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What kind of power is essential for the UK’s success?

The EV summit 2020 which took place recently came from the Oxford theoretically, but like so many situation made it go online this year. It was the latest of the series to feature many powerful speakers and companies such as EDF, E.On and SSEN ( Scottish and Southern Electricity Networks ) as well as the infrastructure suppliers and car makers like Citroen, Mini and Hyundai UK. The main discussion of the panels were the role of original equipment manufacturers ( OEMs ), electric buses and the development of the UK’s charging infrastructure , its sustainability and most interestingly through a business point of view and its investment. They all agreed that the biggest bang per buck would come from these charging points which was shared between companies , venture capitalists , private equity investors and the Governments.

The representative of SSEN saw this infrastructure as a public service responsibility. There had been some distortion on the subject of EVs and the industry had to respond immediately, in SSEN’s view, with facts such as the real cost-per-mile of electric cars. The main question was if it was 2p per mile or that the ICE figure of 16p per mile? There was a need for 325,000 public charging points and now the figure currently stands at 18,000. The 65 per cent of the UK homes have private parking or their own drive away points. This certainly means that more than 30 per cent of the population does not have the private parking or charging points, and they can take advantage of this flexible off peak tariffs. Smart chargers from the companies such as Ohme, optimize these points.

Other possible solutions would include curbside charging which are installed by the local authorities. The charging station networks can be built by these companies like Shell. Another idea could be, these supermarkets offering their customers free charging whilst they do their weekly shopping at the stores. Charging networks need to be more extensive, and more consistent. Rather than having a different RFID card for each company, there should be a call for one card to cover them all. After all, with an ICE car you can fill up anywhere and pay with same debit or credit card; why shouldn’t it be the same for EVs? This will be a smart solution of all.

Henrik Andersen, the CEO of Vestas, the world’s biggest wind turbine company and sponsor of Formula E. Vestas produced 100GW of wind power across 79 countries, and those turbines could go carbon-negative after three to four months of maneuver. That contained all engineering and general company-wide discharges. From January, all new enterprise vehicles would be electric (battery or hybrid). Julia Poliscanova, the Immobility director of the Brussels-based NGO Transport and Environment, admitted that battery power-driven vehicles may not be the best solution, but she believed that it was the best they had as of now. Her aim was to have 100 per cent of new vehicle sales electric, by 2030. “Oil is extracted and burned, gone forever,” she said. “Lithium, cobalt etc, once mined and used in batteries can be recycled.” To conclude, a common refrain across the panel was that the trial and error of the usage of electric vehicles lead way to only fewer people wanting to go back to ICE power after usage.

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LexisNexis risk solutions study reveals sharp rise of financial crime compliance costs

Decision makers inside banks, investment firms, asset managers and insurance firms identify the drivers impacting financial crime compliance. LexisNexis® Risk Solutions revealed that the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region is approximately $49.9 billion. The survey illustrates the sharp increase in financial crime compliance costs.

The study projects the average annual cost of financial crime compliance for U.S. financial institutions with $10 billion. Pandemic Continues to Spur Growth. The pandemic continues to negatively impact compliance operations. Sixty eight percent of U.S. respondents report longer times required to complete due diligence. Fifty five percent of U.S. respondents report reduced productivity compared.

More U.S. financial institutions now rank real estate and hospitality as top money laundering risk segments. Crime involving digital payments, trade-based money laundering and money mule schemes are on the rise. Digital currency is a growing problem for Canadian firms. Crimes involving digital payments have the greatest impact on compliance costs. Cryptocurrency crimes have the greatest impact on compliance costs for Canadian firms. The survey results demonstrate that financial institutions are battling a broader set of issues.

Survey respondents indicate that a lack of current and extensive data tops the list of Know Your Customer (KYC). Leslie Bailey, vice president of financial crime compliance strategy for LexisNexis Risk Solutions stated that the study shows clear linkages between the pandemic, digital crime and increasing regulations. Hence, financial institutions need to prepare for expanded compliance obligations and risks from emerging financial crime. Bailey added that digital transformation is a game-changer for financial crime compliance operations.

This will require a sophisticated approach that incorporates insight into digital behaviors. This study surveyed 145 decision-makers in the U.S. and Canada. Responses were collected in June 2019, August 2020 and June 2021. Organizations such as banks, investment firms, asset management firms and insurance firms. The total annual cost of compliance across firms was calculated using survey data. The spend amount was generated by multiplying the average percent allocated to financial crime costs.

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COP26 delegates agree on need to deliver on $100 BLN climate finance pledge

Delegates heading to the COP26 U.N. climate summit in Glasgow. These delegates agreed that they must deliver on the $100 billion per year pledge. COP26 president Alok Sharma said that, it is to help most vulnerable nations for tackling the climate change.

After many days of meetings at the pre-COP26 climate event, which happened in Italy, Sharma said that there was a consensus to do more. Which is to keep the 1.5 degrees Celsius target within reach, adding more needed to be done collectively in terms of national climate plans.

The COP26 conference in Glasgow aims to secure more ambitious climate action. This is from nearly 200 countries, those all that have signed the 2015 Paris Agreement for limiting the global warming, well below 2.0 degrees Celsius. And to 1.5 degrees, above pre-industrial levels.

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City’s exposure to Evergrande is very minimal-Hong Kong finance Chief

Hong Kong’s exposure to debt-laden developer China Evergrande Group is very minimal at 0.05%. This is of banking assets, South China Morning Post reported, citing the city’s finance minister. Financial Secretary Paul Chan told the newspaper that it is very minimal and won’t cause them any systemic risks. He added that he had arrived at the conclusion after a recent audit of the local banking sector’s exposure to the company.

Chan also said that the Hong Kong’s stock market was inevitably subject to some volatility. This is amidst a recent mainland crackdown on some industries. But still he believed any setback would be temporary. With liabilities of $305 billion, Evergrande has sparked concerns its cash crunch could spread through China’s financial system. This may reverberate globally and that is a worry that has eased with the Chinese central bank’s vow, to protect homebuyers’ interests. Evergrande has missed two bond interest payments. Bondholders have said this and its offshore debt, amounting to about $20 billion, trades at distressed levels.

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