otkritie fc bank ( russian : банк « фк открытие » , translates as opening or discovery ) is one of russia 's largest private listed banks .

it has 21 branches and 31 representative offices in russia .

it was co-founded by igor finogenov , now ceo of the eurasian development bank .

otkritie bank ranks 1st among privately owned banks and 4th by assets among banking groups in russia .

otkritie allegedly became russia 's largest private bank by buying 625 billion rubles in bonds from the state oil company rosneft , using them as collateral to obtain reverse repo loans from the central bank of russia , then passing on the dollars it received to rosneft , which is not allowed access to international capital markets due to western sanctions .

as repo funding had a 2.5 % interest rate and the bond had a 7.5 % coupon , otkritie made billions from the trade .

otkritie fc bank

otkritie holding owns a 66 . 64 % voting stake in otkritie fc bank .
the owners of otkritie fc bank asked the central bank to help , tulin said .
as at april 7 , 2014 otkritie holding owned 74 , 9 % of otkritie fc bank shares and free float accounted for 25 , 1 % of otkritie fc bank shares .
otkritie fc bank was ranked among top 10 systemically important banks by the bank of russia .
a bank otkritie fc bank branch in moscow , russia . photograph : andrey rudakov / bloomberg
otkritie financial corporation bank provides banking , loan solutions , investments and financial services . otkritie fc bank ' s headquarters is in moscow , moscow oblast . otkritie fc bank has a revenue of $ 18 . 9m , and 134 employees . otkritie fc bank has raised a total of $ 185m in funding . otkritie fc bank has 1 followers on owler .
owler has collected 10 screenshots of otkritie fc bank ' s website since oct 2014 . the latest otkritie fc bank website design screenshot was captured in feb 2017 .
otkritie fc bank ojsc was incorporated as a privately - owned bank . banking license was granted .
brief - otkritie fc bank fy 2016 net profit down at rub 1 . 5 billion
( 4 - traders . com ) otkritie fc bank has made coupon payment on series bo - 05 bonds 03 . 07 . 2015 otkritie fc . . .
since otkritie fc bank was founded in 1993 , it has participated in 1 round of funding . in total otkritie fc bank has raised $ 185 . 0m . otkritie fc bank ' s funding round was on jan 2016 for a total of $ 185 . 0m
otkritie financial corporation bank ( “otkritie fc bank” or “the bank” ) has raised a syndicated loan of usd 185 million from a consortium of 10 international banks .
brief - otkritie fc bank fy 2016 net profit down at rub 1 . 5 billion | reuters
otkritie fc bank purchased a controlling stake in regiobank as part of its distribution network development strategy .
at the extraordinary general shareholders’ meeting held on january 22 , 2015 shareholders approved the reorganization of otkritie fc bank in the form of the merger of petrocommerce bank into otkritie fc bank . otkritie holding acquired 99 . 5 % of petrocommerce bank from ifd кapital group that became a shareholder of otkritie holding .
otkritie to begin the merger of khanty - mansiysk otkritie bank into . . .
managing director of otkritie fc bank alexander dmitriyev said that the bank has good opportunities for development with the central bank becoming its shareholder . “otkritie fc bank has good opportunities for further development , supported by the central bank as a shareholder , ” dmitriyev said .
otkritie holding has announced changes to its banking business integration structure . under the new structure , business development will be based on the trio of otkritie fc bank , otkritie bank and khanty - mansiysk bank .
the deposit insurance agency ( dia ) has chosen otkritie fc bank as an investor for the financial rehabilitation of trust bank .
otkritie financial corporation bank provides banking , loan solutions , investments and financial services . otkritie fc bank was founded in 1993 . otkritie fc bank ' s headquarters is located in moscow , moscow oblast , ru 115114 . it has raised 185 . 0m in 1 . . .
otkritie financial corporation bank ( otkritie fc bank ) [ 18 ] is russia’s largest private banking group , and is majority owned by otkritie holding [ 19 ] . otkritie holding’s largest shareholder is russian oligarch vadim belyaev [ 20 ] . in 2012 , otkritie acquired russian investment bank nomos bank and by 2014 had consolidated nomos bank into the otkritie group structure .
otkritie fc bank has completed the merger reorganization two of its subsidiaries : nomos - regionbank ojsc and nomos - bank siberia ojsc .
otkritie fc bank : the depositors
offer
and
banking house
will pay 3 . 4 billion rubles
otkritie fc bank regulation on the dividend policy was approved on april 7 , 2015 , by the supervisory board .
in accordance with otkritie’s strategy for the integration of its banking business , petrocommerce bank has been merged into otkritie fc bank . otkritie fc bank has become the legal successor of petrocommerce bank , with all of the latter’s current obligations continuing in full force and effect . otkritie fc bank intends to set up a number of branches using the petrocommerce bank network and experience , in order to focus on continuing to serve lukoil and its employees .
since inception , otkritie fc bank has grown both organically and by acquisitions and has emerged as a long - term winner and sector consolidator in the russian banking market . the following milestones provide an outline of otkritie fc bank history :
the chairman of otkritie fc bank’s supervisory board is dmitry romayev ; and the management board is chaired by evgeny dankevich .
( 4 - traders . com ) 11 . 11 . 2015 otkritie fc bank has been named best bank in russia for outstanding financ . . .
otkritie fc bank acquired assets and liabilities of distressed russian banks in cooperation with the russian deposit insurance agency ( dia ) including commercial bank moskovsky capital and vefk siberia bank .
otkritie financial corporation has been renamed otkritie holding , and nomos - bank is henceforth known as otkritie financial corporation bank open joint - stock company and has a new logo .
otkritie holding consolidated a controlling stake ( 51 % ) in otkritie fc bank through partial acquisition of ict group ' s stake and stakes of mr . mamut and mr . malis .
on 14 april 2015 , otkritie fc bankcompleted a deal to place two five - year bond issues for a total amount of rub 4 billion . otkritie fc bank became the first borrower to use the new exchange technology : an exchange - traded bonds programme .
otkritie financial group has completed the juridical procedures of otkritie fc bank’s merger with khanty - mansiysk otkritie bank . the complete integration ( in terms of business operations , product line offering and it ) is planned to be finalised by 2017 year - end .
in september 2010 otkritie fc bank announced its intention to purchase a controlling stake in bank of khanty - mansiysk ( bkm ) , one of the largest domestic regional banks . in mid - december 2010 otkritie fc bank consolidated 51 . 3 % stake in bkm . it was the largest acquisition to date .
other russian banks hold otkritie bonds and loans they made to otkritie on the interbank market .
( 4 - traders . com ) mortgage securitisation completed by otkritie fc bank 03 . 08 . 2015 eclipse - 1 mortgage a . . .
for otkritie fc bank : matt ridsdale , nuala gallagher , james verstringhe at tavistock tel . + 44 20 7920 3150 email : otkritiecapital @ urltoken
bank fk otkrytiye : otkritie bank has been placed under the management of the ba . .
the merger of otkritie fc bank and its subsidiary khanty - mansiysk otkritie bank was approved by the shareholders at the extraordinary general shareholders meeting held in june 2016 . the merger is planned to be completed in q3 2016 .
up to date otkritie fc bank has not paid dividends to shareholders and reinvested its profit in order to contribute to the achievement of the bank’s objective to maximise its business expansion .
“this is the only syndicated loan raised by russian banks in 2015 , ” said managing director , head of international business of otkritie fc bank yuri lekarev .
the measures will be implemented in cooperation with the current owners and executives of the bank , it will ensure uninterrupted operations and further development of otkritie fc bank on the banking market .
otkritie fc bank commenced its regional expansion strategy by opening its first branch in novosibirsk , which was followed by the opening of branches in other regions across russia .
otkritie fc bank successfully completed an initial public offering both in moscow and london via an institutional placing of ordinary shares and global depositary receipts . the transaction value was us $ 782 million . the free float in otkritie fc bank now comprises 25 . 1 % of the shares in issue , with the majority in gdr form .
“the central bank’s statement suggests that otkritie bank will function in its previous regime . the bank’s owners will continue to participate in its management . this fact won’t have any effect on cooperation between the bank and fc spartak , ” fedun said .
( 4 - traders . com ) otkritie fc bank was the first to place bonds as part of a programme 15 . 04 . 2015 on 14 . . .
( 4 - traders . com ) otkritie fc bank ' s state aid bid approved by the dia 02 . 04 . 2015 the board of director . . .
in august 2014 , having considered the tough market situation and closure of international capital markets for issuers from russia , the supervisory board of otkritie fc bank decided to delist the bank’s global depositary receipts ( gdr ) from the london stock exchange and close the global depositary receipts programme . otkritie fc bank’s common shares remained listed on the micex se with ticker symbol ofcb .
on 22 november 2012 nomgdr limited ( a special purpose vehicle established by otkritie holding ) declared its intention to acquire gdrs of otkritie fc bank from otkritie fc bank gdr holders at the price us $ 14 . the offer period ended on 5 february 2013 and as a result , 16 % of total voting stock was bought by nomgdr stipulating the decrease of free float to 5 . 4 % .
otkritie fc bank shareholders signed a memorandum of understanding to form a strategic partnership with ppf group , a large privately - owned financial services group based in the czech republic .
the central bank blamed poor management for problems at otkritie , exacerbated by excessive spending .
note that nomos bank was previous a lbma ‘associate’ , but following its acquisition by otkritie , the lbma ‘associateship’ passed to bank otkritie financial corporation in 2014 [ 22 ] .
rating action : moody ' s downgrades bank otkritie financial corporation pjsc to b . .
bank fk otkrytiye : otkritie named best in mobile banking in central and eastern . .
otkritie bank is one of russia’s top 10 major banks . active in the financial market since 1993 , otkritie is a systemically important credit institution .
otkritie holding announced changes to its banking business integration strategy . under the new integration strategy the corporate and investment banking business will be developed by “otkritie financial corporation bank” ( currently otkritie fc bank ) and in 2015 it will incorporate bank petrocommerce into its structure . the retail banking business will be developed by khanty–mansiysk otkritie bank , which will be set up in 2014 following otkritie bank’s integration with the bank of khanty - mansiysk . this integrated banking combination will become one of the largest players in the russian market focused on providing banking services to retail customers and small businesses .
otkritie bank is a universal bank with diversified business structure and recognized by the cbr as a systemically important financial institution .
) - - otkritie financial corporation bank ( “otkritie fc bank” or “the bank” ) has raised a syndicated loan of usd 185 million from a consortium of 10 international banks . the loan will mature in one year with the option to extend it for another year ; the interest rate is libor + 2 . 5 %
“otkritie financial corporation plans over the coming two years to consolidate up to 100 percent of shares in nomos - bank , ” otkritie said in its statement .
the principal shareholder of otkritie bank is the bank of russia with more than 99 . 99 % of the share capital .
otkritie fc bank started to diversify its operations from corporate to retail banking and other types of banking activities such as securities and money markets operations , including trading activities on micex and precious metals operations .
otkritie fc bank ' s exchange - traded bonds programme worth rub 100 billion and maturing in up to 10 years was registered with the moscow exchange on 13 march 2015 under identification no . 402209b001p02e .
in december 2015 , otkritie fc bank became a certified participant of the shanghai gold exchange international ( sgei ) and plans to sell about 5 tonnes of gold through the sgei in 2016 [ 31 ] .
in april 2015 , the board of directors of the deposit insurance agency ( dia ) approved the participation of otkritie fc bank in the russian recapitalisation program , demonstrating once again the systemic importance of the group to russia’s banking system . as part of the program , in may 2015 otkritie fc bank and petrocommerce bank signed subordinated loan agreements with dia and increased their capital by rub 55 . 6 billion and rub 9 . 6 billion respectively .
otkritie is currently the country’s 35th - largest bank by asset size , according to banki . ru . the combined entity of nomos - bank and otkritie will have assets of over 1 trillion rubles ( $ 32 . 3 billion ) , according to otkritie .
proceeds will be used to provide financing to the bank’s corporate clients in the russian gold mining industry . the loan is unsecured with the foreign creditors willing to accept the direct risk associated with the provision of the loan to otkritie fc bank .
in the largest merger in russian financial history , otkritie banking group has completed the legal procedures to integrate khanty - mansiysk otkritie bank into otkritie fc bank . the resulting bank has assets of rub 3 . 1 trillion and is the largest private financial institution in russia by asset size . complete integration , including unification of product lines , operating processes and it systems , will wrap up by the end of 2017 .
“the central bank of russia has decided to fulfill measures aimed at increasing the financial stability of otkritie fc bank… in the framework of these measures , participation of the central bank of russia as its main investor is planned with the use of money of the banking sector consolidation fund , ” the central bank said .
otkritie bank ranks 1st among privately - owned banks and 4th by assets among banking groups in russia .
the major shareholder of otkritie bank is otkritie holding , which holds 64 . 7 % of the voting shares . the beneficiary shareholders of otkritie holding are vadim belyaev , ifd kapital group , vtb bank , ist - holding , ruben aganbegyan , alexander mamut . the bank’s securities are traded on the moscow exchange .
moscow , august 29 . / tass / . the situation around major russian privately - held lender otkritie bank beset by financial problems won’t affect its cooperation with fc spartak , football club owner leonid fedun told tass on tuesday .
otkritie fc bank has a long - established history of raising international syndicated loans to finance the russian gold mining industry . since 2001 , the bank has negotiated 18 loans ( including the one in question ) totalling usd 2 billion . 12 syndicates have been established .
on august 9 , 2012 ppf sold its 26 . 5 % stake in otkritie fc bank . 19 . 9 % was acquired by otkritie holding , 3 . 5 % was acquired by mr . mamut ( co - owner of polymetal ) and 3 . 1 % - by mr . malis .
first deputy chairman of the central bank dmitry tulin said that the rights of the current shareholders will be restored once the interim administration completes its work but their share in the bank will not exceed 25 % . the bailout process in otkritie fc bank will take less than a year , he added .
in november 2014 , otkritie fc bank successfully completed its secondary public offering of shares ( spo ) on the moscow exchange and raised rub 21 . 4 billion of equity . the bank placed a total of 22 , 838 , 624 shares at rub 935 per share .
' exchange - traded bonds programmes will allow issuers to follow a simplified procedure when issuing debt securities . currently , there are exchange - traded bond programmes registered for five issuers and we are pleased that otkritie fc bank was the first institution to have taken the new opportunities for raising debt capital . we are hopeful that before long other borrowers will follow the example of otkritie fc bank , ' said the managing director of securities market at the moscow exchange anna kuznetsova .
otkritie fc bank completed its spo on the moscow exchange . a total of 21 , 800 , 000 shares were placed at rub875 per share . as a result , the bank raised rub 19 . 08 bn of new capital through the spo . otkritie holding purchased more shares from ict group thus avoiding dilution and maintaining the stake at 51 % .
moscow , aug 29 ( prime ) - - the russian central bank has introduced an interim administration at otkritie financial corporation ( fc ) bank and plans to become its main investor , using funds of the banking sector consolidation fund , the authority said in a statement on tuesday .
otkritie bank enters the top 10 systematically important credit organisations approved by the central bank of russia , as well as the world’s largest companies according to forbesglobal 2000 .
“upon completion of the consolidation of nomos - bank shares by otkritie financial corporation , the distribution of shares among major shareholders will be as follows : [ otkritie chief executive ] vadim belyaev and the otkritie management team will control up to 25 percent of shares ; stakes of up to 10 percent will be owned by companies affiliated with ict group shareholders , by vtb group , by [ otkritie chairman ] boris mints and by alexander mamut , ” otkritie said .
the central bank did not say how much money it would put into otkritie , or where the cash would come from .
russia’s central bank made a decision earlier on tuesday to act as otkritie’s main investor and place the lender under temporary administration .
otkritie fc bank became an accredited member of the shanghai gold exchange ( sge ) and is entitled to operate in the shanghai free trade zone . otkritie financial corporation bank has raised a syndicated loan of usd 185 million from a consortium of 10 international banks . proceeds will be used to provide financing to the bank’s corporate clients in the russian gold mining industry . it was the only syndicated loan raised by russian banks in 2015 .
otkritie bank has been built up as a result of mergers with more than 10 banks of varying capitalisation and scale , among which there were large banks of federal importance , such as nomos - bank , khanty - mansiysk bank and petrocommerce bank .
otkritie is a full - service commercial bank benefiting from a diversified business structure . the bank focuses on corporate investment banking , retail business , smes and private banking .
otkritie private banking is part of russia’s largest privately owned banking group , otkritie , established more than 20 years ago . we follow the open architecture principle in our operations .
( 4 - traders . com ) otkritie financial group completes petrocommerce bank merger 17 . 06 . 2015 in accordance . . .
© 2014 - 2018 public joint - stock company
bank otkritie financial corporation
. regulated by central bank of russian federation ( general license # 2209 of 24 november 2014 )
otkritie has now agreed with the owners of 58 . 5 percent nomos - bank’s shares about their purchase , the financial group said friday .
sberbank , bank otkritie and mdm bank and are all associates of the london bullion market association ( lbma ) , while vtb bank is an ordinary member of the lbma [ 14 ] . standard bank of south africa is also licensed to trade precious metals in the russian market .
otkritie bank has a diversified business structure with a focus on corporate , investment , retail , sme and private banking . otkritie bank is a part of financial group otkritie , which includes rosgosstrakh bank , as well as companies holding leading positions in key segments of the financial market : rosgosstrakh ( insurance ) ; lukoil - garant non - state pension fund , non - state pension fund of the electric power industry and rosgosstrakh non - state pension fund ( pension asset management ) , and otkritie broker ( brokerage services ) .
moscow ( reuters ) - a central bank rescue of russian bank otkritie has eased market concerns that other banks could be in trouble , prompting banking stocks to reverse three days of losses .
otkritie private banking won the financial times global private banking awards as highly commended in the best private bank in russia category in 2012 and 2013 .
“the lenders are banks from europe , the usa , and asia , which demonstrates the high level of financial confidence that investors from these regions continue to have in otkritie fc bank . importantly , the funds have been raised on the same terms and conditions as in autumn 2014 , despite the deteriorated macroeconomic environment . ”
otkritie financial corporation bank has raised a usd 120 million syndicated loan from a group of foreign banks . the purpose of the loan is to provide financing to gold - mining companies being the bank’s clients .
the central bank said that otkritie ' s obligations to creditors and bondholders would be honoured , reducing the risk of a domino effect taking down other banks .
russia ' s central bank stepped in on tuesday to take at least a 75 percent stake in otkritie , the country ' s biggest privately - owned bank , to plug a hole in its balance sheet .
in 2014 , the bank offered a service called client bank , an online currency conversion service . corporate customers can use client bank to exchange currency online .
in november 2014 , the bank enters a new growth phase . in accordance with the decision of its shareholders , rcb completes an equity capital increase through the issue of additional shares and attracts a new strategic investor - otkritie fc bank , which forms part of the largest privately - owned financial group in russia . the transaction brings the total equity of rcb to over 0 . 5 billion euros .
bank fk otkryti : russia ' s b & n ; bank balance sheet hole could reach $ . .
the registered company name of the resulting bank is otkritie financial corporation bank pjsc . however , the bank will operate under the unified otkritie bank brand as it is among top 10 in the russian financial market by brand awareness . for customers’ convenience , the bank will also continue to use the brands that are part of certain client and regional business lines . the bank will continue to operate under the name ‘bank of khanty - mansiysk’ in western siberia , khanty - mansi and yamalo - nenets autonomous districts , where the brand awareness and reputation are high . otkritie’s high - tech projects tochka ( remote service for small enterprises ) and rocketbank ( innovative mobile banking for retail clients ) will keep their names , too .
“bigger is better , and otkritie is now going to be one of the big boys , ” said jason hurwitz , a financial - sector analyst at alfa bank .
shares in otkritie were down 0 . 5 percent on wednesday . yields on otkritie bonds , which act as a gauge of the risk of owning the bank ' s paper , fell to 36 percent on wednesday , from a record high of 82 percent his shortly before the bailout on tuesday .
shares in russia ' s second - biggest bank , vtb , which is a shareholder in otkritie , were up more than 6 percent , after having fallen for several days .
the paper was written before bonds in an irish - based spv used by russia’s seventh - largest lender , otkritie , wobbled in recent weeks before the ailing moscow - based bank was bailed out by the country’s central bank last tuesday .
otkritie is a universal commercial bank with a stable diversified business structure and strong capital management . the bank develops the following key business areas : corporate , investment , retail , small business and private banking . otkritie pays special attention to high - tech services : in particular , by implementing the rocketbank project the bank intends to develop remote banking services to individuals , within the tochka project - remote banking services to smes .
on august 1 st , 1995 , rcb bank ltd , formerly known as russian commercial bank ( cyprus ) limited , obtains a banking license from the central bank of cyprus .
in november 2014 , otkritie bank and novosibirsk municipal bank merged with bank of khanty - mansiysk . the reorganisation of the retail banking business was completed , resulting in the creation of one of the largest universal retail banks with a wide regional network . the universal nature of khanty - mansiysk otkritie bank not only made the group’s business more resilient and efficient , but also provided a platform for a potential increase in sales volumes by improving the quality of client services and making banking services more accessible .
dmitry romaev is the chairman of the bank’s supervisory board , and evgeny dankevich is the chairman of the bank’s management board .
but the swift action to rescue otkritie has gone a long way to reducing the risks of broader contagion , financial analysts said .
the bank saw a large outflow of client money in june–july , and its dependence on refinancing operations with the central bank increased .
but it was not immediately clear why otkritie had offered such a premium to minority shareholders , causing the spike in the share price .
in 2015 , otkritie private banking ranked among the top 10 private banks in russia according to euromoney’s private banking and wealth management survey .
a 75 percent stake in otkritie would be worth $ 51 billion , based on the current value of the 7 percent of the bank ' s shares that represent its free float on the moscow exchange .
in february 2013 , spartak and otkritie signed a six - year deal , under which the football club’s home arena in tushino in northwest moscow was named otkritie - arena . the deal was worth 1 . 2 billion rubles ( $ 20 million at the current exchange rate ) .
( 4 - traders . com ) 15 august 2017 otkritie holding is among russia ' s top 50 taxpayers rbc has included o . . .
a handful of large commercial banks dominate gold purchases in the russian gold market and their identities can easily be gleaned by examining sales data released by the union of russian gold producers . these banks , all of which purchase gold under term agreements with the gold producers , include sberbank , vtb bank , bank otkritie ( formerly nomos bank ) , and gazprombank .
( 4 - traders . com ) 25 . 03 . 2016 otkritie is launching a remote factoring service for small and medium - size . . .
otkritie , b & n ; bank , promsvyazbank and credit bank of moscow are among the banks that have been subject to russian media speculation in recent weeks , regarding the liquidity position of some and the potential knock - on effect on others ,
fitch said in a statement published on aug . 18 .
trading of nomos - bank shares was briefly suspended in moscow on friday as the stock rocketed more than 20 percent in 10 minutes after the announcement that otkritie financial corporation was looking to obtain full control of russia’s eighth - largest banking group .
micex froze trading of nomos - bank equity between 11 : 54 a . m . and 12 : 24 p . m . after otkritie financial corporation said in a statement posted on its website that minority shareholders in the bank will be offered “no less than $ 14 per global depositary receipt” as part of a takeover . the deal was corroborated by nomos - bank in an e - mailed statement .
other commercial banks active in the russian bullion market include mdm bank , lanta bank , uralsib and solid bank [ 13 ] . beyond the four large purchasers in 2013 , the following banks also purchased sizeable quantities from the russian gold mining companies the same year : lanta bank 8 . 6 tonnes , asian - pacific bank 6 . 7 tonnes , baikalinvestbank 6 . 5 tonnes , promsvyazbank 4 . 8 tonnes , uralsib 3 tonnes , fia - bank 1 . 9 tonnes .
in june this year , otkritie started to experience a liquidity shortage , beset by a run on its deposits . the bank’s corporate clients withdrew about 100 billion rubles ( $ 1 . 7 billion ) in the first month of summer while the cash outflow in july hit over 600 billion rubles ( $ 10 billion ) . moreover , both companies and private individuals and other banks were withdrawing their funds from otkritie .
bank fk otkryti : svetlana yemel ' yanova becomes head of the operatio . .
bank fk otkryti : natalia kasperskaya has been elected to join the s . .
bank fk otkrytiye : natalia kasperskaya has been elected to join the supervisory . .
the bank is recognised as “safest bank in cyprus” as a result of the annual survey conducted in more than 100 countries by the distinguished international publication global finance magazine .
currently , the key measures of the bank’s financial rehabilitation have been completed : the bank has been recapitalised , new supervisory board and executive bodies have been elected . the bank operates its business under the terms and conditions which are common for other market participants .
the lenders are unicredit ( acting also as the coordinating bank ) , aka ausfuhrkredit - gesellschaft mbh , citi , commerzbank aktiengesellschaft , filiale luxemburg , credit suisse , harbin bank , ing bank , oversea - chinese banking corporation limited , raiffeisen bank international ag , societe generale group . commerzbank international s . a . is acting as the facility agent .
one of russia’s few public banks , nomos - bank raised more than $ 700 million in an initial public offering in london last year . while it abandoned plans for an ipo in 2011 , otkritie said friday that it intends to try again within two to three years .
in october 2014 , rcb successfully passes the european central bank’s ( ecb ) stress tests .
but the central bank is likely to pay much less for the shares held by investors .
proceeds will be used to finance the bank’s corporate clients in the russian gold mining industry .
bank fk otkrytiye : svetlana yemel ' yanova becomes head of the operational unit a . .
entrepreneurs and businesses appreciate otkritie’s reliable payment and settlement service and products for growing a stable and profitable business : deposits , interest - bearing accounts , exchange control , acquiring , lending and payroll programmes .
' we are delighted to have acted as pioneers in adopting the new mechanism and we are pleased with the results . placing bonds as part of a programme allows further flexibility in placing the exact volume that meets the market demand taking into account the issuer ' s needs as well as saving time and cutting administrative costs associated with the preparation of a separate bond issue , which is critical in an increasingly changing market environment . we thank our investors who took part in this placement and we will continue improving the mechanics of such placements together with the moscow exchange , ' said otkritie fc bank vice president and head of equity mikhail avtukhov .
the client base of otkritie bank comprises more than 29 , 000 of corporates , 163 , 000 of smes and approximately 3 . 4 million of individuals , including high net worth individuals . the bank has 400 offices of different forms , which are located in 55 economically important regions of russia . the large portion of business is accounted for moscow , saint petersburg , tyumen region ( including khanty - mansiysk region where the bank operates under the brand of khanty - mansiysk bank , which historically enjoys high level of awareness in this region ) , yekaterinburg , novosibirsk region , khabarovsk and volgograd regions .
shares in credit bank of moscow were 0 . 5 higher , promsvyzbank shares rose 0 . 8 percent . the other bank mentioned by fitch , b & n ; , is not publicly traded .
“at least a portion of the financing looks like it will have to come out of otkritie in cash , ” said hurwitz . “with such shareholders you might assume they have strong backing from big money . ”
the aug . 9 deal caused a slump in nomos - bank’s share price and prompted credit rating agency fitch to cut its outlook on nomos - bank’s debt to negative , citing potential corporate governance issues .
preparing the ground for friday’s announcement , earlier this month ppf group , a czech private equity firm , gave 19 . 9 percent of its 26 . 5 percent stake in nomos - bank to otkritie in exchange for a slice of potash - producer uralkali . metals and finance billionaire alexander nesis , who is believed to control almost 50 percent of nomos - bank via his ict investment vehicle , provided the uralkali equity .
employees of the central bank and the banking sector consolidation fund will comprise the lineup of the interim administration .
the bulk of gold is later bought by the central bank to replenish its gold and hard currency reserves .
to date , nomos - bank’s client bank system is used by around 90 % corporate clients . the system allows users to exchange electronic documents with the bank and perform banking transactions from anywhere in the world . with obs , customers can send payment orders , request and receive account statements , make bank transfers , purchases , sales and foreign currency exchange operations , conduct all exchange control transaction operations , place funds on overnight deposit , send payroll registers to the bank , monitor the process of transferring funds to the accounts of employees online , apply to the bank for funds up to the credit line , monitor the status of on line applications , and much more .
“ultimately , we have no idea yet how otkritie would be financing this deal , ” troika dialog analysts wrote in a note to investors friday . “we see rapidly diminishing incentive to remain in the stock as this plays out . ”
the official confirmation of the long - rumored merger , which would include a buyout of minority investors , means the formation of the biggest privately owned bank in the country after alfa bank is now almost certain to go ahead .
“we , at a level of professional judgement – here , in the central bank – detected main problems in the bank last autumn , possible ways to solve these problems and risks associated with the process , ” he said .
in 2016 the bank successfully completes the stress test carried out by the ecb . the stress test results show that under the adverse scenario the bank’s common equity tier 1 ratio ( cet1 ) is well above the regulatory minimal requirements .
in order to comply with statutory disclosure requirements , on november 28 , 2011 nomos bank reported a decrease in its direct share in bank of khanty - mansiysk ( bkm ) from 31 . 31 % to 7 . 79 % .
rcb bank ltd is one of the largest financial institutions in cyprus offering services to thousands of local and international clients .
in november 2013 , in accordance with its shareholders’ decision , russian commercial bank ( cyprus ) limited is renamed to rcb bank ltd . the new name reflects the bank’s capabilities as an international financial institution to service a large number of local and international clients . the brand name is associated with an excellent reputation , first - class client service and loyalty .
nomos - bank’s client bank expedites the sending documents to the bank and allows users to monitor the status of all document processing in real time . the information is encrypted and signed by a certified electronic signature to ensure that using obs is risk - free . in addition , clients receive assistance in filling out document fields and can archive documents . nomos - bank provides the opportunity of working with one account from several workplaces as well as with several accounts from one workplace .
vtb bank is part of the vtb group , one of the largest russian diversified financial groups . vtb group is majority owned by the russian government , which owns 61 % of the group’s voting shares and 85 % of the share capital [ 17 ] . the vtb name is based on the bank’s earlier name vneshtorgbank , which means national bank of russia .
much or all of these central bank gold purchases have been undertaken in the domestic gold market , thereby making the russian central bank a key participant in the russian gold sector . on average , the central bank has taken 125 tonnes of gold from russian gold production each year between 2008 - 2015 . monthly changes in the international reserves ( including gold ) can be tracked on the website of the russian central bank [ 4 ] . the russian central bank stores two - thirds of its gold reserves in moscow in a building on ulitsa pravdy , and one - third in st petersburg [ 5 ] .
evgeny dankevich , chairman of the management board of otkritie fc bank : “creating a unified bank is the last step in our banking group integration strategy . the merger will increase the stability and efficiency of our business , improve capital management and further strengthen our positions in the russian banking market . following integration , we will be able to offer clients even better service and reliability . we expect to see significant synergies once all our divisions are functioning as part of a single organization , which will serve to enhance the stability and improve the diversification of our banking business . i have nothing but the highest praise for the team that is handling the integration . they are putting our new technology into service extremely quickly . after just one weekend , all of our offices were able to get back to their normal schedules . only a few services experienced interruptions . the integration team has really put customers first as it makes these changes . ”
rcb bank ltd provides high standard banking services to corporate clients with business interests in cyprus , luxembourg and other eu countries .
the central bank cannot really allow to create an aura of vulnerability around a major bank because there are other banks that are rumoured to be in trouble ,
lubomir mitov , chief economist for central and eastern europe at unicredit , said .
nomos - bank has credit ratings of bb from fitch and ba3 from moody’s . the outlook for both ratings is stable .
the bank was developing aggressively over the last several years , including by merger and acquisition deals , he said . the capital of the bank was insufficient for the amount of operations and risks and the capital declared in financial reports was evidently overestimated , he said .
the tcd academics also highlighted the case of another russian bank , peresvet , with an irish spv . the bank , half owned by russia’s powerful orthodox church , was put into temporary administration last year and a moratorium was imposed on the servicing of its debt .
it may have been mandated by the value at which the buyout of ppf took place , ing bank financial analyst andrzej nowaczek said .
the central bank has revoked the licenses of banks
offer
and
banking house
as recently as 3 march . . .
otkritie bank takes an active part in social projects supporting such fields as science ( polytechnic museum ) , education ( lomonosov moscow state university ; european university in saint petersburg ) , culture ( maly theatre ; cooperation with yuri norstein , the author of hedgehog in the fog cartoon ) , medical care ( the vera hospice charity fund ) , sports ( strategic partnership with spartak moscow football club , ugra ski marathon ) .
simultaneously , a financial analyst at alfa capital management company sent out a letter to the company’s clients warning about risks confronted by major private banks , including otkritie . the letter said that the bank’s fate might be decided already this autumn rather than after the presidential elections in russia in march 2018 . russia’s anti - trust watchdog issued a warning for alfa - capital in the wake of this letter , after which it was recalled .
the charter capital of the bank will be levelled off with its shareholder equity during the interim administration work . if the bank’s shareholder equity is negative , the capital will be reduced to 1 ruble . in this case , the shareholders will lose their ownership rights , the authority said .
another lender , vneshprombank , imploded in january last year , resulting in the bank’s related irish spv defaulting on its $ 225 million of bonds .
nomos - bank stock stabilized friday afternoon in trading on micex , closing up 12 . 5 percent over thursday’s close , at 784 . 4 rubles . nomos - bank will announce its first half results monday with management hosting a conference call at 3 : 30 p . m . in moscow .
one of russia ' s few public banks , nomos - bank raised more than $ 700 million in an initial public offering in london last year .
the bank’s reliability is proved by international rating agencies , i . e . standard & poor’s ( вв - ) and moody’s investors service ( ba3 ) .
for example , in 2010 , russian banks bought 149 tonnes of gold from the russian gold producers , with sberbank purchasing 34 tonnes , nomos bank buying 28 tonnes and gazprombank purchasing 20 tonnes [ 8 ] . in 2011 , russian banks bought 156 tonnes of gold , with sberbank buying 38 . 6 tonnes , nomos bank buying 24 . 5 tonnes , vtb group purchasing 22 tons of gold , and gazprombank buying 22 tonnes [ 9 ] . in 2012 , the same 4 banks were russia’s top gold buyers , namely sberbank , nomos bank , vtb and gazprombank , with sergey kashuba , chairman of the union of russian gold producers revealing that the commercial banks act as proxy purchasers for the central bank - “ when the central bank buys gold , it’s from those commercial banks “ [ 10 ] .
the bailout highlights problems among russia ' s banks and the challenge the authorities face in trying to clean up the sector . bank of moscow , a mid - sized lender , had to be rescued in 2011 but since then the central bank opted for revoking licences , shutting down more than 200 banks over the past two years .
the bank has credit ratings assigned by moody’s investors service at the level of b1 and the russian rating agency acra at the level of a + ( ru ) .
the bank becomes the major sponsor of the cyprus national olympic committee in order to support the development of sports in cyprus and the country representation on the world sporting stage .
guthrie , sam .
nomos bank launches real - time currency conversion system
. yekaterinburg news . 2 / 10 / 2014 . retrieved 2 / 10 / 2014 .
nomos - bank group offers a full range of banking products to customers in the corporate , retail and small - business segments . as of 31 march 2012 , the nomos - bank customer base comprised 11 , 700 corporates , 79 , 600 small businesses and 1 . 5 million individual customers , including users of the group’s ivate banking services .
some €763 billion of international assets were held in irish spvs and related entities , known as financial vehicle corporations ( fvcs ) , as of march , central bank data shows .
russian gold refineries tend to call good delivery bars ‘standard bars’ . these are acceptable for inter - bank transactions . russian gold refineries usually call their smaller gold bars ‘measured bars’ .
but others pointed to the powerful organizations behind the bank , which is 24 . 2 percent owned by the deposit insurance agency and 19 . 9 percent by state - owned vtb .
vtb bank has been active on the russian and international precious metals markets for many years and is seeking to expand its business in the asia - pacific region . ” [ 29 ]
in accordance with eu legislation and the legislation of cyprus , the bank successfully implements new standards in regard to corporate governance , risk management , data confidentiality , money laundering prevention and detection .
in the beginning of 2015 , rcb approves a new 5 year - long strategic business plan for cyprus . in summer 2015 , the bank opens four new branches in limassol and nicosia .
this transaction represents a restructuring within nomos group and the stake was sold to two 100 % subsidiary companies of the bank . the objective of the transaction is to optimize the capital allocation between the companies of the group . the ultimate ownership and control of nomos bank over bkm remains at 51 . 29 % . the transaction will not affect the financial statements of the group .
nomos - bank has increased rates of interest for its nomos - prestige deposit account in chinese yuan . rates have risen by 0 . 5 percentage points on average for all account maturities .
nomos - bank’s client bank took fifth place in the systems functionality rankings of online banking services ( obs ) for legal entities . business internet banking rank 2013 was prepared by markswebb rank & report agency on the results of a study of the popular systems of top twenty banks in russia . obs systems were evaluated on the basis of two main performance indicators : functionality and usability .
our products and services for retail customers are designed to meet the needs of a range of consumer categories . we issue bank cards for car owners , frequent travellers , sports fans and retirees .
historically , the idea to open one of the first foreign branches outside russia was introduced by vneshtorgbank ( vtb bank ) , shortly after it was founded by the russian government in order to service the country’s cross - border transactions . strategically positioned at the crossroads of europe , asia and africa , the bank’s location serves as a prime example of russia’s goal to deepen its international economic relations .
the large commercial banks in russia are also active in trading gold in the inter - bank market , and offer gold holding services ( allocated storage and unallocated metals holdings ) to their customer bases .
sberbank of russia [ 15 ] , through its corporate and investment banking ( cib ) arm sberbank cib , is the largest bank active in the russian gold market . sberbank is majority owned by the russian central bank , through a mechanism where it owns 50 % of the share capital plus 1 share , guaranteeing it majority control [ 16 ] . the russian central bank is also the only entity owning more than 5 % of the sberbank share capital . sberbank distributes more than one - third of russian gold production , and also maintains over 500 , 000 ‘metals accounts’ ( customer unallocated precious holdings accounts ) .
the large russian bullion banks trade physical gold and other precious metals with each other on the domestic and international inter - bank market on a spot , forward and swap basis . the large banks also trade gold with licensed smaller banks . inter - bank physical gold transactions are vat free . the large russian bullion banks are also active in selling physical gold to industrial and jewellery companies in the domestic market .
russia holds the world’s 7 th largest official gold reserves ( or 6 th largest excluding the international monetary fund ) . over the last decade , the russian central bank has emerged as a powerhouse in official sector gold reserve accumulation . russia’s official gold reserves had remained relatively static during the 2000s at approximately 400 tonnes until late 2007 after which an upward trend in gold accumulation by the central bank began . by early 2011 , the central bank’s gold reserves had exceeded 800 tonnes , by the end of 2014 had exceeded 1200 tonnes , and by the end of 2015 had breached 1400 tonnes on the upside [ 3 ] .
now that both banks have publicly committed to the merger , the risk of the transaction falling through is limited , analysts said . alfa bank raised nomos stock to overweight , or a buy rating , friday .
in october 2015 , rcb bank was awarded the prestigious “best bank in cyprus” distinction at the 2015 global banking & finance awards by the european , one of europe’s most prominent publications . the award was given to rcb at a charity event in the presidential palace devoted to its 20 years anniversary . the global banking & finance awards recognise the leading financial institutions from around the world , that excel not only regionally but also globally .
“the financial recovery process with the use of money of the banking sector consolidation fund can be divided into two stages , whose implementation is estimated to take six to eight months , after that the bank will be able to work fulfilling all statutory requirements . for comparison : the process of bailout based on the loan mechanism ( used earlier by the central bank ) can last from 10 to 15 years , ” the authority said .


gem impact is an audio production studio founded by game composer and saxophonist norihiko hibino in 2005 .

it is located in tokyo , japan , and employs a number of composers , producers , and artists .

hibino ’s fluency in english has allowed him to take the gem impact brand to a worldwide platform , which is the basis for the studio ’s motto : “ from japan to worldwide . ” the studio employs a number of composers , including norihiko hibino himself , takahiro izutani , yoshitaka suzuki , and takahide ayuzawa .

they have often made use of the talents of artist uetake macarthur for their graphical needs .

while norihiko hibino is well known for his contributions to the metal gear solid series , many were left wondering what role gem impact had on the score for metal gear solid 4 : guns of the patriots , as their contributions were not publicized .

hibino later revealed via an interview with original sound version that gem impact in fact provided 90 minutes of music for the cinematic sequences in the game .

gem impact operates alongside gem factory , an in-house record label that has released two albums including the outer rim and the ninja blade original soundtrack .

vanilla mood , a night club in japan , was also operated under gem impact , but closed at the end of 2008 .

on september 2 , 2008 , fromsoftware announced the ninja action title , ninja blade , and named norihiko hibino and gem impact as the composers for the title .

the team has already completed the music for the title , totaling close to three hours of original music .

hibino noted in a preview article at original sound version that he believes this project represents the studio 's greatest achievement to date , and it is a landmark for the studio .

on february 10 , 2009 , it was announced that the group would work alongside platinumgames sound director masami ueda and composer hiroshi yamaguchi on the company 's action title bayonetta .

gem impact

however , none of the withdrawals pertained to the use of gem or the new version of gem with revised rounding . 3
chance to receive 1 gem from daily login rewards . logging in 5 days in a row will guarantee 1 gem reward .
impact post - grad players have received over $ 2 million in college scholarships & financial aid .
gem impact is a powerful high energy tonic which contains a complex mix of absorbable iodines , active iron , cobalt , sodium molybdate and pure vitamin b12 carried on a high energy base .
read his letter to his 17 - year - old self and watch a
day in the life of an impact post grad
that gem filmed a few years ago by clicking here .
to restore arena orbs , 1 gem can be spent , or level up .
after gem impact decided to go back to mainstream , hibino focused on
pachinko
project , an japanese arcade machine . at that time pachinko has greatly improved its visual & sound quality . since gem impact composers are trained in surround environment , hey know multi - layered sound making , that helps to create strong sound that can be heard in very noisy environment where pachinko machines are located . also , overseas networks network that hibino had cultivated through last couple of years started to bear fruit . people who he got to know at the conference became key person of gem impact ' s foreign business .
join us after the jump for an exclusive interview with norihiko hibino as we discuss the individuals who comprise gem impact and the 90 minutes of quality music they contributed to the outstanding soundtrack for metal gear solid 4 .
to restore raid battle orbs , 1 gem can be spent , or level up .
gem impact should ideally be used twice a week during racing and three days a week to birds that are about to be paired up . use at least once once a week in the stock loft throughout the year .
osv : you’ve mentioned that you operate a jazz venue / eatery called vanilla mood where you and your friends perform . does the gem impact team frequent vanilla mood and perform often ? do any of your former colleagues at konami visit ? hibino : yes , vanilla mood is about a 5 minute walk from konami headquarter , and sometimes the konami team comes over to the bar . gem composers visit bar and get to know performers . of course the konami team and gem composers are good friends . vanilla mood provides an advantage to gem impact in that we can broaden our musician pool when we’re looking for artists to record for our music .
osv : i noticed that hibino and the members of his band , the outer rim ( who we are also huge fans of ) , each have distinctive hair styles . do the hair styles at gem impact vary as drastically as those found within the outer rim ? hibino : the outer rim members coincidentally have distinctive hairstyles , but this isn’t really the case at gem impact . perhaps they have a more conservative outlook because they work inside most of the time .
he was just 17 when he graduated with no offers . watch and learn how he
just graduated , debt free thanks to impact
.
finding : gem output is unaffected by the actual use of a smaller or larger engine in a truck in the same subcategory , because the engine map used by gem is predefined . for example , downsizing of the engine is a known approach for saving fuel that gem does not properly address .
finding : gem does not satisfactorily reflect real - world operation for over - the - road tractors .
3 certification and compliance procedures using gem .
transportation research board and national research council . 2014 .
finding : there are many technology avenues for reduction of fuel consumption that are currently not captured by gem .
finding : the use of measured values can allow optimization of the engine / transmission / driveline ( such as a power pack ) to show its positive impact on the environment .
federal reporting . see section “user interface , order entry , and gem utility , ” below , for additional information .
recommendation 3 . 12 : nhtsa should assess the benefit of using gem to address all tractors in combination with trailers .
to learn why impact ' s system is a
better mousetrap
and how you will benefit from a gap year in las vegas , reach out to our team right now .
while we can make no guarantees , it is not uncommon for a post - grad to receive additional financial aid from his eventual college that far exceeds his cost of impact training .
while metal gear solid fans are familiar with norihiko hibino’s important contributions to both metal gear solid 2 and metal gear solid 3 , many may not know how vital his company , gem impact , was to the score for m etal gear solid 4 . you may know some of these guys pictured above from their recent work on the sekaiju no meiq² * shoou no seihai * super arrange version album which we were quite fond of . however , with so many composers involved with the music in mgs4 , hibino and gem impact’s involvement nearly went uncredited , relegated to a mere footnote in the record books… until now !
the comments provided on gem in this section are in most cases inseparable from the regulation implied by gem and the processes used to find constants for gem . in what follows , some comments and findings may refer to the tool itself , others to the measurement , design , modeling , and regulation implied by the tool . with the changes being considered by epa and the recommendations in this report , gem has the potential to become recognized as the best model for predicting vehicle performance on routes .
recommendation 3 . 2 : the gem programmers should make every effort to configure gem to be compatible with existing oem order entry systems . for maximum effectiveness , a vehicle oem should be able to easily run gem on the initial specification of a product from a customer and on any changes that may ensue by customer choice , manufacturer choice , or supplier availability of parts .
a powerful high energy tonic containing a complex mix of absorbable iodine ' s , active iron , cobalt , sodium molybdate and pure vitamin b12 . all carried on a high energy base . impact helps :
gem is , accordingly , too simple to have direct value in the manufacturer’s vehicle design process . rather , it influences design by virtue of its required use in demonstrating and achieving compliance . at this time of writing , the economic motivator of high fuel cost has as much influence as gem on design , but it is inappropriate to rely on an economic argument to keep gem from driving possibly unproductive outcomes .
osv : list some of the gear and instruments that were used by the composers at gem impact for this project . we know that hibino is a talented performer , but do the other team members have their own specialties and preferred modes of musical expression ? hibino : takahiro izutani is a great guitar player , and takahide ayuzawa plays the trumpet .
the committee has talked with several but not all vehicle manufacturers that use gem . based on those conversations , on its review of gem , and on the need to acknowledge efficient technology broadly in a simulation model , the committee makes several recommendations in the present report . execution of gem requires insertion of data on aerodynamic properties and tire rolling resistance . these data are obtained from measurements , which are also discussed below .
gem is used by the manufacturer to compute projected load - specific fuel consumption for nine regulatory subcategories ( see table 3 - 1 ) .
through the gem program , you will choose one course from each of the five categories listed below to complete your ccaf associate ' s degree .
we recommend that fanciers use impact twice a week during racing and three days a week to birds that are about to be paired up . use at least once once a week in the stock loft throughout the year .
to restore energy , 1 gem can be spent , or level up . energy will overflow ( e . g . 225 / 200 ) when restored with 1 gem . leveling up in otherworld ( also known as third arc and summoner avatar arc ) quests will not restore energy and orbs .
gem version 1 , the proposed simulation tool , was provided to the industry for peer review . comments were received and discussed in “peer review of the greenhouse gas emissions model ( gem ) and epa’s response to comments” ( epa , 2011a ) , which was published in august 2011 , just prior to publication of the phase i rule . in addition , epa ( 2011b ) published a document to accompany the rulemaking , greenhouse gas emissions standards and fuel efficiency standards for medium - and heavy - duty engines and vehicles : epa response to comments document for joint rulemaking . this document included comments made by the oems and others on gem and epa’s responses . some corrections to gem were completed , and gem version 2 . 0 was released .
recommendation 3 . 8 : the regulators should assess whether a steady - state speed - torque map is sufficient for gem accuracy in engine efficiency prediction .
real - world operations and routes need to be considered for use in gem , and fleet data could be used to develop or validate the target activity in gem . another source of information is the federal highway administration freight performance measures initiative . as a guiding principle , operators of vehicles need to move freight safely and efficiently or otherwise perform work with a vocational vehicle . if properly designed , regulations and their implementation in gem would not compel equipment that is unsuited to real - world operation , nor would gem deprive a purchaser of performance features that are truly necessary for service but that may be atypical of current gem cycles . for example , engine downsizing or lighter , lower friction , less robust transmissions might yield fuel savings but might not be appropriate for certain duty cycles .
gem requirements : courses in fine arts ( criticism , appreciation , or historical significance ) , foreign language , literature , philosophy , and religion are acceptable .
impact ' s post - grad
gap year
program is designed for students to preserve and enhance the educational opportunities available to them when they start college without losing a year of eligibility . sat prep tutoring is available if needed .
for over a decade , impact ' s post - grad training program has been providing players just like you with your best chance to play college basketball at the school and level that is right for you on the court and in the classroom .
recommendation 3 . 11 : nhtsa and epa should modify the greenhouse gas emissions model ( gem ) to employ cycles or vehicle activities that cover as large a fraction of over - the - road tractor operation as possible without becoming overly cumbersome . gem should employ a sufficient number of truck types or subcategories to facilitate sound and beneficial regulation .
recommendation 3 . 1 : nhtsa , in consultation with epa , should consider carefully the impact on related metrics when attempting to optimize for a single metric , or should otherwise establish a clearly articulated objective that weights , or places limits upon , relevant metrics .
finding : a sufficiently accurate version of gem could be used by oems and fleets for making significant trade - offs on technology purchases for vehicles and for benchmarking their operations .
there is no way our son is playing on espn without what you and your staff did for him at impact . we are truly grateful for your taking a discouraged kid with no college offers out of high school and turning him into a scholarship player .
gem and the implementation of gem must encourage and facilitate all or most technology avenues that offer significant reduction in fuel consumption , by allowing accurate , quantitative modeling that does not restrict any fruitful options . fuel consumption reductions that involve vehicle integration , power train integration , control strategies , auxiliary engine loads , aftertreatment strategies , or integrated power packs must be encompassed .
in december 2004 , after release of metal gear solid 3 , he left konami to establish his own company . in feb 2005 , gem impact started , but without any projects coming in . first work for them was creating
portfolio cd
. fortunately , 「one major label king records helped us to release my own cd , and hibino created
akashi
as a showcase of his various aspects . however , cd wasn ' t sell well , and he recognized the difficulty and reality of record business . that gave him a lot of insight about
cost management
. sometimes things turn out in unexpected way . some fans of metal gear and game magazine editor found him out and spoke loud about his contribution to metal gear , despite of most fan ' s perception as metal gear = harry gregson williams . that really helped gem impact to open up the door to the industry .
gem impact also had vocal instruction school , even had a live venue called
vanilla mood roppongi
. hanks to business experience at movie theater , all these external business looked relatively successful . however the reality was tough . too much work resulted in his car accident , braking family relationship , leaving staff , money trouble… then hibino started to realize ,
business cannot be just big and successful , there should be a right size for it
.
osv : would you like to give us an update on what you have planned for 2008 ? hibino : we already finished microsoft’s next big action title which will be released early next year . this is great one , and we contributed to this title from beginning to the end , including the main title and ending theme . gem factory , our in - house record label , will release the soundtrack , providing a landmark project for gem impact . we are all quite satisfied with what we’ve done for this game . now we‘re working on a remake of an old shooting game . this one is also going to be quite fun !
your son will grow up in a hurry and find within himself a level of commitment and dedication to an improvement process that will benefit him for the rest of his life . countless players have used their impact training to propel them to impressive careers on and off the court .
gardex has been developed by gem supplements in collaboration with some of europe ' s leading researchers on garlic . the following have been reported in scientific literature as the major properties of garlic .
if oems were allowed to substitute any models or real test data for parts of gem at will , a continuum for regulation would evolve between present - day gem certification and whole - vehicle testing . this could be addressed by causing gem to offer current practice default models for components , and , if a manufacturer’s component can exceed the performance of that default model , the model for the actual component could be substituted . full vehicle modeling might also be addressed in the final report . models should be capable of simulating real - world component behavior accurately and should not be oversimplified .
similarly , gem , in having a fixed test weight , does not differentiate between lighter duty class 8 tractors that may pull volume - limited loads and heavier duty tractors that typically pull combined gross vehicle weights approaching 80 , 000 lb . although single - axle sleeper cabs may offer an opportunity to reduce fuel use for volume - limited loads , they are not a subcategory in gem .
as well as having non - operated plant available to hire , for more specialist situations we can offer a contracting service for concrete diamond drilling & impact moling , our fully trained staff can offer a complete service with consultation and specification through to installation and maintenance on ‘stand - by’ power units .
3 this change was “to address rounding inconsistencies when converting co2 values to equivalent fuel consumption values in the greenhouse gas emissions model ( gem ) simulation tool” ( 76 fed . reg . 36377 ) .
it definitely helped prepare me for college life and basketball . learning how to really use weight room helped me a lot , but the exposure that impact can give you is second to none . the staff really looked out for me to make sure i found a school that was a good fit .
to breed quality young birds we recommend the following programme . it has produced excellent breeding results for many thousands of fanciers world - wide , so we have no hesitation in advising our customers of its merits . on this programme week one is two weeks before birds are paired up . week 1 trikanox for 5 / 7 days ( canker / coccidiosis etc are one of the main reasons for poor breeding results ) week 2 impact for 3 days gemthepax for 2 days strike sunday week 3 gemthepax for 3 days week of pairing impact for 1 day strike sunday week 4 impact 2 days hens lay gemthepax for 2 days strike sunday week 5 gemthepax for 3 days sitting gardex 1 day strike sunday week 6 gemthepax for 2 days gardex 1 day strike sunday week 7 gemthepax 4 days per week ( this is important ! you will see why on weaning ) strike sunday ( continue week 7 until you wean y . b . s ) ( back )
anchorage ' s lyndon prayer
was neither all - state nor all - conference at west . his only varsity start came on senior night
and after a year at impact , he
fine - tuned his shooting stroke and caught the attention of presentation college , which signed him on his 19th birthday .
epa and national highway traffic administration ( nhtsa ) . 2011 . final rulemaking to establish greenhouse gas emissions standards and fuel efficiency standards for medium - and heavy - duty engines and vehicles regulatory impact analysis . epa - 420 - r - 11 - 901 . washington , d . c . : epa . august .
gem tool hire & sales ltd had to satisfy the h . a . e that all equipment is serviced and tested before every hire , also that efficient records are maintained including safety test results . gem are assessed by h . a . e on a regular basis to ensure the high standard expected continues . this list is by no means our comprehensive offering as we are continually updating and increasing our fleet of products .
graduates of osaka univ . as human science major , and berklee college of music as jazz composition major . he started his musical career as sax player , experiencing work as amc movie theater manager and launched japan site , then joined konami , where he composed for title such as metal gear solid 2 , 3 and many others . he started gem impact in 2005 , and actively working as composer , sound producer , and sax player . in 2009 hibino started
hibino sound therapy lab
which studies musical effects to human body .
hibino ' s close friend and ex - gekidan shiki member , yoshiya yamazaki , had a chance to discuss the reality of those musical actor ' s life , and payrate , etc . the more hibino heard about it , the stronger he wanted to do something with that situation . those actors are usually can dance , sing , voice - acting , and not only that , they are trained in show business world and have very good business manner . hibino thought they were so less regarded considering their talent , and their talent should be utilized more . then , hibino started to record as many voice samples of them as possible . one year later , voiceover services by stage actors has became one of the principle core of gem impact ' s business . hibino thinks , everyone has its own talent in some way , but most of them has not clearly recognized what that is . talent itself is given by almighty , but there needs to be someone ' s help to enlighten , pour water , and make it grow . that is something gem impact can do .
recommendation 3 . 3 : gem should be made to provide a more useful output that includes graphs and other presentation methods that will allow for greater insight into the actions that an oem can take to improve ghg emissions and fuel efficiency . to this end , future versions of gem must be sufficiently sophisticated to yield realistic predictions of truck efficiency and accurate predictions of efficiency changes in response to design variables for a variety of vehicle activities .
the manufacturer must execute gem for each truck sold and must comply with the standards using the averaging , banking , and trading tools offered in 40 cfr part 1066 ( of the phase i rule ) . if it is the case that the manufacturer offers sufficiently efficient vehicles and that the purchasers , for economic or external reasons , elect to purchase these sufficiently efficient vehicles , then the gem computations may not be time - sensitive , because compliance is assured . however , gem computations must be completed to facilitate annual federal reporting . if the manufacturer foresees that compliance may be assured only by incentivizing the purchase of more efficient vehicles over less efficient vehicles , the manufacturer may need to execute gem for sales control purposes . this may be done with a sense of urgency , to maintain a record of running averaged efficiency values throughout the reporting year . separate execution of gem for each vehicle is impractical using manual entry , which was required by the locked version that is publicly available . oems have , therefore , developed automated techniques , including obtaining source code to allow better implementation within their order entry system .
osv : moving forward , what do you see for the future of the metal gear franchise ? kojima - san has noted that this is the end of the solid series , but do you see gem impact contributing to future metal gear titles ? hibino : i don’t think konami will stop producing metal gear titles because it’s simply too profitable . i don’t know if we can contribute to the next series , if there is one . it’s just too big , and with so many people involved , the decision to participate would not be that simple .
impact ' s staff personally interviews each applicant to ensure that your desired destination is achievable and that you understand how hard you ' ll have to work to get there . you can contact us to set up a consultation with our veteran staff or if you know you ' re ready to apply click here to apply right now .
there is limited experience with the gem model as the regulation is not yet in effect and only some oems have complied with the phase i rule , which takes effect in 2014 ( volvo trucks , 2012 ; daimler trucks , north america , 2012 ; reiskin , 2013 ) . the validation of the model was limited to two vehicle tests and several computer runs against another simulation tool . vehicle oems experienced with gem have noted some errors that must be corrected .
finding : the current gem version 2 . 0 . 1 is very much simplified , has a poor user input interface that is not compatible with the automated order entry systems of the vehicle oems , and has insufficient output information .
certain parameters whose values can vary significantly in actual practice are fixed in gem . as noted , gem specifies the performance maps for major components such as the engine and transmission and does not credit the manufacturer with benefits for using a potentially superior engine or transmission , singly or in combination , such as occurs with predictive cruise control . engines are certified separately in a test cell and measured at several points over specified drive cycles . in contrast , gem addresses a steady - state condition for the speed and load of the vehicle . therefore , the results may not represent the best fuel consumption over drive cycles that are expected to include different road speeds , grades , loads , and yaw angles .
with gem it is possible to hire anything from wallpaper strippers to diggers , access equipment and much , much more . our stores are fully equipped with a huge range of accessories & consumables and therefore we are a complete ‘one stop’ shop .
the company logo renewed in 2011 represents
cup warmed by the light
, which implies our principles . we gem impact are the cup . when the sun shines , water in the cup gets warm . the ceo is in the bottom to support the cup . water in the cup is staff and collaborators . when the talents in people are enlightened , water gradually gets warm . warm water deliver its warmness to surrounding plants . in that way , society around us gets enriched . that is our dream , how people become happy . for this , we start from small things we can do today .
a superb complex high energy tonic . impact is a powerful high energy tonic containing a complex mix of iodines , active iron , cobalt and pure vitamin b12 , carried on a high energy base . all of which enter the bloodstream quickly . the pure vitamin b12 enhances energy metabolism in muscle tissues and is also involved in red blood cell formation . add to water .
finding : in having limited inputs , in treating those inputs in a simple fashion , and in not allowing for skillful design integration , gem ( both the model and the regulation implied in using the model ) may encourage designs that are suboptimal .
much has been learned about measuring aerodynamic performance since the nrc phase one report was published and the phase i rule promulgated . there needs to be high confidence in input values to gem , because fuel efficiency improvement rests on incremental changes in technology performance .
environmental protection agency ( epa ) . 2011a . peer review of the greenhouse gas emissions model ( gem ) and epa’s response to comments . epa - 420 - r - 11 - 007 . washington , d . c . : epa . august .
on june 17 , 2013 , nhtsa and epa published technical amendments to the rule in the federal register ( 78 fed . reg . 36370 ) . minor changes to the procedures for rounding in the gem were provided , especially to align the different requirements of epa and nhtsa . this is intended to make certain that a vehicle ends up in one , and only one , vehicle family / subfamily in both epa and nhtsa designations . coincident with this , nhtsa and epa released gem version 2 . 0 . 1 to the industry . additionally , changes were made to the multiplication factor for advanced technology credits . this did not affect the gem calculations or procedures for the baseline vehicle . another change relates to the use of automatic engine shutdown ( aes ) technologies . epa assumes 1 , 800 hours per year of idling . the technical amendment provides a requirement to discount the effect of the aes if it does not prevent 1 , 800 hours per year of idling . an error in coast - down testing done in preparation for the final rule was introduced into the definition of the aerodynamic bins . 2 this was corrected in the technical amendment . since this is an input to the gem , it has a minor effect on the use of gem in determining final results .
a powerful high energy tonic containing a complex mix of absorbable iodine ' s , active iron , cobalt , sodium molybdate and pure vitamin b12 . all carried on a high energy base . we recommend that fanciers use impact twice a week during racing and three days a week to birds that are about to be paired up . use at least once once a week in the stock loft throughout the year . a superb complex high energy tonic . impact is a powerful high energy tonic containing a complex mix of iodines , active iron , cobalt and pure vitamin b12 , carried on a high energy base . all of which enter the bloodstream quickly . the pure vitamin b12 enhances energy metabolism in muscle tissues and is also involved in red blood cell formation . add to water .
while other programs are giving our scholarships to blue chippers and flying your son around the country to be
seen
( on the bench ) , impact is putting its fine - tuned system to work enabling you to capture on film exactly what coaches are looking for in a post - grad recruit . you ' ll play a combination of junior college and other post - grad programs .
gem requirements : courses from the following disciplines are acceptable : anthropology , archaeology , economics , geography , government , history , political science , psychology , and sociology designed to impart knowledge , develop skills , and identify goals concerning elements and institutions of human society .
it must be clear in considering gem - based regulation whether the regulation is addressing national energy security , climate change , or economic benefit . this is of importance when alternative fuels are considered , and when any of these factors may be stronger influences than the regulation or run counter to the regulation . it would be optimal if gem and the attendant rulemaking were capable of standing alone in driving the most appropriate technologies to raise fuel efficiency and if it did not rely on economic reality to ensure that inappropriate technology was not forced .
osv : given the number of musicians working on metal gear solid 4 , especially from gem impact , was it challenging to develop a cohesive voice ? it was likely easy to collaborate given you all work in the same office , so please describe any collaborations that occurred . hibino : before we started , we’d meet and discuss a lot ( we have bi - weekly meeting to share skills and information ) . i was responsible for explaining the role that a particular cue had in the game , taking into consideration previous battle scenes or following consecutive demos . i also acted as the final check before the music was forwarded to konami to ensure the music all fit together .
osv : hibino - san , during your years at konami you worked extensively on the metal gear solid series . how did the existence of gem impact factor into your work on the score this time around ? hibino : while i was at konami i managed the in - house composers regardless of their specialty , and adjusting the budget to ensure quality was quite difficult . now that i have my own team and they understand what i want , i can handle all budgets so i can create high quality music quite quickly . we got called to work on mgs4 at the beginning of 2008 , and we provided approximately 90 minutes of cut scene music over a period of 3 weeks .
on september 15 , 2011 , epa and nhtsa published their final rule on greenhouse gas emissions standards and fuel efficiency standards for medium - and heavy - duty engines and vehicles . gem is a key part of the final rule . according to the federal register of that date ,
gem requirements : this is an english composition requirement . applicable communication courses must satisfy the delivering institution ' s writing and composition requirement for graduation . business communication and technical writing courses are not acceptable . higher - level writing and composition courses may be applied as a program elective .
gem requirements : this is a speech requirement . these courses prepare students to organize oral presentations to persuade , debate , argue , or inform in a clear , concise , and logical manner . emphasis must be on content and delivery . group and interpersonal communication courses are not acceptable .
colosseum ticket is only used for commencing a battle in colosseum . colosseum tickets can be earned by winning a match in normal arena , where up to 3 can be received , or purchasing 5 colosseum tickets at the cost of 1 gem . up to 99 colosseum tickets can be stored .
simulation of wave impacts on offshore structures the aim of this project is to develop a cfd approach to predict local impact loads on a global structure in realistic and deterministic waves , based on existing methods . in order to accomplish this goal , an assessment and possible extension of the existing cfd methods available at marin for the prediction of impact loads ( refresco and comflow ) will be made . the cfd methods will be step - wise validated for multiple offshore applications , with increasing complexity : • a fixed global structure in regular waves ; • a fixed global structure in irregular and breaking waves ; • a global structure moving interactively in irregular and breaking waves . an assessment will be made on accuracy of relative wave height , local pressures and global loads , but also in terms of computational costs . this project is part of the research programme operations @ sea and waves & workability .
finding : for tire rolling resistance , there needs to be high confidence in input values to gem , because fuel efficiency improvement rests on incremental changes in technology performance . accuracy , as well as agreement between repeat tests and different laboratories , needs to be sufficiently good to permit detecting changes in performance .
gem is employed for model year ( my ) 2014 vehicles and later . given the rules for determining the model year of a vehicle , a 2014 model vehicle could be produced as early as january 2 , 2013 , or as late as december 31 , 2014 ( see box 3 - 1 ) .
gem tool hire & sales ltd are members of the hire association europe ( h . a . e ) and have been awarded a prestigious safety certificate from the international trade organisation . the certificate is awarded for meeting a six point programme of customer care . some of the standards are higher than the legal minimum .
finding : critical issues in the choice of test cycles in gem include road - with - grade and different speed and torque profiles to better relate the test or model to real - world experience . in addition , route concepts or distance - based target schedules might provide a superior alternative to speed and time cycles .
the major gem inputs are for rolling resistance of the tires and for drag coefficient of the vehicle . generally , the truck manufacturer obtains the tire data from the tire manufacturer , but it must either conduct aerodynamic coast - down testing in accordance with 40 cfr part 1066 or use an alternative acceptable method to obtain drag area .
osv : in the past you have had a larger role in the metal gear solid f ranchise as far as the number of tracks on the soundtrack is concerned . what was the nature of gem impact’s involvement this time around , and where do the pieces provided by the team fall into the game ? hibino : first of all , as i mentioned before , we weren’t even supposed to work on mgs4 at all because konami really wanted to take the music in a different direction from the rest of the series . however , at the last moment , we got called in because konami realized by the time cut scenes came up it was too late to handle everything inside konami in terms of quality and quantity . at the end they realized they still needed the mgs sound , and so we scored the 90 minutes of cut scenes that i mentioned .
a brief overview is obtained by looking at the input screen of the model , shown in figure 3 - 1 . the output of gem is cycle - weighted g / ton - mi co 2 and gal / 1 , 000 ton - mi . an important part of understanding the model consists in examining the underlying assumptions , including the following :
for reporting purposes , manufacturers are obliged to execute gem to cover sales of class 7 and 8 on - road tractors . the process is similar for vocational vehicles , but aerodynamic drag is not considered for those vehicles . exception is granted for a limited number of vocational tractors , which are treated as vocational vehicles , as detailed in the following :
recommendation 3 . 7 : nhtsa should investigate allowing the oem to substitute oem - specific models or code for the fixed models in the current gem , including substituting a power pack ( the engine , aftertreatment , transmission ) . these models , whether provided by oems or fixed in the code , should be configured to reflect real - world operation accurately .
a comprehensive study of government in the united states , including the basic principles of american government and political culture . the aim is to explain the vertical and horizontal structure of the american government and the roles of the three federal branches , bureaucracies , and the state governments ; describe the development of the american political system and its impact on the political landscape ; and explain the processes of the electoral system , political parties , and interest groups to persuade and influence . institutions , processes , and public policies are examined from a cross - cultural perspective .
future versions of gem may need to take account of nhtsa’s and the federal motor carrier safety administration’s ( fmcsa’s ) plans to require speed limiters on all current and new vehicles . the exact value of the speed limit , and the techniques for dealing with smart speed limiters that provide additional speed for passing , are not yet known ( miller and cama , 2013 ) .
gem specifically does not allow for synergy between components , the operation or control of components in a most efficient way , or the engendering of efficiency through operation of a smaller component at higher relative load . in this way some opportunities for reduction in fuel use are lost . gem specifies the performance maps for major components such as the engine and transmission but does not credit the vehicle manufacturer with benefits of using a potentially superior engine or transmission . several presenters have suggested that full vehicle simulation or simulation of a power pack that includes the aftertreatment system and the transmission should be used , rather than only the engine . these approaches are intended to show the benefit of optimizing system - level operation rather than component - level operation . the idea of power pack versus engine only can apply either to test cells or to simulation . in this interim report , the committee supports the extension of current certification to include a power pack in a next - generation gem simulation by the oem . as indicated in the introduction to this chapter , the committee will consider full - vehicle simulation and other approaches to engine certification in the final report .
since natural - gas - powered vehicles are expected to become significantly more prevalent in the coming years , regulatory changes will likely aim at modifying gem to incorporate these vehicles rather than driving them toward a separate compliance path . it would be preferable to use a model for the actual engine in gem . otherwise , the current procedures for advanced technology credits may be replaced by allowing the inclusion of a natural gas engine model in addition to a diesel engine model . ( natural - gas - fueled vehicles and the possible regulatory approaches to them are discussed in chapter 5 . ) in a similar fashion , if any other fuel or combination of fuels shows a likelihood of substantial market penetration by 2017 , it should be considered and modeled in the power train .
additional opportunities are classified as innovative technologies , which require a separate procedure and submittal process for taking advantage of the credits allowed . hybrid technology is included in the advanced technology and innovative technologies categories . natural - gas - powered vehicles , which will replace a fraction of the diesel - powered vehicles and which will be important in the coming years , are also included in the advanced technology and innovative technologies categories . chapter 4 of the regulatory impact analysis ( ria ) that accompanied the promulgation of the phase i rule ( epa and nhtsa , 2011 ) provides an extended explanation of the model .
finding : using gem to address all tractors in combination with trailers would accrue two principal benefits . first , low - rolling - resistance tires and aerodynamic devices are likely to offer benefits with tankers or flatbed trailers . second , the current bobtail testing ( i . e . , operating a tractor without a trailer attached ) of certain tractors is unlikely to faithfully represent their performance in combination with trailers .
2 binning is a method employed in model development to represent the real - world characteristics of a vehicle in a stylized , discretized manner . it involves the creation of a predefined set of notional categories into which real - world vehicles are sorted for purposes of carrying out the simulation . for example , gem utilizes five bins to represent the aerodynamic characteristics of various vehicle configurations ( epa and nhtsa , 2011b , p . 2 - 46 ) .
the gem model was developed for nhtsa’s and epa’s phase i rule on medium - and heavy - duty vehicles ( mhdvs ) as a simplified method for determining the effects of the vehicle ( rather than the engine ) on fuel economy and ghg emissions . there are separate regulations focused on a certification of the engine as meeting established criteria for carbon dioxide ( co 2 ) , methane ( ch 4 ) , and nitrous oxide ( n 2 o ) . as such , it builds upon the work already done by epa and the established procedures in 40 cfr part 1065 to certify engines in a test cell for the criteria pollutants carbon monoxide ( co ) , nitrogen oxides ( no x ) , hydrocarbons , and particulate matter ( see box 3 - 2 ) . the executable gem program is based on matlab / simulink , 4 a common language for modeling and simulation in engineering . the user has five main inputs to the model :
if you are an air force servicemember pursuing your associate ' s degree through the community college of the air force , sign up for your general education requirements at umuc with the general education mobile , also known as gem , program . through this program , you can earn 15 of the 64 credits you need for a ccaf associate ' s degree . at umuc , you can take the general education courses you need and use them to earn your ccaf associate ' s degree .
gem employs a limited set of cycles to challenge the simulated truck . these cycles do not include real - world road grade . being speed and time based , these cycles also do not allow for the faster acceleration of more powerful trucks , or the longer times that might be taken by less powerful trucks to complete some real - world routes . this deficiency is not evident when a hard - coded engine map , rather than a real oem engine simulation , is used in the model .
certification cycle that is simple , but it does not reflect the real - world operation of over - the - road tractors that , according to reports from fleets , average less than 50 mph when taking into account regional operation and traffic . gem should be capable of dealing equitably with , for example , a truck that cannot follow a speed - time trace owing to insufficient power over a part of the cycle or a truck so powerful that the cycle does not approach full power use .
recommendation 3 . 10 : nhtsa should consider carefully ways in which a revised gem simulation and associated test procedures can reflect the benefit of integrating an engine , aftertreatment , and transmission with interactive controls . nhtsa should consider whether a power train , or a power pack consisting of engine , aftertreatment , and transmission , can be certified for fuel use and ghg emissions in the manner of an engine ; if that path is adopted , the power : weight ratio of the vehicle must be considered equitably .
compliance with the vehicle standard will typically be determined based on a customized vehicle simulation model , called the greenhouse gas emissions model ( gem ) , which is consistent with the nas report recommendations to require compliance testing for combination tractors using vehicle simulation rather than chassis dynamometer testing . it is an accurate and cost - effective alternative to measuring emissions [ of carbon dioxide ] and fuel consumption while operating the vehicle on a chassis dynamometer as an indirect way to evaluate real - world operation and performance , various characteristics of the vehicle are measured and these measurements are used as inputs to the model . these characteristics relate to key technologies appropriate for this subcategory of truck—including aerodynamic features , weight reductions , tire rolling resistance , the presence of idle - reducing technology , and vehicle speed limiters . the model also assumes the use of a representative typical engine , rather than a vehicle - specific engine , because engines are regulated separately . using these inputs , the model will be used to quantify the overall performance of the vehicle in terms of co 2 emissions and fuel consumption . the model’s development and design , as well as the sources for inputs , are discussed in detail in section ii below and in chapter 4 of the ria [ regulatory impact analysis ] . ( 57 federal register 57116 )
gem tool hire & sales ltd was established in 1979 and in that time has grown substantially to operate out of three depots , with 35 members of staff representing over 250 years of combined experience within the tool & plant industry . we are able to offer an extensive product and service offering that is second to none , we have over 3 , 000 products available to hire and we are constantly evaluating our fleet to ensure we keep up to date with the latest technological advances and latest health & safety regulations .
gem requirements : this is an intermediate algebra or a college - level mathematics course that satisfies the delivering institution ' s mathematics requirement for graduation . courses such as accounting , business mathematics , computer mathematics , statistics ( taught outside the mathematics department ) , history of mathematics , and mathematics for elementary and secondary teachers are not applicable . three semester hours of mathematics are required for graduation . however , if an acceptable mathematics course is applied as a technical or program elective , a natural science course may be substituted for mathematics .
other methods of obtaining fuel economy information could be investigated , such as making use of the following : any onboard computers required in the future by fmcsa ; reliable reporting information already available to the government ; and industry statistics that are regularly gathered , such as ton - miles and fuel taxes . cooperation of major fleets in assessing real - world fuel economy would provide valuable validation or correction for gem and raise public confidence in the fuel efficiency regulations . smartway fleets are required to provide data on an annual basis that could be of benefit .
the weight reduction input in gem is limited to a fixed set of technologies and parts . this does not successfully represent the efforts of oems to search for weight savings in all new part designs and might discourage innovation . the goal is to minimize the weight of the vehicle and maximize the weight of the load to achieve the optimum freight efficiency as measured in ton - miles while still meeting all required road , load , bridge , and safety requirements . weight reduction credit might better be focused on achieving a total vehicle weight less than a given number .
this chapter will provide information on the development of the greenhouse gas emissions model ( gem ) for vehicle certification of class 4 through class 8 vehicles , a description of the model , use of the model by vehicle original equipment manufacturers ( oems ) , and analysis of the model with discussion of some of its limitations . certification of class 2b and class 3 vehicles using a full chassis dynamometer is not addressed in this report , nor are changes to engine certification per environmental protection agency ( epa ) requirements for criteria pollutants , greenhouse gases ( ghgs ) , and fuel use . both subjects will be addressed in the final report .