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MORNINGSTAR ANNOUNCES AGENDA FOR INSTITUTIONAL CONFERENCE EUROPE IN AMSTERDAM, 17-18 MARCH 2017

Headline Speakers include Hermes’ SakerNusseibeh and GMO Founder Jeremy Grantham
Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced the agenda and speakers for its seventh annual Morningstar Institutional Conference Europe. Some 230 investment professionals from across Europe are expected to attend.
The Morningstar Institutional Conference, to be held at the Hotel Okura Amsterdam on 17 and 18 March 2017, will explore key themes relevant to long-term investors through a series of presentations and discussions led by leading investors, academics, and industry experts. The conference agenda offers delegates a holistic view of the current environment, with particular focus on valuation-driven opportunities and behavioural science. The event will also feature Morningstar’s latest thinking in asset allocation, securities research, manager research, and the inclusion of environment, social, and governance (ESG) considerations in portfolios.
“Long-term investing, valuation-based investing, inherent behavioural bias, and finding value in deeply challenged markets are themes we have distinctly chosen to deliberate at this year’s conference, in anticipation of a bumpy 2017 for investors”, Dan Kemp, Chief Investment Officer, EMEA, of Morningstar’s Investment Management group, said. “Each speaker offers profound insight on a key area of interest to investors. I look forward to welcoming delegates to Amsterdam for two days of market-leading discussion and debate.”
Headline speakers include Saker Nusseibeh, Chief Executive Officer (CEO) of Hermes Investment Management, who will deliver the conference opening keynote, “Building a Better Fund Management Industry,” addressing how reputational damage from press and regulator criticisms can discourage investors and impede their ability to reach investment goals. Jeremy Grantham, founder of GMO, will explore the investment implications of climate change in a live interview from Boston, Massachusetts. Attendees will also hear from Gerd Gigerenzer, Director, Max Planck Institute for Human Development and Harding Center for Risk Literacy, a recognised preeminent thought leader in the understanding and communication of risk.
Kunal Kapoor, CEO of Morningstar, Inc., and Daniel Needham, President and Chief Investment Officer of Morningstar’s Investment Management group, will discuss what it means to be a valuation-driven investor and how this principle is applied across Morningstar’s global investment management business. Michael Hasenstab Ph.D., Executive Vice President, Portfolio Manager, and Chief Investment Officer, Templeton, will discuss his valuation-driven approach to fixed-income investing.
Other presenters include:
- Christopher Davis, Chairman, Davis Advisors, on the best approach towards superior returns when seeking to invest for the long term in U.S. equities;
- Dan Kemp, Chief Investment Officer, EMEA, Morningstar’s Investment Management group, on the seven investment principles designed to help investors overcome behavioural biases and encourage good investor behaviour;
- Derek Stuart, Co-Founder and Fund Manager, Artemis Funds, on using a ‘special situation’ approach to investing and its application in the current Brexit environment to identify long-term investment opportunities;
- Hilde Jenssen, Lead Product Strategist, Skagen Funds, on how to uncover value in emerging-market equities, one of the cheapest asset classes in recent years, in an environment where value is hard to find;
- Isabel Levy, Managing Director – Chief Investment Officer and Founder, Metropole Gestion, on how to employ fundamental industrial analysis to avoid value traps and identify the fair value of European equities;
- Dr. MartijnCremers, Professor of Finance, The University of Notre Dame, on his research about active share portfolios and fund performance; and
- Mats Andersson, Vice Chair, Global Challenges Foundation, on why the inclusion of ESG criteria is an essential component of successful long-term investing and how these ideas can be applied by institutional investors in Europe.
During the conference, delegates can attend three breakout streams covering asset allocation, securities research, and manager selection. The sessions will include a discussion about the major factors influencing performance of financial services companies and the impact of the ‘behaviour gap’ on European investors.
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Australia says no further Facebook, Google amendments as final vote nears

By Colin Packham
CANBERRA (Reuters) – Australia will not alter legislation that would make Facebook and Alphabet Inc’s Google pay news outlets for content, a senior lawmaker said on Monday, as Canberra neared a final vote on whether to pass the bill into law.
Australia and the tech giants have been in a stand-off over the legislation widely seen as setting a global precedent.
Other countries including Canada and Britain have already expressed interest in taking some sort of similar action.
Facebook has protested the laws. Last week it blocked all news content and several state government and emergency department accounts, in a jolt to the global news industry, which has already seen its business model upended by the titans of the technological revolution.
Talks between Australia and Facebook over the weekend yielded no breakthrough.
As Australia’s senate began debating the legislation, the country’s most senior lawmaker in the upper house said there would be no further amendments.
“The bill as it stands … meets the right balance,” Simon Birmingham, Australia’s Minister for Finance, told Australian Broadcasting Corp Radio.
The bill in its present form ensures “Australian-generated news content by Australian-generated news organisations can and should be paid for and done so in a fair and legitimate way”.
The laws would give the government the right to appoint an arbitrator to set content licencing fees if private negotiations fail.
While both Google and Facebook have campaigned against the laws, Google last week inked deals with top Australian outlets, including a global deal with Rupert Murdoch’s News Corp.
“There’s no reason Facebook can’t do and achieve what Google already has,” Birmingham added.
A Facebook representative declined to comment on Monday on the legislation, which passed the lower house last week and has majority support in the Senate.
A final vote after the so-called third reading of the bill is expected on Tuesday.
Lobby group DIGI, which represents Facebook, Google and other online platforms like Twitter Inc, meanwhile said on Monday that its members had agreed to adopt an industry-wide code of practice to reduce the spread of misinformation online.
Under the voluntary code, they commit to identifying and stopping unidentified accounts, or “bots”, disseminating content; informing users of the origins of content; and publishing an annual transparency report, among other measures.
(Reporting by Byron Kaye and Colin Packham; Editing by Sam Holmes and Hugh Lawson)
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GSK and Sanofi start with new COVID-19 vaccine study after setback

By Pushkala Aripaka and Matthias Blamont
(Reuters) – GlaxoSmithKline and Sanofi on Monday said they had started a new clinical trial of their protein-based COVID-19 vaccine candidate, reviving their efforts against the pandemic after a setback in December delayed the shot’s launch.
The British and French drugmakers aim to reach final testing in the second quarter, and if the results are conclusive, hope to see the vaccine approved by the fourth quarter after having initially targeted the first half of this year.
In December, the two groups stunned investors when they said their vaccine would be delayed towards the end of 2021 after clinical trials showed an insufficient immune response in older people.
Disappointing results were probably caused by an inadequate concentration of the antigen used in the vaccine, Sanofi and GSK said, adding that Sanofi has also started work against new coronavirus variants to help plan their next steps.
Global coronavirus infections have exceeded 110 million as highly transmissible variants of the virus are prompting vaccine developers and governments to tweak their testing and immunisation strategies.
GSK and Sanofi’s vaccine candidate uses the same recombinant protein-based technology as one of Sanofi’s seasonal influenza vaccines. It will be coupled with an adjuvant, a substance that acts as a booster to the shot, made by GSK.
“Over the past few weeks, our teams have worked to refine the antigen formulation of our recombinant-protein vaccine,” Thomas Triomphe, executive vice president and head of Sanofi Pasteur, said in a statement.
The new mid-stage trial will evaluate the safety, tolerability and immune response of the vaccine in 720 healthy adults across the United States, Honduras and Panama and test two injections given 21 days apart.
Sanofi and GSK have secured deals to supply their vaccine to the European Union, Britain, Canada and the United States. It also plans to provide shots to the World Health Organization’s COVAX programme.
To appease critics after the delay, Sanofi said earlier this year it had agreed to fill and pack millions of doses of the Pfizer/BioNTech vaccine from July.
Sanofi is also working with Translate Bio on another COVID-19 vaccine candidate based on mRNA technology.
(Reporting by Pushkala Aripaka in Bengaluru and Matthias Blamont in Paris; editing by Jason Neely and Barbara Lewis)
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Don’t ignore “lockdown fatigue”, UK watchdog tells finance bosses

By Huw Jones
LONDON (Reuters) – Staff at financial firms in Britain are suffering from “lockdown fatigue” and their bosses are not always making sure all employees can speak up freely about their problems, the Financial Conduct Authority said on Monday.
Many staff at financial companies have been working from home since Britain went into its first lockdown in March last year to fight the COVID-19 pandemic.
One year on, the challenges have evolved from adapting to working remotely to dealing with mental health issues, said David Blunt, the FCA’s head of conduct specialists.
“During this third lockdown, there has been a greater impact on mental well-being, with many people struggling with job security, caring responsibilities, home schooling, bereavements and lockdown fatigue.”
Bosses should continually revisit how they lead remote teams, he said.
“The impact of COVID-19 is creating a huge workload for those considered to be high performers, while the remote environment potentially makes it much more challenging for those who were previously considered low performers to change that perception,” Blunt told a City & Financial online event.
Companies should consider “psychological safety” or ensuring that all employees feel confident about speaking out and challenging opinions.
“We’ve heard varying reports of how successful this has been,” Blunt said.
Pressures in the financial sector were highlighted this month when accountants KPMG said its UK chairman Bill Michael had stepped aside during a probe into comments he made to staff.
The Financial Times said Michael, who later apologised for his comments, had told staff to “stop moaning” about the impact of the pandemic on their work lives.
Blunt was speaking as the FCA next month completes the full rollout of rules that force senior managers at financial firms to be personally accountable for their decisions to improve conduct standards.
There have only been a “modest” number of breaches reported to regulators so far as firms worry about being “tainted” but more cases will become public as sanctions are revealed, Blunt said.
“Regulators won’t be impressed by lowballing the figures.”
(Reporting by Huw Jones; Editing by Mark Heinrich)