With this round of funding, Unacademy plans to grow 10X and onboard more than 10,000 educators across the globe in 18 months.
Gaurav Munjal, CEO and co-founder, Unacademy stated, “Our vision is to build the world’s largest online knowledge repository by empowering great educators. With the backing of Sequoia and SAIF, we are poised to significantly gain momentum and create the first global education technology product out of India. I’m very excited to kickstart this new phase of growth for Unacademy.”
Unacademy is an online learning platform that empowers educators to create courses on various subjects. The platform currently has more than 50,000 lessons online and over 1.3 Mn registered users and more than 4,000 educators. Over 25% of the educators are active monthly. It is also one of the largest education channels on YouTube India with 1 million subscribers.
Alok Goel, Managing Director, SAIF Partners, said, “Unacademy democratises access to personalised learning by connecting educators and students directly on its platform. We believe it has the potential to disrupt the status quo that limits access to quality education at a global level. With very limited investment, the team has built a strong brand and word-of-mouth reputation. We are delighted to support the team in realising their mission.”
Unacademy And The $1.96 Bn Edtech Market
Unacademy was founded by Gaurav Munjal (ex-founder and CEO Flatchat) along with Roman Saini, Hemesh Singh and Sachin Gupta. It was initially launched as an educational YouTube channel in 2011 and as a free learning platform Unacademy in January 2016.
It allows educators to create courses using their app on various subjects, including exclusive content for various competitive exams. All educators go through an interview process and selection is based on their experience.
The startup also recently added billionaire and serial entrepreneur Bhavin Turakhia to the board.
Here’s a look at its funding history-
As per Inc42 Datalabs Report for H1 2017, edtech took the fourth spot with 23 deals in the sector. In June 2017, another edtech platform Coursera raised $64 Mn Series D funding led by GSV Asset Management.
Online education in India will see approximately 8x growth in the next five years, says a recent report by Google, KPMG. This will have a significant impact on the edtech market that has a potential to touch $1.96 Bn by 2021 from where it stands now i.e. $247 Mn. India is poised to be the third-largest online market for education, with a plethora of web- and mobile-based courses and tools available in the currently. Also, India is home to 19% of the world’s youth. No wonder edtech startups like Unacademy are banking on this growing market as using technology as a growth driver. |
Fleet Secure product could enable cyber insurance for shipping | Satellite and communications firm Inmarsat has launched Fleet Secure, a maritime cyber security product. The offering provides round-the-clock monitoring for anomalies hinting at a potential cyber attack, an industry first, as well as expert guidance. The deployment of Fleet Secure may be a step towards cyber insurance for shipping companies; many maritime insurance contracts exclude cyber risks in their coverage.
| http://www.superyachtnews.com/technology/inmarsat-launches-fleet-secure | 2017-09-14 12:55:28.587000 | Inmarsat launches Fleet Secure The new cyber security service was unveiled in partnership with Singtel and Trustwave.…
Inmarsat has officially launched its Fleet Secure cyber security service, which has been constructed and delivered in partnership with Singtel and Trustwave, at its UK headquarters as part of London International Shipping Week.
Fleet Secure will provide customers with a 24/7 monitoring, consultancy and response provision, with four key components.
Via Trustwave, Inmarsat will facilitate round-the-clock connectivity to participating superyachts, which ensures real-time monitoring of any anomalies or potential attacks.
This has been referred to as ‘cyber risk visibility’, which equates to real-time threat monitoring, analysis and expert mitigation guidance, which the company says has ‘never happened before’.
The key value propositions are that both the bandwidth provision, and associated costs, will be shouldered by Inmarsat, with no impact on the vessel’s allowance, and incorporated into the Fleet Xpress package without the need for any additional hardware.
Speaking at the London event, Peter Broadhurst, Senior Vice President of Safety & Security explained that, in a recently commissioned independent study, 44 per cent of respondents believed their vessels’ defences were not sufficient. Furthermore, an alarming 39 per cent had been the victim of some level of cyber attack in the last 12 months.
Citing the vulnerability human error on board can trigger in a vessel’s cyber defences, “The majority of crew are unaware of how greatly they compromise security; it’s about awareness and training. You really have to follow up to make sure people [are following best practice].”
When quizzed about clause 380, which excludes cyber attacks from maritime insurance contracts, and has left many in the industry concerned owners are leaving themselves unnecessarily exposed, Broadhurst intimated that Fleet Secure was the sort of best practice that could potentially underwrite cyber security in the future.
With yacht crew bringing more and more devices on board, with huge quantities of unlicensed content, a yacht’s cyber security is frequently compromised. But, for this nascent paradigm, there is a need for education and infrastructure. “If we can get to the point where we achieve an ISO or IMO standard, we will be able to get to the point where we have crew with cyber training certificates. And we need to get there as quickly as possible.”
Inmarsat also used the event to allude to the launch of its new Fleet Broadband service in 2018, and then the launch of the I6 satellite constellation in 2019/2020. A single satellite of this L-band/Ka-band hybrid system will be more powerful than the entire I4 and I5 constellations.
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Carmaker McLaren seeks productivity gains with Holmes AI platform | UK car firm McLaren Technology is turning to artificial intelligence (AI) to digitise its business and improve productivity. Indian IT firm Wipro will deploy its Holmes AI platform to help McLaren re-imagine and redesign its products and services, and will be known as the company's "official technology partner". Holmes is a direct rival to IBM's Watson AI software. | http://www.ibtimes.co.in/wipro-will-push-mclarens-sports-car-business-through-artificial-intelligence-742064 | 2017-09-14 12:17:21.193000 | Indian information technology (IT) firm Wipro signed up with British company McLaren Technology Group, on Tuesday to deploy its Holmes artificial intelligence platform to increase the productivity and high-tech business of the automobile company.
"Wipro, with its deep domain expertise and vast application services portfolio, will help us achieve excellence as well as drive innovation in artificial intelligence," said Craig Charlton, Chief Information Officer at McLaren Technology Group in a statement.
After the sign-up, Wipro got the title of 'official technology partner' of McLaren. This will help the car maker boost digitisation across its businesses and also help Wipro to expand its artificial intelligence business.
"Digitisation is a great opportunity for renowned brands like McLaren to re-imagine and redesign their products and services from their customer's perspective," said N S Bala, president of Manufacturing & Technology at Wipro Limited.
Wipro's AI platform -- Holmes
Holmes is a cognitive computing system developed by Wipro in 2016. This artificial intelligence platform of Wipro, gives direct competition to rival IBM and its product IBM Watson.
Last year, Wipro said it will use Holmes to automate several aspects of its fixed price projects that will save up to $46.5 million and free over 3,000 engineers from usual and boring software maintenance activities.
That move was part of Wipro's bigger plan to generate $60-$70 million in revenue by selling the platform to new and existing clients.
"The extensive use cases addressed by Wipro Holmes enable faster time to market for application services, minimum human touchpoints in IT infrastructure operations and enhanced process efficiencies across key business processes through theme-driven AI and automation offerings," said Rohit Adlakha, vice-president and Global Head at Wipro Holmes and Automation Ecosystem.
However, such mass expansion of the automation platform will also raise fears of job cuts in the future. Earlier in May, top seven IT companies in India, that include Wipro, said they had plans to ask at least 56,000 engineers to leave in 2017.
In fact, according to reports, the IT major Wipro has sacked about 600 employees early this year on achieving greater process automation and following performance appraisals.
Reports also suggested that Wipro's homegrown AI platform Holmes will soon automate jobs done by 10,000 engineers across 20,000 projects from various business verticals. This means that more engineers would become redundant as their tasks would be now done by codes and algorithms.
However, mass layoffs can be addressed if the big IT companies takes the initiative to reskill the engineers and upgrade their knowledge to handle roles that will require diverse skillsets and expertise.
But with more automation coming in, it is not clear how companies like Wipro will manage to create non-automated work profiles for their engineers who face the threat of losing their work as digitisation makes further strides within the software services companies. |
IBM launches AI-powered tool for maths teachers | IBM is launching a tool for maths teachers powered by artificial intelligence (AI) to help them with targeted resources for students. The Teacher Advisor with Watson 1.0 uses AI from IBM's Watson's Jeopardy!-playing robot system and provides access to more than 1,000 maths lessons, teaching strategies and videos. The materials are offered by a range of providers, including AFT's Share My Lesson, Illustrative Mathematics, Student Achievement Partners and UnboundEd, among others.
| https://thejournal.com/articles/2017/09/13/ibm-rolls-out-free-ai-tool-for-math-teachers.aspx | 2017-09-14 11:54:34.023000 | Teaching STEM
IBM Rolls Out Free AI Tool for Math Teachers
IBM is launching a free new tool powered by artificial intelligence specifically for teachers.
Teacher Advisor with Watson 1.0 uses artificial intelligence from Watson, IBM's Jeopardy!-playing robot, now trained by math experts with feedback from more than 1,000 math teachers, to help K-5 teachers with targeted math resources for their students.
Teacher Advisor has more than 1,000 math lessons, teaching strategies and videos available for targeted recommendations. Teacher advisor is designed to help teachers:
Access quality resources to meet diverse classroom needs;
Understand the standards and prerequisites for each lesson to better close gaps for students;
Apply new teaching techniques; and
Receive targeted recommendations for specific math concepts.
Teaching materials available through the online tool come from Achieve, AFT's Share My Lesson, CPALMS, EngageNY, Illustrative Mathematics, Student Achievement Partners and UnboundEd.
"Time is of the essence for teachers," said Sheena Lee, an elementary school teacher at Umana Academy in Boston, MA, in a prepared statement. "With a classroom full of third through fifth graders who have had inconsistent education in their lives, I need to help my students learn math in different ways, at different levels. Teacher Advisor With Watson offers a one-stop shop for the most trusted resources, enabling me to decide how best to meet my students where they are."
"Teachers shoulder endless challenges and responsibilities — mastering content, standards and curriculum, and meeting the diverse needs and abilities of each of their students," said AFT President Randi Weingarten in a news release. "Too often, teachers are expected to do all this single-handedly, but Teacher Advisor could help change that. The AFT worked hand-in-glove with the IBM Foundation to hone this tool and see how it empowers teachers and benefits students. This effective public-private partnership is a testament to what can be achieved when educators are entrusted with innovative technology to support powerful learning."
Visit teacheradvisor.education to learn more. |
Indian engineer creates world's cheapest ventilator | A 25-year-old Indian engineer and a neurosurgeon at the All India Institute of Medical Sciences have invented the world's smallest, cheapest ventilator. Diwakar Vaish and Dr Deepak Agrawal hope the device could solve India's chronic shortage of hospital ventilator beds. The device uses an algorithm to intelligently adjust a patient's air supply, resulting in negligable operating costs. The FDA-approved device costs between INR15,000 ($234) and INR20,000, and will be made available following clinical trials and Indian regulatory approval.
| http://www.hindustantimes.com/science/delhi-robotic-engineer-develops-world-s-cheapest-pocket-ventilator/story-1g1Gpawlq8XVvODpAsN0AO.html | 2017-09-14 10:44:55.897000 | The world’s cheapest and smallest ventilator, which looks like a clunky cellphone and can easily slip into your back pocket, has been developed by a young robotics engineer in Delhi in collaboration with a neurosurgeon at the All India Institute of Medical Sciences. This machine is 450 times smaller than the conventional ventilators and can easily slip into your back pocket.
“It is almost 450 times smaller than the conventional ventilators and can be moved around easily,” said the 25-year-old inventor Diwakar Vaish.
He developed it with Dr Deepak Agrawal, professor of neuroscience at AIIMs, who have seen scores of such patients living in hospital because the family cannot afford to buy a portable ventilator, which costs about Rs 2 lakh.
When the pocket ventilator hits the market after clinical trials and approval from the drug controller general of India, it will cost between Rs 15,000 and Rs 20,000, which is less than the Rs 5-15 lakh that a traditional ventilator would cost.
The cheapest portable ventilator also costs between Rs 2 lakh and Rs 2.5 lakh.
“There is an FDA-approved disposable ventilator that costs between Rs 10,000 and Rs 15,000, but it has a maximum life of four weeks. This will be a one-time investment and since it runs on room air, and not oxygen, the operational costs are close to zero,” said Dr Deepak Agrawal, professor of neurosurgery at All India Institute of Medical Sciences (AIIMS).
“There is no requirement for oxygen cylinders, which cost between Rs 3,000 and Rs 4,000 a day,” said Dr Vaish.
Controlled with an android app, the ventilator uses an artificial intelligence algorithm to adjust air supply to the normal breathing pattern of the patient.
“It works by pushing the atmospheric air into the lungs of the patients who cannot breathe on their own. The disposable ventilators currently in use also push in air, but they do it at a fixed frequency that does not necessarily match the patient’s breathing pattern, which may cause low oxygen saturation. This device synchronises ventilator air support with the normal breathing pattern,” said Dr Agrawal.
“We have successfully used it for a couple of hours on six fully paralysed patients at AIIMS who have been unable to return home for the want of affordable ventilators,” said Dr Agrawal.
As a safety measure, the ventilators were attached to FDA-approved disposable ventilators during the trial. India faces a huge shortage of ventilator beds needed to support critically-ill patients who cannot breathe on their own. According to norms, at least 10% of all hospital should have ventilators, but even Delhi, which has the best health infrastructure in India, has 200 ventilators for over 10,000 beds.
“The oxygen supplied to the patients through conventional ventilators is usually diluted to 40% concentration, air contains 20% oxygen. Nine in 10 of all patients, barring the ones with severe lung problems, can breathe in the normal atmospheric air because the problem is in their diaphragm, not lungs,” said Dr Agrawal.
For the 10% who need more oxygen, the pocket ventilator can also be hooked to an oxygen-supply system.
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New York University uses VR classrooms to train teachers | Researchers at New York's University at Buffalo are partnering with Enterprise Charter School and Crosswater Digital Media to develop virtual reality (VR) videos aimed at helping trainee teachers learn to manage students. The proof-of-concept 3D films enable trainee teachers to practise dealing with challenging behaviour, although limitations include not being able to approach or interact with the children. Critics have argued the high cost of 3D filming means a limited number of video scenarios, potentially leading to the reinforcement of student stereotypes. Buffalo teachers will begin using a pilot of the technology this autumn.
| http://www.edweek.org/ew/articles/2017/09/06/student-teachers-get-real-world-practice-via.html | 2017-09-14 10:43:08.653000 | Coming out of preservice training, many soon-to-be teachers register the same complaint: They didn’t get enough practice managing a classroom.
Researchers at New York’s University at Buffalo, in conjunction with a local public charter school and a digital-media company, are working to help ease that transition using virtual reality.
The technology offers a middle ground “between what can happen in the university context and the real classroom,” said Lynn Shanahan, an associate professor at the university who is currently working as an administrator at Enterprise Charter School, which serves K-8 students. “It’s a safe space because they’re practicing not on real kids.”
Although several companies are already building virtual environments to simulate the classroom experience, those scenarios have tended to use avatars, which look a bit like cartoon characters, in place of real students. As part of the new effort, teachers watch videos of actual students, shot with 360-degree cameras in the classroom.
The idea is that incoming teachers can feel what it’s like to be confronted with challenging behaviors—for instance, students yelling, pulling out their cellphones, jumping on desks—without having to step into a physical classroom. And they can do so at any time on their own by using a smartphone and VR headset, which can cost as little as $10.
But the use of real video for VR does pose some financial and ethical concerns: It’s quite expensive to shoot; a single 360-degree camera costs about $5,000. And it can reinforce racial, ethnic, or gender stereotypes—especially when there’s limited footage featuring a small pool of students.
The project, underwritten by a $20,000 innovation grant from New York’s state university system, is still in its early stages, but preservice teachers at the University at Buffalo, as well as some practicing teachers at Enterprise, located in the city’s downtown area, will use a pilot of the basic technology this fall.
“We’re not saying to replace those [student-teaching] field experiences, but the VR is another tool that can enhance the clinical preparation of the preservice teacher,” said Elisabeth Etopio, the director of the Teacher Education Institute and the interim assistant dean for teacher education at the university. “You can rack up the hours of experience and actually master skills prior to when you go to interact with students.
Amber Grzechowiak, a K-2 teacher at Enterprise Charter School, had never used VR before putting on a headset during a demonstration of the technology last month.
“This is the craziest thing I’ve ever seen in my life,” she said, turning her head from left to right, up and down, to see the virtual classroom in its entirety.
In one of the scenarios, which were created by Crosswater Digital Media, a Buffalo, N.Y.-based audio- and video-production studio, and filmed at Enterprise Charter, a middle school boy is irritating a classmate—balling up paper and throwing it at her, pulling her hair, teasing her. Eventually, she stands up and slaps him on the back. (The students were acting.) In another, students enter a classroom shouting, and one girl hops up on a desk to challenge another girl.
The technology is still in proof-of-concept stage and far from fully interactive right now. VR users can turn their heads and see the classroom all around them, but they cannot walk closer to students or talk to them and get a response. An assessment appears on the screen asking the teachers how they would respond, but as of now, the VR doesn’t capture their answers.
A ‘Visceral Feeling’
As some will point out, the current technology is not so different from watching a regular video—except that it surrounds the user.
“When you’re watching it on [a flat] screen, it’s a window and it’s somebody else, it’s not me,” said Grzechowiak. “You don’t get the same connection as you do when you’re actually standing and you look down and can see the floor right in front of you.”
The VR gave the university’s Shanahan a “visceral feeling.”
“I teach with video, and it’s different. I just think it’s the encompassed-body piece,” she said.
Richard Lamb, an associate professor of education at Buffalo and the director of the Neurocognition Science Laboratory there, who is leading the cross-organizational project with Etopio, has some data.
Through brain-imaging and physiological tests, such as measures of heart rate, blood pressure, and galvanized skin response, Lamb has shown that the body and mind respond similarly to virtual reality and real life.
For instance, he said, whether teachers are doing a lesson in front of a real group of students at his laboratory or in front of a VR class, the test results follow the same general trend. “It’s looking like the brain doesn’t care,” he said.
Authenticity is important, though, which is why he thinks it’s best to use video.
Teach Live, a program created by the University of Central Florida that is now in use at dozens of teacher education institutions across the country, including Buffalo, has a similar concept—but instead of using video, it’s a simulated environment. The students are computer-generated characters, or avatars, whose movements and speech are controlled on the other end by a professional actor.
Within that kind of animated simulation, the students and teacher can engage in a natural back-and-forth, which isn’t yet possible with the video VR project. But the sessions have to be scheduled to accommodate parties on both ends, unlike the VR, which teachers can pick up and practice with at any time using even a cheap cardboard headset.
David Cantaffa, an assistant provost for educator preparation for the State University of New York, the project funder, was surprised by the extent to which the VR made him feel transported to the classroom.
But to be most powerful for classroom-management training, “I think it would need to be interactive so that you could step forward, step back, interact with kids, kneel down, and have a conversation of some sort,” he said.
The producers and programmers at Crosswater Digital say they’re getting there. Companies like IBM are making advances in natural-language processing to allow computers to better understand human speech, which Crosswater is exploring incorporating into its VR scenarios.
Forward movement in virtual reality is also possible, but quite complicated. “When you take a 360-degree camera shot, the camera is in one position, and you’re taking data from that position,” said Lauren Innes, a video editor at Crosswater. “If you wanted to move, you would literally have to take camera shots of [every position].”
Armin St. George, the senior vice president at Crosswater, which is creating the pilot VR for the university-charter collaboration at a much-reduced rate, estimated there would be some minimal interaction capabilities within the next four to six months. The ability to speak to the system, though, is likely more than a year away.
Julie Schwab, the school superintendent for Enterprise, is eyeing using the VR scenarios both for in-service teacher training this school year and during the teacher-hiring process.
Most of the teachers who come in to her school are white, middle-class women, she said, and many have never worked in an urban setting.
“They don’t have the background knowledge to understand where these kids are coming from,” Schwab said.
‘Stereotyping Threat Is Real’
With the VR, teachers could practice responding to challenging behaviors without the risk of causing emotional harm to real students, she said.
Ideally, they’d be more measured in their reactions to tough situations when they got to the classroom, she said. “From a cognition side, I’ve already processed this before, so I have some experiences I can draw on,” explained Lamb, the researcher.
But a problem with this work is that it can also potentially reinforce stereotypes about students.
The majority of students at Enterprise are black—and the half-dozen students featured misbehaving in the videos are all black. Research has consistently shown that black and Latino students are disciplined at disproportionately higher rates than their white peers.
“I do get nervous about putting my kids out there and the stereotypes that could come,” said Schwab.
The training programs that use avatars have a leg up here, said Christopher Dede, a professor of learning technologies at the Harvard Graduate School of Education. Within those simulations, it’s easy to change students’ races and genders—so the programs can even be used to help teachers recognize their own biases, he said.
With video, in particular, because it’s so expensive to shoot, “I think the stereotyping threat is real because it’s just harder to show so many alternatives that you’re not stereotyping,” said Dede.
Cantaffa of SUNY sees a lot of promise in the video-based VR technology beyond the fraught area of classroom management. Perhaps education schools can use it for practice administering literacy tests, running special education meetings, or delivering lessons.
“Having been a teacher, there are many moments in which it’s quite anxiety-ridden to be in front of a class,” he said. “But if the VR experience can help create those anxieties, it might help me in terms of muscle memory when I encounter that pedagogical moment in which I’m also anxious.” |
Bernie Sanders: Why We Need Medicare for All | This is a pivotal moment in American history. Do we, as a nation, join the rest of the industrialized world and guarantee comprehensive health care to every person as a human right? Or do we maintain a system that is enormously expensive, wasteful and bureaucratic, and is designed to maximize profits for big insurance companies, the pharmaceutical industry, Wall Street and medical equipment suppliers?
| https://www.nytimes.com/2017/09/13/opinion/bernie-sanders-medicare-single-payer.html | 2017-09-14 09:43:36.797000 | This is not a radical idea. I live 50 miles south of the Canadian border. For decades, every man, woman and child in Canada has been guaranteed health care through a single-payer, publicly funded health care program. This system has not only improved the lives of the Canadian people but has also saved families and businesses an immense amount of money.
On Wednesday I will introduce the Medicare for All Act in the Senate with 15 co-sponsors and support from dozens of grass-roots organizations. Under this legislation, every family in America would receive comprehensive coverage, and middle-class families would save thousands of dollars a year by eliminating their private insurance costs as we move to a publicly funded program.
The transition to the Medicare for All program would take place over four years. In the first year, benefits to older people would be expanded to include dental care, vision coverage and hearing aids, and the eligibility age for Medicare would be lowered to 55. All children under the age of 18 would also be covered. In the second year, the eligibility age would be lowered to 45 and in the third year to 35. By the fourth year, every man, woman and child in the country would be covered by Medicare for All.
Needless to say, there will be huge opposition to this legislation from the powerful special interests that profit from the current wasteful system. The insurance companies, the drug companies and Wall Street will undoubtedly devote a lot of money to lobbying, campaign contributions and television ads to defeat this proposal. But they are on the wrong side of history.
Guaranteeing health care as a right is important to the American people not just from a moral and financial perspective; it also happens to be what the majority of the American people want. According to an April poll by The Economist/YouGov, 60 percent of the American people want to “expand Medicare to provide health insurance to every American,” including 75 percent of Democrats, 58 percent of independents and 46 percent of Republicans.
Now is the time for Congress to stand with the American people and take on the special interests that dominate health care in the United States. Now is the time to extend Medicare to everyone. |
Asian glaciers to shrink by 36% by 2100, reducing water supply | Mountain glaciers in Asia are warming more rapidly than the global average and will lose at least a third of their mass by the end of the century, according to research. If the world does not manage to restrict global warming to an average 1.5C above pre-industrial levels, the loss will be even greater. The region surrounding the Tibetan plateau holds the largest store of frozen water outside of the poles. Large areas of China and south Asia depend on glacial meltwater for drinking water, electricity and irrigation.
| https://www.theguardian.com/environment/2017/sep/14/asia-glaciers-shrink-threatening-water-supply | 2017-09-14 09:40:50.487000 | Asia’s mountain glaciers will lose at least a third of their mass through global warming by the century’s end, with dire consequences for millions of people who rely on them for fresh water, researchers have said.
This is a best-case scenario, based on the assumption that the world manages to limit average global warming to 1.5C (2.7F) over pre-industrial levels, a team wrote in the journal Nature.
“To meet the 1.5C target will be a task of unprecedented difficulty,” the researchers said, “and even then, 36% (give or take 7%) of the ice mass in the high mountains of Asia is projected to be lost” by 2100.
With warming of 3.5C, 4C and 6C respectively, Asian glacier losses could amount to 49%, 51% or 65% by the end of the century, according to the team’s modelling study.
The high mountains of Asia comprise a geographical region surrounding the Tibetan plateau, holding the biggest store of frozen water outside the poles.
It feeds many of the world’s great rivers, including the Ganges, the Indus and the Brahmaputra, on which hundreds of millions of people depend.
Nearly 200 nations adopted the Paris agreement in 2015, which sets the goal of limiting warming to a level “well below” 2C, while “pursuing efforts” to achieve a lower ceiling of 1.5C.
Earth’s surface has already warmed by about 1C, according to scientists.
For high warming scenarios, experts predict land-gobbling sea-level rise, worsening storms, more frequent droughts and floods, species loss and disease spread.
The Asian high mountains, the new study said, were already warming more rapidly than the global average.
A global temperature rise of 1.5C would mean an average increase in the region of about 2.1C, with differences between mountain ranges – all of which will warm by more than 1.5C.
The Hindu Kush mountain range would warm by about 2.3C and the eastern Himalayas by 1.9C, the study forecast.
“Even if temperatures stabilise at their current level, [glacier] mass loss will continue for decades to come,” the researchers added.
For the high mountain glaciers to survive, “it is essential to minimise the global temperature increase”.
Swaths of south Asia and China depend on meltwater from Himalayan glaciers for drinking water, electricity generation and irrigation.
At the same time, the regions are also vulnerable to more intense flooding from accelerated glacier melt, combined with heavier rains and superstorms boosted by global warming.
A study in July in the journal Nature Climate Change said there was only a 5% chance of holding global warming under 2C. For 1.5C, the odds were about 1%.
On current trends, some experts project Earth is on track to warm by about 3C. |
Asian glaciers to shrink by 36% by 2100, reducing water supply | Mountain glaciers in Asia are warming more rapidly than the global average and will lose at least a third of their mass by the end of the century, according to research. If the world does not manage to restrict global warming to an average 1.5C above pre-industrial levels, the loss will be even greater. The region surrounding the Tibetan plateau holds the largest store of frozen water outside of the poles. Large areas of China and south Asia depend on glacial meltwater for drinking water, electricity and irrigation.
| http://www.nature.com/nature/journal/v549/n7671/full/549166a.html?foxtrotcallback=true | 2017-09-14 09:40:50.487000 | Glaciers in the high mountains of Asia are a crucial water resource, but are at risk from global warming. Modelling suggests that the glaciers will shed mass in direct proportion to the warming to which they are exposed. See Letter p.257
The 2015 Paris climate agreement aspires to limit the average global temperature rise to 1.5 °C above pre-industrial levels by the end of this century (see go.nature.com/2efxikg). Intensive work is under way to determine what return we would get for the formidable effort required to achieve this goal. On page 257, Kraaijenbrink et al.1 contribute to this work by modelling glaciers in the high mountains of Asia (HMA) and showing how these glaciers respond to different levels of warming. The authors demonstrate that even if the 1.5 °C target is met, about one-third of the present-day mass of HMA glaciers will be lost by the end of this century. The work could have major consequences for communities in the region that depend on glacial meltwater for domestic use, hydropower and irrigation. |
Leading medical societies, health systems collaborate to improve geriatric emergency care | Four national medical societies and nine leading health systems announced today they have established a new national geriatric emergency department collaborative (GEDC) to help improve emergency care for our nation's older adults.
| https://www.eurekalert.org/pub_releases/2017-09/ags-lms091317.php | 2017-09-14 09:39:48.040000 | Four national medical societies and nine leading health systems announced today they have established a new national geriatric emergency department collaborative (GEDC) to help improve emergency care for our nation's older adults.
The American College of Emergency Physicians (ACEP), American Geriatrics Society (AGS), Emergency Nurses Association (ENA) and Society for Academic Emergency Medicine (SAEM) will work with a team of experts in geriatric emergency care to support health systems across the United States in identifying, studying and sharing best practices in emergency care for seniors, with about half of all older adults visiting the emergency department (ED) each year.
The four societies previously developed expert guidelines on geriatric emergency care in 2014. Those guidelines and new educational activities will help partners at Aurora Health Care System (Wis.), Emory University/Grady Memorial Hospital (Ga.), Magee Women's Hospital (Pa.), Mount Sinai (N.Y.), UC San Diego Health (Calif.), Northwestern (Ill.), St. Joseph's Regional Medical Center (N.J.), University of Chicago (Ill.), and University of North Carolina (N.C.) to promote a variety of proven techniques for improving care for older patients--from coordinating expertise among various professionals to ensuring that older people can transition from the hospital to outpatient settings (like homes or community-based settings) whenever and wherever safely possible.
The research collaborative is supported by a grant of $3 million from The John A. Hartford Foundation and the Gary and Mary West Health Institute, two national non-profit organizations focused on improving care for us all as we age.
"Today, 20 million seniors visit our nation's emergency departments," said Shelley Lyford, president and CEO of the Gary and Mary West Health Institute. "With the number of older adults growing rapidly as a result of our aging demographic, there is a critical need for more senior-focused care. This pioneering collaborative is an urgent prescription for innovation and shared learning, which will benefit our nation's seniors in emergency rooms across the country."
Added Terry Fulmer, PhD, RN, FAAN, president of The John A. Hartford Foundation: "This dynamic initiative is committed to ensuring that age-friendly best practices in theory become best practices in practice--advancing large-scale changes in clinical care and ED policies to improve the health, safety, and independence of older adults."
The GEDC will continue to add more health centers and partners, contributing to an alliance of national stakeholders who will help promote national adoption of geriatric emergency care best practices.
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About The John A. Hartford Foundation
Founded in 1929 by John and George Hartford of the Great Atlantic & Pacific Tea Company (A&P), The John A. Hartford Foundation, based in New York City, is a private, nonpartisan philanthropy dedicated to improving the care of older adults. As 10,000 people turn 65 every day, the largest-ever generation of older adults is living and working longer, redefining later life, and enriching our communities and society. Comprehensive, coordinated, and continuous care that keeps older adults as healthy as possible is essential to sustaining these valuable contributions. The John A. Hartford Foundation believes that its investments in aging experts and innovations can transform how care is delivered, lowering costs and dramatically improving the health of older adults. For more information, visit https://www.johnahartford.org/.
About The Gary and Mary West Health Institute and West Health
Solely funded by philanthropists Gary and Mary West, West Health includes the nonprofit and nonpartisan Gary and Mary West Health Institute and Gary and Mary West Foundation in San Diego, and the Gary and Mary West Health Policy Center in Washington, D.C. These organizations are working together toward a shared mission dedicated to enabling seniors to successfully age in place with access to high-quality, affordable health and support services that preserve and protect their dignity, quality of life and independence. For more information, visit westhealth.org and follow @westhealth. |
Is California Doing Enough To Protect Patients From Bad Doctors? | In 2011, Marian Hollingsworth needed to get a colonoscopy. Her primary care doctor referred her to a gastroenterologist, who performed the procedure. It went well. A few years later, Hollingsworth learned how to research doctors on the California Medical Board’s website. She decided to check the records of the doctor who did her colonoscopy.
| http://www.kpbs.org/news/2017/sep/13/california-protect-patients-bad-doctors/ | 2017-09-14 09:36:28.310000 | This is KPBS Midday Edition. I am Maureen Cavanaugh. Some lawmakers believe patients should be notified if the doctor is on probation for a serious offense. That is the idea behind a measure that has not been able to clear this date legislature. The medical Association has tried to kill the bill two years in a row. Kenny Goldberg says supporters are not ready to give up.Marion Hollandsworth needed a colonoscopy. Her primary care doctor referred her to an introit just who performed a procedure. Everything was okay.A few years later, Hollandsworth learn how to research doctors on the medical board website. She decided to check the records of the doctor who did her colonoscopy.I about fell over because he was about to start a 30 day suspension and seven years probation for a decade long history of drug and alcohol abuse but what got the attention of the medical board is that he went after a patient with a hatchet.The medical board investigated this doctor before expect in the early 2000, he was recommended for the medical board diversion program they had at that time. He failed other diversion programs. He tried voluntarily and he failed the medical board version and nothing was done.Any disciplinary action taken against a physician in California is listed on the medical board website but it is not user friendly. Hollandsworth takes us through a search of a doctor who has public records.Click to Sir theTo see what he did. Here, for the five years probation, you have to click there. You have to know to click here.Even if a doctor is punished for being drunk on the job, they are not required to tell patients about it.A bill would have changed that. It would have required doctors to notify patients in writing if the medical board with them on probation or a serious offense like sexual misconduct with a patient or operating under the influence of drugs. The California medical Association said no. He lobbied to kill the bill. The CMA did not agree to be interviewed for the story. Any written statement, a spokeswoman said such notification would erode the fundamental right to due process by basing notification on accusation rather than a finding of fact.That is false.Writ budget directs the law at Sandy go.They have stipulated with the medical board that they did commit the conduct that they are accused of or that the board could prove the case or certain elements of the case.Grammy says the CMA is wrong on this.They are trying to make it sound like there is a good reason but they do not have a good reason. They do not want to tell patients because it would be embarrassing. That is not a good enough reason.There are an estimated 137,000 licensed physicians. In that is in California. They put 124 doctors on probation each year. The failed bill would have applied to a subset of those doctors. The CMA helped kill a measure that would have affected 2/100 of a percent. Jeffrey Gordon has a unique perspective. He not only spent 35 years in private practice but he also served on the state medical board for eight years in the 1970s. He says the board has an obligation to protect patients from bad doctors expect to put their names on our website is not adequate. Each physician ought to be responsible for notifying his patients that he has not been morally responsible.Marion has become a pursuit or for more public disclosure. She thinks the medical board does not have the priority straight.The investigator in my case told me it is the medical board's job to make sure they remain in practice for as long as practice.I thought it was to protect patients.She says that to.KPBS news.Joining me is Jerry Hill the sponsor of SB 798. Welcome to the program.Thank you.What is this is of the bill ?This was approved by the Senate yesterday. It will go to the governor. It is a different bill than the bill the Senate approved in May of this year.When it came to the Senate from the assembly, the patient protection issues, they were able to get removed from the California medical Association.The patient notification of doctors on probation, that was removed from the bill ?That was removed from the bill. I have been fighting for this issue it came up last year when we saw the egregious violations of medical practice and from physicians who caused patient harm. They were given probation to serve or the sanction from the medical board. They would do the job and see patients and patients would not know. Many of these physicians are discipline for a sexual misconduct and a lot of times, the condition of probation is that they cannot see female patients if they are male and chaperone. The patient does not know that. Many doctors us are practicing in Seoul practices where there is no one to monitor them. To me, this most significant aspect is that we find the medical board, 30% of the physicians recidivate. They do it again. The patient should have an has a right to know to be told upfront before they see the doctor that that Doctor is on probation and here are the conditions and terms and that probation.Center Hill, this is not the first time that legislation that you sponsored to strengthen Doctor the closure has come up against the California medical Association.Why is the CMA such a powerful group?I cannot explain why. Every person who makes a decision based on their influence or the lab he -- the lobby, they have to look at why they made that decision. They are very powerful and we have been fighting to try to protect the patient and we are only talking about in California, 137,000 doctors, they practice and there are only 600 you are on probation. And of that number, many less are there for the three issues that we are concerned with with this gross negligence, sexual misconduct or substance abuse that will affect the Mac practice in medicine. Right now, if a doctor is on probation, they are required by law to notify the insurance company and required by law to notify the hospital that they are affiliated with but the most important person in the healthcare continuum is the patient. They are not required to be notified. There is something wrong with that.If doctors were required to tell patients they are about to be suspended or put on probation, would that kill the Mac practice ?It could but that is not something that we should be concerned with. That is the argument that the medical Association makes that this would put them out of business. I think that my responsibility as the chair of the business and profession committee is to protect patients and consumers and to over see the human affairs.What benefit would this have on patients besides them saying I do not want to affiliate with this Doctor?I do not know if that is the case.There are physicians who have long relationships and good relationships with patients that this may not affect them. They may be able to have that relationship. I am fascinated by the argument. This bill came forward is to why a psychiatrist should not be -- should not have to disclose probation status is that this would breach the trust that is necessary between the patient and the position if you notify them.That makes no sense to me.Shouldn't you be honest with your patient and let them know the circumstances around her practice? That is the trust that should be built, not deceive them by not telling them of the proms you have.You put forward a disclosure law last year and a disclosure law this year. They have not made it into the final legislation. Do you intend to keep doing it ?I do. I will continue this fight because it is most important for the people of California and the good thing is that the California medical board on this legislation, they were supportive of the legislation with the amendments that we placed in allowing for and requiring patient notification of doctors on probation but that is a good first step. They had previously not felt that it was necessary to notify patients. This information is available today on a medical board website. It is not easy to find and that is the problem. Most of us do not look at or think to look at a website or go to the medical board when we go to a position, to see if they have a license and if there has been disciplinary actions. We take it to granted and we hold them in highest esteem. I feel there should be a better level of transparency and information that is provided to patients.I have been speaking with Jerry Hill. Thank you.Thank you. It is my pleasure. |
Making sense of Covered California and Medicare during open enrollment | It’s that time of year when we all have to start thinking about health insurance plans and options. Not only do I need to figure out if my current plan will be offered again next year, and with what changes, but my husband is over 65, so I also have to research the latest Medicare plans as well.
| http://www.latimes.com/socal/daily-pilot/opinion/tn-dpt-me-barbara-venezia-column-20170913-story.html | 2017-09-14 09:35:19.880000 | “Selecting the traditional Medicare provides full choice of physicians and facilities, but entails out-of-pocket co-pays, and many buy supplemental insurance to cover the costs that Medicare does not cover,” says Dr. Michael Brant-Zawadzki of Hoag Hospital.
It’s that time of year when we all have to start thinking about health insurance plans and options.
Not only do I need to figure out if my current plan will be offered again next year, and with what changes, but my husband is over 65, so I also have to research the latest Medicare plans as well.
As a columnist, research is my thing, but this insurance stuff makes my head spin.
Like it or not it’s time to start researching as open enrollment begins. Covered California open enrollment is Nov. 1 to Jan. 31, and Medicare’s is Oct. 15 to Dec. 7.
At healthcare.gov, there’s information about the various open enrollments, including for a Special Enrollment Period, due to a life event like losing other coverage, getting married or having a baby, as well as Medicaid or the Children’s Health Insurance Program (CHIP).
The government site also provides tips regarding the Health Insurance Marketplace and what’s required to be eligible to use these programs.
Making the right insurance choices can be confusing.
So I asked my pal Dr. Michael Brant-Zawadzki, FACR senior physician executive at Hoag Hospital, for some thoughts on how to maneuver through this medical insurance muddle.
Hoag is part of a 50, non-profit hospital system, the second largest west of the Mississippi, so I thought he’d have some good advice, and he did.
Brant-Zawadzki agrees that “Uncertainty about healthcare abounds, and it clouds our choices.”
He says it’s important to look at options, as it can come down to a tradeoff: choice versus cost.
Even with workplace health plans, this is the case as, “as employers increasingly select health plans that package hospitals and clinicians in a ‘narrow’ network,” hoping to spend less while “maintaining quality and patient satisfaction.”
I asked the good doctor about Medicare, as information is showing up in the mail, and from what I can see, it’s a bit confusing.
Brant-Zawadzki explained Medicare has two options.
“Selecting the traditional Medicare provides full choice of physicians and facilities, but entails out-of-pocket co-pays, and many buy supplemental insurance to cover the costs that Medicare does not cover,” he says.
The other choice, Medicare Advantage, is marketed to seniors by insurance companies and large health plans like Kaiser.
He says this is “attractive because it promises low or no out-of-pocket costs for doctors, hospitalization and drugs.”
But those choosing this option should be aware that Medicare Advantage plans offer members a network of physicians and facilities that they must use, according to the plan guidelines.
“Medicare Advantage plans typically require access for all care through an assigned primary care physician, who directs the care plan, including which tests and specialists the member will need,” says Brant-Zawadzki.
He explained these managed plans have contracted specialists, and sites of service, so patients’ choices of specialists is limited.
An unexpected emergency could find a patient here in a hospital not in their plan, resulting in transfer to a hospital within their plan.
“Likewise, an on-call specialist seeing that ER patient may not be on the plan, and may bill separately for professional services,” says Brant-Zawadzki.
“This scenario causes confusion and frustration, as well as unexpected bills for the patient, not to mention the disruption in the continuum of care,” he says.
Brant-Zawadzki says if Medicare Advantage is your preference, it’s a good idea to choose a plan that bundles the hospital, its facilities and the specialists you trust.
“Just because your favorite hospital is ‘in network’ on your plan does not mean that that hospital’s out-patient lab, imaging, colonoscopy or even ambulatory surgery facilities are also in your plan,” says Brant-Zawadzki.
Ask your primary care physician what contractual obligations he or she has within the plan you’ve chosen and what facilities and specialists to which you’d likely be directed.
“You may find yourself in a facility operated by an unfamiliar entity with an unknown diagnostician” Brant-Zawadzki says.
Medicare and Medicare Advantage plans can be confusing.
Patients should access all care from the hospital network of their choice and ensure that the plan they select gives them access to not only inpatient hospital care, but all of the additional services, such as imaging, physical therapy and other outpatient services.
Cover your bases, as you research health insurance choices.
Speak to an independent insurance broker.
And you might want to attend Hoag Hospital’s free seminars about the basics of Medicare, Medicare benefits, Medicare Supplemental Insurance Plans, Medicare Advantage HMO and PPO plans and Medicare Part D prescription drug coverage.
Classes begin in September and run through November at all three campuses in Newport, Irvine and Huntington Beach.
Reservations are a must and to find the location and times in your area visit hoagmedicalgroup.com/for-patients/classes/
BARBARA VENEZIA lives in Newport Beach. She can be reached at [email protected]. |
Yes, patients want to discuss pricing, payment options before treatment | More than three-quarters of healthcare consumers say it's important or very important that they know their costs before treatment, and 53 percent want to discuss financing options before care. But the vast majority of healthcare providers are not satisfying these demands, according to the HealthFirst Financial Patient Survey, a survey conducted by ORC International and commissioned by patient financing company HealthFirst Financial.
| http://www.healthcarefinancenews.com/news/yes-patients-want-discuss-pricing-payment-options-treatment | 2017-09-14 09:33:52.247000 | More than three-quarters of healthcare consumers say it's important or very important that they know their costs before treatment, and 53 percent want to discuss financing options before care. But the vast majority of healthcare providers are not satisfying these demands, according to the HealthFirst Financial Patient Survey, a survey conducted by ORC International and commissioned by patient financing company HealthFirst Financial.
[Also: Employers sending patients to top-performing providers with bargain prices for routine surgeries]
Only 18 percent of the 1,011 U.S. adults surveyed across the country said that any of their healthcare providers had spoken to them, at any time, about patient financing options in the past two years. Patients are especially interested in affordable payment programs, with 57 percent saying it's important or very important that their healthcare provider offer ways to extend payments over time with no interest charged. Yet, just 8 percent received zero- or low-interest financing from a healthcare provider.
"These findings highlight a huge gap in what patients want and what hospitals, medical groups and other healthcare providers are delivering," said KaLynn Gates, president and corporate counsel of HealthFirst Financial, in a statement. "Providers that care for the financial as well as clinical needs of their communities are much more likely to thrive in this era of rising out-of-pockets costs and growing competition for patients among traditional and non-traditional providers."
[Also: Despite providers posting prices, patients still not shopping around for services]
Disappointed patients are prepared to vote with their feet. A full 40 percent of millennials 18 to 36 years old said they'd be very likely or likely to switch providers if a competitor offered low- or zero- interest financing for medical bills. They aren't alone: Overall, 29 percent said they'd move to different providers that offer attractive payment programs.
People at all income brackets worry about covering the cost of care. A full 42 percent are very concerned or concerned about their ability to pay out-of-pocket medical bills in the next two years, according to the survey. That number jumps to 54 percent among those with incomes of less than $35,000 a year, and falls to 24 percent among those with incomes of $100,000 or more annually.
[Also: Battle over price transparency rages in Ohio, where new laws like Ohio's Healthcare Price Transparency Law are in limbo]
As a result, consumers also want know what they will owe as early as possible: 77 percent said it's important or very important that providers give the cost before a procedure, while 63 percent said it was important or very important that providers publish pricing lists of common procedures.
And with consumer debt on the rise, people have even less room in their budget for medical bills. Anxiety over covering unexpected medical expenses rises with the amount: 53 percent of survey respondents voiced concern about the ability to pay a medical bill of less than $1,000; 35 percent worried about the ability to pay a bill of less than $500; and 16 percent are concerned about the ability to pay a bill of less than $250.
"We commissioned this independent survey to learn more about how consumers are coping with their medical expenses," said Gates. "Without providing and communicating these viable financing options, they are likely to delay care or switch providers to find financial help. In either case, providers will be hurt by those choices, and they need to develop a strategy to meet these consumers' needs."
The August survey was conducted by ORC International among a sample of 1,011 adults comprising 504 men and 507 women 18 years old and older. The interviews were weighted by age, sex, geographic region, race and education to ensure reliable and accurate representation of the total U.S. adult population.
Twitter: @JELagasse
Email the writer: [email protected] |
Appetite for digital advice grows 80% among advisers | The number of financial advisory firms considering the adoption of digital advice has increased by more than 80% in the last year, according to Fidelity. 40% are currently considering digital advice options, the investment company added. Fidelity recently released a robo-advice service to customers of its Wealthscape adviser technology platform, developed in partnership with financial planning software provider eMoney.
| http://www.investmentnews.com/article/20170913/FREE/170919979/fidelity-robo-now-available-to-platform-users | 2017-09-14 09:33:51.780000 | Financial firms using Fidelity’s Wealthscape adviser technology platform now have access to the robo adviser the company has developed with eMoney Advisor.
Fidelity’s clearing and custody arm has concluded the pilot of the Fidelity AMP (Automated Managed Platform) and is making the robo service available generally, a company spokesperson said. In a release, the company noted that the number of advisers whose firms are exploring the addition of digital advice has grown by more than 80% in a year, with 40% considering the digital advice options now available.
Fidelity said that its robo integrates with eMoney’s widely used tools and that the two firms plan to add enhancements to Fidelity AMP, including more options for customized investment models. Advisers can apply their own branding to an end-investor portal and marketing materials, Fidelity said. |
Why Bernie Sanders’s plan for universal health care is only half right | Sen. Bernie Sanders plans to introduce his universal health care bill Wednesday; it is likely to serve as a litmus test for Democrats with presidential aspirations. The legislation is bold and simple, which makes it very appealing. A recent survey by the Pew Research Center found that 60 percent of Americans believe the federal government should ensure health coverage for all Americans.
| https://www.brookings.edu/blog/fixgov/2017/09/13/why-bernie-sanderss-plan-for-universal-health-care-is-only-half-right/ | 2017-09-14 09:33:12.290000 | Sen. Bernie Sanders plans to introduce his universal health care bill Wednesday; it is likely to serve as a litmus test for Democrats with presidential aspirations. The legislation is bold and simple, which makes it very appealing. A recent survey by the Pew Research Center found that 60 percent of Americans believe the federal government should ensure health coverage for all Americans.
But Sanders’s bill only gets it half right.
The part that’s right is that every American would automatically get health insurance. If that came to pass, the door would be open to lowering costs while eliminating the highly complex regulations needed to police our current system and the inequitable tax treatment that sustains it.
The part that Sanders gets wrong is that he would turn Medicare into a single-payer system for all, supplanting private insurers.
That approach has lots of problems, not least of which is an enormous price tag. Consider what happened in California earlier this year when the state legislature briefly considered a single-payer bill. An appropriations committee estimated it would cost $400 billion, over twice the state’s annual budget. Such complications make the Sanders bill — and other Medicare for all proposals — virtually impossible to enact.
People also forget that Medicare is a hidebound system. It took Congress more than 40 years to offer a prescription drug benefit, for example. Physicians are paid using an arcane system developed decades ago and that has now ballooned to more than 140,000 procedure codes, all of which is supervised (and gamed) by physicians themselves. Standard private sector cost-saving measures, like competitive bidding for routine services, are rarely used.
There is a better way — called universal catastrophic coverage — which borrows from both progressive and conservative playbooks. It would combine the federal guarantee of insurance for all with the cost-controlling benefits of insurers competing for that business.
From the consumer viewpoint, universal catastrophic coverage would look like this: All Americans not covered by Medicaid and Medicare would be placed in a single, massive risk pool. The government would assume the risk of insuring everyone, using a high-deductible policy that would guarantee that no one would be without care in the event of a health care crisis.
To keep the plan progressive and affordable for all, deductibles would be tied to income. Services that are very effective would be exempt from the deductible and fully covered. This includes many prevention services — like flu shots — but also medications for chronic disease, certain vaccines, and the like.
This would eliminate a host of problems in the current system: no more worries about preexisting conditions, no more losing insurance when changing jobs, no more mandated buy-in, and no more upward spiraling of premiums for those buying policies because healthy people are staying uninsured and not paying their share.
From the point of view of insurers, the new system would look like Medicare’s prescription drug plan, in which they compete for market share by offering different networks, deductibles, premiums, and supplemental coverage.
A version of universal catastrophic coverage that I devised with my colleague, Kip Hagopian, would cost the government about 15 percent less than the Affordable Care Act while insuring 115 million more people, according to a RAND study. Premiums would be about $3,000 annually, about 40 percent less than the ACA silver plans.
This approach borrows from liberal dreams for health care as a right, and from conservative conviction that market forces are the most efficient way to deliver health care and keep costs under control. That is why both sides can support it.
Being bold means asking for big changes. The current system of employer-based insurance would lose its tax-protected status, which currently costs the federal government $236 billion (about the same as the mortgage interest deduction, charitable deductions, and retirement benefit exclusions combined, according to the Tax Policy Center). Those savings would be used to underwrite the new system.
Vested interests will find many reasons to oppose change. But the bottom line is that we can cover everyone if we are smart about it. |
Medicare for All or State Control: Health Care Plans Go to Extremes | In one Senate office building, some of the leading lights of the Democratic Party gathered Wednesday to embrace what was once a proposal only of the far left: a huge expansion of Medicare, large enough to open the popular, government-run health program to all Americans.
| https://www.nytimes.com/2017/09/13/us/politics/health-care-obamacare-single-payer-graham-cassidy.html | 2017-09-14 09:31:23.217000 | WASHINGTON — In one Senate office building, some of the leading lights of the Democratic Party gathered Wednesday to embrace what was once a proposal only of the far left: a huge expansion of Medicare, large enough to open the popular, government-run health program to all Americans.
In another Senate office building, a smaller but equally adamant group of Republican senators stood together to take one last stab at dismantling the Affordable Care Act. They proposed instead to send each state a lump sum of federal money, along with sweeping new discretion over how to use it.
Important elements in both parties are trying to move beyond President Barack Obama’s health care law, which has always been a complicated, politically difficult mix of government and private health insurance. But they are moving in radically different directions.
The proposals appeared to have only one thing in common: Neither is likely to be enacted any time soon. |
How the Bernie Sanders Plan Would Both Beef Up and Slim Down Medicare | In his big new single-payer health care bill, Senator Bernie Sanders says he wants to turn the country’s health system into “Medicare for all.” But his bill actually outlines a system very different from the current Medicare program.
| https://www.nytimes.com/2017/09/13/upshot/how-the-bernie-sanders-plan-would-both-beef-up-and-slim-down-medicare.html?partner=rss&emc=rss | 2017-09-14 09:30:53.287000 | The Sanders plan — which has no near-term chance of advancing with Republicans in power — would change that. Most crucially, it would expand the program so that every American would eventually get insurance from Medicare instead of private companies or other public programs. The employer health insurance system, the Affordable Care Act exchanges and most of Medicaid would be eliminated.
Mr. Sanders says that the transition to the Medicare program would achieve several goals: It would ensure universal coverage, it would improve the affordability of health care for many Americans and it would save the country money.
Whether it can achieve that third goal depends a great deal on how the new Medicare-for-all system would be managed, and the Sanders plan leaves a lot of those details unclear for now. Covering everyone would not, by itself, make the health care system in the United States as inexpensive as those of other nations with universal health care systems. That sort of cost control would require its own set of policies and difficult choices.
In his news conference introducing the bill on Wednesday, Mr. Sanders focused his ire on insurance and drug companies, two profitable sectors of the health care system. But insurance and drug company profits don’t make up the bulk of America’s health care spending. Single-payer advocates argue that the simplicity of a single, government payer would reduce paperwork and office staff, and that is almost certainly true. But most spending in the health care system is on medical care from doctors and hospitals — and squeezing savings there may be harder. |
How the Trump administration is reshaping health care — without Congress | While Congress tussles over Obamacare, the Trump administration is quietly pressing ahead with plans to gut major Obama-era rules and relax federal oversight of swaths of the health care industry.
| http://www.politico.com/story/2017/09/13/trump-obama-health-care-legacy-242683 | 2017-09-14 09:30:18.860000 | The sheer scale of the effort has surprised and thrilled health care lobbyists, some of whom described feeling inundated by Health and Human Services leadership’s appeals for recommendations on any and all federal rules they would like to see trimmed.
“We have been shooting for the moon, just bringing up every possible issue we think they have the ability to change,” said Vinita Ollapally, manager of regulatory affairs for the American College of Surgeons. “This is the first time that any administration has seemed to be so focused on regulatory relief.”
However, the effort has raised alarms among patient advocates and policy experts, who fear it could erase several years of gains aimed at modernizing the health care system and tipping the balance of power away from providers and toward patients.
“It’s consistent with a general orientation to try to find significant accomplishments of the Obama administration and to undo them,” said Eliot Fishman, who spent nearly four years at the Centers for Medicare & Medicaid Services’ Center for Medicaid and CHIP Services, including two as Medicaid waiver chief, before leaving the agency in April. “It’s disappointing, but not surprising.”
Led by HHS Secretary Tom Price and CMS Administrator Seema Verma, the initiative appears aimed at rewriting or outright eliminating a slew of regulations imposed on doctors, hospitals and other providers.
Price, an orthopedic surgeon who has long criticized health care regulation as too heavy-handed, has in some cases dispatched top staffers to work closely with doctors’ groups on changes further easing regulatory scrutiny of physicians.
Verma, formerly a Medicaid consultant who worked primarily with red states, has wasted little time targeting a pair of far-reaching Medicaid rules that tightened supervision of insurers and home health care facilities, multiple sources familiar with the process said. The agency has spent months reviewing those regulations as part of a much larger effort seen as laying the groundwork for a policy shift that hands back to states more regulatory power over Medicaid.
The work fits with an administrationwide mission to reverse scores of Obama-era rules, and Price and Verma’s vow early on to re-examine every federal health care rule in search of waste.
“The Trump administration is working tirelessly to get Washington out of the way, bring down the cost of coverage, expand health care choices and improve quality,” an HHS spokesperson said in response to a series of questions for this article, highlighting the agency’s emphasis on abolishing rules it deems “burdensome across all spectrums of the health care system.”
The effort has also given rise to an apparatus within President Donald Trump’s health department dedicated to the so-called burden reduction initiative — one that multiple staffers characterized as a massive effort to solicit, evaluate and implement industry-backed ideas for slashing regulations.
“It’s not really a reducing-burden issue,” one CMS staffer said. “It is a deregulation issue. It’s a deregulation intent.”
In the process, HHS’ tiny but influential Office of Health Reform — originally created to aid Obamacare’s implementation — has been transformed into one of the agency’s central deregulatory hubs, meeting with industry groups and developing its own recommendations, multiple current and former CMS staffers said.
The office at one point maintained a spreadsheet listing roughly 200 potential regulatory changes, according to one staffer.
Exactly what those ideas are and how they’ll be implemented remains closely held among HHS’ and CMS’ top political appointees and their aides — a point of frustration for career employees who have spent months gathering recommendations.
“When you ask, ‘What is the organizing principle here? How are we prioritizing?’ And try to put some structure around this, nobody has an answer. The only answer people give is, ‘Reduce burden,’” another CMS staffer said. “There’s got to be more to this than that.”
But officials have laid out a two-track strategy in meetings with industry groups and lobbyists: quickly overhauling smaller rules to make life easier for providers, while developing longer-term projects aimed at fundamentally changing the way the federal government regulates health care.
In practice, that’s translated into a series of industry-friendly moves targeting Obama-era rules and protecting companies’ bottom lines. HHS plans to restore nursing homes’ ability to require that patients pre-emptively give up their right to sue for negligence — reversing a major win for consumer advocates — after saying that a 2016 ban on mandatory arbitration agreements “underestimated the financial burdens placed on providers” forced to defend themselves against lawsuits.
Medical equipment companies will get a boost from a pending rule likely to halt Medicare’s move to a new bidding program that would cut government payments to the industry. Prior to taking the helm at HHS, Price, as a Georgia congressman, sponsored legislation delaying the competitive bidding program, which aimed to bring Medicare’s spending on medical equipment more in line with the private sector.
As for the shift in the way Medicare pays doctors to focus on the quality, rather than the quantity, of services they provide — a broadly bipartisan goal that Price supported during his time in Congress — HHS has repeatedly slowed the process to accommodate small and rural providers. That includes plans to kill off a pair of Obama-era experiments making hospitals more financially responsible for patients’ care during and after certain joint-replacement surgeries and cardiac procedures.
“They recognize that there’s some complexity, and that’s why they’ve turned to physician groups,” said American Association of Hip and Knee Surgeons President Mark Froimson, who said his group is working with CMS to simplify the metrics used to measure the quality of physicians’ care. “We believe we have a good partner and set of partners in the administration.”
Two of the agencies’ most ambitious projects are still in the works: a rewrite of a 2016 rule that updated federal requirements for Medicaid managed-care plans for the first time in over a decade, and a similarly sweeping 2014 rule tightening oversight of residential care facilities, including those for adults with disabilities.
Two red-state Medicaid experts — former Tennessee Medicaid Director Darin Gordon and former Ohio Medicaid Director John McCarthy — have consulted on the policy work, according to two people familiar with their involvement.
In an email, McCarthy said the two are subcontracted to the Mitre Corp. Mitre declined to comment on its work with CMS.
Early discussions within CMS about the Medicaid managed-care rule centered on giving states more leeway in how they direct federal funding — a shift consistent with Republicans’ attempts to give states more control over the entitlement, including imposing conditions like work requirements on beneficiaries.
Changes to the regulation regarding residential care facilities, known as the Home and Community-Based Services rule, could potentially have ripple effects, according to people familiar with the agency’s discussions. A rewrite is likely to focus on easing the federal standards for facilities that care for disabled adults and shifting more oversight responsibility back to the states.
That would represent a sharp reversal from the Obama era, which sought to toughen federal regulation over concerns about abuse and subpar living conditions in homelike facilities for the disabled.
That could take years to accomplish — CMS has already spent months just sifting through the regulations to determine what elements it can change and how to do it, said multiple people familiar with the process.
But the intent is plain: to loosen federal control over Medicaid and give states more flexibility to run their own programs.
“There is clearly a new discomfort with federal regulatory power in Medicaid, and an assumption that state concerns about, particularly, Obama-era regulations have a presumption of being valid,” Fishman said.
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The Use of Real-World Evidence in Health Care Decision-Making | Health care experts are schedule to gather in Washington, D.C., on Sept. 13 to discuss how we can harness the data we gather in routine health care delivery in the real world and apply that information to support drug approvals, inform safety monitoring, and accelerate new health care innovations. Although many decision-makers are already using real-world data, the Food and Drug Administration is poised to take a significant step forward in how it considers and uses this information.
| https://morningconsult.com/opinions/understanding-use-real-world-evidence-health-care-decision-making/ | 2017-09-14 09:29:33.427000 | Health care experts are schedule to gather in Washington, D.C., on Sept. 13 to discuss how we can harness the data we gather in routine health care delivery in the real world and apply that information to support drug approvals, inform safety monitoring, and accelerate new health care innovations. Although many decision-makers are already using real-world data, the Food and Drug Administration is poised to take a significant step forward in how it considers and uses this information.
Understanding how treatments work in the “real world” can help improve the new health care innovation and inform health care decision-making. For example, real-world data can be used to identify unmet needs with existing medications, understand the potential safety and effectiveness of treatments in other forms of cancer, or accelerate the conduct of clinical trials. Real-world evidence has been in use for a long time, but it has grown in importance through investment in health information technology and more sophisticated approaches to collect and analyze data.
Under the 21st Century Cures Act, the FDA must consider how real-world evidence could support the approval of a new indication of a drug or support or satisfy post-approval study requirements. RWE is meant to complement, not replace, knowledge from randomized clinical trials — studies most commonly used for FDA approval of a treatment — and accelerate and add to what we already know about how a treatment works.
In fact, the FDA is already using RWE, but not for new biopharmaceutical indications. Through the FDA’s Sentinel Initiative, the FDA monitors the safety and emerging safety concerns of medical products in use in the marketplace. The Sentinel Initiative database, with more than 170 million lives, is one of the largest uses of this type of information. In July, the FDA cited RWE as a critical factor in its decision to expand the initial approval for transcatheter aortic valve replacement to now include valve-to-valve procedures. And at the end of August, the FDA issued a final guidance on how it intends to utilize real-world data to support regulatory decision-making for medical devices, offering a glimpse at how the agency could use the data for biopharmaceutical-related decisions.
Yet as the FDA has acknowledged, there is a need for rigorous and reliable information. When done correctly, by using high-quality data and strong methodologies, RWE can provide meaningful information; when done poorly, misinterpretations and poor health outcomes for patients are possible. Recent systematic reviews that compared treatment effects results from RCT and RWE studies for the same condition found few differences among high-quality studies based on the study type (RCT vs. RWE) alone. The quality of some data and methods have improved such that RWE can reliably answer many research questions.
High-quality data and credible analytic methods are critical. Over the past decade, several professional societies and research consortium have developed best practices and standards for conducting analyses and using RWE. However, as the National Pharmaceutical Council has outlined in research, there is little agreement among researchers and other stakeholders on how to optimally do this. A consensus-based set of methods and standards for collecting RWE developed in consultation with multiple stakeholders could provide greater clarity. An iterative process would allow these standards to rapidly incorporate new methods innovation, yet still encourage other stakeholders to accept high-quality studies and disregard poor-quality studies.
The regulatory context, decisions, and needs of the FDA are unique — however, recommendations and evidence included in the FDA-approved label serve as a guiding light for many stakeholders. For RWE to be fully accepted and utilized, it will require all stakeholders, including the biopharmaceutical industry, to encourage a learning health system using real-world data. While payers are using data in a variety of applications, from value-based contracting to medication adherence, broader and more consistent use of RWE to update coverage policies based on effectiveness in the real-world is needed. Clinical practice guideline organizations and clinical pathways that serve as a foundation for translating knowledge into clinical practice could more routinely use high-quality RWE to expand the knowledge about treatment effects in broader patient populations and improve the certainty of their recommendations. Patients also are becoming more aware of how their data is being collected and used. Going forward, it will be important to ensure that patients understand what RWE is and determine when it can be trusted to guide patient and provider treatment decisions.
The September meeting, bringing together these diverse stakeholders, is an important next step toward expanding the quality and reliability of real-world evidence for health care decision-making. NPC is looking forward to the conversation.
Jennifer Graff is a PharmD and vice president for comparative effectiveness research at the National Pharmaceutical Council, which sponsors and participates in research on the appropriate use of pharmaceuticals and the clinical and economic value of pharmaceutical innovation.
Morning Consult welcomes op-ed submissions on policy, politics and business strategy in our coverage areas. Updated submission guidelines can be found here. |
Caregiver Fatigue Increases Healthcare Costs | Tired family caregivers are associated with more ED visits and higher overall healthcare costs for the person they care for finds a new University of Michigan study published in Journal of the American Geriatrics Society.
| http://www.healthleadersmedia.com/quality/caregiver-fatigue-increases-healthcare-costs | 2017-09-14 09:26:31.640000 | Emergency department visits are higher among patients whose family caregivers felt sad or fatigued.
Tired family caregivers are associated with more ED visits and higher overall healthcare costs for the person they care for finds a new University of Michigan study published in Journal of the American Geriatrics Society.
Researchers studied 3,101 couples over the age of 65, each with one spouse acting as caregiver for their disabled partner. They looked at Medicare payments and ED visits for the disabled spouses in the six months after the caregiver spouses took standard tests to measure their fatigue, mood, sleep habits, health and happiness.
In those six months, ED visits were 23% higher among patients whose caregivers scored high for fatigue or low on their own health status. Over the same time frame, patients with fatigued or sad caregivers had higher Medicare costs—$1,900 more if the caregiver scored high for fatigue, and $1,300 more if the caregiver scored high for sadness.
“Informal caregivers, including spouses, enable older adults with functional disability to stay out of the nursing home and live at home where they’d prefer to be,” says senior author Deborah Levine, MD, MPH, an assistant professor of internal medicine and neurology at University of Michigan. “Our findings suggest that we need to do a better job of identifying and supporting caregivers experiencing distress, in order to help caregivers feel better and hopefully improve outcomes in older adults with disability.”
Respite Support Needed
Nearly 15 million older adults receive help with activities of daily living from spouses and other family or friend caregivers, but Medicare does not pay for or offer formal respite coverage for family or friends who regularly care for older adults.
Given the increased use of healthcare resources when caregivers are unsupported, it may make financial sense to change this policy.
“I definitely think there are specific services that could help caregivers, if we can identify those people who are highest risk and provide a basic level of support such as an around-the-clock geriatric care call line that could help caregivers feel less isolated and talk to a nurse about whether, for example, to go to the emergency department,” says lead author Claire Ankuda, MD, MPH. “This is a high-cost, vulnerable population.” |
AARP urges Congress to stabilize Affordable Care Act marketplace | The American Association of Retired Persons submitted written testimonyTuesday to the U.S. Senate Committees on Finance and Health, Education, Labor and Pensions urging Congress to focus in what it called "commonsense" solutions to stabilize the Affordable Care Act's marketplace, increase enrollment and competition, and lower costs for consumers.
| http://www.healthcarefinancenews.com/news/aarp-urges-congress-stabilize-affordable-care-act-marketplace | 2017-09-14 09:25:47.150000 | The American Association of Retired Persons submitted written testimony Tuesday to the U.S. Senate Committees on Finance and Health, Education, Labor and Pensions urging Congress to focus in what it called "commonsense" solutions to stabilize the Affordable Care Act's marketplace, increase enrollment and competition, and lower costs for consumers.
AARP has long been a supporter of accessible and affordable healthcare for older Americans, and in its letter expressed support for strengthening Medicaid, protecting coverage for those with preexisting conditions and bolstering Medicare.
[Also: Navigator organizations wait in limbo for reduced funding to enroll consumers in the ACA exchanges]
The group said Congress can help fortify the ACA markets and reduce premiums by making a commitment to pay for cost-sharing reductions, which provide financial assistance for people with modest incomes. Another way to help stabilize the individual insurance market, said AARP, is through reinsurance programs for states to help cover high-cost patients.
[Also: ACA co-op Evergreen Health in Baltimore to liquidate]
For Medicaid, the group suggested states to more easily use Medicaid dollars for home and community-based services for seniors who wish to avoid nursing home care, which it said would save states money. On the prescription drug prices front, AARP supports allowing Medicare to negotiate drug prices, allowing safe importation of lower-priced drugs, reducing the amount of market exclusivity for biologic drugs, prohibiting pay-for-delay deals between brand and generic drug manufacturers, and demanding greater transparency in prescription drug pricing.
[Also: Anthem leaves ACA markets in Missouri and Kentucky]
In its testimony, AARP urged Congress to return to the 7.5 percent of adjusted gross income threshold for the medical expense deduction to help seniors and others with long-term care costs.
Twitter: @JELagasse
Email the writer: [email protected] |
Asia's ageing population: A golden opportunity for businessv | One in five people on this planet will be aged 60 and over by mid-century, rising from 900 million in 2015 to 2.1 billion in 2050. Those 60 and older will soon outnumber children younger than five; in developed markets, the 65-and-over cohort already surpasses those under 15.
| http://www.straitstimes.com/opinion/asias-ageing-population-a-golden-opportunity-for-business | 2017-09-14 09:23:49.487000 | One in five people on this planet will be aged 60 and over by mid-century, rising from 900 million in 2015 to 2.1 billion in 2050. Those 60 and older will soon outnumber children younger than five; in developed markets, the 65-and-over cohort already surpasses those under 15.
No region will be more impacted by population ageing than Asia. At 83.9 years, life expectancy at birth in Japan is one of the longest in the world. A quarter of Japanese people are over 65 today; by 2060 the proportion is projected to rise to 40 per cent. China is already struggling to address the needs of its massive, and often rural, ageing population. In South Korea and Singapore, the effects of the age wave are already obvious.
This unprecedented demographic shift raises important questions about the prospects for gross domestic product growth, the risks of spiralling health costs, and the adequacy of public and private pension programmes. But population ageing presents a golden opportunity as well.
Increasing longevity has spurred economic growth and opportunities for personal fulfilment. Older individuals are generally healthier than those in generations past, and they seek to remain engaged and relevant. Advances in bioscience offer the prospect of even longer and healthier lives. With their growing numbers, older adults represent a dynamic consumer and human capital resource. As markets evolve to meet their needs and aspirations, opportunities abound.
Charles Darwin recognised that survival is about adaptation to changing environments, a quality that is as imperative for companies as it is for species. Businesses have been at the forefront of industrialisation and innovation, developing markets and opening pathways for diverse stakeholders. Ageing is their next frontier.
Bank of America Merrill Lynch projects that the global spending power of those aged 60-plus will reach US$15 trillion (S$20 trillion) annually by 2020. In the United States, adults over 50 already account for US$7.6 trillion in direct spending and related economic activity annually, according to the American Association of Retired Persons. With its size and scale, Asia is central to the future of this global longevity economy.
Companies are developing age-friendly products and services in housing, transportation, entertainment and leisure. A stream of new offerings in biotechnology, devices, pharmaceuticals and care services focus on older consumers. In Japan, robot caregivers - "carebots" - have made headlines. A golden age for financial services is ahead, driven by an enormous increase in household financial assets.
But ageing adults are not only consumers - they are our only increasing natural resource - but also a talent pool that can power the businesses of the future. More and more are ready, willing and able to be deployed.
The emerging profile of older adults defies outmoded stereotypes of geriatric citizens weighing down economies. In fact, when older people actively participate, the benefits flow in all directions. They contribute experience to their workplaces and civic endeavours; financial security helps them bolster economies as taxpayers and consumers; engagement enhances their own health and wellness.
Older workers provide stability, nuanced thinking and institutional know-how. They serve as mentors and role models to younger counterparts. Age-diverse teams are more productive and often better problem-solvers than same-age groups.
For ageing individuals, the benefits of work are well documented. Research reveals that purpose enhances well-being and helps to stave off cognitive decline. A Yale study found that people who held positive views of their own ageing, such as might be fostered if their contributions were sought and valued in the workplace, lived on average 7.5 years longer than those with less positive outlooks.
Countries such as Japan and Singapore are re-thinking retirement norms and implementing policies to enable longer work lives. The private sector can do more as well. Businesses are uniquely positioned to change practices and attitudes - to champion the needs and wants, as well as the potential, of older adults.
The ageing megatrend will test the leadership of the private sector in Asia and across the world. Every business should prioritise a "longevity strategy" to capitalise on the demographic shift. Awareness should spread to every corner of every company. The issues and the potential are too big to ignore.
Now is the time for forward-thinking businesses to act - to realise a golden opportunity with benefits both to the bottom line and the broader society.
•The writer is chairman of the Centre for the Future of Ageing at the Milken Institute and Distinguished Scholar in Residence at the University of Southern California Davis School of Gerontology. He will be in Singapore this week for the institute's Asia Summit which discusses ageing, among other issues. |
Type 2 diabetes linked to artificial sweeteners | Artificial sweeteners may raise the risk of type 2 diabetes, according to research from Australia’s University of Adelaide. The study of 27 healthy volunteers showed that after two weeks of taking sweeteners, equivalent to those in 1.5 litres of diet drink a day, the body’s response to glucose was impaired. Despite the small scale of the study, the researchers claim that its findings support previous research indicating a link between the use of artificial sweeteners and weight gain. Global rates of type 2 diabetes, linked to obesity, are rising rapidly. Complications of the disease include blindness, heart attacks and strokes.
| https://www.theguardian.com/society/2017/sep/14/artificial-sweeteners-raise-risk-of-type-2-diabetes-study-suggests | 2017-09-14 09:15:32.167000 | Artificial sweeteners, which many people with weight issues use as a substitute for sugar, may increase the risk of developing type 2 diabetes, according to research.
The study was small and the detailed results have not yet been published, but experts said its findings fitted with previous research showing an association between artificial sweeteners and weight gain.
Type 2 diabetes is linked to obesity and rates of the disease are soaring around the world. Its complications, if it is not controlled, can include blindness, heart attacks and strokes.
The study was carried out by researchers at the University of Adelaide, in Australia, who wanted to investigate whether large amounts of no-calorie artificial sweeteners altered the ability of the body to control the levels of glucose in the blood.
Some of the 27 healthy volunteers who were recruited for the study were given the equivalent of 1.5 litres of diet drink a day, in the form of capsules of two different sweeteners, sucralose and acesulfame K. They took the capsules three times a day for two weeks, before meals. The others in the study were given a placebo.
Tests at the end of the two weeks showed that the body’s response to glucose was impaired. “This study supports the concept that artificial sweeteners could reduce the body’s control of blood sugar levels and highlights the potential for exaggerated post-meal glucose levels in high habitual NAS [non-caloric artificial sweeteners] users, which could predispose them to develop type 2 diabetes,” said the authors.
They presented their findings at the European Association for the Study of Diabetes in Lisbon, Portugal.
Some experts said the findings were in line with previous research, while others said they did not support the conclusion that sweeteners could increase the risk of type 2 diabetes.
“This study addresses a very important global human health issue, as artificial sweeteners are food additives commonly used not only by patients with diabetes but also by healthy individuals aiming to manage their sugar intake,” said Dr Inês Cebola, from Imperial College London, who is a member of the Society for Endocrinology.
“Although generally thought as safe and even beneficial, artificial sweetener consumption has actually been previously associated with weight gain and development of glucose intolerance, which can lead to development of type 2 diabetes.”
She said studies had previously only been done on mice. “Even if it is proven in the future that artificial sweeteners are detrimental for the general population, this might not be true in all cases. Type 2 diabetes arises from an interaction between environmental and genetic factors, many of which we do not fully understand yet. It is thus premature to point the finger at artificial sweeteners as isolated elements of risk. The full story will probably prove itself a lot more complex.
“At the moment, I would not advise against artificial sweeteners per se, but instead I would stress the importance of a balanced diet and regular exercise.”
Victor Zammit, professor of metabolic biochemistry at the University of Warwick, said it was not possible from the data available to conclude that the body’s changed response to glucose would necessarily result in diabetes. Proper clinical trials were needed. “Increased sweetener intake may be associated with other lifestyle elements that may be more direct causes of type 2 diabetes,” he said.
Diabetes UK was sceptical. “This is a small study with interesting results, but it doesn’t provide strong evidence that artificial sweeteners increase the risk of type 2 diabetes,” said Emma Elvin, a clinical adviser. “We need to see the results of larger trials testing in settings more true to real life before we’ll know more.
“Consuming lots of sugary foods and drinks is very damaging to overall health and can increase risk of type 2 diabetes. We would advise people to reduce their intakes of sugar, and artificial sweeteners could be an option to help some people achieve this.” |
European broadcasters take on tech firms with video ad exchange | An alliance of European broadcasters has collaborated to create a video marketplace aimed at countering the threat to TV advertising revenues posed by Facebook and Google. German broadcaster ProSiebenSat 1, France's TF1 and Italy's Mediaset have co-funded the venture, which pools a large part of the broadcasters' video inventory, and they are now seeking new members from large markets including the UK, where they have set up their headquarters. The programmatic ad exchange is being run separately from the partner companies in order to increase efficiency by reducing bureaucracy and corporate rivalry.
| https://digiday.com/media/european-broadcasters-form-combined-programmatic-video-exchange-rival-duopoly/?utm_medium=email&utm_campaign=digidaydis&utm_source=uk&utm_content=170914 | 2017-09-14 09:13:19.903000 | European broadcasters continue to square off with the Facebook-Google duopoly.
German broadcaster ProSiebenSat.1, France’s TF1 and Italy’s Mediaset took to Dmexco this week to unveil a combined programmatic video marketplace that they believe has the scale to counter the creeping threat of Facebook and Google’s attempts to get at TV ad budgets.
The seeds for the alliance were sown 18 months ago, with each partner agreeing to stump up the cash to create the exchange and pool a sizable portion of their video inventory. The partners will neither disclose the size of their investment nor the amount of inventory they’re pushing into the exchange, only stating that there is a minimum (uncapped) buy-in for each founding partner. They claim a combined 100 million monthly unique video users across their programming, including in Spain, where Mediaset has a presence.
The aim is to now court other European publishers in the biggest markets, like the U.K., to join. In fact, the headquarters for the new venture will be in London.
Speaking to Digiday at Dmexco in Cologne, Germany, Christof Wahl, chief operating officer of ProSiebenSat.1 Group, said the timing for broadcasters to bring to market a controlled, premium video marketplace for buyers to book pan-Europe campaigns programmatically has never been better. Tensions around longstanding issues like brand safety have been magnified in the wake of the YouTube ad boycott and other uncertainties around transparency and viewability that have been growing. By coming together, the broadcasters hope to become an alternative for buyers looking to run pan-European programmatic video campaigns at scale.
“We all face the same issues, opportunities and challenges, which in this technology and platform-orientated world means scale. Now we can say to buyers that if they want a pan-European programmatic campaign, this is the only place they can buy the inventory [of each of the founding partners],” said Wahl.
From now until December, a series of text campaigns will run with a select number of clients, the names of which Wahl wouldn’t disclose. Currently, pre-roll inventory is available against each of the broadcaster’s programs, but in time, more formats and products will roll out, particularly around viewer-targeting capabilities like interests and demographics. In time, it could expand to include other digital video inventory on connected TVs and set-top boxes via addressable TV, said Wahl.
The programmatic exchange is being run independently from the partners, an approach that’s emerged as vital ingredient for the longevity of such an alliance — without any internal bureaucracies within the shareholders slowing progress. They’re in the final stages of hiring a CEO and sales team to run the exchange. That team will sell the proposition to markets in a way that the partners can’t individually, according to Wahl.
Traditionally, in-market broadcaster rivalries have prevented the forming of longstanding alliances, particularly in the broadcast space. But in this case, working with pan-Europeean partners that aren’t direct competitors in their own local markets is of benefit. “We’re not in the same territories, so we’re finding ourselves in neutral territory, which certainly helps. It isn’t about controlling everything yourself; it’s about building an ecosystem in which you jointly do more than just sell your own products,” he added. |
Siam Commercial Bank gets behind AI technology | Thai-based Siam Commercial Bank has launched an artificial intelligence-focused subsidiary, SCB Abacus. The goal of establishing the subsidiary is to use AI to assess consumer behaviour, determining how to develop financial products meeting the demands of the bank's customer base. The bank has previously used AI to develop insurance products based on customer data, as well as in credit card security functions.
| https://www.bangkokpost.com/tech/local-news/1323307/siam-commercial-spins-off-ai-subsidiary | 2017-09-14 08:17:13.347000 | Siam Commercial spins off AI subsidiary
Siam Commercial Bank (SCB) wants to gain first mover advantage by adopting artificial intelligence (AI) technology to analyse consumer behaviours to develop financial products and services that better serve demand.
SCB Abacus, the bank's data unit that has been spun off into a wholly owned subsidiary, is responsible for using AI to analyse consumer behaviour.
With the bank's big database, SCB Abacus plans to leverage AI technology to keep up with customers' requirements.
As lifestyles become more digital, SCB Abacus aims to help the bank launch innovative products and services over the next three to six months, said SCB chief executive Arthid Nanthawithaya.
SCB Abacus is the bank's second unit under the SCB Transformation project, designed to sharpen its competitiveness in the face of rapid changes in the global business environment. Digital Venture (DV) was set up to prepare the bank for financial technology (fintech) disruption.
SCB Transformation started in the middle of last year and runs through 2020.
Sutapa Amornvivat, chief executive of SCB Abacus, said several financial projects are in the pipeline.
"We're testing several new innovative services, and some of them have high potential to be launched in the near future while others require more time for development," she said.
For instance, the company has adopted Internet of Things (IoT) and AI technology to design personalised insurance products that will promote healthy lifestyles by motivating customers to engage in physical and healthy activities. The company is also working on integrating AI into SCB call centres to enable the system to analyse customers' issues to better route them to the right contact point to improve service quality and customer satisfaction.
In the global banking industry, AI has been used for credit card fraud protection. SCB has used the technology for credit card security, but it needs further development.
The company wants to continue to develop AI technology for robo-adviser service, as well as facial recognition biometric technology for payment service.
SCB Abacus, in collaboration with the bank and DV, is creating the latest version of its mobile banking app, SCB Easy.
Registered capital for SCB Abacus is 10 million baht and it has 19 employees.
SCB shares closed yesterday on the SET at 151.50 baht, up 1.50 baht, in trade worth 1.43 billion baht. |
BBC creates interactive audio drama for voice-activated devices | The BBC's research and development lab is developing interactive audio content for voice-activated devices such as Amazon's Echo and Google Home. The dramas were shaped by technological restrictions, including the requirement for regular, unforced interaction, a limited preselected vocabulary and the need for a user to initiate, said Henry Cooke, a senior producer at BBC’s R&D team. The first offering, The Inspection Chamber, will be sent out for testing later this year.
| https://digiday.com/media/bbc-making-drama-amazon-echo-google-home/?utm_medium=email&utm_campaign=digidaydis&utm_source=daily&utm_content=170914 | 2017-09-14 08:04:44.317000 | Media companies have mostly used voice-activated devices like Amazon Echo and Google Home to deliver news headlines. The BBC’s research and development lab is trying to make stories people can interact with. One result of this is “The Inspection Chamber,” a Kafkaesque audio drama developed over the last nine months with production company Rosina Sound.
“Hello, my name is Dave,” says a female voice as the story begins. “I hope life has been comfortable in the containment room?”
As “The Inspection Chamber” continues, the listener hears from three separate characters: Dave, the female robot, and two scientists, Kay and Joseph. The two scientists, who may be aliens, have to correctly identify a new life form, the listener, before they can go home. (The story doesn’t clarify where it takes place or where “home” is.) The listener undergoes a scientific examination, answering questions like, “Do you feel special?” and “Are you in a happy mood or a gloomy mood?”
“The scientists have different approaches to solving the riddle, so there’s tension between them and tension between them and Dave, who appears less reliable than a computer,” said Henry Cooke, senior producer at BBC’s R&D team.
The story runs about 20 minutes. While the overall narrative doesn’t change, the details do depending on how people respond to questions. Cooke didn’t want to provide too much detail before the story is ready for public use, but he said there are three variations on the ending depending on listeners’ answers.
Voice-activated devices are designed for more simple commands like ordering a pizza or booking a train ticket, so the BBC has devised workarounds for creating fiction. Here’s what it has learned from working on “The Inspection Chamber.”
Encourage regular, unforced interaction
Alexa skills require people to talk at least every 90 seconds; for Google Home, it’s two minutes. The story must include reasons for the listener to reply without seeming forced. “Interactions with Dave became like scene breaks,” said Cooke. “It was a creative decision based on the tech limitations that turned out really nicely.”
Voice-activated devices can only understand a preselected set of words; developers indicate the vocabulary they expect listeners to use. Applying this to fiction means listeners must receive a list of acceptable answers, which can sound clunky. Because of these constraints, not all story scenarios are suitable. A fictional world driven by a procedure, like a scientific examination following protocol, allows the story to be structured without seeming out of place with the narrative.
Limit the number of characters
Starting the story by speaking to one character, Dave, who is similar to Alexa, connects the world of voice assistance to fiction before the rest of the narrative develops.
The BBC’s earlier prototypes, which read like TV show scripts, had too many interactions and were confusing. Another test, in which the user spoke to only one character, limited the story’s scope. Three characters are enough to ensure the listener understands their place in the story, can regularly interact with the device and doesn’t lose interest.
“We didn’t want to make the mental model and where people sit within it too confusing,” said Cooke, adding that to make it even clearer, a ding sound directs listeners when to speak.
The BBC is still testing “The Inspection Chamber” and will release it later this year to Taster, where the BBC releases its experiments for audience feedback. The story works on Amazon Alexa and Google Home and will operate on other devices as they come out.
Most of the time was dedicated to creating the script, with the final two months spent on recording and developing the story. “When building a skill, the work isn’t in the coding time but the modeling of it,” said Cooke. “That’s doubly so if you’re making a complicated fiction [story].” |
P&G lifts ROI from digital ad spend via ecommerce-led ad targeting | Working with ecommerce giants like Alibaba and Amazon to hone its ad targeting has helped Proctor & Gamble (P&G) to grow its ecommerce business and gain up to four times more return on investment (ROI), according to chief brand officer Marc Pritchard. It has also helped to improve the user experience, through better understanding of consumer behaviour and being able to deliver ads in the right context. Pritchard urged the industry to refine its "mass, one-to-one marketing strategies", which he blamed for weak sales growth relative to ad spend, particularly in the digital space.
| http://www.thedrum.com/news/2017/09/13/pg-working-with-amazon-and-alibaba-solve-the-issue-ad-overload | 2017-09-14 07:49:28.323000 | Procter and Gamble’s (P&G) chief brand officer Marc Pritchard has been working with the likes of Amazon and Alibaba as part of its “relentless” pursuit to clean up the digital supply chain and solve the problem of ad overload.
Speaking at Dmexco on Wednesday (13 September) the top marketer at the world’s biggest advertiser said that e-commerce players were helping it overcome the obstacle of excess frequency, an issue P&G vowed to resolve at the start of the year as part of its mammoth efficiency drive.
Speaking specifically on Alibaba and Amazon he said: “We’re able to use their unique consumer ID data and to [target] consumers precisely when they're ready to buy.”
Pritchard claimed this is accelerating P&G’s e-commerce business, which is already worth $3bn dollars and enjoying a growth rate of 30% year-on-year. He said the improved targeting is also contributing to its goal of cutting waste by 20% and improve ROI by up to four-times as much, but more importantly “it’s creating a better experience for users."
Tie-ups with platforms like Amazon give P&G the ability to understand more about consumer behaviour and deliver ads in the right context, according to Pritchard, who said that in turn this information allows the brand to put ads in front of eyeballs where they are more likely to deliver sales. This revelation comes at the same time as the e-commerce behemoth's role in the ad ecosystem is coming under the spotlight.
Bloom came off the rose
Meanwhile, Pritchard’s latest comments, come amid cuts to marketing budgets at P&G – which have resulted in a clampdown on ad spend to the estimated tune of $140m per-quarter, as well as a complete review of its agency roster to bring transparency to the digital supply chain.
So far, the move to exert greater control over its media strategy has come at no cost to the company’s bottom line. During the brand’s most recent earnings call, it noted that organic sales rose by 2% over the past three months, with chief marketing officer Jon Moeller noting that “almost all” of the marketing budget reductions his firm had enforced in the past three months were in the digital space.
Pritchard has previously been outspoken about the need for the industry to pull together to tackle what he believes is a “murky at best, fraudulent at worst” digital ecosystem.
The firm is now 60% of the way through its agency review, but Pritchard admitted that 2017 was the "bloom came off the rose" for digital media.
"As little as 25% of the money we spend in media actually makes it to the consumer, with $200bn in spending it was frankly time to stop giving digital media a pass, and insist that it grow up," he added.
Pointing to an average digital ad viewing time of 1.7 seconds, Pritchard said this is the reason he believes the ad industry is delivering collective and consistent low single-digit sales growth despite its mammoth spend on advertising.
Turning point
While he noted that the brand’s work around media transparency was yielding “encouraging” results and he used his Dmexco keynote to issue a further two “wake up calls” for the industry – imploring marketers to step up to the challenge of refining their mass one-to-one marketing strategies and to use advertising as a force for good.
"We are at a very important turning point, we are completing the first wave of transformation for digital media and we are at the starting line for the next big brand innovation," he said.
"Lets unleash our tremendous innovate power to create better experiences for the communities we serve, usher in greater good for the communities in which we live, and drive growth for the markets in which we compete." |
JP Morgan is in a bubble: Max Keiser | Financial broadcaster Max Keiser has responded to JP Morgan CEO Jamie Dimon's recent criticism of bitcoin by saying that the real financial bubble is in traditional banking. Keiser told Russia Today that the US dollar, bond and property markets are in bubbles, and that bitcoin and gold are the only assets that are not. He also criticised JP Morgan for its involvement in what he called the corrupt practice of financial repression by the US Federal Reserve. He added that bankers dislike cryptocurrencies because they make banks obsolete, endangering their jobs.
| https://www.rt.com/business/403290-bitcoin-bubble-jpmorgan-dimon-keiser/#.WbpSpGUP6Fg.twitter | 2017-09-14 07:40:08.373000 | The CEO of JPMorgan Chase Jamie Dimon has called bitcoin a fraud that will blow up. Max Keiser of RT’s Keiser Report has explained why the real bubble may be in banking, and not in the cryptocurrency.
“JP Morgan, along with the entire finance sector, has been subsidized by the Federal Reserve's corrupt practice of 'financial repression' that moves hundreds of billions from savers and pensioners, and workers, into JP Morgan and Jamie Dimon's pocket. Jamie's compensation is tied directly to manipulating JP Morgan's stock and option prices, thanks to the Fed's conflicted, corrupt, cozy malfeasance,” he told RT.
Financial repression is a term describing measures used by governments to channel funds to themselves as a form of debt reduction. These actions include the deliberate attempt to hold down interest rates to below inflation. In this system, benefits are transferred from lenders to borrowers. JPMorgan Chase stock has surged about 260 percent since June 2012.
According to Keiser, it is wrong to say bitcoin is a bubble or a fraud.
“The US dollar, bond markets, and many property markets are in bubbles. Bitcoin and gold are the only financial assets not in bubbles. To say bitcoin is fraudulent would be like saying gold is fraudulent. Some might say this, but no rational person would agree,” he said.
“As the bubbles in fiat money, bonds and stocks pop, capital will flow into bitcoin, gold, and silver. At some point, when his customers start leaving JPMorgan and move to more bitcoin-focused options, Jamie will be forced to capitulate, or get replaced,” Keiser added.
McAfee to JPMorgan CEO Dimon: it costs $1000 to mine 1 bitcoin. What does it cost to print US dollar? which one is the fraud?#bitcoinpic.twitter.com/SyWzaEOzhS — Joseph Young (@iamjosephyoung) 14 сентября 2017 г.
Keiser also explained why traditional bankers dislike cryptocurrencies.
“Bitcoin makes banks, essentially price gouging intermediaries and socially unacceptable leeches, obsolete. Bankers rightfully fear for their jobs as bitcoin replaces them,” he said.
JPMorgan Chase has a long history of paying high fines for violations of banking regulations. Since 2010, the bank has paid $28.7 billion for financial misconduct.
My memory is failing, was it Bitcoin or was it JP Morgan that was bailed out by the government? https://t.co/DHqFzr5UJN — Erik Voorhees (@ErikVoorhees) 12 сентября 2017 г.
The list includes $13 billion paid for toxic securities abuses in 2013, as the bank overstated the quality of mortgages it was selling to investors in the run-up to the financial crisis. |
US watchdog mulls fraud rule extension to protect elderly clients | US financial watchdog the Financial Industry Regulatory Authority is considering extending an incoming rule that's designed to protect elderly clients from fraudulent disbursements from brokerage accounts. If adopted, the extension would also allow the suspension of suspected fraudulent transactions. As it stands, Rule 2165, which comes into effect in February, will allow broker-dealers to freeze disbursements from accounts of elderly clients if fraud is suspected. | http://www.investmentnews.com/article/20170913/FREE/170919969/finra-could-consider-allowing-holds-on-transactions-if-elder-fraud | 2017-09-14 07:33:49.703000 | Finra is weighing an expansion of a rule to protect seniors from fraudulent disbursements from brokerage accounts to include fraudulent transactions as well, according to an executive at the regulatory organization.
The Finra rule in question is Rule 2165, which allows broker-dealers to place a temporary hold on disbursements from brokerage accounts if there’s reasonable belief of elder financial exploitation. The rule, proposed in last fall, goes into effect in February 2018.
“It’s about disbursements” of funds or securities, said James Wrona, vice president and associate general counsel at the Financial Industry Regulatory Authority Inc., the self-regulatory organization overseeing broker-dealers and their registered representatives. “It doesn’t apply to transactions. That is something we’re still considering.”
(More: Finra: Who’s watching the watchdog?)
Disbursements caused by elder financial abuse are a bigger problem for firms than transaction-related abuse, Mr. Wrona said at a Securities Industry and Financial Markets Association event in New York on Wednesday. Therefore, Finra wanted to tackle rules for disbursements first.
But if fraudulent brokerage transactions emerge as a problem after the first tranche of rulemaking, “we’ll consider broadening the rule to cover those,” Mr. Wrona told InvestmentNews.
He alluded to some of the potential challenges involved in such a process, such as placing a hold on a transaction when an investor wants to take advantage of the price of a security at a given time.
Finra’s rule is coming into effect at a time when regulators are beefing up investor protections around elder financial abuse.
Last year, the North American Securities Administrators Association issued a model rule requiring financial advisers to report suspected abuse to state and other authorities, allowing them to stop disbursements from seniors’ accounts and giving them protection from liability. Several states, including Alabama, Indiana, Louisiana and Vermont, passed laws in 2016 that followed or replicated the NASAA rule.
NASAA executives expect more states to follow suit.
A recent InvestmentNews investigation found instances of elder financial abuse stemming from the U.S. opioid epidemic are increasing. |
Canada's Stack joins with Mastercard for mobile payment system | Canadian mobile banking system Stack is taking on traditional banks with an innovative partnership with Mastercard. The deal represents the first time that a digital money account will offer a tap-to-pay option in North America. It gives Stack's more than 20,000 registered users access to a chip-and-pin-enabled card that links directly to their digital money account. Customers can also access to several currencies, including cryptocurrencies, as well as free, value-added services including automated savings. Stack's system is currently in beta, with a release due in the coming weeks.
| https://paymentweek.com/2017-9-13-stack-mastercard-get-together-new-digital-money-system/ | 2017-09-14 06:40:57.623000 | STACK, Mastercard Get Together on New Digital Money System
September 13, 2017 By: Steven Anderson
STACK’s plans to get in on the mobile banking industry have been pretty substantial so far. With a planned beta release in a couple weeks, and over 20,000 users registered so far, this Canadian mobile banking system is looking to take the market by storm. Now, it’s got one more reason to get users interested thanks to a new partnership with Mastercard.
The partnership effort will bring a kind of mobile payments component to the mobile banking app, giving users access to a chip-and-pin driven prepaid card from Mastercard that connects directly to STACK. That will give users access to a slate of retailers worldwide, as well as ATM networks and even measures of purchase protection.
This actually represents the first time in North America that a digital money account has offered users a tap-to-pay option, which makes it something of an achievement in its own right. Additionally, STACK users get access to a line of financial services—automated savings, social sharing and more—available without fees, giving it an edge over many brick-and-mortar institutions.
Users will have access to several different currencies, including cryptocurrency options, all from the same platform, which is noteworthy in and of itself given the growing interest in cryptocurrency as an investment platform.
Co-founder and current CEO of STACK Miro Pavletic commented “Partnering with Mastercard supports our mission to provide a better alternative to traditional financial services, without compromising convenience or reliability. Mastercard is a trusted technology expert in the payments industry, and we’re committed to working with the best of the best.”
A first-of-its-kind service is certainly worth paying attention to, and in this case, STACK is delivering plenty of value for its user base. It’s incorporating a growing new investment property, it’s effectively providing access to user’s money at any time of the day or night, and it’s doing all this without a lot of customer-facing fees. That might put some pressure on some banks, particularly with the millennial user who enjoys going mobile as much as possible.
This may not catch on like STACK would hope, but it’s got a noteworthy proposition going for it. It’s certainly got the millennial appeal to take some significant new ground, but it may need to open up its geographic area and its marketing to reach critical mass. |
Chinese caviar and steak match imported equivalents | Luxury foods such as caviar and steak are being produced in China at lower prices than imports, as the perception and quality of home-grown food improve. The appeal of sustainability and China's huge transport network have helped bolster the market. China is now one of the largest sturgeon farming areas in the world, offering caviar of high quality and helping to make the luxury food more accessible. China's own breed of luxury beef, Jiln, is now considered as being on a par with Australian Kobe beef, and is feeding China's huge appetite for high-quality steak.
| http://www.shanghaidaily.com/feature/ideal/Now-made-in-China-caviar-and-premium-steak/shdaily.shtml | 2017-09-14 06:39:48.833000 | Home » Feature » iDEAL
ENJOYING caviar with a mother of pearl spoon is almost a showcase of status and wealth in China.
Together with truffle and premium steak, it’s among the staples of a luxury lifestyle.
But now, these Western foods are being produced in China and they symbolize quality and sustainability.
Some of the price tags have even beaten the expensive imported foods, while some have made the luxury food cheaper to reach more people.
Otto Goh, executive chef at Kerry Hotel, Pudong, has created a new menu for The MEAT grill featuring caviar and steaks that are all grown and produced in China.
In the past, these items were often perceived as imported luxury goods.
“I favor these local Chinese ingredients because not only is the quality fantastic, it’s also safe and sustainable,” said the Malaysian chef who has a passion for ingredients and vast knowledge of Chinese-sourced ingredients.
The various businesses have been developing for several decades, and recently the results have started to show in the market.
China’s vast transportation network has also helped boost these industries.
The cold chain and logistics guarantee the freshest foods can be delivered promptly every day.
Cheaper caviar
Caviar is the processed and salted fish roe using the eggs of sturgeon, a prehistoric fish dating back to the Triassic period more than 2 million years ago. The “living fossil” can live to 100 years and weigh up to a ton.
It takes seven to 25 years for a sturgeon to mature and produce eggs. The fish roe itself has no taste and needs to be cured with salt.
Russian fishermen started to fish sturgeon along River Volga by the Caspian Sea in the 11th century, but the food didn’t become popular in Europe until the 19th century.
Traditionally, the best caviar comes from the Caspian, bordered by Russia, Kazakhstan, Turkmenistan, Iran and Azerbaijan. It’s the optimal habitat of sturgeon and the majority of the wild catch came from here.
But overfishing, habitat loss and pollution has made most of the 27 species of sturgeons highly threatened or vulnerable to extinction. In 2011, the Convention on International Trade in Endangered Species of Wild Fauna and Flora banned the wild caviar trade to protect the sturgeon.
To supply the world’s growing taste for caviar and saving the wild sturgeons, caviar aquaculture has been developed in many countries as a sustainable solution over the past decades.
China is amongst the largest sturgeon farming regions in the world. Breeding farms in Sichuan, Yunnan and Zhejiang provinces have been operating for more than two decades, where the 100 percent freshwater habitats in unpolluted areas are similar to the sturgeon’s natural habitat.
W3 Caviar, a company that supplies Chinese caviar to hotels and restaurants in Hong Kong and other parts of Asia, says no chemicals or growth hormones are used.
Regular and premium caviar is produced in China, including the Baerii caviar from Siberian sturgeon, the Amur Oscietra from Amur sturgeon, Royal Oscietra from the Russian sturgeon, Amur beluga, royal beluga and the rare golden caviar selected from albino sturgeon.
Yunnan Amur Caviar is one of the largest sturgeon breeders in China which produces sturgeon caviar, hybrid sturgeon caviar, Siberian sturgeon caviar and kaluga caviar. Its online shop retails the fish roes priced from 405-1800 yuan (US$62-277) for 30 grams.
Large scale caviar farming has made the world’s most expensive food accessible not just for the rich and wealthy.
“In the past, I didn’t quite agree with the use of caviar because it didn’t feel right, but now I encourage the use of farmed products because I want to help the industry, if we are not buying, the vicious circle might go back to catching the wild sturgeon and they will eventually die out,” said Goh.
His caviar and crispy duck (298 yuan) is the classic Peking roast duck with a twist. He layers a soft steamed bun, cucumber and a piece of crispy roast duck with caviar garnished on top. It comes in six servings, making a caviar dish affordable for more people.
The quality is now quite close to the wild caviar as the craftsmanship is improving year by year, said the chef, especially in the past three years when companies have started to make a profit. He uses W3 Caviar.
“The price is getting cheaper and cheaper, and there is more than one company doing it and the quality is all good,” he said. “It’s definitely getting better because the fish needs time to grow.
“I think Chinese caviar will be world famous.”
The signature imperial caviar and king crab refreshed with crustacean jelly, cauliflower cream dish (358 yuan) from the two Michelin-starred restaurant L’Atelier de Joël Robuchon is also using the Chinese caviar which has shown consistent quality.
Pricier beef
China is the world’s second largest beef importing country, bringing in beef from Australia, New Zealand, Canada, Brazil, Argentina, Uruguay and recently the United States.
The Chinese’s appetite for premium steaks was cultivated after Australian beef became a prominent player in the market.
The public is accustomed to thinking steaks made of Australian Wagyu beef are good quality and expensive.
But Goh has discovered a Chinese beef that can rival with the Japanese Kobe beef, and it’s much more expensive than Australian Wagyu.
“One time a friend who’s very rich invited me to dinner at his home and said he bought a piece of steak in Jilin that costed over 1,000 yuan. I didn’t believe him at first and the beef didn’t look like it’s from a domestic breed, so I started to do research online.”
Tianyigangshan black is a premium domestic cattle breed in the Changbai Mountain region in Jilin Province that is filling the gap for the lack of high-grade domestic beef.
Jilin Black Cattle Industry Co Ltd was founded in 2003 with the goal of developing China’s high-grade beef.
It’s identified by China’s Ministry of Agriculture as a standardized demonstration farm and the research, development and experiment base for key technology for a quality beef industry in state scientific and technical support projects.
The breed is a hybrid of introduced foreign cattle and Chinese yellow cattle, using F1 generation of mother cattle to reproduce F2 generation of embryonic bovine. The company works with local farmers to ensure the calves are taken good care of when they are born.
The cattle drink mineral water from the Heavenly Pool of Changbai Mountain and feed on fine fodder of corn, barley and bean cakes. The colder climate is also ideal for raising cattle.
According to the company, the Tianyigangshan black cattle live a good life — eating good feed, sleeping on soft beds, listening to music and even getting massages in an air-conditioned environment.
Energy-saving and environmental protection is also a key in developing China’s own high-grade beef.
The company introduced an automatic processing line of biomass pellet fuel in 2010, which is clean and pollution free.
The beef is graded on its color and fat distribution. Tianyigangshan black cattle can reach a marbling score of 10 to 12, the meat is very soft and the flavor is so rich that not everyone can finish a whole steak.
Other foods
Yunnan is a key area for producing foods of Western origin domestically.
The unique climate and geographical conditions can accommodate the farming of many products — from coffee to truffles. The land of mushroom grows one of the world’s most expensive funguses: truffles. Wild truffles are mainly found in Sichuan and Yunnan. The Chinese black truffle is related to the French black truffle.
Because the wild truffles have become increasingly rare due to over-harvesting, many plantations have been established to supply the high demand.
Yunnan is famous for its Pu’er tea, but the province also supplies coffee for China and abroad, mostly Arabica. |
Redrow Liverpool 'nature gem' flattened before inquiry can decide on saving it | Campaigners have expressed their disapproval after an area of green space at Allerton Priory, Liverpool was flattened before a public inquiry could decide if it should be preserved as a wildlife habitat. A planning inspector was due to visit the area of green space on 3 October after Redrow Homes appealed against Liverpool City Council's unanimous vote rejecting a 160-home development on the land last year. Environmentalists and the council had identified the site as ecologically significant, said Steve Hopley, the chairman of the Save Allerton Priory campaign group.
| http://www.liverpoolecho.co.uk/news/liverpool-news/outrage-nature-gem-flattened-just-13616153#ICID=nsm | 2017-09-14 06:21:26.910000 | There was outrage after a piece of land was FLATTENED just weeks before a public inquiry could determine if it should be saved for wildlife.
A planning inspector will visit an area of green space at Allerton Priory at the start of October to determine whether developer Redrow can build 160 new homes there - a plan that is opposed by Liverpool City Council as well as local residents and campaign groups.
But just weeks before the start of that inquiry, the land has been flattened and mown - much to the outrage of local people and environmentalists.
This is because one of the key arguments against developing on the 33-acre site is that campaigners believe the site forms part of a potential designated Local Wildlife Site.
Recent images sent to the ECHO before the work was carried out show the area covered in thick greenery - which activists believe could provide ideal habitats for certain species.
Steve Hopley is chair of the Save Allerton Priory campaign group, he said: “Both Save Allerton Priory and Liverpool City Council are defending their case on the grounds of heritage, greenspace, ecology and planning matters.
“The proof of evidence deadline was Tuesday/Wednesday last week, where each of the three main parties exchanged evidence with the other two parties.”
(Image: Liverpool Echo)
He said that on ecology matters, different environmental groups and the council have “detailed the extensive ecological significance of the site.”
He pointed out that one contributor, Rachael Rhodes of the Merseyside Environmental Advisory Service said that ecological information provided by local people during the planning process has “confirmed that the appeal site on its own qualifies as a Local Wildlife Site for its butterfly and breeding bird assemblage” - and that this could be seriously affected by the recent treatment of the site.
It is unclear who has carried out the work to mow and flatten the land - but it has been described as “despicable” by environmental campaigner Carlee Graham.
She said: “I surveyed the species last year and know the site is truly a gem of nature. I’m disgusted by the tactics being played out.”
It is not the first time that controversial incidents have taken place on the land - the land was also flattened and mowed in April, shortly after a suspected arson attack left the whole area badly burnt.
(Image: Liverpool Echo)
At the end of last year, the council’s planning committee unanimously voted against the proposals for the development next to Allerton Priory Home Farm.
But Redrow has appealed against that decision and the public inquiry is due to begin on October 3.
The ECHO has contacted both Redrow and Maghull Developments - which is believed to own the land - for a response. |
Alibaba tie-up to bring New York Fashion Week to Chinese audience | Chinese e-commerce giant Alibaba is partnering with New York Fashion Week to host a series of events that will introduce US designers to a potentially huge Chinese audience. NYFW: The Shows will include a 'see-now buy-now' presentation, set to air on Alibaba’s business-to-consumer platform Tmall in the run-up to China's Single’s Day shopping holiday on 11 November. Alibaba's inaugural Single's Day show last year reached seven million viewers. In return, Chinese designers selected from this year's Tmall event will be spotlighted in next year's New York Fashion Week, as part of NYFW: China Day. | https://qz.com/1076433/alibaba-and-nyfw-are-partnering-to-introduce-new-york-designers-to-china/ | 2017-09-14 06:20:43.857000 | New York Fashion Week and China are cozying up to each other, thanks to a new partnership between NYFW: The Shows, which is the part of NYFW managed by entertainment giant IMG, and China’s largest e-commerce company, Alibaba. The deal will introduce New York labels to a giant new Chinese audience, while also increasing the already-strong presence of Chinese talent at the internationally watched New York shows.
As part of the arrangement, Alibaba will feature some NYFW regulars, including Opening Ceremony and Robert Geller, in a shoppable, “see-now buy-now” fashion show hosted on Tmall, Alibaba’s business-to-consumer platform. The show will be part of the run up to China’s incredibly massive online shopping holiday, Single’s Day, which takes place on Nov. 11. Alibaba says it live streamed its debut Single’s Day fashion show last year to 7 million viewers, and that the New York designers “will gain first-time exposure to the more than half a billion consumers visiting Alibaba’s platforms.”
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Then, in September 2018, New York Fashion Week will introduce “NYFW: China Day” to highlight Chinese designers selected from Tmall’s 2017 “see-now buy-now” show. Alibaba hasn’t yet announced which designers might be included, and additional details on exactly what “NYFW: China Day” will entail weren’t available.
In any case, the event should bolster China’s growing presence in the New York fashion world. While the major European fashion weeks are still light on Chinese names, New York has become an important international platform for many Chinese designers, as the publication Jing Daily recently pointed out. Shanghai-based Taoray Wang, for instance, has become a fixture on the NYFW schedule, developing a US following that includes Tiffany Trump, daughter of US president Donald Trump and a prominent fan of Wang’s. In February, the Council of Fashion Designers of America even signed an agreement with Chinese entertainment firm Suntchi—also involved in the new Alibaba deal—to help along the exchange of fashion business between the two countries.
Chinese design students have also become common in New York, at colleges such as Parsons School of Design, one of the world’s top fashion schools. Often these students will graduate and get jobs in the New York fashion industry on an Optional Practical Training visa, something they can’t always do in the UK, making New York an attractive place to study and creating a pipeline for Chinese talent into the industry. For instance, Calvin Luo, who moved to New York from China to attend Parsons and subsequently launched his own label, showed his latest women’s collection at NYFW yesterday (Sep. 12). The trend could grow in the near future, as the Council of Fashion Designers of America has called for more visas allowing immigrants to enter the US fashion industry.
At the same time, US fashion brands are looking increasingly to China, where many in the rapidly expanding middle class are seeking out their first tastes of international fashion. The new Alibaba deal aims to satisfy them, and gives Jack Ma, the company’s founder and CEO, something else to dance about.
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An earlier version of this story listed the date of Single’s Day as Oct. 11 instead of Nov. 11. |
Burger-flipping robots to arrive at Californian restaurants | Fast food chain CaliBurger will introduce a burger-flipping robot to 50 of its locations. Called "Flippy", the robot was designed by start-up Miso Robotics. Unlike an assembly line robot which must operate in fixed locations, a combination of machine learning and sensors enable the robot to navigate its surroundings and learn when a burger is cooked. However, a human must still prepare the cooked burger, place cheese on the grill and add toppings.
| http://www.zmescience.com/science/news-science/burger-robot-flipping-meat-0432432/ | 2017-09-14 06:15:19.253000 | Scholars have warned that demand for low-skilled jobs will drop sharply following automation and flipping burgers is definitely on the robo-overlord menu, as CaliBurger can attest. The fast-food restaurant chain present all over the United States, but also in countries like China, Sweden, Qatar or Taiwan, said it will introduce a burger robot in fifty of its locations.
The kitchen assistant, known as ‘Flippy’, was designed by a startup called Miso Robotics which specializes in “technology that assists and empowers chefs to make food consistently and perfectly, at prices everyone can afford.”
It looks like a cart on wheels with only one arm and no legs. With six axes though, the arm has plenty of freedom of motion so the robot can perform a variety of tasks. In fact, Miso claims this robot is more akin to a self-driving car than an assembly line machine.
What they mean is that Flippy uses feedback-loops that reinforce its good behavior so it gets better with each flip of the burger. Unlike an assembly line robot that needs to have everything positioned in an exact ordered pattern, Flippy’s machine learning algorithms allow it to pick uncooked burgers from a stack or flip those already on the grill. Hardware like cameras helps Flippy see and navigate its surroundings while sensors inform the robot when a burger is ready or still raw. Meanwhile, an integrated system that sends orders from the counter back to the kitchen informs Flippy just how many raw burgers it should be prepping.
Miso engineers working on Flippy’s algorithms had to flip burgers to get in the right mindset. The video below gives you an idea how Flippy sees the grill from its point of view.
‘Flippy cooks burgers perfectly — every time’
Flippy is supposed to be a kitchen assistant and can’t replace human workers entirely — not yet, at least. A human still has to prepare the cooked burger, place cheese on the grill or add toppings like sauce. Momentum Machines, a company that has been working on its own burger bots for some years, is allegedly introducing these additional steps into its machines’ routine. It might not take too long before human presence in the burger grilling kitchen is superseded.
Moving on beyond burgers, it’s quite reasonable seeing Flippy preparing other dishes like fish, chicken, vegetables and such. Moreover, its compact size and adaptability mean that the machine can be installed in any restaurant’s kitchen as it is, with no additional hassle. Flexibility is the keyword here.
Over the next two years, Flippy bots will be installed in 50 CaliBurger restaurants around the world. One Pasadena restaurant is already enjoying the fruits of its labor. However, we can’t speak in the name of the 2.3 million likely underpaid cooks currently employed in the United States. At least, Miso’s CEO admits their product will put people out of jobs.
“Tasting food and creating recipes will always be the purview of a chef. And restaurants are gathering places where we go to interact with each other. Humans will always play a very critical role in the hospitality side of the business given the social aspects of food. We just don’t know what the new roles will be yet in the industry,” the company’s CEO and co-founder David Zito said.
Just take a look at the following promo video and tell me that human worker’s face doesn’t spell ‘show-off!’.
On a more serious note, it’s clear nobody has any idea what will happen to all these displaced jobs. Tech startups are in a competition to be as disruptive as possible with not much regard for what happens next to the industry they’re affecting. Quite frankly, that might not be their responsibility. Nobody had any beef with Henry Ford when he flooded the market with millions of Model-Ts, pulling horse and buggies out of the streets. This time, however, it looks like a whole different ball game. Artificial intelligence and robotics are disrupting multiple industries at the same time. Vehicles, health, law, food. You name it. |
Furhat Robotics raises $2.5m in seed round | Swedish start-up Furhat Robotics raised $2.5m in seed funding from investors LocalGlobe and Balderton Capital. The Stockholm-based firm, created by researchers from the city's Royal Institute of Technology, is developing machines which mimic human personalities, gestures and intonation. Furhat is already working with firms including Honda, Intel and Toyota to develop apps, as well as the Swedish employment agency, which uses the conversational robot as a training tool. The new funds will be used to build out the technology and explore use cases. | http://tech.eu/brief/furhat-robotics-funding/ | 2017-09-14 05:33:47.187000 | Stockholm-based Furhat Robotics has raised $2.5 million in a seed round from Balderton Capital and LocalGlobe.
Founded by researchers from Stockholm’s Royal Institute of Technology, Furhat is building machines with “social intelligence” that resemble human personality, gesture, and intonation. The human-like robot face, which is a 3D projection, mimics human expression and is built on a software platform, or its “brain”.
The long-term goal of the technology is to create a new interface between humans and tech.
“We believe social robotics will be as disruptive as the smart phone or the PC, and we are at the very early days of a technology that will allow us to interact with machines in a more human like manner,” said Samer Al Moubayed, CEO of Furhat.
“Furhat can potentially be used in thousands of different ways. To enable Furhat as a platform, we are building an operating system for conversational robots, and we expect people will come up with amazing ideas and ways to use it that have the potential to disrupt many markets.”
The new funds will be invested in building out the technology and exploring use cases in education, therapy, and customer service as well as entertainment. The company is currently working with Swedish public services as well as companies like Honda, Intel, Merck, Toyota, and KPMG to develop apps on the platform.
The Swedish employment agency is using the conversational robot to prepare people for job interviews and to train teachers.
Honda is using Furhat to develop a conversational tool for the elderly in a smart home setting while KPMG is designing a Furhat-enabled financial advisor interface.
Furhat also plans to double in size by recruiting more engineers and PhDs to boost the development of the platform as well as hiring for the business side of things.
“As humans are beginning to get comfortable with one-step non-emotive voice communications with machines, we are excited to be supporting Furhat who are at the centre of the next jump in interaction,” said Daniel Waterhouse, partner at Balderton. |
Lionsgate uses augmented reality to advertise movie on Facebook Live | Entertainment company Lionsgate broke new ground in a Facebook live event, promoting its new My Little Pony film using augmented reality to animate two characters in real time. Thanks to California-based AvatarLabs, the event saw two characters from the movie brought to life, using animation and facial recognition technology to capture the human actors' movements and responses, which were then displayed on the social media site. Similar technology has been integrated into Apple's recently launched iPhone, as well as Apple Watch and Apple TV. | https://www.mediapost.com/publications/article/307253/ | 2017-09-14 05:31:10.057000 | by Laurie Sullivan @lauriesullivan, September 13, 2017
In a first, Lionsgate presented a multi-character animated streaming event on Facebook Live to debut the theatrical release of "My Little Pony: The Movie."
This event featured two characters from the movie -- Pinkie Pie voiced by Andrea Libman, and Twilight Sparkle voiced by Tara Strong -- animated in real-time by responding to the voices and human movement of their real-life actors. The movie is scheduled for release October 6.
Jason Steinberg, director of client services at digital marketing agency Avatarlabs, believes this is the first time two animated characters have interacted live with each other.
The key performance indicators were the typical engagement -- views and reach -- but Steinberg said when doing something new like this campaign it's best not to have KPIs.
Innovating using new technology typically has its challenges. "The technology isn't designed to work together and you need to build unique bridges," he said. "As with posting any video online, there's latency and delays."
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For example, one challenge was eliminating the delay between a posted comment and the live video feed. Steinberg said Avatarlabs had to determine from which server Facebook would stream the content. The content was routed through a server in Atlanta, which was affected by the hurricane.
Adobe Character Animator tracks the human face and animates the character as the person talks, said James Safechuck, head of innovation and emerging technology at Avatarlabs.
AvatarLabs' integration of the Adobe Character Animator and Unity software brought the event to life.
The Ponies mentioned the Apple presentation featuring the new iPhone, Apple Watch and Apple TV, which took place earlier in the day and responded to fans, calling out the names of those who left comments in real-time.
The actors were live in studio, while fans worldwide tuned in via Facebook and submitted questions and comments. Animation technology and facial recognition captured the actors’ responses and displayed them in real-time on the Facebook platform.
The technology is easily combined with other media such as search.
Apple integrated a similar technology into a new augmented reality application called Animoji that was unveiled Tuesday, along with the latest versions of the iPhone, Apple Watch and Apple TV. The technology allows users to create animated emoji messages that reflect their facial expressions and voices. The Animoji program uses the iPhone X’s True Depth camera to track more than 50 facial motions and process them in real time. |
Chinese demand for plastic set to grow after waste import ban | Chinese demand for plastic is expected to increase as the country plans to implement a ban on waste-plastic imports by the end of the year. The move is part of a wider restriction on imports of waste products and is expected to lead to a surge in Chinese orders for new plastics from overseas. China imported 7.3 million metric tons of waste plastics last year, taking over half the world's leftover supplies of the material. As a result of the ban, China's demand for the thermoplastic polyethylene is predicted to grow by 6.6% in 2018.
| http://www.hydrocarbonprocessing.com/news/2017/09/chinas-plastic-demand-to-rise-as-foreign-garbage-ban-to-curb-recycled-supply | 2017-09-14 05:30:10.077000 | China's plastic demand to rise as foreign garbage ban to curb recycled supply
SINGAPORE (Reuters) — China's already soaring plastic demand may rise even further as the government plans to ban waste-plastic imports by the end of this year, which will curb domestic plastic recycling.
The expected increase in plastic demand highlights the consequences of China's pollution fight and its efforts to modernize its industry. As part of this drive, the world's top importer of rubbish said in July that it would stop importing garbage by the end of this year.
To make up for the loss of recycled plastic, petrochemical producers and exporters to China from the Middle East, South Korea, Thailand and Singapore are expected to receive more orders for products including polyethylene, a thermoplastic found in almost everything from grocery bags to bubble wraps, pipes, medical devices and even bulletproof vests.
"From next year, demand for polyethylene would get even better as the impact of the ban would be felt," said a source from a Chinese firm that produces and markets petroleum and petrochemical products.
China imported 7.3 MMt of waste plastics last year, taking in over half the world's leftover plastic.
Of the 7.3 MMt, polyethylene made up about 2.53 MMt in 2016, and this is expected to fall to between 1.7 MMt and 1.8 MMt this year, data from IHS Markit Chemical showed.
IHS Markit expects China's polyethylene demand to grow by 6.6% from 2017 to 2018, outpacing Asia's overall growth of 5.5%.
"The ban of scrap/waste plastics is definitely positive for polyethylene producers as there will be a shift of consumption from recycled polyethylene to prime virgins polyethylene," said J.P. Nah, director of polyolefins at IHS Markit Chemical.
Nah said Asia's 2017 total polyethylene demand would be around 41.5 MMt, with China accounting for some two-thirds of total demand.
China's position as a key Asian producer of disposable medical devices will add to the country's demand for polyethylene, said Nikhil Vallabhan, a senior consultant at Frost & Sullivan for Asia Pacific.
Polyethylene makes up only about 9% of the total plastics used in medical devices because of its higher cost over competing plastic polyvinyl chloride. However, polyethylene demand for the devices is expected to increase in absolute terms, said Vallabhan.
"With countries and regions such as India and Southeast Asia being labelled as destinations for medical tourism, we could expect the demand for high quality medical devices to grow at a robust pace in the region," he said. "The usage of (polyethylene) in containers, syringe plungers and tubes will continue to grow."
Reporting by Seng Li Peng; Editing by Henning Gloystein and Christian Schmollinger
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Electronic artificial skin could give robots a sense of touch | Stretchable rubber sensors could be used as an artificial skin for robots, the University of Houston has found. A soft, flexible robot that's able to feel its surroundings could work alongside humans without endangering them, said Cunjiang Yu, an assistant professor of mechanical engineering at the University of Houston. Yu adds that the rubber sensors could also be used for wearable electronics, digitised clothing, and smart surgical gloves. | https://www.livescience.com/60386-robots-artificial-skin-stretchy-semiconductor.html | 2017-09-14 05:01:55.163000 | Rubber electronics and sensors that operate normally even when stretched to up to 50 percent of their length could work as artificial skin on robots, according to a new study. They could also give flexible sensing capabilities to a range of electronic devices, the researchers said.
Like human skin, the material is able to sense strain, pressure and temperature, according to the researchers.
"It's a piece of rubber, but it has the function of a circuit and sensors," said Cunjiang Yu, an assistant professor of mechanical engineering at the University of Houston. Yu and his team describedtheir innovation in a study published online Sept. 8 in the journal Science Advances. [Super-Intelligent Machines: 7 Robotic Futures]
Yusaid the rubber electronics and sensors have a wide range of applications, from biomedical implants to wearable electronics to digitized clothing to "smart" surgical gloves.
Because the rubbery semiconductor starts in a liquid form, it could be poured into molds and scaled up to large sizes or even used like a kind of rubber-based ink and 3D printed into a variety of different objects, Yu told Live Science.
One of the more interesting applications could be for robots themselves, Yu said. Humans want to be able to work near robots and to coexist with them, he said. But for that to happen safely, the robot itself needs to be able to fully sense its surroundings. A robot — perhaps even a soft, flexible one, with skin that's able to feel its surroundings—could work side by side with humans without endangering them, Yu said.
In experiments, Yu and his colleagues used the electronic skin to accurately sense the temperature of hot and cold water in a cup and also translate computer signals sent to the robotic hand into finger gestures representing the alphabet from American Sign Language.
Electronics and robots are typically limited by the stiff and rigid semiconductor materials that make up their computer circuits. As such, most electronic devices lack the ability to stretch, the authors said in the study.
In research labs around the world, scientists are working on various solutions to produce flexible electronics. Some innovations include tiny, embedded, rigid transistors that are "islands"in a flexible matrix. Others involve using stretchy, polymer semiconductors. The main challenges with many of these ideas are that they're too difficult or expensive to allow for mass production, or the transmission of electrons through the material is not very efficient, Yu said.
This latest solution addresses both of those issues, the researchers said. Instead of inventing sophisticated polymers from scratch, the scientists turned to low-cost, commercially available alternatives to create a stretchy material that works as a stable semiconductor and can be scaled up for manufacturing, the researchers wrote in the study.
Yu and his colleagues made the stretchable material by mixing tiny, semiconducting nanofibrils — nanowires 1,000 times thinner than a human hair — into a solution of a widely used, silicon-based organic polymer, called polydimethylsiloxane, or PDMS for short.
When dried at 140 degrees Fahrenheit (60 degrees Celsius), the solution hardened into a stretchable material embedded with millions of tiny nanowires that carry electric current.
The researchers applied strips of the material to the fingers of a robotic hand. The electronic skin worked as a sensor that produced different electrical signals when the fingers bent. Bending a finger joint puts strain on the material, and that reduces electric current flow in a way that can be measured.
For example, to express the sign-language letter "Y," the index, middle and ring fingers were completely folded, which created a higher electrical resistance. The thumb and pinky fingers were kept straight, which produced lower electrical resistance.
Using the electrical signals, the researchers were able spell out "YU LAB" in American Sign Language.
Yu said he and his colleagues are already working to improve the material's electronic performance and stretchiness well beyond the 50 percent mark that was tested in the new study.
"This will change the field of stretchable electronics," he said.
Original article on Live Science. |
Britain's maize boom brings biofuel future closer | The increased farming of maize in Britain may contribute to a faster adoption of biofuel. Hectares dedicated to growing the crop rose from fewer than 25,000 to almost 200,000 between 1985 and 2016. A quarter of all maize grown is transformed through anaerobic digestion to create methane for electricity generation. However, there are concerns that the crop could cause environmental damage, and that the fuel may be inefficient. The UK government has said that new biogas facilities will only gain subsidies if at least 50% of the gas generated was made from waste materials. | https://www.economist.com/news/britain/21728821-crops-cultivation-has-increased-nearly-tenfold-feed-cows-and-biogas-generators-maize | 2017-09-14 03:43:06.937000 | IN A field on the outskirts of Norwich, Innes McEwan, head of farming at Future Biogas, explains the benefits of maize. It is full of starchy energy, responds well to organic fertilisers, has a short growing season and can be cultivated in a range of soil types, including the sandy stuff found in parts of East Anglia. It is also, he notes wryly, “a physically domineering crop”—something that is made clear as he plunges through a densely packed plot.
Although little of the British countryside could be confused with Iowa or Mato Grosso, where maize has long been big business, the plant’s tall green shoots are an increasingly common sight. In 1985 less than 25,000 hectares were devoted to the crop. By 2016 nearly 200,000 were. It is especially common in the south-west, where cattle farming is concentrated.
The growth came in two spurts. First, in the 1990s dairy farmers began to use maize as a high-energy feed for cows, says Richard King of Andersons, an agricultural consultancy. As herds were moved into barns, and thus away from grass, more and more munched maize. Then, beginning a decade or so ago, the plant began to be used as a form of green energy. When Mr McEwan’s crop is harvested next week, it will be transported to a nearby anaerobic-digestion facility, whose methane belches will power a generator that feeds electricity into the national grid.
A quarter of maize grown in Britain now goes into such digesters, up from a hundredth just seven or eight years ago, says John Morgan of the Maize Growers Association. The result is that maize is increasingly sprouting in parts of the country with few dairy herds. Future Biogas has anaerobic-digestion plants along the east coast, for instance, so that the energy produced can run straight into the grid coming from the North Sea.
The spread of maize bothers some. The Soil Association, a charity, frets that the tall crops leave the earth exposed. Maize is often harvested late in the year when the soil is wet, allowing pesticides to run off the ground and increasing the risk of floods. Some farmers have taken steps to tackle this. New varieties of maize, tailored for the British climate, can be harvested earlier. Planting another crop beneath the maize may help stop soil erosion.
A more damaging criticism is that maize makes an inefficient fuel. Anaerobic digesters do most to reduce carbon emissions when they convert waste products to energy. The growth of maize, by contrast, requires considerable energy inputs, from petrol for tractors to fertiliser. It also means that food crops have to be grown elsewhere, increasing farm emissions, notes Rob Bailey, an energy analyst at Chatham House, a think-tank.
Such displacement will be less common in future, though. The trend in dairy farming “is to go back to what everyone assumes happens already,” says Peter Melchett of the Soil Association: “that cows graze grass.” Meanwhile, at the end of last year the government announced that new biogas facilities would receive subsidies only if they generated at least 50% of their gas from waste. More stringent conditions mean the outlook for maize is no longer so sunny. |
India exploring green alternatives to air conditioning | Rising temperatures are increasing the number of air conditioning (AC) units in the world, with 700 million units expected to be added to the global total by 2030 and 1.6 billion units to be added by 2050. Hydrofluorocarbon (HFC) refrigerants used in such units produce greenhouse gases that are thousands of times more warming than carbon dioxide. At current rates, HFCs could be responsible for 19% of all emissions by 2050. AC units also consume huge quantities of electricity. Developers in India are exploring alternative cooling methods, including building design and energy efficient coolers that use evaporation rather than refrigerants. | https://www.theverge.com/2017/9/14/16290934/india-air-conditioner-cooler-design-climate-change-cept-symphony | 2017-09-13 22:00:00 | When Rutam Vora was growing up in Vadodara, a city of about 2 million people near the western coast of India, his parents kept cool each summer by drenching bedsheets in water and hanging them in the windows of their house. When the scorching westerly wind known as the loo swept in and hit the sheets, the evaporating water absorbed the brunt of the heat. White chalk spread on the roof reflected the sun and dropped the temperature further. They were old methods of coping with the heat, like drinking lassis or chaas when “struck by the loo,” and they were effective.
But the weather, already hot, has been getting hotter. In the summer of 2015, it hit 114 degrees Fahrenheit in nearby Ahmedabad, where Vora works as a correspondent for The Hindu. The next summer, it passed 122 degrees, a record. It’s not uncommon for people to wrap their faces in wet cloth when venturing onto the furnace-like streets, and the wind is so hot it feels heavy. “For about a decade, the temperature has been going up,” Vora said. “But now, the last couple summers have been extreme, going beyond normal, bearable conditions.”
Earlier this year, Vora’s mother came down with a bacterial infection, and part of the doctor’s prescription was to stay cool. When the meteorological department warned of yet another punishing summer on the way, Vora decided it was time to buy an air conditioner.
“The last couple summers have been extreme, going beyond normal, bearable conditions.”
Across India, millions of people are making similar calculations. The share of Indians with air conditioning is still small, roughly 5 percent, but it’s growing fast. Rising incomes are making air conditioners more attainable, while rising temperatures are making them a necessity. “There are hundreds of millions of people for whom air conditioning doesn't seem like a luxury good,” said Michael Greenstone, director of the Energy Policy Institute at the University of Chicago. “It can mean the difference between life and death.”
The cooling industry has found a ready market in Ahmedabad, the largest city in the state of Gujarat. The city bakes each summer until the monsoon comes, at which point temperatures drop into the 90s and the humidity rises to stifling levels. Above the city’s winding streets, crowded with fleets of auto rickshaws and mopeds, billboards declare that every home deserves Hitachi cooling. Elsewhere, Panasonic ads extol the speed at which its “life conditioners” can cool a room. Apartment ads list AC first among amenities offered, and restaurants promise relief from the heat. Appliance shops along the roadside display the industry’s major players in big letters on their windows: Hitachi, Mitsubishi, Blue Star, Panasonic, General — the King of Cool, etched in glass with a crown — Daikin, Carrier.
The world is on track to add 700 million new ACs by 2030, and 1.6 billion by 2050, largely in hot, developing countries like India and Indonesia. But the AC boom threatens to worsen the crisis it’s responding to, and widen the divide between those who can afford to stay cool and those left out in the heat.
Air conditioners use refrigerants, and some of the most common types — hydrofluorocarbons, or HFCs — are powerful greenhouse gases, with thousands of times the warming potential of carbon dioxide. If HFC use continues to grow at its current pace, these chemicals could make up as much as 19 percent of emissions by 2050. International initiatives are set to phase down the worst offenders, but air conditioners contribute to climate change in a second way: they consume a tremendous amount of electricity. Handling the growing load will require adding thousands of new power plants to the grid.
The AC boom threatens to worsen the crisis it’s responding to
Air conditioners may be a double-edged tool, but some way of adapting to the rising heat will have to be found. High temperatures are already interfering with people’s ability to work, making people sick, and outright killing thousands. If heating is considered a basic requirement in Western countries, said Satish Kumar, executive chairman of the New Delhi-based Alliance for an Energy Efficient Economy, it’s time to start thinking about cooling the same way. “We are saying that a basic level of thermal comfort in order to be productive, in order to sit comfortably in your home during the night, it should not be a question. Everybody should have access to that level of comfort.”
Vora recalls the first time his family turned on their AC. His father announced that “from now onwards, the summer has gone from our life.” His mother asked the mechanic what temperature to keep it at to minimize electricity bills. “We survived so many decades, my father, and the people of his age, they would have hardly used AC,” Vora said. “But mine, and I imagine the next generation, they can’t live without it.”
A drink vendor on a hot day in New Delhi.
One of the dangerous things about heat is the way it can sneak up on you. We deal with hot days all the time, and generally, they’re uncomfortable at worst. We wear light clothes, stand in the shade, fan ourselves, and commiserate. Our bodies work to stay at around 98.6 degrees: blood vessels dilate to move heat to the skin where it can be radiated into the air. If that’s not enough, we produce sweat, and heat gets absorbed turning it to vapor. But the effects of heat are nonlinear, and the line between discomfort and danger can be hard to detect. When the air becomes hotter than the body, skin stops radiating heat and starts to absorb it. If humidity is high, sweat can’t evaporate into the already saturated air. If you exert yourself, your core temperature will start to climb, and your body will struggle to bring it down.
Discomfort turns into fatigue, nausea, disorientation — symptoms of a fever, which is what it is. Skin turns bright red and sweat pours out as the body’s cooling systems go into overdrive. The heart starts to pound as it struggles to pump thickening blood, muscles spasm, sweat runs dry. At that point, the body is uncontrollably overheating. If its temperature isn’t brought down by ice baths and intravenous fluids, the cells’ mitochondria start to break down, organs fail, and death follows.
Seemingly small increases in global average temperatures hide a crucial shift in the extremes. What were uncomfortably hot days are becoming dangerously hot, dangerously hot days are becoming deadly ones. This shift is already perceptible in India: the mean summer temperature has risen less than a degree since 1960, but heat waves that kill more than a hundred people have become more than twice as likely.
“Our choices now are between bad and terrible.”
By the end of the century, almost half the people on Earth will face deadly heat and humidity for more than 20 days a year, according to a study by Camilo Mora, a researcher at the University of Hawaii. And that’s the best-case scenario, with drastic reductions in carbon emissions. If emissions continue on their current trajectory, three-quarters of humanity will face deadly heat. Regions in the Persian Gulf, Bangladesh, and northeast India may become so hot and humid that, in the words of another recent study, they pass the “upper limit on human survivability,” deadly to anyone who ventures outside for more than a few hours. “Our choices now are between bad and terrible,” Mora said.
For the past century, the best technology we’ve had for coping with heat has been the air conditioner. Air conditioners run refrigerant through coils in a loop. The refrigerant absorbs heat from inside a room as it turns from liquid to gas, then deposits heat outside as it’s condensed into liquid again. Because cooler air holds less moisture, water vapor condenses on the conditioner’s coils, lowering the humidity. (That condensate is the liquid that drops on city-dwellers’ heads in the summer.)
Though primarily thought of as a comfort appliance, ACs also save lives. As air conditioning spread through movie theaters, offices, and homes in the 20th century United States, heat-related deaths plummeted. (Without AC, heat and humidity in places like Florida can quickly become deadly, as became clear when several residents died at a nursing home after Hurricane Irma.) Air conditioning enabled the growth of hot cities like Phoenix and Houston, but it eventually became standard even in temperate regions, finding its way into 87 percent of US homes.
“AC has become a necessity, like a fan.”
Now air conditioning is spreading in India. Indians bought about 5 million room ACs last year, according to Frost and Sullivan, and the market is growing at 10 to 12 percent annually, with some of the more aggressive companies expanding far faster. International vendors are vying for a share of the market. General, a joint venture between Japan’s Fujitsu and the Emirati company ETA, is selling a “hyper tropical” line meant for temperatures up to 125 degrees, which it unveiled with a Bollywood performance. The Japanese company Daikin opened a factory in Rajasthan that’s pumping out half a million units a year and plans to double production. The industry is well aware that rising temperatures are juicing demand. (The tagline for this year’s air-conditioning exhibition in New Delhi was “witness global cooling.”) “Beyond a status symbol, AC has become a necessity, like a fan,” said Gaurav Mehtani, divisional manager at Daikin’s New Delhi office.
Electrical wires in New Delhi.
For the salesmen and mechanics on the frontlines of the boom, summer can be a grueling time. Sundresh Nambiar has worked in the business for eight years, though he bought his first AC just this summer. (Like Vora, it was out of concern for his parents’ health.) His shop, and the two that sit next to his beneath a pizza place by the side of a busy road, is typical of many in Ahmedabad: a narrow room, fluorescent lit, its walls entirely covered with AC units.
As the temperature climbs, Nambiar’s days grow longer, starting at 7:30AM and stretching past midnight. Customers get irate if their ACs can’t be installed immediately, and sometimes they try to bribe their way to the front of the line. Nambiar proudly said it’s first come, first served, except in cases of medical emergencies. The heat that’s driving sales is brutal to work in: Nambiar’s mechanics drench their clothes in water and spray down their tools to avoid searing their hands. It’s happened to Nambiar before.
Mechanics spray down their tools to avoid searing their hands
Temperatures in Ahmedabad sometimes get so high that older ACs stop functioning, and repairmen like Dinesh Sata have found a lucrative business in keeping them running. “Because of climate change, machines break with overheating,” he said. Five years ago, it was just him and a couple employees. Now he has a staff of 14 and runs them like a fire department, dispatching teams of two as calls come in. In the summer, they work from 7:30 in the morning to 3AM, each duo taking as many as 20 calls a day. They move through the city on mopeds, so as to better weave through Ahmedabad’s snarled traffic. The repairmen, Sata said, “don’t even have time for food — just small snacks.”
Access to cooling falls along class lines, and Sata can read the affluence of a neighborhood by its air conditioners: older, probably secondhand units on one end, brands like Samsung and LG in the middle, and Mitsubishi and General at the top.
The houses of the very wealthiest are lavishly cooled. “I installed one in a kitchen,” Sata said, incredulously. “And in the toilet.” The house, an old mansion owned by diamond dealers, had 29 ACs in total. Most people, of course, have none at all. “The poorer people,” he said, “they are suffering the most.”
Sata himself has no AC, but by choice. His work entails spending long hours in scorching heat, and he’s seen how dependent people become on ACs once they’re exposed to them. “If I get used to AC, I won’t be able to work.”
Sata can read the affluence of a neighborhood by its air conditioners
All the new ACs set to be installed from India to Brazil have added urgency to the race to make them less damaging to the climate. Last year in Kigali, Rwanda, negotiators from 197 countries amended the Montreal Protocol to phase down use of the most potent greenhouse gas refrigerants, a measure that’s projected to avoid almost a degree of warming by 2100. India has until 2028 to start its reductions, but several companies active there have already begun switching to less-damaging chemicals.
Meanwhile, India has begun programs meant to reduce the tremendous energy demand the AC boom will bring. It has a five-star rating system meant to encourage people to purchase more efficient ACs, and the shops in Ahmedabad display the stars with large stickers on each device. Several companies have released lines of 5.8-star ACs. Godrej, a New Delhi-based company, uses climate-friendly, though flammable, propane as a refrigerant; it boasts it’s broken the scale with a six-star AC. In order to drive down the price for consumers, earlier this summer, the Indian government arranged the bulk purchase of 100,000 superefficient ACs from Panasonic and Godrej, and is planning to order half a million more.
Even with increasing efficiency and better refrigerants, however, the energy demand will still be immense. The ACs India alone is expected to install by 2030 will be the equivalent of adding several new midsize countries to the global grid. With air conditioners already accounting for up to 60 percent of the summertime electricity use in cities like New Delhi, simply meeting the demand — and meeting it without burning huge amounts of fossil fuels — will be a challenge. “This AC load should be kind of taken with the same level of seriousness as renewable energy policies are taken,” said Nikit Abhyankar, a researcher at Lawrence Berkeley National Laboratory, pointing out that even incremental improvements in efficiency will greatly reduce energy use.
In Ahmedabad, health officials worry that all the new ACs are pumping heat out into the streets, raising the temperature for anyone who can’t afford an AC of their own. If air conditioners become the only way of dealing with rising temperatures, the same dynamic risks playing out on a global scale.
Professor Rajan Rawal, executive director at CEPT University’s Centre for Advanced Research in Building Science and Energy.
In late July, on the leafy campus of Ahmedabad’s CEPT University, Professor Rajan Rawal stood outside his lab, drinking chai with his students, sheltering from a monsoon rain that was flooding the city. Tall, with short gray hair and dark mustache, he speaks with patrician weariness about the folly of the world of cooling.
Refrigerated cooling first caught on as a way to preserve food, then to control humidity in factories. Finally it was used to cool people, but, Rawal said, it’s a blunt instrument, and shouldn’t be the only one. “You can’t simply take one pill and cure everything, or just take a fighter jet and win a war. You need various kinds of weapons and various medicines, in same way you need various strategies for buildings.”
Some examples lay strewn about his lab: a segment of brick wall on a wheeled rack, meant to study heat absorption; a model building surrounded by lights on arcing tracks, meant to observe shade as the sun’s position changes; in the basement, a climate-controlled chamber where students sometimes sit to test the effectiveness of various cooling technologies.
Air conditioning is “the modern building’s iron lung”
The proliferation of air conditioning enabled building designs that were wholly dependent on air conditioning. Age-old cooling tricks like courtyards, crossbreeze-promoting corners, eaves, porches, and other architectural features were dispensed with. Developers, eager to capitalize on cheap designs and interior floor space that would’ve been stiflingly hot previously, turned to solid office blocks, glass towers, and boxy, mass-produced tract homes, relying on air conditioning to make them habitable. Air conditioning, writes Gail Cooper in Air-Conditioning America, “was the modern building’s iron lung.”
As India urbanizes, the CEPT team sees an opportunity to take a different path when it comes to cooling, one with a smaller role for the air conditioner. “Do we go the route of the US and Western countries, not worry about efficiency, just whatever provides the cooling?” Yash Shukla, another researcher in Rawal’s program, asked me. “The climate impact of that is significant. If we can find a better approach to have the same level of comfort, why not do it the better way?”
Compressors for split ACs in Ahmedabad.
Their research took them somewhere esoteric: thermal comfort standards. When figuring out what sort of HVAC equipment to put in a building, engineers use models that attempt to predict what temperature and humidity levels occupants will be happy with. It’s a necessarily difficult attempt to quantify something subjective. One of the widest-used thermal comfort standards, the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) Standard 55, acknowledges thermal comfort is “a condition of mind” before setting out on a valiant effort to model everything from the metabolic rate of someone typing to the insulation factor of calf-length socks.
ASHRAE dictates a comfortable temperature in the range of 67 to 82 degrees, depending on the season and other variables, yet it’s become a widely acknowledged problem that air-conditioned buildings are too cold. Figuring out exactly why — whether the standard is resulting in overpowered AC systems, building managers are overcooling so men can wear suits in summer, or some other reason — is “the holy grail,” in the words of one researcher, and the subject of ongoing research.
There are big gains to be had in raising building temperatures. In 2005, Japan launched an energy-saving initiative called Cool Biz, setting office thermostats at 82 and encouraging workers to forgo ties and heavy business suits. After the 2011 nuclear meltdown, the program became Super Cool Biz: jackets came off, and polos, even aloha shirts were encouraged. If you needed sartorial guidance, Uniqlo published recommendations, and the Environment Ministry sponsored a fashion show where men demonstrated how to pull off a blazer with shorts. By 2010, the latest year for which data is available, Japan estimated that the program cut as much CO2 as almost 4 million households would emit in a month.
The CEPT researchers felt India’s standards needed revising, too. Most of the international comfort standards were developed by institutions in the global north, based largely on surveys of people unaccustomed to India’s heat. “The premise was that occupants in buildings in India are very different from occupants in Europe or the US, which is where the international standards come from,” said Sanyogita Manu, who led the study. “We didn’t have a thermal comfort model of our own.”
“We didn’t have a thermal comfort model of our own.”
Manu traveled to office buildings from humid Chennai in southern India to mountainous Shimla in the Himalayan foothills, wielding monitors to test the temperature, humidity, and airspeed, and asking workers whether they were comfortable.
She found that Indians are indeed comfortable at slightly higher temperatures than existing models would predict, particularly when in buildings that aren’t sealed up and air conditioned. Previous research has shown that in buildings without AC, people are comfortable at higher indoor temperatures the hotter it is outside; they don’t expect refrigerated coolness, they wear lighter clothes, they open windows, they use fans, and their bodies adjust to the heat. The mere feeling of control over things like windows and fans also makes people feel more comfortable, even if the temperature remains the same. The models that reflect this are called “adaptive,” but they’re typically only used for buildings that aren’t air conditioned at all. The CEPT team found that the same phenomenon also applied to mixed-mode buildings — buildings that switch on the AC when it gets hot — and that people were comfortable in environments up to almost 88 degrees. Last year, the Indian government adopted their model in the national building code. It’s expected to reduce energy spent to cool a building by a third.
Cooling equipment beneath CEPT’s laboratory.
The expanded threshold opens up new options for cooling. As we walked through the CEPT lab, Rawal pointed out the ceiling tiles: pipes of cold water run through them, emanating cool air downward on the researchers below. Ceiling fans stirred the air, and tower fans were scattered about, available for anyone dissatisfied with the office climate. Clamped to each researcher’s desk was a monitor, testing the temperature, humidity, and airspeed. Nestled in the trees of the campus, positioned to minimize direct sun exposure, and equipped with a suite of various cooling technologies, the building is able to coast without air conditioning until the heat gets extreme. With solar panels on the roof, the building produces more energy than it uses over the course of the year. The air inside felt slightly damp, but cool.
Rawal and his team say buildings like this are the way forward for India, but they’re well aware of the challenges to widespread adoption. Buildings like CEPT’s require bespoke design, whereas air-conditioned buildings can be mass-produced and are cheap to make, if not to keep cool. “You get a bad building, you still buy it because a split AC can make it habitable,” Rawal said. “Hence people are making it because they know you’ll find a way to make it habitable.”
Rawal is particularly intrigued by one technology in particular: the evaporative cooler. It uses far less electricity than an air conditioner, and doesn’t use refrigerants. Instead, a fan blows on a wetted pad, cooling hot air through evaporation. Also known as an air cooler or swamp cooler, it’s an electric version of the drenched sheets Vora’s parents used. One such machine sits in the lab’s thermal comfort chamber, amid fans and thermometers and a sensor-filled manikin dressed in a beige kurti, sitting at a desk.
Control panel for CEPT’s cooling systems.
The world’s largest cooler manufacturer, Symphony, is based in Ahmedabad, in a conspicuously modern concrete building sitting amid trees and empty lots off the highway. Founded in 1988, the company is now worth over a billion dollars and has made its founder and chairman, Achal Bakeri, one of the country’s richest people.
Bakeri, the scion of a prominent real estate family, offers a classic startup origin story for the company’s founding. Home after completing an MBA at the University of Southern California, he was sitting in his parents’ living room when he was struck by the ugliness of their air cooler. “It worked really well, but the product was aesthetically very bad and made a lot of noise,” he said. He took it apart and started learning how it worked. Seeing an opportunity, he put a small team together to design a better version. They set up shop in the parking garage of one of his family’s construction sites and built the first Symphony air cooler. Their first run sold out within a week.
Today, the company is focused on air coolers and air coolers only, and it’s expanding into markets abroad — markets that climate change is helping open. In 2010, Russia was hit by an unprecedented and deadly heat wave, with temperatures in Moscow passing 100 degrees. Soon after, Symphony began getting inquiries from dealers in Russia interested in carrying their products.
“Not even in our wildest of dreams did we consider that a market.”
“Not even in our wildest of dreams did we consider that a market,” said Rajesh Mishra, vice president of sales. “But we realized that heat is relative. In Russia, the moment it touches 35 [95 Fahrenheit] people just go crazy. Four or five years back, temperatures in the UK touched about 27 [80.6 Fahrenheit] and everybody jumped into the lake,” he said, laughing. (He sets his AC to 80 Fahrenheit.) “There were photographs of people stripping off their shirts, jumping in fountains.” Now the UK is buying Symphony coolers, too.
Mishra sees a unique opportunity for Symphony in the extreme and unpredictable heat waves brought on by climate change. Coolers are cheap and use little power, making them affordable to many for whom ACs are out of reach. They’re also relatively easy to set up — you just need to fill them with water and plug them in. In a generally temperate place like Germany, it wouldn't be worth the hassle and expense of installing an AC, Mishra said, but a cooler would be easy to roll out of the closet in the event of a freak heat wave.
The major drawback of coolers is that they don’t work when it’s humid, for the same reason sweating loses its effectiveness. If the air is nearly saturated with moisture already, water won’t evaporate off the pad, the air won’t cool, and the device will function more like fan that makes the room even muggier. But in hot and dry regions, they work very well. In addition to India, Symphony’s core markets are arid countries in the Middle East and Africa. In 2009, they scooped up IMPCO, a Phoenix-based company that has been producing coolers since the 1930s. Its manufacturing facilities in Mexico have opened up new markets in Latin America, and eventually perhaps the American Southwest.
Symphony’s biggest project so far — the biggest air cooler project anywhere so far — is Mecca
Coolers can also do something air conditioners can’t: because they lower the temperature of the air that passes through them, rather than removing heat from a sealed room, they can cool people in huge open spaces and even outdoors. Symphony’s biggest project so far — the biggest air cooler project anywhere so far — is Mecca. In 2006, Symphony installed 200 giant coolers on the Jamarat Bridge, which millions of pilgrims cross each year, and 50,000 units in the residential section, where cooler intakes jut up from each tent like chimneys.
Cavernous factories, warehouses, outdoor restaurants, and amusement parks will be growing markets for coolers, Mishra said, especially as temperatures rise. In 2015, Symphony bought the Chinese cooler company Keruilai, and is now cooling automobile factories and train maintenance yards there. “As the temperature goes up, working conditions will become harsher in factories,” Mishra said. “The demand for air coolers will be enormous.”
Mishra recognizes climate change as a threat, and a business opportunity. “It looks bright!” he said, laughing, when I asked him about the future of the cooling industry. “Because of the changing climate, unfortunately. This is an irreversible process, and now with the great Mr. Donald Trump pulling out of the treaty, things will become even worse,” he said, smiling grimly.
A neighborhood on the northern edge of Ahmedabad.
During the summer of 2010, Tejas Shah, a deputy health officer with the Ahmedabad Municipal Corporation, noticed a strange increase in deaths. “Between the 19th of May and 23rd, the number of deaths each day were somewhere around 300, which is three times the normal,” Shah said, sitting at a desk strewn with folders and maps of his jurisdiction. The city first suspected there was an unknown epidemic, but found no outbreaks. Then they checked the temperature. “In these four or five days, the temperature was beyond 45 [113 Fahrenheit]. There was no other obvious reason.”
Despite being among the deadliest natural disasters, heat waves often escape notice. They’re largely invisible when they happen, and leave no wrecked buildings behind. They frequently kill indirectly, by fatally stressing existing health conditions, so their full toll is only evident much later, statistically. And they kill the most vulnerable and overlooked: the elderly or already sick; the socially isolated, who have no one to check in on them; and the working poor, who have to risk laboring in the heat or go without food.
A tailor working in a tin-roofed house in northern Ahmedabad.
After the 2010 heat wave became apparent, Ahmedabad began formulating a plan for coping with extreme temperatures. Working with the Natural Resource Defense Council, Georgia Tech, and other institutions, Ahmedabad developed an early-warning system and a strategy for mobilizing the city in advance of impending heat waves. Shah is now the coordinating heat officer for the city of five and a half million, in addition to other emergency management duties that result in an unending barrage of calls, texts, and knocks at the door, which he greets with wry forbearance.
When extreme heat is forecast, Shah sends out WhatsApp alerts to health officers, hospital liaisons, the fire department, the police, the parks department, and other officials. Color-coded heat warnings are announced in newspapers, on television, and through social media. Phone companies send out SMS warnings. Social workers go into slums, where these warnings might not reach, and hand out rehydration packets and pamphlets on heat safety. Hospitals prepare ice packs and heat wards, water stations are set up on street corners, and temples, mosques, and malls double as cooling centers. It’s proven effective: in 2015, when heat waves killed over 2,500 people across India, Ahmedabad reported fewer than 20 heat-related deaths. The model is now being copied by Nagpur, Gondia, and 15 other Indian cities.
“If it remains for a month? It would be a natural disaster.”
But rising temperatures will strain the system the city has put in place. While hospitals in Ahmedabad have been building out heat wards, they would run out of space if a heat wave stuck around for long. And while members of the growing air-conditioned class can shelter in cooled offices and homes, the poor must go out to work on construction sites, build roads, and sell wares on baking streets.
“Suppose for a day or two or three the temperature is between 47 and 48 [116–118 Fahrenheit],” said Bhavin Solanki, Ahmedabad’s chief health officer. “We can control the situation. But if it remains for a month?” he said, pausing. “It would be a natural disaster.”
The scale of what cities will need to do to truly adapt to the heat is daunting. Simply waiting for people to get cooling appliances isn’t enough — too many would be left behind. Public health programs like Ahmedabad’s save many lives, but as temperatures rise, more drastic measures will be needed.
A roof in Ahmedabad painted white to deflect the sun.
The climate researcher Vimal Mishra, who teaches in nearby Gandhinagar, described India’s situation as a race against temperature. He ran through some of the measures needed to beat the heat; as the list grew, it gradually took on the feel of science fiction. People will have to run air conditioners constantly, and new energy sources will have to be built to power them. There will have to be air-conditioned transit because people won’t be able to bike in the sweltering streets. Working hours will have to be shifted to avoid the hottest parts of the day. New buildings will have to be designed that can stay cool with less energy. Maybe, he said, those buildings will have to be prefabricated in cooled warehouses to minimize time spent outdoors. Maybe workers will have to wear personal cooling gear, like the solar-powered cooling hardhats Qatar is experimenting with. Heat kills animals, too, so livestock will have to be brought inside and cooled.
This is the good scenario, one where carbon emissions are curtailed. The other, where temperatures pass the threshold of human survivability, would entail mass migration, or as Jonathan Buzan, a researcher who works with Mishra put it, fantastical infrastructure projects, citing the Isaac Asimov novel The Caves of Steel, where humanity shelters in climate-controlled domes. It’s a tug-of-war, Mishra said, between rising temperatures and our ability to adapt. “Who, will win? Probably, I would go for humans,” he said, optimistic but hedging.
“Who, will win? Probably, I would go for humans.”
Adapting will be expensive. With every degree of warming that gets locked into the climate system, the more it will cost to maintain something resembling normal life, and the more people there will be who are unable to afford it. The particular problem posed by heat isn’t that it’s impossible to adapt to, it’s that it’s difficult to adapt to equitably and in a way that doesn’t make the problem worse. Like mitigating climate change overall, any cooling solution will require collective action, in the form of international agreements like the Kigali Amendment, efficiency regulations, subsidies, technological advances, new building designs, and civic programs.
This year, Ahmedabad added an element to its heat action plan designed not just to cope with extreme heat, but reduce it. A quarter of the city’s population lives in the slums ringing the city, jammed together in small concrete boxes with tin roofs that turn them into solar ovens. The city has begun painting these roofs white, and covering public buildings with reflective white mosaic tiles. It’s a modest adaptation, but it can drop the indoor temperature by several degrees. “The fact is that the gap between the rich people and the poor people is increasing,” Shah said. “It is going to be very difficult. They are going to be more vulnerable, they are going to face more problems.”
Shah has his own list of immediate adaptations the city needs to make. More trees need to be planted, he said, to lower the city’s temperature. There need to be more cooling centers installed, and mass transit should be expanded so all the internal combustion engines stop heating the streets. There will need to be new regulations around working hours for jobs like construction, so laborers don’t die of heatstroke. The city is looking for ways to build awnings that can shade whole intersections, so vendors and traffic police can get shelter from the sun. Piece by mundane piece, through new appliances and public works, the city will have to reconfigure itself to survive in the changing climate. |
New York Mayor plans to reduce energy use in large buildings | New York City mayor Bill de Blasio has announced plans to force landlords to retrofit apartments, offices and warehouses in order to improve energy efficiency. The proposals could affect up to 23,000 buildings in the city. Implementation of the plan, which has not yet been finalised, would require legislation by the City Council. Such legislation would outline the maximum levels of energy use permitted in relation to affected buildings, with most required to reduce consumption by around 25%.
| https://www.nytimes.com/2017/09/14/nyregion/de-blasio-mayor-environment-buildings-emissions.html | 2017-09-13 22:00:00 | Mayor Bill de Blasio on Thursday said that he wants to force landlords to retrofit old buildings — including apartment houses, office buildings and warehouses, with more than 25,000 square feet of space — to make them more energy efficient.
The plan, which could affect as many as 23,000 buildings in New York City, called for strict standards in place by 2030, as part of a push to fight global warming.
But as the mayor began to field questions about the proposal, it became apparent that certain details were unclear, and that critical support for the plan had not yet been lined up.
The mayor needs the City Council to pass legislation to carry out the proposal, yet no Council member was at the announcement, on the Brooklyn waterfront, with the glass towers of Lower Manhattan in the background. There were also no representatives of landlord or real estate groups, although some environmental activists turned up. |
Google faces class action lawsuit on gender discrimination | Google is systematically paying female employees less than their male peers for similar work, according to a class action-lawsuit filed in California on Thursday. The suit, which was filed on behalf of all women employed by the company in the US state over the past four years, also accuses the firm of failing to promote female workers and of having “segregated” them into lower-paid positions. The suit claims that Google’s pay procedures are in breach of labour laws and comes in the wake of a series of allegations about sexual harassment and discrimination in the tech sector. | https://www.theguardian.com/technology/2017/sep/14/google-women-promotions-lower-paying-jobs-lawsuit | 2017-09-13 21:00:00 | Google systematically pays women less than men doing similar work, according to a class action-lawsuit accusing the technology company of denying promotions and career opportunities to qualified women who are “segregated” into lower-paying jobs.
The complaint, filed Thursday on behalf of all women employed by Google in California over the last four years, provided the most detailed formal accounts to date of gender discrimination and pay disparities at the company after months of criticisms and a growing chorus of women publicly speaking out.
“We’ve been talking about these issues for a long time, and it hasn’t really changed,” Kelly Ellis, a former Google employee and a lead plaintiff on the case, told the Guardian in her first interview about the suit. “There’s been a lot of PR and lip service, but ... this is going to be one of the only ways to get these companies to change how they hire and compensate women.”
The claim that Google is violating labor laws by paying women less than men for “substantially similar work” comes at a time when the male-dominated tech sector is reeling from complaints about sexual harassment, discrimination and a glaring lack of diversity. The US Department of Labor (DoL) first accused the corporation of “extreme” pay discrimination in April as part of a lawsuit seeking to force Google to hand over salary records for a government audit.
The new lawsuit could have widespread ramifications, especially considering that Google has publicly insisted it has eliminated its gender pay gap and is a leader in the industry. Google also became ground zero for an international debate about diversity last month after it fired a male engineer who wrote a memo criticizing affirmative action and suggesting that white men have become victims of “discrimination” in tech.
Plaintiffs allege ‘sexist culture at Google’
The class-action complaint, filed in San Francisco, included three named plaintiffs who offered specific stories of Google “assigning and keeping female employees in lower compensation levels than male employees with similar skills, experience, and duties”.
Google disputed the central claims of lawsuit on Thursday, saying it had “extensive systems in place to ensure that we pay fairly”.
When Ellis was hired in 2010 as a software engineer for Google Photos, the company placed her into a “Level 3” position typically assigned to new college graduates, according to the suit.
We’ve been talking about these issues for a long time, and it hasn’t really changed Kelly Ellis, software engineer
Several weeks later, Google hired a male software engineer, who graduated the same year as Ellis, into a “Level 4” position on her team, the complaint said. Level 4 engineers “receive substantially higher salary and opportunities for bonuses, raises, and equity”, her lawyers wrote.
“I was so excited just to be there. I really wanted to give Google the benefit of the doubt,” Ellis said in an interview.
But other male software engineers who were less qualified than Ellis or at the same level were promoted into Level 4 and higher positions, according to the suit. Google initially denied Ellis a promotion, despite “excellent performance reviews”, claiming she hadn’t been at the company long enough, the suit said. By the time she advanced, she said, she was far behind her male counterparts who had better opportunities from the start.
Echoing a broader complaint in the tech sector, Ellis said she also observed that male software engineers occupied most of the higher-paying “back-end” roles while female software engineers were assigned to “front-end” positions, which design what users see and are considered less prestigious.
Ellis, who has a degree in applied mathematics and a minor in computer science, had experience in back-end development. But “Google assigned her to an occupationally-segregated frontend engineering role”, the suit said. She quit in July 2014 due to the “sexist culture at Google”, according to the complaint. Ellis previously made headlines in 2015 when she tweeted about harassment at Google.
Another plaintiff, Holly Pease, was hired in 2005 and advanced to a senior manager role overseeing about 50 software engineers and product managers across multiple teams. Although she had more than 10 years of experience as a network engineer before Google, she was placed into a “non-technical” career track while the engineers she managed and the other senior manager in her group, a man, were all in “technical” roles, which come with higher compensation rates, the complaint said.
Google headquarters in Mountain View, California. The new lawsuit claims Google is violating labor laws by paying women less than men for ‘substantially similar work’. Photograph: JasonDoiy/Getty Images
Pease later coached non-technical employees on how to pass interviews to transition to technical jobs, helping many get promotions, including a male manager a level below her who had performed poorly, according to the suit.
But Pease herself was denied a promotion to a technical position, the complaint said: “Ms Pease’s two interviewers, both men, did not ask her any technical questions, and one interviewer did not even bother to take notes of the meeting with her.”
Google claimed she “lacked technical ability” despite her technical background, according to the suit. She resigned in 2016 due to the “lack of technical and engineering opportunities available to her and other women”.
James Finberg, one of the civil rights attorneys who filed the suit, told the Guardian that more than 90 women who previously worked or currently work at Google have contacted him about the class action.
“We’ve heard from a lot of women about stereotypes and perceptions that women can’t do coding,” he said. “It’s frustrating and demoralizing.”
We’ve heard from a lot of women about stereotypes and perceptions that women can’t do coding. It's demoralizing James Finberg, attorney
The third plaintiff, Kelli Wisuri, joined in 2012 when Google acquired her company. Despite three years of sales experience, she was placed into a “Level 2” role, considered the “lowest level available to permanent, full-time employees”, the suit said. Men with comparable qualifications started at Level 3 or higher, according to the complaint.
Wisuri was also placed on a lower-paying career track, in which about 50% of employees were women, according to the suit. She said nearly all the sales employees she encountered in a higher sales track were men.
Despite doing very similar work to men in the higher tier, she was not promoted and resigned in 2015 due to “lack of opportunities for advancement for women”, the suit said.
Fears of retribution
Google did not respond to detailed inquiries about the plaintiffs, but a spokeswoman, Gina Scigliano, contested the allegations.
“Job levels and promotions are determined through rigorous hiring and promotion committees, and must pass multiple levels of review, including checks to make sure there is no gender bias in these decisions,” she said in a statement to the Guardian. “But on all these topics, if we ever see individual discrepancies or problems, we work to fix them, because Google has always sought to be a great employer, for every one of our employees.”
Finberg said that several current Google employees considered being named plaintiffs, but backed out due to concerns that they could face retribution from the company, which has repeatedly been accused of silencing critics and whistleblowers with strict confidentiality policies.
A US labor department official involved in the audit told the Guardian in April that the “government’s analysis at this point indicates that discrimination against women in Google is quite extreme, even in this industry”. Currently, men occupy 80% of tech jobs at the company.
This month, the New York Times obtained an internal Google spreadsheetthat showed that women on average were paid less than men within the same job levels and tended to receive lower bonuses.
Google, which faced similar allegations in 2015, claimed to the Times that the spreadsheet was not representative and did not take into account factors like job performance and whether employees were in higher-paying technical roles.
Ellis recalled how disappointing it was to see no women making presentations at the first all-hands engineering meeting she attended at Google.
“There definitely was a lack of role models,” she said. “It made me feel like I could never get to the level where these guys are.”
Ellis added that she hoped the suit would put other tech firms on notice: “They have to treat everyone fairly. Otherwise, we are going to take action.”
Contact the author: [email protected] |
Row over AI that can predict your sexuality from your face | Sexual orientation is just one characteristic that can be predicted through facial recognition software and artificial intelligence, according to a US academic whose research on the subject caused controversy recently. Michal Kosinski of Stanford University used an algorithm to analyse online dating photos and was able to predict sexual orientation with 91% accuracy for men and 83% for women. He has now suggested that traits such as intelligence, political beliefs and predisposition to commit crime could be similarly detected. There have been warnings that the future use of such technology would present serious ethical and human rights concerns.
| https://www.theguardian.com/technology/2017/sep/12/artificial-intelligence-face-recognition-michal-kosinski | 2017-09-13 17:55:45.183000 | Voters have a right to keep their political beliefs private. But according to some researchers, it won’t be long before a computer program can accurately guess whether people are liberal or conservative in an instant. All that will be needed are photos of their faces.
Michal Kosinski – the Stanford University professor who went viral last week for research suggesting that artificial intelligence (AI) can detect whether people are gay or straight based on photos – said sexual orientation was just one of many characteristics that algorithms would be able to predict through facial recognition.
Using photos, AI will be able to identify people’s political views, whether they have high IQs, whether they are predisposed to criminal behavior, whether they have specific personality traits and many other private, personal details that could carry huge social consequences, he said.
Kosinski outlined the extraordinary and sometimes disturbing applications of facial detection technology that he expects to see in the near future, raising complex ethical questions about the erosion of privacy and the possible misuse of AI to target vulnerable people.
“The face is an observable proxy for a wide range of factors, like your life history, your development factors, whether you’re healthy,” he said.
Faces contain a significant amount of information, and using large datasets of photos, sophisticated computer programs can uncover trends and learn how to distinguish key traits with a high rate of accuracy. With Kosinski’s “gaydar” AI, an algorithm used online dating photos to create a program that could correctly identify sexual orientation 91% of the time with men and 83% with women, just by reviewing a handful of photos.
Kosinski’s research is highly controversial, and faced a huge backlash from LGBT rights groups, which argued that the AI was flawed and that anti-LGBT governments could use this type of software to out gay people and persecute them. Kosinski and other researchers, however, have argued that powerful governments and corporations already possess these technological capabilities and that it is vital to expose possible dangers in an effort to push for privacy protections and regulatory safeguards, which have not kept pace with AI.
Kosinski, an assistant professor of organizational behavior, said he was studying links between facial features and political preferences, with preliminary results showing that AI is effective at guessing people’s ideologies based on their faces.
This is probably because political views appear to be heritable, as research has shown, he said. That means political leanings are possibly linked to genetics or developmental factors, which could result in detectable facial differences.
Kosinski said previous studies have found that conservative politicians tend to be more attractive than liberals, possibly because good-looking people have more advantages and an easier time getting ahead in life.
Michal Kosinski. Photograph: Lauren Bamford
Kosinski said the AI would perform best for people who are far to the right or left and would be less effective for the large population of voters in the middle. “A high conservative score … would be a very reliable prediction that this guy is conservative.”
Kosinski is also known for his controversial work on psychometric profiling, including using Facebook data to draw inferences about personality. The data firm Cambridge Analytica has used similar tools to target voters in support of Donald Trump’s campaign, sparking debate about the use of personal voter information in campaigns.
Facial recognition may also be used to make inferences about IQ, said Kosinski, suggesting a future in which schools could use the results of facial scans when considering prospective students. This application raises a host of ethical questions, particularly if the AI is purporting to reveal whether certain children are genetically more intelligent, he said: “We should be thinking about what to do to make sure we don’t end up in a world where better genes means a better life.”
Some of Kosinski’s suggestions conjure up the 2002 science-fiction film Minority Report, in which police arrest people before they have committed crimes based on predictions of future murders. The professor argued that certain areas of society already function in a similar way.
He cited school counselors intervening when they observe children who appear to exhibit aggressive behavior. If algorithms could be used to accurately predict which students need help and early support, that could be beneficial, he said. “The technologies sound very dangerous and scary on the surface, but if used properly or ethically, they can really improve our existence.”
There are, however, growing concerns that AI and facial recognition technologies are actually relying on biased data and algorithms and could cause great harm. It is particularly alarming in the context of criminal justice, where machines could make decisions about people’s lives – such as the length of a prison sentence or whether to release someone on bail – based on biased data from a court and policing system that is racially prejudiced at every step.
Kosinski predicted that with a large volume of facial images of an individual, an algorithm could easily detect if that person is a psychopath or has high criminal tendencies. He said this was particularly concerning given that a propensity for crime does not translate to criminal actions: “Even people highly disposed to committing a crime are very unlikely to commit a crime.”
He also cited an example referenced in the Economist – which first reported the sexual orientation study – that nightclubs and sport stadiums could face pressure to scan people’s faces before they enter to detect possible threats of violence.
Kosinski noted that in some ways, this wasn’t much different from human security guards making subjective decisions about people they deem too dangerous-looking to enter.
The law generally considers people’s faces to be “public information”, said Thomas Keenan, professor of environmental design and computer science at the University of Calgary, noting that regulations have not caught up with technology: no law establishes when the use of someone’s face to produce new information rises to the level of privacy invasion.
Keenan said it might take a tragedy to spark reforms, such as a gay youth being beaten to death because bullies used an algorithm to out him: “Now, you’re putting people’s lives at risk.”
Even with AI that makes highly accurate predictions, there is also still a percentage of predictions that will be incorrect.
“You’re going down a very slippery slope,” said Keenan, “if one in 20 or one in a hundred times … you’re going to be dead wrong.”
Contact the author: [email protected] |
Premier Oil agrees to sell Wytch Farm for $200m | Premier Oil is to sell its entire stakes in licenses PL089 and P534, which contain Wytch Farm field, to Verus Petroleum for $200m. Premier will be able to release letters of credit totalling about $75m, issued in relation to future decommissioning liabilities that are now being transferred to Verus.
| https://www.energyvoice.com/oilandgas/150250/premier-oil-agrees-sale-wytch-farm-200million/ | 2017-09-13 16:35:55.300000 | An error occurred. Please try again.
Premier Oil has entered into a sale and purchase agreement to sell its entire interests in the Wytch Farm field to Verus Petroleum SNS Limited for a cash consideration of $200 million.
In addition, the operator will be able to release letters of credit totaling approximately $75 million which have been issued in relation to future decommissioning liabilities that are now being transferred to Verus.
The effective date of the Disposal is 1 July 2017.
Wytch Farm is an onshore oil field located in Dorset, United Kingdom that has been producing since 1979.
Verus is a UK-focused independent E&P company backed by HitecVision, a Norway based private equity investor focused on the upstream offshore oil and gas industry.
Premier’s board believes that the disposal is in the best long-term interest of the company and its stakeholders.
The firm said the sale represents an “excellent opportunity” to realise an attractive valuation well in excess of the implied valuation from the most recent transaction in Wytch Farm.
The disposal will generate proceeds to accelerate deleveraging of the balance sheet.
Wytch Farm is non-operated, onshore and with fewer near-term growth prospects than elsewhere in Premier’s portfolio.
Wytch Farm is a large onshore oil field although a significant area extends offshore.
The field has been developed with 11 well sites linked to a central onshore gathering station and is operated by Perenco UK Limited.
Production is exported via pipeline to the Hamble terminal near Southampton for tanker loading.
Premier acquired a 12.4% interest in the Wytch Farm field in 1984.
In December 2011, Premier completed the acquisition of an additional 17.7% interest from Perenco UK Limited and in July 2017 announced an agreement to acquire a further 3.7% from Maersk Oil North Sea UK Ltd, taking its total interest to 33.8%.
As of 31 December 2016, the estimated 2P reserves in Wytch Farm net to Premier were 14.91 mmboe.
For the 12 months ended 31 December 2016, Wytch Farm generated profit before taxation of approximately $23.42 million and as at 30 June 2017 had gross assets of approximately $90.22 million.
Disposal proceeds will be used to pay down Premier’s existing debt.
In addition, Verus will assume all of the abandonment liabilities and associated decommissioning security.
Tony Durrant, chief executive, said: “The disposal will allow for a significant reduction in Premier’s net debt and generates material value for shareholders.
“This is the latest in a series of disposals in line with Premier’s strategy of realising value for shareholders at the appropriate stage of an asset’s life cycle and at an attractive valuation.” |
Apple supplier Foxconn plans $5.7bn smartphone factory in China | Taiwanese supplier Foxconn Technology, also known as Hon Hai Precision Industry, will invest over CNY37.5bn ($5.75bn) into a smartphone factory, an LCD TV plant, chip manufacturing facilities and more in Nanjing, China, after making significant investments in the US in July. The company is the world's largest contract electronics maker and is a major manufacturer for Apple. The group's Chinese arm has made an agreement with Jiangsu province city officials that may result in Nanjing providing financial and infrastructure support. As well as making iPhones Foxconn is understood to want to capture a larger share of the Chinese smartphone market.
| https://asia.nikkei.com/Business/Companies/Foxconn-plans-new-smartphone-hub-in-China | 2017-09-13 16:27:14.330000 | TAIPEI -- Hon Hai Precision Industry will pour more than 37.5 billion yuan ($5.74 billion) into a smartphone plant and other investments in the Chinese city of Nanjing, under a deal achieved by Wednesday, as the Taiwanese company aims to strike a balance after announcing a major U.S. investment in July.
Hon Hai, better known as Foxconn Technology Group, is the world's biggest contract electronics maker and a major Apple supplier. The group's Chinese unit reached a general agreement with the Jiangsu Province city that also includes possible investments such as a liquid crystal display TV plant, a research and development site, chipmaking facilities and a logistics center. Nanjing may provide financial support as well as help with land and other infrastructure. |
Israel makes deal with China to provide high-tech vegan meat | The Israeli government has signed a $300m trade agreement with China that aims to tackle issues relating to emissions, and offers three companies developing vegan meat a glimpse of what could be a "colossal market opportunity". Israel-based SuperMeat, Future Meat Technologies, and Meat the Future are working to develop scalable versions of the high-tech vegan foodstuff to market, and take a slice of China's meat imports sector, valued at more than $10bn in 2016. Lab-made meat involves "no greenhouse gas emissions and no animal slaughter", according to an article in China Science and Technology Daily.
| https://qz.com/1075989/china-wants-to-import-israels-vegan-meat-technology/ | 2017-09-13 15:24:54.110000 | China this week inked a deal with Israel that stands to give high-tech vegan meat companies an opening into the world’s most populous country.
“It is a colossal market opportunity,” says Bruce Friedrich, head of the The Good Food Institute (GFI), which supports and lobbies on behalf of meat alternative interests. ”This could put [lab-made] meat onto the radar of Chinese officials who have the capacity to steer billions of dollars into this technology.”
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The $300 million trade agreement, announced on Sept. 11, will give Chinese firms the opportunity to partner with Israeli tech companies to tackle issues relating to emissions. It’s yet another signal that China is serious about tapering the amount of greenhouse gases it emits; the Chinese government last week (Sept. 9) said it was joining the UK, France, and India in taking steps to decrease the number of petroleum-powered cars sold in the country. That decision goes hand-in-hand with a new policy the government handed down last year, in which it committed to nudging its citizens to eat less meat and eggs. The animal agriculture industry is a major contributor to global emissions, and a growing problem in China.
These kinds of moves have caught the attention of companies racing to get lab-made meat—the kind being produced fiber-by-fiber in laboratories—to market. Right now, eight companies in the world are working to produce a scalable version of this high-tech, vegan meat and three of them are in Israel.
While the Israeli companies—SuperMeat, Future Meat Technologies, and Meat the Future—may get the first clear shot at the Chinese lab-made meat market, their competitors see the deal as an opportunity, too. Chinese meat imports were valued at more than $10 billion in 2016, according to the International Trade Centre, which means there’s a lot of room for meat alternative products to nip away at market share.
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The Israeli government’s Israel Innovation Authority and the Israel Export Institute both took part in making of the deal with China. Both are interested in lab-made meat and were involved in the world’s first lab-made meat conference in Haifa, Israel earlier this year.
Israel’s tech economy is considered by some to be second only to Silicon Valley, which is home to several high-tech meat alternative companies, including Impossible Foods and Hampton Creek—both of which have received investment from Chinese billionaire Li Ka-shing.
“[China’s] version of Bill Gates is already backing these companies,” says Josh Balk, an animal-protection policy leader at the Humane Society of the United States. “I think all this runs into a pretty good theory that clean meat and other non-live animal protein sources will become bigger in China.”
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On Tuesday (Sept. 12), the state-run China Science and Technology Daily published an article (in Chinese) that discussed embracing lab-made meat for reasons that included food safety, food security, and environmental reasons. “Imagine the future,” the article states. “You have two identical products, one is that you have to slaughter the cattle to get. ‘The other’ is exactly the same, and cheaper, no greenhouse gas emissions, no animal slaughter, which one would you choose?” |
Norwegian banks to offer instant P2P payment service with Vipps | Payments processor Nets will provide an P2P payment service to Norwegian bank customers who use the Vipps mobile payment app. The instant transfer service will be available to customers of approximately 100 banks in the Nordic area, which represent 40% of the mobile wallet’s user base. The SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and 15 independent savings banks will take a 48% stake in Vipps, with DNB retaining a 52% share, with Vipps set to become an independent joint venture.
| https://www.finextra.com/newsarticle/31056/nets-deliver-instant-mobile-payments-to-vipps-partner-banks?utm_medium=rss&utm_source=finextrafeed | 2017-09-13 14:45:24.550000 | Nordic payments processor Nets is to enable instant P2P payments to customers of all Norwegian banks who use the Vipps mobile payments app.
Users of Norwegian bank, DNB, primary stakeholder of Vipps, are already benefitting from instant payment transfers enabled by Vipps’ payment app.
The partnership with Nets will enable the extension of this real-time payment service to customers of the other 100 banks in the country partnered with Vipps, representing 40% of the total userbase of the mobile wallet.
DNB, the SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and the 15 independent savings banks which also are co-owners of Frende Forsikring signed a letter of intent in February, to jointly acquire a 48% stake in the mobile payment service. Under the deal, DNB will retain a 52% controlling interest in Vipps, which is to be spun off as an autonomous joint venture.
Rune Garborg, CEO of Vipps, comments, “Using the common infrastructure for instant payments will eventually make it possible to transfer money in real-time for consumers in all Norwegian banks. In this first phase, the 100 banks involved in the Vipps partnership will have this opportunity.”
He says both parties have already begun adjustments to their systems to make the service available in the popular mobile wallet, with real-time payments expected to go live for some of Vipps’ additional bank partners before the end of the year.
Jeppe Juul-Andersen, SVP and head of Domestic Card Schemes across Nets adds: “ We will reuse most of the existing infrastructure we have already delivered with both efficiency and stability for several years, and make the necessary adjustments to accommodate for future needs.”
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Alipay expands into retail in the United States | Chinese mobile wallet provider Alipay has joined forces with luxury US fashion brand Rebecca Minkoff. Under the partnership, Chinese tourists in the US will be able to make payments in Rebecca Minkoff stores using their Alipay account. Alipay currently has 520 million users across the world, and is specifically targeting Chinese tourists. The digital wallet company is working on partnerships to raise their profile and target new demographics.
| http://uk.businessinsider.com/alipay-pushes-into-us-retail-2017-9?utm_source=feedburner&utm_medium=referral&r=US&IR=T | 2017-09-13 14:01:40.470000 | BI Intelligence
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Major Chinese mobile wallet Alipay has partnered with luxury fashion retailer Rebecca Minkoff to enable Chinese tourists in the US to make purchases at all Rebecca Minkoff retail locations — including New York, Chicago, Los Angeles, and online — using Alipay, according to Payment Week.
This partnership — which was announced prior to Rebecca Minkoff's New York Fashion Week show on September 9 — continues Alipay's effort to expand its massive network of 520 million active global users. In the last year alone, the mobile wallet expanded into Europe, Asia, Australia, South Africa, and the US.
This partnership continues the series of expansion efforts by Alipay to target Chinese tourists globally.
Alipay is catering to the growing population of Chinese tourists in the US. Approximately 2.97 million Chinese tourists traveled to the US in 2016, compared to 2.59 million in 2015, creating an opportunity for Alipay to extend its platform to different industries and serve the growing tourist market. And given that China has the highest percentage of outbound tourism in the world — roughly 122 million Chinese tourists traveled in 2016, and an estimated 700 million trips are planned for the next five years — it’s likely that trips to the US will become more frequent.
Approximately 2.97 million Chinese tourists traveled to the US in 2016, compared to 2.59 million in 2015, creating an opportunity for Alipay to extend its platform to different industries and serve the growing tourist market. And given that China has the highest percentage of outbound tourism in the world — roughly 122 million Chinese tourists traveled in 2016, and an estimated 700 million trips are planned for the next five years — it’s likely that trips to the US will become more frequent. Chinese tourists are spending less on shopping than they used to. The number of Chinese tourists who listed shopping as the main reason to travel dropped from 68% in 2016 to 33% in 2017, according to a study by Hotels.com. This change in consumer travel spending has caused Alipay to forge partnerships in different industries. It's still building out its services to shoppers, though, as demonstrated through this new partnership. Launching with a higher-end fashion retailer during New York Fashion Week, which gets a lot of media coverage, could be a good move for Alipay, allowing it to target a new demographic and further round out its industry offerings to support even more purchasing opportunities.
Digital disruption is rocking the payments industry. But merchants, consumers, and the companies that help move money between them are all feeling its effects differently.
For banks, card networks, and processors, the digital revolution is bringing new opportunities — and new challenges. With new ways to pay emerging, incumbent firms can take advantage of solid brand recognition and large customer bases to woo new customers and keep those they already have.
And for consumers, the digital revolution is providing more choice and making their lives easier. Digital wallets are simplifying purchases, allowing users to pay online with only a username and password and in-store with just a swipe of their thumb.
Dan Van Dyke, senior research analyst for BI Intelligence, Business Insider's premium research service has written a detailed report that explores the digital payments ecosystem today, its growth drivers, and where the industry is headed. The report also:
Traces the path of an in-store card payment from processing to settlement across the key stakeholders.
Forecasts growth and defines drivers for key digital payment types through 2021.
Highlights five trends that are changing payments, looking at how disparate factors, such as surprise elections and fraud surges, are sparking change across the ecosystem.
To get the full report, subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND more than 250 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> Learn More Now
You can also purchase and download the report from our research store. |
US hurricanes prompt Lloyd's to urge reform | In the wake of Hurricanes Harvey and Irma, Lloyd's of London is urging the US Congress to allow private insurers to play a greater role in providing flood insurance to US property owners. The US National Flood Insurance Program needs to be unburdened significantly in the face of changing weather patterns, said Lloyd's CEO Inga Beale. Allowing greater private insurance would also provide home and business owners with a greater number of options for coverage.
| https://www.law360.com/articles/963363/lloyd-s-demands-us-reforms-after-devastating-hurricanes | 2017-09-13 13:33:32.517000 | By William Shaw (September 13, 2017, 10:46 AM BST) -- U.S. Congress must allow private insurers to play a greater role in flood coverage following the devastation wrought by hurricanes Harvey and Irma, according to Lloyd's of London....
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BlackRock, Goldman strategies added to Betterment robo platform | Robo-adviser Betterment has added exchange-traded fund portfolio strategies managed by BlackRock and Goldman Sachs Asset Management to its platform. The portfolio strategies consist of an income-focused offering and a smart-beta strategy. The goal of adding these strategies is providing Betterment clients with greater options for a personalised investment plan via its robo-adviser platform, according to a company statement.
| https://www.crowdfundinsider.com/2017/09/121777-robo-advisor-betterment-adds-goldman-blackrock-portfolio-strategies/ | 2017-09-13 13:22:41.547000 | Betterment, the largest independent online investment advisor, will now offer two new portfolio strategies: a smart beta portfolio strategy and an income portfolio strategy. Betterment has selected the portfolio strategies from BlackRock and Goldman Sachs Asset Management (GSAM) designed to meet users diverse needs and financial circumstances. Betterment currently manages more than $10 billion in assets for more than 270,000 customers.
Jon Stein, founder and CEO of Betterment, explained that Betterment has an increasingly diverse customer base that have different needs;
“Adding these options to our existing portfolio strategies will help us deliver on our promise to provide customers with a personalized investment plan tailored for their individual needs and preferences,” said Stein.
Blackrock Target Income Portfolio Strategies
Betterment has selected BlackRock’s income portfolio as it was created for clients averse to stock market risk, but who seek to target higher levels of income than cash savings accounts deliver. The portfolio invests 100% of assets in U.S. bonds and international bonds issued in U.S. dollars. The portfolio strategy prioritizes capital preservation and aims to generate cash income.
Goldman Sachs Smart Beta Portfolio Strategies
To help meet the preferences of investors seeking long-term outperformance of Betterment’s core portfolio strategy and who can accept periods of underperformance (IE Volatility), Betterment is now offering a smart beta strategy from GSAM.
The Goldman Sachs Smart Beta portfolios are globally diversified across stocks and bonds, but are weighted by economically intuitive factors rather than a pure passive market cap strategy based on market capitalization. This portfolio strategy tends to be more heavily allocated to emerging markets, as well as small cap stocks in both the U.S. and developed countries. The strategy also incorporates REITs and proportionally invests more in high-yield bonds with longer durations, compared to Betterment’s core portfolio strategy.
Alex Benke, CFP and VP of Financial Advice and Investing at Betterment, said the new options were added due to customer demand. |
ThinkMarket adds cryptocurrencies to CFD services | Online broker ThinkMarkets has launched bitcoin, ethereum, ripple and litecoin contracts-for-difference (CFD) on its MetaTrader 4 and Trade Interceptor platforms, as it seeks to meet growing retail-sector demand of cryptocurrency trading. The extension follows similar moves by Admiral Markets and ADS Securities into the fast-moving sector. "The surge in bitcoin, driven by market volatility, gives traders the opportunity to take advantage of daily price spikes," said Faizan Anees, ThinkMarkets managing director. "That’s why digital currencies are set to become a key market for day traders.”
| https://www.financemagnates.com/cryptocurrency/news/thinkmarkets-launches-new-cryptocurrency-cfd-suite/ | 2017-09-13 12:40:11.227000 | Multi-asset provider ThinkMarkets has become the latest brokerage to extend its contracts-for-difference (CFD) offering to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The extension of its trading suite is the result of the growing demand for such products in the retail space as cryptocurrency trading heats up across the industry.
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Brokers from around the retail industry have been increasingly warming to cryptocurrency CFDs in recent months, with Bitcoin and Ethereum each recently trading near record highs. Other industry players such as Admiral Markets and ADS Securities, among others, have each made similar inroads into this area, following demand from their respective client bases.
Nauman Anees, CEO and co-founder of ThinkMarkets, commented on the launch: “Bitcoin CFDs are a natural extension of our vast portfolio of financial instruments that include; major currencies, stock indices, precious metals and commodities. The recent surge in volatility has triggered investor interest in the alternative digital asset class and we are well positioned to service virtual currency traders with unmatched trading conditions.”
Nauman Anees
ThinkMarkets will be expanding its CFD trading to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) CFDs, which will be made available on its MetaTrader 4 and recently integrated Trade Interceptor trading platforms.
Cryptocurrency trading is at a key juncture, with Bitcoin and other altcoins recently reaching all-time highs. The massive range of volatility exhibited in these instruments creates an ideal environment for investors in CFDs, many of whom are looking for ways to not only buy into cryptos but also bet against their rapid ascension.
ThinkMarkets’ offering will feature 24/7 leveraged trading across all four of the aforementioned CFDs. “The surge in Bitcoin, driven by market volatility, gives traders the opportunity to take advantage of daily price spikes. That’s why Bitcoin and digital currencies are set to become a key market for day traders,” explained Faizan Anees, Managing Director and co-founder.
Who wins and who loses if Bitcoin drops off a cliff: https://t.co/yFMPRv8OSMpic.twitter.com/QPkfxlwVvt — Forbes (@Forbes) September 13, 2017
“The Trade Interceptor app offers some of the most advanced and sophisticated analysis tools. The platform has over 550,000 downloads and we expect global Bitcoin investors to benefit from our tight spreads, stable pricing and swift order execution, coupled with the most in-depth selection of charting and Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term exclusively available on mobile”, he added.
“Looking at the current momentum, I still hold the target of 5,500 per Bitcoin by the end of this year. The current pull back is confirming that many investors are not ready to sell, therefore, this could be an opportunity to come join the trend,” reiterated ThinkMarkets’ Chief Market Analyst, Naeem Aslam, who remains bullish on Bitcoin. |
South Korea's regulatory reform could open commercial drone use | The South Korean government is considering repealing regulation that prevents commercial use of drones, as it restricts long-distance and night-time use. The country's current regulation stipulates that unmanned aerial vehicles must remain within sight of their operator and can only be flown during daylight hours. Proposed changes could allow parcel delivery companies to use drones to make deliveries, provided they meet certain safety requirements, such as obstacle detection, crash prevention systems, and real-time camera viewing. | http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3038409&cloc=joongangdaily%7Chome%7Cnewslist1 | 2017-09-13 12:17:41.353000 |
Gov’t plans to allow drone delivery
Drone deliveries could become a reality in Korea as the government is considering removing the regulations that currently restrict the unmanned vehicles from traveling long distances or at night.The Ministry of Land, Infrastructure and Transport on Wednesday announced that it is considering reforming the regulations that currently restrict drones from being used commercially. The ministry will canvass public opinion on the issue until Oct. 2.Under current regulations, parcel companies are barred from using drones to make deliveries as the unmanned vehicles can only travel distances that are within the view of the person piloting them. Additionally, drones are prohibited from flying after dark.But the new reform bill allows for long-distance travel and night flying if a drone meets several safety requirements, including the addition of a fail-safe that allows the drone to land safely or return its starting point if there is a problem such as a system failure, low battery or communications disruption. The drones will also have to have a system that can automatically detect obstacles installed and a first-person view camera that allows the pilot to monitor the flight in real-time.To fly after dark the unmanned vehicles must include a crash prevention system that recognizes obstacles that are 5 kilometers away. These drones will have to operated and monitored by at least two people and the landing pad used at night has to be lit with search lights.Companies will be able to get approval to fly drones over long distances or at night for a maximum of six months, after which they will have to reapply.After canvassing public opinion on the changes and consulting with industry experts, the Transport Ministry is hoping to implement the new regulations in November.The Moon Jae-in administration has agreed to actively lift regulations that are thought to block the entry of new businesses. A cabinet meeting earlier this month hosted by Prime Minister Lee Nak-yeon concluded that actively easing regulations on autonomous vehicle, customized health care and drones can create new job opportunities, particularly among young people.The global race to using drones for commercial deliveries has been intensifying. Last month Flytrex, a company based in Tel Aviv, Israel, partnered with Iceland-based restaurant and retailers platform company AHA to officially launch the world’s first food delivery service via drones in Reykjavik, Iceland.Other global companies are already testing drone delivery. Amazon in December delivered a television streaming device and a bag of popcorn through a drone to a customer in the U.K.BY LEE HO-JEONG [[email protected]] |
Lack of transparency seen distorting supply-side platform pricing | A lack of transparency is preventing ad buyers from finding out whether supply-side platforms (SSPs) are raising price floors during header bids simply to increase revenue. The practice has reportedly been adopted by some SSPs following the Guardian-Rubicon Project lawsuit, as a means of ensuring a high clearing price and a successful auction. Drew Bradstock, SVP of product at Index Exchange, said that while sometimes price floors were raised for good reason, it needed to be done transparently so that ad buyers could adapt their bidding strategies accordingly.
| https://digiday.com/marketing/ssps-use-deceptive-price-floors-squeeze-ad-buyers/?utm_medium=email&utm_campaign=digidaydis&utm_source=daily&utm_content=170913 | 2017-09-13 12:12:30.820000 | Header bidding is unloading a symphony of destruction on ad tech, and supply-side platforms are adjusting by jacking up their price floors in hidden ways.
Rather than setting price floors as a flat fee upfront, some SSPs are setting high price floors after their bids come in as a way to squeeze out more money from ad buyers who believe they are bidding into a second-price auction, which is where the second-highest bid determines the price the impression gets sold for. The reason price floors are critical is because they determine the minimum value that an impression can be won for. While sell-side platforms have been known to mislabel the type of auction they run, this tactic is different since it allows SSPs to technically run a second-price auction while charging ad buyers as if the highest bid is winning the impression.
In a second-price auction, raising the price floors after the bids come in allows SSPs to make extra cash off unsuspecting buyers who thought they could secure an impression with a high bid but end up paying a much lower price. This practice persists because neither the publisher nor the ad buyer has complete access to all the data involved in the transaction, so unless they get together and compare their data, publishers and buyers won’t know for sure who their vendor is ripping off.
“With the onset of header bidding, these games kicked into full force,” said a demand-side platform exec requesting anonymity. “SSPs are trying to differentiate themselves to publishers based on yield, and they get that yield by ripping off the buy side.”
OpenX recently teamed up with an unnamed DSP so they could get data from both the buy and sell sides to study how auction mechanics are being gamed. Across several SSPs, they found that even when buyers bid as high as $50 on an impression, the SSPs would set their price floors at 95 percent of what the highest price was. The chart below shows how this would work to the SSPs’ advantage.
Drew Bradstock, svp of product at Index Exchange, said that before header bidding allowed SSPs to simultaneously bid on the same inventory, SSPs were more likely to have unique inventory, and they could make money by simply selling the inventory they had access to and taking a cut. But with header bidding, several SSPs are bidding on the same inventory, and only the one that wins the auction will make any money.
So to make sure they win the auction, these SSPs want a high clearing price, and one way to make sure there is a high clearing price is to set high price floors so the highest bid (rather than the second-highest bid) gets passed to the ad server. Bradstock stressed that there are good reasons to have first-price auctions or raise price floors, but that this information should be transparent to ad buyers because their bidding strategies will be influenced by what type of auction they think they’re in.
When header bidding started gaining traction, SSPs that were losing auctions adapted by increasing the cut they took for each impression that they won, said the DSP exec. But following the Guardian-Rubicon Project lawsuit, publishers started purging high-margin vendors, which has made SSPs hesitant to raise their fees. In response, SSPs turned to raising price floors incognito since that could benefit their publisher clients in the short term by increasing the CPMs they get.
Changing the price floors after the bids come in is like changing the rules of a game that is already underway. SSPs pull this off by inserting code into their auction that automatically raises the price floor just before the publisher’s timeout, the DSP exec said.
For example, a publisher might give SSPs 0.5 seconds to respond to ad calls before moving on without them. The SSP will collect whatever bids come through in 0.49 seconds, and then just before the auction closes, it will set the price floor to 95 percent of whatever the highest bid happens to be.
Buyers could spot seedy vendors if they compared their transaction data against publishers’ data. But meeting with individual publishers is only worth buyers’ time if they make large buys on those particular websites. However, the ad supply chain is engineered to have as deep a pool of publishers and advertisers as possible, which leads ad buyers to purchase inventory from thousands of sites for a single campaign. For the majority of those sites, the buyer won’t have time to set up meetings to compare data, which helps shady vendors remain hidden.
Using deceptive price floors is hardly the only questionable tactic SSPs use. They also misstate which publishers they represent and resell inventory without publisher authorization. And DSPs are guilty of their own sins for using misleading definitions of clearing price and sneaking in audience segments with unclear markup.
At some point, the shenanigans become overwhelming for ad buyers.
“We don’t know how prevalent [the tricks] are or who is guilty of it, as we don’t see that level of transparency,” said an ad buyer requesting anonymity. |
Promise of deal-making robots comes with some reservations | The increased use of artificial intelligence to negotiate deals on behalf of users will create a number of technological, societal and ethical challenges, according to a new study. Researchers from the Netherlands, US and the UK have examined applications for autonomous negotiators, from standard tasks such as salary settlements and property transactions to emerging areas including energy-sharing deals between neighbours. The authors concluded that key challenges include ensuring the software develops relevant expertise and long-term perspective. They also identified a need to resolve questions of trust in negotiation agents and decide how ethical they should be when striking deals with others. | https://www.technologyreview.com/the-download/608850/can-artificial-intelligence-master-the-art-of-the-deal/ | 2017-09-13 12:03:43.347000 | A bot might someday take your job, but perhaps it can help you negotiate a nice severance package, too.
A recent research paper (PDF) suggests that AI agents could do all sorts of useful haggling, providing they become a little bit smarter, and users can be persuaded to trust them.
The authors envision a world where an AI agent negotiates on your behalf, like buying a house or working out the details of a pay raise. And they write that such technology could allow negotiations in new areas like figuring out the terms of an energy-sharing deal with your neighbor, or the amount of money you should receive for giving up some privacy information to a mobile app. The team has experimented with an Android app that lets you do just that, in fact.
In an interview with Science, one of the authors, Tim Baarslag from Centrum Wiskunde & Informatica in Amsterdam, says the key challenges are giving such systems deep understanding of a particular domain, like real estate or energy, as well as enabling some sort of long-term perspective, so that it can negotiate with an entity that it’s dealt with before.
AI agents are, in fact, already used for all sorts of more narrow negotiations, like figuring out the correct price for an online ad, or the right bid for a stock. But it’s fascinating to imagine them taking on more human areas of deal-making. Perhaps AI may someday play a vital role in future standoffs like the one between the U.S. and North Korea?
One interesting observation from the researchers’ paper, however, provides a little pause for thought. “People may show less regard for fairness and ethical behavior when negotiating through a third (human) party,” the authors write. “This raises the question as to whether agents should similarly lie on behalf of a user, for example by using argumentation and persuasion technology. Analogous to recent research on ethical dilemmas in self-driving cars, people may claim that negotiation agents should be ethical, but sacrifice these ideals if it maximizes their profits.” |
Vemo Education raises $7.4m for higher-ed financing platform | Edtech start-up Vemo Education has raised $7.4m in a seed-funding round, with the money earmarked for hiring new team members, increasing investment in its technology and extending market development. Vemo develops income-based financing programmes for higher education; it claimed to have facilitated $23m worth of agreements in the 2016-17 academic year. University Ventures and NextGen Venture Partners led the investment round, which also saw participation from Haystack Fund, Route 66 Ventures, Third Kind Venture Capital and Task Force X Capital. | http://newscenter.io/2017/09/vemo-education-secures-7-4-million/ | 2017-09-13 11:58:29.597000 | Edtech startup Vemo Education announced the close of $7.4 million in seed financing, led by University Ventures and NextGen Venture Partners. Route 66 Ventures, Third Kind Venture Capital, Haystack Fund, and Task Force X Capital also participated in the offering.
Vemo works with higher education institutions to develop and deploy income-based financing programs that align the cost of a student’s education with its value. The company’s goal is to provide thoughtful, consumer-friendly alternatives to high-cost and burdensome student loans, changing the way students pay for higher education. According to the company, Vemo Education facilitated $23 million of income share agreements, including Purdue University’s “Back a Boiler” program, during the 2016 to 2017 academic year.
In its announcement, the company said the funding will allow Vemo Education to hire for growth, accelerate investment in its technology platform, and expand market development. |
South Asia faces annual flood costs of $215bn by 2030 | South Asia, home to 25% of the global population, could be facing annual flooding costs of up to $215bn by 2030, according to the World Resources Institute. Analysts warn that such floods will affect not only local businesses, but global firms that source products and raw materials from the region. Over 41 million people in South Asia have recently been affected by floods and displacement, with at least 1,200 deaths last month alone. Last year, Asia saw losses of $87bn, $77bn of which were uninsured, from 320 natural disasters, according to Munich Re.
| http://www.wri.org/blog/2015/03/world%E2%80%99s-15-countries-most-people-exposed-river-floods | 2017-09-13 11:56:43.253000 | Stories to Watch 2023
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Video ad spend forecast to overtake TV ad spend in China by 2021 | Video is the fastest growing digital ad format in China, with spend predicted to overtake TV ad spend by 2021, reaching a 13.4% share of all ad spend, according to eMarketer. This year, TV ad spend is estimated to reach $16.88bn and digital video $7.94bn. Overall digital ad spend in the country is forecast to hit $50.31bn this year, with 72% of that being spent on mobile. The leading digital companies in China, search engine Baidu, e-commerce company Alibaba and internet services firm Tencent will represent 64.1% of ad expenditures in digital for 2017.
| http://www.marketing-interactive.com/digital-video-ad-spend-to-overtake-tv-in-china-by-2021/ | 2017-09-13 11:40:12.553000 | In China, advertisers’ increased focus on mobile, along with investments in video and social, will continue to boost overall digital ad spend, according to eMarketer’s latest forecast.This year, eMarketer’s forecast estimates overall digital ad spend in China will reach US$50.31 billion — of which 72.0% will go to mobile channels. Video is the fastest growing ad format within digital, and by 2021 it expects it will overtake spending on traditional TV, accounting for 13.4% of all media ad expenditures.“Advertising on digital video is growing at a faster rate than overall display ads, and strong content is a key driver for this growth as brands are willing to spend more money to appear alongside the most popular content,” said eMarketer forecasting analyst Cindy Liu. “As well as investing in original content, video platforms are looking to establish exclusive partnerships. For example, iQiyi, Baidu’s on-demand video streaming service, recently announced a deal with Netflix to license some of their premium content.”Thanks to their continued innovations in mobile and high-profile partnerships, the BAT companies — Baidu, Alibaba and Tencent, will continue to dominate the digital ad market in China. According to eMarketer’s latest forecast, the BAT companies combined will take in 64.1% of digital ad expenditures in China this year. Within the BAT companies, Alibaba will capture more than 35% of China’s digital ad spending in 2017, followed by Baidu with an 18.4% share and Tencent with a 10.4% slice.By 2019, Alibaba’s digital ad revenues will reach US$28.93 billion, accounting for 38.0% of all digital ad spend in China.“Alibaba continues to outperform expectations and is once again the strongest performer in terms of net digital ad revenues in China,” Liu said. “By incorporating social and video elements into its mobile shopping app - Taobao, Alibaba is able to capture more consumer time and thus attract more advertising spend. Meanwhile, Tencent, which is the fastest growing company in terms of net digital ad revenues, will fall short of Alibaba and Baidu through 2019, as the company errs on the conservative side when it comes to unloading its ad inventory.” |
Twitter CEO promises to make it easier to advertise on the site | Twitter CEO Jack Dorsey has promised to make advertising on the site easier, admitting that it has been too difficult in the past. Dorsey told an audience this week that the platform was planning improvements to streamline the process for buying ads, as well as to provide assurances to brands that it provides value for money through more effective measurement. Leading ad agency WPP spent just $300m on Twitter in 2016, compared to $8.3bn on Google and Facebook, and clients are increasingly seeking greater assurances of the effectiveness of their spending.
| http://www.thedrum.com/news/2017/09/13/twitter-ceo-jack-dorsey-promises-refine-clunky-ad-model-with-improved-measurement | 2017-09-13 11:36:31.030000 | Twitter's chief executive Jack Dorsey has promised to make it easier for advertisers to run campaigns on the platform, admitting that is has been too “complicated” for brands to use, and lacked measurement capabilities in the past.
Speaking on stage at Dmexco on Wednesday, 13 September, Twitter’s top executive told WPP boss Sir Martin Sorrell that Twitter plans to streamline how brands buy ads within its walls, as well as making it easier for them to see where their investment is actually going.
“We have a really strong business in advertising... Our focus is on two things: one, we need to simplify it and differentiate it, it’s been a little bit too complicated for our advertisers to use in the past,” he said.
In response to Sorrell’s suggestion that buying ads on Twitter was a “clunky” experience, Dorsey conceded: “Every organisation is clunky and messy, so we can certainly focus more and we can certainly make it better for [clients].”
He reiterated that advertisers must be able to trust the dollars they spend with Twitter are going to yield ROI. “Priority number two is prove that it works. We have not focused enough on measurement and proving that it works so that is a big focus for us,” he noted.
His comments come amid attempts from Twitter to improve the measurement it offers to advertisers, as the wider digital ecosystem comes under increasing pressure to prove ROI worth to the ad industry's decision makers.
Just last month, Twitter’s publishing platform MoPub unveiled a series of improved measurement assurances to brands across areas like viewability, etc. Recently, the company has also inked a deal with Dunnhumby to offer more assurances to FMCG advertisers around ROI, as well as striking similar accords with measurement partners Moat and IAS.
WPP’s agency roster – which works with some of the world’s biggest brands including Unilever and Coca-Cola – collectively spent around $240m on Twitter in 2015, a figure which rose to $300m last year, but one Sorrell noted is going to be “pretty flat” by the time 2017 is out. By comparison, Sorrell said WPP will spend a combined $8.3bn with the Google and Facebook (the “two elephants”) this year.
Earlier this year Twitter said it was on course to become accredited by the Media Ratings Council (MRC), with Dorsey asserting that it wanted advertisers to view the platform as the "gold standard" for third-party measurement.
This strategy looks to differentiate Twitter in a space plagued by measurement woes, and amid concern from big advertisers that they have overspent on digital. A recent World Federation of Advertisers (WFA) study found that 63% of marketers have said they are now only investing in viewable impressions that adhere to industry standards, highlighting the urgency for platforms to ensure they are meeting such client demands.
Other topics of discussion during the chat between the two leaders included President Trump's impact on Twitter's bottom line - with Dorsey reacting cynically to suggestions that the commander in chief was worth $2bn to the platform - and Amazon's role in the changing media landscape.
When asked about Amazon snapping up the rights to NFL's Thursday night games, which were previously held by Twitter, Dorsey hinted that despite signing a slew of live deals of late with the likes of Bloomberg and BuzzFeed, Twitter wasn't about to put all of its eggs in one basket with real-time deals.
“We can’t just optimise for these live experiences, we have to optimise for asynchronous, because only a very small market can see something live, but the whole world can see it after it happened.
"Our job is to make sure we show users what matters the most within that stream, and that’s what we’re doing now – continuing to focus on what people thought, but also what mattered within that stream – like what were the highlights and what they need to see.” |
ICO investors at risk of losing all their money: FCA | Britain's financial watchdog has warned investors they risk losing all of their money in ICOs. The Financial Conduct Authority (FCA) issued a statement on Tuesday saying people should only invest in digital coin sales if they are experienced investors, are confident in the quality of the project, and are prepared to lose their entire stake. The warning comes after the Chinese government acted to outlaw ICOs altogether earlier this month, in a move which may be followed by the banning of digital currency exchanges. Risks highlighted by the FCA include lack of regulation, price volatility and potential fraud. | https://www.digitallook.com/news/international-economic/financial-conduct-authority-brands-initial-coin-offerings-very-high-risk--2854162.html | 2017-09-13 11:27:35.200000 | Britain's financial watchdog warned consumers they should be prepared to lose all the money they might invest in so-called Initial Coin Offerings.
In a consumer warning issued on Tuesday, and just over a week after China had declared them outright illegal, the Financial Conduct Authority labelled ICOs as "very high-risk, speculative investments".
ICOs are a mix between 'crowd-funding' and 'crypto-currencies', allowing issuers to raise funds - in the form of actual crypt-currencies such as Bitcoins or Ether - digitally from the public using in exchange for tokens or vouchers which either concede a share in the issuer, a right to services from the issuer or, sometimes, apparently nothing at all.
One ought only to invest in an ICO if they are an "experienced investor, confident in the quality of the ICO project itself (e.g. business plan, technology, people involved) and prepared to lose [their] entire stake," the FCA said.
Even then, potential investors were assuming multiple risks, the FCA said, including the alck of regulation, no investor protection, price volatility and the potential for fraud to name but just a few.
The warning followed a ban on ICOs from Beijing on 4 September and according to some reports was set to be followed by a blanket prohibition against domestic trading platforms in the country that use Bitcoin or other digital currencies.
On 2 September, Bitcoin prices had hit the $5,000 mark, versus the barely $624 which they cost just one year ago.
According to Coindesk, as of 1538 BST Bitcoins were trading 1.18% higher to $4,238.36. |
Instagram monetises Stories with extra services for advertisers | Instagram is looking to increase revenue from its Stories feature by integrating its full-screen Canvas ad format into it, as well as adding an uploading tool. Brands can use features such as face filters, boomerangs and drawing tools to create ads. Instagram is also allowing Stories to be added to Facebook, Instagram and Audience Network campaigns. Brands are using the Stories feature more and more; in the past month alone, more than 50% of businesses on Instagram posted a story.
| https://www.mediapost.com/publications/article/307224/ | 2017-09-13 11:22:10.463000 | Instagram is ready to turn the success of its Stories feature into more money.
The Facebook unit is integrating Stories with its full-screen Canvas ad format, making it easier to run cross-channel campaigns. It's also launching an uploading tool, so businesses can turn their organic stories into ads.
Brands can use camera features, like face filters, boomerangs and drawing tools, to create a piece of media, then repurpose it as an ad.
Additionally, Instagram will now allow Stories to be added to Facebook, Instagram and Audience Network campaigns through so-called “placement optimization.”
It is in Facebook’s interest for brand partners to run campaigns across its various properties. Yet, the social giant insists that it also benefits brands. To prove it, Facebook shared some metrics from a campaign recently run by Procter and Gamble’s SK-II brand to raise awareness around its Genoptics beauty product.
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P&G ran a split-test to see how Instagram Stories performed in conjunction with its feed campaigns across Facebook and Instagram.
Compared to running on Instagram and Facebook alone, Genoptics achieved a brand lift of 13 points, along with 30% reach among its target audience of females in Japan, aged 18-54.
A year after its debut, Instagram is having great success with its Stories feature. The Facebook unit is especially enthused about Stories’ popularity among younger users.
About a year after its debut, Instagram is thrilled with the success of Stories.
According to internal figures, users under 25 spend more than 32 minutes a day, on average, on Instagram. Those age 25+ spend more than 24 minutes a day, according to just-released internal figures.
Instagram attributes Stories’ strong showing, in part, to near constant updates and new tools.
Brands are increasingly leaning into Stories, too. In the last month, more than 50% of businesses on Instagram posted a Story. Suggesting strong engagement, Instagram also notes that 20% of organic stories from businesses elicit at least one direct message. |
NASA commissions next stage of robotic satellite assembly project | Space Systems Loral (SSL), a US spacecraft systems provider, has been awarded their next stage of funding by The National Air & Space Administration (NASA). While the initial contract set out to achieve a ground demonstration, NASA and SSL now plan to create semi-autonomous robotic systems capable of assembling satellites in space. "Today our future in space looks brighter and more robust than ever", said Trudy Kortes, NASA program executive.
| https://www.therobotreport.com/nasa-funds-next-phase-robotic-satellite-assembly-project/ | 2017-09-13 11:12:42.707000 | The National Air & Space Administration awarded the next phase of funding to Space Systems Loral, a spacecraft systems provider, modifying their contract to continue work on the Dragonfly on-orbit satellite assembly program.
The partnership between NASA and SSL intends to create a semiautonomous robotic system to assemble satellites in space. The software to run the program was designed to work with current spacecraft equipment and platforms.
“NASA relies on commercial innovation as exemplified by the Dragonfly team,” NASA Headquarters TDM program executive Trudy Kortes said in a press release. “Transformative technologies such as these will, in time, lead to more affordable, safer human access to space and more efficient, longer-lasting satellites, probes and other space hardware. Today our future in space looks brighter and more robust than ever.”
NASA, SSL and fellow partners MacDonald, Dettwiler and Associates Ltd. and Tethers Unlimited recently performed a successful ground demonstration of the Dragonfly project, including its ultra-light robotics system and command and control software. The next step in the project is a flight demonstration.
“SSL has a history as an early adopter of innovative technologies that improve satellite performance,” SSL group president Dario Zamarian said in the statement. “Our work with NASA to develop next-generation robotic assembly on orbit has the potential to change the way satellites are built and launched and will also be important for future space architectures that support exploration and deep space missions. We are pleased to have NASA’s continued support of this important work, which is critical to our nation’s leadership in space.”
NASA originally selected SSL for the multi-million dollar contract in December 2015 as part of its Tipping Point initiative aimed at working with private companies and other industry players to advance the use of robotics in space exploration. The original contract was to fund SSL’s Dragonfly study to achieve a ground demonstration. |
LLamasoft to deliver medical supplies to third world by drone | LLamasoft has joined forces with Zipline, an autonomous drone delivery firm that carries medical supplies to remote and hard-to-reach locations. After a successful collaboration between the two companies in Rwanda, they plan to expand their services into Tanzania, continuing an initiative to utilise drones in public health supply chain applications. Trips to blood banks used to take three to four hours of an employee's time, but the use of drones may cut this down to 20-30 minutes.
| http://www.secondwavemedia.com/concentrate/innovationnews/llamasoftzipline0425.aspx | 2017-09-13 11:08:23.303000 | Ann Arbor-based LLamasoft has partnered with Zipline, a company whose autonomous drones deliver medical supplies to remote locations, to optimize drone usage in public health supply chain applications.
Zipline, which is based in Half Moon Bay, Calif., has already been using drones to deliver medical supplies in Rwanda and is now expanding its services into Tanzania. LLamasoft's Global Impact Team has worked with the Tanzanian Ministry of Health and Medical Stores Department on supply chain projects to optimize the ministry's transportation routes for nearly four years.
"We've been helping the ministries of health answer questions like how many warehouses they need, where they need to put them, [and] how to ensure medicines are in stock at health facilities," says Sid Rupani, regional director for LLamasoft IMEA. "We examine transportation routes, the frequencies of deliveries, the capacities of the trucks, and all these other quantitative questions about how to set up the supply chain."
Rupani says he began talking to Zipline founders a couple years ago. He thought the time for a partnership was ripe because Zipline already had supply-chain expertise, and because drone technology was becoming more "mature."
"It made sense to model how their technology would fit in with supply chain management and improve the availability of medicines, the speed with which those medicines would be provided, and the impact on cost," Rupani says.
Zipline and LLamasoft collaborated for over a year, modeling existing operations in Rwanda so they could make the case for expanding their services into Tanzania in terms of benefits and cost.
Rupani says nobody is making the case that drones should replace existing transportation methods completely, now or in the future.
"So the question becomes what niches do they fit into, and where do they give a compelling advantage?" Rupani says.
In Rwanda, the partners found that delivering blood by drone made more sense than driving to the nearest blood bank. Instead of using three or four hours of an employee's time as well as fuel costs for a round-trip ride, a drone could deliver a few pints of blood in 20-30 minutes.
Rupani says delivery of vaccines is likely to be another useful application. Instead of sending one truck around each month to deliver vaccines to various health clinics, which may have power outages that spoil temperature-sensitive vaccines, a drone can deliver smaller amounts more frequently.
"It's a nice trade-off, because the cost worked out to be about neutral, but with better performance" and less waste, Rupani says.
Rupani says he and others at LLamasoft are working on a white paper with another partner with the aim of determining what niches in the supply chain can best be supplied by drones.
"We're looking not just at Zipline's technology but all available drone options currently on the market," Rupani says. "We'll be looking at all these different parameters and examining in which cases it would make sense to deliver by drones."
Sarah Rigg is a freelance writer and editor in Ypsilanti Township. You may reach her at [email protected].
Photos courtesy of LLamasoft. |
Offshore expert Opex optimises rig data with X-PAS | Aberdeen-based company Operational Excellence Group (Opex) believes the vast quantities of data generated by offshore oil and gas operations can be put to better use, according to its vice-president Gerry Ward. It has developed X-PAS, a system combining "predictive technologies and techniques with the expertise of data scientists and the domain experience of oil and gas engineers". The software enables Opex data scientists to predict developing issues or anomalies, reducing costs and increasing efficiency. Ward said X-PAS had helped one customer earn an additional $20m of revenue in one year.
| http://www.offshore-technology.com/features/featurecutting-data-waste-from-offshore-plants-5924050/ | 2017-09-13 11:06:02.980000 | As offshore operations become increasingly digitalised, vast amounts of data are collected and put to use with the hope of creating the most efficient rigs possible. But with such large volumes of information, how can we be sure the right data is floating to the service? At the Transforming Offshore Operations forum in Aberdeen at the end of June this year, Operational Excellence Group (OPEX) vice president Gerry Ward made it clear that almost all of this data is going to waste, leading to increasing and unnecessary costs.
An offshore rig can have as many as 30,000 data tags but only a fraction of the data collected is put to use. This has a knock-on effect on other aspects like maintenance which is often expensively overlooked and poorly organised. For example, one company spent £20m refurbishing accommodation units so they could be used during maintenance, only for them to be thrown away after just one use.
As the oil and gas industry is changing, so must its attitude to data waste. “The industry has a real opportunity to embrace emerging big data technologies that can help them maximise economic recovery in the UK continental shelf,” explains Ward.
We sat down with Ward to discuss how OPEX’s predictive systems can put a stop to data wastage, and why so much data is being overlooked.
Molly Lempriere: How are you using data to improve the way oil rigs work?
Gerry Ward: OPEX has pioneered a unique data-driven approach to maximising production uptime, known as X-PAS, which combines predictive technologies and techniques with the expertise of data scientists and the domain experience of oil and gas engineers.
Expert sources state that the majority of oil and gas production losses are attributed to issues with critical systems. However, if you can predict the threats to these systems in advance, in most cases you can take the required steps to mitigate or eliminate the risk.
Most data analysis tools and conventional monitoring techniques look for changes in single data points to signal a problem or issue, for example changes in temperature, vibration, pressure or flow. The X-PAS approach is different.
Using data from existing offshore sensors we can create bespoke models that enable us to reveal the many thousands of relationships that exist within critical systems. Essentially, we can look at how millions of data points from an asset are interacting with each other at the same time. It’s multi-dimensional.
“An offshore rig can have as many as 30,000 data tags but only a fraction of the data collected is put to use.”
Using live sensor data, our team of data scientists use these complex models to carry out analysis on behalf of our customers to pinpoint any anomalies or developing issues. Our oil and gas engineers then verify and place these insights into the context of the offshore operating environment to identify emergent risks to production before they occur, often months in advance. Rather than ‘flooding’ our customers with meaningless observations we ensure that only filtered, actionable insights are escalated.
ML: Can you give us an example of a situation where your technology has made a big difference?
GW: By turning huge volumes of operational data into valuable filtered information, the X-PAS service enables our customers to make informed decisions and interventions to maximise the uptime on their installations. This improvement helps to increase production revenues; lift production efficiency; reduce operational, maintenance and repair costs; and improve the performance of plant and people.
The X-PAS service was initially piloted in 2015 and is now being used by a number of UKCS operators.
For example, the X-PAS service is in operation on the gas compression system on a major UKCS installation. 2.5million data points and thousands of relationships are analysed on a daily basis from the X-PAS Support Centre. Over a 12-month period the X-PAS service helped the customer earn an additional $20mn in production revenue through 40 crucial interventions, resulting in a 65% reduction in system trips and a number of important safety and performance improvements
By making use of existing infrastructure and operational data that was previously going to waste, no additional capital expenditure was required to achieve these efficiency gains.
ML: Why do you think so much data is going to waste?
GW: The industry has invested heavily in infrastructure to capture data from the offshore installations, each one having something like 30,000 data tags, yet less than 1% of the data collected is used to aid decision making.
There are many factors that contribute to this. In simple terms, people are just too busy – they don’t have the time to dedicate to analysing the data, and data is useless unless it is turned into actionable insights.
The industry is wrestling with the changes that digital transformations present. We are seeing a move in the right direction, with more and more operators recognising the opportunities that exist by unlocking the value in their data.
ML: What are the next steps for OPEX?
GW: The team at OPEX have a genuine desire to make a difference to the oil and gas industry by harnessing the power of ‘big data’ to increase production, reduce costs and improve performance. We are now working closely with our customers and industry bodies to explore the potential of applying predictive big data techniques and technology for a number of other solutions for the oil and gas industry. |
Mobile app is favourite way to bank in Saudi Arabia | Bank customers in Saudi Arabia are increasingly showing a preference for using digital channels to conduct transactions, with mobile phone banking their preferred platform. A survey of over 10,000 customers by polling company YouGov showed almost a quarter of those in both Saudi Arabia and the UAE cited a mobile app as their preferred channel, with only India and South Africa recording higher scores for that method. The survey also found more Saudi customers would change their bank rather than complain if the customer service was poor. Saudi Arabia has one of the highest rates of mobile ownership in the region.
| http://saudigazette.com.sa/article/517101/BUSINESS/Banking | 2017-09-13 11:03:49.200000 | RIYADH — Banking customers in the Kingdom of Saudi Arabia are increasingly using digital channels to conduct their transactions, with mobile banking leading the way, according to a new survey from Avaya. The findings reveal that Saudi customers’ most-preferred channel for accessing banking services is via a mobile app, while 40% of respondents said it was a priority to have everything on their mobile device – the highest out of nine countries surveyed.
The Customer Experience in Banking Survey, conducted with YouGov, queried more than 10,000 banking customers in two waves – the first covering the UK, UAE, India and Australia, and the second France, Germany, Italy, KSA and South Africa. Almost a quarter (24%) of respondents in both the UAE and Saudi Arabia said a mobile app was their preferred channel, behind only India and South Africa, and much higher compared to just 8% in Germany and 10% in France.
Saudi Arabia already has one of the highest mobile penetration rates in the region, with a population penetration rate of 140% as of Q1 2017, according to one report by the Ministry of Communication & Information Technology.
Saudi banking customers are also more likely to change their banks because of poor customer service – and less likely to give the bank a chance to do something about it. While more than half (52%) would change banks – the highest out of all nine countries – only 37% would lodge a complaint, the lowest of the countries surveyed. When asked to assess what was important to them in interacting with their bank, top asks from KSA banking customers include wanting to have the same level of experience and service across all channels, and for their problems to be resolved on the first point of contact, all regardless of which contact channel they used.
While more robust digital channels are one way for banks to improve the customer experience, almost a quarter of those in the Kingdom would still prefer to visit their bank’s branch and speak with a relationship officer for services. Virtual Financial Advisors (VFAs) – representatives from the bank who engage customers through virtual means and service them remotely with online tools – seem to be an ideal solution based on the preferences of KSA respondents. According to the survey, the most valued benefit of having a VFA is being able to resolve their banking inquiries faster, regardless of the contact center channel they use.
Customers in the Kingdom generally prefer not to be contacted by their bank for promotional offers or new services. But they want to hear from their bank when it comes to renewing their credit cards or services before they expire, and dealing with problematic or potentially fraudulent transactions. Nearly a quarter of respondents (23%) say that they would not want to be contacted for any of these issues, preferring to contact the bank only when they need to.
“Getting customer experience right is vital for banks in KSA, and it is clear that delivering a superior customer experience requires coordination across all touchpoints—whether online or offline,” said Yaser Alzubaidi, Engagement Solutions Sales Leader for Asia Pacific, Middle East & Africa (AMEA) at Avaya. “Banks in the region are increasingly investing in digital transformation to deliver the right customer experience. However, it really comes down to personal autonomy and giving consumers the opportunity to choose the way they interact with their bank. That is where new technologies can really make a difference. Moreover, these new technologies help customers to do what they want to do as fast and effectively as possible.” — SG |
State Bank of India moves towards virtualisation of payment card | SBI Cards, a joint venture between the State Bank of India and GE Capital, will launch an updated app enabling cardholders to make contactless payments at point of sale (PoS) devices in India. The app, set to be launched next month, will use near-field communication to allow customers to make a payment by tapping their phones on to the PoS machine. The move is intended to facilitate the virtualisation of payment cards. SBI Cards currently has a 15% market share in terms of card spends and cards in force, with volume growth rate at 200,000 cards a month.
| https://inc42.com/buzz/sbi-cards-contactless-payments-pos/ | 2017-09-13 10:55:53.800000 | SBI Cards Customers Will Soon Be Able To Make Payments By Tapping Their Smartphones On POS Machines
In a bid to make payments faster, more reliable and convenient, SBI Cards, a joint venture between the State Bank of India and GE Capital, is set to release an updated version of its mobile app. As per reports, the move is geared towards allowing contactless payments at POS (point of sale) terminals.
The contactless payments technology, according to sources, will enable SBI Cards customers to pay by simply tapping their smartphones on POS machines. Based on Host Card Emulation (HCE), the app has provision for dematerialisation of the card.
While SBI cardholders already use their smartphones to make payments digitally, the proprietary contactless payments app is designed to facilitate virtualisation of the card via a smartphone using near-field communication (NFC). The app will be launched by next month, sources have revealed.
Lately, the payment solutions provider has been on a path of embracing innovation for the purpose of bolstering its product line. Speaking on the matter, SBI Cards CEO Vijay Jasuja stated, “Among our recent innovations we have enabled our card for Bharat QR code by incorporating the feature in our app.”
SBI Cards: Second Largest Card Issuer Servicing Over 5 Mn Users
The genesis of SBI Cards can be traced back to 1998, when GE Capital partnered with the State Bank of India to float two joint venture companies, as part of a move aimed at developing a robust credit card business in the country. It is currently the largest card issuer in India, second only to HDFC Bank.
At present, SBI enjoys majority shareholder status, with a 60% stake in the venture. In July 2016, it was reported that GE Capital was looking to exit the venture. As stated by Jasuja, the company is working to double its current user count within the next two years.
Over the last three years, SBI Cards has reportedly doubled its customer base to more than 5 Mn. IT has witnessed fastest growth in the insurance segment and currently, holds a 15% market share in terms of card spends and cards-in-force (CIF).
Jasuja added, “Before demonetisation, the card volume growth rate was around 60,000 cards per month which increased to over 100K cards per month post-demonetisation period and has now grown to around 200K cards per month.”
The bank’s subsidiary currently issues cards to both the individual and corporate segments, under the following categories: Premium Card, Classic Card, Travel & Shopping Card, Exclusive Card, Corporate Card, Kisan Card, and Loan Card. Around 15%-20% of these cards are provided through partnerships with enterprises like Tata and Big Bazaar.
Existing customers of the State Bank of India account for nearly 35% of all cards issued by SBI Cards. Jasuja said, “While going after the whole lot does not make sense considering that the bank has a 50-crore customer base and we do not have the capacity for that, we will be picking them up in lots.”
According to a 2016 SBI Research report, monthly card spend in the country has increased significantly over the last 12 months, from $547 Mn (INR 3,500 Cr) per month to over $859.5 Mn (INR 5,500 Cr) per month.
The creation of the HCE-based contactless payments app is one of the many steps taken by the company to expand its customer base. As confirmed by Jasuja, SBI Cards is keen on investing in infrastructure and forging new partnerships. In December 2016, the company announced plans to issue credit cards to students of the country’s 100-200 top educational institutions.
While exact details of the technology have not been disclosed by SBI Cards, the promise of contactless payments on POS machines is sure to be a big hit among retail consumers.
(The development was reported by ET) |
Scientists develop cheap test for DNA biomarkers | US scientists have developed a cheap, highly accurate test that can be used to diagnose conditions by detecting protein biomarkers in subjects' DNA. The test could be as simple to use as a home pregnancy testing kit, according to the researchers from the Wyss Institute at Harvard University and Boston's Children's Hospital. In experiments, the method was used to detect prostate-specific antigen and to screen between different strains of the Dengue virus in less than an hour. It reduced false positives to nearly zero and achieved lab-quality sensitivity.
| https://www.medgadget.com/2017/09/scientists-develop-cheap-highly-sensitive-accurate-test-biomarkers.html | 2017-09-13 10:53:27.547000 | Scientists at the Wyss Institute at Harvard University and Boston Children’s Hospital have developed a cheap, sensitive, and highly accurate way of detecting protein biomarkers. The technology may very well revolutionize diagnostics, disease monitoring, and help stop the spread of infectious pathogens. The nanoswitch-linked immunosorbent assay (NLISA) has the potential to be as simple to use as self-administered pregnancy tests but with nearly laboratory-level of accuracy.
NLISA screens for specially prepared DNA strands that change shape in the presence of a protein biomarker. The DNA strands have multiple small proteins that bind to the target proteins, and as they bind, they pull on the rest of the DNA strand, changing its shape. Electrophoresis is then used to pull on the DNA strands, some of which move faster than others depending on whether they’ve been bent out of their original shape or not. Moreover, while the dragging is going something called “kinetic proofreading” is administered to the DNA strands, shaking loose any imperfect connections that may lead to false positives.
The technology, just described in Proceedings of the National Academy of Sciences, was used to detect prostate-specific antigen (PSA) at high sensitivity and to screen between different strains of the Dengue virus in less than an hour. False positives were reduced to nearly zero while the sensitivity was lab quality.
Here’s a quick animation that explains the workings of the NLISA technology:
Study in PNAS: Nanoswitch-linked immunosorbent assay (NLISA) for fast, sensitive, and specific protein detection…
Via: Wyss Institute… |
Cancer drugs' high prices not justified by cost of development, study contends | Excusing the sky-high price tags of many new cancer treatments, pharmaceutical companies often blame high research and development (R&D) costs. But a new analysis, focused on 10 new cancer drugs, finds those costs may have been greatly exaggerated—and the return on investment for drug companies is lucrative indeed.
| https://medicalxpress.com/news/2017-09-cancer-drugs-high-prices-contends.html | 2017-09-13 09:53:00.003000 | (HealthDay)— Excusing the sky-high price tags of many new cancer treatments, pharmaceutical companies often blame high research and development (R&D) costs.
But a new analysis, focused on 10 new cancer drugs, finds those costs may have been greatly exaggerated—and the return on investment for drug companies is lucrative indeed.
The study found that the typical R&D process for a new cancer medication spans about seven years, with an average per-drug cost of between $648 million and $794 million.
Pricey, yes—but still far below the $2.7 billion-per-drug R&D figure determined by a 2016 Tufts University investigation. It's that number that drug companies have pointed to as their average R&D cost per drug.
And the pay-off, once a new cancer drug reaches the market, can be enormous, the new study found. According to the researchers, after an average of about four years on the U.S. market, the 10 new drugs they studied ended up collectively generating $67 billion in revenue.
That's seven times the total cost of all the drugs' combined R&D.
"These results suggest that pharmaceutical drug development is extremely lucrative, and the current drug prices are not necessarily justified by the R&D spending on these drugs," said study co-author Sham Mailankody. He's assistant attending physician with the myeloma service at Memorial Sloan Kettering Cancer Center in New York City.
Mailankody co-wrote the study with Dr. Vinay Prasad, of Oregon Health and Science University in Portland. The findings were published online Sept. 11 in JAMA Internal Medicine.
At the crux of the issue are skyrocketing U.S. prices for new cancer medications, which often exceed $100,000 a year, sometimes hitting as high as $200,000.
According to Mailankody, there are three common justifications for this "sticker shock": the drug is a novel approach to treating a cancer; it brings improved effectiveness; and it's been produced after some very expensive R&D.
Mailankody said that, in prior investigations, he and Prasad already found that "the cost of anticancer drugs is unrelated to the novelty of mechanism of action or the efficacy of these drugs."
So that leaves the high R&D cost as the sole justification left standing.
To see if that argument held up, the researchers identified 10 drug companies which—for the first time—had each gotten a single new cancer drug to market between 2006 and 2015.
The 10 new medicines included: ponatinib (Iclusig); brentuximab vedotin (Adcetris); cabozantinib (Cometriq); ruxolitinib (Jakafi); eculizumab (Soliris); ibrutinib (Imbruvica); enzalutamide (Xtandi); irinotecan liposome (Onivyde); vincristine liposome (Marqibo); and pralatrexate (Folotyn).
Filings lodged with the U.S. Securities and Exchange Commission revealed the total amount each company had laid out for all R&D costs related to cancer drugs—even when the company successfully brought just one drug to market.
"Our analysis actually accounts for the cost of [all drug] failures" as well, Mailankody explained, rather than just the R&D costs of a single successful drug.
R&D cost per drug ranged widely between companies, from a low of $320 million to a high of $2.7 billion, the study found.
However, roughly four years after a drug successfully made it to market, nine out of 10 companies saw their revenues greatly exceed such costs. In fact, four of the 10 companies were raking in revenues 10 times their total investment in R&D, the findings showed.
Mailankody noted that drug companies also "enjoy long market exclusivity/patent protections," averaging about 14 years, so that "in time, it is anticipated that these companies will have substantial profits."
Merrill Goozner has variously worked as a business professor, journalist, and director of the Integrity in Science Project at the Center for Science in the Public Interest. He wrote a journal commentary reflecting on the new findings. He believes "the study conclusively shows for the first time that the drug industry's claim that it costs $2.5 billion on average to develop a new drug is completely specious."
Representatives of the drug industry were quick to take issue with the claims, however.
Speaking to The New York Times, Daniel Seaton, a spokesman for the Biotechnology Innovation Organization, said that because success in drug research is expensive and never guaranteed, "it's a bit like saying it's a good business to go out and buy winning lottery tickets."
And Dr. Joseph DiMasi, the Tufts University researcher who wrote the 2016 study citing the $2.7 billion figure, called the newer study "irredeemably flawed."
"The sample consists of relatively small companies that have gotten only one drug approved, with few other drugs of any type in development," he told the Times. This leads to "substantial selection bias," so that the findings cannot reflect the pharmaceutical industry as a whole.
Dr. J. Leonard Lichtenfeld is deputy chief medical officer of the American Cancer Society. Reading over the study from Mailankody and Prasad, he said that "there are a lot of different facets to this discussion, well beyond the single point of this paper."
He agreed with DiMasi that the paper's focus on small start-ups fails to "consider drug companies that are private or very large with many, many, drugs under consideration."
Lichtenfeld pointed out that "the problem is those kinds of privately held companies don't provide access to detailed R&D information. And many people, including these researchers, would argue that we need that information in order to make rational interpretations on drug pricing."
He added, "As a member of the Cancer Society, I don't have a position on this. But I do think this paper is going to move this discussion along because we need innovation and incentives for innovation. But society 'writ large' also needs to reach an understanding as to what is acceptable and desirable. Hopefully, cooler heads will prevail."
More information: Sham Mailankody, M.B.B.S., assistant attending physician, myeloma service, department of medicine, Memorial Sloan Kettering Cancer Center, New York City; J. Leonard Lichtenfeld, M.D., MACP, deputy chief medical officer, American Cancer Society; Merrill Goozner, M.S., editorial department, Modern Healthcare, Chicago; The New York Times; Sept. 11, 2017, JAMA Internal Medicine, online There's advice on managing the cost of cancer care at the American Cancer Society. Journal information: JAMA Internal Medicine
Copyright © 2017 HealthDay. All rights reserved. |
California moves closer to adopting a drug pricing transparency law | A California bill that would require drug makers to report and justify price hikes took a big step toward reality on Monday night. The state Assembly overwhelmingly passed the legislation and it now goes to the Senate for approval, which legislative sources say may occur as soon as today.
| https://www.statnews.com/pharmalot/2017/09/12/california-drug-prices-transparency-3/ | 2017-09-13 09:52:21.730000 | A California bill that would require drug makers to report and justify price hikes took a big step toward reality on Monday night. The state Assembly overwhelmingly passed the legislation and it now goes to the Senate for approval, which legislative sources say may occur as soon as today.
The bill, which has been vociferously fought by the pharmaceutical industry, could become one of the most comprehensive state efforts to address pricing transparency. For instance, drug makers would have to provide 60-day notice to insurers and government health plans before increasing list prices of a medicine that costs more than $40, by 16 percent in a two-year period.
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If the legislation becomes law, health plans would also have to provide detailed information about prescription drug costs and the portion of premiums attributed to this expense (here is a fact sheet). |
Goldman invests in financial wellbeing provider | Goldman Sachs has invested £100m ($132m) in London-based financial wellbeing platform Neyber, a firm which helps workers in the UK manage their finances. Neyber's goal is to displace traditional financial service companies by offering employees lower rates on loans and easier access to investments and savings accounts. The investment will allow Neyber to expand the number of employers it works with, according to a company statement.
| https://www.finextra.com/pressarticle/70641/goldman-sachs-takes-debt-and-equity-stake-in-neyber | 2017-09-13 09:47:03.673000 | Source: Neyber
London-headquartered Neyber, the UK’s sector leading financial wellbeing provider, has secured up to a further £100M in a capital investment round led by Goldman Sachs.
The investment includes debt and equity as part of the recently completed series C fundraising round providing Goldman Sachs with a stake in the company. Neyber has also secured £15m of lending capital from existing investors led by Henry Ritchotte and Gael de Boissard in this investment round.
Neyber is an award-winning financial wellbeing provider that helps UK employees to be better with their money. Neyber partners with employers to support their workforce’s financial wellbeing with access to affordable, salary-deducted loans and financial education - all at no cost or risk to the employer.
Neyber launched nationally in January 2016. Since then it has launched with over 80 private and public sector organisations across the UK including some of the largest UK employers. It has saved its borrowers £14M in interest payments and developed an addressable market of 700,000 employees.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said:
“This is a groundbreaking transaction for Neyber and the most significant milestone in our development to date. This transaction brings Neyber’s award winning proposition further into focus and comes at a time when Neyber is launching with some of the largest employers in the UK. This capital investment will allow Neyber to embrace these opportunities and expand the universe of employees that Neyber can serve. This supports our mission of improving the financial wellbeing of even more UK employees.
“Goldman Sachs joins Police Mutual and WGC to create a group of core strategic investors in Neyber. Collectively the investment and expertise these three organisations bring across areas such as capital markets, financial services and credit risk will serve to cement Neyber’s position as the leading player in the UK salary deducted lending market".
Dennis Beeson, a senior executive with Goldman Sachs Private Capital, said:
“We are excited to partner with Neyber on its period of rapid growth. Employee financial wellbeing is of increasing importance to UK employers and Neyber is a key player in the evolving market. Neyber’s strong management and leading technology platform ensure its continued success.”
Neyber was founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia along with financial technology expert Ezechi Britton.
The founders joined together to deliver a genuine alternative to the solutions offered by financial service providers whose high borrowing rates and low returns on savings have helped to create an unprecedented era of financial stress. Neyber clients include FTSE listed firms, the UK Police Service, London City Airport, Anglian Water, BUPA, NHS Trusts and local authorities. |
If the GOP would only give up on repeal and replace it could actually make healthcare more affordable | Time is rapidly running out before health insurers have to commit to the policies and premiums they’ll offer next year to roughly 20 million Americans not covered by an employer-sponsored health plan. Although those premiums are expected to jump 10% or more in many states, Congress can rein in that increase significantly — if it acts quickly.
| http://www.latimes.com/opinion/editorials/la-ed-bipartisan-healthcare-bill-vs-trumpcare-20170912-story.html | 2017-09-13 09:42:55.147000 | Time is rapidly running out before health insurers have to commit to the policies and premiums they’ll offer next year to roughly 20 million Americans not covered by an employer-sponsored health plan. Although those premiums are expected to jump 10% or more in many states, Congress can rein in that increase significantly — if it acts quickly. Doing so, however, will require Senate Republicans to stop flirting with yet another partisan proposal to “repeal and replace” the Affordable Care Act, and start focusing instead on steps to make coverage more affordable that can win broad support.
The good news is that leaders of the Senate Health, Education, Labor and Pensions Committee, who have a reputation for pragmatism and compromise, are trying to pull together a narrowly focused, bipartisan bill this week that would have a direct and rapid effect on premiums. Although the details are still being negotiated, the measure is likely to continue reimbursing insurers for at least a year — and preferably more — for some $7 billion that the ACA requires them to spend on lower out-of-pocket costs for low-income customers.
Although the law requires the federal government to make those reimbursements, some Republicans have labeled them a bailout for insurers, and the Trump administration has threatened repeatedly to cut off funding. Those threats have led insurers to seek premium increases of 2% to 23% in 2018 just to pay for the cost-sharing reductions, according to the Kaiser Family Foundation.
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It’s irresponsible for Republicans even to flirt with the Cassidy proposal.
That’s just one of the factors driving up premiums; others include the Trump administration’s indifferent enforcement of the ACA’s requirement that all Americans carry insurance, which encourages healthier adults not to sign up for coverage, and the unexpectedly large treatment costs incurred by those who do have policies. The Senate health committee’s bill may not address the rest of those issues directly. Instead, it’s likely to let states try to entice more healthy people to buy coverage by allowing insurers to offer less robust policies than the ACA requires, or by kicking in state dollars to help insurers.
A more direct approach would be to provide the sort of federal backstop that helps hold down premiums in Medicare’s prescription drug plans — such as reinsuring insurers against the cost of consumers with outsize medical expenses.
But even the Senate committee’s proposal would be better than one being floated by Sens. Bill Cassidy (R-La.), Lindsey Graham (R-S.C.) and Dean Heller (R-Nev.), which would replace the ACA’s insurance mandate and subsidies with a complex system of aid to the states, while also reengineering Medicaid to gradually reduce Washington’s share of its costs.
The Cassidy proposal has until Sept. 30 to pass by a simple majority, after which it would need an unattainable 60 votes to overcome a certain Democratic filibuster. It’s irresponsible for Republicans even to flirt with so major a proposal, let alone one so potentially damaging to California and other states with large Medicaid populations. Congress barely has enough time to pass a far more narrow bill to shore up the non-group insurance markets in time to affect the 2018 premiums. Lawmakers should focus on that, and get it done.
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