Global Business Outlook Issue 01 2016

EDITOR’S NOTE

We are immensely pleased to present to you the first issue of Global Business Outlook. The magazine is the latest product out in the market that aims to bring to you the latest news and trends in a range of business sectors, to enable decision-makers with the right mix of information, agenda and developments.

Business, as we know it, is changing rapidly. The needs of the consumer has evolved and the economy is presenting new challenges every day. The key to stand out and continue making an impact is to ensure a fine balance between innovation and sustainability. In the inaugural issue of Global Business Outlook, we have covered the most topical subjects in finance, technology, energy, realty, brands and education. In energy, the impact of Brexit on London’s status as a financial hub is discussed in addition to providing a new-

age alternative to dealing with the industry’s needs. Another feature discusses why India could benefit from an Islamic finance model and possible reasons behind barring its entry into the nation. Under technology, Brexit takes precedence again as the crucial aspect of data transfer and storage is analysed. Europe’s net neutrality guidelines are also discussed in length, in comparison to the USA. Energy features include South Africa’s clean energy potential as well as myths pertaining to de-carbonisation. Realty covers the housing situation in Canada and Turkey - two diverse and fast growing economies, likely nursing a housing bubble. Under brands, Samsung’s Note 7 crisis and Tesla’s imposing presence in the automobile industry has been covered. Finally, under education, you can understand why artificial intelligence is the future as well as read about Michelle Obama’s World

Bank initiative to educate girls.

A special add-on feature includes the analysis of Iran following the removal of economic sanctions and how the country is ready for business. In forthcoming features, we aim to cover the hottest emerging markets, with diverse views on the country and its business prospects.

This issue, we have featured Mothobi Seseli, CEO of Argon Asset Management, who discusses the tenets of good governance and its worth to building a valuable business.

Don’t miss our special on Global Business Outlook Award Winners, where some of the biggest regional and national banks and financial companies have been awarded for their ground-breaking achievements.

In addition to all this, don’t miss out on the latest developments in each of the sectors. We hope you enjoy reading this issue!

Kimberly Rivers Editor kimberly@gbomag.com

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Daivick Bhaskar

Editor

Kimberly Rivers

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David Brenton

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Editorial

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Rachel Taylor

Business Analysts

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Business Development

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Interview with the CEO of Argon Asset Management, who has won the Global Business Outlook Award 2016 Pg14

Economic sanctions have been lifted from Iran and the country is ready to re-engage with the world for business. So what is impeding the country from doing so? pg18

Tesla has carved a niche for itself as more than just a car maker. Read to know how and why the brand prides on its unique selling point pg 54

FinanCe | news

QiB launches plan to cater to women only

QaTaR islamiC BanK has launched a new proposition that will cater to women’s financial needs. Through ladies Banking Centres strategically located in Qatar, women will be offered competitive profit rates on their fixed deposits, in addition to obtaining quick finance at preferential profit rates. Children’s education and personal health will also be considered through the walady education Plan - a shari’a compliant education plan that offers long-term savings and investment along with Takaful protection for the parent.

additionally, QiB is als o offering free Takaful coverage for a year, covering general and female-related risks. women can als o apply for a Family shield - a Takaful policy that provides relief to women in times of distress. women will b e allowed to use, free of cost for a year, a new set of revolving cards that allow customers to pay back minimum 5% of their monthly purchases by the bank. in addition, they will b e given discounts on premium brands and stores. “ with the ladies Banking proposition, ladies in Qatar now have an avenue that will support them to achieve their diverse goals,” said D anand, general manager, Qatar Personal Banking group.

BBA appoints RBSI chairman as chair of private banking advisory

BRiTisH BanKeRs assoCiaTion (BBa) has app ointed michel morley, chairman of RBs international and former chief executive of Coutts as its Chair of the Private Banking and wealth management advisory Board. morley joine d Coutts in June 2009 as chief executive of Coutts & Co and a director of adam & Company. in september 2010, he became Chairman of the Board of Royal Bank of sc otland international. He previously spent eight years with merrill lynch as managing dire ctor for UK Private Banking and director of private wealth services for europe and the middle east. He als o spent five years as head of international private banking at Barclays wealth and Ceo of Barclays switzerland. He is als o a board director of the wealth management ass ociation. with Brexit poised to take place a couple of years from now, BBa Ceo anthony Browne said that michael morley’s exp erience in private banking would be useful, as it can help UK’s economic growth. BBa’s private sector oversaw Us$640bn of ass ets, and contributed Us$6.7bn to the e conomy. in addition, the s ector paid Us$1.4bn in taxes as well as supported 65,700 jobs in the UK in 2013.

Barclays pursuing asia strongly, to focus on m&a adv isory services

Following a massive restructuring in key markets, UK’s leading bank Barclays has said that asia remains a very important market. group Ceo Jes staley told Nikkei Asian Review that Barclays remains committed to the region after the restructuring of the investment banking division has run its course.

staley and his team are now seeking to improving returns by focusing on priority markets in the UK and Usa, following the selldown of the african market, close of investment bank operations in seven asian nations as well as the elimination of 13,600 jobs in nine months. in January, the company announced that it was closing down offices in australia, Taiwan, south Korea, malaysia, Philippines, indonesia and Thailand. However, it has retained regional hubs in india, singap ore, Hong Kong, China and Japan.

Barclays had assisted Japan’s telco softBank group with the acquisition of UK’s aRm Holdings by raising funds. Barclays is currently handling large mergers & acquisitions mandates, revealed staley, with the aim of maintaining a robust outlook for global investment. The bank will now focus on m&a advisory services in addition to taking asian c ompanies to the equity capital markets in london and new York, in terms of raising dollar debt, sterling debt and eurodollar debt.

HSBC to invest US$1bn in Indonesia bank ahead of integration

HsBC Plans To inje ct Us$1bn into its indonesia business with PT Bank ekonomi Raharja, stated local reports. The move is expected to help HsB C operate better in indonesia, where banks are encouraged to operate through a single local entity.

ac cording to a report in Reuters, HsB C said it would integrate its business with PT Bank ekonomi Raharja. Prior to integration, HsB C operated independently aside from having a controlling stake in Bank ekonomi.

s inc e the 2008-09 economic crisis, local banking regulators have encouraged banks to incorporate themselves locally to insulate themselves against shocks and

manage them better.

a c cording to the H s B C website, the bank acquired a majority stake in Bank e konomi and now owns 99% of the bank. i n c onjunction of the regulator o toritas Jasa Keuangan, H s B C will be integrated with Bank e konomi and the process will likely be completed in Q2 2017. The new entity will be named PT Bank H s B C i ndonesia. The integration will increase the bank’s distribution and reach within i ndonesia as well as strengthen local presence. From Q2 2017, there will be 100 branches of the bank in 25 cities and towns.

East Africa changing continent’s perception and fortunes

THe aFRiCa Regional integration Report presented by the african D evelopment Bank has rated the east african Community as the top performing regional community in the continent. The eaC c omprises Kenya, Uganda, Burundi, Rwanda, south sudan and Tanzania, and is one of the highly influential power blocs in the continent. according to the report, eaC has made the most advancement in reducing cross-border trade barriers, as well as other economic activities to spur growth. after a wave of investments in larger south african economies like angola, nigeria and south africa, global manufacturers have now turned their attention to east african nations such as Kenya, Tanzania and Uganda. growth has significantly slowed in the larger economies, thereby forcing global entities to focus on smaller but faster growing economies such as the ones in east africa.

For its part, east africa is proving to be a safe and lucrative bet for its investors for a number of reasons. Comparatively, better infrastructure is a leading cause –its proximity to the middle east makes it a reliable trading partner either by air or sea. within its own network of c ountries, plans for a standard g auge Railway Project have piqued investor interest. Kenya, along with financing from China, will develop the first phase, slated to open in 2017. onc e complete, the entire railway network will connect 160mn residents in eaC.

The presence of a common market –the east african Common market, which enables the free movement of goods, services, people and capital within the eaC – has found favour with foreigners too. i n the near future, development of a solid transport infrastructure and eventual reduction of commodity prices, e ast a frica’s growth would be unprecedented.

THe eURoPean invesTmenT Bank (eiB) has signe d two loans to facilitate financing for smes and supp ort for microcredits in s pain. The funds totalling Us$359mn will b e set aside for the promotion of economic growth, innovation and job creation, supporting small business people, selfemployed young people and start-ups, said eiB in a statement.

eiB vice-president Román es colano and CaixaBank Ceo gonzalo gortázar signe d a Us$326mn loan to ensure that smes and midcaps (up to 3,000 employees) can access the financing they need to continue developing. in s pain, these c ompanies provide the largest contribution to economic growth and job creation.

aT&T and Time warner merger to be one of the biggest me dia deals to date

aCCoRDing To FoRTUne.Com, if the aT&T-Time warner deal c omes through, it will be the third biggest deal in the media buying space and 11th biggest buyout since 1995. Us tele com giant aT&T announced that it will take over Time warner for Us$85.4bn, lo cking down a profitable content generator to stream its offering through aT&T’s network.

Randall stephens on, chairman and Ceo of aT&T, said, “Premium content always wins. it has b een true on the big screen, the Tv s creen and now it’s proving true on the mobile screen. we’ll have the world’s best premium content with the networks to deliver it to every screen. a big customer pain p oint is paying for content once but not being able to access it on any device, anywhere. our goal is to s olve that. we intend to give customers unmatched choice, quality, value and experiences that will define the future of media and communications.

The deal has already raised concerns with several american lawmakers. The Us D epartment of Justice will be reviewing the deal, revealed reports. “such a massive consolidation in the industry requires rigorous evaluation and serious scrutiny,” said U.s senator Richard Blumenthal, senate Judiciary Committee member.

a c ompany statement by aT&T revealed that it will pay Us$107.50 p er Time warner share, half in cash and half in stock. The company has previously purchased satellite Tv provider DirecTv for Us$48.5bn. it has 142mn wireless subscribers and 38mn video subscribers. Time warner’s ass ets include HB o, Cnn, TBs and TnT.

i n addition, the ei B is supp orting small entrepreneurs who want to turn their ideas into a business. Román e s colano and m icroBank chairman a ntonio v ila Beltrán today signed a U s $32.6mn loan to facilitate microcredits for those with very limited access to financing to start

RAKBANK and Network International sign MoU

Uae ’s R a KB an K H as signed an m oU with payments provider n etwork i nternational to provide merchants seamless access to P os and payment gateway products, which will make it easier and faster for merchants in the Uae to ac cess P os machines, payment gateways as well as competitive financing options.

The m oU was r ecently signed at gi T e X Technology w e ek in Dubai w orld Trade Centre. Peter e ngland, C eo of R a KB an K, Bhair av Trivedi, g r oup C eo of n etwork i nternational g r oup, Dhiraj Kunwar, director of business banking at R a KB an K and s amer s oliman, managing d irector – group acquiring of n etwork i nternational, attended the signing ceremony, according to a company release.

Peter e ngland, C eo of R a KB an K, said, “a s a pr ominent bank in the sme space, we ar e always looking to bring our valued customers added choice and convenience. o ur partnershi p with n etwork i nternational gives us the opportunity to support customers by offering them convenient business banking solutions and provide easy access to P os and e-pa yment gateways for their businesses.”

Bhairav Trivedi, g r oup C eo of n etwork i nternational, said: “a s the leading provider of innovative payment solutions in the region, n etwork i nternational is delighted to sign a strategic agreement with R a K B an K that will support the Uae mer chant’s business needs. sme s r emain the backbone of our economy and our offering of state-of-the-art P os and e-payment gateways combined with R a KB an K’s financing s olutions, will provide enhanced support to this merchant base.”

their business. The goal is to help create jobs for young people in s pain. The last ei B loan to m icroBank – totalling U s $108mn and signe d in 2014 – benefited more than 9,000 micro-businesses and self-employed workers. 30% of them launched start-ups thanks to these credits.

During the signing ceremony, eiB vice-president Román es colano said, “The importance of this operation for showing that the eiB als o reaches small business people and young entrepreneurs. These loans will make it possible to support startups and small businesses, which are vital for creating jobs and promoting the growth of the s panish ec onomy.”

The eiB loan to facilitate micro-financing for entrepreneurs in s pain

Aafiya

is a third party administrator of international standards and a specialized integrated service provider for healthcare management

Aafiya that synonyms to Good Health, Prayer and well-wisher is committed to patient safety and a trustworthy healthcare facilitator in the region.

Standing true to the definition of a Health Care Medical Facilitator, Aafiya provide its expertise in Risk Management, Policy Administration, Claim Management, Provider Network, Healthcare Assistance Department (24*7 Customer Call Centre) and Case Management. The Team at Aafiya is a blend of highly qualified professionals possessing valuable and remarkable experience in the domains of Healthcare, Insurance, Finance, & IT which primarily focuses on the motto

“Providing customer service beyond satisfaction”, and are dedicated and committed to achieve the same with the support of the entire workforce who share the vision of Aafiya. Apart from performing the TPA fundamental role, Aafiya does indulge itself into social development by offering

• Nutrition Programs and seminars: On healthy eating habits in which we encourage staff to take their regular lunch break and eat healthy.

• Corporates Wellness Programs: Offering individual assessment on giving wellness education, stress management, how to prevent chronic diseases etc.

• Client Orientation Programs: Started the culture of giving orientation to the policy holders which guides them how to use their health medical benefits, policy inclusion, exclusions and a detailed mapping of their medical network coverage.

• Provider Orientation Program: Again Aafiya pioneers in training the providers regarding how to read and understand the health benefits (through health card) and treating the patient accordingly.

Aafiya aims to be to be the no:1 Health Care Service provider in the MENA region by making sure that it’s not just based on a random survey rather it shall come straight from the client’s prospective based on exceptional level of services experienced.

Standing true to the definition of a Health Care Medical Facilitator, expertise in Risk Management, Policy Administration, Claim Management, Network, Healthcare Assistance Department (24*7 Customer Call Centre) Management.

The Team at Aafiya is a blend of highly qualified professionals possessing valuable experience in the domains of Healthcare, Insurance, Finance, & IT which primarily motto “Providing customer service beyond satisfaction”, and are dedicated and achieve the same with the support of the entire workforce who share the vision of Aafiya.

Apart from performing the TPA fundamental role, Aafiya does indulge itself into social by offering

 Nutrition Programs and seminars: On healthy eating habits in which we encourage take their regular lunch break and eat healthy.

 Corporates Wellness Programs: Offering individual assessment on giving wellness stress management, how to prevent chronic diseases etc.

Managing your care process is a third party administrator of international standards and a specialized service provider for healthcare management. Aafiya that synonyms Health, Prayer and well-wisher is committed to patient safety and healthcare facilitator in the region.

 Client Orientation Programs: Started the culture of giving orientation to the which guides them how to use their health medical benefits, policy inclusion, a detailed mapping of their medical network coverage

 Provider Orientation Program: Again Aafiya pioneers in training the providers to read and understand the health benefits (through health card) and treating accordingly.

Brexit: A Financial Free Zone within the City

THe UK goveRnmenT recently indicated that it intends to negotiate a unique eU-UK relationship post-Brexit. it is hoped that the arrangements will be appropriate for the UK and london’s position as a leading international financial centre. a number of existing models have been discussed and will no doubt be analysed, with variations, by the government. This client note sets out a framework for new opportunities which could be developed in the UK post-Brexit, by establishing a

A financial free zone can adopt a far more free-market approach to regulation within the zone, subject to tight controls

Barnabas W.B. Reynolds, Thomas Donegan, James Comyn, Ellerina Teo, Oliver Linch, Wilf Odgers, Sandy Collins and Claire Hunter from Shearman & Sterling LLP discuss how new opportunities could be developed in the UK after a Brexit by setting up a financial free zone

“financial free zone” in london. This would enable the UK to take a bifurcated approach to financial services postBrexit. The UK as a whole could take an equivalence-based approach or other route to financial services regulation enabling single market access such that financial institutions could continue to provide services cross-border into the eU in a similar way to the present. separately, the financial free zone could adopt a far more free-market approach to regulation within the zone, subject to tight controls on systemic risk. This would provide optionality to market participants as to whether they wish to do business cross-border at all. we discuss the characteristics and purpose of financial free zones and a proposed framework for the establishment of a london zone.

A Financial Free Zone

Free zones have a number of

characteristics in common, namely they are limited to a geographic region, have a single administration, offer benefits to participants, such as tax or investment incentives, and have separate streamlined procedures. Free zones have traditionally had a policy and infrastructure role in developing countries, as they can be used as a tool for economic growth and to attract foreign direct investment. Free zones have been in place in gibraltar and singapore from 1704 and 1819, respectively, with the first modern industrial free zone being established in shannon, ireland in 1959.

whilst free zones have traditionally been set up to encourage trade exports and foreign direct investment, a more contemporary approach is the creation of a multi-sectoral zone. For example, the Chinese government is creating a special economic zone at Qianhai bay, shenzhen, which

specializes in financial services, logistics, technology and startups. within the zone, firms will b e given help to raise yuan offshore, and banks established in Hong Kong will be able to enter the zone more easily than under the current set-up. These measures are designed to reduce the severity of China’s capital controls and encourage financial cooperation with Hong Kong. Financial free zones are a similar concept. The zone is located in an area demarcated for financial activity to be conducted and is set up with its own legal and regulatory system. The United arab emirates (“Uae”) has s everal free zones, used for sectors as diverse as duty-free, shipping and financial services. most recently, it established the abu Dhabi global market (“aD gm”), a broad-based international financial centre for local, regional and international institutions, with the aim of it being a catalyst for the growth of a dynamic financial services sector in the Uae. The Dubai international Finance Centre (“DiFC”) was established in 2004 to encourage businesses and financial institutions to tap into the emerging markets of the middle east, africa and south asia and has als o proven to be highly successful.

A London International Financial Centre

a london i nternational Financial Centre (“ li FC”) c ould see the creation of a new, small territorial area within london demarcated for londonbase d financial institutions wishing to operate on an even more freemarket based model than the rest of the market. The li FC would have its own laws and regulations, based on the common law and UK statutes, but tailored for a high-growth, highly dynamic market subject to the main constraint that the laws must nevertheless (as with all modern financial services laws) minimize systemic risk and ensure clean markets. The li FC c ould also create streamlined work visa processes, to ensure continuing ready access to a worldwide talent pool.

A possible benefit of LIFC would be the introduction of preferential immigration laws

This liFC would not s eek equivalence, as a matter of course, with the eU except on topics it wished to or even, potentially, substituted compliance recognition with the Us it would have a stand-alone regime where institutions could operate in a highly deregulated environment but in the eU time zone.

Own Territory

The liFC would need its own territory. Historically, london house d the main financial businesses in the UK but the financial sector has spread as it has grown and a lot of the business is also located in Canary wharf a clearly demarcated area would be needed to bring certainty as to where certain activities could be undertaken within the free zone framework. we do not propose that london, the City or Canary wharf b e designated. Rather, such a proposal would work best in a significant area of new-build or regeneration-build real estate, such that those using the free zone freely choose to participate in it.

Separate Regulatory Framework

it is likely that separate regulators will be ne eded for the liFC from the rest of the UK. For example, the Financial services Regulatory authority (“FsRa”) is the indep endent regulator for financial services in aD gm and the Dubai Financial serv ices authority (“DFsa”) is the indep endent regulator for financial services in the DiFC, with the Central Bank of the Uae, the se curities & Commodities authority and the insurance authority regulating financial services in the rest of the Uae

in establishing the liFC, the current regulatory architecture could be maintained so that the Bank of england, the Financial Conduct authority (“FCa”) and the Prudential Regulation authority (“PRa”) would c ontinue to regulate financial services in the UK more generally. The Bank of england would c ontinue to be responsible for macro-prudential regulation of the UK economy as a whole. Due to the eU c ompliant infrastructure and rules that are already administered by the Bank, the FCa and PRa, as well as the existenc e of good working relationships with the eU authorities such as the european Central Bank and the european sup ervisory authorities (“esas”) thes e relationships should be continued separately from the liFC.

Independent Judicial System

Characteristically, financial free zones have independent judicial systems. Both aD gm and the DiFC, for example, have an independent judicial system and the special economic zone in Qianhai will also have its own separate legal system with a shenzhen Court of international arbitration and a Qianhai Tribunal. The liFC c ould establish either a separate judicial system or a designated court within the current judicial framework, to deal specifically with financial services issues arising within the liFC regime.

Free Movement of People

an additional possible benefit of establishing an liFC c ould be the introduction of preferential immigration laws, enabling foreign nationals to work in professional services within the liFC and reside there. For example, the special economic zone being established in Qianhai has implemented a regime under which foreign nationals working within designated professional services can apply for permanent residence to live and work in the zone. a s eparate immigration regime for an liFC c ould enable the UK to continue to benefit most easily from the international

talent pool whilst implementing more stringent immigration controls for the rest of the UK.

The Likely UK-EU Relationship: EU Equivalence Regimes

The introduction of the liFC could allow the UK to develop within the liFC financial s ervices laws that differ more radically from those of the eU, giving london-base d financial institutions a choice as to which regime best suits their business, whilst retaining the advantages of being based in london.

as s et out in our previous client note, the likely outcome for the UK as a whole is an equivalence-based relationship with the eU for financial services where financial market participants established in the UK can do business that is cross-border in law with counterparties and customers in the eU under UK laws that are equivalent to those in the relevant sector in the eU – and v ice versa. a summary of the e quivalence regimes is set out in our previous note. There are some holes in those regimes, many of which (if not all of them) we believe are

likely to be plugged.

Conclusion

whilst the future relationship between the UK and the eU remains to be negotiated, an liFC is an exciting prospect for the UK’s future financial sector. it c ould serve to boost further the UK’s unparalleled position as a major financial centre and offer new opportunities to the UK, the eU e conomies and other markets around the world.

Our Role Establishing ADGM

shearman & sterling advised aD gm on its establishment as an international financial centre. working clos ely with the leadership team at aD gm, shearman & sterling help ed develop aD gm’s world-class legal and regulatory regime to be in line with international standards to provide the sophistication and certainty found in the world’s top financial centres.

shearman & sterling has played a key role in aD gm’s adoption of english c ommon law by applying it in its jurisdiction for civil and commercial law. The application of

english c ommon law will govern matters such as contracts, tort, trusts, equitable remedies, unjust enrichment, damages, conflicts of laws, security and personal property. additionally, shearman & sterling drafted all legislation governing matters such as companies, insolvency, interpretation, commercial licensing, arbitration, courts, employment, limited liability partnerships, real property, financial regulation and strata title. 

Footnotes

China Offshore, “Qianhai Bay Special Economic Zone to act as bridge between Hong Kong and the mainland,”

Client Note: “Abu Dhabi Global Market: Financial Services Regulations and Rules,”

The ESAs comprise the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority.

Qianhai Website, “Legal Environment,”

Client Note: “Brexit: Free Movement of Persons” “Brexit and Equivalence: Review of the Financial Services Framework Across All Sectors”

Abu Dhabi Global Market is one of the upcoming financial free trade zones in the Middle East, which hopes to project Abu Dhabi as a major financial hub

Blockchain technology can benefit a range of financial services: Booz allen Hamilton

Booz allen HamilTon has released a report titled Blockchain: application to Financial serv ices in the gCC region, which has elaborated how technology can have far-reaching positive consequences on a range of financial services including payments infrastructure, remittances, trade finance, syndicated loans, capital markets and compliance activities.

lutfi zakhour, senior vic e President, Booz allen Hamilton mena, said, “The digital e conomy is moving so rapidly that adopting a ‘wait and see’ approach is not advisable. our report shows that there are a number of very real opportunities that will provide genuine long-term benefits. we are seeing significant momentum now at the global level which means that gCC institutions need to start planning the most effective ways to engage and implement blockchain solutions into their future business operating models.”

The report has stated how blockchain is the future of banking. in 2015, global banking sp end on blockchain amounted to Us$75mn and is exp ected to grow annually by 68% CagR and reach Us$400mn by 2019. several firms like nasDaQ, australian se curities exchange, wells Fargo, D eutsche Bank, Barclays and gold man sachs are already experimenting

with blockchain. Bank of england has already initiated research on how blockchain technology can be incorporated into financial services for consumer benefit.

For instance, in retail payments, blockchain will speed up transactions, reduce costs, provide instant clearance and settlement as well as manage transaction records. For this to happen, the existing infrastructure has to be improved, added the report. working with finte ch firms would help banks realise these goals faster. similarly, with foreign exchange, blockchain technology can handle large numbers of overseas transactions and enable peer-to-peer exchange foreign exchange transactions. Remittances too, can be made simpler through blockchain as they mitigate the need for a correspondent bank and enable direct transactions. Remittances annually outside the gCC amounte d to Us$98bn, making it a p otentially sound market to test the efficiency of blockchain. Companies like western Union are already sampling how blockchain can ease remittances for their customers.

Trade finance is another area that could benefit from blockchain technology adoption. Trade finance is a complex

process that involves a number of manual checks to verify the legitimacy of a client, its trading partners and the goods that change hands. The majority of these processes involve the exchange of paper documents between buyers and sellers via their respective banks, ensuring transactions are verified and processed, and allowing for payments to be made. Utilizing blockchain technology could yield significant benefits. Having all parties on a shared system with permissioned access will enable real time exchange of information, increase speed and provide visibility across the transit of goods and flow of information.

Commodities financial services platform launched in Shanghai Free Trade Zone

C ommin , valU e PaY an D m astercard have come together to launch a crossborder commodities financial services platform at the s hanghai Free Trade zone that will build a safer and transparent transaction environment. The initiative is being supported by m astercard’s key banking partners DB s , C im B Bank and Bank of s hanghai. The increase in interregional trade has made the s TF z a critical trade hub for China as well as the region, according to Yvette o h, executive vicepresident, market development for a sia Pacific at m astercard.

Cross-Border Commodities Financial services Platform is an integrated platform that provides real-time resolution of key issues such as supervision and distribution of pledged goods as well as the authentication of applications and processes. Trade settlement has traditionally been a paper intensive industry for banks and customers, but through such an initiative, manual processes can be digitised and streamlined.

Through the new platform, governments, banks, merchants and businesses will experience enhanced connectivity and efficiency, in addition to being able to save on time and costs, compared to older administrative processes. This, in the long

run, is expected to translate into saving actual operational costs.

The new initiative is also expected to authenticate credibility of merchants and traders, and open up more opportunities for banks to be part of s TF z ’s tr ade financing. w ith the

availability of an electronic and digital warehouse receipt system, there is scope for better logistic tracking and quality of financial services which could further promote cross-border transactions between various parties for economic growth.

FINANCE

it’s all about

trust

mothobi seseli, CEO, Argon Asset Management

Establishing and maintaining trust lies at the heart of the provision of financial services, which is why at Argon Asset Management we focus on all the elements of this to achieve and exceed global standards in our business. As the co-founder and Chief Executive officer of Argon Asset Management it is my leadership role to ensure that as a team, we take great care to maintain a firm foundation from which to grow in a sustainable way. As custodians of the life savings of many retirement fund members, we have a moral obligation to take a long-term view. Crucial to this is the way that we think about and make decisions on a daily basis

good governance promotes and builds trust Corporate governance is not just about adherence to a set of practices. The King Code of Governance Principles, the King Report on Governance and the King III Committee continues to believe it should be a non-legislative code of principles and practices. Despite this, the current version (King III, which came into effect on 1 March 2010) does fall in line with the Companies Act no 71 of 2008, which became effective on 1 May 2011. While this over-arching principlesbased approach remains a hotly debated issue globally, at Argon, we are committed to embedding these

principles in our business as a way of thinking that goes beyond compliance.

Key principles of the King Report on governance

The Draft Code of Governance: Principles for South Africa – 2009, provides valuable insight on the philosophy of the King III Report. At its heart, it is about leadership, sustainability and corporate citizenship, and particularly in our South African context, fairness, social justice and social transformation. Notable are the following points:

1. Good governance is about effective leadership. Leaders need to define strategy, provide direction and establish the ethics and values that will influence and guide practices and behaviour of their business to make it sustainable.

2. sustainability is one of the most important sources of both opportunities and risks for businesses. We need a fundamental shift in the way companies and directors act and organise themselves. By issuing integrated sustainability reports, businesses increase the trust and confidence of its stakeholders

and the legitimacy of its operations. It can increase the company’s business opportunities and improve its risk management

3. innovation, fairness, and collaboration are key in a meaningful shift to sustainability. Innovation provides new ways of doing things, including profitable responses to sustainability; fairness is vital because social injustice is unsustainable; and collaboration is often a prerequisite for large scale change.

4. the legacy of apartheid, as well as the often fragmented and sometimes contradictory approach to addressing it currently adopted by many companies, is fundamentally unsustainable. Social transformation is therefore an important aspect of sustainability. Integrating the two strategically will give rise to greater opportunities, efficiencies, and benefits, for both business and society.

Since 2002, sustainability reporting has become a widely accepted practice and South Africa is an emerging market leader in the field. However, we still need to address:

• society’s lingering distrust of the intentions and practices of big business; and

• concerns among business decision makers that sustainability reporting is not fulfilling their expectations in a cost effective manner.

Where do you begin?

In the Draft Code of Governance: Principles for South Africa – 2009, the King Committee on Governance states: ‘The starting point of any analysis on this topic is that directors and management must discharge their legal duties. These are grouped into two categories, namely duty of care, skill and diligence, and fiduciary duties. Corporate governance mainly involves the establishment of structures and processes, with appropriate checks and balances that enable directors to discharge their legal responsibilities.’

We believe that good governance is about the bottom line

Businesses all share a common objective – to be profitable over the long term. We believe that this is inseparable from being ethical in the way you do business. In the investment and asset management arena particularly, this is true – it is critical to have a

FINANCE

consistent and disciplined framework for investment decisions. Similarly, the business decisions within an investment management firm require a similar framework or supporting philosophy and principles. A solid set of corporate governance principles can facilitate this.

We have found that it makes good business sense to invest time to align as a management and executive team discussing and aligning on the principles. We continue to do so and have experienced many benefits from the debates and ongoing implementation of good corporate governance principles. It has helped us create a clear set of objectives and a consistent way of making decisions and implementing these. It also ensures a level of fairness and ethical behaviour as everyone and each action is governed by the same set of principles, removing subjective emotions and personality-based characteristics from the equation. It has a knock-on effect of making it easier to act on behalf of the stakeholders with diligence and care –another key element to maintain their trust – paving the way for sound business decisions

In our experience, larger corporate firms tend to focus on a tick box approach to governance. In this manner, ‘compliance’ is handled almost as part of an externalised approval process, rather than being entrenched in the company’s way of thinking and operating. Independent firms are by no means exempt from approaching governance in this way, but by their very nature (including a more immediate proximity to day to day and medium-term decisions) it can be easier to embed a consistent and principled way of thinking. It is as the business grows that the challenge is to ensure that different team members and a greater diversity of stakeholders are aligned on common principles. If you do this successfully, it will enable a greater level of trust to be developed with stakeholders over time.

The majority of Argon’s board of directors is composed of independent non-executive directors, which is very much in-line with good corporate

governance: input from non-executive directors is invaluable as it provides objective views of business processes and strategic direction.

transparency to stakeholders is also an important recipe for trust

Good corporate governance practises extend to the stakeholders in a business as well. While usually the first priority of stakeholders of a company is the quality of that company’s product or service, the second priority is the trust and confidence that the stakeholders have in the company. In the board’s decision-making process, an inclusive approach to governance suggests that they should take into account the expectations of the company’s stakeholders when making decisions that impact on the stakeholders. This in turn ultimately impacts on the long-term interests of the company. It is vital that the stakeholders feel confident that they have been taken into consideration. Continual engagement with stakeholders is a priority at Argon.

We are called ‘trustees’ and ‘custodians’ for a reason

Investment and asset management firms cannot operate if the individual members - who rely on retirement fund trustees, other gatekeepers and investment managers to act with their best interests at heart – are not confident that the people responsible for making decisions about their future make prudent decisions. These boards of trustees, asset consultants, other advisors, and indeed investment managers like ourselves have an ethical, commercial and social obligation to think hard about the principles that we apply when we make decisions in good times and bad. And unpacking the widely debated corporate governance principles, debating them and working hard to apply them diligently is intrinsic to doing so. 

“IT TAKES A VILLAGE TO RAISE A CHILD.”

As

Gratitude

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Iran: Ready and raring to go

It’s almost a year since economic sanctions on Iran were lifted, but the economy isn’t as robust as one thought it would be. Yet, many others believe the country’s reintegration into the global fold is slowly but surely taking shape and the next few months could drastically change the country’s economic and political climate

Nestled betweeN the Alborz mountains, tehran is the epitome of old world charm and eleganc e. with generous strokes of culture and modernity, effortlessly infused together, the capital city of Iran now stands on the brink of change.

January 2016 marked the advent of a changing era in the country, with UN’s economic sanctions being lifted. this meant Iran could potentially get back into the game, and position itself as ‘ready for business’ with the rest of the world. ten months on, the situation isn’t exactly how it was planned to be. while the nation has seen a definite spike in interest levels, in addition to more enquiries for business, the impact of Us sanctions still hovers over many.

Banking and Transactions – the cloud of sanctions and confusion over US intervention the general grouse in Iran is dealing with foreign banks is a major hindranc e to any progress with business deals, mainly due to lack of clarity from the UsA while banking in dollars. bNP Paribas, hsb C, Cre dit suiss e, ING, barclays, standard Chartered and lloyds have been heavily fined for transacting in Iran – bNP Paribas has paid the largest fine to date of nearly Us$8.bn. this has generated sufficient unease among other banks and major lenders. what’s adding to the unease is that citizens feel like the economic sanctions still make their presence felt, through restrictions that citizens yet face – be it through business or banking. Major Us banks

are hesitating to engage with Iran professionally, because of this prevalent confusion.

Meanwhile, the UsA, on its part is taking efforts to ensure Iran does not face hassles transacting with foreign banks. In the first week of October, the Us treasury d epartment allowed business es to engage in dollar transactions through offshore banking systems, as long as they don’t enter the Us financial system, stated a report in Economic Times Additionally, the treasury d epartment also removed a blanket ban on foreign transactions with Iranian firms that may be run by individuals subject to Us sanctions, calling them “sp ecially designated nationals”. IMF President Christine lagarde has promised that consultations with Us authorities will be organized to remove financial barriers.

Until some concrete steps are taken, spearheaded by global regulatory authorities and financial powerhouses along with the assurance that relations with the UsA will not b e affected adversely, Iran cannot apply itself to its full potential into foreign markets.

The next big Middle East investment frontier

while businesses fearing a clamp- down by the UsA ponder over their next steps, Iran is busy luring several other interested parties to do business with. when the sanctions were first lifted, economic experts predicted a possible recovery of Iran’s frozen overseas assets, pegged anywhere between Us$100bn to Us$300bn. lucrative opportunities

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exist in oil & gas, petrochemical, mining, tourism and ICt to name a few. Iran could become a leading economy in the Middle east, provided there is sustained support for a considerable period of time, believe economic analysts.

Oil & Gas:

Iran’s proven crude oil reserves are 158,400 mn barrels, and natural gas reserves are 33,500 bn cu/m. Masjid-i-solaiman in Khozestan province was the country’s first oil well to be drilled in 1908, in addition to being the first oil well in the Middle east. Currently, production is at 3.5mn bpd. Iran is planning an expansion in oil & gas technology by 2020. sinc e production began this year, Iran has already managed to achieve production levels of 3.89mn bpd and is hoping to touch the 4mn bpd mark soon, according to the country’s oil ministers. Already, export levels have reached 2.2mn bpd. As for natural gas, Iran is co-developing the s ou th Pars Field with Qatar and hopes to boost production to current Qatari levels by 2017. In addition, the country is also focusing on developing other shared gas fields. what could be a game-changer for the oil & gas industry are the new petroleum contracts, touted to be developed on the lines of a production sharing agreement (PsA). they are expected to be a finer, refined version of the existing buyback contract model and will most likely present new and better opportunities to international oil companies (IOCs). e arly this we ek, Iran’s oil ministry announced that it will accept applications for the development of oil and gas fields – almost a year after the sanctions were lifted. Many have agreed that this was a necessary step in the right direction, and will bring diversity in business as well as hopefully forge better ties with the w es t.

Meanwhile, Asian nations have been making the most of Iranian oil. According to the Wall Street Journal , 70% of Iranian oil has been sent to Asian nations, with China, India, Japan and s ou th Korea having significantly upped their imports of oil from Iran since the sanctions were lifted. China and India are attempting to further intensify their investment in the sector, through infrastructure and technological advancements. China continues to be the market leader as it is exporting 749,000 barrels a day and has gone up 7% this year. India’s crude imports have tripled to nearly 576,000 barrels a day, Japan’s imports increased by 45% and s ou th Korean imports nearly doubled.

Mining:

this is being hailed as a massive cash generator for Iran, with the country even adding mining and mineral value to its 6th d evelopment Program. Findings by the Us Gs state that mineral exports in this year’s Q1 alone was at Us$1.9bn, and mainly c omprised of profits from iron ore, steel, copper and other minerals. Iranian Mines & Mining Industries

d evelopment & Renovation Organization (IMIdRO), the country’s leading state-owned enterprise for mining, has stated that the average investment growth rate in mining is 18.8% and investment in the sector is pegged at Us$15bn. however, mining in Iran mirrors risks that are present globally in addition to presenting some of its own challenges historically, such as low investor confidence, disincentives, high cost of production cycles, opacity in frameworks and information availability, existing legislation and bureaucracy. d espite these challenges, organizations like IMIdRO are working to rope in foreign investment.

Trading partners

historically, Iran has been a major trading nation and has long established ties with major economies in europe and Americas, as well as Russia and China. Following the 1979 revolution, UsA suspended all ties with Iran and froze billions of its assets. however, China and Russia have continued to do business with Iran, and have been steady investors. with the lifting of sanctions, Iran has been trying to win back the western seal of approval to do its business. several trade delegations since January 2016 have flown to UsA and europe to re-engage with erstwhile trading partners. likewise, there has been a sizeable amount of interest in the Iranian economy since January 2016, with a range of investors coming into Iran to test the waters. , Mojtaba Khosrotaj, head of Iran’s trade Promotion Organization recently said that China, Japan, the UAe, Iraq, turkey, south Korea, India, Afghanistan, Pakistan, turkmenistan, Azerbaijan, Oman, Italy, Germany, s pain, taiwan, Armenia, thailand, syria and egypt are chosen destinations for export.

Upcoming Elections in USA and Iran

b oth nations have an interesting year coming up – Iran goes to ele ctions in May, and by then, U s A will ha ve a new president.

According to political analysts, the race is close between Republican candidate donald trump and d emocrat frontrunner hillary Clinton. the p opular sentiment among the Iranian community in the country and outside is they’re unsure whether both candidates would openly support Iran after the elections are over. while Clinton app ears to have a conservative stance over Iran, she might likely continue to push forth Obama’s existing agenda including Obamacare. even with trump, Iranians aren’t fully convinced that he will back their cause either.

back in Iran, President hassan Rouhani must be reelected for him to accomplish what he had promised to do. with the removal of sanctions, his ratings have increased but problems in Iran persist. On the other hand, Ahmedinejad might run for the election too, although he has relatively little favour with the government and religious leaders. eventually, the result of both elections will determine the course of Iran politics and economical growth for the next four years. 

IN sePteMbeR 2015, the IMF estimate d that the aggregate financial assets, held in Islamic accounts, were above Us$2 trillion globally and that they would outperform the growth of conventional finance in many countries. Renowned Indian economist Ms swaminathan stated that Islamic finance could be an effective solution for resolving farmer suicides in India.

though Islamic financ e has been sluggish in its traction in the Indian economy, there have been developments from an Indian context, which provide hope for the future. A concrete step toward ushering in Islamic finance into India was the execution of an MoU between the Idb and the exp ort-Import bank of India (eXIM), which p ermit Idb to op en its first branch in India to offer shariah-c ompliant financial and banking services. A commercial line of credit amounting to Us$100mn is to b e extended by the Islamic Corporation for the d evelopment of the Private se ctor to eXIM pursuant to the MoU. the sMe s ector seems to be the primary focus of Idb funding and investments in India. the Committe e on Medium-term Path on Financial Inclusion released a report that strongly advocated the introduction of interest-free banking in India and also set out the advantages of adopting an Islamic finance-based model in India. the report was submitted on the 28th d ec ember 2015, with various recommendations pertaining to the existing policy on payment and small banks, socially inclusive financial products and services and credit

Islamic Finance and India –will the society accept it?

Islamic finance has been hailed as an effective solution to economic issues by Indian bankers and economists, but for it to thrive in the country, support from political parties and society is necessary.

facilities. the report elaborated upon the disadvantages the lower strata of Indian society faces due to the lack of access to shari’ah-compliant funding from conventional banks. the Committe e delved into empirical research at a household level to reflect the present need for such a model of financing in India. It acknowledged that commercial banks may approach this model and offer shari’ahcompatible instruments in a limited manner or as pilot projects initially. One of the main reasons behind the slow growth of Islamic finance in India has been the lack of an adequate legislative framework for setting up shari’ah compliant finance institutions as well as reluctance on the part of the legislature to amend the existing framework. Individuals and entities following shari’ah rules find it difficult to invest or undertake ancillary financing activities in India. this als o

leads to a scarcity of institutions, banking and investment products in this sector. Private equity and venture capital investments based on the Islamic finance model have seen tremendous growth globally, although the same remain nascent in the Indian markets. Offshore investors based in countries, which are a part of the OIC, consider India an untapped market. Opening this avenue will present innumerable options in the funding sector not just from an offshore perspective but also for investors domestically. A development in this sphere took place in 2014 when the se curities and exchange board of India, was s et to introduce a new type of bond in the Indian market known as ‘sukuk b onds’. however, on the eve of the launch, the plan was abandoned and the scheme never took off. Although shrouded by ample political controversy, the RbI has

been analysing the effect of Islamic finance from an Indian perspective for the past decade. the Committe e in the report had concluded that to effectively implement concepts of the Islamic finance model in India, a substantial legislative framework in addition to a change in the outlook of the masses would be required. the primary obje ction raised in relation to the entry of Islamic finance in India has come largely from a religious angle, with parties advocating for or against it based on their political affiliations. the c ommon misconception currently in India is that Islamic finance is aimed toward a particular section of India’s Islamic finance. It embodies unique concepts of financing. what is overlooked is that the principles embodying this model are beneficial universally, a point underscored by the Kerala high Court when it dismiss ed the petition filed by dr subramaniam swamy against the Kerala government investing in a shari’ah compliant infrastructure financing company. In the Indian scenario, despite various steps being taken by the government to introduce Islamic finance in India, many issues need to be ironed out. From a political standpoint, the approach toward this alternative means of financing must be unbiased and propounded agnostically.

Presently, any step taken toward furthering the establishment or offer of shari’ah compliant institutions or products is coloured with electoral politics. In a recent debate in parliament, objections were raised against the introduction of the Idb’s branch in Ahmedabad; reasons cited being that it went against the secular fabric of the country. to counter this strong political aversion to Islamic finance in India, there needs to be political and social acceptance of the same. banks and financial institutions are bound by the banking Regulation Act, 1949 where sections 5(b), 5(c), 9 and 19 are incongruent with the Islamic finance model and prevent banks from providing financial services without an interest component. Various

reports published by the RbI and the Committe e have stated that to give Islamic finance in India a jumpstart, existing laws, including the banking Regulation Act, 1949, the Partnership Act, 1932, the Contract Act, 1872, the RbI Act, 1934, the Negotiable Instruments Act, 1881 and the Cooperative so cieties Act, 1961, must be amended. Proposals have also been floated to set up an entire legislative framework to regulate this financial model in India, which will contemplate all aspects the model will touch upon.

Primary objections to the entry of Islamic finance in India have arisen due to religious reasons

the pinch felt due to the absence of a framework for regulating this model is compounded by the general lack of awareness of how Islamic financing works. some of thes e issues can be dealt with through executive, not legislative action. the government can easily notify an interest-free banking window in select banks on a pilot basis, as recommended by the Committee via the Report. to encourage banks to take up this model more actively, the report further recommends that commercial banks must be enabled to open specialized interest-free windows like demand deposits, agencies and participation securities on their liability side and to offer products based on cost-plus financing and deferred payment and deferred delivery contracts on the asset side. the report also states that there must be a firewall in place to ensure that the conventional mode of funding does not co-mingle with interest-free banking services and products. In relation to extant capital adequacy and statutory liquidity ratio requirements prescribed by the RbI, the report states

that the same must be amended to reflect a carve-out for Islamic finance banks from the aforementioned requirements. Apart from the legislation and regulations mentioned, the RbI may also consider prescribing a separate set of regulations under the Foreign exchange Management Act, 1999 and various circulars for banks and financial institutions offering shari’ah compliant financial products. A potential issue faced is that conventional life insurance is not shari’ah compliant – proceeds of the same may be lent or invested by the insurance firms in activities that are considered haram however, life Insurance Corporation of India has introduced specialized investment products aimed at being shari’ah compliant. banks and financial institutions need to recruit professionals well-versed with the principles of shari’ah laws to effectively help the growth of this system. Further diversification in other sectors such as infrastructure funding, private equity investment, It and marketing will follow. Acceptance of shariah-bas ed financing is possible only when, apart from political and legislative support, the concept gains traction among the people in India. Apart from making funding accessible to a wider public, this type of funding needs to be marketed adequately as a viable source of ethical financing and be seen as promoting the general welfare of the community. In the economic sphere, the general apprehension of a parallel banking system undermining the present system must also be effectively negated. the entry of the Idb is a progressive step in the direction of adopting a shariah c ompliant model in India that builds on the positive views expressed in the Report. the response of the Indian masses (and not just the Muslim populace) remains to be seen. 

Jayesh H is the founder and partner of Juris Corp, Monil Chheda is the associate and Sanjana Rao is a paralegal

microsoft’s dubai bot launched at GiTEX China likely to impose midnight ban on gaming

miCrOSOf T iNTrOduCEd dubAi bot at the recently concluded GiTEX Technology Week in dubai. The dubai bot acte d as a virtual tour guide to visitors, giving them an Ai s ource for travel requirements. it’s programmed to suggest restaurants and entertainment venues, museums and beaches and a range of specific attractions for different kinds of tourists.

The bot also helped with the more formal aspects of travel, such as booking a taxi, advising on use of the metro or giving up-to-the-second updates on currency exchange rates. All of this interaction was based on the bot’s knowledge of the user’s circumstances, such as their length of stay, age and whether they are travelling alone or in company.

The product showcased the extent of advancement in cognitive reasoning and natural language processing. The bot uses Cognitive Services’ Language understanding intelligenc e Service (LuiS) to p erform real-time natural-language processing, allowing meaningful, on-the-spot conversations or text exchanges with users, via smart devices. The microsoft bot framework lies at the core of the solution and enables straightforward integration with popular communication channels such as Skype, Slack, Telegram, fac ebook mess enger and Email.

Through its Application programming interfac e (Api), the bot framework allows you to build applications that your users can naturally interact with wherever they are. The bot applications connect natural conversations with underlying functional tasks such as displaying maps, retrieving traffic information, booking accommodation, calling taxis and suggesting restaurants.

michael mans our, chief innovation officer of microsoft Gulf, said, “dubai bot is a great example of business intelligence applications. microsoft Cognitive services enables businesses to tap into the power of machine learning and build intelligent apps, services and experiences that bring them one step closer to their customers and achieve more.”

Sweden bans use of cameras in drones

THE SuprEmE AdmiNiSTrATivE Court of Sweden has banne d the use of cameras in drones, unless they have been given special permits. in a similar ruling, cars or bikes mounted with cameras are permissible for use in Sweden and do not need a permit.

With drones, there is a definite risk of invasion of privacy in private spaces. if one do es need to use a camera in a drone, county administrators have the right to check if the camera drone doesn’t outweigh privacy.

This move is perceived as detrimental to aerial photography and the camera drone industry. A report in petapixel has stated that more than 20,000 drones were sold in 2014. uAS Sweden has argue d that the decision could put 5,000 jobs in danger. According to uAS president Gustav Gerdes, the decision is bad for Swedish entrepreneurs as well as the labour market.

CHiNA’S GrOWiNG iNTErNET addiction has le d to the Cyberspace Administration of China to contemplate imposing a blanket midnight ban on minors. if the rules are implemented, web game developers have to block minors from playing online games from midnight to 8 am. in addition, minors would have to register for games with id cards and their information will be stored on the game servers, said a report in Hong Kong’s South China morning post. The rep ort has added that draft rules are open to public feedback until the end of October.

This rule is among the latest set of measures being attempted to manage the growing addiction of the youth to the internet in China. China has officially become the first country to identify internet addiction as a clinical condition. Special military-style camps have been opened across the country to help youngsters overcome their addiction. However, the camps are run in a methodical and strict manner, often amounting to deploying harsh measures to discipline the inhabitants.

Self-driving truck owned by uber makes its first delivery

ubEr-OWNEd SELf-driving technology company Otto made its first delivery last week. The truck drove itself from fort Collins, Colorado through d enver to Colorado Springs, and delivered 50,000 cans of budweis er beer.

Collaborating with Anheuser-bus ch and the state of Colorado, Otto’s 18-wheeler volvo was driven to a weigh station in fort Collins by Walt martin. from there, martin to ok the vehicle onto interstate 25 where he turned on the “self-drive” mode in the vehicle. from there until the destination, the vehicle drove itself perfectly, as described by martin.

Otto’s te chnology is suited for big trucks, and is specifically designed to ply on a highway where one doesn’t have to deal with jaywalkers, traffic lights or any other kind of interruption normally faced in the cities. Three LidAr las er detection units dot the cab and trailer, a radar bolts to the bumper, and a high-precision camera sits above the windshield. inside, there are two red buttons that shut off the autonomous system (one near the steering wheel, the other in the sleeper cab behind the seats) and the on/off switch, labelled “Engage.” A bank of computers turns all that data into driving directions, and an ub er engineer keeps tabs on it all.

Otto was started by Lior ron and Anthony Levadowski in January 2016, and was acquired by ub er for nearly uS$680mn in August 2016.

The aim of Otto is to ensure that driver safety remains the primary concern and that they needn’t have to choose between safety and earnings. The self driving trucks allow drivers to rest while the truck is moving. Additionally, the platform ensures drivers can find loads and are paid fairly. Along with ub er, Otto aims to develop a sound self-driving freight system.

Google launches digital whiteboard

G OOGLE HAS LAuNCHEd a digital, c ollaborative whiteboard on the cloud called Jamboard. it allows us ers to pull out text, images and graphs from other applications present on Google drive and use them on the Jamboard. There are a range of tools available such as sticky notes and buildings as well as handwriting and face recognition. Since it can be uploaded into the cloud, users can carry their Jamboards to meetings.

it has a 55-inch 4k display that features the best in-class touch response time. it is combined with a Hd camera, speakers and Wifi as well. built for precision drawing, Jamboard can recognise the difference between using the stylus to sketch or eraser to start over. it can also sense the user’s touch of the finger while erasing data on the Jamboard. in order to provide a seamless interactive experience for customers, Google has worked with Netflix, instrument and S potify to blend the hardware and software that drives Jamboard. Google announced that the product will be ready for purchase next year.

NbA d igital to live stream games in virtual reality this season

NbA diGiTAL ANd Nextvr will live stream at least one NbA League pass game per week in virtual reality during the 2016-17 season. This programming marks the first regular schedule of live games delivered in vr by a professional sports league, said NbA digital.

As part of this multi-year partnership, Nextvr is the official League pass vr partner of the NbA. The first vr game was available for free on Oct 27 when the Sacramento Kings hosted the San Antonio Spurs at the Golden 1 Center. fans with a Samsung G ear vr heads et and a compatible Samsung smartphone experienced the free preview by accessing the NbA Channel within the Nextvr app. The vr broadcasts were produced with dedicated announcers, multiple unmanned camera angles and optimized graphics. Game breaks were filled with in-venue entertainment, behind-the-scenes footage from the arena and vr-sp ecific commentary. Later in the season, the offering will be expanded to support additional vr heads et options.

Last season, Nextvr and Turner Sports delivered the first live professional sports game in vr on the op ening night of the 2015-16 NbA s eason.

bT’s new Link kiosks to provide

fastest public Wifi

bT HAS LAuNCHEd a new s ervice called LinkuK, which is aiming to provide the fastest free public Wifi of sp eeds up to 1Gbps.

A series of kiosks called Links will be rolled out on major streets in London, which will provide fast Wifi as well landline and mobile phone calls, mobile dev ice charging, access to maps, directions and other local services. These are all premium services, said bT. Links will also have two 55 inch Hd digital displays, able to display public service announcements, as well as neighbourhood advertising for global and local businesses enabling them to reach customers at the right place and right time.

Existing phone boxes across London are going to be replaced by Link kiosks. This is to bolster the move for high-speed innovation and reduce clutter on the streets. The Link kiosks are designed to take up far lesser space on the streets.

up to 100 Links are expected to be installed in the London borough of Camden - with the first ones due to appear in 2017.

At least 750 Links will be installed across central London and in major cities across the uK over the next few years.

rajesh Agrawal, deputy mayor for business in London said, “i welcome this exciting new addition to London’s streets. Expanding London’s digital infrastructure is a priority for the mayor, and LinkuK can play a big part in improving connectivity for Londoners and visitors to our city, while reducing street clutter by upgrading and reducing the number of phone boxes. i look forward to working with bT, intersection and primesight to see how we can roll LinkuK across the capital, and to explore its future potential.

i n addition to providing premium connectivity, the Link kiosks will be retrofitted with sensors that can capture realtime data such as air and noise pollution, outdoor temperature and traffic conditions.

The new Links will also feature sensors, which can capture real-time data relating to the local environment - including for example air and noise pollution, outdoor temperature and traffic conditions. This could potentially introduce an exciting new range of smart services to local councils and communities based on the internet of Things, adde d bT

india to have 1bn mobile subscribers by 2020: GSmA report

GSmA’S THE mObiLE Economy: india 2016 has stated that india will have nearly one billion unique mobile subscribers by 2020 and is the world’s second largest smartphone market, overtaking uSA with an installe d base of 275mn devices.

The report said that 616mn unique users had subscribed to mobile services in india. Additionally, india is witnessing an ongoing te chnology shift to mobile broadband services and the number of 3G/4G mobile broadband connections is forecast to reach more than 670mn by 2020 (48 percent of the total connection base).

“With this report, all signs point to a period of tremendous growth for india’s mobile economy, which will strongly support and enable the government’s ‘digital india’ initiative aimed at providing broadband connectivity to all,” said mats Granryd, director general of GSmA.

The number of 4G connections is forecast to grow rapidly, growing from just three million at the end of 2015 to 280mn by 2020. in 2015, the c ountry’s mobile industry

generated economic value equivalent to 6.5 percent of the country’s Gdp, a contribution that amounts to more than u S$140bn and expected to grow to u S$120bn by 2020. The figure accounts for both the direct economic activity generated by mobile operators and the ecosystem of mobile industries in the country.

As of mid-2016, around 430mn people had access to mobile internet s ervices, that will increase to almost 670mn by 2020, or about half the population.

This still lags the regional average of 63 percent penetration and the survey found that lack of awareness and locally relevant content are the biggest barriers to internet usage. “GSmA research showed that South Asia has the highest gender gap globally in mobile phone ownership and that women in india are estimated to be 36% less likely to own a mobile than men, translating into an estimated 114 million fewer women who are benefiting from mobile services,” Granryd noted.

Aircel, bharti Airtel and vo dafone have made a commitment to increase the number of women accessing mobile internet s ervices, with additional commitment from vo dafone to grow its base of female mobile money customers. Through the “Connected Women Commitment initiative”, operators are working to increase the proportion of their female customers, supporting the unite d Nations Sustainable d evelopment Goals (Sd Gs), in particular Sd G 5 which fo cuses on achieving gender equality and empowering all women and girls.

The Big Question on Big Data after Brexit

British PM Therasa May, at the Conservative party conference held this month, clearly stated that Brexit will be implemented in March 2017, thereby kickstarting the two-year negotiation period. Now, the quest for a sound and safe data protection has begun, with experts and policy makers debating which would be the best recourse to safeguard the data of UK’s citizens

i“Professional safeguards and transfer of protocol will be the main focal point after a Brexit”

N THE WAKE of a definite window for brexit to become a full-fledged reality, there are various concerns dogging the british. One major c oncern for businesses is the transfer of data. following britain’s exit from the Eu, what will b ecome of the safeguards and protocol of data transfer between uK and other c ountries? Secure data transfer channels are very importantwith cross-border businesses thriving on both sides, there is a lot at stake.

HSb C, morgan Stanley, Wells fargo,

d euts che bank and Citigroup among several others have major operations in London and elsewhere in uK. And thes e are just the financial institutions - there is a significant share of overseas business in manufacturing, technology and logistics to name a few.

Data Protection Directive

A brexit will focus on some core aspects of data transfer between uK and Eu, uK and c ountries outside of Eu and b etween Eu and other c ountries. right

now, uK is part of the European Economic Area (EEA) which compris es all Eu states as well as Norway, Liechtenstein and ic eland. Through the data protection dire ctive, uK now has ac cess to all data from Eu members. With an impending brexit, now looking more possible than ever, think tanks and policy makers are stating that the existing data protection dire ctive will give way to the General data protection regulator

General

Data Protection

Regulation

– where does the UK stand after 2018?

25th may, 2018 - that’s when the General data protection regulation will apply directly to the uK, unless the brexit has already taken place by then. Even if brexit happens after 25th may, 2018, there are still some grey areas when it comes to data transfer.

if brexit happens, the General data protection regulation will not b e applicable in the uK, but it will be binding as an Eu law on uK business es pertaining to sales of goods and services into the Eu as well as monitoring indiv iduals. At some point after a brexit, if the uK do es decide to implement its own set of rules, they will be heavily determined by the existing framework meant for data transfer.

What happens after Brexit?

A report in Europe’s leading think tank bruegel has highlighted s ome instances of a brexit on the legal climate:

• The uK may somehow continue to be an Eu member State, in spite of the 23 June vote.

• The uK may apply for and be granted membership in the European Economic Area (EEA), like Norway, ic eland and Liechtenstein.

• The uK and the Eu may enact wide-ranging bilateral agreements, as is the case with Switzerland.

• The uK may have few or no agreements with the Eu, as is the case with most other c ountries throughout the world.

The unequivocal consensus is that the uK will enter a p eriod of uncertainty when it comes to transfer of data. Experts are predicting disruption of data and general chaos when it comes to exchange of sensitive information. The multiple overlaps in data transference that exist now, will become a hindrance if uK do es decide to function independently of the single market system that it currently works in.

EU-USA Privacy Shield

b efore policy makers panic and wonder what the next re course should be, the existing E u - u SA p rivacy Shield could be used as a reference for u K to ensure a relatively seamless transition in data transference. The E u - u SA

“UK would mostly benefit from data transfer policies in adherence to the EU framework, given the complexity of businesses.”

p rivacy Shield was a replacement for the Safe Harbour Act that was deemed invalid last year, on grounds that E u us er data was not adequately protected while transferred to the u SA.

in July 2016, the European Commission launched the EuuSA privacy Shield ensuring stronger protective measures for transatlantic data transfer. Andrus Ansip, Commission vic e-president for the d igital Single market, said, “it will protect the personal data of our people and provide clarity for businesses. We have worked hard with all our partners in Europe and in the uS to get this deal right and to have it done as soon as possible. data flows between our two continents are essential to our society and economy – we now have a robust framework ensuring these transfers take place in the best and safest conditions.”

under the new legislation, all companies handling data in both uSA and Eu will follow a set of strict rules, followed by regular updates and reviews. Clear safeguards and transparency obligations on uS government access has been guaranteed. under this, for the first time, Eu will b enefit from redress mechanisms. indiv idual rights are also given due importance - any individual who feels his data has been misused will benefit from a series of dispute resolutions. Annually, joint reviews will be conducted to ensure rules are not flouted.

Though the E u - u SA p rivacy Shield appears to ease troubles in business dealings, establishing the frameworks wasn’t an easy task. Even now, there may be some legal challenges. Should it decide to form policies of its own, the u K c ould also experience a host of difficulties, claim experts. There could be parallel negotiations between the E u and u K authorities on bilateral arrangements to permit data transfers.

The commonly alluded conclusion is that the uK would most certainly benefit from data transfer policies that are in adherence to the Eu framework, mainly due to the complexity of businesses. regardless of a brexit or not, Eu’s framework will have a bearing on uK’s business es. The impact of the Gdpr must be considered, following which it could be easier for uK to proceed with structured laws. 

You can read the entire article here: http://bruegel. org/2016/08/brexit-and-its-potential-impact-oninternational-data-transfers /

Net Neutrality: Version Europe

In November 2015, the European Union decided to enforce net neutrality. A research paper by J Scott Marcus published on Bruegel.org explores the similarities and differences between the approaches taken by Europe and USA to establish the tenets of neutrality. This article, an excerpt from the report, focuses on the near and far-reaching effects on net neutrality across a wide range of stakeholders

WHY WE r E THE new rules enacted? Were they the result of public outrage over network operator practices or egregious acts perpetrated by network operators? This section considers the frequency of harmful deviations from network neutrality; the concerns among stakeholders, as expressed in their responses to a European Commission public consultation and elsewhere; and the risk of fragmentation among European m ember States.

Frequency and severity of harmful deviations from network neutrality in understanding the frequency of incidents, it is important to clarify at the outset a common misconception. The literature on network neutrality often uses the terms quality differentiation and quality discrimination interchangeably, and this is indeed in keeping with common economic terminology. discrimination, however, is a word that is loaded with connotation. in reality, as Section i makes clear, differentiated quality of service can be beneficial both to consumers and to producers (i.e., network operators)—it is not necessarily harmful.

European National regulatory Authorities (“N r As”) work through their common organization, the b o dy of European regulators of Ele ctronic Communications (“ b E r EC”), to develop common approaches. b E r EC note d as recently as June 2014 that “very few N r As have reported specific relevant net neutrality incidents.” 30 b E r EC note d only two incidents, neither of which required explicit regulatory action.

in franc e, the case of fixed iSp free blocking advertising in January 2013 led to an intensive public debate on net neutrality. moreover, in April 2013, d euts che Telekom’s announcement to change its price structure for fixednetwork iAS [internet ac cess service] from 2016 raised concerns among internet activ ists and (some) public media

that it might constitute a net neutrality violation.

i t is clear that traffic differentiation is widespread in Europe; however, as noted previously, traffic differentiation is not necessarily the same as harmful discrimination.

European N r As have generally taken a light touch approach, responding to possible problems with a nuanced case-by-case approach. [T]he prevailing approach among N r As is that possible deviations from net neutrality are dealt with on a case-by case basis. An example of this approach is the statement published by b NetzA in June 2013 in reaction to the announcement of d euts che Telekom that it will introduce traffic management. m ore generally, there is wide agreement among national regulators that the existing regulatory tools enable N r As to address competition concerns related to net neutrality for the time being.

Concerns among stakeholders and the general public

A significant number of European internet users believe that they have experienced blocking at least once; however, the reasons are various, and by no means do all of them imply the classic network neutrality problem of blockage by the network operator. This is apparent in a large-scale survey of European households conducted on behalf of the European Commission in 2013. Of those who believe that they have been blocked, an equal fraction (31%) believe that they have been blocked by the content or application provider versus the network operator, and an additional 9% attribute blockage to the provider of the device. Some 19% believe that they were blocked due to geographical content restrictions. These different forms of blocking have quite different public policy implications.

Stakeholder views are complex. The European Commission’s 2012 public consultation on network

neutrality could be said to have reached a consensus to the effect that traffic management on the part of iSps can be permissible in general under suitable conditions. However, traffic management is not permissible when it is used in anticompetitive or harmful ways, such as blocking legitimate content or applications, unreasonably degrading services, or impeding services competing with the iSp’s own s ervices. Nearly all stakeholders felt that for a network operator to prioritize affiliated content, to the detriment of non-affiliated content, would be problematic. many expressed concern over the risk over diverging approaches among the Eu member States.

Among consumers who responded to the consultation, as many as 80% were opposed to nearly all forms of traffic management;41 this result must, however, be interpreted with caution, since the consumers who responded can be said to represent a non-random sample that is potentially subject to self-selection bias, a phenomenon well known to political scientists. inde ed, a subsequent study based on classical telephone survey methods found significantly different results.

[The] views expressed in the public consultation differ significantly from representative consumer preferences and values. for instance, c onsumer opinions about traffic management were largely negative among citizens in the public consultation, while the unbiased survey results demonstrate that there is in fact a substantial segment of consumers who are interested in purchasing prioritized services.

Citizens in the public consultation expressed a significant degree of concern [regarding a guaranteed quality of service for specific content or a specific application].

Two thirds of them found traffic management measures applied to deliver special services problematic. Around one fourth felt they were appropriate, while 9.2 % see them as a necessity. The representative consumer survey shows a much more nuanced picture as regards such services.

The risk of legal and regulatory fragmentation among EU Member States

The Eu operates under a generally consistent and harmonized regulatory framework; however, member States sometimes interpret the rfEC framework in divergent ways. Since the existing framework is comprised of European dire ctives that must be transposed into national law, there are many opportunities for inconsistent interpretation. it is als o possible for member States to implement national laws that go beyond the rfEC in areas where the rfEC its elf does not prohibit them from doing so. Network neutrality laws have been enacted in the Netherlands (2011), Slovenia (2013), and subsequentlyin finland, and might well have been enacted in other member States, had the European Commission not put forward network neutrality legislative proposals. The ground-breaking dutch law was a direct result of public outrage over announcements by the dutch network operator KpN of its intention to introduce a “chat charge” for users of ip messaging applications, such as WhatsApp, in order to mitigate the negative impact that these applications were having on KpN’s revenues from traditional SmS s ervices. KpN als o revealed that it had used deep packet inspection (“dpi”) in order to monitor the usage of c ertain applications on its mobile network, which raised privacy concerns. These laws at the member State level do not appear to have been particularly problematic per se; however, their long-term effects and effectiveness are uncertain.

As previously noted, the European Commission put forward its Telecoms Single market proposals to the parliament on Septemb er 11, 2013. The network neutrality portions appear to have been motivated in large part by valid concerns that enactment of different network neutrality laws in multiple member States might lead to inconsistencies and incompatibilities that would impede the European Single market. As explained previously, many stakeholders expressed similar concerns in their responses to the Commission’s 2012 public consultation. 

To read the entire paper, click this link http://bruegel.org/2016/09/new-network-neutrality-rules-ineurope-comparisons-to-those-in-the-u-s/

AfDB gets a new VP for energy and power

THE AFRICAN DEVELOPMENT

Bank has appointed Amadou Hott as the vice-president of power, energy, climate and green growth. Originally from Senegal, Hott has two decades of experience in the private sector spanning structured finance, investment banking, infrastructure investments and development of integrated energy solutions. As the founder and CEO of the Sovereign Wealth Fund of Senegal, he spearheaded major infrastructure investments including clean energy projects.

He brings extensive experience on power and energy from his work as Assistant Director, Energy and Resources Group, United Kingdom, where he led and provided integrated energy solutions for clients, ranging from structured financing for power and utilities, oil and gas, metals and mining sectors. As the Founder and Chief Executive Officer of Afribridge Capital, an Africa-focused advisory and Investment Company, he advised on power, energy, information, communications and technologies, mining and banking sectors.

Hott is experienced in structuring

finance for power and energy projects and passionate about solving Africa’s power and energy needs, especially in renewable energy and balanced energy mix. He has led several projects in power including the first solar project in Senegal (30MW) under construction and to be commissioned in three months and Scaling Solar for 200MW with the first phase of 100MW and development of 400-600MW in negotiation with the National Power Utility of Senegal. As an investment banker, he advised on various oil and gas and power projects at the ABN Amro Bank in London and at the Millennium Finance Corporation in Dubai.

The President of the African Development Bank, Akinwumi Adesina, said, “Amadou Hott is a dynamic and well-tested executive known for delivering results. I am delighted Amadou will be joining our team. His diverse experience covering energy, infrastructure, finance, banking and investments will be very helpful as the Bank accelerates its investments in the power and energy sector to light up and power Africa.”

BP OMAN ANNOUNCED 80% completion of the Khazzan natural gas project and is scheduled to deliver 1 bcf/day of natural gas by the end of 2017.

Yousuf Al Ojaili, president of BP Oman, said, This is a world-class project and with key infrastructure and many buildings now in place it is possible to see the real

Angola largest crude oil supplier to China in September

ANGOLA BECAME THE largest supplier of crude oil to China, beating Russia to the finish. Statistics released by Chinese customs said that Angola exported 1.02mn bpd, up 45.8%. China’s imports of Russian oil dropped by 2.14 percent to 962,620 bpd in September. Shipments of Saudi oil to China went down 1.29 percent to 949,500 bpd, while China’s Iraqi imports soared 58.4 percent to come in at 989,400 bpd.

A Reuters survey revealed that the amount of crude heading east from Africa reached a five-month high in September, owing mainly to the activities of trading houses like Gunvor and Trafigura.

China’s oil imports have gone up in the past two months – imports of crude oil in August was at 7.77mn bpd, which is the highest crude import trend since April, following decline of domestic production and increased demand from small refineries. In September, China’s total imports jumped to a record 8.08mn bpd, as the country continued to fill in strategic reserves and refineries came out of seasonal maintenance.

China is mainly stockpiling its oil now, which has led to a drop in demand overall. The stockpiles will go straight into the reserve, and it appears as though the stockpiling will continue for a year, until new strategic petroleum reserves (SPR) tanks are filled completely in Zhoushan, Huizhou and Jinzhou, said ICIS China. Imports from Russia were down 2.14 % year-on-year in September at 962,620 bpd. Saudi Arabia supplied 949,500 bpd, down 1.29%. Saudi Arabia still holds the position of top supplier year-to-date, at 1.03 million bpd.

shape and scale of the facility emerging. Our aim is for first gas to be flowing by the end of 2017, representing a significant moment for Oman, with the gas that comes from Khazzan substantially increasing our country’s overall supply and supporting greater diversification of Oman’s industrial base. Reliable gas supplies are needed for

the country’s power sector and energy intensive industries.”

The Khazzan tight gas project began in 2014 at a desert site about 350 km from Muscat. Once completed, the project will eventually contribute roughly a third of Oman’s natural gas supply.

In order to aid project development, the infrastructure has been put in place – 56 kms of roads, several power lines, broadband networks and a 60 km water pipeline from Hanya has been laid. For a two-train central gas processing facility, multiple foundations and structures have been set and installation is underway. A water treatment plant, waste management area and electricity substation have also been completed along with accommodation units for the construction workforce of up to 12,000.

The Khazzan drilling programme is also on track with 38 of the 50 wells needed by first gas already drilled. More than 300 wells will eventually be drilled over the lifetime of the project. BP has plans in place with extensions to be contributing 1.5 billion cu/ ft of gas per day to the Omani economy.

BP Oman is lead partner in the project with a 60% interest. Oman Oil Company Exploration & Production holds 40%.

BP Oman’s Khazzan Gas Project 80% complete

Efficient extraction of hydrogen from water

LED BY PROFESSORS Yuehe Lin and Scott Beckman in the School of Mechanical and Materials Engineering at Washington State University, researchers have developed a catalyst from low-cost materials, which performs as well as or better than catalysts made from precious metals that are used for the process of creating hydrogen from water.

Hydrogen is a key element for clean energy production and to make energy storage more viable.

“Hydrogen production by electrolysis of water is the greenest way to convert electricity to chemical fuel,” said Junhua Song, a WSU Ph.D. student, who synthesized the catalyst and performed most of the experimental work.

So far, industries have not widely used the water splitting process likely due to the prohibitive cost of precious metal catalysts such as platinum or ruthenium. Instead, industries generally use a fossil-fuel based process to produce hydrogen for fuel cells, which generates harmful greenhouse gas emissions. For their catalyst, the WSU research team added nano-particles of relatively inexpensive copper to a cobaltbased framework. The new catalyst was able to conduct electricity better than precious metal catalysts. It produced oxygen better than existing commercial catalysts and produced hydrogen at a comparable rate.

Dutch companies push for climate-friendly reforms

DUTCH COMPANIES HAVE called on the government to establish an independent climate authority, instate an environment minister as well as a national investment bank to accelerate the shift to clean energy, said a report in Reuters

Thirty-ni ne companies, including Royal Dutch Shell, Aegon and Arcadis, made a case that Dutch leaders must adopt a comprehensive climate law. A separate body would have to be set up that would meet targets set out in the 2015 Paris climate accord. A dedicated climate authority would oversee the implementation of policies, while the national investment bank would fund innovation and large-scale energy projects, the group said.

The coalition “wants to be part of the solution and chooses unequivocally to accelerate the energy transition,” the open letter said. “Acceleration costs more, but yields more. It offers the Netherlands the chance to be a leader in sustainability.”

After falling behind on its own emissions reduction targets, the Dutch government said earlier this month that it may meet its 2020 CO2 emission goals after all due to a faster roll-out of wind energy and US$110mn in extra spending.

BY THE END of the year, Europe is expected to have more than half a million electric vehicles (EV) on the road, stated a report by Transport & Environment (T&E). Europe is the second largest market for purely electric cars in the world. EU doubled the sales of plug-in hybrid and electric vehicles in 2015, selling 145,000 unitsthe biggest sales increase for any year to date.

Julia Hildermeier, electro mobility officer of T&E, said, “The electro mobility revolution is underway and Europe is well placed to take a leading position. To fully grab this chance, Europe needs four important boosts from regulators: ambitious European CO2 limits for new cars in 2025 including a specific target for EV sales to stimulate competition amongst carmakers; to accelerate the roll-out of EV charging infrastructure across Europe; to ban dirty diesels from cities; and tax breaks for battery electric vehicles.”

Saudi Arabia’s growing reliance on natural gas

SAUDI ARABIA’S JADWA Investment released a report titled Natural Gas & Vision 2030, which states that Saudi Arabia’s gas consumption has grown as fast as its production, fuelled by demand from the Kingdom’s petrochemicals and electricity generation industries.

Saudi Arabia holds the sixth largest proven gas reserves globally, and was the seventh largest producer of gas in 2015. Sustained investment in gas has led to an increase in output, with a notable rise in production over the last decade.

Based on the report’s findings, Saudi Arabia has to hike gas output by 3.7% in the base case scenario, or 6.6% in the high case scenario until 2030. While experts believe that production of natural gas in the given bracket is possible until 2020, there may not be similar levels of production the decade after. Alternatively, crude oil is being viewed an option to sustain power generation in the country.

The rising population, expansion of the petrochemicals sector and electricity consumption for industrial growth means the need for gas is only increasing. The petrochemicals sector, which has been developed in a bid to move away from dependence on oil for exports, heavily relies on natural gas to thrive.

Mitsubishi sold the largest amount of EVs in 2015 (28,175), accounting for 23% of all its sales in Europe. Mitsubishi sold 27,977 Outlanders, a plug-in hybrid car, making it the most popular EV choice in Europe in 2015, said the report. However, there are concerns the short electric range undermines its environmental benefits. The second best selling EV is the Renault Zoe, a battery electric model with 16,612 units. The Nissan Leaf (11,977 units sold) lost its 3rd position to the new Golf GTE with almost 15,000 new registrations.

The Netherlands tops the list of EV sales for the third year in a row, with a 8.8% share of plug-in vehicles. Norway is second in terms of absolute sales but has a much higher market share, 18.7%. The Dutch market is mainly plug-in hybrid (PHEVs) models whilst those in Norway are mainly battery electric vehicles (BEVs). The UK sells the third highest level of EVs, although it is notable that PHEVs predominate in sales even though the purchase incentive offered is markedly less.

France has the second biggest share of BEVs, reflecting the relatively generous bonus under its CO2-based bonus-malus car purchasing scheme. Germany has a very ambitious electro mobility scheme that aims for one million EVs on its streets by 2020. However, it has only recently introduced any incentives that should increase demand in 2016, which helps explain the fact that only 0.7% of total vehicle sales in Germany were EVs.

Sales of electric vans are a fraction of those of cars, with very limited availability of models in the market. But cars and vans aren’t the most popular electric vehicles in Europe: T&E estimated that last year there were between 5 and 8mn e-bikes and e-scooters on Europe’s roads.

YEARS

TEN YEARS HELPING THE

LIVING SAFER

ANGOLAN

Global Seguros is celebrating it’s 10th anniversary. Ten years of life and for the life of the Angolans. Ten years of solutions. Ten years of safety. Ten years helping Angolans faicing the future with confidence. Ten years growing to become the biggest insurance company in Angola.

Setting the green trend

South Africa, which was unanimous for power outages, is now constructively working towards gaining a new platitude of being a path-breaker in clean energy generation

SOUTH AFRICA, ONE of Africa’s most industrialised economies, has been on the backfoot when it comes to electricity generation. The country has been grappling power cuts for long, and it has affected the economy greatly. Back in 2008, a torrent of power cuts cost the nation billions. The growing economy’s progress has been hampered time and again due to infrequent power supply. However, ratings agency Moody’s has recently stated that South Africa’s renewable energy debt market is being supported by positive credit developments - mainly driven by lesser dependence on energy subsidies.

Lower subsidies are a reality

now, thanks to the abundance in natural resources and reduced cost of installation as well as equipment, said the report.

According to the Department of Energy, coal remains the major source of power in South Africa - 90% of the country’s energy needs are generated through coal power stations. The remaining 10% is generated through nuclear stations, hydroelectric stations and pumped storage schemes. Despite claiming a bigger share in the power generation mix, the government plans to increase the share of renewable energy by 2030 to 17.8GW by 2030, said the Moody’s report. Christopher Bredholt, a Moody’s Vice President

-- Senior Analyst and the report’s author, added, “South Africa was the continent’s largest renewables market in 2015 in terms of asset finance for utility-scale projects, and it saw the highest year-on-year growth globally.”

Finance and credit institutions as well as banks have largely supported the growth of the clean energy industry thus far, but the report has stated that institutional investors could also show interest in backing clean energy projects.

South Africa’s movement towards clean energy

The country has for long been advocating the need for clean energy

from the developing world to the developed world where returns on investment are the highest. Trade does indeed primarily benefit the private-sector exporters and importers, contributing to wealth and income inequality, but does not always benefit consumers and workers. EU trade initiatives (TTIP and other policies) need to be carefully assessed – and changed if necessary – for their potential to contribute to mitigating global climate change, as well as their adverse impact on employment.

Myth 9: Nations can ‘go it alone’

It is clear that a multilateral effort is needed for significant, high-risk industrial development, combining skills, insight, and financial capital and joint risk taking – such as has been suggested for a ‘Global Apollo Programme to Combat Climate Change’. With real and uncertain costs in transitioning to different energy futures, collaborative efforts should be pursued wherever possible so that long-term goals not be undercut by short-term competitive advantage and freeriding.24 In illustrating the global nature of clean energy technology and the importance of technology transfer (diffusion), Gallagher (2014) argues that clean energy

ABB launches plug & play microgrid solution

technology innovation has globalised; it is no longer a national process, the most important barriers are cost, lack of policy, and insufficient access to finance, and the best incentives are market-formation policies and the provision of affordable finance.

In the age of Anthropocene, or massive human manipulation of the environment, there is much that we human beings have done to put our planet at risk. But there is also much that we can do today to bring it back to a sustainable path, provided that we act swiftly and effectively The EU has set itself long-term goals for decarbonisation, but its individual policies are not always fully consistent with these objectives. Indeed, existing policies are unlikely to promote the systemic innovation that is needed to shift EU production and consumption paradigms towards enhanced sustainability.

– Nicholas Ashford is Professor of Technology and Policy at the Massachusetts Institute of Technology

– Andrea Renda is Senior Research Fellow and Head of the Regulatory Policy unit at CEPS and Senior Research Fellow at Duke University

ABB HAS LAUNCHED a “plug and play” microgrid solution to address the globally growing demand for flexible technology in the developing market for distributed power generation. The cost-efficient, containerized solution is relevant for mature and emerging countries and will help maximize the use of renewable energy sources while reducing dependence on fossil fuels used by generator sets, said the company.

ABB’s microgrid comes with PowerStore Battery, a dedicated Microgrid Plus control system as well as cloud-based remote service can not only provide power access to remote areas, but also secure cost-efficient uninterrupted power supply to communities and industries during both planned and unplanned power outages from the main grid supply.

All the equipment required to run the microgrid – ABB’s power converter and dedicated control system, Microgrid Plus, as well as battery storage – has been integrated into a container for faster, easier and safer deployment. The customer can choose to configure the microgrid to integrate energy from solar, wind, main grid or diesel generator supply, based on the application and local conditions, added the company.

ABB’s modular microgrid is compact and has four pre-designed variants in the range of 50 kW to 4,600 kW, to meet varying customer needs. The standard integrated functionalities include grid-connected and off-grid operation with seamless transition. It is a containerized solution designed for easy transpor tation, fast installation and

commissioning onsite. Operations and maintenance is enabled via a cloud-based remote service system, another example of ABB’s clear positioning as a pioneering technology leader driving the energy and fourth industrial revolutions.

“Our modular, standardized and scalable microgrid solution will provide cost efficient access to reliable power for rural and urban applications, as a plug-and-play solution“, said Claudio Facchin, president, ABB Power Grids division. “It exemplifies ABB’s continued commitment to innovation and reducing environmental impact by enhancing the integration of renewable energy sources and reducing dependence on fossil-fuels, all key elements of ABB’s Next Level strategy.”

Singapore commercial property outlook grim: Colliers international

A REPORT iN Colliers international has forecast a grim outlook for Singapore’s commercial property, including retail, office and industrial space. in a note, Colliers international said the market faces challenging times, forecasting demand for retail space to lag behind supply this year, with a rise in new space pushing up islandwide vacancy rates.

Leasing activity slowed and rental declines accelerated in the third quarter amid poor retail sales and online competition. “in the near term, the unc ertain economic outlook and heightened unemployment risk will probably be dampening factors on consumer spending,” Colliers said.

Ground-level shopping-mall rents in 2016 would fall by 2 to 2.5 % in regional centres and by 2.5-3% in the Orchard Road shopping belt. Office rentals across Singapore continue to plummet under pressure of oversupply and lacklustre demand as the market saw the fifth consecutive quarter-on-quarter rental decline in Q3, added the report.

“underpinne d by gloomier economic outlook from potential u.S. rate hikes, an uncertain Chinese economy and concerns on the repercussions of Brexit, business sentiments and overall office space expansion remain restrained,” it stated.

When it comes to office rents, grade-B office buildings were taking a bigger hit as tenants fled to better quality space, it said. “We expect competition among landlords to fill the backfill spaces, especially in older office buildings, to intensify over the next few quarters.”

Colliers forecast the office vacancy rate would surge, with premium and grade-A supply in the central business district (CBD) set to rise 5.6% this year and another 12.1% next year as more buildings were completed.

Ritz Carlton to open in Ras Al Khaimah

hOSPiTALiTY LEADER RiTz-Carlton will be launching its new properties in the emirate of Ras Al Khaimah, the company said in a statement. The Ritz-Carlton hotel Company signed a management agreement with RAK National hotels and Al hamra Real Estate Development for the new property, marking the brand’s entry into Ras Al Khaimah.

it will manage The Ritz-Carlton Ras Al Khaimah, Al hamra Beach and The Ritz-Carlton Ras Al Khaimah, Al Wadi Desert, growing the brand’s footprint in the uAE to five by 2017. “ We have seen an increasing appetite amongst travellers for immersive escapes in emerging destinations and our Ras Al Khaimah properties will offer travellers — both regional and international — the chance to enjoy

Property prices along Dubai’s Water Canal expected to rise

PROPERTY PRiCES iN areas alongside the Dubai Water Canal are likely to increase by nearly 15% when the new waterway opens next month, said Dubai developer Tanmiyat Global. Tanmiyat’s flagship project, The Court Tower, is currently 80% complete and is expected to be delivered to owners in April next year, making the uS$300mn tower the first to be inhabited along the Dubai Water Canal.

units at the tower range from uS$381 p er sq ft for offices to uS$457 p er sq ft for apartments, but Tanmiyat said it expects the price of buildings and land plots along the canal to rise by 15 % after the completion of the new canal next month.

“Due to extremely competitive prices, we have already sold 88% of our units and we expect this to move to 100 % by the end of the year,” said CEO m ohamme d Bin Odah in a press statement. “Savvy landlords who have invested early can hope for an estimated rental return of 10% for apartments and 7.5% for offices once the area is fully functional.”

The water canal is located along the Business Bay area of Dubai.

the unique landscape, indigenous customs in tranquil environments,” said herve humler, president and chief operating officer of The RitzCarlton.

The management agreement goes into effect on December 15. The beach property will close for renovations, whilst the desert property will remain open and operate as a partner hotel — Al Wadi Desert, Ras Al Khaimah, a Ritz-Carlton Partner hotel. Both properties will be relaunched in 2017 under The Ritz-Carlton stewardship, following renovations. The Ritz-Carlton h otel Compan y currently operates more than 90 hotels in over 30 countries and territories. m or e than 40 hotel and residential projects are under development around the globe.

“First-time home buyers should get more incentives”

PAuL SmiTh, CEO of haart agents, which is London’s leading independent estate agent, feels that the government should provide more incentives to first-time buyers to promote ownership in London.

“This month, we are seeing a slight improvement in market activity, as the wealth of positive consumer confidence data that we have seen coming through over the last month or so starts to make some favourable impact on the property market. however, it is clear that the market is still marked down by a number of negatives, as we are yet to see initial registrations and viewings convert into real movement, to budge the sluggish moving transaction rates that we are currently experiencing. The market also continues to suffer from a lack of housing stock, something that needs to be rectified in light of the number of new

homes Sajid Javid claims we need to support our growing population.”

Although some landlords returned to the market in October, levels are still quite severely down annually. To see an improvement, SDLT (Stamp Duty Land Tax) must be eased to help buy-to-let activity reach the levels seen before the hike in tax imposed by George Osborne.

London continues to bear the brunt of this, as the South East and the East of

the Capital’s rental markets surpass that of London for the third month running, as buy-to-let landlords are retreating to England’s regions where they are likely to see better returns on their investment.

“Easing the stamp duty burden on landlords will increase fluidity in the market, rectifying the log jam that we are currently experiencing,” added Smith.

Things are continuing to look up for first-time-buyers, as mortgage rates, deposits and first-time-buyer house prices continue to fall, something that has been reflected in mortgage lending, which is up on the month and largely up on the year. however, this increase in activity is unlikely to last long as the Government’s Help to Buy Mortgage Guarantee scheme will be coming to an end this December and more incentives are needed to encourage home owners.

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NOWADAYS, SUCCESSFUL COMPANIES

have various ideas where to allocate available assets: securities, construction, high-tech developments, education of employees, etc. Firms can also invest in new to them marketing directions aimed to attract clients and foster brand awareness.

Luckily enough, investments, marketing, and increasing brand awareness can be easily combined. Actually, it is very simple! It is all about sponsoring a sports club or a sportsman. Some people think sports marketing is a risk that is directly linked to success and victories of a sponsored club or sportsman. This is wrong. Of course, King Power can boast of its name printed on T-shirts of Leicester City FC, an English football club, but it is a single instance. Besides, the King Power owner not just became a sponsor, but bought Leicester City FC. This provides a vivid example of successful sports marketing with the best possible outcome given an initial high risk of being relegated to the Sky Bet Championship. Imagine the contract cost for the title sponsorship of Leicester City FC now and a year ago, when the club’s relegation to the Championship was looming. Still, this story is unique and may never be repeated. Nevertheless, the point of sports marketing is its almost sure-fire formula. You can either simply reach your goal or make a killing.

One of the most interesting examples of sports marketing is experience of InstaForex that started its partnership in the world of professional sport 6 years ago. Today InstaForex is a sponsor of legendary Liverpool FC, which is a great win for the company. Cooperation with The Reds kills several birds with one stone. First of all, InstaForex target audience is Asia, where British football clubs are way more popular than Spanish, German, and Italian teams. Secondly, Liverpool FC will never face relegation to the Football League Championship and will always be in the limelight especially for fans, whose number increases every year. Leicester City FC or Tottenham Hotspur FC can be easily imagined in the Championship. And thirdly, even without any notable victories in this season, The Reds attracted attention as the most popular today football manager, charismatic and remarkable German Jurgen Klopp, joined the team.

Going back to the success stories in the world of football, we can see that Palermo, another football

club sponsored by InstaForex, can also follow the route of Leicester City FC in the Italian Serie A. Young and ambitious players together with their coach Walter Novellino can achieve great results in the coming seasons.

However, InstaForex is also known in other sports. For example, InstaForex Loprais Team has been participating in the world’s main rally Dakar. The team’s truck has the InstaForex logo that can be seen in millions of photos and videos made during the legendary rally.

InstaForex policy has local strategies targeted at brand promotion in some regions. For example, InstaForex has been sponsoring Zvolen, a professional Slovak ice hockey club. At first glance, HKm Zvolen and Slovak Extraliga in general are not as popular as Liverpool FC. Still, hockey is considered the No. 1 (or 2) sport in many countries, including Slovakia and the Czech Republic. The idea of diversification can be also applied to sport marketing. Why would you put all your eggs in one basket focusing just on football? There must be fans of hockey, the Dakar, Formula E, martial arts, and tennis as well as football among 2 million InstaForex clients from 70 different countries.

In addition to sports teams, InstaForex also supports individual sportsmen and sportswomen, in particular professional tennis players such as former world No. 1 player Victoria Azarenka and former world No. 8 Janko Tipsarevic. The company sports ‘squad’ also includes Norwegian biathlete Ole Einar Bjoerndalen, the legend of the last seven Winter Olympic Games.

InstaForex also sponsored some sportsmen when they were only making names for themselves. For example, reigning World Chess Champion Magnus Carlsen was an InstaForex brand ambassador just a few years ago. Another former brand ambassador was the most beautiful basketball forward in Russia – and probably in the world – Ilona Korstin.

Currently, InstaForex sports team is made up from various clubs, squads, and sportsmen; so any present or future client can find a person or a team to root for and cheer on. InstaForex in its turn is keen to expand its support for professional sport; and maybe it will be your favorite club or sportsmen that InstaForex will support next.

PwC report on real estate and climate change

PwC’s E ME r G in G Tr E nds in r e al Estate survey for 2016 reveals the real estate industry’s lukewarm opinions on how climate change—or government actions to address it—might affect their business.

Compared with their thoughts on issues like job growth and construction costs, respondents placed much less importance on the risks of extreme weather, energy prices, sustainable buildings, water conservation, and water regulations. Regarding extreme weather (which ranked lowest), data from the National Oceanic and Atmospheric Administration reveal that 178 “ u S$1 billion weather disasters”—including droughts, wildfires, hurricanes, floods, and winter storms—occurred from 1980 to 2014. The average event cost u S$5.bn, much of that directly to property, while losses in other sectors such as agriculture and tourism, clearly ripple to affect real estate.

The science is clear on the upward trend of disasters like these, given rising global temperatures, changes in rainfall, and warming oceans. Alarmed by these impacts, the public sector is responding. California, for instance, has adopted strict water conservation measures in the face of historic drought. With them, golf courses and swimming pools become difficult amenities to maintain, while efficient building features become imperatives.

motivated to address not just climate change effects, but also their cause, more than 30 u.S. jurisdictions have passed energy benchmarking or disclosure laws, echoing the approach of uLi’s Greenprint Center for Building Performance. Numerous cities have incorporated LEED-like standards into their green building codes, making them mandatory. These measures and others—like the president’s Clean Power Plan—should dramatically increase demand for greener buildings, and may even affect energy prices.

Some industry stakeholders are beginning to incorporate resilience thinking and adaptation measures into their businesses. When Emerging Trends respondents were asked what measures, if any, they were taking to address risks posed by extreme weather, several key strategies rose to the top:

• installing backup and on-site power

• investing in higher-quality construction to withstand risks (often above code)

• Avoiding construction in high-risk areas

• Conducting risk assessments that incorporate severe weather impacts

• Securing enhanced insurance

• Developing emergency management, disaster recovery, and contingency plans.

Defra launches plan to protect property from floods

ThE DEPARTmENT FOR Environment Food & Rural Affairs (Defra) has launched the Property Flood Resilience Action Plan that will help people better protect their homes and businesses from risk of flooding and recover more quickly if flooding occurs.

Floods minister Thérèse Coffey said, “The impact of flooding on people’s lives is not just financial, it can be emotionally devastating.” Defra said that the Property Flood Resilience Action Plan brought together government and industry and established an action plan to ensure property owners are better equipped to prepare for flooding and get back into homes and business sooner if it does. in a report chaired by BRE chief executive Peter Bonfield, the role of building regulations and certification to encourage the use of flood resistant construction methods was explored and how independent standards could provide confidence in flood products and how insurers could increase their support for property owners.

As part of the plan, a “one-stop shop” advice web portal, has also been established to make it easier for people to find the most relevant information on better protecting their properties against flooding. “Our unprecedented uS$3bn investment in flood defences will better protect 300,000 properties from floods by 2021. But propertylevel measures are key to ensuring those who are unfortunate enough to suffer flooding can get back in their homes and businesses sooner, and minimise the impact.”

The Action Plan will help to give people and businesses the means to reduce the chances of their lives and livelihoods being disrupted by flooding. This is about both stopping the flood waters getting in, and speeding recovery when it does. This action plan goes hand in hand with other recent announcements, like the broader National Flood Resilience Review. Both help ensure the country is better prepared for future flood events.

indian real estate major launches real estate technology investment arm

iNDiAN PROPERTY CONSuLTANCY JLL india to day announced the launch of its new independent Real Estate Technology investment vertical to invest in start-up or growth-stage companies developing innovative and disruptive technology solutions specific to the real estate sector.

This will be an independent investment entity, which will focus on enhancing the value of its equity holdings in the target firms. JLL will also explore the potential of working with private equity funds and financial institutions to make even larger investments, said the company.

Anuj Puri, Chairman & Country head, JLL india said, “The purp ose of this vertical is to invest into early-stage companies – or start-ups, which can potentially disrupt the real estate business with brand-new thinking, backed by sound and workable technology. With this investment vertical, JLL has its eyes trained on geographic information systems, visualisation and augmented reality, artificial intelligence, sustainable energy, water efficiency, smart commercial buildings, smart city tech applications, property management technologies, data analytics, home automation and – on a broader level – the internet of Things.”

This initiative is spearheaded by Anuj Nangpal, a real estate industry veteran and a specialist in m&A, private equity, corporate advisory and investment banking. As head of JLL india real estate technology ventures, he will have strategic oversight of the newlylaunched investment vertical and will work closely with JLL’s various business lines and financial partners to deploy seed capital into the identified firms.

“Given its global network and deeply-entrenched business reach in the real estate sector, JLL is positioned to provide technology startups with a platform to make a difference to the real estate industry and deliver corresponding value to its financial partners. The firm is investing into the future of indian real estate,” said Nangpal.

Strength through diversity

Real strength comes from combining different qualities. From infrastructure to the healthcare industry, our diverse portfolio gives us the ability to manage risk and maximise returns. We are a strong business, a business we hope you’ll soon associate with your name.

Collaborate. Excel. Deliver. www.wahacapital.ae

Unravelling the biggest housing market bubble on the planet

Vancouver’s housing bubble has finally led to the government imposing a hefty tax on foreign buyers as well as introducing measures that will now keep an eye on buyers

CANADA hAS ALmOST always

b een a favourable investment destination, even in the wake of shakeups in the global real estate scenario. however, the month began with the finance ministry announcing a slew of measures intended to “cool off” the Canadian housing market,

including identifying tax loopholes used by foreign buyers to avoid paying capital gains taxes and clamping it down. measures also include stresstesting several kinds of mortgages, which would make it harder for borrowers to get approval.

This comes close on the heels of a

15% tax imposed on foreign buyers back in August. The measures, collectively, are intended to ensure the end of tax breaks on home sales by owners not residing in Canada as well as reduce the ease of mortgage insurance claims and eligibility standards - even for borrowers with

large down payments, stated local Canadian reports.

The cumulative measures have all managed to spread a wave of caution in Vancouver’s housing market - known to be among the most expensive in the world, along the lines of Sydney, San Francisco, hong Kong and New York. Experts, however, believe that the effect is short term and the measures are only intended to quieten the market rush temporarily.

UBS red flags Vancouver housing market

A uBS report has stated that Vancouver is the most likely of all cities to experience a crash in the housing market, triggering uncertainty in buyers. Vancouver has been listed alongside London, Stockholm, Sydney, munich and hong Kong - where house prices have increased by nearly 50% on average since 2011, whereas in other financial hubs, prices have barely exceeded 15%. This discrepancy is not in tune with inflation and economic growth of each of these cities. According to the uBS report, the disparities have emerged as a result of positive expectations, capital inflows from foreign countries and a “loose monetary policy” - making the housing market rather vulnerable.

in the midst of it all, Vanc ouver’s sharp spike in housing prices have not been exacerbated by neither the financial crisis nor weakening commodity price. There has been significant devaluation since 2007, stated the uBS research. There has been a strong demand for local properties among foreign investors, especially from countries like China, in addition to a weak monetary policy, placing Vancouver in a “bubble risk territory”.

Experts Say…

Central Credit union 1, a Canadabase d financial institution, the British Columbia housing market will stay strong through 2018. in a press release, Bryan Wu, senior economist at Central Credit union 1, said that policy

changes could dampen home sales in metro Vancouver, but Central 1 has lifted its outlook for Vancouver island markets, parts of British Columbia southern interior as “in-migration and low interest rates will drive sales and tightening inventory will lift prices”. he adde d that the new tax would likely lead to a temporary but definite short-term cut in sales.

According to a company statement, Dan morris on, president of the Real Estate Board of Vancouver, said, “Changing market conditions are easing upward pressure on home prices in our region. There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result.” morris on has recommended discussing the matter with a realtor for better clarity.

Chinese buyers and Vancouver’s housing market

While it is evident that the Canadian government is taking steps to curb

“Legislative measures are intended to ensure the end of tax breaks on home sales by nonresident home owners.”

the housing market issue before it implodes, there are several theories that suggest the cause leading to a market clamp down by regulations. Among the more popular ones is the high number of Chinese buyers in the Vancouver housing market, forcing locals out of the competition to buy homes at competitive prices. While the Far East’s fascination for Canada cannot be overlooked, it is noteworthy how the cumulative interest has spurred an entire economy over the years. however, now the very interest in the Canadian market appears to be impinging the interests of the locals. The theory has been echoed across several sections of society, but probably in hushed undertones, given how Canada is known to be very friendly and tolerant of all races and origins of people. Now, it appears to be taking a louder stance than before, with more residents voicing their concerns about an imploding market.

Realtors and financial experts say it is too soon to speculate the impact of the tax on Vancouver’s housing market, but it has sent a clear message to the citizens about market regulation. The uBS report mentions that the “bubble risk” isn’t likely to lead to a price correction like in the uSA back in 2008, but it is warning sign that shouldn’t be ignored. 

A housing bubble waiting to happen?

Turkey is possibly the best performing real-estate market now, but is it really safe in the long run? A world Ba nk Economic Memorandum on Turkey highlights the issues that have cropped up in the real estate market while several other reports predict a bubble in the near future

YASEmiN KABALCi iS a second year business finance student at istanbul university. She says she’s confident she’ll get a good job one day, but that buying a home will be a lot more difficult. “At present i am too young to buy a house but i can tell already...that houses are too costly, and you need a lot of savings,” said 22-year-old Kabalci.

Turkey has a well-developed housing construction industry, building nearly 800,000 units per year.

But for the moment, most of those are in the high-end of the market, potentially pricing a lot of people out. This and other issues surrounding the Turkish housing market are addressed in The World Bank’s Country Economic memorandum on Turkey.

The memorandum finds that while Turkey’s housing finance market has laudable features, such as predominance of fixed-rate local-currency mortgages and modern legislation, it is under-

developed in terms of product diversity, funding channels and market penetration. Lenders serve affluent clients with loans affordable only by the top twenty percent of urban households, the study shows.

“in the case of Turkey, we have a high number of buildings which need to be affordable, so it is important to match supply with demand,” said Orhan Vatandas, data analytics manager for REiDiN, a real estate market information

service operating in Turkey. “That also applies for housing purchasing power, which is essentially governed by income and conditions, and interest rates and maturity rates for the mortgages,” he added.

“in Turkey, the housing costs are increasing, but mortgage costs are also increasing, and that is the determining factor,” stated istanbul university professor and housing expert, Ali hepsen, who was involved in the World Bank report. “The mortgage rate was 9 and now it is 12 percent, which is putting a lot of pressure on the lower and middle-income groups, making it more difficult to buy houses,” hepsen said.

The report points to signs of market saturation which it says may result in deterioration of underwriting and servicing quality, which in turn could lead to a decline in portfolio performance and erosion of lenders’ profitability. The currently good performance of

banks’ housing loan portfolios is likely an indicator of low seasoning and focus on affluent clients. market deepening to middle- and low-income borrowers may present risk management challenges, the report has stated.

“We need to ensure land generation for the middle class,” said makbule Yönel maya, a general manager at TSKB, a bank involved in Turkey’s housing industry.

“But that is an almost impossible product, because maybe the only way of doing that is creating a land stock in the new development areas, and through a master plan and issuing zoning permits for those areas,” she added.

in parallel with increased provision of mid-market mortgage products, Turkish banks should be encouraged to diversify their funding channels away from reliance on deposits, the World Bank report advises.

however, it notes that the domestic institutional investor base appears to be thin, and that, in this regard, it is important to embrace viable capital market funding mechanisms – covered bonds and securitization –to attract not only local institutional investors but also potentially foreign ones.

“The statistics from the central bank will tell you that there is about a 20% increase in prices annually, but costs are also increasing, which leads you to the question who is buying in this market,” hepsen said.

“With the increasing exchange rate of about 40 to 50%, the Turkish lira-priced properties have become cheaper for foreigners, so there is a large amount of purchase by foreigners,” he explained.

Overall, the World Bank memorandum suggests that Turkey’s housing construction and lending industries are facing developmental and stability challenges in terms of a likely exhausted paradigm of serving the top end and requiring a concerted effort by market stakeholders to deepen market penetration.

in this regard, TOKi, the government agency in charge of providing affordable housing, is the natural focal point, the report says.

Turkish market set up for bubble?

The findings of another report highlight similar concerns - the Knight Frank Global house Price index 2015 has stated that Turkey’s housing market prices went up 18% in 2015, making it the highest jump last year. Regardless of growing concerns over the economy, the housing market in Turkey continued to attract foreign buyers as the country is being viewed as a safe haven for middle East and European investors. Turkey’s Central Bank data has revealed that in January 2016, housing prices went up 17.5% compared to January 2015, further making the market susceptible to a bubble.

Growing demand from the middle East and an inflow of Syrian refugees could be attributed to the rising market price, say analysts. Several investments are coming from iran, iraq, Saudi Arabia and Kuwait, in addition to Syrian refugees.

While Turkey has continued to show sustained market growth in comparison to global counterparts, the flipside is that developers are undervaluing investments. While home sales appear to be on the upswing, statistics from Ankara show a 6% dip in residential occupancy permits.

The fact that the Turkish lira’s value has plummeted makes the reality grim for the real estate sector. Builders, who take a significant share of Turkey’s foreign exchange borrowing, end up increasing the overall risk as they are borrowing at a loss to push construction projects to the fore.

however, Turkey’s burgeoning population, especially the youth population, shows no signs of slowing down. Several experts believe the very population could create a counterbalance to any potential shocks.

The World Bank’s Country memorandum’s suggestions are pointed towards a more tempered approach towards the real estate market, which is slowly but certainly revealing the drawbacks if circumstances persist. it remains to be seen how the regulators, builders and buyers understand the situation and implement changes accordingly. 

Emporio Armani launches smartwatch

luXuRy BRAND EmPoRio Armani has launched its line of smartwatches called Emporio Armani connected. This is the italian fashion brand’s foray into the wearable industry.

one of the foremost qualities of the watch is that the battery is made of quartz, unlike the usual lithium-ion, allowing it to run for up to six months without the need to charge. however, the battery cannot be recharged for use the second time around.

in addition, all smartwatches in the lineup support Bluetooth, setting the track for pairing, syncing and integration. When paired to a smartphone, the user can control music via the smartwatch, which also acts as a wireless remote for the smartphone’s camera. The smartwatches also include sleep pattern monitoring, alarm features, location finder and vibrate whenever a notification lands on a user’s smartphone. Armani claims that the smartwatches will offer maximum time-telling precision and the ability to shift between two different time zones.

The watches come in black, gunmetal, rose gold and the traditional steel finish with options for a leather wrist strap or a three-piece link strap.

Armani now joins the ranks of other fashion brands that have entered the wearable technology space such as michael Kors, which launched its own Android Wear smartwatch lineup and hermes, which partnered with Apple to launch Apple Watch hermes collection

Volkswagen launches its biggest SuV

VolKSWAGEN hAS lAuNchED the new seven-seater SuV Atlas on Santa monica Pier, california - the company’s biggest SuV in the uSA.

“This is the biggest and boldest Volkswagen we have ever built in the united States, delivering the distinctive design and craftsmanship we’re known for, now with room for seven,” said hinrich J. Woebcken, cEo of Volkswagen( North America)

The Atlas will get a range of safety and convenience features, like adaptive cruise control, forward collision warning, emergency braking, blind spot monitoring, lane departure warning, and park assist. Also on hand is the first in class post collision braking, which helps curtail additional collisions after the first impact.

uK now preferred shopping hub for high end brands

uK hAS NoW become the most economical option for high end shoppers, outranking uSA, china and France, stated Deloitte in a study.

The pound value has dropped by more than a fifth since the June 23 referendum to engage a Brexit, urging overseas shoppers to make the most of the buck. For example, the louis Vuitton Speedy 30, a canvas handbag emblazoned with the iconic lV monogram, sells for the equivalent of uS$837 in the uK and uS$1,117 in china, Deloitte found. Burberry said this week that sales at British shops open for at least a year rose more than 30 % in the three months

to Sept. 30. Bag sales were particularly strong, especially those of the equestrian

Quality services for creating the value of happiness for customers

Nan Shan Life Insurance is one of the oldest insurance companies in Taiwan, founded in July, 1963. Nan Shan has 24 branches and over 370 agency offices nationwide to provide extensive services to every corner of Taiwan. Over 4,000 employees and 30,000 agents of Nan Shan have built a solid risk safety net and established top quality services to 6 million customers, exceeding a quarter of Taiwan’s population. Ruen Chen Investment Holding Co., Ltd, a joint venture of Ruentex Group and Pou Chen Corporation, became the largest shareholder of Nan Shan in August, 2011 and brought in top-notch professional management. Also, Nanshan was rated tw AA + by Taiwan Rating, and rated A - by Standard & Poor’s Rating, whereas both of them rated Nanshan’s outlook as stable.

Trump hotels unveil new brand

TRumP hoTElS ToDAy revealed the official name and concept details for its much-anticipated new hotel brand, Scion. Scion is a multi-faceted lifestyle brand developed in response to the boom in social clubs and “we” economy.

“our business at Trump hotels is stronger than ever and we are incredibly excited about the future of Scion, the newest brand in our hotel portfolio, “said ivanka Trump, executive vice-president of development & acquisitions, The Trump organization. “under the leadership of our cEo, Eric Danziger, along with our worldclass leadership team, we are so pleased to leverage our collective knowledge and experience to launch a brand that is vastly different from anything the industry has experienced before. We will develop this brand with the same determination and exacting standards we have become known for.”

Scion is designed to connect and engage guests and others with compelling spaces and a strong sense of community. The brand will deliver locally relevant, meaningful and sought-after experiences to those looking for a sense of connection during their travels as well as when they return home, said the company.

“We wanted a name that would be a nod to the Trump family and to the tremendous success it has had with its businesses, including Trump hotels, while allowing for a clear distinction between our luxury and lifestyle brands,” said Trump hotels chief executive officer Eric Danziger.

he c ontinued, “Trump hotels has long b een recognized as home to the most iconic and luxurious properties, where guests are treated to meticulous service and unparalleled experiences. Scion will bring the same ‘never settle’ philosophy to a new and different type of guest in more locations around the globe.”

The brand is expected to develop in city and resort locations that have a true sense of place and personality. it is exp ected to provide a lasting return on investment.

Xiaomi announces new smartphone with a large display

Xi A omi h AS ANN ou N c ED a smartphone m i m ix - 6.4-inch phone with a screen to body ratio of 91.3%.

The phone has been designed by French designer Philippe Starck. To expand the m i m ix’s displa y, Xiaomi grabbed the real estate at the top of the phone occupied by the front-facing camera, ear speaker and proximity sensor. i t has mov ed the front-facing camera to the bottom of the phone, and replaced the ear speaker with a piezoelectric speaker that uses the metal frame of the phone to generate sound. i t has als o replaced the infrared proximity sensor found on most phones with one that uses sound.

The proximity sensor turns off a smartphone’s display as the device approaches the ear. m ost phones us e an infrared sensor at the top of the phone to do that. The m i m ix us es ultrasound waves and software to do it. The sonic wave echoes off the head, is picked up by a microphone, and the data is processed by our algorithms inside the phone. u sing sound to dete ct proximity also avoids issues that make infrared sensors unreliable from time to time, such as weather conditions or skin and hair colouring. i n addition to its eye-catching display, the m i m ix has a 16-megapixel camera with phase-detect auto focusing, a generous 4,400 mAh battery, two S im slots and a Snap dragon 821 processor. i t supp orts high-definition audio with a 192 h z/24-bit DA c chip, which us ers can listen to through a standard headphone jack.

Although the m i m ix is officially a concept phone, Xiaomi will start selling it in c hina this we ek. m o dels with 4 GB of RA m and 128 GB of storage will be priced at u S$516, and thos e with 6 GB of RA m and 256 GB of storage will sell for u S$590.

Did the Rio games put Brazil on the brand map?

A REP o RT B y Ritz G5’s John Arlidge says that Brazil, not formerly synonymous as a brand hub, could very well be one now thanks to Rio 2014 and Rio 2016. m illions of v isitors thronged the South American nation to watch the football world cup and the o lympics respectively, showcasing the economic might of the nation.

i n his report, Arlidge explains why this could be so. Brazil is the world’s eighth largest economy, trailing behind the u K and staying ahead of France. There are 30mn middle class citizensonly 6.7% are above the age of 65 and the average age is 30 or less.

Specifically, there is a gold rush for luxury brands. m cKins ey & c o. has estimated that three million Brazilians can afford luxury goods. According to the 2011 Global Wealth Report, there are 24 billionaires and 155,000 millionaires.

Sao Paolo’s residents usually take helicopters to fly around as its easier, and Brasilia is a major yacht market, despite being landlocked.

c hanel has three stores, Tiffany’s has two and Prada has one as well as another for its sister brand m iu m iu. Guc ci and Armani have multiple outlets. h ermes op ened its first Brazil outlet in the c idade Jardim mall. The c ountry’s rich textile culture feeds the rich lifestyle-homegrown brands such as Alexandre h erchcovitch, m aria Bonita, Richard ’s, h . Stern, Salinas or o sklen are valued at more than u S$40bn and are growing.

The report also mentions how the country is dogged by corruption and bureaucracy, but the shine of new brands reaching its shores is too bright to ignore and luxury spending is more than likely to continue.

Edinburgh outpaces Glasgow as preferred Scottish location for retail majors

EDiNBuRGh iS ThE preferred location for top retail brands opening in Scotland, according to a report by colliers.

The Sc ottish capital has out-performed its biggest rival Glasgow in recent years. The report tracked the openings of ten international brands - including michael Kors, Victoria’s Secret and Zara home –to s ee where they chose to target their initial phases of expansion beyond london.

lee ds was the top choice with the openings of six of the selected stores while Edinburgh attracted three and Glasgow zero.

it was found international retailers preferred new property developments and sought affluent areas and tourist destinations that provided extra global visibility for their brand when expanding outside of london.

John Duffy, director with colliers international in Scotland, said the result was “somewhat surprising” as Glasgow remains the second largest retail hub in the uK behind london and that Scotland’s largest city may be lagging behind due to a lack of new developments.

he said: “Thes e are aspirational or luxury brands and they generally want the newest, highest-quality developments - in Scotland there has been very little premium retail development in recent years.

“Edinburgh has provided new space at St. Andrew Square and there is already a buzz around the St James centre redevelopment, but Glasgow’s Buchanan Galleries extension has been put on ice in the last nine months.

“Nevertheless, this should not distract from the fact that Glasgow remains a very strong retail centre – rents are growing and in terms of sales density it remains well ahead of Edinburgh.”

Brand value up in smoke

The South Korean handset manufacturer Samsung has decided to completely stop the production of its latest prize horse – the Galaxy Note 7 – following a series of failed attempts to relinquish the damage done by reports of overheated and even exploding devices

SAmSuNG iS NoT having a good month - the South Korean electronics manufacturer has decided to cease production of the Samsung Galaxy Note 7, barely two months after its

grand launch. Following multiple reports of the Note 7 combusting spontaneously, the company has decided to end production altogether. From the time the first incident of a handset erupting

into flames was reported, the shares of Samsung have indeed fallen. in addition, there has been a backlash across media, especially social media, leading to the brand taking a significant blow.

Prior to announcing the cease of production, the company maintained that the crisis and extent of damage was being carefully surveyed by the board and that user safety was of utmost importance. in that time, users were instructed to keep their Note 7 devices turned off.

The decision to pull the plug on the production of Note 7 couldn’t have been an easy one - given how the handset

opened to rave reviews and was being favourably positioned as iPhone 7’s competition in the uSA. Now, analysts have predicted that a complete wipeout could result in losses to the tune of uS$17bn for Samsung, and tarnish the image of the brand in the short term.

Samsung’s latest decision to suspend production comes across as wise and definitive – as opposed to the confused and mumbled efforts thus far. When initial reports of handsets engulfing in flames were made public, the company immediately went into crisis prevention mode by recalling devices, spending a sizeable amount on replacement devices. The move was appreciated as responsible, and it appeared as though the multinational could salvage its reputation. however, when the replacement devices, supposedly marked “safe” by the company too began overheating and supposedly catching fire, a classic PR nightmare began unravelling.

The incident aboard a Southwest Airlines carrier in the uSA last month dente d the brand further, where a Note 7 supposedly overheated and began emitting smoke. The carrier, which was preparing for takeoff, immediately evacuated passengers. Although Samsung said they could not clarify whether the smoke was caused by a faulty device until the handset reached their custody, the damage was already done. Following this incident, uS air safety regulators issued a directive advising passengers against charging their Note 7 smartphones onboard or stowing it in checked-in luggage.

As of Tuesday, shares plummeted 8% in Seoul - the biggest drop since 2008, and resulting in a uS$17bn drop in market value. more than 2.5mn phones had been recalled. And these are just the numbers. The quantitative and qualitative impact on the brand has been massive. Already, retailers in the uSA have put a stop to all promotional and marketing activities pertaining to the Note 7.

Samsung’s Loss; Google’s Gain?

With the holiday season coming up, withdrawal of marketing could prove

BRANDS

to be damaging to Samsung’s market presence. Verizon, one of uSA’s leading tele com companies has declared that their focus will be on marketing Apple’s iPhone 7 and eventually Google’s Pixel.

Pixel has been generating the right buzz in the tech circles - it has a faster processor than the Note 7 and will also feature Google Daydream. With a competent and premium pricing, its evidently giving Apple competition. Even though Pixel isn’t going to be readily available in all countries right away neither will all retailers have access to the handset, the timing couldn’t be better for Google to create the right buzz for the phone, with the impending Samsung Note 7 crisis.

The brand will recover over time, but it’s very path to recovery is being made harder than ever with a behemoth launching a new smartphone very soon, predict analysts.

The road ahead

in the near future, the immediate and short-term effe cts mostly point to an advantage for Google ahead of the launch of Pixel. For Brand Samsung, experts recommend a path of clarity and honesty in the wake of investigations into the batteries of the Galaxy Note 7.

Simultaneously, in the wake of this negative backlash, one mustn’t forget that Samsung has given the world some pretty good smartphones such as the Note 5 and Galaxy Edge 7 among others. The brand would benefit by promoting these devices to existing customers.

At one time, Nokia was the undisputed leader in the cellphone space but a series of quality lapses has removed the brand from the market altogether. While one crisis isn’t nearly enough to cause as much damage to Samsung, which also heavily relies on the sale of other electronics, the nearterm damage to its brand and product has subsequently led to losses worth to uS$2.8bn for the last three months of the year - enough to wipe out operating profits for the last quarter of the year. immediate attention to the brand is necessary now, lest the issues begin to become uncontrollable in the long run.

BRANDS

Disruptive auto maker, constructive brand builder

Tesla is all things innovative and the brand is a clear reflection of Elon Musk’s vision of creating products that are meant to serve a greater purpose beyond consumerism

ThiNK ENViRoNmENTFRiENDly car and Tesla is the first brand that comes to your mind. The company, founded in 2003, aims at not only car manufacturing but also environment-friendly technology and design. over the years, Tesla has established that identity in the market, rolling out cars that are emission-free and serving the purpose of preserving the environment.

Tesla can be considered a disruptive force in the automotive industry. Tesla cEo Elon musk has been given the moniker of

the next Steve Jobs – whose journey to success is essentially the holy Grail of innovation in the Silicon Valley. he was also named Fortune magazine’s Man of The Year in 2014. The company had a valuation of uS$25bn the same year, and was the third-best selling luxury car model in 2013. According

to the california New car Dealers Association, the electric car maker sold 4,714 examples of its all-electric luxury sedan through June compared to the second-place BmW 5-Series with 6,077 sold and the mercedes E-class with 6,582.

Why is Tesla such a formidable force today? According to a popular Ted Talk by Simon Sinek, the most successful companies have products, cultures and marketing strategies that stem from their raison d’être. For Tesla, the mission is not primarily to push another car in the market, but to design and innovate products and technologies that preserve the environment.

BRANDS

Celebrities that own Tesla

• Ben Affleck

• Cameron Diaz

• Will Smith

• Jayden Smith

• Leonardo Dicaprio

• Steven Spielberg

• Morgan Freeman

• Jay Leno

• Jennifer Garner

• Matt Damon

• James Cameron

• Seth Green

• Mark Ruffalo

• Chef Anthony Bourdain

• Jeremy Renner

• Pro skater Tony Hawk

• Zooey Deschanel

• Stephen Colbert

Source: CBS

The last time an innovator made such an impact with his vision for building not just a product but a brand was Steve Jobs. case in point, it was believed that Jobs was obsessed with getting the scrolling dial on the iPod perfectly tuned and fitted for a seamless listening experience.

Tesla’s strong and undivided focus to penetrate this vision into the minds of consumers and shareholders has earned the company a specific reputation.

While the brand was constructively built, product utility and performance is what critics and shareholders alike would want to check next. Tesla launched the Roadster in 2008, which could accelerate from 0 to 60 mph in 3.7 seconds and achieve a range of 245 miles per charge of its lithium ion battery, setting a standard in electric mobility. in 2012, the Tesla model S was

launched, which went on to become motor Trend’s 2013 Car of the Year and achieved a 5-star safety rating from the u.S. National highway Traffic Safety Administration. late 2014, Tesla’s two dual motor all-wheel drive of model S that was designed to boost handling and performance, was launched. however, the next car, model X had a bevy of problems with the design and usability, leading to its brand value plummeting with customers as well as ranking systems. Consumer Reports ranked model X 25th among 29 most reliable auto brands. musk, after taking stock of the damage to the brand, decided to focus all of the company’s energies on the next model - model 3. Due to be launched in 2018, the car is expected to set high standards for quality manufacturing.

Brand Unity, Product Extension

Staying true to his vision of ecofriendly innovation, Elon musk launched another initiative at universal Studios last week.

Powerwall is an updated iteration of Tesla’s sleek, rectangular household battery attachment, a 200-plus-pound energy storage unit with twice the capacity of its predecessor. in addition, Tesla’s new line of solar shingles, actual panel-infused roofing was unveiled as well. it is designed to more camouflage inconspicuously with the average house. The textured-glass tiles would be more durable than most other roofs. The unveiling was held in a version of the popular sitcom Desperate Housewives neighbourhood set seemingly populated by brand-loyal families of early adopters. Solar shingles graced the roofs of many houses, and a Tesla sat in every driveway.

musk said, “Tesla has never been strictly a car company. The purpose of Tesla was to advance sustainable energy.” he added that his vision was always bigger than just automobiles and it will lead to a vertically integrated energy company offering end-to-end clean energy products to

customers.

Building the Brand

A blog by Paul J.D’Arcy, a Texas-based entrepreneur, validates how Tesla’s zero marketing strategy is what’s really setting the brand aside.

With a car that’s priced at uS$100,000 or more, one would expect an elaborate sales, marketing, branding and PR plan in place.

challenges are tantamount to serious – the company is building a whole new luxury brand from scratch, it is evangelising an electric car, it is highly priced and can’t even do a road trip. For a man like musk who wants to put a man on mars, marketing Tesla doesn’t come across as a mean feat.

• There are no Tesla dealers

• There are no commissioned sales people

• Tesla cars are marketed and not aggressively sold

• Tesla transactions are conducted online

• There is no negotiation

• There is no inventory: the Tesla model S is built to order

• you can’t test drive a Tesla unless you put down a uS$5,000 deposit

• in many parts of the country, you can’t see or drive the car before you buy even if you place a deposit

• you have to wait in line for months or years to get a car

According to Statista, Tesla globally delivered around 17,400 vehicles during Q4 2015. overall, fiscal year 2015 deliveries amounted to around 50,580 units. Tesla’s revenue grew from under uS$14.8mn in the fiscal year of 2008 to around uS$4bn in the fiscal year of 2015.

The success story of Tesla will continue – while it may not be a major number cruncher like typical car makers, the very uSP of the brand is to position itself differently and ultimately serve a larger purpose than just being another luxury product on the market. 

managing educational needs of child refugees

an eValuaTion Has recommenDeD that un agencies, donors, partners, and the Jordanian government develop and implement a strategy to manage the influx and education of child refugees. according to a unicef press release, Jordanian and refugee children will benefit from expanding the education system’s safety, quality and performance.

The report went on to identify the education-specific context in Jordan immediately before the programme was initiated, immediate context for refugees when the emergency education response programme was initiated and related unicef response, actual resulting delivery and provision of formal, non-formal and informal education (including alternative educational pathways), preparation of children to enter formal school system and child-friendly spaces and enrolment outreach, consequences of the education delivered for children, activities to prepare children to enter formal school systems and child-friendly spaces, enrolment outreach activities and gender/special learning/disability needs. finally, there was coordination of education actions with psychosocial support.

Summer time schools

us high school student graduation rates rise for fourth consecutive year

GraDuaTion raTes amonG us high school students have risen for the fourth consecutive year, to 83 percent. This statistic is especially heartening because gains were reported across all major subgroups, including students of color, low-income students and english learners, stated a report in ranD.

in addition to the efforts of the obama administration, other fonts of change may have helped bring it about, such as state-supported educational reforms and broad societal changes that include decreasing crime and unemployment rates in many regions.

reform at the federal, state and local levels is paying dividends. over the past eight years, the Department of education has invested in a number of initiatives that may have contributed to the increase in graduation rates. These include school improvement Grants, which provided increased financial resources for the lowest-performing schools; programs that aim to improve teacher and school leader effectiveness; and support for high schools to adopt innovative instructional programs and to form partnerships with colleges and employers.

The administration’s higher-education initiatives, including efforts to make

THe Wallace founDaTion is funding a multi-year study in five urban school districts to determine whether voluntary summer learning programs are effective and what factors are associated with success.

These districts have been pioneers in offering full-day voluntary programs for five to six weeks free of charge to large numbers of lowincome elementary students, not just to those facing grade retention. although the districts take different approaches to their programs, they all provide at least three hours of academic instruction per day by certified teachers, along with a range of enrichment activities such as art, music, tennis, and swimming.

Besides offering evidence on effectiveness, both causal and correlational, the study offers guidance to practitioners on how to increase the benefits of summer learning programs of this kind. Three of these lessons highlight the importance of maximizing the amount of instruction students receive over the summer such as programme availability for atleast five weeks, tracking and minimization of attendance rates, schedules that protect instructional time, investment in instructional quality and minimising costs by considering probable no-show and attendance rates.

college more affordable, might be partly responsible for that upward high school graduation arrow. low-income students who can view college as a realistic option may be motivated to—and see the value in—graduating from high school.

majority of states have implemented new college- and career-ready standards that have led to the adoption of new curriculum materials and instructional methods, which in turn could have improved student engagement and retention. more students also may be sticking with high school until graduation because schools have increasingly emphasized the development of nonacademic skills such as the ability to form healthy relationships or to stay with a problem when it gets challenging. students develop the emotional and social skills they need to succeed.

Louisiana teachers’ performance improves after following state standards

TeacHers in louisiana are doing better than peers in other states in using classroom materials and providing instruction that is aligned with their state standards, according to a new ranD corporation report.

louisiana teachers are more likely to consult classroom resources that address their state standards, and they report teaching and thinking about instruction in ways that differ from the norms seen among teachers in other states, according to the report.

researchers say the findings may be linked to the way louisiana state education officials have worked with teachers to help them understand the state standards and address them in the classroom.

“state education leaders in louisiana have adopted strategies intended to help teachers address their state standards more deeply and thoughtfully in their classrooms,” said Julia Kaufman, the study’s lead author and a policy researcher at the ranD corporation, a nonprofit research organization. “The success in louisiana may offer lessons for other states about how to encourage teachers to better align classroom activities with these standards.”

actions taken by louisiana education officials include having a coherent academic strategy focused on alignment and quality in the state’s education system, transparent and regular communication about academics across layers of the education system, and support for local decision-making and ownership of change by districts and teachers.

researchers say the adoption of the common core state standards and similar state-developed standards, such as the case in louisiana, represent an opportunity for states to reimagine how to provide teachers with clearer messages about what they can do every day in their classrooms to support student learning.

eDucaTion | neWs

Digitised education records for Indian universities

naTional acaDemic DePosiTorY (naD) is a method to digitise education records. conc eived by the ministry of Human resources Development, naD is b eing hailed as a progressive step towards digitally enabling access to education records. The ministry of Human resources Development has appointed nDml for setting up and implementing the national academic D epository. it aspires to make the vision of digital academic certificates for every indian a reality, according to nsDl Data management. Youth will be given digital, online, trusted and verifiable certificates, which can be securely accessed. naD is not only a database copy of the certificate records for academic institutes but a complete system for issuing online certificates to registered students. it will b e an active online place for them as well as for academic institutes and verification users. naD brings in a deterrence factor for people who think that paper certificates can be easily forged. as verification processes are costly and inefficient, they can use the arbitrage. naD will develop an online portfolio of all education certificates across academic institutes, which can be submitted easily for employment, higher education and loan procurement. The records will identify the student details by indicating the aadhaar number of the holder.

UK drops plan to convert schools to academies

in THe Queen’s sPeecH, the uK government has dropped a bill to convert all schools to academies. The e ducation B ill, based on a white paper, suggested that all schools in england would b ecome academies. However, following protests from councils, schools were being encouraged to convert. now, education secretary Justine Greening said legislation was no longer required.

“our ambition remains that all schools should benefit from the freedom and autonomy that academy status brings. our focus, however, is on building capacity in the system and encouraging schools to convert voluntarily. no changes to legislation are required for these purposes and therefore we do not require wider education legislation in this session to make progress on our ambitious education agenda.”

academies are independently-run, state-funded schools, overseen by a not-for-profit business, known as an academy trust. They are often part of a chain.

us students struggle with high tuition fees

TuiTion increases a c olleges rose relatively slowly after rapid rises during and immediately after the 20072009 recession, but stagnant wages, very low inflation and a slight pullback in grants to students continue to amplify those modest jumps and fuel concern about college affordability, stated a report in the Wall street Journal.

Published tuition for the 2016-17 academic year rose 2.4% for in-state students at four-year public schools—slowing from 2.9% last year, according to a report released Wednesday from the college Board, a new York nonprofit that tracks university costs and administers the saT.

in-state students attending public four-year institutions now pay us$20,090 on average for tuition, fees and room and board, up from us$19,570 in 2015-16. Private-school costs rose us$1,500 from the previous academic year to us$45,370.

sinc e 2006-07, the annual sticker price for in-state students at a four-year public school jumped by nearly $5,000, while the cost of a four-year private school increased by more than $9,000 in inflation-adjusted dollars.

institutional aid and tax benefits have failed to keep pace. as a result, 68% of graduating seniors had student loan debt in 2015, averaging $30,100 per borrower, according to the institute for college ac cess and suc cess. That debt represents a 4% increase over 2014 graduates.

irish schools approve broadband in schools; report certain lapses in setup

a new report published by the Economic a nd Social Research Institute in ireland has revealed that the introduction of broadband services in schools for the purpose of enhancing education has been very well received by the teachers, but there are many hindrances to a seamless icT-driven experience.

Denis naughten, TD, minister for communications at climate action and environment, said, “The classroom needs to reflect the reality of the world outside and a key priority for me as minister for communications is to build on the state’s investment in broadband connectivity to every second-level school in ireland by continuing to actively support the transition to digital technology in teaching and learning. under the Programme for Partnership Government commitments, a coding course for the Junior cycle and icT/computer scienc e as a leaving certificate subject will be introduced. This will see technology further embedded in our education system which not alone enriches the educational experience, but

importantly, will equip our young people with the skillset required to meet the demands of an increasingly connected workplace and society.”

The report investigated the potential of high-speed broadband provision to transform teaching and learning in secondlevel classrooms. research examined how students, teachers and principals have responded to the opportunity for increased use of icT resources in schools and assessed how such changes affected the experiences of both students and teachers across second-level schools in ireland. However, participants reported a number of persistent challenges that are

likely to hinder further progress, largely centred on requirements for investment in infrastructure.

The research was conducted in response to the roll-out of high-speed broadband to second-level schools as part of ireland’s national Digital strategy undertaken by the Department of communications, climate action and environment in collaboration with the Department of education and skills. The study us ed data from large-scale surveys of principals and teachers in over 400 schools and an indepth case study of ten schools and placed importance on the views of students, which are largely absent from studies of icT adoption.

seán lyons, associate research professor and author of the report, commented, “The report finds broadly positive attitudes to increased usage of icT in the classroom. Developing leadership at both national and school levels to support staff in responding to the changes involved, in addition to providing infrastructural support, is critical to cultivating successful use of icT in classrooms.”

Studying, monetising and monitoring Artificial Intelligence

Artificial Intelligence (AI) is a major draw for corporates and academicians, and recent trends indicate how they are working together to facilitate quality of research, scalability of business models and even possibly regulate the domain for future sustainability

arTificial inTelliGence (ai) Has captivated the imagination of several brilliant minds, and its scope is growing daily. a host of major educational institutes and research organizations are increasingly supporting the development of ai, in addition to a massive wave of support from technological solution providers, paving way for a smoother synergy between corporates and education. interestingly, it also has major players pitted against one another in a bid to snap up the best talent in the industry and further their own models of business development rec ently, telecom major Huawei

provided us$1mn in ai research to uc Berkeley to develop ai. B illed as a “strategic partnership into basic research”, the alliance between Huawei’s noah’s ark laboratory and the Berkeley artificial intelligenc e research (Bair) will explore deep learning, reinforcement learning, machine learning, natural language processing and computer vision.

Corporates, universities and AI

What makes this development noteworthy is that it’s one of the earliest examples of a technology major partnering with a university to develop ai in a significant manner. Through

the support of a corporate entity, its funds and endless contacts, research institutes can leverage the technology as well as access to a larger set of investors and developers. it also reflects on how companies are positioning their future devices and technologies. other examples mirror the same trend - amazon has donated us$10mn to the university of Washington, part of which will be used to develop ai and enable the transition from mobile to artificial intelligence. it is a s ound investment for the seattle-based retailer, which can now recruit and hone talent from the university. Given the high level of competition in the

field of artificial intelligence, staking claim on intellectual property is crucial. in order to mobilis e the quality of ai on its alexa Group, which focuses on commercial application of ai through amazon echo and echo Dot, amazon invested us$2.5mn in a university competition. The competition is to build “socialbots” to enhance alexa’s conversational user experience. up to ten teams will b e sponsored by amazon and receive a stipend, alexaenabled devices, free aWs s ervices as well as technical support from the alexa team. using the alexa skills Kit, students will build s ocialbots. Washington Post, which is owned by Jeff Bezos, will allow access to its news feed and comments to the students for non-commercial use. These tools are expected to aid the development of socialbots that can hold conversations with real-time data.

earlier this month, iT s olutions major fuj itsu along with Japan’s Kyoto university started r&D on an ai project that will combine and collate information on clinical genomes. The Project to create an integrated Database for clinical G enome information under the Japan agency for me dical research and Development (ameD) is led by Professor Yasushi okuno of the Kyoto university Graduate scho ol of me dicine. fuj itsu will lead the drive to develop ai te chnology in support of doctors and other healthcare professionals’ efforts to provide clinical interpretation. more recently, the company along with okinawa institute of scienc e & Technology Graduate university (oisT) b egan jointly working on r&D to develop reinforcement learning algorithms with human-like applied skills. The aim of the research would be to understand how the human brain learns and incorporate the same learnings into algorithms that would eventually produce ai with humanlike applied skills, said a statement from fuj itsu. fuj itsu laboratories aims to build on the results of joint research to develop real-world solutions to

Professor Stephen Hawking remarked that AI could either be the best or worst thing for humanity so there is huge value in getting it right

icT system management and energy management. computers will be able to acquire environmentallyadjusted policies more naturally, and provide solutions. eventually, fuj itsu laboratories also aims to develop new technologies that can serve as the core of fuj itsu’s ai te chnology, Human centric ai Zinrai, added the statement. in what could be considered one of the most positive steps ahead for ai, the obama administration has released two reports - Preparing for the future of artificial intelligence and national artificial intelligence research and Development strategic Plan - which jointly emphasise on long-term investments in ai, and investigations into the ethics and compliance of ai in addition, the administration stressed on federal programmes that would educate employees on ai called the intergovernmental Personnel act (iPa) mobility Program, the proposal would allow experts from federal and state governments to rotate among departments, colleges, universities, indian tribal governments, federallyfunded research and development centres and other eligible organisations.

The government is expected to spend us$1.2bn on unclassified r&D for ai systems this year, while it invested around us$1.1bn in the same in 2015.

AI and the future

While companies like amazon, fujitsu and Huawei are obviously channelling the multiple benefits of incorporating ai into their business models, c ambridge university is among the few that is focusing the impact of ai on humanity at large. Be it the accidents caused by Google self-driven car or microsoft’s

bot that embarked on a social media rampage - there is no denying that ai, if not regulated, can have some farreaching negative effects.

university of c ambridge’s latest us$12mn leverhulme centre for the future of intelligenc e will analyse the short- and long-term impact of ai. The research centre has partnered with the university of oxford, imp erial college london and university of c alifornia, Berkeley. Professor stephen Hawking, who inaugurated the centre, said that ai c ould be either the “best or worst thing” for humanity, so “there is huge value in getting it right”. several researchers and scientists believe that computers are capable of producing levels of intelligence equal to or more than that of humans. sinc e they would be free of constraints such as limited memory and slow processing speeds, machines could very well outsmart us. With such a possibility looming large, it is important to understand the implications, they believe.

The leverhulme centre will analyse topics such as policy and responsible innovation, value-alignment, autonomous weapons as well as ai in agents and p eople.

understanding ai is crucial, and this has drawn the attention of corporates as well. responsible innovation is a benchmark that is being pursued seriously. an example of the same would be the new ai partnership that was formed by Google, amazon, facebook, iBm and microsoft. Titled Partnership on Artificial Intelligence to Benefit People and Society, the alliance is expected to conduct research, recommend best practices, publish research under an open licence in many areas. it hopes to invite academicians, non-profits and specialists to join.

The future of ai is undoubtedly bright – and this obvious synergy between science and business can yield significant gains for both communities. By bringing about a sense of balance between the immense opportunity and obvious setbacks, ai can massively transform the way we live.

A call for education

Following a call by Michelle Obama, the World Bank Group has committed to the cause of uplifting education of adolescent girls in three high-need countries

in aPril 2016, President Jim Kim announc ed that the World Bank Group (WBG) would invest us$2.5bn over a span of five years in education projects directly benefiting adolescent girls. This was in response to a call from michelle obama for more support to adolescent girls’ education. sinc e then, the WBG had already committed us$530mn in three highneed countries - lebanon, Pakistan, and nigeria.

Lebanon

about half of syrian refugees living in lebanon aged 6–14 years are enrolled in formal schooling but school enrollment for refugee children in the 15–18 age group is much lower, at just four percent.

arwa ab oud is a syrian refugee girl who now lives and study in lebanon. “i have been in lebanon for four-anda-half years and in school for three,” she said, “in syria, they don’t teach a lot in english and, in lebanon, there are

many subjects that are not taught in syria. This is where i find difficulties, sometimes,”

more girls like arwa will now have the opportunity to access quality education in lebanon. in september 2016, the WBG approved us$100mn, which will help to promote equitable access to education services, enhance quality of student learning, and strengthen lebanon’s e ducation system in response to the refugee crisis. This is support is part of the reaching all children with e ducation 2 Program.

Pakistan

in June 2016, the WBG approved the $300 million Third Punjab education se ctor Project under which tuition vouchers for vulnerable adolescent girls will be scaled up to reach an additional 200,000 girls by 2020. c ash stipends will als o be increased to cover 450,000 girls, encouraging adolescent girls to complete secondary school in a part of the world where

women are under-represented in the labor market. This builds on earlier support from the WBG to Punjab province, where almost four million girls (29 percent of girls aged five to 16) remain out of school. This share is seven percentage points higher than that for out-of-school boys. enrolling and retaining girls in secondary school remains an ongoing challenge.

Nigeria

in nigeria, enrollment, attendance, and learning outcomes are inequitable and vary across gender, geographical boundaries, and geopolitical zones. access to school is particularly challenging in the north east part of the country which has been affected by insurgency.

in June 2016, the WBG approved an additional $100 million for the state education Program investment Project that will contribute to the return of students—particularly girls—to schools in the north east states of Borno, Yobe,

adamawa, Bauchi, Gombe, and Taraba. Partners will help identify out-of-school children, especially girls, and strategize on ways to bring them into school

Results from other WBG projects benefiting adolescent girls

India

over 3,600 Kasturba Gandhi Balika Vidyalaya (KGBV) residential schools across india are now supporting the education of at least 400,000 girls aged between the ages of 10 and 14. These residential schools are supported under the india Third elementary e ducation Project. KGBV focuses on life skills, breaking social and psychological barriers, and developing independent and critical thinking abilities.

Yemen

The WBG’s secondary education Development for Girls access Project was implemented in five governorates. The Gender Parity index in secondary education gross enrollment improved from 0.43 to 0.63, and Grade 10 to 12 female students’ retention rate increased from 78.3 percent to 84.5 percent in the project intervention districts

Bangladesh stipends were given to girls for se condary school enrollment and separate toilets for boys and girls were installed through the WBG’s female se condary scho ol stip end Projects i and ii. in 1994, at the start of the project, the gender parity index was 0.83 at the secondary level. By 2008, when the project’s second phase closed, the gender parity index had risen dramatically to 1.13. supp ort to adolescent girls is key to the WBG’s twin goals of eliminating extreme poverty by 2030 and boosting shared prosperity. Today, 62mn girls around the world are not in school, and half of them are adolescents. a World Bank study has found that every year of secondary school education is correlated with an 18 per cent increase in a girl’s future earning

It’s an expression of our belief in the power of education to transform the lives and prospects of millions of girls worldwide.

power. research shows that educating girls has a multiplier effect: better educated women tend to be healthier, participate more in the formal labour market, earn more income, give birth to fewer children, marry at a later age, and provide better healthcare and education to their children.

Let Girls Learn

as michelle obama said at the World Bank Group headquarters in Washington in april 2016, “it’s an expression of our belief in the power of education to transform the lives and prospects of millions of girls worldwide, as well as the prospects of their families, their communities, and, of course, their countries. and it’s als o an affirmation of these girls’ extraordinary promise.”

on a cnn interview, michelle obama said that girls’ education was a personal issue for her, not a matter of policy. she hailed from a place where no one attended school, but through financial aid, she was able to pursue a quality education. However, the

attempted assassination of nobel Peace Prize awardee malala Yousafzai, who was targeted for propagating the need for education, was what propelled obama to launch the let Girls learn initiative – a global movement to provide millions of girls access to education.

in march 2015, the let Girls learn initiative was launched, bringing together the Department of state, the u s agency for international Development (usaiD), the Peace corps, and the millennium challenge corp oration (mcc), as well as other agencies and programs like the u s President’s emergency fund for aiDs relief (PePfar). obama said that mexic o, c anada and nordic c ountries are collaborating with them for the cause. colle ctively, Japan, south Korea and unite d Kingdom have already pledged us$600mn.

World Bank and Education

according to the World Bank website, 2015 was a watershe d year for the international community, pertaining to gender equality. With the adoption of sustainable Development Goals (sD Gs), un member states committed to a stronger framework for this agenda. With a deadline of 2030, inclusion is considered as not just an end, but to development effectiveness. The private sector too, is pushing to bridge the gap between men and women. Gender equality is central to the World Bank goals of ending extreme poverty and boosting shared prosperity in a sustainable manner.

in the long term, the World Bank is hopeful of investing us$2.5bn in education projects, mainly targeting adolescent girls. around 75% of these investments will mostly come from the iDa and directed towards sub-saharan africa and south asia. The girls will be given access to quality education at the secondary level, provision to scholarships and conditional cash transfers. The World Bank will also ensure the girls are enrolled in and stay in school, which will be given facilities such as clean drinking water and toilets.

Michelle Obama, First Lady, United States of America

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Best Asset Management Company South Africa 2016

Argon Asset Management

Argon Asset Management is an independent, owner-managed firm that provides investment management services to both institutional and retail clients. We boast a multi-skilled team of highly experienced investment professionals with impressive qualifications and industry reputations. We are a proudly African firm that embraces global standards as part of our commitment to excellence. Argon is an authorised financial services provider registered with the Financial Services Board.

Best Insurance Company Angola 2016

Global Seguros

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Best Mobile Banking Product Azerbaijan 2016

Yapi Kredi Bank Azerbaijan

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Best Retail Bank Bahrain 2016

Best Corporate Governance Bank Bahrain 2016

Khaleeji Commercial Bank BSC

Khaleeji Commercial Bank BSC (KHCB) is one of Bahrain’s leading Islamic retail banks operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain (CBB). It is a Public Bahraini Shareholding Company listed in Bahrain Bourse. KHCB offers a comprehensive range of innovative banking and investment products and services to individuals, corporate entities and financial institutions. These include commercial and corporate banking, wealth management, structured investment products and project financing facilities.

Best Retail Bank Bolivia 2016

Banco Mercantil Santa Cruz

Banco Mercantil Santa Cruz S.A. commenced its history back in 1905 as Banco Mercantil. Since then, it has become one of the most important banks of the country. In 2006, it acquired all the shares of Banco Santa Cruz, becoming its major stockholder. After the fusion, the bank changed its name to Banco Mercantil Santa Cruz.

Best Bank for Investor Relations Brazil 2016

Best Credit Card Payroll Business Provider Brazil 2016

Banco BMG

With over 85 years of solid performance in the Brazilian financial market, Banco BMG offers to its clients: Payroll Credit Card (BMG Card), salary account deductible loan (BMG em Conta), both exclusive for Social Security (INSS) retirees and pensioners and public employees, financing, structured financial services and surety bond for medium and large companies (BMG Empresas and BMG Seguros).

Best Investment Advisory Canada 2016

BMO Nesbitt Burns

BMO Nesbitt Burns Investment Advisors have a long history of supporting the wealth management needs of Canadians, and we are proud of the lasting relationships we have built with Canadian families through the generations. For over 100 years, our Investment Advisors have worked with individuals, families, businesses and institutions to deliver wealth advisory solutions that help build, preserve and transition their wealth.

Best Forex Broker China 2016

Best Forex Provider North America 2016

BMO Capital Markets

BMO Capital Markets is a leading, full-service North American-based financial services provider offering equity and debt underwriting, corporate lending and project financing, merger and acquisitions advisory services, securitization, treasury management, market risk management, debt and equity research and institutional sales and trading. BMO Capital Markets has approximately 2,200 professionals in 30 locations around the world, including 16 offices in North America.

Most Innovative Pension Fund Colombia 2016

Porvenir

PORVENIR S.A. is a Severance Pay and Pension Fund Manager. It is part of Grupo Aval. It is dedicated to the management of pension and savings of its affiliated, under profit-earning capacity, safety and transparency criteria. The company was incorporated in 1991 and is based in Bogota, Colombia.

Best ECN Broker Eastern Europe 2016

InstaForex

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with us every day. All clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support. Our priority is to provide the wide range of services to every customer.

AWARD WINNERS 2016

Best Asset Management Company Egypt 2016

CI Capital

CI Capital - A Full-Fledged Investment Bank, Offering a Comprehensive Suite of Services and Backed by Seasoned Professionals. CIAM - First Institutionalized Asset Management firm in Egypt with a very strong full platform. One of Egypt’s leading asset managers with total AUMs exceeding EGP 8.0 billion in funds and portfolios.

Best Internet Bank Gambia 2016

GT Bank

GT Bank Gambia Ltd is a joint initiative and partnership between a Nigerian leading bank-Guaranty Trust Bank plc and a number of Gambian businessmen and institutions. The Bank presently employs over 10,000 people in many countries. Though technology and service efficiency are largely responsible for the level of success the Bank has been able to achieve over the years, the people remain the Bank’s most valuable assets.

Best Bond Issuance Manager Of The Year GCC

KAMCO Investment Company

KAMCO Investment Company is based in Kuwait with an office in the UAE and presence throughout the GCC region, regulated by the Capital Markets Authority. Established in 1998 and listed on (KSE) in 2003, KAMCO has become one of the largest private sector AUMs in the region, holding over USD 11.2 billion of client AUM and has successfully completed 85 investment banking transactions worth over USD 12 billion.

Best Forex Newcomer 2016

ForexMart

ForexMart is a trading name of Tradomart Ltd. (previously Fxco Trading Ltd.), a Cypriot Investment Firm, regulated by CySEC. The company offers trading in Forex, CFDs on shares and spot metals through the most popular trading platform MetaTrader4.

Best Takaful Company Indonesia 2016

PT Sun Life Financial Indonesia

PT Sun Life Financial Indonesia is a wholly owned subsidiary of Sun Life Financial Inc. It offers a wide range of protection and wealth management products, including life insurance, education insurance, health insurance, and retirement plans. It also partners with leading national and multinational financial institutions as part of its multi-distribution channel strategy to provide Indonesians wider access to its insurance solutions.

Best Commercial Bank Jamaica 2016

Most Innovative Banking Solutions Jamaica 2016

National Commercial Bank Jamaica Limited

National Commercial Bank Jamaica Limited (NCB) began in 1837 and today stands as the largest financial group in Jamaica and territories across the Caribbean; which provides highly competitive and innovative products and service offerings for our customers. Its aim is to maintain a solid governance structure and robust compliance framework, while utilizing flexible business models and efficient operational processes and systems.

Best Insurance Company Jordan 2016

Jordan Insurance Company

Jordan Insurance Company was incorporated in 1951 and it provides first class insurance products, such as casualty insurance, engineering insurance, medical and life insurance, marine insurance, motor insurance and property insurance. The company has offices in Amman and Aqaba but it also operates in Dubai, Sharja and Abu Dhabi in the United Arab Emirates and in Kuwait.

Best Retail Banking Product Lebanon 2016 –Currency Cards

LGB BANK

With over 50 years of banking tradition, trust and excellence in customer service, LGB BANK stands today as one of Lebanon’s deeply rooted banks. The Bank currently operates from its head office located in Beirut Central District, backed by a powerful network of 17 branches spread across the country and a branch in Cyprus since1986.

Best Corporate Online Banking Malawi 2016

Ecobank

Ecobank is a full-service bank providing a broad range of products and services to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Listed on three stock exchanges, Ecobank is also the leading pan-African bank with operations in 27 countries across the continent.

Best Investment & Trading Education Provider Malaysia 2016  BEYOND iNSiGHTS

Beyond Insights was founded in 2008 on a mission to bring out the best in people and their financial future. We have a passionate & dedicated team of trainers and coaches who have coached more than 1700 students in their journey to take up stock market trading and investing as a source of wealth.

Best Investment Bank Malaysia 2016

Kenanga Investment Bank

Established for more than 40 years, we are a financial group in Malaysia with extensive experience in wealth management and investment management and many more. Today Kenanga Investment Bank Berhad is the largest independent investment bank by equity trading volume and value, as well as is one of the top three brokerage houses with the largest network of remisiers in the country.

Best CSR Bank Mauritius 2016

SBM Bank (Mauritius) Ltd.

SBM Bank (Mauritius) Ltd is a leading banking institution in Mauritius, and the flagship entity within SBM Group. SBM Group is engaged in banking, nonbanking financial services and non-financial investments, and is listed on the Stock Exchange of Mauritius through SBM Holdings Ltd. The Group’s market capitalisation stood at some USD 600 million as at 30 June 2016, representing the second largest listing in Mauritius. The Group is present in Mauritius, India, Madagascar and has a representative office in Myanmar.

Best Customer Service Bank Mexico 2016

Banco Inbursa

Banco Inbursa, S.A., was founded in 1993 and is based in Mexico City, Mexico. Grupo Financiero Inbursa provides private banking services to individuals and companies in Mexico. The company offers personal accounts, checking accounts, transfer accounts, and savings accounts for children. The company distributes its products and services through call centers, Internet portal, the bank’s branches, point of sales, and mobile apps. It operates 732 ATMs, 325 branches, and 51,500 point of sales.

Most Innovative Bank Mozambique 2016

Banco Unico

Banco Único is a universal Bank with a strong retail focus, dedicated to all Clients – Individuals and Companies - who value a personalized, distinct and high quality service. We are committed to provide a close, intimate and available service, where excellence and attention to detail are underpinned by a relationship of extreme personal trust with the client.

Best Customer Service Bank Mozambique 2016

Barclays Bank

Barclays Bank, is present in more than 50 countries worldwide, with relevant presence in 13 African countries, including Mozambique. Currently, Barclays Bank Mozambique employs about 900 workers and provides services to approximately 408.419 customers throughout the country, through a network of over 92 ATM’s and 43 Agencies, as well as POS machines, distributed across the country.

Most Innovative Bank Nicaragua 2016, Best Bank to Work For Nicaragua 2016

Banco Lafise

Following an omnichannel approach, Banco LAFISE Nicaragua stands out as the most profitable and efficient bank, while operating the largest number of branches in the country. LAFISE Group Panama holds a solid reputation based on three decades of experience and leadership in the regional financial industry with presence in 12 countries across Latin America. CSR Policy is strongly focused on improving educational quality.

Best Social Media Bank Oman  2016

Bank Sohar

Having received 9 awards this year alone, Bank Sohar has emerged as one of Oman’s leading financial institutions by identifying emerging trends and exceeding customer expectations. Offering a total lifecycle approach to Retail and Corporate clients, including the growing SME sector, Bank Sohar provides a comprehensive and flexible range of products and services while adhering to the highest standards of integrity.

Best Takaful Provider Oman 2016

Takaful Oman Insurance SAOG

Takaful Oman Insurance SAOG was incorporated in 2014 and is headquartered in Muscat, Sultanate of Oman. It operates as an Islamic insurance provider in Oman through two segments, General and Family Takaful. Our mission is to promote Takaful awareness through offering innovative Islamic products and services that deliver exceptional value and are tailored to the specific needs of customers through a highly dedicated professional team.

Most Innovative Bank Oman 2016

Alizz Islamic Bank

As one of the first dedicated Islamic banks in Oman, we are here to provide innovative financial solutions and products adhered by Islamic Shari’a. With an aim to offer customers an enriching banking experience designed for today’s modern world, the Bank has focused its investments on the valuable human capital and superior technology.

Best Regional Financial Group Panama 2016

Lafise Group Panama Inc.

Following an omnichannel approach, Banco LAFISE Nicaragua stands out as the most profitable and efficient bank, while operating the largest number of branches in the country. LAFISE Group Panama holds a solid reputation based on three decades of experience and leadership in the regional financial industry with presence in 12 countries across Latin America. CSR Policy is strongly focused on improving educational quality.

AWARD WINNERS 2016

Best Foreign Retail Bank Philippines 2016

CTBC

Bank

CTBC Bank Philippines Corporation has been established since September 1995. It is a wholly owned subsidiary of Taiwan-based CTBC Bank, which is the biggest privately-owned bank in Taiwan. CTBC Bank is renowned primarily for its consumer loan business – particularly the salary or personal loans – making it one of the largest consumer finance portfolio in the country.

Most Innovative Banking Service (Bank on wheels)

Philippines 2016

Philippine

National Bank

Philippine National Bank (PNB) is one of the country’s largest private local commercial banks in terms of assets and deposits. It is a universal bank providing a full range of banking and other financial services to large corporate, middle market, small and medium enterprises (SMEs) and retail customers. PNB is a publicly listed company with a broad shareholder base.

Best Internet Bank Portugal 2016

Banco BNI Europa

We are an independent global bank with 29 years of experience in two key business areas:

• Private Banking: Our goal is to help the private clients to attain their investment and savings objectives, based on a sustained and balanced growth of their assets.

• Corporate & Investment Banking: Free of any conflict of interest, we hold a vast international track record of successful operations (corporate banking and capital markets), uniquely-experienced management and an extensive network.

Best Retail Bank Loas 2016

International Commercial Bank Lao Limited

International Commercial Bank Lao Limited is known to provide Value Banking to all customers. Every staff at all level is expected to provide excellent customer service which has become part of the Bank’s culture. It is these cultures that are contributing to the Bank’s double digit business growth in all areas since commencing operations.

Best Trading Instruments Provider SouthEast Asia 2016

Tradesto

Tradesto is a global online broker providing both private and institutional client a cutting edge platform. With the best technology, we ensure safe, secure, speedy and simple trading experience. The security and quality of our services are always in the foreground and therefore form the core of our ideology of intelligent investments. We set the highest standards of client satisfaction and cater to the special needs of clients. Tradesto has its headquarters in New Zealand, offices in Saint Vincent and UK.

Best Commercial Bank Qatar 2016

Doha Bank

Incorporated in 1978, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients. It is the third largest local conventional bank by assets in Qatar and has been consistently registering strong growth during the last decade. It has maintained strong growth trajectory, including total asset growth, loan growth, deposit growth and shareholder equity growth every year.

Most Innovative Bank Russia 2016 Touch Bank

Touch Bank is a digital-first retail banking platform founded by OTP Group, the leading financial institution in Eastern Europe. Launched in Russia in 2014, Touch Bank challenges traditional banking landscape by building an all-digital retail bank with customized PFM-solutions as the core advantage. The bank started to serve Russian clients in April 2015, targeting the young generation of professionals and active city residents.

Best Takaful Customer Service Provider Saudi Arabia 2016

SABB Takaful Company

Since its inception, SABB Takaful has played a leading role in the Takaful market of Saudi Arabia by introducing Shariah based Protection & Savings products for both Individual and Commercial customers with specific focus on providing innovative solutions that are tailored to meet the customer’s needs including protection and saving for their children’s education, retirement and or investment.

Best Healthcare Insurance Provider Saudi Arabia 2016

Bupa Arabia

Bupa Arabia is one of the largest health insurers in the Kingdom of Saudi Arabia, meeting the insurance needs of both individual clients as well as some of the Kingdom’s largest companies. Bupa Arabia has put all its resources and efforts on providing the highest quality services in the Saudi Arabian health insurance market, keeping its promise as the best healthcare partner to its members.

Best Trade Finance Bank Taiwan 2016

Cathay United Bank

Cathay United Bank (CUB) offers efficient cross-border trade services and tailored financing solutions that corporations need to succeed in today’s increasingly competitive environment. Trade solutions of CUB, supported by its market insights and comprehensive service network covering Greater China and ASEAN countries, are designed to help corporations effectively manage risk and optimize cash flows.

Best Life Insurance Company Taiwan 2016

Nan Shan Life Insurance

Incorporated in July 1963, Nan Shan Life Insurance Co., Ltd. has been running its business in Taiwan for half a century. Nan Shan is highly regarded for its professional management and financial soundness and is well recognized for its leadership role in quality agents, professional training and education, technology solutions, and customer services.

Best Insurance CSR Company Thailand 2016

Thai Life Insurance Plc.

The first Thai-owned life insurance company in Thailand, established for 63 years with 251 branches nationwide. By dedicating itself to understanding the needs and expectations of its customers, Thai Life Insurance has been able to create innovative services and design policies that offer valuable benefits and quality services to people from all socio-economic backgrounds.

Best Commercial Bank Thailand 2016

Best Retail Bank Thailand 2016

Bank of Ayudhya

Krungsri is Thailand’s fifth-largest financial group in terms of asset size. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group. We provide a full range of financial services for all customer segments. Krungsri is the leader in consumer finance and Japanese corporate markets and the second largest auto hire-purchase loan provider.

Most Innovative Fund House Thailand 2016

One Asset Management

One Asset Management Limited is a privately owned investment manager in Thailand. The firm provides its services to individuals and institutional investors. It manages mutual funds for its clients. The firm employs fundamental analysis to create its portfolio. It operates as a subsidiary of KGI Securities Thailand Public Co. Ltd. One Asset Management Limited was founded on March 19, 1992.

Best Life Insurance Company Thailand 2016

Krungthai-AXA Life Insurance PCL

Krungthai-AXA Life Insurance Public Company Limited, created from a solid partnership between Krungthai Bank PCL., the state-owned bank and one of the largest banks in Thailand with financially sound standing and provides a wide range of products and services, and the AXA Group, a global financial protection and asset-management specialists.

Best Mobile Banking Turkey 2016

Best Customer Loyalty Program Turkey 2016

Odea Bank A.S

Odea Bank started its operations in Turkey in late 2012 as a subsidiary of Bank Audi Group, the largest Lebanese lender and one of the leading international financial institutions with a presence in both the MENA region and Europe. Odea Bank operates 56 branches in 16 cities and employs over 1,500 staff as of June 2016.

Best Forex Broker Turkey 2016

ALB Menkul Degerler

As ALB Forex we are proud to be announced the Best Forex Broker Turkey 2016. We have been providing the best services across the country and the globe since the company’s establishment and will continue to strive for excellence in service delivery.

Most Innovative Payment Solutions Provider UAE 2016

Network International

Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA). The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants.

Best Securities Brokerage House UAE 2016

NBAD Securities

NBAD Securities provides Institutional clients with exceptional brokerage services across the UAE and main MENA markets. We deliver tailor-made solutions and ‘best execution’ standards, supported by exclusive technical and fundamental research reports. The institutional desk caters to the full spectrum of local, regional and international clients, and consistently ranks among the top 3 brokers in the UAE.

Best Insurance TPA UAE 2016

Aafiya TPA

Bearing the name which stands for “good health”, Aafiya is a specialized integrated service provider for healthcare management. Established with the mission to facilitate comprehensive health insurance services of high quality standards to all the sectors of the population. Aafiya is the hub which connects insurance companies, policyholders and health care providers.

AWARD WINNERS 2016

Best Health Insurance Company UAE 2016

Best Commercial Insurance Company UAE 2016

Oman Insurance Company

Oman Insurance Company (PSC) is one of the leading insurance solutions providers in the Middle East, headquartered in Dubai, UAE. OIC has 15 branches including the Head Office-Operational Branch and a strong presence in every Emirate in the UAE, the Sultanate of Oman and Qatar. OIC provides a complete range of insurance solutions to their clients.

Best Private Equity Firm UAE 2016

Waha Capital

Waha Capital is an Abu Dhabi-listed investment company that offers shareholders and third-party investors exposure to high-potential opportunities in diversified asset classes. Through its Principal Investments unit, Waha Capital has established a strong investment track-record, deploying capital in sectors that display strong fundamentals and that have been prioritised by governments in the Middle East and North Africa region.

Best Foreign Bank Vietnam 2016

Standard Chartered Bank (Vietnam) Ltd.

Standard Chartered Bank (Vietnam) Ltd. is a subsidiary of Standard Chartered, a leading international banking group with a 150-year history in some of the world’s most dynamic markets. The Bank currently has three branches in Vietnam and provides a full suite of banking products and services for corporates, financial institutions as well as small and medium-sized enterprises and individuals.

Best Mobile Banking App Vietnam 2016

LienVietPostBank

Lien Viet Post Joint Stock Commercial Bank or LienVietPostBank is a private Vietnamese retail bank which has transaction offices across 57 cities and provinces and 1,067 postal transaction offices across Vietnam. The Bank is striving to become a leading retail and universal bank in Vietnam -“A bank for everyone”- by focusing on providing banking products and services for all.

Best Internet Bank Vietnam 2016

SeABank

Founded in 1994, SeABank has possessed a heritage of 22 years of development to build up its today great shape with charter capital of approximately VND 5,500 billion, total assets of nearly VND 100 trillion and a network of 160 branches and transaction points in 25 big cities and provinces across the country.

Fastest Growing Retail Bank Vietnam 2016

Sai Gon Joint Stock Commercial Bank

Saigon Commercial Bank is the strongest bank in Vietnam, based on its financial results in FY2014. Some of its performance highlights include its strong balance sheet growth and significant improvement in asset quality. Our vision is to gather and mobilize resources, creating sustainable values for our Shareholders, Customers, Partners and Employees in order to improve life quality, bring prosperity to families and businesses in Vietnam and practically contribute to the reviving and the wealth of our nation.

Best SME Banking Product Zimbabwe 2016

– Zama Zama Account

Steward Bank

Steward Bank is the first bank in the country to have convergence with telecommunications and together with its technology focus the bank is set to change the way Zimbabweans view banking. The Bank understands that the future of Africa depends on building a successful savings culture and entrepreneurship foundation.

Best SME Bank Laos 2016

Banque Franco-Lao Ltd

BFL was born in October 2008 following the signature of a Memorandum of Understanding between the French bank BRED Banque Populaire and the very famous leading Lao bank BCEL.

Best Asset Management Company CEO Africa 2016

– Mr. Mothobi Seseli

Argon Asset Management

Argon Asset Management is an independent, owner-managed firm that provides investment management services to both institutional and retail clients. We boast a multi-skilled team of highly experienced investment professionals with impressive qualifications and industry reputations. We are a proudly African firm that embraces global standards as part of our commitment to excellence. Argon is an authorised financial services provider registered with the Financial Services Board.

Best Banking CEO Qatar 2016

– Dr. R. Seetharaman

Doha Bank

Incorporated in 1978, Doha Bank provides domestic and international banking services for individuals, commercial, corporate and institutional clients. It is the third largest local conventional bank by assets in Qatar and has been consistently registering strong growth during the last decade. It has maintained strong growth trajectory, including total asset growth, loan growth, deposit growth and shareholder equity growth every year.

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