Insurance Industry’s Tech Progress is in the "stone age", says AVIVA boss - by Juliet Samuel

The insurance industry is in “the Stone Age” when it comes to using technology, says the head of one of the U.K.’s biggest insurers.

Mark Wilson, chief executive of Aviva PLC, said that the London-based life and general insurer has been hiring staff from Google and Amazon in order to update its technology. He said that Aviva’s customers would buy more insurance products if they were easily available online in forms that were easy to understand, something he believes investing in technology can deliver.

“I think insurance is in the Stone Age while other people are circling Mars,” he said. Aviva currently spends £100 million ($153 million) a year on technology, he added.

The insurance industry has often been behind banks in allowing customers to do business online. Aviva launched an application to allow customers to access their accounts on their mobile phones last year.

As well as marketing more products and dealing with customers online, insurers are investing in technology to change the way they process claims and monitor risk-taking. For example, several U.S. insurers have gained permission to use drones for such tasks as assessing damage of insured property.

The insurance industry is in “the Stone Age” when it comes to using technology, says the head of one of the U.K.’s biggest insurers.

Mark Wilson, chief executive of Aviva PLC, said that the London-based life and general insurer has been hiring staff from Google and Amazon in order to update its technology. He said that Aviva’s customers would buy more insurance products if they were easily available online in forms that were easy to understand, something he believes investing in technology can deliver.

“I think insurance is in the Stone Age while other people are circling Mars,” he said. Aviva currently spends £100 million ($153 million) a year on technology, he added.

The insurance industry has often been behind banks in allowing customers to do business online. Aviva launched an application to allow customers to access their accounts on their mobile phones last year.

As well as marketing more products and dealing with customers online, insurers are investing in technology to change the way they process claims and monitor risk-taking. For example, several U.S. insurers have gained permission to use drones for such tasks as assessing damage of insured property.

Insustry: Aviva Boss Slams Insurance Industry’s Tech Progress - WSJ

Investment Brokers: The Brokerage World Is Changing, Who Will Survive? - by Andre Cappon and Stephan Mignot,

Once upon a time, being a stockbroker was comfortable, genteel and lucrative.

In the “old world,” brokers, as members and owners, controlled the exchanges. Exchanges were run as quasi-non-profit clubs or utilities to support their members. Exchanges had monopoly on liquidity and brokers controlled access. By providing investors access to markets, brokers earned commissions and also received trading fee rebates from the exchange. A long time ago, brokerage commissions were even fixed (remember).

Brokers thus competed on the basis of service and relationships, rather than price.

The introduction of negotiated commissions in the U.S. in 1975 (eventually followed by most other markets in the world) marked the beginning of constantly increasing competition and challenges for brokers. In the last 10-15 years, this process accelerated.

Capital markets experienced a revolution driven by technology and radical change in market structure.

Electronic trading dramatically increased trading volumes and liquidity and slashed the cost of intermediation and broadened access to markets. Exchange demutualization led to a dilution of the status of exchange member.

 Access to liquidity was “democratized”.  Liquidity became fragmented among exchanges, alternative trading platforms, lit and dark pools and so on. Exchange “specialists” (market-makers) disappeared.

In many ways, brokers and exchanges now compete with each other: brokers may internalize order execution, they may use alternative exchanges or dark pools; established exchanges offer “direct market access” (DMA) and are occupying increasing space in the investment process, both pre-trade and post-trade.

The US and UK markets – New York, Chicago, London – are pretty much the “laboratory” for the securities industry worldwide. We shall draw on their experience to illustrate the evolution of the securities industry and extrapolate to other geographies.

The “sell-side” securities industry (i.e. the brokers), has been experiencing deteriorating economics, due to   pricing pressures, increasingly stringent regulation, and changes in market structure.

Life has become very tough for brokers.

Read more: The Brokerage World Is Changing, Who Will Survive? - Forbes

Cellular Phones: Apple says 30% of new iPhone buyers switched from Android

Last September, Apple CEO Tim Cook made a bold prediction.

After unveiling the iPhone 6 and 6 Plus to a packed theater of journalists in San Francisco, Cook told The Wall Street Journal that he expected the larger-screened phones to usher in “the mother of all upgrades.”
He turned out to be right.

Fast forward a little over a year later, and Apple just reported 48 million iPhones sold during its fourth fiscal quarter, beating its previous record for the same quarter last year.
In a new interview with the Journal, Cook attributed the iPhone's continued growth to a record number of Android defectors.

Owners of phones running Google's operating system switching to the iPhone isn't a new phenomenon — Apple saw a record number of switchers last quarter too. But for the first time, Cook revealed that 30% of new iPhone buyers came from Android.

Read more: Apple says 30% of new iPhone buyers switched from Android

Insurance Industry: Property and Liability Risks: "A Generation at Risk? Young Professionals in the 21st Century"

Many young adults unknowingly are jeopardizing their present and future financial well-being by not paying close enough attention to the broad range of property and liability risks they face, according to a new white paper from Chubb Personal Insurance. In addition, many young adults who still live in the family home also are exposing their parents to these risks.

The white paper, “A Generation at Risk? Young Professionals in the 21st Century,” explains the various exposures faced by more than 50 million Americans who are in their mid-twenties to mid-thirties.  It also encourages financial advisers to help these young adults  ̶  including some 15 million who earn more than $100,000 per year  ̶  protect their assets from theft, damage and litigation.

“Wealth advisers and financial planners have an enormous opportunity to focus on young adults, who make up approximately one-sixth of all Americans,” said Stacey Silipo, director of strategic partnerships at Chubb Personal Insurance and author of the paper. “In fact, advisers who work with independent insurance agents and brokers are in a unique position to conduct comprehensive risk analyses and help young professionals formulate holistic asset protection plans.”

According to the white paper, many young professionals:
* take part in the sharing economy regardless of potential risks;
*do not purchase renters’ insurance if they rent their home;
*are unconcerned about the possibility of identity theft and the potential dangers of using social media;
*fail to obtain sufficient excess liability insurance despite the variety of liability risks they face; and
*don’t procure travel insurance.

“Whether young professionals live on their own or with their parents, they would be well-served by seeking counsel from wealth advisers, financial planners and risk management professionals,” said Silipo. “And advisers who reach out to them through parents and friends and provide customized solutions will earn their trust and business.”

Insure-Digest

Netherlands Banking Industry - Dutch Banks even charge a fee when you put cash into your own account.

Whether it be out of laziness, ignorance, or on purpose, people and worst of all governments and politicians are not reacting to the fact that banks are ripping the public  off with charge's— and seem to forget that the seemingly insignificant charges can add up over time.

If you're using one of the traditional "big banks" you'll likely get hit with two fees if you don't use your own bank's teller machine: one  charge from the ATM for the privilege of withdrawing cash, and one from your own bank for going to another bank. It is rediculous, but no one does anything about it.

In the Netherlands, even when you go to your own bank and deposit cash at your own bank's teller machine (ATM) or over the counter, you will get charged a hefty fee after doing that 6 times. This is basically legalized "highway robbery" sanctioned by the government. When you dare to complain, however, to anyone at the your bank they will usually say: "those are our bank rules" en of story.

This is a situation which has gone completely out of hand. When will local governments or the EU finally establish some effective banking regulations, which serves the public and not only enrich the banking             industry ?

Insure-Digest

European Insurance Industry: How well prepared is the European Insurance Industry for the Solvency II rules?

British insurer Prudential PLC may shift its headquarters from London to Asia to escape new European Union regulations, the Sunday Times reported citing people familiar with the matter.

The so-called Solvency II rules, which take effect in January 2016, aim to ensure that insurers hold enough capital to honour policyholder commitments even when markets turn sour.

The paper, citing analysts, said Solvency II could slash Prudential’s reserves from 9 billion pounds ($13.66 billion) to 3 billion pounds.

This may prompt Prudential to sell its British operations or spin them off into a separate listed company and shift its headquarters to either Hong Kong or Singapore, the Times reported.

Asked by Reuters for comment, Prudential said: “We have always said that, as a large, international group, we regularly look at the structure of our business to ensure that it remains optimal. Solvency II will affect less than one fifth of our operations.”

Britain’s top insurance regulator said in July the country would not use the new EU insurance rules, as the system already has an appropriate amount of capital.

In September, Dutch insurers ASR, Aegon and Delta Lloyd warned that their capital buffers would fall sharply under the Solvency II rules, raising concerns over how well prepared the broader European industry is for the rules.how well prepared the broader European industry is for the rules.

Insure-Digest

Netherlands office signs agreement to promote circular economy in Taiwan

The Netherlands Trade and Investment Office (NTIO) has signed an agreement with the Taiwan Circular Economy Network, a privately held foundation, to help transform Taiwan into a more competitive resource-efficient economy. 

The memorandum of understanding was reached last week by NTIO Representative Guy Wittich and Charles Huang, founder and chairman of the Taiwan Circular Economy Network, to jointly promote the concept of a "circular economy" in the next three years, the NTIO said in a statement.

The MOU recognized the two agencies' intention to share their knowledge and information to create circular economy opportunities and growth among Taiwan and Netherlands, said the NTIO, the main Dutch office in Taiwan in the absence of diplomatic ties.

The emphasis of the agreement will be on the application of commercialization of the circular economy in regard to business models, circular assessments, technical solutions and policy tools, according to the office.

Insure-Digest

Postal Services: Swiss test postal drones for future deliveries

The Swiss postal service has begun testing parcel deliveries by unmanned drones.

Eventually for areas which are difficult to access such as mountanous regions this will be the postal service of the future.

Extensive tests will analyse the technical restrictions of the drones, including limited battery life.

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Swiss Post says it envisages using the drones for mainly emergency situations, which could involve bringing supplies to an area that has been cut off from the outside world following a storm.

Tests are going to run until the end of July although widespread use the flying postmen is not expected for another five years.

Read more: Swiss test postal drones for future deliveries | euronews, world news

European Commission proposes EU-wide bank deposit insurance scheme - by Francesco Guarascio

The European Commission proposed on Wednesday to set up a European guarantee for bank deposits that will be based on a reinsurance system for national schemes.

EU states are already obliged to protect bank deposits up to 100,000 euros, but with several credit institutions underperforming and excessive interlinks between government debt and banks holding most of it, this guarantee may not be enough in some states.

A European Deposit Insurance Scheme "will ensure that citizens can be certain of the safety of their deposits independent of their geographical location," the Commission said in a statement.

The reinsurance system will guarantee national deposit protection schemes and will have safeguards to avoid moral hazard, the Commission said, adding it would set out details in a legislative proposal before the end of the year.

Insure-Digest

Netherlands and Luxembourgih: Starbucks, Fiat Decisions Seen in First Wave of EU Tax Cases - by Stephanie Bodoni Gaspard Sebag

Starbucks Corp. and a Fiat Chrysler Automobiles NV unit are set to be first in the firing line as European Union regulators issue a series of rulings over tax breaks for global companies, including Apple Inc.

The EU may issue decisions against Starbucks and Fiat as soon as next week following a two-year probe into how the companies may have gotten unfair tax treatment from Dutch and Luxembourgih authorities, people familiar with the cases said.

Speculation about the probes intensified.,this week as Margrethe Vestager, the EU’s competition chief, canceled a scheduled visit to China, citing pressing matters relating to her job.

Decisions on whether iPhone maker Apple and Amazon.com Inc. got sweetheart tax deals from Ireland and Luxembourg are expected at a later date, said the people who asked not to be identified because the decision isn’t public.

Read more: Starbucks, Fiat Decisions Seen in First Wave of EU Tax Cases - Bloomberg Business

Global Economy: Has Capitalism Seen Its Day? - by Wolfgang Streeck

Several years after the Lehman Brothers collapse, the crisis of advanced capitalist economies is far from over. Growth is sluggish, debt continues to rise, and social inequality is exploding.

As the capitalist global economy is kept alive by unprecedented infusions of central bank money, old questions of the compatibility of capitalism and democracy are returning. The marketization of Polanyi’s three fictitious commodities – labour, nature and money – seems to have hit a limit, and the same may be true for technological innovation. Moreover, persistent public deficits seem to indicate a rising tension between 

o see the video presentation click here: : Has Capitalism Seen Its Day?

Insurance Industry: Aetna Agrees to Buy Humana for $34.1 Billion - by Liz Hoffman, Dana Mattioli and Anna Wilde Mathews

Aetna Inc.said Friday October 16 that it had agreed to buy Humana Inc. for $34.1 billion in cash and stock, following weeks of frenzied merger talks among the largest health insurers.

Under the deal, Aetna would pay about $230 a share for Humana, a premium of 23% from Thursday’s close and 29% from the company’s share price befor.

The Wall Street Journal in late May first reported Humana was exploring a sale. Including debt, the companies said, the deal is valued the deal at $37 billion.

The consolidation momentum in the health-insurance industry is being fed by a desire to diversify and cut costs, amid a landscape changed by the Affordable Care Act. Insurers are eager to reduce expenses and build scale that will help them face off against health-care providers that are bulking up. The providers themselves are growing partly with an eye toward new forms of payment encouraged by the health law. 

Read more: Aetna Agrees to Buy Humana for $34.1 Billion - WSJ

Health Care: UK end-of-life care 'best in world' - by Nick Triggle

End-of-life care in the UK has been ranked as the best in the world with a study praising the quality and availability of services.

The study of 80 countries said thanks to the NHS and hospice movement the care provided was "second to none".

Rich nations tended to perform the best - with Australia and New Zealand ranked second and third respectively.

But the report by the Economist Intelligence Unit praised progress made in some of the poorest countries.

For example Mongolia - ranked 28th - has invested in hospice facilities, while Uganda - 35th - has managed to improve access to pain control through a public-private partnership.

Read more: UK end-of-life care 'best in world' - BBC News

The Netherlands: World's 'best' DJ pulls in millions

Robbert van de Corput, who performs under the stage name Hardwell, is a Dutch big room house and electro house DJ and music producer.

He was voted the World's No. 1 DJ on DJ Magazine's annual Top 100 DJs poll in 2013, and again in 2014

Read more World's 'best' DJ pulls in millions

Multinational companies key for Dutch economy, job creation - by Emily McCallum

The
Dutch Central Bureau of Statistics (CBS) has released a new study
shedding light on the role multinational corporations, both Dutch and
foreign, play in the country's private sector economy. - See more at:
http://www.iamexpat.nl/read-and-discuss/career/news/multinational-companies-key-for-dutch-economy-job-creation#sthash.SBrLbWqi.dpuf

The
Dutch Central Bureau of Statistics (CBS) has released a new study
shedding light on the role multinational corporations, both Dutch and
foreign, play in the country's private sector economy. - See more at:
http://www.iamexpat.nl/read-and-discuss/career/news/multinational-companies-key-for-dutch-economy-job-creation#sthash.SBrLbWqi.dpuf

The Dutch Central Bureau of Statistics (CBS) has released a new study shedding light on the role multinational corporations, both Dutch and foreign, play in the country's private sector economy.

Foreign multinationals were responsible for half of all goods imports and exports in 2013, while those with Dutch roots accounted for around one
third of each.

The study reveals that in 2013, multinational companies in the Netherlands provided nearly two million jobs, or 40 per cent of jobs in the Dutch private sector.

This is an enormous contribution, considering that multinationals make up only around two per cent of all registered companies in the Netherlands.

Around half of these are Dutch companies with foreign subsidiaries, such as manufacturing corporation AkzoNobel, technology producer Philips and retailer Ahold. Such companies account for a slight majority of all job creation by multinationals.

The other half are foreign companies with subsidiaries in the Netherlands. Notable examples include discount supermarket chain Lidl, V&D department stores (which are owned by American Sun Capital) and Tata Steel.

Another reason such firms are significant for the Dutch labour market is that they tend to be among the companies willing to hire internationals in the Netherlands.

The CBS also examined the level of economic activity for which multinationals are accountable.

Despite being a tiny percentage of all companies, Dutch multinationals generate 25 per cent of turnover in the private sector, and foreign ones produce 40 per cent. Together, they account for nearly two-thirds of all private-sector turnover.

Read more: Multinational companies key for Dutch economy, job creation: F

EU Social Dimenson: Reviving The EU Social Dimension: A Political Choice

The social dimension of the EU is on the verge of becoming insignificant. At practically all levels there has been a systematic weakening of Social Europe: aims, programmes and instruments have been reduced in the areas of employment policy, labour law and labour relations.

The Community is rolling back previous achievements. Workers and trade unions are losing out. This is particularly evident in three areas.

First, in the euro crisis the European Employment Strategy and the Open Method of Coordination were systematically subordinated to economic-policy aims. In the European Semester – the annual process of co-ordinating EU Member States’ economic policies – the economic and finance ministers have their hands firmly on the tiller. Half of all labour market and social policy recommendations for the Member States are based on legal provisions in the Stability and Growth Pact or the Macroeconomic Imbalance Procedure. Thus, they come within the competence of finance ministers.

Labour and social affairs ministers are marginalised when it comes to their proper concerns. The upshot of all this is recommendations to deregulate national labour markets, decentralise wage systems and restructure social insurance in line with budgetary criteria. The social partners, generally speaking, have weak consultation rights. Trade unions are bypassed.

The EU’s labour market and social policy measures have long amounted to a comprehensive “labour market strategy”. Acknowledging this reality would be a first step for social policy actors towards a stronger say. Instead of continuing to put up with the thematic constriction of the European Employment Strategy the relevant ministers should insist on equal footing with finance ministers. In an era of European inter-governmentalism, a Eurogroup of social and labour ministers is their best bet.

Read more: Reviving The EU Social Dimension: A Political Choice

Open and Shut: Sweden’s Identity Crisis

Sweden, the biggest country at the heart of rich and peaceful Scandinavia, is in many ways in the eye of the current migration storm tearing through Europe. Although it is admitting fewer refugees than Germany in terms of sheer numbers, Sweden is—and has been for several years—the European Union’s (EU) biggest per capita recipient of refugees by quite a wide margin. In 2014, Sweden, a country with just 9 million inhabitants, received more than 80,000 asylum applications. This year, that number is set to grow substantially.

From one angle, no other country seems better equipped to handle this challenge. Having weathered fairly well both the recent economic crisis and a deeper transition to a globalized, European Union-infused economy,

Sweden remains at, or close to, the top of global tables of wealth and well-being. It might no longer be the quasi-socialist paradise that many people looked to—and flocked to—in the 1970s, but it is one of the few European countries that still seems able to combine relatively solid growth, a strong welfare state and a genuine openness, both in economic terms and in immigration policy. Sweden is also already an “immigrant society”: At 16 percent, the proportion of its foreign-born population is higher than that of not only Germany and Great Britain, but also the U.S.

 In other words, Sweden is a country that should easily be able to bear its share of the burden in the biggest global refugee crisis since World War II.

Read moreOpen and Shut: Sweden’s Identity Crisis

Euro Deflation And How To Interpret It

If you read Larry Summers in the Financial Times, you know that recent data confirm falling prices in the euro zone.  Summers argues that the deflation indicates global stagnation, though we find disagreement on the appropriate interpretation. For some it is no more than the transitory effect of falling petroleum prices.

The focus on petroleum prices indicates the analytical limitations of,composite price indices for understanding what is unfolding in the euro zone. A professed function of these indices is to serve as an indicator for central bank inflation targeting. The relationship is well-known.

Central banks take a rise in the composite price index above some arbitrary guideline to indicate the need to increase interest rates. The increase in the central bank rate allegedly curtails credit growth and dampens inflationary pressures.

Even should one believe the interest rate to inflation causality, a composite price index is not the appropriate indicator for central bank action be it measured for consumers, producers or GDP as a whole.

Composite indices all mislead more than they inform.

The misleading effect of composite prince indices is especially serious for the euro zone. First and most obviously, euro zone price  indices conceal variations in inflationary pressures across member countries.

Read more: Euro Deflation And How To Interpret It

Global Wealth: Half of world's wealth now in hands of 1% of population – by Jill Treanor

Global inequality is growing, with half the world’s wealth now in the hands of just 1% of the population, according to a new report.

The middle classes have been squeezed at the expense of the very rich, according to research by Credit Suisse, which also finds that for the first time, there are more individuals in the middle classes in China – 109m – than the 92m in the US.

Tidjane Thiam, the chief executive of Credit Suisse, said: “Middle class wealth has grown at a slower pace than wealth at the top end. This has reversed the pre-crisis trend which saw the share of middle-class wealth remaining fairly stable over time.”

The report shows that a person needs only $3,210 (£2,100) to be in the wealthiest 50% of world citizens.

About $68,800 secures a place in the top 10%, while the top 1% have more than $759,900. The report defines wealth as the value of assets including property and stock market investments, but excludes debt.
About 3.4 bn people – just over 70% of the global adult population – have wealth of less than $10,000. A further 1bn – a fifth of the world’s population – are in the $10,000-$100,000 range.

Each of the remaining 383m adults – 8% of the population – has wealth of more than $100,000. This number includes about 34m US dollar millionaires. About 123,800 individuals of these have more than $50m, and nearly 45,000 have more than $100m. The UK has the third-highest number of these “ultra-high net worth” individuals.

Read more: Half of world's wealth now in hands of 1% of population – report | Money | The Guardian

Alternative Energy: U.K. Green Investment Bank Raises 476 Million Euro's for Wind - by Alex Morales

The U.K. Green Investment Bank raised 475 million Euro's ($541 million) for its offshore-wind fund as it seeks to spur development of a technology in which Britain already leads the world.

AMF Pensionsforsakring AB and Strathclyde Pension Fund were among investors in the second round of fundraising, bringing the total cash to 818 million pounds, the GIB said Tuesday in a statement. The bank announced the fund in June 2014 and is seeking to raise 1 billion pounds from several rounds.

The fundraising “highlights the growing confidence that home-grown and international investors have in well-developed and well-managed offshore wind assets,” said Karl Smith, fund managing director at the bank. “We are in advanced discussions with other potential investors and progressing quickly towards final close and reaching our 1 billion-pound target.”

Britain already has more offshore wind power than the rest of the world put together, with 4,494 megawatts of installed capacity at the end of 2014. The GIB’s fund will buy into projects, freeing up cash for developers such as Dong Energy A/S to spend on new wind parks.

The fund also acquired the bank’s right to a 10 percent stake in RWE AG’s operating 576-megawatt Gwynt y Mor wind farm off north Wales, according to the statement. It already has a 24.95 percent stake in RWE’s 90-megawatt Rhyl Flats farm, also off north Wales, and a 20 percent interest in Statkraft AS’s 317-megawatt Sheringham Shoal farm off eastern England.

Read more: U.K. Green Investment Bank Raises 475 Million Euro's  for Wind - Bloomberg Business

European Insurance Industry: Financial Assessment of the European Insurance Industry

The European insurance industry is struggling with the volatile macroeconomic environment and regulatory changes while also incorporating changes in technology and business model to be at par with its global peers.

While premium growth is accelerating, pressure on profitability continues due to low investment income and the uncertain economic environment. Growth in premiums is different for different countries in Europe, but is led by emerging economies in Eastern Europe.

 The European insurance industry has remained somewhat resilient to the 2008 financial crisis, which did not have much impact on its returns statistics.

Threats of deflation are rising in Europe and can have a negative impact on this industry. Changes in the preferences and demands of the consumer; corporate and technology developments creating new areas of risk to be insured; and industry consolidation in search for better distribution network (online or physical) are some factors that are likely to drive industry growth.

Life and health (L&H), and property and casualty (P&C) insurance revenues are growing at a steady pace despite the challenging macroeconomic situation. However, as situations are expected to worsen in the near future, decreased premium growth and lower investment income are expected unless insurers use diversification as a strategy to enhance returns.

Operational costs have decreased due to investment in upgraded technology, and the cost-effective online distribution structure has led to increased profitability in the industry. Underwriting ratios have witnessed improvement but the industry is not well placed in terms of policy holders surplus to cover future claims.

Overall, the insurance industry is well positioned financially and ready to face the challenges that lie ahead.

Insure-Digest.

European Wind Farms: Houston Texas based RigNet wins major contract for European wind farm infrastructure development

Off-Shore Wind-Parks development

The Houston, Texas's based RigNet TSI has been awarded a multi-million EURO contract to deliver communications systems and infrastructure for a high-voltage transmission platform in an offshore wind farm located in the German sector of the North Sea.
 
The award of this contract by a leading UK-based offshore contractor continues RigNet’s long-term success in the delivery of integrated telecommunications and operations support systems for a diverse range of applications and industries.

“As modern wind farms grow in scale and move farther offshore, they begin to resemble deepwater drilling operations in terms of complexity and technology requirements,” said Mark Slaughter, RigNet’s CEO and President. “Through our TSI business unit, RigNet applies its significant track record for offshore performance to help these renewable energy developments meet safety and production targets.”

RigNet TSI’s scope of work includes the integration and delivery of critical facility communications infrastructure, including Structured Cabling, Local Area Network (LAN), Wireless LAN (WLAN), Telephony, Public Address / General Alarm (PAGA), Closed Circuit Television (CCTV), Access Control (ACS), Meteorological Systems, Navigation and Lifeboat Radio support for the platforms.

RigNet TSI is a leading global Provider of managed remote communications, telecoms systems integration and collaborative applications dedicated to the oil and gas industry, focusing on offshore and onshore drilling rigs, energy production facilities and energy maritime vessels. RigNet is based in Houston, Texas.

Read more: RigNet wins Telecoms EPC contract for European wind farm infrastructure development

US Economy: Record Global Sell-Off of U.S. Debt Could Trigger Economic Collapse

Foreign governments buy U.S. debt because of the dollar's status as the world's reserve currency – the American economy has long been viewed as a safe place to invest. That's why the amount of U.S. debt held by foreign nations has increased more than six-fold since 2001.

But that's all changing now – events that could spark a U.S. economic collapse are already underway…

The Wall Street Journal revealed this week that China – the largest holder of U.S. investments – is ridding itself of its U.S. government bonds at the fastest rate in history.

In fact, a global sell-off of epic proportion is taking place.

Central banks in China, Russia, Brazil, and Taiwan are selling U.S. government bonds at such a pace that it's caused the most dramatic shift in the $12.8 trillion Treasury market since the 2008-2009 financial crisis.

Foreign official net sales of U.S. Treasury debt maturing in at least one year hit $123 billion in the 12 months ended in July, according to Deutsche Bank Securities Chief International Economist Torsten Slok, reported WSJ. That's the biggest decline since data started to be collected in 1978.

By contrast, foreign central banks purchased $27 billion of U.S. notes and bonds in the prior 12-month period.

Foreign central bankers' massive offloading of U.S. debt sends this dangerous signal…

Read more: WARNING: Record Global Sell-Off of U.S. Debt Could Trigger Economic Collapse

The Netherlands has sixth richest population in the world - by Parvinder Marwaha

People in the Netherlands have been ranked sixth in a listing of the world’s richest countries, by net assets per capita, according to this year's Allianz Global Wealth Report.

Compared with 2014, the Netherlands increased its wealth per capita from 71.430 to 78.063 euros per person, placing the country sixth globally, with Switzerland taking first place with 138.710.

In addition, the world’s top 10 rich list includes three other western European countries: the UK (86.230), Belgium (84.770) and Sweden (82.920).

In the Netherlands, gross financial assets grew from last year by as much as 12,3 percent, driven by a strong increase in insurance and pension assets. The growth in net financial assets was even more exceptional: 21,6 percent.


Allianz Global Wealth Report

Top 10 countries' wealth per capita in 2015
Rank    Country    Net assets in euros

1    Switzerland    157.446
2    USA    138.714
3    UK    86.233
4    Belgium    84.771
5    Sweden    82.925
6    The Netherlands    78.063
7    Canada    76.508
8    Japan    73.547
9    Singapore    73.328
10    Taiwan    72.636

People in the Netherlands have been ranked sixth in a listing of the world’s richest countries, by net assets per capita, according to this year's Allianz Global Wealth Report.
Compared with 2014, the Netherlands increased its wealth per capita from 71.430 to 78.063 euros per person, placing the country sixth globally, with Switzerland taking first place with 138.710.
In addition, the world’s top 10 rich list includes three other western European countries: the UK (86.230), Belgium (84.770) and Sweden (82.920).
In the Netherlands, gross financial assets grew from last year by as much as 12,3 percent, driven by a strong increase in insurance and pension assets. The growth in net financial assets was even more exceptional: 21,6 percent.
- See more at: http://www.iamexpat.nl/read-and-discuss/expat-page/news/netherlands-sixth-richest-population-in-world#sthash.TM4auYCy.dpuf

Read more: The Netherlands has sixth richest population in the world

France - Tourism: visitors to France complain unable to pay with local credit card at most French toll roads

If you are touring France by car, you could be in for a big surprise, specially when using one of their overpriced toll roads, and need to pay for the toll.

The shock will not only come for the high cost of the toll, but also when you want to use your  "home bank" credit card to pay  for the toll, and finding out it won't work. 

Basically the French want you to pay with cash, which is quite inconvenient, because it requires you to carry a large amount of cash with you, which in general is not always a safe thing to do. 

France is quite different in that respect to most other countries in Europe were foreign credit cards are widely accepted with  the exception of the Netherlands, where non-European credit cards are also often frowned upon.

EU-Digest

Insurance Industry: Cyber insurance is up, but not all the way there yet - by Tim Starks

Corporations will pay an estimated $2.75 billion this year for cyber insurance, according to specialty insurance consultant Rick Betterly, a 40 percent hike from last year that sounds like good news for the insurance industry but that masks some trends that are less encouraging.

Dave reports: “Cyber coverage capacity has actually diminished over the past year for large accounts, said Toby Merrill, who heads the cyber risk practice at ACE USA. That retreat, following well-publicized large
cyber incidents at companies like Home Depot and JPMorgan Chase, has been driven by insurance carriers concerned that they underpriced policies, Merrill said.”

Read more: Cyber insurance is up, but not all the way there - POLITIC

European Airline Industry: Norwegian Air CEO says $69 flights from U.S. to Europe around the corner - by Jeffrey Dastin

Norwegian Air Shuttle ASA hopes to sell one-way tickets to Europe for $69 as early as 2017 by flying from U.S. airports that have low fees, Chief Executive Officer Bjørn Kjos said in an interview Tuesday.

Europe's third-largest budget airline is considering flights to Edinburgh and Bergen, Norway from U.S. airports that have little to no international service today, such as New York's Westchester County Airport and Connecticut's Bradley International Airport, just north of Hartford, Kjos said.

Read more: Norwegian Air CEO says $69 flights from U.S. to Europe around the corner | Reuters

Car Rental Insurance: 3 Options for Rental Car Insurance in Europe

Renting a car for your vacation in Europe is just the first step in planning a road trip. Now you have to make some key decisions: whether to buy rental car insurance and, if so, whether to purchase a specialty policy or get insurance at the car rental counter.

If you are traveling to Europe and renting a car, you have three main insurance options for your trip.

1. Free coverage through your credit card

2. Stand-alone insurance policies

3. Buying at the rental car counter

For the complete rfeport: : 3 Options for Rental Car Insurance in Europe

US Economy: US jobs growth stumbles, fueling economy fears

American employers shied away from hiring over the past two months and wages fell in September.

What one analyst describes as “a pig of a report” could fuel fears that the Chinese-led economic slowdown is stifling the US recovery.

Payrolls outside of farming rose by 142,000 last month and August figures were revised sharply lower to show only 136,000 jobs added that month, the Labor Department said on Friday.

Economists had expected more than 200,000 new jobs to be created in September.

The figures represent the smallest two-month gain in employment in over a year.

Job growth should have been enough to push the unemployment rate down, but it held steady at 5.1 percent.

Read more: US jobs growth stumbles, fueling economy fears | euronews, economy

City of London-Banking Industry: How the banks ignored the lessons of the crash - by Joris Luyendijk

Ask veteran at a small credit rating agency who spent his whole career in the City of London told me with genuine emotion: “It was terrifying. Absolutely terrifying. We came so close to a global meltdown.” He had been on holiday in the week Lehman went bust. “I remember opening up the paper every day and going: ‘Oh my God.’

 I was on my BlackBerry following events. Confusion, embarrassment, incredulity ... I went through the whole gamut of human emotions. At some point my wife threatened to throw my BlackBerry in the lake if I didn’t stop reading on my phone. I couldn’t stop.”

Other financial workers in the City, who were at their desks after Lehman defaulted, described colleagues sitting frozen before their screens, paralysed – unable to act even when there was easy money to be made.

Things were looking so bad, they said, that some got on the phone to their families: “Get as much money from the ATM as you can.” “Rush to the supermarket to hoard food.” “Buy gold.”

“Get everything ready to evacuate the kids to the country.” As they recalled those days, there was often a note of shame in their voices, as if they felt humiliated by the memory of their vulnerability. Even some of the most macho traders became visibly uncomfortable. One said to me in a grim voice: “That was scary, mate. I mean, not film scary. Really scary.”

Read more: How the banks ignored the lessons of the crash | Joris Luyendijk | Business | The Guardian

Economy: Europe Appears Poised Not for Economic Collapse but Steady Rebound - by Martin Currie

"During the Industrial Revolution, which made Europe into a powerhouse, economic growth was 1.3 to 1.4 percent a year," he reported. "This year it's at 1.4 to 1.5. Next year the consensus projections are 1.9 to 2. Luxury brands are doing especially well. Economic growth overall is already positive and continuing to improve."

As a result of all the turmoil, living standards in Europe – on a relative basis – have recently experienced what Martin Currie considers "a big fall."

"Europe has faced a debt crisis stemming from certain countries overspending, of that there is no doubt, but when situations like this happen the size of the state often shrinks. That can be very positive for the private sector, which can move more freely to fill the voids governments leave."

"In a big swath of history, this led to major restructurings," Mr. Browne said. "It's tied together with historically low interest rates and falling oil prices. Yet at the same time corporate balance sheets have been cleaning up to some of the best debt levels we've seen since the early 1990s."

"The question is will it bite and take hold, or is this yet another false alarm? We think it's real." Continued pessimism on Europe's outlook results from media interests, in Martin Currie's view.

Read more: Europe Appears Poised Not for Economic Collapse but Steady Rebound - MarketWatch

EU Labor Relations: Juncker vows tighter EU labor laws

European Commission President Jean-Claude Juncker said on Tuesday that a package of workers' rights which the EU executive will propose next spring would reduce differences among labor markets across the bloc.

Addressing a European trades union gathering in Paris, the conservative former Luxembourg premier also criticized a trend away from long-term employment contracts toward short-term hiring and said the latter should not become the norm.

"We, the European Commission, will propose in spring 2016 a pillar of minimum labor rights, a protective cordon around the labor market," he said, adding that it would set labor norms that "cannot be adjusted downwards".

"In doing so," he said, "We will add to convergence in the employment sphere in Europe."
Juncker, who took over the EU executive 11 months ago, has said recently he would propose harmonizing employment standards, though there has so far been little detail on the plan.

The issue is particularly sensitive at present since Britain's conservative government is trying to negotiate terms of membership before holding a referendum on whether to stay in the EU. Employment regulation from Brussels is unpopular on the right in Britain, though favored by many opponents on the left.

In a reference which an EU official said was to workers being posted abroad, Juncker said he wanted to see a level playing field on pay: "In Europe, we must finally agree on a simple principle: the same pay for the same job wherever it is."
 
Read more: Juncker vows tighter EU labor laws | Reuters

European Banking Industry: McKinsey warns European private banks over fees - by Chris Flood

Private banks in Europe must overhaul their fees to show they offer value for money or risk being squeezed out, says McKinsey, the consultancy.

Europe’s private banking sector registered an 8.9 per cent rise in profits last year but McKinsey’s latest survey of the industry highlighted big challenges.

Almost a third (29 per cent) of providers in Europe’s €9.2tn industry recorded net investor withdrawals in 2014. One in six lost money.

Further consolidation appears “inevitable” and a number of banks could disappear over the next five years, said McKinsey.

“All private banks will have to sharpen their competitive positioning,” said Sébastien Lacroix, leader of McKinsey’s European private banking practice.

Read more: McKinsey warns European private banks over fees - FT.com